Business
By Loni Prinsloo and S'thembile Cele. Telkom and the government are in advanced talks to partner in rolling out broadband products even as buyers flock to bid for the telecommunication company's assets. The partnership will involve Telkom's businesses, such as the Openserve fibre unit, the government’s Broadband Infraco, and broadcast…
By Lehlohonolo Lehana. The International Monetary Fund (IMF) on Tuesday raised its 2023 global growth estimates slightly given resilient economic activity in the first quarter, but warned that persistent challenges were dampening the medium-term outlook. The IMF in its latest World Economic Outlook said inflation was coming down and acute…
By Lehlohonolo Lehana. The Special Investigating Unit (SIU) says it is considering its legal options following a High Court judgement which declared the unit's authorisation to investigate the affairs of Telkom invalid. The unit was authorised through a proclamation by President Cyril Ramaphosa to investigate allegations of "serious maladministration, malpractice,…
By Lehlohonolo Lehana. The South African Reserve Bank's (SARB) monetary policy committee has left the interest rates unchanged on Thursday – after 10 hikes in 21 months to cool-off inflation. Three members voted to keep the repo rate unchanged at 8.2%,while two wanted an increase of 25 basis points. This…
By Monique Vanek and Harumi Ichikura. Economists are divided over whether South Africa's central bank will pause interest-rate increases on Thursday, or extend its longest phase of monetary tightening since 2006. Deteriorating inflation expectations, currency risks and enhancements to the South African Reserve Bank's quarterly projection model, used to inform…
By Monique Vanek. South Africa's inflation rate fell below the SA Reserve Bank's target ceiling for the first time in 14 months, on lower food costs. Consumer prices rose an annual 5.4% in June from 6.3% the previous month, Pretoria-based Statistics South Africa said Wednesday in a statement on its…
By Lehlohonolo Lehana. Credit rating agency Fitch affirmed South Africa's "BB-" credit rating with a "stable" outlook on Monday, despite the economy that is not growing at all in real terms this year due to the power cuts. South Africa maintained its current credit rating since end-2021, when Fitch upgraded…
By Lehlohonolo Lehana. Anglo American Platinum warned its interim earnings could fall three quarters after hits from lower metal prices, asset maintenance, as well as SA's electricity disruptions. Headline earnings and headline earnings per share (HEPS) are likely to decrease by between 65% and 75%. Compared with R26.7-billion in the…
By Lehlohonolo Lehana. First National Bank (FNB) has appointed company insider Sashin Sookroo as the CEO of its mobile virtual network operator business, FNB Connect. Sookroo replaced Bradwin Roper in the role. Roper recently joined MTN South Africa as head of financial services. "Sashin's comprehensive experience in financial services, technology…
By Lehlohonolo Lehana. William Mzimba, head of Vodacom Business in South Africa, is stepping down from the company after a five-year tenure. His last day on the job will be 30 September. In a statement on Friday, Vodacom confirmed Mzimba's impending exit, saying he is retiring from the role. A…
By Lehlohonolo Lehana. Andile Sangqu, a former top executive at Anglo American SA and former vice president of the Minerals Council of South Africa, has been named the new chairperson of Transnet The government appointed Andile Sangqu, a former vice president of the Minerals Council South Africa and ex-executive head…
By Lehlohonolo Lehana. The Competition Commission has referred a complaint of excessive pricing of natural piped gas against Sasol Gas to the Competition Tribunal. The commission said it found that Sasol Gas extracted mark-ups of up to 72%. The excessive pricing has continued for almost a decade and is ongoing,…
By Lehlohonolo Lehana. Lesetja Kganyago is well known for his impeccable credentials first as a policy maker in South Africa's National Treasury and since 2014 as Governor.His stance as the guardian of central banks independence has been always a strength, and even more so in current times. What makes him…
By Lehlohonolo Lehana. July is National Savings Month, and the middle of the year is a good time to take a real look at our finances while taking stock of our savings journey. The economy is tough for everyone at the moment, and in times of financial need, the temptation…
By Lehlohonolo Lehana. Telecommunications Group Telkom has rejected a proposal from a consortium that includes its former group CEO, Sipho Maseko, saying it’s "not in the best interest of shareholders". The consortium comprises Maseko's Afrifund Investments, Madagascan operator Axian Telecom, the Government Employees Pension Fund, and the Public Investment Corporation…
By Lehlohonolo Lehana. The Government Employees Pension Fund (GEPF) is close to reaching financial close in its R2.7 billion deal to acquire 30% of the property group Attacq-owned Waterfall City mega-development in Gauteng. This was confirmed by Attacq on Thursday, buoying its share price by around 4% in afternoon trade…
By Lehlohonolo Lehana. The National Energy Regulator of South Africa (NERSA) has approved generation licences for five preferred bidders of the Department of Mineral Resources and Energy's Renewable Energy Independent Power Producer Procurement Programme Bid Window (BW) 6. The five preferred bidders were approved for the department's Bid Window 6…
By Lehlohonolo Lehana. Air France announced that the airline will be reintroducing seasonal direct flights in October between Paris and Cape Town. In a statement the airline said, "Starting 17 October 2023, Air France will offer direct flights between Cape Town International Airport (CPT) and Paris Charles de Gaulle Airport…
By Lehlohonolo Lehana. National Treasury has provided detailed information about the solar panel incentive aimed at encouraging households to invest in clean electricity generation. This follows an announcement by Finance Minister Enoch Godongwana at the tabling of the National Budget earlier this year that tax incentives would be provided to…
By Lehlohonolo Lehana. The Absa purchasing managers index (PMI) fell to a two-year low in June, with all five subcomponents used to calculate the headline PMI falling below the neutral 50-point level that separates expansion from contraction, pointing to a worsening of business conditions in the manufacturing sector. The seasonally…
By Lehlohonolo Lehana. Former CEO of JSE-listed Telkom Sipho Maseko has been appointed to grocery retail giant Shoprite's board as an independent non-executive director, the retailer confirmed. Maseko, who is involved — with Mauritius-based Axian Telecom — in a consortium seeking to buy a stake in Telkom, will serve as…
By Lehlohonolo Lehana. Photo Credit: Reuters. BMW Group will build its new X3 model in South Africa from 2024, investing R4.2-billion to electrify its plant in Rosslyn, the company said in a statement on Thursday. "From 2024, we will produce the BMW X3 in South Africa as a plug-in hybrid…
By Sarah Smit. As South Africa's electricity crisis persists, demand for alternative energy has helped drive credit growth, according to the Reserve Bank's quarterly bulletin. In an analysis of South Africa's credit extension trends in the corporate sector, the bulletin, released on Thursday, showed that growth in mortgage advances accelerated…
By Adelaide Changole. South Africa's plan to provide its struggling power utility debt relief and potentially write off municipalities' arrears to Eskom will ultimately improve liquidity and cut funding risks for the government, according to Moody's Investors Service. The proposed R254 billion of relief announced in February's budget is aimed…
By Francine Lacqua and Monique Vanek. South Africa's central bank will keep monetary policy tight for longer to tame persistent inflation, Governor Lesetja Kganyago said. The central bank's monetary policy committee has raised the benchmark rate by a combined 475 basis points at its ten past meetings with the aim…
By Loni Prinsloo. Prosus and its parent Naspers received approval from South African regulators to remove a cross-holding structure in a deal that will let Naspers continue a share buyback programme. The South African Reserve Bank gave the required approvals for a proposed transaction that will remove the complexity of…
By Loni Prinsloo. New York-listed IHS Towers is consulting with JPMorgan Chase & Co. for advice regarding an escalating standoff with its largest shareholders over how the African tower operator is run, according to people familiar with the matter. The move comes as management fears that governance changes sought by…
By Mike Cohen. It is incumbent on South Africa’s central bank to increase borrowing costs to tame sticky inflation, even if its actions gave rise to financial distress, Governor Lesetja Kganyago said. Complaints about surging living costs predated those about higher interest rates and the South African Reserve Bank first…
By Lehlohonolo Lehana. SA's biggest insurer Old Mutual has completed migration of its entire information technology (IT) infrastructure, including its banking, insurance, and wealth management systems to AWS. "The migration represents a significant step in Old Mutual's digital transformation. Old Mutual is using AWS'…infrastructure to decrease financial transaction processing time…
By Lehlohonolo Lehana. Consumers are expected to feel some reprieve as inflation has continued to cool, slowing to 6.3% for May from 6.8% in April, - a 13-month low. Statistics SA released the latest inflation data on Wednesday. The consumer price index (CPI) increased by 0.2% between April and May.…
By Lehlohonolo Lehana. Telecommunications group Cell C has appointed Jorge Mendes as its new CEO, effective July 1, 2023. Mendes' appointment comes at a pivotal time for the company with increasing competition in the market, according to Cell C chairperson Joe Mthimunye. "He has a proven track record of driving…
By Lehlohonolo Lehana. State owned power utility Eskom has agreed to a 7% salary increase for all non-managerial employees over a three-year period, effective from 1 July 2023 to 30 June 2026, following wage negotiations. The negotiations involved Eskom the National Union of Mineworkers (NUM), National Union of Metalworkers of…
By Lehlohonolo Lehana. @FreddyMavundla. Fast-moving consumer goods (FMCG) producer, Tiger Brands Out Of Home Solutions, has changed its name to Tiger Brands Food Services Solutions, and introduced a refreshed brand positioning - The Best Solutions, with SA's Best. The name change reflects the company's dedication to food quality and high-level…
Business Reporter. Multimedia and technology group Naspers has warned shareholders to expect their headline earnings per share (HEPS) to drop between 74% to 82%. Naspers said that the main reason for the drop is that the operating environment in the fiscal year was characterised by significant geopolitical and macroeconomic uncertainty,…
By Lehlohonolo Lehana. Telecommunications group Telkom warned it wouldn't pay dividends for a fourth year, believing it prudent to first strengthen its balance sheet after suffering an annual loss of about two-thirds of its market value. Telkom published its annual financial results on Tuesday that showed high levels of load…
By Lehlohonolo Lehana. Vukile Property Fund (JSE: VKE) has reported a 6.2% increase in its cash dividend to 112.4cps for the financial year to 31 March 2023 and 6.0% growth in its funds from operations (FFO) to 144.5cps. Not only do these results meet Vukile’s guidance but the business is…
By Lehlohonolo Lehana. State owned power utility Eskom says that it will again suspend load shedding during the day this week, keeping evening outages at stage 3. Stage 4 load shedding will be implemented from 16h00 until midnight on Sunday (11 June), thereafter, it will be suspended. The suspension will…
By Lehlohonolo Lehana. Telecommunications group Telkom rejected an offer of R46 a share for a controlling stake in South Africa's third-largest mobile network by a consortium led by former Telkom CEO Sipho Maseko. Business Times, reports Maseko's Afrifund Investments and Madagascar-based Axian Telecom submitted their bid in March, which also…
Business Reporter. African Rainbow Capital Investments (ARC),says it has increased stake in a debt review and recoveries business is expected to pay off in the current tough economic environment. ARC was founded in July 2015 and is a wholly-owned subsidiary of Ubuntu-Botho Investments (UBI) founded by billionaire Patrice Motsepe. The…
Business Reporter. MultiChoice has warned shareholders about a massive decline in profit ahead of the publication of its annual results for the 2022/2023 (FY23) financial year. The broadcaster is currently finalising its results and told shareholders it expected to report substantial drops in earnings and headline earnings per share. In…
By Lehlohonolo Lehana. 4Sight Dynamics Africa has announced earlier today, that from 1 June 2023, the software-as-a-service (SaaS) version of the Microsoft Dynamics 365 Business Central application will become available to businesses in an additional 11 countries across Africa, effectively doubling access on the continent. 4Sight Dynamics Africa already supports…
By Lehlohonolo Lehana. The Minister of Finance Enoch Godongwana says Eskom will not be granted a partial exemption requiring it to disclose irregular, fruitless and wasteful expenditure and material losses in its annual financial statements. Godongwana had initially granted the power utility a partial exemption from section 55(2)(b)(i) of the…
By Carol Paton. The IMF has warned that SA faces "mounting economic and social challenges" as economic growth recedes, consumer and business sentiment remain weak, and energy and logistics crises deepen. It also warns that in several respects, it expects government finances to get worse in the medium term due…
By Lehlohonolo Lehana. South Africa's economy has escaped recession in the first quarter and is once again bigger than before the Covid-19 pandemic hit, as most sectors grew. StatsSA released GDP data on Tuesday, which showed marginal growth in the economy. This news follows the shock GDP decline of 1.3%…
By Lehlohonolo Lehana. Competition Tribunal has approved health and beauty retailer Clicks' acquisition of Sorbet franchises from Old Mutual Private Equity with conditions. In November 2022, retailer Clicks announced it is set to acquire beauty salon franchise chain Sorbet for a cash consideration of R105 million. The conditions relates to…
By Lehlohonolo Lehana. Motorists can expect some relief at the pumps on Wednesday after the Department of Mineral Resources and Energy (DRME) has published the official fuel price adjustments for June 2023. Petrol prices will be decreasing by 71 cents per litre, while diesel will be coming down by between…
By Lehlohonolo Lehana. Nedbank Group said it would start the process of choosing a successor to chief executive Mike Brown, who served in the role since 2010. Brown joined the Natal Building Society (NBS) in 1993 and has not left the company since. NBS merged with Boland Bank to become…
By Lehlohonolo Lehana. State owned power utility Eskom has suspended load shedding until further notice and this was due to improved generation capacity and lower demand. Eskom sasid it will communicate immediately when any significant changes occurs. The group initially planned to suspend load shedding on Sunday between 05h00 and…
By Lehlohonolo Lehana. SA Receive of Revenue (SARS) Commissioner Edward Kieswetter today announced the appointment of three Deputy Commissioners to strengthen his executive team. This follows an extensive executive search which resulted in the appointment of one internal candidate and two from private sector. Johnstone Makhubu has been named deputy…
By Lisa Steyn and Lameez Omarjee. Absa Group has settled on a final position not to fund the controversial Karpowership projects in South Africa, it confirmed on Friday. Speaking at the banking group's annual general meeting on Friday, chairperson Sello Moloko cut short a question posed by an activist organisation…
By Marleyn Arnoldi. The seasonally-adjusted Absa Purchasing Managers' Index (PMI) nudged down to 49.2 in May, compared with 49.8 in April, signalling yet another deterioration in business conditions this year. In the latest survey, respondents were notably more negative about business conditions going forward. The index tracking expected business conditions…
By Lehlohonolo Lehana. Eskom group has welcomed the decision by credit ratings agency Fitch to keep the power utility's rating at 'B' with a stable outlook. Fitch rating agency has affirmed Eskom's long-term local-currency issuer default rating at B, with a stable outlook. The group said the rating is a…
By Lehlohonolo Lehana. The financial consultants at PwC highlights that the main economic indicator we rely on – Gross Domestic Product (GDP) – does not provide a complete picture of the economic welfare of a country and its citizens. On June 6, Statistics South Africa (Stats SA) will publish gross…
By Lehlohonolo Lehana. The JSE share price of food producer Tiger Brands fell by nearly 16% on May 30, following the release of its financial results for the six months ended March 31. Tiger Brands is a South African packaged goods company and the parent of several well-known food brands…
By Lehlohonolo Lehana. Mobile operator Telkom shares rose 7% on Monday following reports of possible bid by Public Investment Corporation (PIC) for a large stake either in it or its assets. PIC – which invests retirement funds on behalf of South African civil servants – is backing a possible bid…
By Loni Prinsloo. Africa's largest asset manager, the Public Investment Corporation (PIC), is backing a possible bid led by the former chief executive of Telkom for a 35% stake in South Africa’s third-biggest mobile phone company, according to people familiar with the matter. The PIC, which manages more than R2.5…
By Colleen Goko and Robert Brand. The rand is paying the price for South Africa's woes, with the 20 per dollar level now firmly in sight as investors fret about restrictive monetary policy adding to a deepening power crisis and political missteps to throttle the already ailing economy. The currency…
By Lehlohonolo Lehana. The SA Reserve Bank's monetary policy committee hiked interest rates by 50 basis points. This is in line with what many economists and the market expected. This takes the repo rate up to 8.25%, with the prime lending rate now at 11.75%. It marks the tenth consecutive…
By Lehlohonolo Lehana. Statistics SA has published the latest inflation numbers, showing annual consumer inflation slowed to 6.8% in April from 7.1% in March. This is the lowest reading since May 2022, when the rate was 6.5%. The decrease in inflation was also larger than market expectations, where economists pegged…
By Lehlohonolo Lehana. This week is set to bring another interest rate hike making it harder for everyday South Africans to make ends meet as monthly repayments would increase in line with the rate hike. The South African Reserve Bank (SARB) will hold its Monetary Policy Committee (MPC) meeting this…
By Lehlohonolo Lehana. Woolworths has announced a recall of its chicken viennas with immediate effect. The products in question are Woolworths Smoked Chicken Viennas, Cocktail Chicken Viennas and Halaal Smoked Chicken Viennas with the sell-by date 27 May 2023. The company said it recalled the product to prevent possible adverse…
By Lehlohonolo Lehana. Open Banking, Internationally has been seen as a financial revolution – bringing about ways for consumers to feel more empowered than ever before – enabling them to be vetted and easily gain access to what they need given their lifestyle needs. Simply stated, Open Banking is about…
By Lehlohonolo Lehana. Asset manager and banking group Investec announced that Richard Wainwright will step down from his current role of Chief Executive Officer of the company. As part of the company's succession plan, Wainwright will step down next year, with his successor due to be announced later. Wainwright will…
By Colleen Goko. Things have got so bad in South Africa that one of the fundamental laws of monetary policy is beginning to weaken, and even break. A crippling energy crisis, a low growth environment and deteriorating fiscal metrics combined to push the rand to a record low last week.…
By Karl Gernetzky. SA's third-biggest mobile operator Telkom warned on Wednesday its profits have plummeted after retrenchments and a strategic shift towards digital technologies prompted one-off costs of more than R14 billion, approaching its market value of R16 billion. In response, the company's shares crashed almost 30% in the first…
By Lehlohonolo Lehana. South Africa will spend an additional R37.4 billion to fund public sector salary increases this year, surpassing a level targeted to be reached in 2025, says Finance Minister Enoch Godongwana. "The recent wage agreement has placed upward pressure on the wage bill. This means that in the…
By Ntando Thukwana Leading retailers TFG and Truworths and industrial firm Barloworld are among the companies under the Department of Labour and Employment's scrutiny for allegedly failing to comply with employment equity laws. Labour department chief director of statutory and advocacy services Fikiswa Mncanca-Bede alleged that the areas of non-compliance…
By Lehlohonolo Lehana. The North Gauteng High Court in Pretoria has dismissed Absa's application to block Sipho Pityana from accessing the record of decision regarding his dismissal from the board. In the judgment, delivered on 10 May the court noted that Absa claimed the record is "confidential or privileged." However,…
By Lehlohonolo Lehana. Pharmaceutical retailer Dis-Chem's co-founder Ivan Saltzman is stepping down as CEO at the end of June after more than four decades at the helm. Saltzman (73), who co-founded Dis-Chem with his wife Lynette in 1978, announced the decision to step down on Monday (15 May). Saltzman will…
By Paul Vecchiatto. Finance Minister Enoch Godongwana said his country resolved a row with the US over allegations that Pretoria supplied weapons to Russia and it's unlikely to face any repercussions. A furore erupted on May 11, when US Ambassador to South Africa Reuben Brigety told reporters that armaments were…
By Lehlohonolo Lehana. The Competition Commission has recommended the conditional approval of the controversial proposed acquisition by the Takatso consortium of 51% of South African Airways (SAA). This follows the Commission's investigation into Takatso's intention to acquire 51% of the national carrier from the government. Conditions on the proposed transaction…
By Monique Vanek and Kyungjin Yoo. South Africa's economy probably avoided a technical recession in the first quarter, despite more intense power outages. A median estimate of seven economists in a Bloomberg survey conducted May 5-11 is for a quarterly gross domestic product expansion of 0.2%, compared with 0.1% forecast…
By Lehlohonolo Lehana. The 16th annual Trialogue Business in Society Conference provided much food for thought as leaders from business, the non-profit sector and government gathered to focus on the role of business in strengthening South Africa's sociopolitical environment, addressing gender-based violence, improving education and catalysing impact in the green…
By S'thembile Cele and Loni Prinsloo. Deputy President Paul Mashatile is set to meet captains of industry amid an energy crisis that's stifling economic growth and souring investor sentiment. Mashatile will meet with the country's top CEOs in a closed dinner hosted by the Johannesburg Stock Exchange on May 19,…
By Lehlohonolo Lehana. The South African Revenue Service (SARS) says that it will be strengthening its VAT registration processes which could include the requirement that the applicant present themselves, in person, to the closest branch for validation and accreditation. SARS said it noticed a trend of suspicious registrations by VAT…
By Lehlohonolo Lehana. As the world recedes to normalcy post the Covid- 19 pandemic, Cancer has re-emerged as the leading cause for claims, according to insurer, Liberty's 2022 claim statistics. Last year Liberty paid out R6.98 billion in claims, primarily from its flagship Lifestyle Protector cover as well as other…
By Monique Vanek. South Africa could have had lower inflation and more robust economic growth over the past year had it not been for logistic constraints, frequent power outages and being added to a dirty-money watchlist, said the South African Reserve Bank (SARB) Governor Lesetja Kganyago. While some of the…
By Helena Wasserman. The rand breached the R19/$ level on Thursday, hit by a toxic cocktail of load shedding and a deepening economic crisis, as well as interest rate concerns. The local currency last traded at these levels during the height of pandemic-related market panic in April 2020, and may…
By Paul Vecchiatto. The BRICS group of nations will discuss the feasibility of introducing a common currency, according to the foreign minister of South Africa, which is preparing to host a summit of the bloc's leaders. US interest-rate hikes and geopolitical conflicts have pushed up the value of the American…
By Lehlohonolo Lehana. The rand plunged to a three-year low on Wednesday after a steep drop in the previous day, while international and domestic government bonds also fell, as fears grew of scheduled blackouts worsening during winter. On 10 May, the rand was trading at R18.78/USD after hitting its weakest…
By Lehlohonolo Lehana. The Minister of Finance Enoch Godongwana introduced the Eskom Debt Relief Bill in Parliament, which is a crucial step towards addressing the financial and operational challenges faced by power utility Eskom. This Bill is a result of the government's commitment to support Eskom in dealing with its…
By Monique Vanek. South Africa's inclusion on a global watchdog's dirty-money watchlist is unlikely to have an immediate impact on its credit ratings, according to Fundi Tshazibana, a deputy central bank governor. The Paris-based Financial Action Task Force put South Africa on its so-called gray list in February because of…
By Prinesha Naidoo. South Africa will likely miss its primary budget surplus target for the 2023 fiscal year by R8.2 billion, after revenue collections narrowly undershot estimates due to higher-than-anticipated value-added tax refunds. Africa’s most industrialized economy recorded a primary budget deficit of R1.5 billion, in the fiscal year through…
By Lehlohonolo Lehana. Table Bay Hotel in the V&A Waterfront is delighted to announce that it has received a British Airways Holidays, one of the UK's leading tour operators, Customer Excellence Award for 2022. This accolade recognizes superior services, facilities and customer experiences offered by hotels around the world. The…
By Lehlohonolo Lehana. Public Works and Infrastructure Minister Sihle Zikalala has announced a R500-million refurbishment programme at 13 harbours in the Western Cape. The Small Harbours Repairs and Maintenance Programme is a strategic infrastructure programme spearheaded by the Department of Public Works and Infrastructure and is aimed at bringing the…
By Sandra Laurence. Pick n Pay Group said it delivered a "resilient" performance in its financial results for the year ended 26 February 2023, despite the damaging impact of load shedding on its bottom line. Its shares plunged. The retailer said it had to contend with unprecedented levels of load…
By Lehlohonolo Lehana. The South African Revenue Service (SARS) released new enhancements to the Tax Compliance Status (TCS) process, and with immediate effect. In a statement on Wednesday, SARS said that as the previous Tax Clearance Status (TCS) solution has been operational since April 2016, it has processed substantial and…
By Lehlohonolo Lehana. The South African Reserve Bank (SARB) has officially unveiled the new design of the country's physical notes and coins on Wednesday, 3 May 2023. "We have added the South African flag, the preamble to our Constitution in micro-lettering and the Big Five depicted as a family. The…
By Lehlohonolo Lehana. The seasonally adjusted Absa Purchasing Managers' Index (PMI) rose to 49.8 index points in April from 48.1 points in March, a survey compiled by Bureau for Economic Research (BER) in partnership with Absa Bank showed on Tuesday. This marks an upward turn for PMI, which declined between…
By Lehlohonolo Lehana. The Department of Mineral Resources and Energy (DRME) has published the official fuel price adjustments for May 2023. Petrol (both 93 and 95 unleaded) will be hiked by 37c a litre, while diesel will be cut by 47.5c (0.005% sulphur) and 73.5c (0.05% sulphur), the Department of…
By Lehlohonolo Lehana. The South African pension system has been ranked at the bottom of a global ranking of 75 countries by financial services company Allianz. The second edition of the Allianz Global Pension Report for 2023, released on Wednesday, notes that the country's low ranking is an indication that…
By Lehlohonolo Lehana. The South African Petroleum Refineries (Sapref) based in Durban, has announced the conclusion of a retrenchment agreement with labour, and it will retrench 350 employees. The refinery, which is jointly owned by Shell and BP, halted operations in March last year after it announced it would freeze…
By Lehlohonolo Lehana. South Africa's electricity crisis is expected to add materially to headline inflation this year, says the South African Reserve Bank (SARB). The Reserve Bank forecasts power cuts will add 0.5 percentage points to the inflation rate as businesses pass on the costs of back-up energy solutions to…
By Drikus Greyling. Monster Beverage Corporation, started by two South Africans, was the best-performing US stock over the last 20 years with an incredible annualised return. Monster was created by Rodney Sacks and Hilton Schlosberg, who attended the University of the Witwatersrand (Wits). They emigrated to the US and joined…
By Lehlohonolo Lehana. The economists at the Bureau for Economic Research (BER) says the economic data from South Africa's industrial sector is giving a glimmer of hope that the country will avoid a technical recession in the first quarter of the year. However, the economy is far from heading in…
By Lehlohonolo Lehana. Financial services firm PwC says South Africa has a more globally integrated financial system, with a more open economy, and greater foreign investor participation, as a result, it must be treated uniquely. In its latest Economic Outlook report for South Africa, PwC said that historically when a…
Business Reporter. Financial Services group Standard Bank says its attributable earnings rose by almost a third in the first quarter, which was faster than it expected though that profit rise was influenced by the transition to new global financial reporting standards. In an update on the group's operational performance for…
By Lehlohonolo Lehana. The South African Revenue Service (SARS) says severe and frequent rolling blackouts had cost SARS up to R60 billion in tax collections. This was revealed in Parliament on Wednesday while Sars commissioner Edward Kieswetter and other officials briefed Parliament on the entity's annual performance plan. The group's…
By Lehlohonolo Lehana. Embattled power utility Eskom, which is struggling to provide energy to power one of Africa’s largest economies, is facing stiff demands for above-inflation wage increases by labour unions. These demands come from Eskom's biggest union, the National Union of Metalworkers (NUM), and others, such as the National…
By Lehlohonolo Lehana. The annual consumer price inflation is still heading higher – reaching 7.1% in March, up from 7.0% in February, according to the latest data from Stats SA Economists had anticipated a move in the opposite direction, with many forecasting a slight drop to 6.9%. The main contributors…