Business

By Lehlohonolo Lehana. The Automobile Association (AA) of South Africa has warned the government against any planned fuel tax increases in its 23 February budget, which it says will be particularly damaging following record-high increases. The AA has also called on finance minister Enoch Godongwana to initiate a review of…
By Lehlohonolo Lehana. Sibanye Stillwater biggest mining unions voted to strike at the company’s gold operations until their wage demands are met, one of the groups said after a meeting. The members rejected the latest offer by Sibanye to increase monthly wages R700 annually for three years and are demanding…
By Lehlohonolo Lehana. Government is considering taking over part or all of Eskom’s R392 billion debt as it seeks to restructure the cash-strapped power utility’s loan obligations, according to the International Monetary Fund. Eskom’s financial position is of particular concern and requires a decision on how to address its "unsustainable"…
By Lehlohonolo Lehana. The International Monetary Fund (IMF) says South Africa faces lacklustre growth in the medium-term, despite a faster-than-anticipated recovery from the Covid-19 pandemic. In a statement issued at the end of discussions with South Africa on Friday (11 February), the group forecast that growth rebounded to 4.6% in…
By Lehlohonolo Lehana. President Cyril Ramaphosa has appointed former South African Reserve Bank (SARB) deputy governor Daniel Mminele to head a newly established Presidential Climate Finance Task Team, which will lead South Africa’s efforts to mobilise concessional climate finance for its just energy transition. The appointment follows an $8.5-billion (R132…
By Lehlohonolo Lehana. Johannesburg’s City Power has warned that Eskom’s planned tariff increase of 20.5% will be passed on directly to municipal payers and residents. Speaking to talk radio station 702, City Power’s manager for pricing and tariffs Frank Hinda said that Eskom had applied to the National Energy Regulator…
By Lehlohonolo Lehana. The Congress of South African Trade Unions (Cosatu) has outlined its expectations for president Cyril Ramaphosa’s state of the nation address on Thursday (10 February), including the introduction of a new basic income grant. The trade federation, which represents 1.8 million workers in South Africa, said the…
By Lehlohonolo Lehana. Eskom has announced that Stage 2 load shedding will be implemented from 21h00 on Monday (7 February) until 05h00 on Tuesday (8 February). The reintroduction of power cuts is to replenish necessary energy reserves, the power utility said. It warned that further breakdowns could lead to load…
By Lehlohonolo Lehana. Eskom says that its system is in better shape thanks to work done to get units back to operation, while a review of the country’s load shedding status is underway. In a media briefing on Friday morning (4 February), Eskom chief operating officer Jan Oberholzer said that…
By Lehlohonolo Lehana. Nestlé South Africa is recalling some of its Kit Kat chocolate bars due to the possibility that they may contain glass pieces. In a statement on Thursday, the company said that it is initiating a voluntary recall of a limited number of KitKat milk chocolate products, as…
By Lehlohonolo Lehana. Statistics South Africa has updated its Consumer Price Index (CPI) basket of goods and services, providing insight into how consumer spending patterns have shifted over the five years. CPI basket is typically reviewed every four to five years to ensure that it adequately reflects trends in household…
By Lehlohonolo Lehana. @ParagonGroup. The Gauteng Local Division of the High Court has ruled in favour of Old Mutual in dismissing the damages case brought by former CEO Peter Moyo. Moyo, fired in June 2019, was suing the company for R250 million. Despite a full bench court ruling in 2020…
By Loni Prinsloo. The South African government is in talks with the World Bank to secure additional funding, according to people familiar with the discussions. The state is seeking at least $800 million as it considers ways to fund the likely extension of a Covid-19 relief grant that’s scheduled to…
By Lehlohonolo Lehana. Several countries and airlines have announced eased travel restrictions for South Africa as governments look to shift towards the endemic phase of the Covid-19 pandemic. The United Arab Emirates (UAE) will lift its entry and transit ban on South Africa and other African countries from Saturday (29…
By Lehlohonolo Lehana. The South African Reserve Bank’s Monetary Policy Committee (MPC) has decided to raise the repo rate to 4% per annum. Four members of the Committee preferred an increase and one member preferred an unchanged stance, Reserve Bank governor Lesetja Kganyago said in a statement on Thursday afternoon…
By Lehlohonolo Lehana. The Central Energy Fund (CEF) says an Auditor General report has cleared it of any wrongdoing in the appointment of its chief executive, chief operations officer and legal services executive. This after media reports emerged last year that the board of the CEF allegedly appointed the three…
By Lehlohonolo Lehana. Eskom has warned that the road to operational recovery and sustainability will be long and hard. Major projects and outages undertaken this year will continue to exert pressure on the supply side, raising the risk of load-shedding in the short term. These outages, however, are necessary interventions…
By Lehlohonolo Lehana. With an LLB Law Degree, being a Master’s (LLM) Candidate who is certified in The Fundamentals of Digital Marketing and a sought-after Brand Ambassador, Cartier Lebatie’s range of expertise and experience has armed her with a unique skill set that puts her in a league of her…
By Lehlohonolo Lehana. The International Monetary Fund (IMF) has cut its 2022 growth forecasts for South Africa on the back of a softer-than-expected second half in 2021 and a weaker outlook for investment, as business sentiment remains subdued. In its global outlook report published on Tuesday (26 January), the global…
By Lehlohonolo Lehana. Total tax revenue collections for 2020/21 declined by 7.8% to R1 249.7 billion from the R1 355.8 billion collected in the previous year, tax statistics have revealed. The figures are contained in the 14th annual edition of the Tax Statistics published by the National Treasury and the…
By Lehlohonolo Lehana. The Western Cape High Court Monday approved a $1.6 billion (R25 billion) payout by embattled retail giant Steinhoff to settle fraud claims that emerged in 2017. Tens of thousands of claimants have sought more than $8 billion in compensation after an accounting scandal sent share prices plunging…
By Lehlohonolo Lehana. Finance Minister Enoch Godongwana will table the national budget on 23 February, 2022. The ministry of finance on Thursday issued an advisory - highlighting that this would be the minister's "inaugural" speech. "As usual, the budget allocation always aims to strike a balance between competing national spending…
By Lehlohonolo Lehana. South African Airways (SAA) will fly between Johannesburg and Durban again from 4 March this year. "We have been constantly evaluating our route performance and waiting for the data to guide us on the timing or the Durban relaunch. We are delighted that the time is now…
By Lehlohonolo Lehana. Eskom has reiterated its calls for a 20.5% tariff increase for the 2023 financial year, warning that the hike is necessary for the continuation of its operations. In a presentation to the National Energy Regulator of South Africa (Nersa) on Monday (17 January), the power utility said…
By Lehlohonolo Lehana. After reprieve at the petrol pumps in January, South African motorists could see another hefty hike in February on the back of increasing international oil prices, according to economists from the Bureau for Economic Research (BER). Following a tumultuous first trading week of 2022, global equity and…
By Lehlohonolo Lehana. Data from Forbes' real-time ranking of billionaires shows that some of South Africa’s richest people continued to grow their wealth in 2021, led by Johann Rupert, whose luxury goods group Richemont surged on the Johannesburg Stock Exchange, particularly in the second half of the year. Richemont was…
By Lehlohonolo Lehana. The World Economic Forum (WEF) has published its global risks report, detailing some of the key risks facing South Africa over the coming years. The forum said that Covid-19 and its economic and societal consequences continue to pose a critical threat to the world at the start…
By Lehlohonolo Lehana. Capitec has announced that one of its co-founders and chief financial officer, André du Plessis, will retire from the group at the end of June 2022. Du Plessis has been part of Capitec for 22 years, having joined in 2000 as a co-founding member of the bank,…
By Lehlohonolo Lehana. Covid-19 flare-ups, diminished policy support, and lingering supply-chain bottlenecks will see the global economic recovery cool more than previously estimated in 2022, after last year’s expansion clocked the fastest post-recession pace in eight decades, the World Bank said. Global gross domestic product will probably increase 4.1% this…
By Lehlohonolo Lehana. South Africa faces a hefty electricity price hike in April despite ongoing load shedding and energy production concerns surrounding Eskom. The National Energy Regulator of South Africa (Nersa) has invited stakeholders to comment until Friday (14 January) on Eskom’s proposed tariff increases for the country. Eskom chief…
By Lehlohonolo Lehana. MTN has filed papers to oppose Telkom’s urgent application to block South Africa’s spectrum auction from going ahead on 8 March 2022. Radio frequency spectrum is the raw network capacity that cellular network operators use to communicate between mobile devices and their towers. Telkom approached the Pretoria…
Business Reporter. Motorists will heave a sigh of relief, as the fuel price is set to take a cut on Wednesday morning. The Central Energy Fund (CEF) announced on Monday that the retail price of petrol (93) will be cut by 71 cents a litre, while 95 will decrease by…
By Lehlohonolo Lehana. @WhiteHouse. President Joe Biden's administration announced on Saturday that it had excluded Ethiopia, Mali and Guinea from a US-Africa trade agreement, saying the actions of the three governments violated its principles. "The United States today terminated Ethiopia, Mali and Guinea from the AGOA trade preference program due…
By Lehlohonolo Lehana. Adapt IT, a software and digitally-led business solutions provider, is set to delist from the Johannesburg Stock Exchange (JSE) next week, 4 January 2022. The delisting comes after it agreed to an offer from Canadian company Volaris to acquire up to 100% of the issued ordinary shares…
By Lehlohonolo Lehana. Eskom has announced that Unit 4 at the Kusile power station has been synchronised to the national grid for the first time, which should help to alleviate pressure on the system into 2022. The unit was connected to the grid for the first time two days before…
By Lehlohonolo Lehana. Around five million South Africans have unclaimed pension benefits, with the total pension pot now worth an estimated R44.9 billion, says the Financial Sector Conduct Authority (FSCA). In an interview with Cape Talk, Olano Makhubela of the FSCA said that much of the money belongs to former…
By Lehlohonolo Lehana. Fitch Rating Agency on Wednesday upgraded the outlook on South Africa’s long-term foreign-currency issuer default rating to "stable" from "negative", citing a faster-than-expected economic recovery. "A recovery is underway and GDP now seems on track to return to pre-pandemic levels during 2022" Fitch said. The rating agency…
Business Reporter. Telecommunications group MTN has announced that its chief executive for South Africa, Godfrey Motsa will be stepping down from the role effective 1 January 2022. Charles Molapisi – currently Group Chief Technology & Information Officer – will take over the position. Mazen Mroue, currently Chief Operating Officer of…
By Lehlohonolo Lehana. Eskom on Wednesday (15 December) published interim results for the six months ended September 2021, showing a net profit after tax of R9.2 billion – up from R216 million, despite supply constraints and ongoing national lockdown, also suggesting turnaround efforts are starting to bear fruit. Earnings before…
By Lehlohonolo Lehana. South Africa’s annual consumer inflation accelerated to its highest reading in more than four years in November 2021, driven mostly by rising transport costs. The annual change in the consumer price index (CPI) was 5.5%, up from 5% in October and September. This is the biggest annual…
By Lehlohonolo Lehana. Finance minister Enoch Godongwana has called for changes to how the fuel price is calculated in South Africa as the country’s motorists pay record-high prices. Answering in an oral Q&A session in parliament on Friday (10 December), Godongwana said that he was concerned about these increases to…
Business Reporter. Standard Bank and property firm Lightstone have confirmed that they have been hit by a data breach, through property valuation platform LookSee, and that the personal information of property owners has been exposed. LookSee is one of Standard Bank’s Home Services platforms which provides property valuations and trends.…
By Lehlohonolo Lehana. Eskom chief financial officer Calib Cassim has confirmed that the state-owned power utility has applied for an electricity price increase of 20.5% for its 2023 financial year, set to take effect from 1 April 2022. The company confirmed the information following a press statement from the National…
Business Reporter. The battle for control of Royal Bafokeng Platinum (RBPlat) between Northam Platinum (Northam) and Impala Platinum (Implats) is continuing with both groups increasing their respective shareholdings through off-market purchases. While this off-market struggle is going on behind the scenes the trading patterns on the JSE indicate that investors…
By Lehlohonolo Lehana. Statistics South Africa says the twin pressures of tighter Covid-19 lockdown restrictions and a spate of civil disorder in July led to the economy contracting in the third quarter of 2021. After recording four consecutive quarters of positive growth, real gross domestic product (GDP) slumped by 1.5%,…
By Lehlohonolo Lehana. The North Gauteng High Court sitting in Pretoria has ordered that a decision be made on Eskom’s latest tariff application by February next year and to do so in line with a 2016 methodology. The judgment, handed down by Judge Jody Kollapen on Friday, granted Eskom the…
By Lehlohonolo Lehana. Standard Bank South Africa says it has introduced a Covid-19 vaccination policy, which requires all employees of the group who work from the premises to be vaccinated against Covid-19. The policy will be implemented in South Africa in the first instance and will come into effect on…
Business Reporter. The Ford Motor Company announced an investment of R600 million in the Struandale Engine Plant in Gqeberha, formerly Port Elizabeth. This investment will support the launch of a new 3.0L V6 turbodiesel engine Ford Ranger, as well as upgrades to the existing assembly line for the 2.0L Single…
By Lehlohonolo Lehana. The South African Reserve Bank (SARB) has published the Technical Specification Paper (TSP) report on public comments received on the draft statement of methodology and policies governing the SARB-administered interest rate benchmarks. In a statement, the SARB said the report, titled 'Feedback on the draft statement of…
Business Reporter. JSE-listed technology company Altron has appointed Andrew Whittaker as managing director of Altron Security, with effect from today. In a statement, Altron says Whittaker, who has over 26 years of technical, management and industry experience, will spearhead Altron Security’s long-term growth strategy. Altron acquired digital signatures services company…
By Lehlohonolo Lehana. The Department of Energy has published the latest fuel price adjustments for December, showing another massive increase in the price of petrol and diesel in South Africa this week. According to the department, the following price changes will take effect on Wednesday, 1 December: Petrol 95: increase…
By Lehlohonolo Lehana. Embattled Eskom expects to return to profitability by the 2026 financial year, it told parliament’s Standing Committee on Public Accounts this week. While the power utility’s financial performance is expected to improve in 2022 as a result of a new turnaround plan, and a significant tariff hike,…
By Lehlohonolo Lehana. ARC Financial Services, a subsidiary of billionaire Patrice Motsepe’s African Rainbow Capital, has entered into agreements to acquire Crossfin Technology Holdings, as part of a consortium led by the Ethos Mid-Market Fund, in a transaction valued at R1.5 billion. ARC Investments is a Limited Partner in an…
By Lehlohonolo Lehana. Absa has fired Sipho Pityana as a director after He failed to convince the board that his actions are not harming the bank. On Tuesday, the board invited Pityana to address "allegations that he had neglected or had been derelict in the performance of his functions as…
By Lehlohonolo Lehana. The Public Investment Corporation (PIC) has welcomed a Responsible Asset Allocator Initiative (RAAI) survey that ranked the corporation amongst the top 30 global sovereign wealth funds and asset managers for their responsible investment practices. The annual survey acknowledges the PIC’s commitment to incorporate ESG principles – Environmental,…
By Lehlohonolo Lehana. South Africa’s renewed commitment to fiscal consolidation, windfall mining revenue and an upward revision to gross domestic product should help it avert a deeper junk credit-rating on Friday and set it on course to regain at least one investment-grade assessment within the decade. Sixteen of 18 economists…
By Lehlohonolo Lehana. Starting a business and becoming your own boss is one of the most daring moves a person could make in their life. Now imagine quitting your very stable job, spending ever last cent of your savings and taking a leap of faith to become an entrepreneur –…
By Lehlohonolo Lehana. The South African Reserve Bank’s Monetary Policy Committee (MPC) has decided to raise the repo rate to 3.75% per annum. Reserve Bank governor Lesetja Kganyago said in a statement on Thursday afternoon, that the rate hike comes against a backdrop of higher inflation, and a host of…
By Jacob Mawela. Emeritus Professor Extraordinaire, Dr Reuel Khoza delivered the fourth edition of the Dr Sam Motsuenyane Annual Lecture at the University of Pretoria’s Aula auditorium in Hatfield on November 12, 2021. A series in recognition of the contributions the Winterveld-based white-haired sage and pioneer of Black South African…
By Lehlohonolo Lehana. Black Friday, traditionally the biggest shopping day of the year for many retailers, takes place on Friday 26 November. Shoppers who have continued working throughout the pandemic may be in search of luxury goods, while others will be on the lookout for household basics at bargain prices.…
By Lehlohonolo Lehana. Heineken agreed to buy South African wine and spirits maker Distell Group Holdings for 2.2 billion euros (R38.4 billion), creating a new regional group to compete with larger rival Anheuser-Busch InBev and spirits giant Diageo. The Dutch brewer made an offer of R180 a share that’s been…
By Lehlohonolo Lehana. Finance minister Enoch Godongwana has voiced his concern over the state of power utility Eskom, pointing to studies that show that there have been more power cuts than ever before under current chief executive, André de Ruyter. Godongwana told the Sunday Times that the current boss was…
By Lehlohonolo Lehana. Eskom CEO Andre de Ruyter says the power utility is on track to split its generation and transmission divisions by the end of the year, although some government and regulatory approvals are still pending. President Cyril Ramaphosa announced in 2019 that the debt-laden company would be split…
By Lehlohonolo Lehana. Banking Group Absa axes Sipho Pityana as lead independent director with immediate effect. In a statement late on Friday, the Absa board said: "Shareholders are informed that the Absa Group and Absa Bank boards have resolved that Sipho M Pityana will cease to be lead independent director…
By Lehlohonolo Lehana. Finance minister Enoch Godongwana tabled his maiden medium-term budget policy statement (MTBPS) on Thursday (11 November), reporting better than expected finances for South Africa – but against the bleak reality that the country has little room to manoeuvre in the budget. According to Godongwana, global markets are…
Business Reporter. South African Airways (SAA) says it is working Mango Airlines and its business rescue practitioner to resolve the challenges facing the low cost airline. This after reports suggested that SAA and Mango were at odds over the funding required to resuscitate Mango through business rescue. Mango Airlines is…
By Lehlohonolo Lehana. Finance minister Enoch Godongwana will deliver his maiden Medium Term Budget Policy Statement (MTBPS) at 14h00 on Thursday (11 November). Godongwana is largely expected to continue on his predecessor Tito Mboweni’s path towards fiscal consolidation and growth stimulation. Economists hope to see the new finance minister prioritise…
Business Reporter. The South African Revenue Service (SARS) collection rates have once again recorded positive growth,collecting a gross R1.55 trillion in the past year. Addressing Parliament on Tuesday, SARS Commissioner Edward Kieswetter that this comprised of a net of R1.25 trillion of the revenue estimate and that is R38 billion…
Business Reporter. MTN Group Ltd’s shares surged in Johannesburg after the wireless carrier edged closer to gaining a lucrative mobile-money license in Nigeria, more than two years after submitting an application to the authorities. The continent’s largest telecommunications company jumped as much as 19% and was up 10% at 3:35…
Staff Reporter. Amazon Web Services has completed its first operational solar project in South Africa. Located in the Northern Cape, the 10 megawatt (MW) solar project will supply renewable energy to AWS data centres and contribute to South Africa’s 2030 renewable energy goals, the group said in a statement on…
Business Reporter. Old Mutual’s private equity arm is in talks to buy Long4Life, the South African investment company founded by entrepreneur Brian Joffe, according to people familiar with the matter. The buyout firm has funds available that could go toward an acquisition of the Johannesburg-based group, said the people, who…
Business Reporter. The department of Mineral Resources and Energy (DMRE) has announced massive price increases for November, which will see fuel prices reach record highs across the board as of Wednesday. At midnight on Tuesday, the price of petrol will go up by R1,21 per litre, and R1,48 for diesel.…
By Lehlohonolo Lehana.. Transnet recorded its first annual loss in more than a decade as revenues plummeted due the impact of the Covid-19 pandemic as well as operational issues, the state-owned logistics company said. The "trying financial year" resulted in an R8.4bn loss down from a R2.9bn profit in the…
By Lehlohonolo Lehana. The Public Investment Corporation (PIC) has fired CFO Matshepo More after she was suspended with full pay. More was "subjected to a number of investigations," and two weeks ago the board was given a report compiled by an advisory panel that found her guilty of dereliction of…
Business Reporter. Technology services provider EOH has published its financial results for the year ended July 2021, revealing a return to operating profit of R147 million, from a R1.3 billion loss in FY2020. EOH said its work to close out legacy contracts and make targeted disposals over the past two…
By Lehlohonolo Lehana. Optique means "Optical" in French, a collective noun describing what the team at Optique do as Optometrists. At Optique, they continually strive to make eye care more accessible and easier to understand. They make going to the optometrist interesting, exciting, and professional, and their goal is to…
Staff Reporter. Uber has teamed up with the IEC to ensure that transportation will not be a problem for South Africans who intend to vote in the municipal elections next Monday, November 1. The election initiative will cover the cost of two trips, with a limit of R35 each. Of…
By Lehlohonolo Lehana. JSE-listed technology company Altron on Monday reported interim results for the six months ended August 2021, showing revenue up by 2% to R3.5 billion. Operating profit was up by 71% to R173 million, while headline earnings per share increased 238% to 11 cents per share. The company…
By Lehlohonolo Lehana. Eskom has published its summer load shedding forecast for 2021/2022, with the power utility warning that its system is likely to remain severely constrained for the near future. Presenting its system outlook on Monday (25 October), Eskom’s Group Executive for Transmission, Segomoco Scheppers, said that this is…
By Lehlohonolo Lehana. The International Monetary Fund (IMF) expects South Africa’s economy to grow by 5% in 2021, reflecting a better-than-expected growth in the year’s first half. In its latest regional outlook for the Sub-Sahara region published on Thursday (21 October), the group warned that this growth could slow significantly…
Staff Reporter. Retailer Pick n Pay has published its financial results for the six months ended 29 August 2021, with the group reporting solid results after a period impacted by the Covid-19 pandemic and social unrest. Group comparable earnings per share increased 90.9% year-on-year, while sales growth increased by 4.1%…
By Bloomberg. The world’s richest countries are courting South Africa as a model of how to transition to a more climate-friendly future from a dependency on coal. While $5 billion (R73.7 billion) of cheap loans and grants are on offer as a first step, transforming Africa’s most industrialized economy demands…
Staff Reporter. Mid-month data from the Central Energy Fund (CEF) shows that fuel prices could see significant increases in November on the back of the global energy crisis and a weaker rand. The data made available by the CEF to 14 October shows an under-recovery in both petrol and diesel…
Staff Reporter. Ethiopian Airlines (ET) has signed an interline agreement with Johannesburg-based airline, Airlink, to allow passengers to enjoy seamless travel with a single ticket and lower fare tickets between points within the carriers’ networks. Passengers can book through their itineraries on both airlines easily, the airline said. The partnership…
By Lehlohonolo Lehana. Finance minister Enoch Godongwana has clarified Treasury’s position on South Africans who change their tax residency, saying it is incorrect to call the recent amendments 'exit taxes'. Answering in a written parliamentary Q&A this week, Godongwana said that these amendments address many long-standing inequities in South Africa’s…
By Lehlohonolo Lehana. The International Monetary Fund (IMF) has published its latest growth outlook for the world’s major markets, with the group forecasting that the global economic recovery is set to continue, despite the resurgence of Covid-19 in parts of the world. Fueled by the highly transmissible Delta variant, the…
Staff Reporter. The ongoing steelworker strike is likely to lead to job cuts, further hammering an industry that’s been in decline for several years, according to the country’s main employer body. The week-long walkout by as many as 300,000 members and allies of the National Union of Metalworkers of South…
By Lehlohonolo Lehana. The impact of the COVID-19 pandemic, as well as other prevailing circumstances, has prolonged the negative impact of the Public Investment Corporation’s (PIC) future financial results. The warning has been fired by the PIC’s board of directors in the corporation’s 2020/21 Integrated Annual Report released last week.…
By Lehlohonolo Lehana. The National Consumer Commission has urged consumers to return 100% Apple juice produced by Pioneer Foods. Acting National Consumer Commissioner, Thezi Mabuza, said the supplier informed the Commission of the precautionary recall of both LiquFruit and Ceres 100% apple juice. "Consumers who have these products must not…
Staff Reporter. The Department of Energy has published the official fuel price adjustments for October, showing a minimal petrol prices decrease for motorists at the pumps. Mid-month fuel price data showed a possible decrease in fuel prices; however, the key factors in determining costs reversed their beneficial positions over the…
By Lehlohonolo Lehana. Finance minister Enoch Godongwana says government is focused on rebuilding South Africa’s economy. However, there are several necessary structural reforms that must be implemented to get things back on track and improve private investment. Addressing a national investment dialogue on Thursday (30 September), Godongwana said that at…
Staff Reporter. Nearly a week after taking to the skies following an 18 month hiatus, South African Airways (SAA) has signed a memorandum of cooperation with Kenya Airlines which SAA says will, in the long term, form the basis for the establishment of a "Pan-African Airline Group". According to SAA,…
By Lehlohonolo Lehana. Retirement is perhaps the most misunderstood stage of our lives - we normally think of it as a time to settle down when we're too old to work. But what if you were to imagine it as the next big adventure in your life, a coming time…
Staff Reporter. US-based carrier United Airlines has announced a new codeshare agreement with regional airline Airlink as part of an expansion into South Africa. The new agreement, which is subject to government approval, will offer one-stop connections from the US to more than 40 destinations in Southern Africa, the group…
By Lehlohonolo Lehana. The South African Reserve Bank’s Monetary Policy Committee (MPC) has decided to keep the repo rate unchanged at 3.5% per annum. In a statement on Thursday afternoon (23 September) Reserve Bank governor Lesetja Kganyago said that the decision follows largely unchanged inflation expectations and even with continued…
Staff Reporter. French media company Groupe Canal+ has acquired additional shares in MultiChoice, taking it from 12% to more than 15%, it said in a shareholder statement on Thursday (23 September). Groupe Canal+ SA is a French film and TV studio and distributor which owns the Canal+ French TV channels.…
Staff Reporter. African Bank has confirmed that one of its appointed professional debt recovery partners, Debt-IN, was targeted by cybercriminals in April 2021. At the time, expert security advice concluded that there was no evidence that the ransomware attack had resulted in a data breach – however, Debt-IN is now…
Staff Reporter. The Competition Tribunal has given the green light to the acquisition of Burger King South Africa (BKSA) by a private equity fund. Licence owner, Grand Parade Investments, can now move ahead with the disposal of the brand to pan-African private equity firm Emerging Capital Partners (ECP) – pending…
By Lehlohonolo Lehana. Fitch Ratings says that South Africa’s economic prospects are improving, thanks to a better than expected financial performance in the second quarter – but it warns that crucial social and political issues remain. Fitch said in a note on Tuesday (21 September), that a robust economic performance…
By Lehlohonolo Lehana. Mid-month data from the Central Energy Fund (CEF) shows that fuel prices could decline in October, bringing welcome relief for motorists. The data made available by the CEF to 16 September shows an over-recovery in both petrol and diesel prices, pointing to a possible drop of between…
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