Business
By Prinesha Naidoo. Persistently high unemployment in South Africa is a structural problem that the central bank doesn’t have the tools to address and should be dealt with by changing the nation’s education policy, Reserve Bank Governor Lesetja Kganyago said. At 32.9%, South Africa's official unemployment rate is the third…
By Lehlohonolo Lehana. South Africa's headline consumer inflation slowed to 7.2% year on year in December from 7.4% in November, in line with analysts' forecasts, Statistics SA data showed on Wednesday. Price pressures have been gradually easing in Africa's most industrialised economy, after inflation struck a 13-year high of 7.8%…
By Nick Wilson and Karl Gernetzky. Retail group Spar said on Tuesday CEO Brett Botten will be retiring at the end of January as part of shakeup which will also see former chair Graham O'Connor leave the board after at the group's annual meeting in February. Phumla Mnganga will step…
Business Reporter. National Treasury has promulgated a raft of tax laws following proposals outlined by Finance Minister, Enoch Godongwana, during the 2022 Budget Speech. This includes the Rates and Monetary Amounts and Amendment of Revenue Laws Act, 2022, (Act No. 19 of 2022) (2022 Rates Act); Taxation Laws Amendment Act,…
By Prinesha Naidoo & Sarina Yoo. South Africa faces a 45% chance of slipping into recession this year as South Africa’s electricity crisis deepens, according to a survey of economists by Bloomberg this month. The probability of it happening in the coming 12 months increased from odds of 35% in…
By Lehlohonolo Lehana. Stage 4 load shedding will be implemented at 05:00 to 16:00 from Tuesday, followed by Stage 5 load shedding at 16:00 to 05:00 from Wednesday, Eskom warned. Over the course of this week, 14 generators are expected to return to service, helping to ease the pressure on…
By Drikus Greyling. South Africa can generate more tax revenue by lowering taxes, which will create additional wealth and stimulate the economy. It may sound counter-intuitive that more tax revenue can be collected through lower taxes, but it has been proven to work in many cases. A good tax system…
Business Reporter. Telkom and Rain have walked away from a transaction that could have seen the JSE-listed telecommunications operator buying the wireless broadband upstart. In an update to shareholders on Wednesday (11 January), the group said that after initial discussions but prior to any due diligence, the parties decided that…
By Antony Sguazzin. President Cyril Ramaphosa played down suggestions that an amendment to the central bank’s mandate is imminent, while confirming that a possible change remains under discussion. Any change to the mandate of the South African Reserve Bank, which focuses on curbing inflation, will take time, Ramaphosa told reporters…
Business Reporter. The weekly fuel price forecast from the Central Energy Fund (CEF) shows that petrol and diesel are on the path to another price cut next month. According to the latest weekly forecast from the CEF, for the week ending 6 January 2023, petrol prices are anticipated to come…
By S'thembile Cele and Prinesha Naidoo. The African National Congress (ANC) wants to broaden the central bank’s mandate to ensure it plays a bigger role in supporting the economy, a change that may require a constitutional amendment it won’t be able to effect on its own. "The mandate of the…
Business Reporter. The South African rand has weakened alongside other emerging market currencies as the dollar rebounded this week. On Thursday (5 January), the rand weakened in early trade as investors awaited the monthly purchasing managers’ index (PMI) survey by S&P Global to find clues on South Africa’s economic health.…
By Lehlohonolo Lehana. The Department of Mineral Resources and Energy (DMRE) has confirmed a significant drop in fuel prices to kick off 2023. On Wednesday, the petrol price (both 93 and 95 unleaded) will be cut by R2.06 a litre, while diesel will be lowered by between R2.69 and R2.81.…
Staff Reporter. (AFP) - Stock markets were wrapping up their worst performances in years on Friday before heading into 2023 under recession fears following Russia's invasion of Ukraine, high inflation and rising interest rates. Wall Street opened lower while European markets were down in the afternoon after Asia closed on…
By Akriti Sharma. Twitter suffered a major outage on Wednesday, leaving tens of thousands of users globally unable to access the popular social media platform or use its key features for several hours before services appeared to come back online. The incident is the social media site's first apparent widespread…
By Lehlohonolo Lehana. Popular fast food chicken joint KFC has warned customers that 70 of its stores are now temporarily closed as its chicken suppliers struggle with constant power outages. The outlets are mainly in North Gauteng (Pretoria) and KwaZulu-Natal. There are more than 1 000 KFC outlets in the…
Business Reporter. State freight rail and ports company Transnet has posted a profit of some R159 million for the first six months of this financial year after posting a loss of some R78 million in 2021. The company has also posted a 2% increase in revenue over the same period…
By Lehlohonolo Lehana. The debt-ridden state power utility posted a fifth straight loss and warned the gap may widen, while its auditor said that it may not be able to continue as a going concern. Eskom has reported a R12.3 billion loss for full year 2022 in the year through…
Business Reporter. Retailer Woolworths has partnered with logistics company Pargo to expand its online delivery network and allow its customers to pick up their online orders at nearby Pargo click-and-collect pick-up points. This partnership will allow customers to collect their parcels from a convenient location and time, providing customers with …
Partner Content. Expanding upon the V&A Waterfront's Joy from Africa to the World movement, Sun International's Table Bay hotel worked with local artisans, illustrators and designers to craft memorable decorations which are brightening up the five-star hotel this festive season. Behind every festive decoration displayed in the luxurious seafront hotel…
Business Reporter. Weekly data from the Central Energy Fund (CEF) shows that motorists in South Africa will be entering the new year with a much lower petrol price – and an even bigger cut on the cards for diesel. According to the CEF's data for 16 December 2022, motorists can…
Business Reporter. While the festive season is a great time to rest and reset, it is also notorious for intensive spending. Christmas gifts, getaways, and festive groceries are just some of the luxurious goods we are all expected to spend our hard-earned money on at this time of year. Given…
By Prinesha Naidoo. The South African rand strengthened by more than 2% against the dollar on Monday (19 December) after president Cyril Ramaphosa secured a second term as ANC president. Following the announcement, the rand strengthened to R17.22 against the dollar, having started the morning over R17.60 ahead of the…
By Janice Kew. Woolworths agreed to sell Australia's oldest department store chain David Jones to Anchorage Capital Partners, ending an expensive misstep for the Cape Town-based retailer. The deal will remove about R17 billion of liabilities related to the David Jones store portfolio, with the final value of the deal…
By S'thembile Cele. Finance Minister Enoch Godongwana said plans for the government to take over part of the troubled state power utility's debt remain on track, and the pending departure of its CEO, André de Ruyter, hasn't affected negotiations with bondholders. Eskom, which supplies more than 90% of the country's…
By Carin Smith. Airports Company South Africa (ACSA) confirmed there is a faulty visibility sensor on the primary runway at OR Tambo International Airport in Johannesburg. The sensor, known as a Runway Visual Range (RVR), requires some repairs which are anticipated to be completed by 23 December 2022. ACSA said…
By Lehlohonolo Lehana. South Africa's consumer price inflation eased to 7.4% in November from 7.6% the previous month, according to the latest data published by Stats SA. However, consumers are likely to continue to feel the pain at the tills, with food prices, in particular, shooting up even higher. The…
By Lehlohonolo Lehana. Dunlop seeking 48 entrepreneurs to apply for loan capital, training and business support New concept extends footprint of 80 centres employing 400 people across SA Driven by the desire to empower young entrepreneurs and create employment opportunities in local communities, Sumitomo Rubber South Africa (SRSA), one of…
By Lehlohonolo Lehana. Gold Fields Ltd. (GFI) announced that Chris Griffith will step down from the Board of Directors and as Chief Executive Officer, effective December 31 after accepting defeat in his efforts to conclude the $6bn takeover Yamana Gold. Griffith was appointed CEO in April 2021. He was previously…
Business Reporter. As we approach the festive season, criminals are aware that people are receiving their year-end bonuses and will spend extra time and money online- making cyber scams more lucrative, says Mark Sturrock, Capitec's head of cyber security. As a result of this, criminals will be on high alert,…
By Lehlohonolo Lehana. National Treasury says it continues to engage with the Department of Public Enterprises and Eskom with the aim of identifying solutions to the purchase of diesel. Treasury said it had noted the recent public interest and media queries requesting clarity about discussions to assist Eskom with the…
Business Reporter. Data from Forbes' real-time ranking of billionaires shows that some of South Africa’s wealthiest people have experienced a decline in their net worth in 2022, led by Johann Rupert, who is a billion dollars poorer. Despite Rupert’s luxury goods group Richemont's JSE shares climbing by a record 84%…
Business Reporter. BOS Brands has secured additional growth equity from an investment consortium to fund the expansion of the company's BOS Ice Tea brand into the UK from its established base in Europe. The new investment consortium includes South African Springbok Captain Siya Kolisi, his wife, Business Director and CEO…
By Lehlohonolo Lehana. Eskom has launched construction on the first energy storage facility under Eskom’s flagship Battery Energy Storage System (BESS) project. The sod-turning ceremony was held at the Elandskop BESS site, located within Msunduzi and Impendle Local Municipalities in KwaZulu-Natal. The project is being developed by Eskom and Hyosung…
By Lehlohonolo Lehana. South Africa's gross domestic product (GDP) increased by 1.6% quarter-on-quarter in the third quarter, Statistics South Africa (Stats SA) reported. The growth beat out market expectations by some margin – consensus among economists and analysts was that the economy would grow 0.4% for the quarter, given the…
Business Reporter. The South African rand clawed back some of its losses since the release of the explosive section 89 report on president Cyril Ramaphosa’s Phala Phala farm last week, but it remains in shaky space as political uncertainty persists. The rand recovered to around R17.19 a dollar on Monday…
By Lehlohonolo Lehana. The Base Erosion Profit Shifting Multilateral Instrument (BEPS MLI), aimed at countering tax avoidance by multinational enterprises, has been gazetted, National Treasury said in a statement. The new BEPS is a multi-national treaty that aims to update existing bilateral tax treaties in an attempt to reduce the…
By Kopano Gumbi. South African manufacturing activity expanded in November as business activity and new orders improved for the second month in a row, a survey showed on Thursday. The seasonally adjusted Absa Purchasing Managers Index (PMI) rose to 52.6 points in November from 50.0 points in October. "This suggests…
By Lehlohonolo Lehana. African Bank has reported improved profit growth of nearly 40%, as the number of loans it gave to its retail customers grew to exceed pre-pandemic levels, boosting revenue earned from interest. The bank delivered its full-year financial results, showing a net profit after tax of R736 million…
Business Reporter. The South. African Reserve Bank (SARB) told economists on Friday that it needs to see consumer inflation steadily decline to the 4.5% mid-point of its targeted range before it will consider pausing or stopping its current rate hiking cycle. The central bank hiked rates by 75 basis points…
By Lehlohonolo Lehana. JSE-listed retail group Woolworths will list its shares for trade on A2X Markets (A2X) from December 2. "We are very pleased to be listing on A2X and to be able to offer investors greater access to trade our shares, and the opportunity to participate in the on-going…
By Lehlohonolo Lehana. E-TV and Openview owner eMedia Holdings has published its interim results for the six months ended 30 September 2022, blamed Eskom's load shedding in part for a hit to its earnings in its latest reporting period. The group reported media and broadcasting revenues of R1.5 billion for…
By Lehlohonolo Lehana. Interest rates are now at their highest level since 2016 after the South African Reserve Bank (SARB) hiked rates by 75 basis points, for the third meeting in a row. SARB governor Lesetja Kganyago made the announcement on Thursday (24 November) following the MPC’s final meeting for…
By Lehlohonolo Lehana. Caption:Trialogue Director Cathy Duff. The 25th edition of The Trialogue Business in Society Handbook features images by young artist Amy-Leigh Braaf. South African companies spent an estimated R10.9 billion on corporate social investment (CSI) in the 2022 financial year, according to CSI consultancy Trialogue, which released its…
Business Reporter. Telkom has published its interim results for the six months ending 30 September 2022, showing a big hit to headline earnings due to climbing costs in its mobile business, and the "accelerated decline" of its legacy business. The group reported gross operating revenue down 0.7% to R21.15 billion…
By Anait Miridzhanian. South Africa's headline consumer inflation quickened to 7.6% year on year in October from 7.5% in September, data from Statistics South Africa showed on Wednesday. The rise comes after South Africa's headline consumer inflation slowed for a second month in a row in September. On a month-on-month…
By Lehlohonolo Lehana. Parliament passed legislation to combat money laundering and terrorism financing needed to avoid the country being added to a global illicit-finance watchlist. Addressing the NCOP, finance minister Enoch Godongwana said the development marked a significant milestone in actions taken by South Africa to address deficiencies identified in…
By Lehlohonolo Lehana. Financial services group Old Mutual has received approval from the SA Reserve Bank's prudential authority to apply for a banking licence. In a voluntary business update on Tuesday (22 November), the group said that it had received Section 13 approval from the PA to proceed with the…
By Lehlohonolo Lehana. Naspers has warned shareholders that it expects a drop in earnings for the six months to end-September due to a global economic downturn — characterised by high inflation and interest rates — leading to reduced activity in e-commerce. The group said that shareholders should expect headline earnings…
By Lehlohonolo Lehana. Retailers entice shoppers to visit their outlets and websites all year round, but marketing reaches fever pitch this month, with Black Friday on 25 November and the start of the Christmas shopping season. Black Friday evolves into Cyber Monday on 29 November, and special offers gather momentum…
By Carol Paton. Eskom has been ordered by a court to scrap a R16 billion tender award for the maintenance of high-pressure boilers and pipes at its 15 coal-fired power stations after it unfairly disqualified one of the bidders. The tender must be re-advertised within two months of the court…
Business Reporter. The South African Reserve Bank's Monetary Policy Committee will meet next week to discuss the country's final rate hike decision for the year, with an announcement on the move expected on Thursday, 24 November. According to Investec chief economist Annabel Bishop, given the weak economic outlook for South…
By Paresh Prema, Health Branch Head – Technical and Actuarial Consulting Solutions at Alexforbes. You don't have to remain on the same medical aid plan year after year – in fact, it is considered good practice to consider your options during the "open" period between September and December. During this…
Business Reporter. The Spar group says its on-demand shopping platform, Spar2U, is nearing "critical mass" after expanding to 87 stores in the second half of its financial year to end-September 2022. Reporting its annual results for the year ended September 2022, the group presented a sound set of results, given…
By Lindsey Rupp. Tech companies are trimming staff and slowing hiring as they face higher interest rates and sluggish consumer spending in the US and a strong dollar abroad. The tech industry shed 9,587 jobs in October, the highest monthly total since November 2020, according to Challenger, Gray and Christmas,…
By Lehlohonolo Lehana.. Telkom warned investors that its headline earnings per share will slump when it reports results for the six months to end-September 2022 later this month. In a trading statement ahead of its interim results, the group said that it expects headline earnings to drop by 45% to…
Business Reporter. Multichoice group has published the condensed consolidated interim financial results for the period ended 30 September 2022. The group reported group revenue up 7% to R28.65 billion for the period, with operating profits up 6% to R6.2 billion. However, it posted a headline loss of R248 million –…
By Kurt Wagner. Meta Platforms Inc. Chief Executive Officer Mark Zuckerberg said the company will cut more than 11,000 jobs in the first major round of layoffs in the social media giant’s history. The reductions, equal to about 13% of the workforce, were disclosed Wednesday in a statement. The company…
By Lehlohonolo Lehana. Retailer Pick n Pay has launched an online homeware store, setting itself for a clash for with the likes of Yuppie Chef and Mr Price Home. The new online shop will be dedicated to homeware and appliances – featuring a wide range of popular products for every…
By Lehlohonolo Lehana. MultiChoice Group said on Monday that it expects its trading profit for the six months to end-September to be relatively flat compared to a year ago. In a trading statement issued to shareholders ahead of its results being published on Thursday (10 November), the group noted that…
By Lehlohonolo Lehana. Telecommunications firm MTN Group posted resilient financial results for third quarter of 2022 on the back of strong performance from its two largest markets, the South African and Nigerian operations. For the nine months ended September, group service revenue grew by 14.3%, led by data revenue (up…
By Carol Paton. Finance Minister Enoch Godongwana says he was misunderstood on Monday when he was quoted saying that the conditions under which government would take over Eskom's debt were linked to the power utility building new coal, gas and nuclear plants. In a statement issued on Thursday, the National…
Business Reporter. The Minister of Trade, Industry and Competition has extended the publication date for a final report and inquiry into online market companies such as Takealot, UberEats, Google and others. In a gazette published this week, the minister extended the period of completion of the Online Intermediation Platforms Market…
By Rene Vollgraaff and S'thembile Cele. South Africa's central bank said it will continue using interest rates to curb inflation, and responded to calls for its mandate to explicitly include promoting economic growth and creating jobs by saying monetary policy already targets those indicators. At 6.25%, the Reserve Bank's repurchase…
By Lehlohonolo Lehana. Sibanye-Stillwater will enter into consultations with organised labour and other affected stakeholders, in terms of Section 189A of the Labour Relations Act, regarding the possible restructuring of its South African gold operations. On Tuesday the company said the possible restructuring of its South African gold operations follows…
By Ryk van Niekerk. Naspers denied it is in talks with a Chinese investment company regarding selling its stake in Tencent. Naspers issued a statement on Sens on Tuesday morning in response to an article published by Asian Tech Press, which claims the state-owned Chinese investment group CITC is in…
By Lehlohonolo Lehana. South African manufacturing activity improved in October, but rolling power cuts and a crippling strike at freight rail and ports company Transnet prevented a stronger recovery, a survey showed on Tuesday. The seasonally-adjusted Absa Purchasing Managers' Index (PMI) was at 50.0 points in October from 48.2 points…
By Rene Vollgraaff. Moody's Investors Service raised its outlook on Eskom's debt ratings to positive for the first time since 2007 after Finance Minister Enoch Godongwana said that the government could take over a substantial portion of the power company's debt. Moody's boosted the outlook from negative, signaling that the…
By Lehlohonolo Lehana. State owned power utility Eskom on Monday announced that it is shutting down the last remaining coal-fired generation unit at its 60-year-old Komati power station in Mpumalanga. The site will now be transformed into a wind and solar energy production site, the state-owned utility said. According to…
By Lehlohonolo Lehana. Economists says consumers should expect inflation to remain elevated in the coming months, as higher diesel prices and input costs ripple through the entire producer supply chain. The Bureau for Economic Research (BER)'s outlook for CPI sits around 7% year-on-year for the next several months, coming off…
By Lehlohonolo Lehana. Sibanye-Stillwater and the Association of Mineworkers and Construction Union (AMCU) have concluded a five-year wage settlement at the company's Rustenburg and Marikana platinum operations. Sibanye on Friday announced that they have reached an agreement for a 6% increase in each year in respect of annual wages and…
By Lehlohonolo Lehana. The Department of Mineral Resources and Energy has published the latest fuel adjustments for November 2022, showing a big jump in prices for both petrol and diesel. The changes will be implemented on Wednesday, 2 November. The price of unleaded petrol (both 93 and 95), will increase…
By Lehlohonolo Lehana. The Johannesburg Stock Exchange (JSE) is proposing a series of amendments to its listing requirements for debt and equity instruments following extensive market consultation over the past year - requesting stakeholders to comment on a raft of proposals. It said that implementing the amendments would take a…
By Lehlohonolo Lehana. JSE-listed technology company Altron has announced on Thursday, its intention to sell the ATM Hardware and Support Business portion of its Altron Managed Solutions Division to NCR. The NCR Retail Hardware and Support business remains under Altron Managed Solutions. The sale sees ownership of the business going…
By Lehlohonolo Lehana. The Minister of Finance, Enoch Godongwana, delivered the 2022 Medium-Term Budget Policy Statement (MTBPS) in Parliament today, 26 October 2022. The budget touched on many points and topics that were raised in the lead-up to the speech, including the South African government taking over a portion of…
Business Reporter. Pick n Pay Stores Limited has been approved for a secondary listing on A2X Markets (A2X). Its shares will be available for trade on A2X from 1 November 2022. The Pick n Pay Group, with a market cap of around R27 billion, will retain its primary listing on…
By Lehlohonolo Lehana. JSE-listed technology company Altron has posted its interim results for the six months ending August 2022, which demonstrate that the company performed well in a competitive industry despite South Africa's economic challenges. Key highlights Revenue up by 15% to R5.3 billion Net profit after tax improved by…
By Lehlohonolo Lehana. The FNB logo on the side of one of the FNB buildings. Photo: Screenshot/ Twitter. Financial Services group FNB has announced appointment of two new executives in a shake-up in the management of its retail banking sector. The group's personal and private banking leadership will be split…
By S'thembile Cele. South Africa's central bank governor urged the government to stick to its plan to reduce debt, as the National Treasury prepares to deliver its medium-term budget policy statement next week. "Fiscal consolidation is necessary and needn’t be contractionary," Lesetja Kganyago said at a forum hosted by former…
By Lehlohonolo Lehana. President Cyril Ramaphosa cited Northern Cape as a fertile ground for investment and stand to benefit from massive investments, including renewable energy projects funded by Saudi Arabia. Ramaphosa said this whilst addressing hundreds of Northern Cape residents at the Presidential Imbizo held in the Mxolisi Dicky Jacobs…
By K. Oanh Ha. After mysteriously sailing into Hong two weeks ago, Russian tycoon Alexey Mordashov's $500 million (R9.2 billion) superyacht weighed anchor Thursday (20 October) and departed for South Africa. It was southeast of Hainan Island on Friday morning. The 142-meter Nord, which caused a stir when it arrived…
Business Reporter. Image Supplied. At this year's African Energy Week (AEW) in October, Mazars, the international audit, tax and advisory firm, is launching a new Johannesburg-based model audit team as part of the Energy and Infrastructure global team. Taona Kokera, Energy and Infrastructure director at Mazars in South Africa, explains…
By Loni Prinsloo. MTN Group Ltd has walked away from talks to buy Telkom – a deal that would have created South Africa’s largest mobile-phone operator. MTN ended discussions because Telkom couldn't assure the bigger telecom company that talks were exclusive, Telkom said in statement on Wednesday. "Discussions were at…
By Lehlohonolo Lehana. Annual consumer price inflation cooled to 7.5% in September from 7.6% in August, which was slightly better than economists expected. The easing of inflation was mainly driven by fuel prices declining for a second consecutive month, contributing to the softer headline rate. However, food price inflation continued…
By Lehlohonolo Lehana. The Department of Mineral Resources and Energy says that it is currently reviewing aspects of the petrol price as part of its measures to cushion motorists from the blow of high prices. Responding in a written parliamentary Q&A this week, energy minister Gwede Mantashe said that fluctuations…
Business Reporter. Pick n Pay reported strong growth in its first trading period under the Ekuseni strategic plan, with a turnover of R51.3 billion for the 26 weeks that ended 28 August 2022. This strong turnover growth, in part, reflects the normalisation of the environment after the July 2021 civil…
By Prinesha Naidoo. South Africa's recent success in rebuilding fiscal buffers that were eroded by mismanagement means the country is better positioned to navigate a deteriorating global economic outlook, Reserve Bank governor Lesetja Kganyago said. The International Monetary Fund this week cut its forecast for global growth next year, warning…
By Loni Prinsloo. MTN Group's talks to buy Telkom have stalled following a rival deal proposal from another telecom company, people familiar with the matter said. Negotiations about price and other terms have stopped for the time being, though MTN hasn’t decided to walk away from the deal, the people…
By Sibongile Khumalo. The SABC, which is battling to stabilise its finances, says costs associated with its public mandate – notably sports rights to broadcast the Olympics – contributed to the R201 million net loss it suffered in the 2022 financial year. The finances of the public broadcaster are saddled…
By Lehlohonolo Lehana. The Financial Sector Conduct Authority (FSCA) has warned the public to act with caution when dealing with agriculture stokvel SD Farmlink (Pty) Ltd). SD Farmlink offers people an opportunity to invest in livestock and farming. In a statement, the FSCA said SD Farmlink claims that it offers…
By Lehlohonolo Lehana. JSE-listed technology company Altron has appointed Collin Govender Managing Director of Altron Systems Integration with effect from 1 October 2022. Having joined Altron in June 2017 as Group Executive: Shared Services rising to the position of Group Chief Information Officer, Govender was appointed Managing Director of Altron…
By Mark Gurman and Debby Wu. Intel Corp is planning a major reduction in headcount, likely numbering in the thousands, to cut costs and cope with a sputtering personal-computer market, according to people with knowledge of the situation. The layoffs will be announced as early as this month, with the…
Business Reporter. (AFP) - Global growth is expected to slow further next year, the IMF said on Tuesday, downgrading its forecasts as countries grapple with the fallout from Russia's invasion of Ukraine, spiraling cost-of-living and economic downturns. The world economy has been dealt multiple blows, with war in Ukraine driving…
Business Reporter. The governor of the South African Reserve Bank (SARB) Lesetja Kganyago says South Africa's assets are affordable in part due to the country's free-floating exchange rate that allows the currency to adjust to global conditions – making it a viable investment. Speaking at the JSE/NYSE Market Close Event …
By Robert Burnson. Elon Musk was sued by a Twitter Inc investor who says the world’s richest person’s on-again off-again purchase of the social media platform and his public attacks on the company were designed to manipulate its stock price. Giuseppe Pampena says that when Musk agreed last week to…
By Lehlohonolo Lehana. An independent adjudicative body, Competition Tribunal has approved African Bank acquisition of Grindrod Bank with no conditions and the subsequent issuing of a merger clearance certificate. The Tribunal's certificate stated that after reviewing all relevant information and the recommendation of the Competition Commission, the acquisition has been…
By Lehlohonolo Lehana. Sun International has revealed an expansion plan worth approximately R1.1 billion, comprising multiple projects across its Sun City Resort in the North West province. The group noted last week that construction has begun on the first phase of the expansion: Sun International’s Sun Vacation Club (SVC) –…
Business Reporter. FlySafair says it has received approval to operate flights to 11 new destinations within the Southern African region, following a meeting of the Air Services Licensing Council of South Africa (ASLC). Various bilateral agreements exist between South Africa and neighbouring countries which govern the number of weekly flights…
By Prinesha Naidoo. South Africa's central bank sees a need to continue raising borrowing costs, even after hiking interest rates faster than its modeling suggested. The monetary policy committee raised the benchmark repurchase rate by three-quarters of a percentage point Sept. 22. That was faster than the bank's quarterly projection…
By Lehlohonolo Lehana. The South African Reserve Bank's Prudential Authority (PA) has welcomed a High Court ruling confirming the curatorship of life insurer, 3Sixty Life. In a statement, the Reserve Bank said the PA remains of the view that the curatorship of 3Sixty Life "is in the best interests of…