Business

Staff Reporter. Motorists will get a mixed bag of fuel prices in December, with petrol prices set to drop and diesel prices climbing next week. The Department of Energy has published the official fuel price changes coming on Wednesday (2 December), which will reflect the following changes: Petrol 95: decrease…
Staff Reporter. An uncertain economy, already high levels of personal debt and the desire to reward oneself in December after a brutal year mean many South Africans either have money problems or may have in the near future. Benay Sager, chief operating officer at DebtBusters, the country’s largest debt counsellor,…
Staff Reporter. Photo Credit:Shutterstock. The South African Reserve Bank (SARB) has issued a warning to consumers to be aware of the risks associated with the use of instant electronic funds transfer (EFT) online payment services offered at e-commerce stores. An instant EFT is a payment method offered by a third…
Staff Reporter. Photo Credit:Warren Krog. Ford Motor Company South Africa (Ford) has agreed to compensate 56 drivers of its Kuga SUV that caught fire due to a mechanical malfunction between 2014 and 2017, with R50 000. The development was confirmed on Thursday by the National Consumer Commission (NCC) after reaching…
By Lehlohonolo Lehana. South African companies spent an estimated R10,7 billion on corporate social investment (CSI) in the 2020 financial year. This represents a marginal 1,2% growth in real terms from R10,2 billion in 2019, according to CSI consultancy Trialogue. The research was published in the latest Trialogue Business in…
Staff Reporter. File Photo. Finance Minister Tito Mboweni has warned that South Africa must find means to control its debt crisis urgently. The Minister made the declaration during a virtual discussion of the Bloomberg Capital Markets Focus: South Africa on Tuesday. "I’m very worried about this because on the current…
Staff Reporter. Woolworths has announced plans to launch a same-day delivery service in South Africa. In a social media post on Monday (23 November), the retailer said that clients can expect the same quality and freshness as experienced in its stores through the service. It did not provide information on…
By Lehlohonolo Lehana. File Photo. Comair has today opened bookings for domestic British Airways’ (operated by Comair) flights. From 9 December, the airline plans to begin serving all the domestic British Airways’ routes it previously operated. Regional services will be reintroduced as it ramps up to full operations over the…
By Lehlohonolo Lehana. South Africa fell deeper into junk territory after Moody’s Investors Service joined Fitch Ratings in lowering the country’s credit ratings. Moody’s cut the nation's foreign- and local-currency ratings to Ba2, two levels below investment grade, from Ba1. The outlook remains negative. Fitch cut the nation's foreign- and…
Staff Reporter. Caption:Diageo SA Corporate Relations Director Sibani Mngadi. The tavern industry should play its role in promoting responsible behaviour and avoid the pressure to immediately recoup the financial losses suffered from alcohol sales ban during the coming festive season. This was among the key conclusions to be drawn from…
Staff Writer. File Photo. The South African Reserve Bank (SARB) has for the second consecutive cycle kept the repurchase rate unchanged at 3.5% per annum. SARB Governor Lesetja Kganyago made the announcement on Thursday, following a Monetary Policy Committee (MPC) meeting. Addressing reporters, Kganyago said the MPC expects economic and…
By Lehlohonolo Lehana. There’ll be a lot of people trying to cash in on Black Friday 2020 as retailers try to make up for lost lockdown sales and consumers desperately seek to stretch constrained budgets. Inevitably not all the deals will be as good as the marketing and people will…
Staff Writer. File Photo. The South African Reserve Bank announced that the South African banks will not accept any cheques for deposit or encashment after 31 December 2020. “The South African Reserve Bank (SARB), Financial Sector Conduct Authority (FSCA), Payments Association of South Africa (PASA) and the Banking Association South…
Staff Writer. What is money? Almost all of the children understood that we need money to buy the things we want or need. As five-year-old Imaad and four-year old Mikail said, we need money to buy food, drinks, and of course ice cream, suckers, pillows and toys. Others such as…
Staff Writer. Lekela, the renewable power generation company that delivers utility-scale projects across Africa, today announced that its 140MW Kangnas wind farm in South Africa has successfully reached commercial operations. This marks the completion of all five wind farms in a Lekela-led consortium across South Africa. Together, these total over…
Photo Credit:Shutterstock. The Protection of Personal Information Act (POPIA) has been in the making for a while, with certain aspects already introduced. It is finally set to come into full effect after President Cyril Ramaphosa said, in June, that the effective date for compliance is 1 July 2021, and most…
Debt counselling is an effective way of helping South Africans who are struggling with debt, but a lack of understanding about the process, misinformation and concerns about being stigmatised mean some consumers don’t seek help or leave it too late. To address the problem the National Debt Counsellors’ Association (NDCA),…
File Photo. Comair today begins taking new bookings for kulula.com ahead of its planned take off again on 1 December. “We are excited to be returning to the skies and with competition being restored in the domestic market, the flying public can once again expect to achieve low airfares. We…
Caption:Support for agro-ecology, food and water security in the lower Olifants River Basin. An R100 000 prize for a non-profit organisation’s excellent monitoring and evaluation (M&E) methods has made a world of difference to rural Limpopo households battling to survive the ravages of drought and the COVID-19 pandemic. The Association…
The efforts by Eastern Cape Premier Oscar Mabuyane to try to avert the closure of Bridgestone’s 84-year-old tyre plant in Port Elizabeth have failed. Mabuyane said the provincial government was not willing to see the factory close down and was exploring various ways to keep it operating so that jobs…
Capitec Bank has partnered with SA Home Loans to launch its first full home loan offering. The bank said that its new offering will enable customers to initiate an application in under 5 minutes – alongside competitive linked interest rates from 6%. "We’ve continually received requests from both clients and…
File Photo. The energy department announced that the retail price of petrol in South Africa will decrease by about 1.8% from November 4, while the price of wholesale diesel will drop by 1%. The price of petrol will decrease by 27 cents to R14.59 rand per litre in the commercial…
File Photo. Comair’s business rescue process navigated past two important milestones this week as the investors secured the required credit approval from various lenders of debt funding, as well as approval from various regulators necessary for their investment in Comair to proceed. Among the suspensive conditions in the Comair business…
Photo Credit:Reuters. Eskom announced that it made a net loss of R20.5-billion in its financial year ending in March 2020, down slightly from R20.9-billion the previous year,with Chief Executive Andre De Ruyter describing the results as disappointing amid capacity constraints and rising debt. The power utility said it expected to…
Caption:Callen Hodgskiss, General Manager of JumpStart, with Angie Maloka, MTN Foundation senior manager, community programmes, at the Trialogue Business in Society 2020 Virtual Conference. Four non-profit organisations (NPOs) that excel in the monitoring and evaluation (M&E) of their programmes have been rewarded with a total of R1 million in prize…
Photo Credit:Airlink. The privately-owned airline previously known as SA Airlink has officially changed its name to Airlink. This is part of its strategy to distinguish itself as a totally independent airline, the company said in a statement. Airlink was in a partnership with SAA for more than 20 years, an…
Arguments about money can put significant stress on a marriage and this is likely to get worse in an underperforming economy where households are struggling to make ends meet. Financial services provider, DirectAxis, runs financial education workshops for hundreds of people and from the feedback has gained some insights about…
Consumer spending has swung from total predictability to subtle shifts in product and store selection throughout the Covid-19 pandemic, and understanding the whys and wherefores behind these choices is valuable to shops, brands, and even the shoppers themselves. At the behest of government, two local businesses joined forces in recent…
The Johannesburg Stock Exchange (JSE) said on Tuesday it would fine Steinhoff International R13.5 million for breaching listing requirements, including by publishing false and misleading information. The JSE said that the company’s financial reports during 2016, 2015 and some prior financial periods did not comply with international financial reporting standards…
South Africa’s #1 boiled candy, Halls, is set to breathe new life into the global brand with a dynamic marketing campaign that repositions Halls from a lozenge to a lifestyle candy with purpose. Whilst Halls has achieved unparalleled success to date as a soothing lozenge for winter coughs, trusted for…
The COVID-19 pandemic is a timely reminder of the importance of ensuring your personal finances are in order – and a key component of this is an up-to-date will. This legal document, that should take into account the current value of your assets, with instructions on how you wish to…
The COVID-19 pandemic has had devastating consequences, but it has also revealed how society at large and business in particular can act in solidarity and collaborate to rebuild South Africa. The country is on the threshold of an important opportunity to “imaginatively reshape its economic landscape”. So says Martin Kingston,…
Shoprite Checkers (Pty) Ltd (Shoprite) has agreed to stop enforcing exclusivity provisions in its long-term exclusive lease agreements with its landlords against small, medium and micro enterprises (SMMEs) and speciality and limited line stores. This is according to a consent agreement between the Competition Commission (the Commission) and Shoprite. “In…
Avalanching, snowballing or consolidating – choose what works for you Which is best? Avalanching, snowballing or consolidating? It depends - but is worth thinking about because your choice could affect your financial future. Nozizwe Fakude, head of consumer insights at financial services provider, DirectAxis, says the terms don’t describe inexpert…
Recent statistics on the number of consumers who have fallen behind on their debt repayments for vehicles and homes make for difficult reading. It is now estimated that the number of vehicle and home loan accounts that will fall into arrears will reach unprecedented heights. Benay Sager, Chief Operating Officer…
File Photo. South African motorists can look forward to a decrease in the prices of petrol and diesel next Wednesday, 7 October. The Department of Energy on Sunday announced the following changes: Both grades of 93 decrease by 23cBoth grades of 95 decrease by 32Diesel 0.05% decreases by 90cDiesel 0.005%…
Photo Credit:Gallo Images. National Treasury wants strict conditions attached to any guarantees it provides for loans to the country’s embattled state airline,SAA,according to people familiar with the matter. SAA halted operations and sought bankruptcy protection in December. The carrier’s administrators say R10.5 billion is needed for the airline to resume…
File Photo. COVID-19 has greatly exacerbated the pressing socio-economic issues facing South Africans ‒ and many of the country's most astute and informed corporate, non-profit, government and academic leaders will engage next month (13 and 14 October) on how to address these challenges. "In response to the pandemic, we have…
A snapshot survey of how women manage their money, conducted by personal finance website JustMoney during Women’s Month, has revealed: 79% of women are in charge of their money; 56% of women drive money management decisions; 86% of women are confident about money management decisions; 85% think it is very…
Gospel singing sensation, Jarrad Ricketts, has launched an exciting new venture with the debut of his TESTIMONY fashion brand. For Cape Town-born-and-raised Ricketts, 33, TESTIMONY is a fashion brand that has been in development for over four years now. After visiting more than 70 schools around the Western Cape doing…
File Photo. Comair today passed another significant waypoint en route to returning to the skies when the vast majority of creditors and shareholders voted to adopt the business rescue plan. In terms of the business rescue plan the preferred investment consortium, comprising a number of former Comair board members and…
File Photo. South African Reserve Bank (SARB) has kept the repurchase (repo) rate unchanged at 3.5% per annum. SARB Governor Lesetja Kganyago made the announcement on Thursday following a Monetary Policy Committee (MPC) meeting. This is the first time the SARB has not decreased the repo rate since the advent…
Photo Credit: Werner Hills. The Competition Commission has recommended that the Competition Tribunal conditionally approve The Foschini Group's proposed transaction to acquire Jet stores. The Foschini Group, also known as TFG, put an offer to buy Jet from Edcon for a cash purchase consideration of R480 million. TFG announced last…
File Photo. The V&A Waterfront has taken the next step in making the Western Cape’s first inclusive kitchen incubator a reality by calling for applications. The kitchen incubator is one part of Makers Landing, a purpose-driven space that will open at the V&A Waterfront later this year and which will…
Debt counselling allows consumers to take advantage of low interest rates. Many South African consumers are wary of seeking help for their financial situation because they’re embarrassed or do not know about the options available to them. Now, with interest rates at historical lows, debt counselling may be too good…
Photo Credit:Gallo Images. The Department of Public Enterprises (DPE) says efforts to finalise the South African Airways (SAA) business rescue process and the restructuring of the airline are ongoing, and a decision on the sources of funding will be announced soon. In line with the directive of Cabinet for the…
File Photo. Capitec clients woke up to a shock this morning after thousands saw that additional deductions had been done from their accounts without their consent. According to the bank, this was due to a technical glitch. Capitec said that it was still trying to establish how a retailer using…
Image Supplied. Woolworths and Pick n Pay are removing TRESemmé products from their shelves after a public outcry over an offensive hair product advertisement. The retailer said given the recent concern about a racist advert released by TRESemme, it would no longer be selling their products while they engage with…
SA’s #1 chewing gum brand, Stimorol, launches its limited-edition Stimorol Retro gum. It’s a refreshing bubblegum flavour that treats your taste buds to a throwback. Stimorol Retro goes beyond just a flavour, it’s all about the nostalgia of the ’80s, '90s and '00s. And if you weren’t there for all…
The South African economy contracted by a staggering 51% in Quarter 2 of 2020, as the country reeled from the consequences of the COVID-19 enforced lockdown, Statistician-General Risenga Maluleke has revealed. In a briefing on Tuesday, Maluleke described the development as a severe punch in the gut of the country’s…
Each year on 8 September, World Literacy Day is a stark reminder of the need for more literate societies that will lead to greater equality in education and employment. According to Our World In Data, 14 percent of the global population over the age of 15 years are illiterate, while,…
Are you in danger of losing your home because of lockdown layoffs? Your flat or house is probably your most important asset and a great source of emotional comfort ‒ but given the pandemic layoffs and precarious economy, you may be concerned that you could lose your hard-earned property. What…
CAPTION: Sun City General Manager Brett Hoppé welcomed the first resort guests in over five months to the resort on 02 September 2020. With provincial borders finally open Sun City will unlock its doors in a phased reopening from 2 September, following five months of lockdown. Speaking about the reopening,…
File Photo. Comair will hopefully begin flying again in December if the business rescue plan published on the 2nd of September is accepted. Creditors and shareholders now have until 18 September to consider and adopt the plan. The publication of the plan follows negotiations with a preferred investor which will…
Just like their customers, Yoco has been massively impacted by COVID. As a consequence, they have had to embrace the beautiful constraints of a (very) limited budget without compromising on quality, or their ambitions with their recently launched ‘Never Stop Starting’ campaign. The campaign initiative was conceptualised and brought to…
Photo Credit:Pixabay. The marketing of alcohol brands has had to adapt significantly during the COVID-19 lockdown and the subsequent bans on alcohol sales, with a renewed focus on ensuring the creation of an alcohol-safe South Africa. Distell has collaborated with Diageo SA to promote synergy between players and constructively promote…
As the lockdown eases it may be tempting to get back to what was once normal as quickly as possible, but a moment of reflection before you do may be worthwhile and could save you money. Shafeeqah Isaacs, head of consumer education at financial services provider DirectAxis, says that while…
File Photo. Mineral Resources and Energy Minister Gwede Mantashe has announced as from Wednesday, 2 September, both 95 and 93 octane petrol will cost you one cent more per litre, while the price of diesel will go down by 21 cents per litre. The price of paraffin will go down…
With the lockdown gradually easing, the annual consumer price index (CPI) rose to 3.2%, up from 2.2% in June. The increase was the biggest monthly rise since February 2016, when the rate was 1.4%. In a statement, Statistics South Africa (Stats SA) said the monthly move in July was driven…
The National Credit Regulator (NCR) is urging those earning an income, but unable to make ends meet, to make use of debt counselling. “Although many sectors have been allowed to get back to work, many South African households are in significant financial hardship and others have been struggling to make…
Photo Credit:Gallo Images. The South African government has received more unsolicited interests from private sector funders, private equity investors and partners for a future restructured South African Airways (SAA) and its subsidiaries. As at the beginning of August, government – through the Department of Public Enterprises (DPE) - had received…
Photo Credit:Shutterstock. Experian South Africa said it had identified the suspect in the data breach reported on Wednesday and confirmed that was successful in obtaining and executing an Anton Piller order which resulted in the individual’s hardware being impounded and the misappropriated data being secured and deleted. Experian, a consumer…
Deferring repayments will add at least R20.7billion to South Africans’ debt. Payment holidays offered during the three-month period from April to June 2020 will cost an additional R20.7billion in debt for the estimated 1.6 million South African consumers who participated. This is according to calculations by DebtBusters, South Africa’s leading…
Government’s Level 2 announcement last night has brought long-awaited good news for the fitness industry that has been impacted by a four-month closure. Virgin Active, the country’s largest health club group, has confirmed that it is ready to re-open its clubs as soon as it receives the green light from…
Sun International welcomes the announcement by President Cyril Ramaphosa last night, that the country move to level two restrictions from midnight on Monday. In a televised address to the nation on Saturday, Ramaphosa announced that the country will be moving to level two of the lockdown allowing for inter-provincial travel.…
File Photo. South African Reserve Bank (SARB) Governor Lesetja Kganyago has warned the country against considering risky monetary policy changes. Kganyago sounded the alarm during a virtual keynote address, titled the shadow of COVID: lessons from 20 years of inflation targeting at the University of Pretoria on Wednesday. “We have…
The City of Cape Town’s COVID-19 Toolkit for SMMEs, a HelloFCB+ brainchild, is being used as a best practice model for post-lockdown workplace readiness in other parts of the world following its entry into ‘Cities Against COVID-19 Online Global Summit’. The Toolkit, distributed in South Africa in May, was submitted…
CAPTION: Cleo Bodibe-Lushaba, Gauteng Liquor Board, Director. The taverner industry in South Africa, a bedrock of economic activity in the informal sector, has been decimated by the ban on alcohol sales during the national Covid-19 lockdown. Among those most severely impacted are women, who make up the majority of the…
File Photo. Minister of Finance, Tito Mboweni, has published the Financial Sector Regulations amendments that are intended to simplify the process for appointing the Commissioner and Deputy-Commissioners of the Financial Sector Conduct Authority (FSCA). The amendments were published as Notice No.850 in Gazette No. 43581 in terms of sections 61(4),…
Photo Credit:Pixabay. South African consumers’ debt exposure to net income continued to deteriorate over the lockdown, with higher-income earners in particular under significant debt pressure. This is revealed in DebtBusters’ debt index for Q2 2020. The quarterly analysis tracks client trends quarter-on-quarter and over the past four years. There were…
File Photo. The Department of Energy and Mineral Resources (DMRE) has confirmed another fuel price hike on Wednesday, for South African motorists. Both grades of petrol would go up by 5 cents per litre, while diesel would cost motorists 45 cents more. Illuminating paraffin would go up by 39 cents.…
File Photo. Comair’s business rescue practitioners have asked creditors to extend the date for the publication of a business rescue plan by a month. The request for an extension until 28 August 2020 is so the practitioners can negotiate short-term bridging funding as post-commencement finance and advance two offers from…
Photo Credit:Moneyweb. SA’s largest short-term insurer, Santam, pledged R1bn in relief for small and medium-sized leisure, hospitality and nonessential retail businesses as the insurance industry pushes back against paying out claims related to Covid-19 business disruptions. In a statement issued on Sunday, Santam CEO, Lizé Lambrechts said the insurer's relief…
Photo Credit:Reuters. Stats SA has announced that retail sales for April plummeted to the largest decline on record. Sales were down 50.4% for April 2020 compared to the same month in 2019. "Seasonally adjusted sales at current prices slumped by almost 50% under level 5 lockdown in April, compared with…
Photo Credit:@justsamkedotcom. Women in South Africa are the backbone of the economy. According to a Flux Trends Report on the Worth of Women, they contribute over 48% to SA's GDP, despite earning 27% less than men. They play primary roles in their families and society, yet are still unfortunately not…
South Africa’s headline consumer inflation slowed to 2.1% year-on-year in May, its lowest in more than 15 years, from 3.0% in April, data from Statistics South Africa showed on Wednesday. On a month-on-month basis, the consumer price index was at -0.6% in May from a 0.5% decrease the previous month.…
Photo Credit:Gallo Images. The Department of Public Enterprises (DPE) has confirmed that the majority of creditors have voted in favour of the business rescue plan for South African Airways (SAA). “The Interim CEO will be Mr Phillip Saunders, an experienced airline executive with a strong commercial background, and he will…
Photo Credit: Werner Hills. The Foschini Group (TFG) has submitted a conditional offer to acquire Edcon's business rescue practitioners to acquire some of the stores and assets of JET. TFG offered Edcon R480 million to acquire a minimum of 371 commercially viable JET stores. Edcon, which owns Edgars and Jet…
Photo Credit:Gallo Images. Labour unions, representatives of non-unionised managers and ground staff have agreed to accept the South African Airways (SAA) voluntary severance packages (VSPs). The severance packages will be supported by a social plan and skills development programme for employees who will be retrenched. During a Labour Consultative Forum…
Consumer confidence plunged to record lows in 35 years during the second quarter of 2020 due to the halt in economic activity in the three months to June. The FNB/BER Consumer Confidence Index (CCI) plummeted from an already depressed level of -9 in the first quarter of 2020 to a…
File Photo. Comair’s creditors have granted its business rescue practitioners an extension to publish the business rescue plan after an interested investor group requested more time to progress its offer. “We’ve been clear from the outset that for this business rescue to succeed, funding will be required. We’ve made significant…
Restaurants and hairdressers are reopening, and life may be returning to a semblance of normal as restrictions are eased, but South African consumers would be well advised to try and avoid falling into pre-lockdown spending habits. DebtBusters’ quarterly debt index for Q1 2020 showed that even before the lockdown South…
Photo Credit:Cooper Neil. Nike Inc warned of job cuts as the world’s largest footwear-maker ramps up efforts to sell directly to customers through its online and retail channels. The planned layoffs come after the company reported a $790 million quarterly net loss, its first in more the two years, as…
Photo Credit: Reuters. Public Investment Corporation (PIC) has expressed its supports to the proposed Edcon business rescue plan (BRP). In a statement issued on Tuesday, the PIC said the proposed plan seeks to support job and creditor sustainability and a higher recovery dividend for the Unemployment Insurance Fund (UIF), compared…
File Photo. Comair’s business rescue practitioners’ discussions with potential funders have resulted in a non-binding expression of interest for cash funding. Earlier this month (2 June) the business rescue practitioners confirmed they were in discussions with funders to recapitalise the airline in order to resume domestic passenger operations by 1…
Photo Credit:Reuters. International e-commerce giant Amazon has announced that it will be hiring for 3,000 new customer-service jobs in South Africa. "We are thrilled with the talent in South Africa and we are excited… to help keep people working during this unprecedented time," said the company in a statement. Amazon…
Sun International said it welcomed the announcement by the President that it could soon reopen its Resorts, Hotels, Casinos and Restaurants. The company said that it was well prepared to reopen its operations. Anthony Leeming, Sun International CEO said, “Once government has announced the dates we will stagger the reopening…
Photo Credit:Waldo Swiegers. The Department of Environment, Forestry and Fisheries has welcomed a R3.6 million fine handed to a major steel producing company after it admitted to contravening sections of the Air Quality Act by exceeding the minimum hydrogen sulphide emissions standards. The judgment, said the Department in a statement…
Photo Credit:Reuters. The retail group Edcon has sent retrenchment notices to all staff after it has failed to field concrete offers from potential buyers. The group said that it has sent Section 189 retrenchment notices to 22,000 workers. Edcon, which owns retailers Edgars, CNA and Jet, currently employs approximately 17,000…
Photo Credit:Gallo Images. A restructured SAA could start domestic operations as early as this month in Level 3 with full domestic operations in January 2021, followed by regional and then international operations under Level 1. This is according to SAA’s Business Rescue Plan (BRP), published by SAA business rescue practitioners, …
This Father’s Day may not be much of a celebration for dads and their families facing financial challenges as a result of the Covid-19 pandemic. Data from South Africa’s leading debt counsellor, backed by anecdotal evidence, suggests that while things are very difficult, there’s a positive shift in sentiment when…
Whether you’re a business or a private individual, it seems that no one has been spared from the economic impact of the COVID-19 pandemic. In early June, the National Treasury estimated that between 690 000 and 1.79 million people could lose their jobs because of the impact of the virus…
The V&A Waterfront is partnering with one of South Africa’s leading Click and Collect service providers, to offer an alternative for shoppers who want to avoid possible exposure to COVID-19 by queuing in shops, but who still want to collect their own goods. The new Click and Collect Drive Through …
Photo Credit:Sun International. Sun International has paid over R2-million to the Solidarity Fund, after more than 15,000 members of its loyalty programme pledged their leisure points for this purpose. At the start of the national lockdown the company froze all leisure and casino points accumulated by its Most Value Guests…
Photo Credit:Reuters. The business rescue practitioners for Edcon announced that the only way to save the company and the livelihoods of its thousands of employees is through "accelerated sales" of the clothing retailer's divisions to interested parties. The business rescue plan by Piers Marsden and Lance Schapiro, was completed on…
Photo Credit:Gallo Images. SA Express will remain in provisional liquidation for the next three months. This follows an extension that has been granted by the High Court to allow for the provisional liquidators to investigate affairs at the airline further. The team of provisional liquidators, led by Aviwe Ndyamara, believe…
Photo Credit:BP. BP will cut 10,000 jobs as coronavirus hits the UK oil major’s finances and accelerates a strategic shift to become a “leaner” company under its new chief executive. The pandemic has dealt a large blow to oil demand and BP’s earnings, with widespread financial damage across the energy…
Picture Supplied. Reserve Bank Governor Lesetja Kganyago said South Africa’s failure to rebuild the fiscal buffers it that had in place when the global financial crisis struck has weighed on the country’s ability to respond to the coronavirus pandemic. In April, the government announced a R500 billion support package aimed…
Photo Credit:Getty Images. Facebook CEO Mark Zuckerberg on Friday said he would consider changes to the policy that led the company to leave up controversial posts by President Donald Trump during recent demonstrations protesting the death of an unarmed black man while in police custody. Zuckerberg did not promise specific…
DebtBusters’ quarterly debt index shows that even before the lockdown South Africans were facing increased financial strain, taking on more debt to supplement incomes that had declined in real terms. The report for the first quarter of 2020 found that consumers who signed up for debt counselling had nominal incomes…
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