Author: Contributor
By Staff Writer Teljoy, South Africa’s company that started as a TV-rental business 48 years ago, has been transformed into an online retail store, according to The Sunday Times report. Teljoy and its founder Theo Rutstein installed the very first TV set in South Africa in December 1974. Teljoy was the very first company in the country to supply TV sets commercially in South Africa. The company was founded in 1969 by Rutstein who launched a campaign that gave people the opportunity to book a television for rent when TV eventually came to South Africa. The group still offers rental…
By Staff Writer South Africa’s power utility Eskom has paid R4.2 billion in bonus to its staff members in 2017 compared to R2.1 billion in 2016, which translates to R88 000 per employee. “If the total amount allocated for bonuses is divided by all 47 658 of Eskom’s employees, each one would have received a bonus of at least R88 000,” City Press newspaper reported on Sunday. The newspaper added that even the employees in the purchasing department, which was responsible for the qualified audit, received the bonus. On Wednesday, Eskom published its 2017 financial results. The results showed that…
By Staff Writer The Gupta family are seeking ways to move tens of billions out of South Africa to the United Arab Emirates, as pressure mounts against the controversial family linked to state capture, The Sunday Times reported. The controversial family wants to benefit from a new treaty between South Africa and the Middle Eastern tax haven without being heavily penalized by local authorities, according to the report. The treaty, which was signed in December 2015, became effective in March this year. In the months leading up to the treaty becoming effective, the Sunday Times reported that the family approached several…
By Staff Writer The Boss of Africa’s Biggest Tech Firm Naspers, Bob van Dijk, Paid R28 million ($2.2 million) in 2017. The highest paid executive was the company’s chief investment officer The total remuneration included a (R14.2 million) $1.1 million in fixed pay and $973 000 in annual cash bonuses and performance-related payments. This was revealed in the media and tech company’s 2017 integrated report, which showed that the top three executives earned a total of R80.1 million ($6.2 million). Basil Sgourdos, Naspers’ financial officer was paid R17 million ($1.3 million), which includes a $443 000 in cash bonuses and performance-related…
By Staff Writer The South African government may sell its profitable Telkom stake to bail out the national carrier, South African Airways (SAA). Fin24 reported on Friday that Finance Minister Malusi Gigaba has revealed the need to sell state assets in a bid to inject nearly R16 billion into SAA so it can repay loans. The website said in his letter to Speaker of the House of Parliament Baleka Mbete, Gigaba revealed that SAA has to pay lenders R15.963 billion in 2017. “The R2.207 billion bailout was a part of this total amount, which was given to SAA to settle its…
By Staff Writer Mobile phone operators – Vodacom, MTN, Cell C and Telkom Mobile – have until September 1 to reduce mobile data prices. The country’s competition watchdog, the Competition Commission will investigate data costs that are among the highest in the world, inhibiting the growth of the telecommunications industry, according to a report in Business Day. Ebrahim Patel, Economic Development Minister, has confirmed that a market inquiry into the state of competition in the data market and the inquiry’s terms of reference would be announced by 1 September 2017. The newspaper reported that the minister said the commission would investigate…
By Staff Writer In this hyper-connected world, security attacks like WannaCry and Nyetya are a fact of life, a new report concluded. South Africa is also negatively impacted by cyber crime. “Cyber crime is now the fourth most reported economic crime in South Africa, with our economy reportedly losing R1 billion each year due to online criminal activities. Being breached is the new normal,” says Cathy Smith, MD of Cisco Southern Africa. “We are also aware that security is a business priority, with many executives feeling overwhelmed by the defender environment and citing certification and talent as two of the…
By News Agency Staff The Reserve Bank’s Monetary Policy Committee (MPC) on Thursday reduced the repo rate by 25 basis points to 6.75%. Briefing reporters following the MPC’s meeting, Reserve Bank Governor Lesetja Kganyago said the bank “will not hesitate to revise the move if the need arises”. “Underlying demand in the economy is extremely weak and the MPC is concerned about the deterioration in the growth outlook over the forecast period. This decline is broad-based. “It is unclear where the drivers of accelerated growth will come from in the absence of credible structural policy initiatives that will reduce uncertainty…
By Staff Writer South Africa’s short-term insurer MiWay has rejected the email screenshot that is circulating on social media calling black clients “baboons”. MiWay said in a statement on Thursday that it has investigated the origins of a snap shot of a supposed email sent from a MiWay employee, circulating on social media. MiWay can categorically confirm that the email is fake. “MiWay is a proudly South African company committed to diversity and transparency. We have been made aware of a racist email purported to have been written and sent by a member of staff. An urgent investigation was launched…
By Staff Writer After a racial email from an alleged MiWay Claims Administrator, Aarthi Roopnarain, started circulating on WhatsApp platform, Twitter users attacked insurance company MiWay. The email reads: “Good day Nobu, This is a reminder of yesterdays managers meeting. The final decisions was to reject 90% of claims made by black people as from 1 August 2017. They are an easy target, its also a great opportunity to save money and also punish these black baboons”. Now MiWay has found itself in hot water. #MiWay CEO has told EWN an email calling black clients ‘baboons’ that is making the…