Author: Contributor

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…

By News Agency Staff Power utility Eskom is not facing financial distress and aims to release R105 billion in government guarantees, it said on Wednesday. “Our ambition is to release about R105 billion in government guarantees and that will ensure we focus on the sustainability of this organisation,” Eskom Interim Group Chief Executive Johnny Dladla told media at a briefing at the utility’s Sunninghill offices in Johannesburg. This was reiterated by the utility’s Chief Financial Officer (CFO) Anoj Singh and Interim board chairman Zethembe Khoza who said the utility is financially sound and stable. In addition, Singh said the utility…

By Heather Redding Today tech enthusiasts around the world appreciate the growing importance of 3D printing. This breakthrough technology has rapidly expanded beyond simple prototype creation and hobby design efforts to transform mainstream manufacturing processes. Currently, 3D printers assist with the production of numerous products, ranging from sophisticated medical devices to car parts and complex aviation components. Rapid advances in 3D manufacturing capabilities promise to augment cost-effective fabrication processes in a rapidly increasing number of industries in the near future. Yet despite the fast pace of innovation, this nascent field has also begun to attract some potential cybersecurity threats. Understanding unique security challenges…

By Staff Writer Stellenbosch-headquartered FinTech company Entersekt announced on Wednesday that it has appointed ICT industry veteran Pattison Mutambiranwa as new senior vice president for Middle East and Africa. Prior to joining Entersekt, he was sub-Saharan head of business development and telco partnerships at Econet Media. Based in Entersekt’s Sandton offices, Mutambiranwa will be responsible for growing the authentication and app security provider’s market share in the region. “Our focus in the immediate future is on scaling our business to meet the challenges of rapid global expansion. I look forward to working with Pattison and benefiting from his insight…