Author: Gugu Lourie

Tyme Global, which is owned by Patrice Motsepe,today announced that GoTyme Bank was pursuing the acquisition of a Philippines-based payroll lender so that it can access salaried employees and utilise its low-cost deposit base to drive efficiencies. In October 2022, Motsepe’s Tyme launched GoTyme Bank in the Philippines. In August, GoTyme reached the 1-million customer mark, just a few months before its first anniversary on October 20. The bank now has 2 million customers. GoTyme Bank is expected to reach profitability in quarter four, 2025. The third country, Vietnam is currently in the contracting stages with country partners. During…

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Sam Ngumeni has been named the CEO of Woolworths Food, effective from July 1, 2024, succeeding Zyda Rylands, who is set to retire at the end of August 2024. Rylands’ retirement was initially announced on August 3, 2021. Woolworths expressed gratitude to Zyda for her nearly three decades of dedication to the Woolworths Group and her instrumental role in establishing Woolworths Foods as a leading food retailer. As part of Woolworths’ strategic succession plan, Sam Ngumeni, currently serving as the Group Chief Operating Officer, will assume the role of CEO of Woolworths Foods. Ngumeni brings over 28 years of experience…

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The Financial Sector Conduct Authority (FSCA) wants to tell you about something important. There’s a person named Jacobus Stephanus Geldenhuis who’s been up to no good. The FSCA has been talking about this since October 2022 and even more recently in December 2023. Here’s the deal: Geldenhuis and a company called Classic Financial Services did some bad stuff. They broke laws that are meant to keep your money safe. They pretended to be a bank and tricked people into giving them money. Instead of investing it properly, they used it for themselves, like in a Ponzi scheme. As a result,…

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The Department of Mineral Resources and Energy (DMRE) anticipates presenting a Gas Master Plan to Cabinet this month, aiming to tackle the country’s gas supply challenges. DMRE Minister Gwede Mantashe, speaking at the Africa Energy Indaba in Cape Town, confirmed this initiative. Recent media coverage has raised concerns about South Africa potentially depleting its natural gas reserves by 2026, a scenario that could profoundly impact employment and manufacturing sectors. “We have noted concerns regarding the current and future gas supply in the South African market due to commercial disputes between Sasol and its customers. Our understanding is, that this is…

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A 32-year-old Swati national employed as a petrol attendant is set to stand trial at the Middelburg Specialised Commercial Crime Court on Tuesday, March 5, 2024, accused of contravening the Cybercrime Act 19/2020. The individual was apprehended by the Hawks Middelburg-based Serious Commercial Crime Investigation on Monday, March 4, 2024, at Ultra City N4 Middelburg. Following an internal audit by ABSA/FNB bank card investigators, suspicions arose regarding a skimming device potentially being used by petrol attendants at the garage. This information prompted an investigation by the Hawks in collaboration with bank investigators, resulting in a search and seizure operation. The…

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French media group Canal+ today announced that it has sweetened the offer deal to buy MultiChoice by 19% . Canal+, holding the largest share in MultiChoice at 35%, has consented to increase its bid to R125 per share, representing a 19% rise from its previous offer of R105 per share. Yesterday, the Takeover Regulation Panel (TRP) has granted Canal+ an extension to make a mandatory offer to MultiChoice shareholders. “Canal+ is required to, and will publish a firm intention announcement by no later than Monday, 8 April 2024,” said the TRP in a statement. MultiChoice noted the announcement made today…

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In an era marked by the relentless march of digital innovation, Nedbank’s Avo Super App stands out as a beacon of financial convenience and accessibility. With each passing day, the app continues to experience remarkable growth, cementing its status as a vital tool in the realm of digital banking. Its ability to attract a burgeoning number of customers to Nedbank’s digital platform underscores not only the app’s appeal but also the bank’s commitment to meeting the evolving needs of its clientele in the ever-expanding digital landscape. Let’s delve into the factors driving the Avo Super App’s ongoing ascent and its…

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The Takeover Regulation Panel (TRP) has granted Canal+ an extension to make a mandatory offer to MultiChoice shareholders. “Canal+ is required to, and will publish a firm intention announcement by no later than Monday, 8 April 2024,” said the TRP in a statement. MultiChoice noted the announcement made today by Canal+ that the TRP has granted it an extension of 25 business days, until 8 April 2024, to make the required mandatory offer. “The MultiChoice board of directors will continue to act in the best interests of the company and its shareholders. Shareholders will be updated should there be any…

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The Public Investment Corporation (PIC) has upped its stake in MultiChoice  to 15.1% on Friday morning. The owner of DStv and GOtv informed investors that the PIC has acquired an additional interest in the ordinary shares of the company. The PIC shares in MultiChoice now amounts to 15.1% of the company’s total ordinary shares in issue. The PIC previously held a 12.25% stake in the company on behalf of pensioners. “As required in terms of section 122(3)(a) of the Act, MultiChoice has filed the required notice with the Takeover Regulation Panel,” MultIchoice said in a statement. “The board of directors…

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Telkom has unveiled the March Big Deal to enable you to surf, stream, and stay connected even during the late hours The LTE Data Plan on a SIM-only month-to-month deal gives you 160GB of data for R199 per month. The LTE Data Plan on a router  on a Get 80GB LTE Data Plan on a 24-month Post-paid or TopUp contract for R239 per month. The Telkom March Big Deal includes the following: 80GB Anytime Data (Validity period 61 days) 80GB Night Surfer data (Midnight to 7 am and Validity period 31 days) The 80GB LTE Data offers shall be available…

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