Author: Gugu Lourie

Naspers through its Dutch-based technology investor Prosus is selling its Russian classified business Avito for RUB 151 billion or R45 billion to Kismet Capital Group (Kismet). Kismet is a private investment group with a track record of investing in technology and telecommunications businesses in Russia. All relevant regulatory approvals have been received. The South African-based group said the closing pf the deal is expected to occur in October 2022. “Since announcing our intention to sell Avito on 20 May 2022, our aim has been to manage the sale of the business in a responsible and orderly way,” said Naspers. “We…

Lexus today announced the global debut of the new Lexus UX 300e, a significant evolution of the brand’s first production BEV model. Globally, the updated UX 300e will join the new UX 200/250h announced earlier this year, with deliveries scheduled to begin in later in 2023. Lexus South Africa plans to introduce a big spec change before the end of the year. Since the 2005 launch of the RX 400h, the world’s first hybrid SUV, Lexus has been a pioneer of electrification in the luxury market. Based on the electrification vision “Lexus Electrified” announced in 2019, Lexus aims to meet…

Mineworkers Investment Company (MIC) has invested an undisclosed amount for a 24.85% stake in TooMuchWifi, a network infrastructure and communications company. TooMuchWifii has been announced as the latest investment in the impact investing portfolio of MIC. The strategic investment will play a major role in enabling the Cape Town-based business to achieve its ambitions of providing economic internet solutions to all South Africans. This funding will be used to appoint a South African CEO and expand the local leadership team to drive expansion. The company that was established back in 2016. TooMuchWifi was conceptualised by Ian Thomson and Jonathan Endersby.…

German carmaker Mercedes-Benz deliveries reach 517,800 units or up 21% in Q3 in a volatile market with ongoing semiconductor supply bottlenecks. Mercedes-Benz added that EV ramp-up continues with Q3 Battery Electric Vehicle (BEV) sales more than double to 30,000 units or up+115%. Mercedes-Benz is transforming at full speed. On the way towards a fully electric future, Mercedes-Benz Passenger Cars increased BEV sales between July and September to 30,000 units, up 28% compared to Q2 and an increase of 115% compared with the year-earlier period. In the first nine months, sales of BEVs doubled to 75,400 units (+126%). September deliveries of…

The 100% Witwatersrand University-owned digital incubation hub, Tshimologong Digital Innovation Precinct, and the Embassy of the Kingdom of the Netherlands, Pretoria, announced the call for entries for their Digital Twin Hackathon. Entries are open to 15 students from South Africa and 15 students from the Netherlands. The Digital Twin Hackathon holds the potential to benefit policy-making for the City of Johannesburg. 30 university students hold the power to combine their diverse experiences to solve problems that could change the narrative of municipalities in South Africa. The goal is to transform their hypotheses into theories and, ultimately, action. “Globally, the use of…

Pepkor IT, a division of JSE-listed retailer Pepkor, says it is continuously growing and seeking talented and skilled individuals to bring positive energy to its culture. On its website, Pepkor IT said it researches modern technologies and applies best practices to develop a centralized infrastructure that reduces costs and strengthens productivity for the Pepkor global group. Pepkor is a retailer with 28 million in-store customers and a footprint of 5,400 retail stores. The company owns stores such as Pep, Ackermans, Shoe City, etc. Pepkor IT said it was looking for a skills base in the following areas: Integration Developer Senior…

The City of Tshwane on Tuesday imposed a Stage 2 water restriction that includes a ban on the use of hosepipes to wash cars, clean driveways or patios, and fill up swimming pools. The move follows a notification by Rand Water, the water utility, informing the City of Tshwane, City of Johannesburg, and City of Ekurhuleni about the implementation of Stage 2 water restrictions. The water utility indicated that it had noted over the last 2 weeks that water consumption had increased significantly resulting in a decline in their overall reservoir storage capacity from 52% to 38%. Rand Water said…

Telkom informed investors today that it has received a non-binding offer from data-only network provider Rain. In a statement, Telkom said it was proceeding with its strategy to unlock value for its shareholders, underpinned by the view that its share price does not reflect its intrinsic value. “The Telkom Board of Directors, conscious of economic and market dynamics and in accordance with its legal obligations, is considering various strategic options, including non-binding merger and acquisition proposals received to date.” The company added: “Further to the SENS issued by Telkom on 12 August 2022, shareholders are advised that Telkom received a non-binding…

Capitec Bank announced yesterday that funeral plan income soared by 72% to R629 million in the six months ended 31 August 2022 compared to R366 million in the same period last year. The banking group said the increase was driven by growth in the active book, increased average premiums per policy and improved claims experience. Capitec informed investors that active policies increased to 2 million versus 1.5 million in the same period in 2021. At the end of August 2022, 8.9 million South Africans were covered by a Capitec funeral plan. “Persistency in the 12 months after a policy is issued is…

SA’s digital banking group Capitec informed investors today that its rewards programme, Live Better, now reaches 8.5 million customers. “Now fully-fledged, Live Better is already the fastest growing rewards programme in South Africa with 8.5 million clients that are registered,” Capitec said on Thursday. “Clients benefit from Bank Better rewards, automated savings tools, and Spend Better partner discounts as we aim to help clients save R1 billion by the end of February 2023.” The Live Better rewards programme encourages clients to Bank Better, Save Better and Spend Better. All credit card holders get 1% cash back on the value of…