Author: Gugu Lourie

MTN on Thursday reduced its capital expenditure guidance for 2020 to between R2 billion and R22 billion, revised from R28.3 billion guided at the 2019 full-year results. “The current environment is marked by significant uncertainties. It is still too early to assess the economic impact of the pandemic on our customers and reliably quantify the direct or indirect financial effects on our business,” the company informed investors on Thursday. “The remainder of the year will be shaped by the ramifications of the pandemic, and we will continue to update all stakeholders as the effects become clearer.” The company said its…

MTN added 2.9 million data users across its operations in Africa and the Middle East in the first quarter financial results for the year ended 31 March 2020, bringing its total user base to just shy of 99 million subscribers. “We are not only focused on managing the risks brought about by COVID-19, but also on the opportunities it creates in the accelerated digitalization it has brought about,” Rob Shuter, MTN Group CEO, said on Thursday. “We believe we are well-positioned as a company to benefit from this evolution, especially given our focus on growth in our data, digital and…

President Cyril Ramaphosa said on Wednesday evening that South Africa’s COVID-19 hotspots to remain in level 4 as most parts of the country move to level 3. “We will immediately begin a process of consultation with relevant stakeholders on a proposal that by the end of May, most of the country be placed on alert level 3, but that those parts of the country with the highest rates of infection remain on level 4,” Ramaphosa said. “It is important that we maintain stringent restrictions in these areas and restrict travel out of these areas to parts of the country with…

President Cyril Ramaphosa will address the nation at 20h30 this evening, Wednesday 13 May 2020, on South Africa’s ongoing measures to manage the spread of the coronavirus through the implementation of a risk-adjusted strategy. #COVID19 | President Cyril Ramaphosa will address the nation at 20h30 this evening, Wednesday 13 May 2020, on South Africa’s ongoing measures to manage the spread of the coronavirus through the implementation of a risk adjusted strategy. #CoronaVirusSA #day48oflockdown #StayHome pic.twitter.com/zeFw8peqAN — Presidency | South Africa 🇿🇦 (@PresidencyZA) May 13, 2020 The President’s address follows a number of meetings of Cabinet and the National Coronavirus Command…

The COVID-19 pandemic is disrupting every industry. For the minibus taxi industry, at current level 4 restrictions, limits on operating hours have been relaxed enabling activity between 5am and 7pm, however constraints on passengers per trip and long-distance travel continue to apply. “Over the past few weeks, the COVID-19 pandemic has highlighted the indispensable nature of the minibus taxi industry as the dominant form of public transport in South Africa,” David Hurwitz, the CEO of JSE-listed Transaction Capital, said on Wednesday. “This, together with the minibus taxi industry’s defensive character, will assist in its quick recovery and smooth transition to…

The South African motor industry, which was brought to a complete halt for almost two months due to regulations to curb the spread of COVID-19, can now start selling vehicles again. The Department of Trade, Industry and Competition yesterday published a Government Gazette, which details precise directions regarding the sale of cars and emergency automobile repairs during alert Level 4 of the Covid-19 National State of Disaster. The direction, effective immediately, allow the motor industry to start selling vehicles once again. Significantly, car dealers are now allowed to sell both new and used cars while original equipment manufacturers (OEMs) and…

SA Taxi Rewards, a minibus taxi rewards programme, is slowly being embraced by South African taxi drivers as it continues to evolve in ways aimed at further benefitting the industry. The rewards programme was launched in April 2018 by SA Taxi, an independent minibus taxi financier, in collaboration with Taxi Choice, the commercial arm of the South African National Taxi Council (SANTACO). The SA Taxi Rewards programme was previously known as Black Elite. The programme was aimed at leveraging the minibus taxi industry’s purchasing power to negotiate better pricing to benefit minibus taxi operators, associations and ultimately the entire industry.…

SA Taxi, a vertically integrated minibus taxi platform, is using technology to slowly transform the behaviour of drivers and provide commuter safety in the minibus industry. SA Taxi, which is owned by JSE-listed Transaction Capital, is vertically integrated into the minibus taxi industry. The company is using its telematics and other data accumulated from its rewards programmes to proactively drive behavioural changes in the minibus taxi industry. Also read: SA Taxi Wants to Use Tech to Revolutionize Minibus Taxi Industry As an essential service, the industry operated under national guidelines during the lockdown with only the transportation of essential service…

Absa has become the first major South African bank to invest in the start-up stock exchange  A2X Markets. The stock exchange announced on Wednesday that the banking group has invested in the business. Details of the investment were not disclosed. A2X provides the South African marketplace with a choice of trading venue at a much-reduced cost. A2X achieves this through the use of the latest technology and applying modern and innovative business practices. Many of South Africa’s top companies are already listed on A2X including eight Top40 constituents, three Absa precious metal ETFs and two Investec ETNs. “The team at…

As a result of the novel coronavirus and the steps taken to curb its spread, many businesses face a significant loss of income.  In this context, the South African government is partnering with commercial banks to provide financial support to small and medium-sized firms to enable them to meet their operational needs over the next few months.  Absa, First National Bank, Investec, Mercantile Bank, Nedbank and Standard Bank are ready to accept loan applications from eligible businesses which bank with them, the National Treasury announced on Tuesday. On 4 May 2020, the National Treasury, South African Reserve Bank and Banking…