Author: Gugu Lourie
JSE-listed South African casino and hotel group Sun International announced today that its online betting platform, Sunbet, continues its exceptional growth trajectory and is exceeding its targets. Sun International informed investors that Sunbet’s overall income was up 71.8% for the six months to 30 June 2024, reaching R512 million and delivering a record adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization), pre-management fees, of R170 million, an increase of 88.9% compared to the prior period. Sunbet’s active players continued to grow, with additional games being offered and the overall player experience being enhanced. “While customer acquisition is key, retention…
The ICT SMME Chamber and Seacom have partnered to advance small, medium, and micro enterprises (SMMEs) growth as a key driver of economic transformation and job creation. This Memorandum of Understanding (MOU)marks a pivotal step in unlocking the full potential of SMMEs within South Africa’s ICT sector. The partnership is grounded in the Triple Helix Model of Engagement, fostering collaboration between government, the private sector, and civil society, serving as a key driver for inclusive growth and sustainable job creation. Loyiso Tyira, Managing Director of the ICT SMME Chamber, emphasised that the true measure of success for this model will…
In a dramatic twist to the long-running “Please Call Me” service compensation dispute, South Africa’s Constitutional Court has dealt a major blow to Vodafone – the parent company of Vodacom. On Friday, the court rejected Vodafone’s bid to be a friend of the court (amicus curiae) in the high-profile legal brawl between Vodacom and Nkosana Makate, the creator of the “Please Call Me” service. Vodafone has maintained a close relationship with its subsidiary throughout this drawn-out legal battle. However, Vodafone’s attempt to position itself as a neutral party – ready to assist if required – was shot down by the…
Telkom has announced a promising decline in criminal activities targeting its operations, signaling that its preventive measures are proving effective. From April to June, the company reported losses of R3.8 million due to criminal activities such as copper cable theft and infrastructure vandalism, a significant decrease from the R10.1 million lost during the same period last year. Simile Ndlovu, Telkom’s Executive for Forensic, Security, and Insurance, shared with Business Times that the company is addressing various crimes, including copper theft, fiber damage, damage to exchanges, battery theft, and robberies involving technicians working on infrastructure. “We are happy with one fact:…
Vodafone, the global telco based in London, has hit a legal stumbling block in its attempt to intervene in the long-running court dispute between Vodacom and Nkosana Makate, the creator of the “Please Call Me” service. Vodafone and Vodacom maintain a close relationship. Vodafone holds a significant stake in Vodacom. As of 2024, Vodafone owns 60.5% of Vodacom. Vodafone’s request to join the case as Amicus curiae (a friend of the court) was denied, marking the latest twist in the drawn-out battle over compensation for the widely-used messaging innovation. The letter to Vodafone reads in part: “The Constitutional Court has considered the application…
Metrofile today announced that Group Chief Executive Officer Pfungwa Serima, who has held the role since 1 February 2016, will step down effective 30 September 2024. However, Serima will remain with the company on a full-time basis until 31 December 2024 to ensure a smooth leadership transition. Serima informed the board of his desire to pursue new opportunities after three decades in corporate leadership. Under his leadership, the JSE-listed company saw significant progress, particularly in advancing its digital strategy. When he joined, digital services contributed less than 1% to revenue, but by the end of the 30 June 2024 financial…
The Gauteng Department of e-Government requires R700 million to upgrade the province’s internet infrastructure, but currently lacks the necessary funds, according to the DA. This leaves the government’s systems vulnerable to data breaches and hacking, putting service delivery to residents at risk. During a recent oversight visit by the Portfolio Committee on e-Government to the Security Operations Centre (SOC) in Rivonia, it was revealed that cybersecurity remains a pressing concern. Although there have been hacking attempts, no breaches have occurred so far. The existing security strategy, developed for the 2020/2025 period, should be updated annually to keep pace with technological…
Amazon Web Services, Inc. (AWS), a subsidiary of Amazon, announced that Gold Fields, a global gold producer, has successfully migrated its end-to-end SAP and treasury systems to AWS as part of its digital transformation strategy. This partnership has allowed Gold Fields to modernise its technology infrastructure, leveraging AWS’s analytics, machine learning (ML), and generative artificial intelligence (AI) capabilities to improve operational efficiency, enhance workplace safety, and become a more data-driven organization. “AWS is helping us modernise our infrastructure, improve our governance, and drive cost efficiencies,” said Strini Mudaly, Group ICT Vice President at Gold Fields. “We selected AWS as our…
The Shoprite Group, Africa’s largest retailer, unveiled its capital expenditure for the 2024 financial year. The JSE-listed company, which also owns Checkers, reported a total capital spend of R7.8 billion, up from R6.8 billion in the previous year. This expenditure represented 3.2% of Shoprite’s sales in 2024, compared to 3.1% in 2023. “The majority of the capital expenditure relates to expanding and upgrading our core Supermarkets RSA store portfolio as well as our continued investment in digital commerce and technology-related expenditure,” the company informed investors. During the period under review, Shoprite successfully completed a 41,000 sqm extension of its distribution…
Is Checkers Sixty60, Shoprite’s digital on-demand grocery delivery service, beginning to lose momentum? Today, the Shoprite Group announced that Checkers Sixty60 saw a 58.1% increase in sales for the 2024 financial year. However, this growth is notably lower compared to the 81.5% rise reported in 2023. The company did not provide an explanation for the slowdown in sales growth for Checkers Sixty60 during this reporting period. In addition, Shoprite revealed that advertising expenses increased by 10.5% to R4.1 billion, driven by heightened activity from its Rainmaker Media and Sixty60 on-demand business units. The JSE-listed retailer also disclosed a 13.1% rise…
Shoprite, Africa’s largest retailer, revealed today that it is in advanced negotiations to acquire the remaining stake in Pingo Delivery, a last-mile logistics provider. “In terms of the way forward, we have embarked on two structural changes to the business, both occurring subsequent to our June year-end close,” stated Pieter Engelbrecht, CEO of Shoprite. “Firstly, we have signed an agreement to dispose of the furniture business including the OK Furniture and House & Home brands, excluding Angola and Mozambique operations to Pepkor Holdings Ltd (“Pepkor”). “Secondly, with regards to our vision to be Africa’s most profitable omnichannel retailer, the Group…
The Bidvest Group announced today that the disposal process for Bidvest Bank and FinGlobal is officially underway, with management aiming to identify suitable acquirers by the end of the 2024 calendar year. The Johannesburg Stock Exchange-listed industrial conglomerate emphasised that any transaction will be subject to the necessary regulatory approvals. Established 30 years ago, Bidvest operates across seven divisions in South Africa, the UK, Spain, Ireland, and Australia, covering a diverse range of sectors including services, freight, consumer and commercial products, financial services, and automotive retailing. In July, the Bidvest Group board has approved the process to dispose of Bidvest…
Loadshedding remains suspended, with Eskom delivering 156 consecutive days of uninterrupted power supply since 26 March 2024. Eskom has maintained a constant electricity supply throughout the 122-day winter period, and no loadshedding has been implemented since the start of its current financial year on 1 April 2024. Eskom announced on Monday 26 August its outlook for the summer period, 1 September 2024 to 31 March 2025, that detailed a likely scenario of a loadshedding-free summer outlook due to structural generation improvements. Further details can be found here: Summer Outlook and business operations update. Eskom maintained an average Energy Availability Factor…
Earlier this year, Vumacam, a South African surveillance service provider, announced its partnership with the Gauteng Provincial Government (GPG). Through this collaboration, the GPG gains access to Vumacam’s extensive camera network and advanced crime-fighting technologies. But is this partnership delivering results? According to a statement from Vumacam today, the GPG has seen notable success in crime prevention efforts during the week of August 12-18. During this period, 15 vehicles were impounded, 22 suspicious vehicles were intercepted, and eight arrests were made across various areas of the province. Among the significant incidents were the interception of vehicles linked to serious crimes…
MTN Group today announced the appointment of four non-executive directors to the Boards of its MTN Group Fintech and Bayobab businesses. Herman Bosman will take on the role of independent Chairman of MTN Group Fintech, with Nicky Newton-King and Nosipho Molope joining the board as new independent non-executive directors. Jens Schulte-Bockum has been appointed non-executive Chairman of Bayobab. “Building leading fintech and digital infrastructure platforms in Africa is a key part of our Ambition 2025 strategy. These appointments are aligned with our goal to accelerate growth, complete structural separations, and bring valuable strategic partners into the shareholder bases of these…
As the end of the year approaches, bringing the festive season and the long-awaited vacation that many South Africans work hard for, it’s crucial to remain cautious. While this period is marked by good cheer and heightened shopping activity, it also attracts scammers eager to exploit the busy season. Recently, many South Africans have reported increased attempts at banking scams to a popular Johannesburg radio station, with scammers becoming increasingly aggressive and convincing. “This is not uncommon,” warns Roy Retief, Head of Operations at the Southern African Fraud Prevention Service (SAFPS). Scammers generally tend to be more active during periods…
Earlier this year, Daimler Truck Southern Africa announced plans to launch a comprehensive range of battery-electric trucks, including models from the eCanter to the eActros. The eCanter, a four-ton vehicle, was trialed by national logistics provider City Logistics to assess its suitability as an intra-city transport option. City Logistics deployed the eCanter from its Gosforth Park depot in Germiston, Johannesburg, testing it on an 80 km round trip to a key customer in Midrand each day. “We wanted to test the claimed range, as well as the speed to recharge,” said Ryan Gaines, CEO of City Logistics. The eCanter, with…
Grindrod, a JSE-listed freight logistics company, has announced the appointment of Raymond Ndlovu and Andile Khumalo as independent non-executive directors. This strategic move brings seasoned expertise to the board, enhancing the company’s leadership as it navigates the complexities of the global logistics sector. Ndlovu and Khumalo’s extensive experience in finance and business will be instrumental in driving Grindrod’s growth and reinforcing its position in the industry. Ndlovu, who previously served on Grindrod’s board as an alternate director, brings a wealth of leadership experience to his new role as an independent non-executive director. Currently the Executive Chair of Serendipity Ventures and…
In its ongoing pursuit of global dominance, X is now challenging video meeting giants like Google Meet, Zoom, and Microsoft Teams with its own video conferencing tool, as reported by TechCrunch. According to a post on X by company employee Chris Park, the company recently conducted its first internal conference using the new tool, receiving mostly positive feedback from participants. Some suggestions for improvement included enhancing notifications when participants leave or join meetings and adding the ability to pin main speakers. First ever 𝕏 Conference meeting with some of my great @X and @XDevelopers teammates. Already a really strong alternative…
South Africa’s Constitutional Court will hear an application from Vodacom Group seeking leave to appeal a ruling that requires the company to pay billions of rands in compensation to a former employee for an idea he proposed over two decades ago. The court issued a directive to hear Vodacom’s application to challenge the ruling in the “Please Call Me” case, where Kenneth Makate is entitled to compensation estimated between R29 billion and R63 billion. Vodacom confirmed in a statement on Tuesday that the Constitutional Court will consider both the application for leave to appeal and the appeal against the Supreme…
Phuthuma Nathi, the broad-based black economic empowerment arm of pay-TV operator MultiChoice, will distribute over R1.4 billion in dividends to its black investors for the 2024 financial year. As a result, over 75,000 black shareholders from various backgrounds—ranging from domestic helpers and gardeners to professionals, stokvels, and small businesses—will receive R20.37 per share (R16.30 after dividend tax) during the first week of September. “This share scheme is a testament to MultiChoice’s dedication to support participation, inclusivity and diversity in South Africa’s economy,” said Phuthuma Nathi chair, Mandla Langa. “Since 2006, Phuthuma Nathi has received R19.1 billion in dividends from MultiChoice,…
Jim Volkwyn has announced his retirement from the MultiChoice Board, a move that effectively averts a potential showdown with the Public Investment Corporation (PIC). Volkwyn’s departure comes as a strategic resolution to avoid further conflict. His decision to step down will be effective from the upcoming annual general meeting on 28 August 2024. On Sunday, the PIC announced its intent to block the re-election of a MultiChoice board member due to concerns over questionable consultancy fees, Business Times reported today. The PIC, the largest asset manager in Africa with a 15% stake in MultiChoice, is the company’s second-biggest investor after…
The rapid pace of digital transformation is ushering in an era of highly personalised services and innovative business models that often challenge existing regulatory frameworks. These insights are outlined in a research report conducted by Naspers and the Mapungubwe Institute for Strategic Reflection (MISTRA), which explores the untapped potential of South Africa’s digital platform economy—a sector encompassing online platforms that facilitate economic transactions. The report states that as technology evolves at an unprecedented rate, regulations can lag behind, potentially creating gaps in addressing emerging risks such as cybercrime and fraud. The swift integration of technology into financial services also introduces…
South African fintech startup Omnisient has secured a $7.5 million or R133 million investment from Arise, which focuses on enhancing financial inclusion through African fintechs. “Our mission is to create the world’s largest repository of alternative consumer data to grow financial inclusion,” said Jon Jacobson, co-founder of Omnisient. “The investment from Arise will enable us to expand and partner with larger data providers. This will allow banks and insurers to extend financial services to millions more people globally, driving financial inclusion on an unprecedented scale.” Launched in December 2019, Omnisient offers a privacy-preserving data collaboration platform that enables data owners…
Despite significant progress in various sectors, digital platforms still face substantial untapped opportunities for growth and innovation. As digital transformation accelerates and the market evolves, emerging prospects present considerable potential for new and advanced B2C and B2B platforms. A research report by Naspers and the Mapungubwe Institute for Strategic Reflection (MISTRA) highlights the unexplored potential of South Africa’s digital platform economy, which includes online platforms facilitating economic transactions. The report suggests that South Africa and the broader African continent are poised to unlock considerable value, especially in areas like virtual gaming. According to the report, gaming platforms have already outpaced…