Author: Gugu Lourie

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…

The digital platform economy has the potential to significantly impact the country’s future, with a research report projecting it could inject R91.4 billion into the economy by 2035. This growth would increase the sector’s contribution to GDP from 0.02% in 2022 to a substantial 1.38% by 2035. The research was conducted by Naspers and the Mapungubwe Institute for Strategic Reflection (MISTRA) to explore the untapped potential of South Africa’s digital platform economy – a sector which includes online platforms that facilitate economic transactions. The research found that collective action is essential to accelerate South Africa’s digital transformation journey. It highlighted…

Eskom has released its outlook for the summer period, from 1 September 2024 to 31 March 2025, following a successful winter with 152 consecutive days without loadshedding. The Generation Operational Recovery Plan, initiated in March 2023, continues to enhance efficiencies and deliver significant improvements in Eskom’s fleet performance. Key Highlights: Loadshedding-Free Winter: The 2024 winter period saw no loadshedding, a significant improvement compared to 153 days in winter 2023. Economic and Financial Boost: Eskom’s improved performance could contribute to an estimated 2% growth in the South African economy and better financial results for Eskom in FY 2025. Reduced Unplanned Outages:…

Banking group Absa announced today that Seacom CEO Alpheus Mangale has been appointed as a member of its Remuneration Committee (Remco). “Shareholders are informed that Mangale has been appointed as a member of the Remuneration Committee, and John Cummins as a member and chairman of the Models Committee (MC),” Absa informed investors the appointments will take effect on 1 September 2024. Also read: Alpheus Mangale, A Seasoned Business Leader, Named CEO Of Seacom Seacom, Africa’s telecommunications and managed services provider, today announced that Alpheus Mangale, is joining SEACOM as incoming Group Chief Executive Officer, effective 1 April 2023.  He is…

Aiko Energy and Veers Group have formed a joint venture to accelerate South Africa’s renewable energy transformation. This partnership aims to transform the country’s solar sector by combining Aiko’s cutting-edge N-Type ABC solar modules with Veers Group’s local expertise. The venture, named Aiko Energy SA, is committed to local content, black economic empowerment, and sustainable growth. Under the leadership of Muneeb Gambeno as Managing Director and Majdi Galvaan as CFO, the company will focus on making high-efficiency solar technology accessible across utility-scale, commercial, industrial, and residential sectors, while prioritizing the upliftment of local communities. “Our organisation has always prioritised innovation…

The Public Investment Corporation (PIC) has 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 French entertainment giant Canal+. The PIC has criticized the continued payment of millions in advisory fees to Jim Volkwyn, one of MultiChoice’s longest-serving board members. MultiChoice informed TechFinancials this week that the controversial consultancy agreement with Jim Volkwyn, who is up for re-election at the company’s AGM on Wednesday, will expire…

“Modernisation and digitisation are crucial developments that will drive the future growth of Southern Africa’s railway industry.” This is the key message Guoyu Wang, Vice President of Huawei’s Smart Transportation Business, imparted to delegates attending the Southern African Railways Association’s (SARA) 13th annual conference and exhibition at the Sandton Convention Centre in Johannesburg. At the opening of the conference, SARA Executive Director Babe Botana, set the agenda for the day; “Together, we will explore strategies to elevate rail transportation as a driver of sustainable economic growth on the continent.” This event brings together transportation ministers from across the Southern African…

Angry FNB customers took to the social media platform X on Friday to express their frustration over the banking mobile app being down and inaccessible. “We are aware that there are issues being experienced across our channels. Our IT teams are working on restoring full functionality to the affected services,” FNB posted on X. “We apologise to our valued customers for the inconvenience caused.” Some customers even argued that FNB is slowly becoming Capitec Bank, very unreliable! FNB is slowly becoming Capitec Bank, very unreliable! pic.twitter.com/xZz2NiutqM — Harry Mabusela 🇿🇦 (@Harry_shuf) August 23, 2024 . @FNBSA , Why can’t I access…

MultiChoice announced today that it will not discontinue the controversial consultancy fees paid to certain board members. Earlier this year, Business Times reported that newly appointed board chair Elias Masilela had indicated that these special consultancy fees would be reviewed and likely scrapped. These arrangements involved three board members, including former chair Imtiaz Patel, receiving consultancy fees for professional advisory services. The board justified these payments by arguing that the cost was lower than hiring external consultants. However, the consultancy agreement with board member Kgomotso Moroka, which earned her R1.5 million, was terminated last year following shareholder concerns. Another board…

Eskom Distribution has officially launched its Electric Vehicle (EV) charging infrastructure, marking a significant step toward a sustainable and innovative future. The power utility made the announcement on its X page on Wednesday. “By setting our standard for eMobility in South Africa, we are not just reducing our carbon footprint but paving the way forward,” remarked Gabriel Kgabo, the General Manager in the Office of the Group Executive, who led the launch. Eskom is positioning itself as a key player in supporting the development of the electric mobility (eMobility) sector in South Africa. This launch will integrate Eskom into the…