Author: Gugu Lourie
MultiChoice Group on Thursday issued a warning about escalating full-year losses, citing an increasingly challenging trading environment. The company in a trading statement highlighted the intensifying difficulties it faces as it navigates these tough economic conditions. Although the group’s full year 2024 financial performance has been negatively impacted by an adverse and volatile economic environment, management has responded with tactical interventions by focusing on cost optimisation and cash management, including reduced decoder subsidies, which continued to yield positive economic outcomes, the company said. MultiChoice announced that trading profit is expected to decline by 19% to 23% compared to the 2023…
MultiChoice Chief Executive Officer Calvo Mawela and Chief Financial Officer Tim Jacobs will be entitled to receive a cash retention bonus upon the successful implementation of the Canal+ mandatory offer to buy Africa’s largest pay-TV operator. In the Combined Circular published by Canal+ and MultiChoice, it was disclosed that there are no material provisions of an abnormal nature in respect of directors’ service contracts which require disclosure. Furthermore, there are no service contracts in respect of MultiChoice directors that have been concluded or amended during the six-month period prior to the date of the Joint Announcement. “In order to support…
Today, FinTech group Capital Appreciation announced strong business performance despite weak business confidence, continuing to attract new customers and grow market share in a lacklustre economy by evolving its revenue mix with new products and services across more sectors and regions, thereby creating significant future growth opportunities. The group grew gross revenues by 19% to R1.2 billion and EBITDA by 53% to R252.8 million. The financial results benefited from improved operational performance, higher finance income, a significantly reduced expected credit loss raised for GovChat and the first-time contribution of the Dariel Group (acquired July 2023). EPS and HEPS increased by…
The best-selling BMW 1 Series has undergone an extensive mid-life refresh, with significant visual and mechanical updates. These changes are so substantial that BMW is calling it the fourth-generation 1 Series. Featuring a dynamic design, a completely revised drive portfolio, and extensively enhanced chassis technology, the new BMW 1 Series stands out as the sportiest vehicle in its class. Highly efficient engines equipped with 48-volt mild hybrid technology, alongside a resource-conserving production process that prioritises material recycling, optimise sustainability throughout the entire product life cycle. Its progressive nature is further showcased by a redesigned interior, an expanded range of automated…
The independent board of JSE-listed MultiChoice has advised shareholders to consider accepting a takeover bid from Canal+, a French media conglomerate. Despite this endorsement, both entities face substantial regulatory obstacles before the deal can be finalised. Canal+ and MultiChoice issued today a Combined Circular to MultiChoice Shareholders regarding the mandatory offer by Canal+ to acquire the MultiChoice shares it does not own for a consideration of R125.00 per share. The board, in a collaborative statement, has deemed the offer price of R125 per share as equitable and advisable, urging shareholders to accept it once the conditions are met. However, the…
Luxury car manufacturer JLR is today announcing significant progress in upskilling its workforce for electrification. More than 20,000 JLR colleagues and partners have been trained in electrification and digital skills as part of JLR’s Future Skills Programme. The UK’s largest luxury car manufacturer has trained: More than 2,400 manufacturing employees in its UK production facilities with EV skills More than 95 per cent, or 10,000, of JLR’s retail partner technicians, ensuring workshops are prepared to service JLR’s next generation luxury electric vehicles Nearly 3,000 engineers trained in electrification Around 2,500 in data and digital And more than 4,200 JLR and…
U.S. Representative Elissa Slotkin has unveiled the Connected Vehicle National Security Review Act, a piece of legislation aimed at bolstering national security in the automotive sector. This new bill proposes the establishment of a formal review process for connected vehicles manufactured by Chinese EV makers or other nations deemed of concern. Under the legislation, the Department of Commerce would be empowered to restrict or prohibit the entry of such vehicles into the U.S. market if they are found to pose a potential threat to national security. “Today’s vehicles are more sophisticated than ever, carrying cameras, radars and other sophisticated sensors,…
In a move to address the growing demand for skilled technology professionals in South Africa, Regenesys Business School has launched the School of Technology. This initiative is driven by the urgent need to bridge the existing skills gap in the tech industry, fostering innovation and supporting economic growth. According to Nicolaas Kruger (NK), CEO of Regenesys School of Technology, the establishment of the school aligns with Regenesys’ vision to transform lives by awakening potential and nurturing a new generation of holistically developed technology leaders. See below the Questions and Answers for an interview with NK conducted by TechFinancials: What motivated…
The flagship new Range Rover Sport SV has ignited significant demand among South African clients, with all 35 limited-edition Range Rover Sport SV EDITION ONE units being fully reserved upon order opening. According to the Land Rover website, Range Rover SV retails for more than R4.4 million, suggesting that a Limited-Edition Range Rover Sport SV EDITION ONE will cost even more. Based on this price, it indicates that affluent South Africans are ready to spend approximately R154 million to acquire these exclusive vehicles. Jaguar Land Rover South Africa’s Product and Pricing Manager, Janico Dannhauser, mentioned in a statement that close…
Pepkor, a JSE-listed retailer renowned for quality clothing at discounted prices, is a big player in South Africa’s FinTech ecosystem. FinTech is revolutionising how customer needs are met by enhancing accessibility, reducing costs, and providing personalised financial solutions. Through digital banking and online payment systems, customers can conduct transactions conveniently from anywhere, while automated services and robo-advisors offer efficient, low-cost financial management. FinTech also promotes financial inclusion by extending microloans and mobile banking to underserved populations. Additionally, the use of data analytics allows for tailored financial products, and advanced security measures, such as blockchain and fraud detection technologies, to ensure…
Pepkor, a JSE-listed retailer renowned for quality clothing at discounted prices, has quietly entered the smartphone market. The Pep clothing retail arm sold 8-million cellular handsets in one year, with 50% being smartphones. Pepkor has also introduced a cellular handset rental option called FoneYam at 180 Pep and Ackermans stores by December 2023. The retailer said FoneYam has now been rolled out to 1 000 stores. Today, Pepkor disclosed that FoneYam cellular handset rental product, which makes smartphones affordable and accessible to customers, was rolled out further with more than 200 000 active FoneYam customers by the end of the…
Generative AI (GenAI) is the next big leap for PC technology, promising to bring unseen levels of productivity and efficiency to businesses worldwide. With AI-enabled PCs, we can expect faster decision-making, streamlined workflows and smarter data analysis. Just as the introduction of the PC 40 years ago revolutionised the way we work, GenAI will shape the future of the PC-human experience, unlocking new possibilities for growth and innovation. As AI grows alongside technological advancements in PCs, Dell predicts that PCs will move beyond driving human productivity to driving human performance. AI promises immense productivity benefits, reduced latency and improved cost…
Santam, South Africa’s largest short-term insurer, has wholly acquired Kandua, a leading online marketplace company for home services. Kandua will merge with Santam’s existing home service offering, Home+, forming a wholly owned, independent subsidiary of the insurer. The Kandua.com website offers an online marketplace for home services that enable consumers to connect with, compare and hire professionals across hundreds of service types, such as plumbers, electricians, carpenters, and more. Service providers can use the ‘Kandua for Pros’ app to find new customers and easily manage their core business processes. “Kandua’s talent, technology and customer base are valuable assets for our…
Capitec Bank is taking decisive steps to address the persistent issue of long queues at its ATMs. Capitec clients continue to favour cash transactions despite the availability of electronic alternatives. This preference for paper money has led to frequent social media jibes about Capitec’s loyal patrons enduring lengthy waits. Clients choose Capitec ATMs over those of other banks even if it means standing in line for a longer time. Capitec’s retail bank active clients grew to 22 million versus 19.9 million in 2023, 11.2 million of whom use the banking app compared to 9.4 million in 2023. As Capitec’s customer base expands,…
Discovery Bank today introduced its new Home Loan product, offering clients competitive, personalised interest rates based on their individual risk profiles. Leveraging its established Shared-value Banking model, clients can reduce their interest rate by up to 1% by effectively managing their finances with Vitality Money and securing their home loan and property with Discovery’s insurance products. Discovery Bank clients can secure a market-related rate upfront and further reduce their interest repayments over time by managing their finances wisely, resulting in long-term savings. This shared-value approach could enable the current Discovery Bank client base to save up to R2.8 billion in…
Elon Musk’s AI startup, xAI, announced today that it has secured $6 billion in a new funding round. This significant investment, one of the largest in the rapidly growing AI sector, aims to bolster xAI’s competitive stance against rivals like OpenAI, Microsoft, and Google. The Series B funding round attracted support from prominent investors including Valor Equity Partners, Vy Capital, Andreessen Horowitz, Sequoia Capital, Fidelity, Prince Alwaleed Bin Talal, and Kingdom Holding, as noted in the startup’s blog post. xAI has made significant strides over the past year. From the announcement of the company in July 2023, to the release…
The Federal Communications Commission (FCC) has proposed a $6 million fine against Steve Kramer, who has confessed to orchestrating the fake call sent to thousands of people in New Hampshire on the eve of the state’s January primary. Kramer used used voice-cloning tech to impersonate President Biden in a series of illegal robocalls. According to NPR, Kramer has also been indicted on criminal charges in four New Hampshire counties, including 13 counts of voter suppression, a felony, and 13 counts of impersonating a candidate, a misdemeanour. In a statement, the FCC proposed a substantial fine for apparently illegal robocalls made using deepfake, AI-generated voice…
Tech giant Google has revealed plans to construct a new fibre optic cable called Umoja, aimed at enhancing internet connectivity by linking Africa to Australia. The ambitious project underscores Google’s commitment to bolstering digital infrastructure across the African continent. This is the first ever fibre optic route to directly connect Africa with Australia. Anchored in Kenya, the Umoja cable route will pass through Uganda, Rwanda, Democratic Republic of the Congo, Zambia, Zimbabwe, and South Africa, including the Google Cloud region, before crossing the Indian Ocean to Australia. Umoja’s terrestrial path was built in collaboration with Liquid Technologies to form a highly…
Kagiso Trust is set to broaden the reach of its highly successful coding and robotics pilot programme, extending its benefits to more schools across the Free State Province. Following the positive outcomes and enthusiastic reception of the initial pilot, Kagiso Trust aims to empower a larger number of students with essential digital skills, fostering innovation and enhancing educational outcomes in the region. This expansion represents a significant step forward in equipping young learners with the tools they need to thrive in an increasingly technology-driven world. On April 11, 2024, a graduation awards ceremony celebrated the success of a pilot programme…
For years, Africa has been the dumping ground for inferior used cars from abroad. South Africa outlaws the importation of used vehicles. But each year around 30,000 illegal used car imports (often referred to as ‘grey imports’) leak into South Africa, coming from countries that import second-hand vehicles like SA’s landlocked neighbours Botswana, Lesotho and Eswatini (Swaziland), revealed Gary Scott: CEO of KIA South Africa. He was speaking at the AutoTrader Dealer Convention in April, where key industry players discussed illegal used car imports and their impact on South Africa. By circumventing official channels, these illegal used car imports evade taxes…
Driving through the streets of Johannesburg, the Volvo EX30 consistently impressed during a test drive. Quick Verdict The EX30 offers a delightful driving experience, and its minimalist interior exudes refinement and uniqueness. Reasonably priced, the EX30 comes with a comprehensive array of standard safety features and equipment, making it a compelling choice. With impressive performance and a competitive electric driving range, this battery-powered Volvo model truly stands out. Tailored for the modern urban lifestyle, the EX30 is a compact luxury car that ticks all the boxes. The Volvo EX30 – a discreet yet thrilling hot hatch alternative – caters to those who…
Used car sales grew 7% year-on-year in April 2024 with total sales amounting to R11.7 billion. While this looks to indicate a market that might be slowly recovering, the fewer public holidays in April this year does not perhaps reflect an accurate comparison. In the used car market, Volkswagen retained its second spot behind Toyota despite losing that position to Suzuki in the new vehicle market. Toyota led sales with 4,929 units ahead of Volkswagen’s sales of 3,903, and Ford sales of 2,943. Though still some way behind VW, Suzuki gained two positions in April, moving from ninth position to…
Curiosity often surrounds the compensation packages of top executives, particularly in publicly traded companies. In this context, Balwin Properties, a prominent player listed on the Johannesburg Stock Exchange (JSE), is no exception. At the helm of this successful property group is Steve Brookes, the company’s CEO and founder. Understanding the financial remuneration of such a key figure can provide valuable insights into the company’s priorities and financial health. So, just how much is Balwin Properties paying Brookes? Today, the company published its 2024 annual report that disclosed the salaries of the company’s executives. The company revealed that Brrokes was paid…
Balwin, a national specialist in developing large-scale sectional title estates for South Africa’s growing low-to-middle income population, continues to equip its apartments with fibre connectivity. These apartments are designed to appeal to a diverse range of home buyers, including first-time buyers, young professionals, young families, older families, retirees, and buy-to-let investors. Each apartment features modern fitted kitchens, prepaid water and solar-assisted electricity, eco-friendly fittings and appliances, and is fibre-enabled. Balwin generates annuity income through its subsidiary, Balwin Fibre, which provides high-speed fibre connectivity to homeowners within its estates. Today, Balwin announced that continued growth of the Balwin Fibre annuity business…
Checkers Sixty60 is beta testing the new and improved version of its app, enabling customers to shop for over 10 000 larger Hyper products, with same day delivery scheduled within a 60-minute time slot. With a new fleet of eye-catching Hyper delivery vans, Checkers Sixty60’s product offering now extends beyond groceries to include larger items, ranging from camping and outdoor gear to small appliances, baby products, toys, kitchen and home electronics, gardening and pool equipment – all at supermarket prices. Delivery is free during beta testing and will remain free for Xtra Savings Plus subscribers. “We’re confident that the next…