Author: Gugu Lourie

Capitec boss Gerrie Fourie’s total remuneration has been increased by 4 million to R65.7 million in the 2024 financial year. The banking group announced in its 2024 annual report that Fourie’s total remuneration is R65.7 million, up  from 62 million in 2023 and down from R92 million in 2022. The total remuneration consists of a guaranteed salary of R16 million and other benefits. The banking group’s top four executives received a total of R78.6 million in salaries. During the period under review, Capitec’s headline earnings increased to R10.6 billion from the restated headline earnings of R9.2 billion for the 2023…

The Financial Sector Conduct Authority (FSCA) has observed several media statements from certain institutions claiming to be the initial or exclusive licensed crypto asset service providers (CASPs) under the Financial Advisory and Intermediary Services (FAIS) Act, No. 37 of 2002. In the interest of clarity, the FSCA aims to confirm that, to date, it has approved a total of 75 institutions for CASP licensing. The full list of currently licensed CASPs may be accessed on the FSCA’s website at this link: Approved list of crypto asset service providers. The licensing process for CASPs commenced on 1 June 2023. Existing institutions…

If only I was a fly on the wall during MTN’s executive meetings, I’d be a witness to the formidable challenges confronting Group CEO Ralph Mupita and his team. The capacity and expertise of MTN’s executives are being tested by forces beyond their control. In Nigeria, the relentless depreciation of the currency is wreaking havoc on MTN’s operations. The Nigerian government’s decision to devalue the naira and allow it to trade freely in the open market has decimated its value against the US dollar, erasing a staggering 97% of its worth. This seismic shift has left MTN Nigeria grappling with…

Old Mutual has been granted permission by the Prudential Authority to inaugurate a bank in South Africa, slated for launch by the end of this year. In an announcement, Old Mutual expressed its satisfaction with the approval received from the Prudential Authority after a thorough regulatory assessment of its application in accordance with Section 16 of the Banks Act 94 of 1990, as amended. The approval allows the group to proceed with the establishment of a bank, albeit subject to specific license conditions. “The approval to establish a Bank is a material catalyst in our strategic delivery journey. It accelerates…

French media conglomerate Canal+ continues to buy more shares in JSE-listed broadcaster MultiChoice. Following a significant increase in its ownership stake, Canal+ has triggered a mandatory offer to minority shareholders of MultiChoice Group. This action was necessitated after surpassing a predefined threshold established by the JSE. In accordance with JSE regulations, when an individual or entity acquires at least 35% of a listed company, a mandatory offer must be extended to other shareholders under terms agreed upon with the main exchange. Canal+ has put forth a mandatory offer to acquire all outstanding shares of MultiChoice Group not already held by…

The Easter bunny normally does its rounds in April, but with Easter falling in March this year, car sales – both new and used – took a back seat. Sales of new cars slipped -15.1% year-on-year, while used car sales almost mirrored this with a -12% drop. “The profusion of public holidays in March translated into weaker car sales in a month not normally impacted by Easter holidays. April is traditionally the slow-selling month. Year-on-year and month-on-month sales figures are thus somewhat skewed; not quite a like-for-like comparison as would historically be the case,” explains CEO of AutoTrader, George Mienie. “Despite the…

TikTok has unveiled its Instagram rival, TikTok Notes, launching initially in specific regions including Canada and Australia, accessible for download on both the Google Play Store and Apple App Store, according to the company’s announcement. The company said on X that it was inn the early stages of experimenting with a dedicated space for photo and text content with TikTok Notes. “Starting today, TikTok Notes is available for download and limited testing in Australia and Canada. “We hope that the TikTok community will use TikTok Notes to continue sharing their moments through photo posts,” said the company. “Whether documenting adventures,…

Maserati unveils the GranCabrio Folgore, a four-seat all-electric convertible, marking a significant shift in their lineup. The Italian carmaker says the GranCabrio is an invitation to live life to the fullest. “An exclusively Italian interpretation of driving through life with the top down.” A Passport to Pure Pleasure “For those who want to savour the best life has to offer. For those who crave grand tours that are all about enjoying every moment to its fullest. The new GranCabrio is an icon evolved,” says Maserati. A modern enigma resolved: a finely tailored balance of tradition and innovation, raw track-bred engineering and Italian…

Samsung secures $6.4 billion government funding from the Department of Commerce, under the CHIPS and Science Act, to bolster semiconductor production in Texas, marking its latest move in the U.S. expansion. Samsung – the only leading-edge semiconductor company that is a leader in both advanced memory and advanced logic technologies – is expected to invest more than $40 billion dollars in the region in the coming years, and the proposed investment would support the creation of over 20,000 jobs. The Commerce Department said the proposed investment would turn Samsung’s existing presence in Texas into a comprehensive ecosystem for the development…

Joanna Govender, a South African executive serving as CEO of EPF Tech Fund and Empire Partner Foundation, has been recognized as one of the top 50 individuals shaping Africa’s development through her support of entrepreneurs. Govender, as a representative of South Africa, stands among 1,700 nominees hailing from 34 African nations for the African Women in Development Award (AIWD), organised by the Donors for Africa Foundation headquartered in Nigeria. These women leaders and changemakers from across Africa — just like Joanna — are united by a bold idea, a desire to positively impact their respective communities, and who want the…

French media group Canal+ has bolstered its ownership stake in MultiChoice as the two firms collaborate on an acquisition effort. Canal+ has made a mandatory offer to the minority shareholders of JSE-listed broadcaster MultiChoice Group after surpassing a threshold set by the Johannesburg Stock Exchange. The JSE requires an offer to be made to other shareholders on a basis agreed with the main bourse when a person or group acquires at least a 35% stake in a listed company. Canal+ proposed a mandatory offer to acquire all the issued shares of MultiChoice Group not already owned by the group at…

South Africa’s largest and oldest crypto asset service provider, Luno, has secured a licence from the Financial Services Conduct Authority (FSCA) to operate as a financial services provider. Luno is the first dedicated crypto asset service provider in South Africa to be awarded its financial services provider licence following the FSCA’s declaration of crypto assets as a financial product in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS). Christo de Wit, Luno’s country manager for South Africa, says, “As a homegrown trailblazer with more than ten years of experience in the crypto market, Luno is thrilled to…

Harnessing the potential of technology to spearhead agricultural advancement, Woolworths has introduced a pioneering initiative called ‘Farming for the Future’. Within this endeavour, the company has revealed the groundbreaking utilisation of drones by its suppliers to revolutionise farming practices globally. The primary aim of this campaign and dissemination of such insights is to establish a fresh benchmark in regenerative agriculture. At the core of the campaign’s objectives lies the seamless integration of drone technology for identifying stressed plants. This empowers farmers with data-driven insights, facilitating informed decisions and the preservation of water resources. Through the deployment of drones equipped with…

The BMW X2, a car that first introduced the vehicle concept of a Sports Activity Coupé (SAC) for the premium compact segment, is now available in South Africa. However, the BMW iX2 will not be offered in South Africa. The new BMW X2 has a distinctive, visually expressive design showing clear differentiation from the brand’s compact Sports Activity Vehicle (SAV), the BMW X1. As such, it is instantly identifiable as a pure-bred Sports Activity Coupé (SAC). Also characteristic of the new model are its dynamically stretched lines and a generous surface treatment. The new BMW X2 has grown by 194…

Intel CEO Pat Gelsinger and special guests will deliver a keynote about the tangible outcomes artificial intelligence can enable for businesses and what the future of enterprise AI looks like. AI represents a paradigm shift in how humans and technology interact, and Intel is at the forefront of expanding the possibilities of AI and creating world-changing technology that improves the lives of every person on the planet. When: 8:30 a.m. PDT Tuesday, April 9, 2024 or 17h30 South Africa Time  Watch the Event by clicking Here

Today Google announced the all-new Find My Device is rolling out to Android devices around the world, starting in the U.S. and Canada. With a new, crowdsourced network of over a billion Android devices, Find My Device can help you find your misplaced Android devices and everyday items quickly and securely. Here are five ways you can try it out. Here are five ways you can try it out. 1. Locate offline devices Locate your compatible Android phone and tablet by ringing them or viewing their location on a map in the app — even when they’re offline. And thanks…

Shoprite, Africa’s largest retailer, has partnered with four of the globe’s premier grocery retailers to create an innovative collaborative venture capital fund known as W23 Global. W23 Global brings together five global grocery leaders, including Ahold Delhaize (US, Europe, Indonesia), Tesco (UK, ROI, Europe), Woolworths Group (Australia, New Zealand), Empire Company Limited/Sobeys Inc. (Canada), and Shoprite Group (Africa) are among the participants. The newly established collaborative retail venture capital (VC) fund aims to invest $125 million over five years in the most promising start-ups and scale-ups worldwide, focusing on revolutionising grocery retail and tackling sustainability issues within the sector. Each…

Pick n Pay has introduced a groundbreaking initiative in affordability and accessibility with the debut of its store-to-store Domestic Money Transfer service. Priced at just R8.00 per transaction, the retailer says it stands as the most economical option available to customers within retail establishments. In a nation where informal cash transactions remain prevalent, this service is designed to seamlessly operate across all Pick n Pay supermarkets, Clothing stores, and Boxer stores in South Africa, encompassing a vast network of over 1400 outlets. The retailer added that its Pick n Pay Money Transfer service prioritises customer convenience with a straightforward registration…

Every government, pretty much every government, is going to want a sovereign cloud,” Oracle chairman and chief technology officer Larry Ellison said on a recent earnings call with Wall Street analysts. Speaking with analysts on the recent earnings call, Ellison said: “Eevery government — pretty much every government is going to want a sovereign cloud and a dedicated region for that government for not only — so, we see a number of countries — you know, it’s funny we talk about, you know, winning business with companies. “For the first time, we’re beginning to win business country — for countries,…

French media group Canal+ has made a mandatory offer to the minority shareholders of JSE-listed broadcaster MultiChoice Group after surpassing a threshold set by the Johannesburg Stock Exchange. The JSE requires an offer to be made to other shareholders on a basis agreed with the main bourse when a person or group acquires at least a 35% stake in a listed company. On February 5, Canal+ Group increased its ownership in MultiChoice from 31.07% to 35.01%, despite a prior rejected takeover offer. However, industry experts have pointed out that the Electronic Communications Act limits foreign ownership of local licensed broadcasters…

National Assembly Speaker Nosiviwe Mapisa-Nqakula has resigned from the post and as member of parliament, but argues that the decision is due to the criminal case against her but not an admission of guilt. The North Gauteng High Court in Pretoria on Tuesday dismissed Mapisa-Nqakula’s bid to have her arrest delayed. Mapisa-Nqakula says this decision was made to dedicate her time to fighting the allegations against her and this is not an admission of guilt. “I have made this conscious decision to dedicate my time and focus to deal with the recently announced investigation against me by our country’s law…

Huawei Cloud’s says continuous investment in innovation has led to its rapid business growth in 2023. By the end of 2023, Huawei Cloud had covered 30 geographical Regions and 84 availability zones (AZs), and provided services for customers in more than 170 countries and region. The revenue for the cloud computing unit grew 21.9 percent year-on-year to 55.3 billion yuan ($7.6 billion) in full year 2023. Within China, Huawei Cloud has been focusing on industry digitalisation scenarios. “We have already supported more than 800 e-Government cloud projects, and have helped more than 160 cities implement the One City, One Cloud…

Amazon today announced the launch of AWS Deadline Cloud, a fully managed service that helps customers set up, deploy, and scale rendering projects in minutes, so they can improve the efficiency of their rendering pipelines and take on more work. With Deadline Cloud, customers creating computer graphics, visual effects (VFX), or innovating their pipelines to incorporate artificial intelligence-generated (AI-generated) visuals can build a cloud-based render farm—aggregated compute—that scales from zero to thousands of compute instances for peak demand, without needing to manage their own infrastructure. Customers can use built-in customisation tools and integrations with digital content creation (DCC) software, such…

In response to a recent mandate from the Takeover Regulation Panel (TRP), instructing Groupe Canal+ SA (Canal+) to extend a mandatory offer to all MultiChoice shareholders, the MultiChoice board has announced significant changes to its leadership structure. These adjustments were communicated through a cautionary SENS notice issued on March 5, 2024. The JSE-listed company said chairman Imtiaz Patel has agreed to extend his tenure to oversee the ongoing Canal+ transaction. The company added that its board underscores the necessity of maintaining continuity during this transitional phase and expresses confidence in Patel’s leadership until the conclusion of the transaction or as…

Charnte Marthinus of Smartview Technology was named the overall winner of the GCIP Awards 2023/24 at an awards ceremony often compared to the Oscars for cleantech industry. The awards ceremony was hely at the Council of Scientific and Industrial Research (CSIR) offices in Pretoria. SmartView Technology is driving sustainability with net-zero digital utility management for businesses. Its SaaS utility management solution is leading the way in providing real-time, actionable insights to drive your ESG initiatives, reduce costs and promote the sustainable use of resources. The company’s solutions are used by major brands such as Heineken, Virgin Active, Pepsico, Grupo Bimbo,…