Author: Gugu Lourie
The South African Government today issued a gazette officially withdrawing e-tolls scheme on various Gauteng roads. Last month, Gauteng Premier Panyaza Lesufi during the State of the Province Address (SOPA) stated that the Gauteng e-toll scheme is expected to be delinked from the end of March this year. Read the Government Gazette below: E-Toll government Gazette E-tolls are a system that was introduced in the province by national government on the basis that we wanted to improve our road network. We have now reached a stage where we all accept that the people of Gauteng have rejected e-tolls. The withdrawal of…
SuperSport United FC and technology partner Huawei have teamed up to unveil the latest additions to the Huawei nova series, introducing the Huawei nova 12i, the Huawei nova 12 SE, and soon, the much-anticipated Huawei nova 12s. This collaboration transcends mere smartphone launches; it’s a call to all South Africans to embrace their inner stars and embody the KeStar philosophy – a message deeply rooted in the unwavering spirit of shaping one’s own destiny. Renowned for its commitment to nurturing young South African football talent and uplifting communities, SuperSport United finds an ideal ally in Huawei . Together, they pave…
In today’s fast-paced business world, keeping ahead of the competition is essential for any company. One game-changer that’s reshaping the landscape is the Internet of Things (IoT). IoT is a network of interrelated devices that connect and exchange data with other IoT devices and the cloud. Since its inception in the early 2000s, IoT has been revolutionising management of supply chains. Today, it’s not merely a trend but a driving force behind advancements in supply chain management. It is one of the fastest-growing segments of the technology industry with roughly $805 billion invested¹ in IoT globally as of 2023. In…
Private equity firm Actis and Royal Bafokeng holds have acquired Telkom’s wholly owned subsidiary, Swiftnet for R6,75 billion. Swiftnet, a key player in the South African market, is renowned for its extensive masts and towers infrastructure, boasting approximately 4000 installations and leasing co-location space to major mobile network operators. The disposal entails the sale of Swiftnet to the purchaser, Towerco Bidco Proprietary Limited, a newly incorporated entity comprising of a consortium of equity investors led and managed by Actis, which holds 70% of the purchaser’s shares; with the balance of 30% held by Royal Bafokeng Holdings. This move underscores Telkom’s…
A new BMW Group Vision Vehicle provides a first glimpse of the Neue Klasse as an SAV: The BMW Vision Neue Klasse X brings the aesthetics, technology, sustainability, and philosophy of the Neue Klasse to the Sports Activity Vehicles sector. The first fully-electric raised derivative on the new architecture will go into series production at Plant Debrecen (Hungary) in 2025. “Together with the BMW Vision Neue Klasse, the BMW Vision Neue Klasse X showcases the breadth of our future BMW model line-up. The Neue Klasse reflects the variety of all the models that customers want today and in the future…
The Financial Sector Conduct Authority (FSCA) has imposed a hefty R475 million administrative fine on Markus Jooste, the former CEO of Steinhoff, for breaching the Financial Markets Act (FMA) in connection to his disclosure of Steinhoff International’s financial status. Following an earlier determination by the FSCA that Markus Jooste violated the FMA and was subject to a R20 million penalty under the Financial Sector Act, the decision and penalty imposed by the FSCA were affirmed by the Financial Services Tribunal. “The investigation found that Jooste and Dirk Schreiber made or published false, misleading, or deceptive statements about Steinhoff International Holdings…
The brakes are being tapped in the used car market in South Africa. In February 2024, sales declined by 1% year-on-year and by 8% month-on-month. While the brakes are far from being slammed, a slight decline in this sector is evident. According to data released by AutoTrader, 28,658 used cars were sold during the month of love. This compares to 28,894 in February 2023 and 30,996 in January 2024. Turning to new vehicle sales, naamsa | The Automotive Business Council reports that the February 2024 new passenger car market – at 28,857 units – registered a decline of 925 cars,…
Co-founders of Inflection Mustafa Suleyman and Karén Simonyan are joining Microsoft to form a new organization called Microsoft AI, focused on advancing Copilot and our other consumer AI products and research. In June 2023, Inflection revealed securing $1.3 billion in funding to develop its vision of ‘more personalised AI,’ with Microsoft as the primary investor. “Today we are also announcing that two of our three co-founders, Mustafa and Karén, will be leaving Inflection to start Microsoft AI, a new division at Microsoft that will bring together their consumer AI efforts, as well as Copilot, Bing and Edge,” Inflection wrote in…
After school, many kids seek solace in TikTok after a day of classes. As a parent one might ask, what could be more exciting and engaging? For Gareth, my son, it was the brand new Volvo XC90 T8 that he saw, for the first time, when he got home from school on Monday. Forget TikTok, homework, and mother’s homemade scrumptious lunch, the only thing on Gareth’s mind was riding in the passenger seat of the Volvo XC90 T8. Not wanting to disappoint the boy, I grabbed the car keys and unlocked the doors. Smiling, Gareth settled into the passenger’s seat.…
Tyme Global, which is owned by Patrice Motsepe,today announced that GoTyme Bank was pursuing the acquisition of a Philippines-based payroll lender so that it can access salaried employees and utilise its low-cost deposit base to drive efficiencies. In October 2022, Motsepe’s Tyme launched GoTyme Bank in the Philippines. In August, GoTyme reached the 1-million customer mark, just a few months before its first anniversary on October 20. The bank now has 2 million customers. GoTyme Bank is expected to reach profitability in quarter four, 2025. The third country, Vietnam is currently in the contracting stages with country partners. During the…
Sam Ngumeni has been named the CEO of Woolworths Food, effective from July 1, 2024, succeeding Zyda Rylands, who is set to retire at the end of August 2024. Rylands’ retirement was initially announced on August 3, 2021. Woolworths expressed gratitude to Zyda for her nearly three decades of dedication to the Woolworths Group and her instrumental role in establishing Woolworths Foods as a leading food retailer. As part of Woolworths’ strategic succession plan, Sam Ngumeni, currently serving as the Group Chief Operating Officer, will assume the role of CEO of Woolworths Foods. Ngumeni brings over 28 years of experience…
The Financial Sector Conduct Authority (FSCA) wants to tell you about something important. There’s a person named Jacobus Stephanus Geldenhuis who’s been up to no good. The FSCA has been talking about this since October 2022 and even more recently in December 2023. Here’s the deal: Geldenhuis and a company called Classic Financial Services did some bad stuff. They broke laws that are meant to keep your money safe. They pretended to be a bank and tricked people into giving them money. Instead of investing it properly, they used it for themselves, like in a Ponzi scheme. As a result,…
The Department of Mineral Resources and Energy (DMRE) anticipates presenting a Gas Master Plan to Cabinet this month, aiming to tackle the country’s gas supply challenges. DMRE Minister Gwede Mantashe, speaking at the Africa Energy Indaba in Cape Town, confirmed this initiative. Recent media coverage has raised concerns about South Africa potentially depleting its natural gas reserves by 2026, a scenario that could profoundly impact employment and manufacturing sectors. “We have noted concerns regarding the current and future gas supply in the South African market due to commercial disputes between Sasol and its customers. Our understanding is, that this is…
A 32-year-old Swati national employed as a petrol attendant is set to stand trial at the Middelburg Specialised Commercial Crime Court on Tuesday, March 5, 2024, accused of contravening the Cybercrime Act 19/2020. The individual was apprehended by the Hawks Middelburg-based Serious Commercial Crime Investigation on Monday, March 4, 2024, at Ultra City N4 Middelburg. Following an internal audit by ABSA/FNB bank card investigators, suspicions arose regarding a skimming device potentially being used by petrol attendants at the garage. This information prompted an investigation by the Hawks in collaboration with bank investigators, resulting in a search and seizure operation. The…
French media group Canal+ today announced that it has sweetened the offer deal to buy MultiChoice by 19% . Canal+, holding the largest share in MultiChoice at 35%, has consented to increase its bid to R125 per share, representing a 19% rise from its previous offer of R105 per share. Yesterday, the Takeover Regulation Panel (TRP) has granted Canal+ an extension to make a mandatory offer to MultiChoice shareholders. “Canal+ is required to, and will publish a firm intention announcement by no later than Monday, 8 April 2024,” said the TRP in a statement. MultiChoice noted the announcement made today…
In an era marked by the relentless march of digital innovation, Nedbank’s Avo Super App stands out as a beacon of financial convenience and accessibility. With each passing day, the app continues to experience remarkable growth, cementing its status as a vital tool in the realm of digital banking. Its ability to attract a burgeoning number of customers to Nedbank’s digital platform underscores not only the app’s appeal but also the bank’s commitment to meeting the evolving needs of its clientele in the ever-expanding digital landscape. Let’s delve into the factors driving the Avo Super App’s ongoing ascent and its…
The Takeover Regulation Panel (TRP) has granted Canal+ an extension to make a mandatory offer to MultiChoice shareholders. “Canal+ is required to, and will publish a firm intention announcement by no later than Monday, 8 April 2024,” said the TRP in a statement. MultiChoice noted the announcement made today by Canal+ that the TRP has granted it an extension of 25 business days, until 8 April 2024, to make the required mandatory offer. “The MultiChoice board of directors will continue to act in the best interests of the company and its shareholders. Shareholders will be updated should there be any…
The Public Investment Corporation (PIC) has upped its stake in MultiChoice to 15.1% on Friday morning. The owner of DStv and GOtv informed investors that the PIC has acquired an additional interest in the ordinary shares of the company. The PIC shares in MultiChoice now amounts to 15.1% of the company’s total ordinary shares in issue. The PIC previously held a 12.25% stake in the company on behalf of pensioners. “As required in terms of section 122(3)(a) of the Act, MultiChoice has filed the required notice with the Takeover Regulation Panel,” MultIchoice said in a statement. “The board of directors…
Telkom has unveiled the March Big Deal to enable you to surf, stream, and stay connected even during the late hours The LTE Data Plan on a SIM-only month-to-month deal gives you 160GB of data for R199 per month. The LTE Data Plan on a router on a Get 80GB LTE Data Plan on a 24-month Post-paid or TopUp contract for R239 per month. The Telkom March Big Deal includes the following: 80GB Anytime Data (Validity period 61 days) 80GB Night Surfer data (Midnight to 7 am and Validity period 31 days) The 80GB LTE Data offers shall be available…
While new car sales got off to a stuttering start in 2024, it was a strong month for used car sales in January, which increased by 3% versus January 2023. That’s according to AutoTrader, which recorded 30,126 used cars that moved through the platform in the first month of 2024 – versus 29,233 in January 2023. In contrast, according to naamsa | The Automotive Business Council, 28,790 new passenger cars were sold in January this year – 6.7% less than the 30,863 new cars sold in January 2023. Domestic sales of new light commercial vehicles, bakkies and mini-buses – at…
Ashburton Fund Managers (Pty) Ltd (AFM) has been fined R16 million by the Financial Sector Conduct Authority (FSCA) for breaching certain provisions of the Financial Intelligence Centre Act, No. 38 of 2001 (FIC Act). As a fully owned subsidiary of FirstRand, AFM operates as a licensed Financial Services Provider (FSP) under the Financial Advisory and Intermediary Services Act, No. 37 of 2002 (FAIS Act), and serves as an accountable institution under the FIC Act. The FSCA oversees and enforces compliance with the FIC Act among FSPs. The FIC Act’s primary aim is to combat money laundering, terrorist financing, and related…
Andile Ngcaba’s Solcon Capital and IFC have forged a groundbreaking collaboration, announced today. This strategic alliance aims to identify and foster investment opportunities within India and South Africa’s deep tech sector, driving forward the digital economies of these vibrant regions. Under this agreement, IFC and Solcon Capital will join forces to pinpoint and fund promising companies operating in the deep tech realm. The focus will be on key areas such as 5G, AI, IoT, big data, and cybersecurity. This partnership represents a harmonious fusion of IFC’s extensive expertise in private sector investment in emerging markets and Solcon Capital’s twenty years…
The Takeover Regulation Panel (TRP) has mandated that the French broadcaster cANAL+ is required to issue a “mandatory offer” to shareholders of MultiChoice. On 1 February, Canal+ said it had offered R105/share for every MultiChoice share it did not already own. It said the offer — worth an estimated R31.7-billion, and representing a 40% premium to MultiChoice’s closing share price of R75 on 31 January. MultiChoice had earlier spurned the Canal+ offer and told its shareholders that they no longer had to exercise caution in trading in the group’s shares. Undeterred by the rejection, Canal+ — already the largest MultiChoice shareholder…
Sony has announced on Tuesday that it will be laying off approximately 900 employees within its PlayStation division. The company said it plan to commence a reduction of our overall headcount globally by about 8%. “The PlayStation community means everything to us, so I felt it was important to update you on a difficult day at our company. We have made the extremely hard decision to announce our plan to commence a reduction of our overall headcount globally by about 8% or about 900 people, subject to local law and consultation processes. Employees across the globe, including our studios, are…
Sasfin Holdings, a financial services firm, announced on Tuesday that its banking division had been served with a civil summons from the South African Revenue Service (SARS), demanding a total of R4.87 billion plus interest and costs. The summons, presented as a damages claim, alleges Sasfin’s failure to recover income tax, VAT, and penalties from former clients of its banking arm, a claim vehemently refuted by the company. “This summons relates to Sars’ purported inability to collect income tax, value-added tax and penalties allegedly owed by former foreign exchange clients of the bank,” Sasfin said in an announcement on the…