Author: Gugu Lourie

In a time where dedication to groundbreaking technological advancements that tackle local issues is central to the global business scene, it’s crucial to recognise the trailblazers who reshape entire industries. Joanna Govender, a South African executive serving as CEO of EPF Tech Fund and Empire Partner Foundation, has been recognised with a 2024 Global Recognition Award for her significant achievements in merging technology with social impact through her leadership at EPF and EPF Tech Fund. Global Recognition Awards is an international organisation that recognises exceptional companies and individuals who have significantly contributed to their industry. Their awards are highly regarded and sought…

South Africa’s sophisticated banking system has allowed consumers to opt into multiple payment methods, all suited to their lifestyles and personal choices. The Mastercard 2022 survey found that 95% of South African consumers used ‘at least one digital payment method, while the National Treasury announced that it was promoting cashless payment methods for low-value payments with tap and go cards. Woolworths announced it was going cashless in its WCcafé’s and FNB said cashless payments in 2023 accounted for 50% of its card payments. The ability to tap and go makes life easier and more convenient, but Richard Frost, Product Head…

Shoprite Group recently opened its 20th UNIQ clothing shop at Sandton City Shopping Centre and promises to open another 20 shops by 2024. Last month, Shoprite Group-owned clothing brand UNIQ by Checkers opened another shop at the brand new Linton’s Mall in Pretoria East – making it the 20th shop since the launch of UNIQ in 2023. The company intends to open new shops in regional malls, regional shopping centres and very select premium shopping centres. The new clothing shops under the UNIQ brand have been planned with RFID-based self-service checkouts instead of traditional checkouts. This will provide customers with…

French media group Canal+ announced today that it has acquired more shares in MultiChoice, the operator of Africa’s biggest pay-TV operator DStv. Canal+ has acquired in on/off market transactions, a further 3,868,391 MultiChoice shares, as follows: On Thursday, 25 April 2024, Canal+ acquired 1,001,970 MultiChoice Shares in on/off market transactions for an average consideration of ZAR 118.05 per MultiChoice Share On Friday, 26 April 2024, Canal+ acquired 630,132 MultiChoice Shares in on/off market transactions for an average consideration of ZAR 119.11 per MultiChoice Share On Monday, 29 April 2024, Canal+ acquired 1,287,091 MultiChoice Shares in on/off market transactions for an…

As we approach June 2024, we’re on the brink of commemorating three decades of fostering connections and driving meaningful value,” shares Mcebisi Jonas, Group Chairman. He wrote in the group’s latest annual report published today, stating: “As we continue to navigate the macro-challenges in our trading environment, we reflect with both pride and humility on the progress of the business over the past three decades. “This has been powered by the dedication and resilience of MTNers, as well as the support of so many different people and institutions, including customers, governments and regulators, investors, suppliers and civil society. This embodies…

In 2023, the salary of MTN CEO Ralph Mupita experienced a noteworthy surge, reaching a staggering R80.3 million. This increase amounted to an additional R11 million compared to previous earnings, marking a significant development in his compensation package. Mupita received dual salaries, one in US dollars and the other in rands, as explained by MTN. This arrangement stemmed from his dual contract split between MTN Dubai and MTN Group Management Services South Africa. The telecommunications group listed on the JSE disclosed in its integrated annual report, released today, that Mupita’s total “earned” remuneration, encompassing salaries, pension, short-term incentives, and vested…

In 2023, Sungrow – the global leading PV inverter and energy storage system provider – saw a remarkable surge in operating revenue, soaring by 79.5% to reach an impressive $10.2 billion. Simultaneously, its net profit attributable to shareholders surged significantly by 162.7% to $1.3 billion. These figures highlight Sungrow’s outstanding performance and substantial growth during the year. This robust growth was primarily attributed to the company’s expanding customer base and increasing market share in key regions. The company experienced a remarkable surge in PV inverter shipments, surpassing 130GW, signaling a widespread adoption of solar energy worldwide. Additionally, Sungrow’s sales of…

Coinciding with Freedom Day in South Africa, Apollo Brand on Saturday unveiled the “Under Armour Icon Brand House” – the latest addition to Sandton City, a hub renowned across Africa. Was Under Armour channeling the spirit of freedom to liberate sportswear enthusiasts from the confines of traditional brands, I wondered. Apollo Brand is the exclusive distributor of Under Armour in the region. Was this timing deliberate? To find out, I probed Brent Collinicos, GM of Apollo Brand Pty Ltd, on the choice of this auspicious day for the store’s opening. With a wry smile, Collinicos responded: “This has been in…

Introstat, a long-standing player in the South African print and IT solutions market, has recently made significant strides in its business strategy, particularly in the realms of diversity, equity, and inclusion (DE&I). Partnering with HP through the Amplify Impact programme, Introstat has not only enhanced its business but also contributed to a brighter future for its employees, the community, and the industry at large. Founded in 1989, Introstat has been a key player in the IT solutions landscape of South Africa, with offices and distribution centres in Johannesburg, Cape Town, and Durban. The company’s journey intertwines with HP’s, dating back…

French media group Canal+ today announced it has acquired additional shares In MultiChoice, the operator of Africa’s biggest pay-TV – DStv. 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…

Just weeks after revealing that Imtiaz Patel would remain as chairman to manage a potential deal with Groupe Canal+, MultiChoice Group has now announced Patel’s immediate departure from the position. This decision arises amidst growing worries about corporate governance within the broadcasting company, currently under a takeover proposal by France’s Canal+. In an unexpected turn of events, MultiChoice disclosed on April 2nd, after a board meeting ahead of the Easter weekend, that it was retracting an earlier statement regarding Patel’s planned resignation. The board had previously announced that Elias Masilela would assume the chairmanship starting April 1st. “In view of…

In the dynamic world of banking, Capitec has emerged as a beacon of innovation, not only catering to the masses but also attracting higher-income clients with a suite of compelling offerings. With a strategic focus on providing value, purpose, and accessibility, Capitec’s rise in the higher-income segment is a testament to its commitment to inclusivity and customer-centric banking. Capitec’s success in attracting higher-income clients is evident in its remarkable growth. Clients with monthly inflows exceeding R15,000 into their Capitec accounts have surged by an impressive 17%. the company says this growth can be attributed to a range of innovative offerings…

In the bustling landscape of South Africa’s banking sector, one institution stands out for its innovative approach and exponential growth: Capitec. Capitec has embraced the digital age with open arms, revolutionising the way people interact with their finances. With staggering statistics highlighting its success, Capitec’s journey from a newcomer to a dominant force in banking is nothing short of remarkable. A Digital Frontier Capitec’s meteoric rise in the digital banking is evidenced by its impressive user statistics. The Capitec App has become an integral part of daily life for over 500,000 users every hour, boasting a remarkable increase of 180,000…

Capitec’s robust financial performance for the year ending February 2024 was fueled by the expansion of digital transactions and customer numbers, resulting in a profit surge of more than 15%. Headline earnings grew to R10.6 billion from the restated headline earnings of R9.2 billion in 2023. Headline earnings for the 6 months ended February 2024 (H2 2024) grew by 25% to R5.9 billion compared to the headline earnings of R4.7 billion for the 6 months ended August 2023 (H1 2024). “Our long-term strategy to diversify our income streams and grow quality clients produced double-digit growth in a financial year where…

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…