Author: Gugu Lourie

President Cyril Ramaphosa has announced a bold new initiative to drive economic transformation, pledging R20 billion a year over the next five years to support black-owned and small businesses. Speaking during his annual State of the Nation Address (SONA), he emphasised the urgent need to correct historical economic exclusion and build an inclusive economy. “For many decades, our economy has been held back by the exclusion of the vast majority of the South African people,” Ramaphosa stated. “Black South Africans were deprived of land, of capital, of skills, of opportunities. Our economy was starved of the potential of its people.”…

President Cyril Ramaphosa has reaffirmed South Africa’s commitment to energy reform, stating that the country will lay the foundation for a competitive electricity market in 2024. Speaking during his annual State of the Nation Address (SONA), he highlighted the progress made through the Energy Action Plan in stabilising power supply. “The measures we have implemented through the Energy Action Plan have reduced the severity and frequency of load shedding, with more than 300 days without load shedding since March 2024,” Ramaphosa said. While acknowledging that load shedding briefly returned last week, he emphasised that South Africa is on a positive…

President Cyril Ramaphosa has vowed to push forward with a second wave of economic reforms aimed at accelerating inclusive growth and revitalising South Africa’s state-owned enterprises (SOEs). Speaking during his annual State of the Nation Address (SONA), he highlighted the progress made so far and the urgent need to build on these efforts. “We are steadily removing the obstacles to meaningful and faster growth,” Ramaphosa said. “The economic reforms that we are implementing through Operation Vulindlela have created a new sense of optimism and confidence in our economy.” Key reforms have already improved the functioning of critical industries, creating new…

President Cyril Ramaphosa has announced an ambitious plan to secure R100 billion in infrastructure financing by engaging local and international financial institutions and investors. Speaking during his annual State of the Nation Address (SONA), Ramaphosa emphasised that large-scale infrastructure investment is key to accelerating economic growth and job creation. “To create this virtuous cycle of investment, growth, and jobs, we must lift economic growth to above three percent,” he said. To achieve this, the government is prioritising massive infrastructure investments while maintaining and upgrading existing assets. A project preparation bid window has been launched to fast-track investment readiness, supported by…

Bolt is launching Trusted Contacts in South Africa, a feature that will enable passengers and drivers to add names and phone numbers of friends or relatives to a list of contacts for their account, so that Bolt’s Safety Team can get in touch with them if the account holder can’t be reached. This is part of Bolt’s ongoing investment in upgrades to safety features on its platform and will ensure quicker escalation of Ride Check notifications, Emergency Assist requests or any other significant safety incident reported if the Safety Team can’t get a hold of the account holder. This is the…

JSE-listed paper and packaging giant Sappi is making bold strides in the bioeconomy, with plans to become one of the world’s leading producers of furfural: a key biochemical used in industries ranging from biofuels to pharmaceuticals. Following the successful piloting of its proprietary furfural manufacturing process at Saiccor Mill in Umkomaas, KwaZulu-Natal, Sappi is now advancing towards full-scale commercial production. The company confirmed in its latest Sustainability Report that the pilot plant has validated and optimised its furfural technology, demonstrating the ability to extract high-quality furfural from hemicellulose sugars in spent sulphite cooking liquor. “The pilot plant successfully demonstrated that…

South African motorists will have to dig deeper into their pockets as fuel prices are set to rise significantly from 5 February 2025. The Minister of Mineral and Petroleum Resources has announced the latest adjustments, citing a combination of international and local economic factors driving the increase. Why are fuel prices going up? South Africa’s fuel prices are reviewed monthly, influenced by global crude oil prices, international petroleum product costs, and the exchange rate between the Rand and the US Dollar. This month’s surge is attributed to: Rising crude oil prices Brent Crude oil prices climbed from $72.78 to $77.41…

Sipho Maseko and Sonja De Bruyn have joined a Broad-Based Black Economic Empowerment (BBBEE) consortium that will play a crucial role in facilitating Canal+’s acquisition of MultiChoice Group. As part of the transaction, MultiChoice South Africa’s broadcasting licence operations will be restructured into a new independent entity, MultiChoice (Pty) Ltd (LicenceCo). This move ensures regulatory compliance while paving the way for Canal+ to expand its video entertainment footprint across Africa. Creation of LicenceCo As part of this restructuring: LicenceCo will operate as an independent entity, holding the South African subscription broadcasting licence and contracting directly with MultiChoice’s South African subscribers.…

In the heart of Mpumalanga, a region historically known for its coal mining, a groundbreaking project is set to redefine the future of sustainable energy and food security in South Africa. Suiso, a homegrown company specialising in blue ammonia production, has announced a monumental $1.7 billion (R31.5 billion) investment in a state-of-the-art coal-to-fertiliser facility in Kriel. Founded in 2019 by four visionary South African entrepreneurs, Suiso is on a mission to drive sustainable energy solutions, enhance food security, and promote responsible resource management. The project, which has garnered significant attention for its scale and ambition, is backed by prominent businesswoman…

Vodacom now processes over $1.2 billion (R22.7 billion) in daily transaction value through its mobile wallet offerings. The JSE-listed telecommunications group disclosed this figure on Monday for the quarter ended 31 December 2023, highlighting the scale of its business and solidifying its position as Africa’s largest mobile money platform by transaction value processed. Excluding Safaricom, Vodacom Group generated R3.6 billion in service revenue during the quarter, up 5.7%—or 17.2% on a normalised basis Across Its geographic segments, Vodafone Egypt remains a star performer having grown service revenue at 44.3% in local currency, well above the rate of inflation. South Africa…