Author: Gugu Lourie

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…

Thabo Mngomezulu, a fellow hailing from South Africa, whose initiative converts waste into biogas to address the energy needs of rural communities, will present in Stuttgart at the beVisioneers: Mercedes-Benz Fellowship Global Summit. The summit start from February 26th to 28th, consisting of a collective of 50 young eco-innovators, aged between 16 and 28, alongside environmental experts, business magnates, investors, scholars, and governmental representatives for the inaugural beVisioneers Global Summit. This yearly gathering stems from the vision of beVisioneers: The Mercedes-Benz Fellowship, a program tailored to nurture young eco-innovators by equipping them with training, mentorship, expert guidance, and resources essential…

Government has raised $3.3 billion so far from Multilateral Development Banks and International Finance Institutions to support climate change, energy, and just transition objectives. Delivering the 2024 National Budget Speech, Finance Minister Enoch Godongwana said National Treasury plays a crucial role in mobilising resources, designing incentives, and influencing policy to mainstream climate change. “As climate-related disasters intensify, a multi-layered risk-based approach is being developed to manage the associated fiscal risks.  This considers various funding instruments from grants to contingency funds, including the Climate Change Response Fund, depending on the incidence and intensity of the disaster event. “The National Treasury is…

Social grants are expected to increase to keep in line with inflation and increase access for those who are eligible. This does not include the Social Relief of Distress Grant (SRD Grant) also known as the R350 grant. This was announced by Finance Minister Enoch Godongwana during the Budget Speech delivered in Cape Town on Wednesday. “We are sensitive to the increase in the cost of living for the nearly 19 million South Africans who rely on these grants to make ends meet. In this regard, we have done as much as the fiscal envelope allows,” he said. The increases…

The Special Tribunal has ruled that the allocation of a R113 million personal protective equipment (PPE) contract to LNG Scientific was both invalid and unlawful. This Centurion-based company secured the tender from the Gauteng department of health during the peak of the Covid-19 pandemic in 2020. In a default judgment handed down on 7 February 2024, the Tribunal ordered that LNG be divested of all profits enjoyed under the invalid contract. LNG is owned by Letloega Thabiso Lekoana. LNG was ordered to submit audited statements within 30 days setting out its income and expenses in relation to the PPE items…

The Department of Health has hit back at a misleading voice note making the rounds on social media platforms claiming that people who vaccinated against COVID-19 are dying due to the vaccine. The voice note, which is also circulating on WhatsApp, promotes the use of an unregistered over-the-counter product called Nature’s Choice Activated Charcoal as a solution to “prevent” such deaths. As per the department, there have been no deaths reported that are causally linked to COVID-19 vaccines, except for the three cases that the department had reported early last year. Members of the public are being urged to ignore any…

In a concerning trend, Eskom, South Africa’s primary electricity provider, has observed a troubling increase in the construction of homes and other structures within power line servitudes. This unwelcome development not only violates Eskom regulations but also raises significant safety concerns. With structures encroaching upon these vital corridors, the risk of accidents and disruptions to power supply looms large. Eskom urgently appeals to the public to refrain from such activities in the interest of safety and reliable electricity provision. The land below and adjacent to a power line is called a servitude.  This servitude belongs to the relevant landowner in…

Sibanye-Stillwater has undertaken the transformation of its Brakpan Precious Metal Refinery (PMR) into a dynamic training hub tailored specifically for the youth of Ekurhuleni. This initiative marks a pivotal step in harnessing the region’s potential by offering invaluable skills and opportunities to its young population. With this visionary endeavor, Sibanye-Stillwater not only redefines the purpose of its infrastructure but also paves the way for a brighter future for the youth in the Ekurhuleni area. The training hub has been launched in partnership with Forge Academy & Labs, an education organisation focused on training students for occupations that rely on next-generation…

Telkom revealed today that it is approaching the culmination of negotiations for the Swiftnet sale to a preferred undisclosed bidder, marking a significant stride towards finalising the transaction. Last November, Telkom revealed its plan to sell its masts and towers business, Swiftnet. The giant telco said it has entered an exclusivity period with a preferred bidder, a consortium led by a reputable private equity firm with black economic empowerment backing. Telkom today informed shareholders that substantial progress has been made on meeting the remaining agreed milestones under the exclusivity arrangement, including that the parties have significantly progressed their negotiations to…

After enduring persistent rain showers, progress on Westown Square has surged ahead, marking a significant milestone in the construction of the New City of the West. As the skies clear, the initial phase of this ambitious development project is swiftly materializing, promising to redefine the landscape and vitality of the region. Westown Square, a retail center valued at R1.4 billion, is currently under construction within the Westown Precinct. This precinct constitutes a pivotal segment of the expansive R30 billion Shongweni Urban Development project. The 50 000m² high-street retail experience, Westown Square brings together shopping, dining, living and recreation for all…

OpenAI has introduced Sora, an innovative generative AI model poised to revolutionise the realm of multimedia content creation. Sora stands as a pioneering tool designed to seamlessly transform text into captivating video content, presenting a paradigm shift in the way we conceive, produce, and interact with media. With its unveiling, Sora not only showcases the remarkable advancements in artificial intelligence technology but also heralds a new era of creative possibilities and storytelling potential. This unveiling marks a significant milestone in the ongoing pursuit of harnessing AI to augment human creativity and reshape the landscape of digital media production. “We’re teaching…

Anglo American Platinum, BMW Group South Africa and Sasol together launched the first trial of a pilot fleet of BMW iX5 Hydrogen fuel cell electric vehicles in South Africa. On the signing of the collaboration agreement in October 2023 at the South African Green Hydrogen Summit, the companies agreed to a cross-industry alliance to drive forward the green hydrogen economy by actively demonstrating value chains and projects, moving from industrial policy to real world applications. Peter van Binsbergen, CEO of BMW Group South Africa, said at the Hydrogen Council’s Regional Meeting and at the launch of the BMW iX5 Hydrogen…

The South African Broadcasting Corporation (SABC) has issued a critical warning to the public regarding a fraudulent email correspondence. The scam email falsely claims to be from the SABC and threatens recipients with a warrant of arrest for non-payment of TV License fees. The Deceptive Email The email in question originates from an address: [email protected] (purporting to be the “TV License Board”). However, it is not an official SABC email address. The Corporation categorically denies any involvement in such threatening communications. What You Should Do Ignore the Email: If you receive an email from [email protected], disregard its contents. Do not panic or take any action based on the…