Author: Gugu Lourie

The Financial Sector Conduct Authority (FSCA) has cautioned the public against conducting financial services business with Gold Earnings Hub and Africa Gold Capital. The FSCA suspects these entities of operating without proper authorization, offering investments with implausible returns of 46% on amounts ranging from R2,000 to R100,000. Fraudulent activity and impersonation Gold Earnings and Africa Gold have been linked to fraudulent activities, including using deep fake videos featuring Dr. Patrice Motsepe, Executive Chairman of African Rainbow Minerals Ltd (ARM). These videos falsely portray Dr. Motsepe endorsing their investment schemes. ARM has confirmed that neither the company nor Dr. Motsepe has…

The Awareness Company (TACo), a South African SaaS startup that transforms business data into actionable insights for operations and sustainability, has secured $1.6 million in seed funding. The round included participation from NEXT176, Holocene, Catalyst Fund, E Squared, Aions, and Jozi Angels. “This funding marks a significant milestone for us as we continue to innovate in the operational sustainability space. With our new investors, our support has grown and there is belief in our vision by people who want to push boundaries. This is just the start,” said Priaash Ramadeen, Co-founder and CEO of The Awareness Company. The investment will…

South Africa’s digital platform economy holds immense potential for economic transformation, with projections estimating it could contribute R91.4 billion to the country’s GDP by 2035. According to a joint study by Naspers and the Mapungubwe Institute for Strategic Reflection (MISTRA), the sector’s GDP share could expand from 0.02% in 2022 to 1.38% by 2035, underlining its transformative capacity. This untapped potential, particularly in underserved areas like townships and villages, presents a unique opportunity for innovation. Below are five remarkable entrepreneurs harnessing digital platforms to empower communities, transform lives, and drive inclusive growth in South Africa. 1. Talifhani Banks – CEO…

Microsoft is set to make a monumental investment of $80 billion (R1.5 trillion) in its 2025 financial year, focusing on building advanced data centres to support artificial intelligence (AI) development and the deployment of AI-powered and cloud-based applications. This announcement was made in a blog post by Brad Smith, Microsoft’s Vice Chair and President, on Friday. “In FY 2025, Microsoft is on track to invest approximately $80 billion to build out AI-enabled data centers to train AI models and deploy AI and cloud-based applications around the world,” said Smith. He emphasised that over half of this investment will be directed…

The Department of Mineral and Petroleum Resources has announced that fuel prices in South Africa will increase effective Wednesday, 01 January 2025. This adjustment, attributed to fluctuations in international oil prices and the depreciation of the Rand, will affect both petrol and diesel prices, while illuminating paraffin prices will see a slight decrease. Fuel price adjustments (Gauteng) The following changes will apply: Product Change New Price (cents per litre) Petrol 93 (ULP & LRP) +19.00 cents/litre 2,159.00 Petrol 95 (ULP & LRP) +12.00 cents/litre 2,134.00 Diesel 0.05% Sulphur +7.50 cents/litre 1,928.55 Diesel 0.005% Sulphur +10.50 cents/litre 1,942.95 Illuminating Paraffin (Wholesale)…

Oslo-based Scatec ASA, a renewable energy company, has been awarded preferred bidder status for a 288 MW solar project in the seventh round of the Department of Mineral Resources and Energy Renewable Energy Independent Power Producer Procurement Programme (REIPPPP). The projects will deliver much needed energy under a 20-year PPA once fully operational. According to the Department of Mineral Resources and Energy, commercial close for the REIPPPP Bid Window 7 is expected in the second half of 2025. “This marks another significant achievement for Scatec in South Africa and for the renewable energy transition in the country. Today’s award reaffirms…

Tech firm Prosus has entered into a definitive agreement to acquire New York-kisted Despegar, a Latin American Online Travel Agency (OTA), The tech firm will pay $19.50 per share, equating to a 33% premium to the closing share price as of 20 December 2024, and a 34% premium to Despegar’s 90-day VWAP (volume weighted average price). This will equate to $1.7 billion or R31 billion. The proposed transaction was approved by Despegar’s board of directors, who recommended that Despegar shareholders vote in favour of the proposed transaction following the unanimous recommendation by a transaction committee. “This acquisition is a clear…

Allianz Europe BV, a wholly owned subsidiary of Allianz SE, has increased its shareholding in Sanlam Allianz Africa Proprietary Limited (“SanlamAllianz”) to 49%. The transaction, known as the “Allianz Step-up Transaction,” marks a significant milestone in the strategic partnership between Sanlam and Allianz on the African continent. Sanlam Emerging Markets (Pty) Ltd (“SEM”), a wholly owned subsidiary of Sanlam, will sell an additional 8.59% of its stake in SanlamAllianz to Allianz Europe BV. The initial cash consideration for the sale is R4.5 billion, subject to adjustments based on the audited financial statements of SanlamAllianz as of December 31, 2024. Upon…

The Post Office aims to serve as a logistics partner for e-commerce providers, including small enterprises and informal traders, while expanding its services to meet future business needs for users and consumers. On Wednesday, President Cyril Ramaphosa signed the South African Post Office SOC Ltd Amendment Bill into law. The legislation expands the mandate of the Post Office, repurposing its infrastructure to deliver diversified and enhanced services. The new law empowers the Post Office to go beyond basic postal services by offering value-added services that boost its revenue streams and ensure its relevance and sustainability. Under the amended mandate, the…

Tyme, the innovative company behind TymeBank in South Africa and GoTyme in the Philippines, has achieved a groundbreaking milestone by securing a substantial R4.5 billion investment from Nubank, the world’s largest standalone digital bank. This strategic partnership not only emphasises Nubank’s confidence in Tyme’s forward-thinking banking model but also strengthens Tyme’s position as a transformative force in the financial services sector across emerging markets. The infusion of capital is part of a successful Series D funding round, which raised $250 million (R4.5 billion), bringing Tyme’s total valuation to $1.5 billion (R27 billion). Nubank’s decision to invest highlights its recognition of…