Author: Gugu Lourie

Inflationary pressures and increased operational costs plunged South Africa’s Telkom full year headline earnings per share (HEPS) by 76.6% to fell to 134.6 cents from 575.3 cents in the previous year. The company also said HEPS – South Africa’s main profit gauge – was impacted by lower EBITDA (earnings before interest, tax, depreciation and amortisation). “This was due to a 19.8% decline in EBITDA and a 9.5% increase in depreciation, amortisation, impairments and write-offs*, partially offset by a lower tax expense compared to the prior year,” said Telkom. The company said it was also attributable to the impact of accelerated…

The Independent Communications Authority of SA (ICASA) said on Friday that it intends to issue a tender to appoint a consultant to assist it in the licencing of the International Mobile Telecommunications (IMT) spectrum. ICASA said the consultant’s duties will include conducting an auction in several IMT bands. The auction of the IMT spectrum is expected to be completed in 2024. The amended Radio Frequency Spectrum Regulations mandate the market-based approach for efficient spectrum management. This includes the use of an auction process for licencing spectrum where demand exceeds supply. “This important process seeks to ensure universal availability of broadband…

JSE-listed retailer TFG, formerly known as The Foschini Group, said TFG Africa conservatively estimated to have lost about 360,000 trading hours in the 12 months to 31 March 2023 due to Eskom’s load shedding. However, as previously reported, the retailer estimates the actual impact to be more than double this figure (i.e. approximately 730,000 lost trading hours) as customer demand is significantly dampened by the associated disruption and inconvenience with reduced customer footfall before, during and immediately after load shedding periods. “We estimate the financial impact of load shedding to have reduced TFG Africa’s retail turnover by in excess of…

JSE-listed retailer TFG, formerly known as The Foschini Group, today announced a 6.6% increase in online retail revenue for the year ending March 2023. The retailer said online retail sales contributed 9.1% to the group’s total sales. TFG Africa’s retail sales increased by 17.2% compared to the same period in the previous financial year. The retailer added that TFG Africa’s online retail sales increased by 33.2% and now contribute 3.5% to TFG Africa’s total retail sales. TFG Africa’s outlet retail turnover, increased by 16.7% and now contribute 96.5% to TFG Africa’s total sales. “This region experienced heightened consumer pressure, unprecedented…

TymeBank is onboarding more than 300 000 customers a month in both South Africa and the Philippines, according to its majority shareholder, African Rainbow Capital (ARC), which is owned by billionare Patrice Motsepe. ARC said Tyme (including TymeBank and GoTyme) has an annual revenue run rate of over R1.9 billion. The company added that across its two markets – South Africa and the Philippines – the business is growing at a pace of 300,000 new customers a month as it works to provide consumers, particularly the underserved and financially excluded portion of the population, quality financial services. TymeBank now serves…

Volvo Car South Africa has confirmed the freshly revealed EX30 is destined for local roads, while also announcing the brand-new fully electric SUV’s highly anticipated starting price. That figure looks set to render the EX30 one of the most affordable full-size electric vehicles (EVs) in South Africa. Having just made its global premiere, the new small SUV represents the cornerstone of Volvo’s electrification growth ambitions. It debuts as the fastest-accelerating Volvo ever, completing the 0-100 km/h sprint in a mere 3.6 seconds in 315 kW Twin Motor Performance guise. The extended-range version of the Single Motor (rear-wheel drive) powertrain, meanwhile,…

Discovery Bank today announced a partnership with Rubicon, a trusted industry leader in solar solutions. This partnership will offer savings to Discovery Bank clients on high-quality solar and back-up power services for their homes. This reflects the Bank’s commitment to providing its clients with trusted, convenient, and flexible solutions. Hylton Kallner, CEO of Discovery Bank, says,” While South Africans are resilient, the increased and ongoing interruption of electricity impacts all aspects of our lives and drives a need to find alternative ways to power our homes. We’re pleased to launch a financing solution that enables our clients to embrace solar,…

There is good news for drivers on Wednesday as the price of petrol and diesel will be dropping. The Minister of Mineral Resources and Energy, Mr Gwede Mantashe, announces the adjustment of fuel prices based on current local and international factors with effect from the 7th of June 2023. South Africa’s fuel prices are adjusted on a monthly basis, informed by international and local factors. International factors include the fact that South Africa imports both crude oil and finished products at a price set at the international level, including importation costs, e.g. shipping costs. The main reasons for the fuel…

inq. Group today announced the appointment of seasoned industry leader Glad Dibetso to succeed Nick Reed. Dibetso will become CEO Designate from 1 July 2023 working alongside Reed who will remain on as part of the transition process. The move is part of the Board approved succession plan. inq. recently completed its acquisition of Syrex, a provider of hyperconverged cloud technology solutions, adding South Africa to its footprint across the Continent. Dibetso hopes to continue to bolster inq. to become a truly pan-African business, consolidating its traditional connectivity business and accelerating EdgeDock, inq.’s unique digital service offering. Dibetso said, “I…

In a partnership aimed at making it easier and more cost-effective for customers to watch their favourite local and international blockbuster movies and series, MTN subscribers can now sign-up or switch to Viu Premium for only R69 per month. Along with Viu Premium, subscribers will also receive a 3GB MTN streaming data bundle, valid for 30 days, every 30 days. This allows a customer to watch up to 12 hours of Viu’s premium-rated local and international movies and series each month. Customers need to simply add the subscription to their monthly account, or pay with their airtime, to enjoy their…

Scatec ASA today closed the previously announced transaction to divest the Upington solar plants in South Africa. Scatec, a renewable energy company in emerging markets, is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange The gross consideration for divestment of Scatec’s 42% equity-share in the 258-megawatt (MW) plants is R973 million (NOK 546 million). The company said as previously communicated the proceeds will be recycled into new investments within renewable energy. “We are very pleased to secure a value accretive transaction, in line with our strategy to optimise our portfolio and recycle capital. South Africa remains a…

JSE-listed grocer Spar today announced that the unprecedented power cuts had a direct impact on the trading performance and profitability of its retailers. The retailer said higher power cuts will impact retailers’ profitability due to the additional energy costs associated with the back-up solutions required during the power cuts. “Our retailers have experienced a significant increase in operating costs, primarily driven by the increased cost of diesel required to run generators during the higher levels of loadshedding, coupled with higher repairs and maintenance costs and product wastage, as generators occasionally fail under extended periods of usage,” the company said. Spar…

The FinTech division of JSE-listed retailer Pepkor reported a decline in revenue in the six months to March 31. Pepkor told investors today that its FinTech business reported a 7.8% drop in revenue to R3.7 billion in the first half of the year. The company operates its FinTech division through Flash and Capfin. Pepkor attributed the decline in revenue at its FinTech business to lower revenue recognition at its Flash business. The retailer said revenue from the FinTech segment contributed 9% to total revenue of R40 billion for Pepkor. Pepkor said the Flash business had performed well, increasing profitability by…

Nkwe Platinum hosted a ceremony today to hand over its Social and Labour Plan (SLP) Water Supply Projects to the Sekhukhune District Municipality. The event that marks the completion of Nkwe Platinum Limited’s SLP water supply projects within its mining communities of Garatouw, Maandagshoek, De Kom and Hoepakrantz, which fall under the Makhuduthamaga and the Fetakgomo-Tubatse Local Municipalities. The projects were initiated by Nkwe Platinum Limited to provide access to clean and safe drinking water to communities and livestock surrounding the Zijin Garatau Platinum Mine. A total of 31 boreholes were drilled and/or equipped for the water supply projects across…

Mobile technology has transformed Africa over the past two decades, enabling the continent to leapfrog fixed-lines and join a global digital economy. It has made the internet accessible to nearly everyone, transforming how we live, learn, work, communicate and play. It has become one of the most important economic sectors, catalysing significant job creation and development. For Africa Day 25 May, TCL shares how some facts and numbers about how mobile technology is transforming sub-Saharan Africa.  Mobile penetration is close to 50% Vast distances and underdeveloped infrastructure meant a telephone line was a luxury reserved for the rich in Africa…

The Independent Communications Authority of South Africa (ICASA) has officially opened the lower 6GHz spectrum band for the provision of Wi-Fi services. The spectrum band will benefit wireless internet service providers. The lower 6GHz frequency band refers to the radio frequency range of 5925 – 6425 MHz, as allocated in the National Radio Frequency Plan. “Annexure B of Radio Frequency Spectrum Regulations, 2015, consists of a list of radio apparatus, the use or possession of which does not require a radio frequency spectrum licence,” said ICASA. “The authority has now incorporated the key lower 6 GHz frequency band (from 5…

Eskom has announced that it will implement Stage 4 and 5 load shedding until further notice. This after breakdowns occurred at several of the power utility’s stations overnight. Stage 4 will be implemented between 5am and 4pm while Stage 5 will commence from 4pm to 5am every day. “Over the past 24 hours, a generating unit each at Duvha, Kriel, Majuba, Medupi and Tutuka power stations were returned to service. “In the same period, a generation unit each at Arnot, Camden, and two generating units at Kriel power stations were taken out of service due to breakdowns. Furthermore, the delay…

The Chairperson of the University of Cape Town Council, Babalwa Ngyonyama, has resigned from her position with immediate effect. In a statement on 22 May, Ngyonyama said the decision to resign from her position did not come easily to her, but was taken after “careful consideration and thorough deliberation” and taking into account the current circumstances of her well-being and health. Last year, the UCT Council decided to set up an independent investigation panel to investigate issues of university governance. The panel consists of Judge Lex Mpati (chair), Judge Azhar Cachalia, Dr Bernadette Johnson and Dr Patricia Hanekom. Ngonyama’s resignation…

Balwin Energy, the solar energy business focused on providing photovoltaic (PV) energy solutions at Balwin’s developments, continues with the rollout of photovoltaic (PV) solutions at all active developments. The developer said Balwin Energy generated 3.3 GWh of energy during the year and is already making a contribution to the group’s profitability, albeit not materially at this stage. The continued roll-out of PV solutions remains a key strategic initiative of the group as it supports affordability by reducing residents’ utility costs, while providing annuity income to the group. The remaining early-stage annuity businesses did not contribute materially to the group’s results. While…

Balwin – a specialist, national residential property developer of large-scale, sectional title estates for South Africa’s growing low-to-middle income population – continues to connect its apartments to fibre. The company’s apartments are designed to appeal to a wide range of home buyers, catering for a first-time, young professional, young family, older family, retirees, as well as buy-to-let investors. The company’s apartments include modern fitted kitchens, prepaid water and solar-assisted electricity, eco-friendly fittings and appliances, and fibre-enabled. The developer generates annuity income through subsidiary company Balwin Fibre which provides high-speed fibre connectivity to homeowners within Balwin’s estates. Today, Balwin announced that Balwin Fibre progressed steadily…

The Information Regulator says it will embark on a robust assessment of political parties’ compliance with the Promotion of Access to Information (PAIA) Act 2, 2000. The Regulator said the assessment is part of its programme of action presented in its Annual Performance Plan 2023/2024 to the Justice and Correctional Services Portfolio Committee. This follows the Constitutional Court’s judgement in the My Vote Counts NPC v Minister of Justice and Correctional Services and Another [2018] ZACC 17 case, brought about the amendment of PAIA on 1 April 2021. Information Regulator Chairperson, Advocate Pansy Tlakula, said the PAIA amendment created an…

Dis-Chem Pharmacies has experienced minimal disruption to its business as a result of the power cuts instigated by struggling power utility Eskom. The company attributes this to its early investment in generator capacity. “The group’s strategic early investment in generator capacity has resulted in minimal disruption to our ability to trade but did result in the group’s diesel expense increasing by 65% to R91 million over the corresponding period,” said Saul Saltzman, outgoing CEO of Dis-Chem. The group expects South African consumers to continue to face financial difficulties. “While the group has taken the necessary measures to minimise the operational…

Today, OpenAI announced the official launch of the ChatGPT app for iOS to enable its users to access its popular AI chatbot on the go through smartphones. The ChatGPT app is free to use and syncs your history across devices. It also integrates Whisper, our open-source speech-recognition system, enabling voice input. ChatGPT Plus subscribers get exclusive access to GPT-4’s capabilities, early access to features and faster response times, all on iOS. Discover the versatility of ChatGPT: Instant answers: Get precise information without sifting through ads or multiple results. Tailored advice: Seek guidance on cooking, travel plans, or crafting thoughtful messages. Creative inspiration: Generate…

The International Telecommunication Union (ITU) issued today a worldwide appeal calling to increase the value of pledges for digitalising the world from the current $30 billion to $100 billion by 2026. The appeal by the United Nations specialized agency for information and communication technologies includes a focus on raising the level of resources for universal and meaningful connectivity and digital transformation in the world’s least developed countries (LDCs). The announcement of the target was made on World Telecommunication and Information Society Day, observed annually to mark the signing of the first International Telegraph Convention and ITU’s founding in 1865. “Tech is…

Liquid Dataport, a business of Cassava Technologies, a pan-African technology group, today announced it has launched the first terrestrial fibre connecting Mombasa to Johannesburg. This new route, including a breakthrough and unique fibre link across DRC between Goma and Kananga, provides multiple landlocked countries with extra redundancy, resilience, connectivity to numerous data centres and cloud resources, and, most significantly, an alternative option in the event of a subsea cable outage between Kenya and South Africa. “Cassava Technologies is committed to making digital inclusion a reality on the African continent. This milestone achieved by Liquid Dataport reiterates our commitment to a…