Author: Gugu Lourie
The Bidvest Group announced today that the disposal process for Bidvest Bank and FinGlobal is officially underway, with management aiming to identify suitable acquirers by the end of the 2024 calendar year. The Johannesburg Stock Exchange-listed industrial conglomerate emphasised that any transaction will be subject to the necessary regulatory approvals. Established 30 years ago, Bidvest operates across seven divisions in South Africa, the UK, Spain, Ireland, and Australia, covering a diverse range of sectors including services, freight, consumer and commercial products, financial services, and automotive retailing. In July, the Bidvest Group board has approved the process to dispose of Bidvest…
Loadshedding remains suspended, with Eskom delivering 156 consecutive days of uninterrupted power supply since 26 March 2024. Eskom has maintained a constant electricity supply throughout the 122-day winter period, and no loadshedding has been implemented since the start of its current financial year on 1 April 2024. Eskom announced on Monday 26 August its outlook for the summer period, 1 September 2024 to 31 March 2025, that detailed a likely scenario of a loadshedding-free summer outlook due to structural generation improvements. Further details can be found here: Summer Outlook and business operations update. Eskom maintained an average Energy Availability Factor…
Earlier this year, Vumacam, a South African surveillance service provider, announced its partnership with the Gauteng Provincial Government (GPG). Through this collaboration, the GPG gains access to Vumacam’s extensive camera network and advanced crime-fighting technologies. But is this partnership delivering results? According to a statement from Vumacam today, the GPG has seen notable success in crime prevention efforts during the week of August 12-18. During this period, 15 vehicles were impounded, 22 suspicious vehicles were intercepted, and eight arrests were made across various areas of the province. Among the significant incidents were the interception of vehicles linked to serious crimes…
MTN Group today announced the appointment of four non-executive directors to the Boards of its MTN Group Fintech and Bayobab businesses. Herman Bosman will take on the role of independent Chairman of MTN Group Fintech, with Nicky Newton-King and Nosipho Molope joining the board as new independent non-executive directors. Jens Schulte-Bockum has been appointed non-executive Chairman of Bayobab. “Building leading fintech and digital infrastructure platforms in Africa is a key part of our Ambition 2025 strategy. These appointments are aligned with our goal to accelerate growth, complete structural separations, and bring valuable strategic partners into the shareholder bases of these…
As the end of the year approaches, bringing the festive season and the long-awaited vacation that many South Africans work hard for, it’s crucial to remain cautious. While this period is marked by good cheer and heightened shopping activity, it also attracts scammers eager to exploit the busy season. Recently, many South Africans have reported increased attempts at banking scams to a popular Johannesburg radio station, with scammers becoming increasingly aggressive and convincing. “This is not uncommon,” warns Roy Retief, Head of Operations at the Southern African Fraud Prevention Service (SAFPS). Scammers generally tend to be more active during periods…
Earlier this year, Daimler Truck Southern Africa announced plans to launch a comprehensive range of battery-electric trucks, including models from the eCanter to the eActros. The eCanter, a four-ton vehicle, was trialed by national logistics provider City Logistics to assess its suitability as an intra-city transport option. City Logistics deployed the eCanter from its Gosforth Park depot in Germiston, Johannesburg, testing it on an 80 km round trip to a key customer in Midrand each day. “We wanted to test the claimed range, as well as the speed to recharge,” said Ryan Gaines, CEO of City Logistics. The eCanter, with…
Grindrod, a JSE-listed freight logistics company, has announced the appointment of Raymond Ndlovu and Andile Khumalo as independent non-executive directors. This strategic move brings seasoned expertise to the board, enhancing the company’s leadership as it navigates the complexities of the global logistics sector. Ndlovu and Khumalo’s extensive experience in finance and business will be instrumental in driving Grindrod’s growth and reinforcing its position in the industry. Ndlovu, who previously served on Grindrod’s board as an alternate director, brings a wealth of leadership experience to his new role as an independent non-executive director. Currently the Executive Chair of Serendipity Ventures and…
In its ongoing pursuit of global dominance, X is now challenging video meeting giants like Google Meet, Zoom, and Microsoft Teams with its own video conferencing tool, as reported by TechCrunch. According to a post on X by company employee Chris Park, the company recently conducted its first internal conference using the new tool, receiving mostly positive feedback from participants. Some suggestions for improvement included enhancing notifications when participants leave or join meetings and adding the ability to pin main speakers. First ever 𝕏 Conference meeting with some of my great @X and @XDevelopers teammates. Already a really strong alternative…
South Africa’s Constitutional Court will hear an application from Vodacom Group seeking leave to appeal a ruling that requires the company to pay billions of rands in compensation to a former employee for an idea he proposed over two decades ago. The court issued a directive to hear Vodacom’s application to challenge the ruling in the “Please Call Me” case, where Kenneth Makate is entitled to compensation estimated between R29 billion and R63 billion. Vodacom confirmed in a statement on Tuesday that the Constitutional Court will consider both the application for leave to appeal and the appeal against the Supreme…
Phuthuma Nathi, the broad-based black economic empowerment arm of pay-TV operator MultiChoice, will distribute over R1.4 billion in dividends to its black investors for the 2024 financial year. As a result, over 75,000 black shareholders from various backgrounds—ranging from domestic helpers and gardeners to professionals, stokvels, and small businesses—will receive R20.37 per share (R16.30 after dividend tax) during the first week of September. “This share scheme is a testament to MultiChoice’s dedication to support participation, inclusivity and diversity in South Africa’s economy,” said Phuthuma Nathi chair, Mandla Langa. “Since 2006, Phuthuma Nathi has received R19.1 billion in dividends from MultiChoice,…