Author: Gugu Lourie

Capitec Bank is taking decisive steps to address the persistent issue of long queues at its ATMs. Capitec clients continue to favour cash transactions despite the availability of electronic alternatives. This preference for paper money has led to frequent social media jibes about Capitec’s loyal patrons enduring lengthy waits. Clients choose Capitec ATMs over those of other banks even if it means standing in line for a longer time. Capitec’s retail bank active clients grew to 22 million versus 19.9 million in 2023, 11.2 million of whom use the banking app compared to 9.4 million in 2023. As Capitec’s customer base expands,…

Discovery Bank today introduced its new Home Loan product, offering clients competitive, personalised interest rates based on their individual risk profiles. Leveraging its established Shared-value Banking model, clients can reduce their interest rate by up to 1% by effectively managing their finances with Vitality Money and securing their home loan and property with Discovery’s insurance products. Discovery Bank clients can secure a market-related rate upfront and further reduce their interest repayments over time by managing their finances wisely, resulting in long-term savings. This shared-value approach could enable the current Discovery Bank client base to save up to R2.8 billion in…

Elon Musk’s AI startup, xAI, announced today that it has secured $6 billion in a new funding round. This significant investment, one of the largest in the rapidly growing AI sector, aims to bolster xAI’s competitive stance against rivals like OpenAI, Microsoft, and Google. The Series B funding round attracted support from prominent investors including Valor Equity Partners, Vy Capital, Andreessen Horowitz, Sequoia Capital, Fidelity, Prince Alwaleed Bin Talal, and Kingdom Holding, as noted in the startup’s blog post. xAI has made significant strides over the past year. From the announcement of the company in July 2023, to the release…

The Federal Communications Commission (FCC) has proposed a $6 million fine against Steve Kramer, who has confessed to orchestrating the fake call sent to thousands of people in New Hampshire on the eve of the state’s January primary. Kramer used used voice-cloning tech to impersonate President Biden in a series of illegal robocalls. According to NPR, Kramer has also been indicted on criminal charges in four New Hampshire counties, including 13 counts of voter suppression, a felony, and 13 counts of impersonating a candidate, a misdemeanour. In a statement, the FCC proposed a substantial fine for apparently illegal robocalls made using deepfake, AI-generated voice…

Tech giant Google has revealed plans to construct a new fibre optic cable called Umoja, aimed at enhancing internet connectivity by linking Africa to Australia. The ambitious project underscores Google’s commitment to bolstering digital infrastructure across the African continent. This is the first ever fibre optic route to directly connect Africa with Australia. Anchored in Kenya, the Umoja cable route will pass through Uganda, Rwanda, Democratic Republic of the Congo, Zambia, Zimbabwe, and South Africa, including the Google Cloud region, before crossing the Indian Ocean to Australia. Umoja’s terrestrial path was built in collaboration with Liquid Technologies to form a highly…

Kagiso Trust is set to broaden the reach of its highly successful coding and robotics pilot programme, extending its benefits to more schools across the Free State Province. Following the positive outcomes and enthusiastic reception of the initial pilot, Kagiso Trust aims to empower a larger number of students with essential digital skills, fostering innovation and enhancing educational outcomes in the region. This expansion represents a significant step forward in equipping young learners with the tools they need to thrive in an increasingly technology-driven world. On April 11, 2024, a graduation awards ceremony celebrated the success of a pilot programme…

For years, Africa has been the dumping ground for inferior used cars from abroad. South Africa outlaws the importation of used vehicles. But each year around 30,000 illegal used car imports (often referred to as ‘grey imports’) leak into South Africa, coming from countries that import second-hand vehicles like SA’s landlocked neighbours Botswana, Lesotho and Eswatini (Swaziland), revealed Gary Scott: CEO of KIA South Africa. He was speaking at the AutoTrader Dealer Convention in April, where key industry players discussed illegal used car imports and their impact on South Africa. By circumventing official channels, these illegal used car imports evade taxes…

Driving through the streets of Johannesburg, the Volvo EX30 consistently impressed during a test drive. Quick Verdict The EX30 offers a delightful driving experience, and its minimalist interior exudes refinement and uniqueness. Reasonably priced, the EX30 comes with a comprehensive array of standard safety features and equipment, making it a compelling choice. With impressive performance and a competitive electric driving range, this battery-powered Volvo model truly stands out. Tailored for the modern urban lifestyle, the EX30 is a compact luxury car that ticks all the boxes. The Volvo EX30 – a discreet yet thrilling hot hatch alternative – caters to those who…

Used car sales grew 7% year-on-year in April 2024 with total sales amounting to R11.7 billion. While this looks to indicate a market that might be slowly recovering, the fewer public holidays in April this year does not perhaps reflect an accurate comparison. In the used car market, Volkswagen retained its second spot behind Toyota despite losing that position to Suzuki in the new vehicle market. Toyota led sales with 4,929 units ahead of Volkswagen’s sales of 3,903, and Ford sales of 2,943. Though still some way behind VW, Suzuki gained two positions in April, moving from ninth position to…

Curiosity often surrounds the compensation packages of top executives, particularly in publicly traded companies. In this context, Balwin Properties, a prominent player listed on the Johannesburg Stock Exchange (JSE), is no exception. At the helm of this successful property group is Steve Brookes, the company’s CEO and founder. Understanding the financial remuneration of such a key figure can provide valuable insights into the company’s priorities and financial health. So, just how much is Balwin Properties paying Brookes? Today, the company published its 2024 annual report that disclosed the salaries of the company’s executives. The company revealed that Brrokes was paid…