Author: Gugu Lourie

South African retail giant TFG is making waves with its e-commerce platform, Bash, which is currently firing on all cylinders. As the digital marketplace continues to evolve, TFG’s robust online presence through Bash is setting new standards in the retail industry for the the retailer. With seamless user experience, a wide range of products, and innovative features, Bash is driving significant growth and customer satisfaction for TFG, positioning the company at the forefront of the e-commerce sector in South Africa. Bash was launched in February 2023 by TFG. For more read: TFG’s New Bash App Tops Download Charts After Official…

The Tyme Group boasts a combined customer base of 12.4 million in South Africa and the Philippines, comprising 9.2 million TymeBank customers and 3.2 million GoTymeBank customers. The group consistently onboards around 450,000 new customers monthly, with 250,000 joining GoTymeBank  in the  Philippines,and 200,000 opting for TymeBank in South Africa. Tyme’s annualised gross revenue run rate stands at $175 million, with an annualised net operating income tracking at $110 million. The combined deposit base amounts to $600 million, complemented by a $165 million lending portfolio. TymeBank anticipates achieving sustained profitability by June 2024, having broken even in December 2023, which…

MultiChoice Group on Thursday issued a warning about escalating full-year losses, citing an increasingly challenging trading environment. The company in a trading statement highlighted the intensifying difficulties it faces as it navigates these tough economic conditions. Although the group’s full year 2024 financial performance has been negatively impacted by an adverse and volatile economic environment, management has responded with tactical interventions by focusing on cost optimisation and cash management, including reduced decoder subsidies, which continued to yield positive economic outcomes, the company said. MultiChoice announced that trading profit is expected to decline by 19% to 23% compared to the 2023…

MultiChoice Chief Executive Officer Calvo Mawela and Chief Financial Officer Tim Jacobs will be entitled to receive a cash retention bonus upon the successful implementation of the Canal+ mandatory offer to buy Africa’s largest pay-TV operator. In the Combined Circular published by Canal+ and MultiChoice, it was disclosed that there are no material provisions of an abnormal nature in respect of directors’ service contracts which require disclosure. Furthermore, there are no service contracts in respect of MultiChoice directors that have been concluded or amended during the six-month period prior to the date of the Joint Announcement. “In order to support…

Today, FinTech group Capital Appreciation announced strong business performance despite weak business confidence, continuing to attract new customers and grow market share in a lacklustre economy by evolving its revenue mix with new products and services across more sectors and regions, thereby creating significant future growth opportunities. The group grew gross revenues by 19% to R1.2 billion and EBITDA by 53% to R252.8 million. The financial results benefited from improved operational performance, higher finance income, a significantly reduced expected credit loss raised for GovChat and the first-time contribution of the Dariel Group (acquired July 2023). EPS and HEPS increased by…

The best-selling BMW 1 Series has undergone an extensive mid-life refresh, with significant visual and mechanical updates. These changes are so substantial that BMW is calling it the fourth-generation 1 Series. Featuring a dynamic design, a completely revised drive portfolio, and extensively enhanced chassis technology, the new BMW 1 Series stands out as the sportiest vehicle in its class. Highly efficient engines equipped with 48-volt mild hybrid technology, alongside a resource-conserving production process that prioritises material recycling, optimise sustainability throughout the entire product life cycle. Its progressive nature is further showcased by a redesigned interior, an expanded range of automated…

The independent board of JSE-listed MultiChoice has advised shareholders to consider accepting a takeover bid from Canal+, a French media conglomerate. Despite this endorsement, both entities face substantial regulatory obstacles before the deal can be finalised. Canal+ and MultiChoice issued today a Combined Circular to MultiChoice Shareholders regarding the mandatory offer by Canal+ to acquire the MultiChoice shares it does not own for a consideration of R125.00 per share. The board, in a collaborative statement, has deemed the offer price of R125 per share as equitable and advisable, urging shareholders to accept it once the conditions are met. However, the…

Luxury car manufacturer JLR is today announcing significant progress in upskilling its workforce for electrification. More than 20,000 JLR colleagues and partners have been trained in electrification and digital skills as part of JLR’s Future Skills Programme. The UK’s largest luxury car manufacturer has trained: More than 2,400 manufacturing employees in its UK production facilities with EV skills More than 95 per cent, or 10,000, of JLR’s retail partner technicians, ensuring workshops are prepared to service JLR’s next generation luxury electric vehicles Nearly 3,000 engineers trained in electrification Around 2,500 in data and digital And more than 4,200 JLR and…

U.S. Representative Elissa Slotkin has unveiled the Connected Vehicle National Security Review Act, a piece of legislation aimed at bolstering national security in the automotive sector. This new bill proposes the establishment of a formal review process for connected vehicles manufactured by Chinese EV makers or other nations deemed of concern. Under the legislation, the Department of Commerce would be empowered to restrict or prohibit the entry of such vehicles into the U.S. market if they are found to pose a potential threat to national security. “Today’s vehicles are more sophisticated than ever, carrying cameras, radars and other sophisticated sensors,…

In a move to address the growing demand for skilled technology professionals in South Africa, Regenesys Business School has launched the School of Technology. This initiative is driven by the urgent need to bridge the existing skills gap in the tech industry, fostering innovation and supporting economic growth. According to Nicolaas Kruger (NK), CEO of Regenesys School of Technology, the establishment of the school aligns with Regenesys’ vision to transform lives by awakening potential and nurturing a new generation of holistically developed technology leaders. See below the Questions and Answers for an interview with NK conducted by TechFinancials: What motivated…