Author: Gugu Lourie

In a recent landmark decision, the Supreme Court of Appeal (SCA) resolved a longstanding dispute between Kenneth Makate and Vodacom regarding compensation for the invention of the Please Call Me (PCM) product. The SCA dismissed an appeal from the Gauteng Division of the High Court, Pretoria, setting aside the previous order and substituting it with a new determination of compensation owed to Makate. The dispute originated from a Constitutional Court order in April 2016, which mandated negotiations between Makate and Vodacom to determine reasonable compensation for the PCM invention. In the event of a deadlock, the CEO of Vodacom was…

Mastercard has paid R3.8 billion to buy a minority stake in MTN’s FinTech business valued at $5.2 billion or R100 billion. Initially revealed on August 14, 2023, the transaction remains pending closure, awaiting customary conditions. This collaboration adds depth to the broader commercial ties between MTN and Mastercard. The aim is to foster technological advancements and infrastructural growth, ultimately driving financial inclusivity throughout Africa. Particularly, this strategic alliance seeks to bolster MTN’s fintech arm, enhancing its payment and remittance services. Looking ahead, MTN remains open to exploring further avenues for value-driven partnerships and investments. Market conditions will influence the trajectory…

The U.K government allocates over £100 million to support regulators and advance research and innovation on AI, including Hubs in healthcare and chemical discovery. This is part of the Department for Science, Innovation and Technology (DSIT) response to the AI Regulation White Paper . It comes as £10 million is announced to prepare and upskill regulators to address the risks and harness the opportunities of this defining technology. The fund will help regulators develop cutting-edge research and practical tools to monitor and address risks and opportunities in their sectors, from telecoms and healthcare to finance and education. For example, this might…

Balwin Properties today informed investors that Ulrich Gschnaidtner has stepped down from his position as the Chief Projects Officer to explore new opportunities in Australia. Gschnaidtner will fulfill his duties until August 30, 2024, the company said. Having joined Balwin in 1997 to oversee project operations, Gschnaidtner has played a pivotal role in the company’s growth over the past 27 years, added the company. The board expresses its gratitude to Ulrich for his significant contributions throughout the years and extends best wishes for his future endeavours. Ulrich held management positions at Spie Batignolles and Bovis Southern Africa before joining Balwin…

Amidst mounting challenges facing South Africa’s mining sector, President Cyril Ramaphosa has underscored the pressing issues gripping the industry. Highlighting the domestic energy crisis and logistical bottlenecks plaguing ports and railways, he emphasised the significant strain on miners’ operational expenses. Moreover, the pervasive threats of illicit mining, cable theft, and infrastructure vandalism compound the challenges, exacerbating the strain on mining output and returns. In response to these formidable obstacles, Ramaphosa has rallied a call to action, urging collective effort and determination to navigate through these turbulent times. As the industry braces itself for the road ahead, collaboration emerges as the…

Canal+ Group from France has increased its ownership in MultiChoice from 31.07% to 35.01%, despite a prior rejected takeover offer. According to section 122(3)(b) of the Companies Act, 71 of 2008, regulation 121(2)(b) of the Companies Regulations, 2011, and paragraph 3.83(b) of the JSE Limited Listings Requirements, MultiChoice shareholders are formally notified of this development. MultiChoice has duly filed notices with the Takeover Regulation Panel (TRP) and the Companies and Intellectual Property Commission, as per sections 122(3)(a) and 122(3A) of the Act, respectively. Moreover, MultiChoice has requested the TRP to adjudicate on the necessity of a mandatory offer to all…

Africa’s pay-TV operator MultiChoice, has firmly rebuffed a non-binding acquisition proposal from Group Canal+ SA (“Canal+”) at a proposed price of R105 per share in cash. Shareholders were informed of this through a cautionary announcement released on SENS on 1 February 2024. The proposal, which arrived after extensive discussions between Canal+ and MultiChoice spanning over a year, was met with deliberation by the MultiChoice board. Despite Canal+’s public assertions regarding the potential advantages of a combined entity, MultiChoice said the board concluded that the offer significantly undervalues MultiChoice and its future prospects. Key points considered by the Board include: Valuation…

In a bold move echoing the authority’s commitment to financial integrity, the Financial Sector Conduct Authority (FSCA) recently wielded its regulatory hammer, imposing a hefty administrative sanction of R400,000 on Theuns Vosloo Financial Advisory Services CC (TVFAS). The penalty, a consequence of non-compliance with critical provisions of the Financial Intelligence Centre Act, No. 38 of 2001 (FIC Act), sends shockwaves through the financial advisory sphere. The FSCA’s investigation uncovered a series of lapses within TVFAS’s operations, highlighting systemic failures to adhere to the stringent requirements mandated by the FIC Act. Among the findings, the FSCA cited TVFAS’s inadequacies in developing…

South Africa is facing a looming retirement crisis, as only 6% of the population is projected to retire comfortably, according to the sixth edition of the 10X Investments Retirement Reality Report 2023/2024, The findings of the 2023 Brand Atlas Survey form the basis of the report. Brand Atlas monitors and assesses the lifestyles of approximately 15.4 million economically active South Africans. These individuals are defined as those residing in households with a monthly income exceeding R6,000, aged 16 or older, and possessing internet access for online survey completion. This year’s survey indicates minimal change in South Africans’ propensity or capacity…

The Minister of Employment and Labour, Thulas Nxesi, has reissued draft regulations for sector-specific targets, granting interested parties a 90-day period to provide feedback on the proposals (reissued regulations focusing on employment equity targets). On Friday, May 12, 2023, the Minister released draft five-year sectoral numerical targets for the identified national economic sectors, providing interested parties with a 30-day window to submit comments. Following the publication and the conclusion of the 30-day comment period, there was significant feedback on the draft numerical targets. In a legal note written by Cliffe Dekker Hofmeyer, the group clarified that on the face of…