Author: Gugu Lourie
Car sales are a key indicator of the health of the SA economy providing a snapshot of consumer spending and confidence. 2023 was a year fraught with economic uncertainty, power outages and logistical issues like port delays that particularly impacted the new car market. While the used car market continued to show signs of positive results, the scenario was not quite as rosy for the new car market. The number of passenger used cars sold rose by +4.6% year-on-year in 2023, according to AutoTrader used car sales data. Over the year, 367,075 used cars were sold bringing the total value…
The Financial Sector Conduct Authority (FSCA) has issued a stern warning to the public regarding a concerning trend of individuals impersonating Centaur Asset Management Ltd, a reputable financial services provider. These imposters have been operating through a WhatsApp number (+27 67 209 8867), falsely representing themselves as representatives of Centaur, which holds FSP number 647, and engaging in fraudulent financial activities. The FSCA has received reports indicating that individuals purporting to be Mr. Lungelo Ngwane and Mr. Thembinkosi Dlomo, allegedly affiliated with Centaur Asset Management Ltd, have been soliciting deposits from unsuspecting individuals under false pretenses. Centaur has confirmed that…
The Financial Sector Conduct Authority (FSCA) has issued a stern caution to the public regarding a fraudulent scam proliferating on social media platforms, particularly TikTok and Facebook. Individuals posing as representatives of International Capital Markets (Pty) Ltd (IC Markets) are luring unsuspecting victims into their scheme. Recently, the FSCA received distressing reports from a member of the public who fell victim to this deceitful operation on TikTok. The perpetrators promised substantial returns on investments and persuaded the victim to deposit additional funds to supposedly unlock higher returns. Similarly, another victim encountered a fraudulent scheme on Facebook where an individual purported…
Major General Mboiki Obed Ngwenya, the Provincial Head of the Hawks, lauds the diligent efforts of the East London based Serious Commercial Crime Investigation (SCCI) team, in collaboration with East London Crime Intelligence (CI), for their pivotal role in capturing a 52-year-old foreign national. The individual faces charges of Road Accident Fund (RAF) fraud and corruption, stemming from an incident dating back to July 2011. The investigation centers around an alleged hit-and-run at the intersection of Voortrekker Road & Emily Hobhouse Road in Cape Town’s Goodwood area, where a minor was struck by an unidentified vehicle that fled the scene.…
MultiChoice, Africa’s biggest pay-TV operator, has successfully reached a landmark settlement with the Federal Inland Revenue Service (FIRS) in Nigeria. The settlement pertains to the contentious tax assessments raised against MultiChoice Nigeria (MCN) in April 2021 and MultiChoice Africa Holdings BV (MAH) in June 2021, totaling a staggering R705 million. The company informed investors on Thursday that MultiChoice, FIRS, MCN, and MAH have concluded a ‘without prejudice or precedent’ agreement. This agreement marks a pivotal moment in resolving all outstanding matters between the involved parties. Under the terms of the settlement, MCN and MAH have agreed to pay a cumulative…
The Walt Disney Company and Epic Games are teaming up to create an entirely fresh gaming and entertainment universe, extending the enchanting world of beloved Disney tales and adventures. Disney is set to make a $1.5 billion investment to acquire a stake in Epic Games as part of this multiyear venture, pending customary closing procedures, including regulatory clearances. This innovative collaboration will not only deliver an exceptional gaming experience but will also integrate seamlessly with Fortnite. The newly envisioned persistent universe promises a plethora of opportunities for audiences to immerse themselves in playing, watching, shopping, and interacting with content, characters,…
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…