Author: Gugu Lourie

SA Government plans to implement tax and expenditure measures to support the automotive sector to transition to a low carbon economy. Delivering the Medium Term Budget Policy Statement in Parliament on Wednesday, Minister of Finance Enoch Godongwana said details will be provided in the 2024 Budget Review. “Part of the broader strategy includes collaborating with other African countries to develop battery production capacity on the continent, by pooling the critical-mineral resource base that Africa is endowed with,” the Minister said. He explained that the transition to a low carbon economy should be integrated into a comprehensive green growth strategy and…

Moving banking services closer to where clients conduct their work and business operations will significantly transform the future of banking says Investec, who is actively expanding its banking integrations and Application Programming Interface (API) capabilities through Investec Developer, to achieve this goal. Investec Developer leverages the power of Investec’s digital and technology capabilities to provide private and business clients with a new level of banking access and control. Focused on API banking integration, programmable card accounts and co-creating innovative solutions with the programmable banking developer community. Investec is the only bank in South Africa to have opened its APIs to…

Paratus Group, a pan-African telecom and network services provider, reveals strategic initiatives to achieve its goal of doubling revenue within the next five years. Providing LEO, MEO and GEO services across the continent Completion, in Q4 of 2023, of the new Paratus teleport in South Africa Construction of its second teleport in Luanda, Angola to create a Paratus connectivity hub for the region is due for completion in October 2023. The building of a fifth Data Center (DC) in Angola will be the largest in that country.  Construction will be complete by Q2 of 2024.  The last leg of the…

Woolworths today announced today its intention to buy 93.45% of the shares in privately-owned pet retailer Absolute Pets from Sanlam Private Equity and Absolute Pets management (the Transaction). The remaining management-retained shareholding will be acquired by Woolworths over an agreed period, post the completion of the Transaction. Absolute Pets was established in 2005 and has become one of South Africa’s leading specialist pet care retailer, with over 150 stores nationwide. Woolworths said pet care is an attractive and rapidly-developing market, with substantial growth potential. “It is also an increasingly important category for Woolworths customers, who consider their pets an integral…

South Africans across the country are gripped by the green and gold fever ahead of the 2023 Rugby World Cup final on Saturday, which will pit South Africa’s Springboks against the All Blacks from New Zealand. If the semi-final is anything to go by, the final game promises to be a nail-biting encounter that will keep every fan on the edge of their seat as the teams go head-to-head at 9pm sharp. From schools, companies, and restaurants to social media posts, the Springbok jersey-wearing South Africans are counting down the hours to what will go down in history as one…

Luminous Power Technologies, a subsidiary of Schneider Electric, has partnered with Hudaco Energy to enter the South African market. They are introducing innovative energy solutions, including the first Lithium battery pack, and plan to establish South Africa as a hub for sustainable power solutions, such as residential rooftop solar systems and local electrician training. CEO Preeti Bajaj expressed excitement about the partnership and Luminous’ commitment to delivering reliable energy solutions in South Africa, contributing to the region’s sustainable development and energy transition. The company has launched the first ever Lithium battery pack – LITCORE for the market, manufactured in India.…

In a remarkable display of support for the national rugby team, Checkers Sixty60, South Africa’s premier grocery delivery app, took a bold step today by adorning the city of Paris in the unofficial Springbok colour. This spirited gesture comes on the eve of the highly anticipated 2023 Rugby World Cup final between South Africa and New Zealand, scheduled to take place at the iconic Stade de France in Saint-Denis, this Saturday at 21:00. As the excitement reaches a fever pitch across the nation, Checkers Sixty60 has not just confined its support to the local front but has extended its backing…

South African-founded startup WhereIsMyTransport is ceasing operations, its founder Devin de Vries announced today on Linkedln. “WhereIsMyTransport is at its journey’s end,and what a remarkable experience it has been! Charting a course to enable freedom of movement – at scale in emerging markets – has been a great endeavour and humbling teacher,” De Vries wrote. He added: “Having failed to raise our round, we’ve stopped operations,” wrote De Vries. He thanked the investors who have supported him along the way, saying, “Without you, our work would not have been possible. “Thank you to the team who gave the best of…

JSE-listed Famous Brands disclosed today that it has acquired an interest in an associate, Munch Software to digitise the restaurant management technology ecosystem. The restaurant group, which owns Wimpy, Steers, Debonairs and Fishaways, said Munch Software is a recent entrant in the Point of Sale software industry, offering a modern and agile cloud-based platform. “This new partnership will enable Famous Brands to achieve its ambitions to digitise the restaurant management technology ecosystem and assist the Munch business in reaching critical mass,” Famous Brands informed investors. “The transaction falls below the threshold for categorisation and therefore there is no requirement for an…

The European Commission has unconditionally cleared the acquisition by Farfetch of a 47.5% stake in Yoox Net-A-Porter (YNAP) in exchange for the issuance of Farfetch Class A ordinary shares to Richemont. The European Commission was the last regulatory authority required to provide clearance. The partnership between Farfetch and Richemont also involves: the acquisition by Symphony Global, one of the investment vehicles of Mohamed Alabbar, of a 3.2% stake in YNAP, making YNAP a neutral online platform for the luxury industry; the adoption by YNAP and the Richemont Maisons of FarfetchPlatform Solutions and; the launch of e-concessions on the Farfetch marketplace…