Author: Gugu Lourie

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…

In a significant milestone for telecommunications giant Vodacom Group, which includes Safaricom among its key subsidiaries, the company has achieved a historic milestone by surpassing 200 million customers. This remarkable feat, as announced by CEO Shameel Joosub, marks a doubling of its customer base since 2018 when it reached the notable 100 million mark. In this article, we delve into the factors driving Vodacom’s expansive growth and the implications of this achievement in the dynamic landscape of global telecommunications. “As a purpose-led company, the transformational impact we have on our customers and the economies in countries where we operate provides…

Telkom has introduced its February 2024 Big Deal, ensuring seamless surfing, streaming, and connectivity even into the late hours. Telkom’s exclusive NIGHTTIME data doesn’t stop until 7AM, ensuring you have data to binge-watch your favourite shows, catch up with friends, or work on those late-night projects without any worries. The LTE Data Plan offers 80GB data a month. The deal includes the following: 40GB Anytime data 40GB Night Surfer data A R99 Once-Off SIM and Connection fee Customer has an option to add a router for additional fee on the February big deal All the allocated Inclusive data are available…