Author: Staff Writer
The construction industry hasn’t changed in centuries and is ultimately still laying bricks and building buildings. Construction giant Stefanutti Stocks has not only been able to transform the face of their IT department as an early adopter of the cloud but has also managed to face work from home disruptions without missing a beat with the migration of their VMware cloud environment from Europe to South Africa. Stefanutti Stocks is a major listed player in the South African and Sub-Saharan African construction market. It employs 7,500 people and earns billions in annual revenue with projects running from Cape Town to…
The new Samsung Galaxy device is available for purchase through Telkom’s online channel and in stores across the country on FreeME Plans from 10 July 2021. Qualifying customers for the deal include; new and existing Telkom Mobile and Business subscribers as well as Prepaid and Post-paid subscribers. The Samsung Galaxy A22 offers exceptional value for money as the successor to the Galaxy A21. First off, it features an immersive display and versatile camera which are bound to catch the eye. This world-class smartphone also gives users the opportunity to experience next-generation performance, demonstrating Samsung’s commitment to providing accessible devices without…
Vantage Capital, Africa’s largest mezzanine fund manager, announced today the successful first close on its fourth mezzanine fund. With $207 million or R2.9 billion of commitments from European and US-based commercial investors as well as development finance institutions (DFIs), including IFC, CDC Group and SIFEM, Vantage Mezzanine Fund IV is on track to reach its target total fund size of $350 million. The fund will provide mid-sized African businesses with flexible capital that will enhance job creation and facilitate much-needed economic opportunities and growth – especially necessary for post-Covid-19 recovery. “Vantage is proud of the continued support received from its…
There is no doubt that South Africa currently faces a massive power challenge, with load shedding a disruptive reality that all but a few off-grid citizens have to deal with. At the same time, it’s growing increasingly clear that the country needs to drastically reduce its carbon emissions. According to The Global Carbon Atlas, South Africa is the 12th biggest emitter of greenhouse gases on the planet and the biggest in Africa. There is a strong and urgent need to accelerate the growth of renewable energy across the region to ensure sufficient, affordable, reliable energy supply for individuals, businesses, and…
The European antitrust authorities announced Thursday it has fined Daimler, BMW and VW nearly $1 billion or R14 billion for colluding on technical development in the area of nitrogen oxide cleaning. The European Commission said in a statement it has imposed a fine of € 875 189 000. Daimler was not fined, as it revealed the existence of the cartel to the Commission. All parties acknowledged their involvement in the cartel and agreed to settle the case. “The five-car manufacturers Daimler, BMW, Volkswagen, Audi and Porsche possessed the technology to reduce harmful emissions beyond what was legally required under EU…
The Nigerian Federal Inland Revenue Service (FIRS) has engaged some commercial banks as agents to freeze and recover N1.8 trillion or R63 billion from accounts of MultiChoice Nigeria Limited And MultiChoice Africa. The companies are owned by South African-based MultiChoice Group. The Nigerian Premium Times reported that the FIRS explained that the decision to appoint the banks as agents and to freeze the accounts was as a result of the groups’ continued refusal to grant FIRS access to their servers for audit. The publication said FIRS further noted that the level of non-compliance by Multi-Choice Africa (MCA), the parent Company…
Lexus has eclipsed the major milestone of two million global sales of electrified vehicles at the end of the first quarter of 2021. The company said this reflects its commitment to the reduction of CO2 emissions across a significant number of luxury segments and a clear indication that like sister-brand Toyota, Lexus is firmly on the path to carbon-neutrality. This commitment will continue with confirmation that Lexus International will reveal the first Lexus plug-in hybrid electric vehicle (PHEV) in 2021, and the first Lexus battery electric vehicle (BEV) on a dedicated platform in 2022. By 2025, Lexus International will debut…
We have received several queries from readers on what are the criteria for eligibility to access a R150 million set aside by the Mineworkers Investment Company to invest in black-owned innovative, high growth businesses in South Africa. We have generated from MIC Khulisani Ventures, a R150 million early-stage investment vehicle, website a quick overview highlighting the eligibility criteria. MIC Khulisani Ventures will be investing in businesses that are established, and ready to expand their market footprint through business development, increased team capacity and continued development of products and services. For more read: Mineworkers Investment Company Sets Aside R150 Million To Invest…
Founders Factory Africa (FFA), a venture development company based in Johannesburg, South Africa, has announced a move to fund three new pan-African startups. The Covid-19 pandemic has had wide-reaching health and economic impact across Africa and FFA has identified a more urgent need to empower individuals and communities by transforming the start-up economy across the continent. Working with its corporate investors Standard Bank Group and Netcare, FFA announced that they will be welcoming Wazi (Kenya), Asaak (Uganda), and Revix (South Africa) to join their portfolio of more than 25 companies. All three startups have developed product offerings targeted at the…
Mineworkers Investment Company (MIC) today announced the launch of MIC Khulisani Ventures, a R150 million early-stage investment vehicle targeting black-owned innovative, high growth businesses in South Africa. MIC Khulisani Ventures will invest in promising high-growth potential companies across all sectors, with the exception of primary agriculture and primary extractive industries. The focus is innovation, namely innovative products or services that disrupt traditional markets, improve efficiencies or respond creatively to existing problems in South Africa. “We are thrilled to be introducing a unique offering to a broad-set of black-owned innovative ventures with exponential growth potential,” MIC CEO, Mary Bomela said. “MIC…
Cape Town-based data collaboration startup that specialises in secure data sharing for businesses Omnisient has secured $1.4 million or R20 million in funding for global expansion. Omnisient has created secure data exchange platform that ensures companies can protect personal information and intellectual property while sharing data internally or externally. Since its launch, the platform has gained major traction amongst SA businesses, including leading banks, insurers and retailers. The startup said the R20 million investment will be used to expand its team, accelerate product development, and drive international expansion. “We have brought in visionary international investors – Technova, Grand Bay Ventures, Tahseen Consulting,…
In an effort to make sure leading South African registered international cycling Team Qhubeka NextHash are protected during the upcoming Tour de France and beyond, Biodx has signed a partnership agreement to supply the team with disinfectants for hands, surfaces and spaces (vehicles, hotel rooms..) based on its active ingredient b bioactive. As one of the world’s top 20 ranked pro cycling teams the demand to meet their fans as well as the media and guests on the Tour de France means a lot of personal interaction. With proven 99.987% efficacy against SARS-CoV-2, b bioactive is a South African biotechnology…
At the end of a very long, very expensive five years of testing and following a rigorous, strict application process, Biodx has finally achieved EU registration for their b bioactive (DECONT-X) disinfectant technology. Biodx is on a journey to reduce society’s dependence on synthetic chemicals. “It’s been a daunting road but one where the end was only possible with the help of a dedicated team, whose assistance made this dream a reality,” says Burt Rodrigues, proud CEO of Biodx. Rodrigues added that Dr Mark Kelly, Biodx’s Chief Scientist who has been with me every step of the way, scientist Dr…
Huawei RuralStar Pro Solution was named the winner of the Global Mobile (GLOMO) Award for ‘For Best Mobile Innovation for Emerging Markets’, presented Wednesday at MWC Barcelona 2021. The GLOMOs showcase and celebrate the latest and best mobile and digital products, apps, devices, services, and initiatives to the world. They are the connectivity industry’s most prestigious accolade, judged by the sector’s most prominent subject matter experts. The award confirms that Huawei’s contribution to the digital lives of those in emerging markets is highly recognized by the industry. The judges agreed: “A great example of how different technologies are combined and…
Huawei today announced it has reached a license agreement with a supplier of Volkswagen Group (Volkswagen). The agreement includes a license under Huawei’s 4G standard-essential patents (SEPs), which covers Volkswagen vehicles equipped with wireless connectivity. This agreement marks Huawei’s largest licensing deal in the automotive industry. Song Liuping, Chief Legal Officer of Huawei, says: “As an innovative company, we own a leading patent portfolio for wireless technologies, which creates great value for the automotive industry. We are pleased that key players from the automotive industry recognize that value. We believe this license will benefit worldwide consumers with our advanced…
The South African Police Services (SAPS) are exploring the deployment of drones to fight crime in the City of Johannesburg. The Johannesburg Forum on Integrated Risk Management (FIRM), which came into existence in February 2019, is working on a proof of concept with the SAPS, which could see unmanned aerial vehicles providing all-round support to ground troops in patrolling the city of Johannesburg and stay on the lookout for potential criminal activities. “We did a proof of Concept with the SAPS, to show them how drone patrols in the city of Johannesburg can add value to reducing crime and attacks…
Claudio Oliveira, owner of the Bitcoin Bank in Brazil and known as the ‘King of Bitcoin,’ was arrested yesterday for his alleged participation in a fraud scheme involving $300 million or R4.3 billion. Bitcoin.com reported that Oliveira, who owned the Bitcoin Bank, reported a crypto hack on his company back in 2019. But according to police investigations, this was a staged crime to cover the withdrawal of these cryptocurrencies. Brazilian police also seized eight luxury cars and jewels. Operation Daemon, which cracked down on the Bank scheme, resulted in the arrest of four more individuals. The police searched 22 locations in one of the…
The United States’ (US) Internal Revenue Service Criminal Investigation Division (IRS-CI) and the South African Revenue Service (SARS) enforcement division are joining forces to fight tax and economic crimes affecting the two countries. The two agencies on Tuesday said they are working together to identify, investigate and bring to justice criminals with a nexus to both countries. “Some of the crimes under investigation include international public corruption, cyber fraud, and money laundering. The newly formed partnership has already uncovered emerging schemes perpetrated by promoters, professional enablers, and financial institutions. “The global fight against financial crimes is not one that can…
NEDBANK’Ssuper app Avo, launched during the national lockdown height, is now reaching more than 250 000 South African users and thousands of businesses. Nedbank first launched the Avo ‘super app’ in June 2020, offering customers and broader South African consumers access to online shopping, essential services, and financial products. The Avo Super App is a combined marketplace app that integrates a bunch of shopping options into one app. This includes the ability to order essential goods and food with OneCart, home entertainment shopping, and access to home service providers. However, as the nation was already in hard lockdown, the platform had to…
Mastercard has launched a Priceless Cause that enables consumers to be a force for good, make a difference, and give back to those who need it most amidst the pandemic. Each time a Mastercard cardholder “Taps to Pay” with their Mastercard contactless card or “Scans to Pay” with their Masterpass app or any other Masterpass-enabled Scan to Pay banking app when they pay at the till point at any Shoprite, USave or Checkers stores, Mastercard will donate to Gift of the Givers Foundation. The initiative, which runs until 15 August 2021, gives South Africans the opportunity to support humanitarian relief efforts…
Bentley is expanding its offering of electrified cars by introducing the Flying Spur Hybrid, a plug-in hybrid version of its luxury saloon. The introduction of the Flying Spur Hybrid establishes a family of Bentley hybrids for the first time, emphasising Bentley’s commitment to its Beyond100 strategy to become an end-to-end carbon neutral organisation and the world’s leading sustainable luxury mobility company. The new Flying Spur becomes the most efficient Bentley ever having the capability to cover over 700 km when fully fuelled. With high power reserves, superior torque and quick throttle response the latest hybrid model gives little away to…
The Gauteng Department of Treasury negligently paid Microsoft $20 million or R287 million instead of R20 million, the Democratic Alliance said on Tuesday. In a statement on Tuesday, the DA’s Gauteng shadow MEC for finance and e-government, Adriana Randall, said the Gauteng Department of Treasury has lost R6.8 million of taxpayers’ money, which could have bought the country 48 000 Johnson and Johnson vaccines and protected many innocent lives from COVID-19. “Provincial Treasury erroneously processed an amount of $20 913 793.81 instead of the rand value of R20 913 793.81 as per e-Government payment advice, for the cost of Microsoft…
Roblox announced today a partnership with Sony Music Entertainment to work together to develop innovative music experiences for the community of the video game platform. The partnership will also offer a range of new commercial opportunities for Sony Music artists to reach new audiences and generate new revenue streams around virtual entertainment. The agreement builds on an existing relationship between the two companies that includes previous collaborations such as Lil Nas X’s hit virtual performance on Roblox in November 2020 and more recently the Zara Larsson Launch Party on Roblox in May 2021. Over 36 million people watched Lil Nas X…
EOH Holdings is on the verge of being blacklisted from doing business with the government as punishment for a tender fraud scandal that surfaced three years ago and ensnared the IT company in the state capture project, Business Day has learnt. Business Day newspaper reported this on Tuesday, saying EOH has approached the State IT Agency (SITA) “in mitigation of sentence for its past misconduct”. Herewith a full response from EOH: Overview When the corruption scandal broke early in February 2019, the new leadership of EOH approached its customers, partners, Business Leadership South Africa (BLSA), Department of National Treasury (DNT)…
FinTech player Zeepay has secured R112 million or $7.9 million in funding from Verdant Capital, a specialist investment bank and investment manager operating on a pan-African basis. Zeepay is a pioneer of digital remittances from the diaspora to mobile wallets, bank accounts and visa cards across 20 markets in Africa, where it either operates a mobile money business or has approved partnerships. The business is successfully transitioning into integrated omnichannel digital payments and value-added financial services provider operating across the continent. Verdant Capital positioned Zeepay’s $7.9 million equity and debt raise as Series A.0. Zeepay, prior to the fundraise, had…