Author: Staff Writer

South Africa’s power utility announced today that 15 Free State Municipalities and Mangaung Metropolitan owe R16 billion for services rendered, as at the end of February 2022. Eskom supplies electricity monthly in bulk to the Municipalities and Metropolitan which is re-distributed and consumed. “The Municipalities and Metropolitan receive government grants as well as payment for services rendered from their loyal customers, but these amounts remain unpaid for the consumed energy to Eskom,” the power utility said in a statement. “This behaviour threatens the security of supply to the citizens residing in these supply areas, as Eskom cannot continue to maintain…

Discovery Group launches a travel booking platform to take on Travelstart, a one-stop online travel service. Discovery Bank recently launched Vitality Travel, a fully integrated travel booking service with unprecedented discounts and simplified trip management. The comprehensive travel offering is the world’s first shared-value travel platform which channels behavioural savings into the greatest possible savings on flights, holiday accommodation, car hire and holiday packages. “Vitality Travel further expands the value clients get as they continue to monetise positive health and financial behaviours,” says Hylton Kallner, CEO of Discovery Bank. “The new travel offering combines Discovery Bank’s digital payments and platform…

HackerRank, the developer skills company, announced $60 million or R873 million in Series D funding led by Susquehanna Growth Equity. To date, HackerRank has raised more than $115 million or R1.6 billion in total funding. HackerRank will use the funding to fuel continued growth and accelerate its ability to drive technical hiring for the most in-demand roles and skills at companies across the globe. The funding will also be used to expand the depth of services provided by its global team, invest in technical innovation and partnerships, and scale the team across all departments. “It’s never been more critical to hire the right developer…

The three-year business strategy that 4Sight established in 2020 continues to deliver strong results, with the company reporting a second straight year of double-digit growth in revenue. “The continued commitment from the Board of Directors and the Executive Committee in the execution of our strategy has sustained top-line growth during 2021,” affirms Tertius Zitzke, Group CEO at 4Sight Holdings. 4Sight has achieved a 12.9% year-on-year increase in revenue and 3.6% in gross profit. with basic earnings per share increasing from R1.329 to R1.695 cents per share. A further improvement is a notable increase in debt-to-equity ratio to 36.4% and net…

Liquid Intelligent Technologies, a business of Cassava Technologies, has acquired a fibre pair on the Equiano subsea cable, allowing it to transport traffic up to 12 Terabits, bringing a much-needed increase in international connectivity in Western and Southern Africa. With older sub-sea cables almost at the end of their lifespan, Liquid through the Equiano cable system will address the growing need for Internet capacity supporting cloud services in both coastal and landlocked countries on the continent. The new Equiano subsea cable will link Africa to Europe via the West Coast of Africa when it is ready for service later in…

JSE-listed retailer Mr Price has just launched the period panty – a reuseable, washable panty that does not require the use of tampons and sanitary pads. Mr Price is selling a period panty at R150 and can be used for up to two years and are quite safe to wear. The retailer says the period panty is designed with 4 leak-free and odour-free layers for a more carefree you. How do period panties work? “Period panties absorb fluid and moisture to keep you dry. You don’t need any other sanitary products; no pads, no tampons – just the panty!,” said Mr Price.…

Disney+, the streaming service from The Walt Disney Company, has confirmed launch dates for the 42 countries and 11 new territories set to launch this winter. The streaming service will launch in South Africa on 18 May 2022. South African pricing has also been announced at R119.00 per month, or R1 190.00 for an annual subscription. With exclusive original content and thousands of episodes and movies from Disney, Pixar, Marvel, Star Wars, National Geographic and general entertainment from Star, Disney+ is the streaming home for some of the world’s most beloved stories. Subscribers will have access to Star Wars’ “The…

Huawei’s net profit jumped 76% to $17.8 billion in 2021 despite revenue declines across its business as the company maintained solid operations throughout the past year. However, the company’s revenue was flat at $99.9 billion in 2021. “Despite a revenue decline in 2021, our ability to make a profit and generate cash flows is increasing, and we are more capable of dealing with uncertainty,” Meng Wanzhou, Huawei’s CFO, said. “Thanks to the enhanced profitability of its major businesses, the company’s cash flow from operating activities dramatically increased in 2021, amounting to CNY59.7 billion. Its liability ratio also dropped to 57.8%,…

Tiger Brands Venture Capital Fund has made its first investment in Herbivore Earthfoods, a Cape Town-based business specialising in the manufacture and sale of plant-based and vegan products. Herbivore Earthfoods supplies major retailers across South Africa and sells directly to consumers through its online platform. The investment in Herbivore Earthfoods is closely aligned to Tiger Brands’ health and nutrition strategy. Together with co-investor, Secha Capital, an early-stage impact private equity firm, the Tiger Brands Venture Capital Fund has become a minority shareholder in the business. Herbivore Earthfoods is co-run by Founders, Chanel Grantham and Davey du Plessis, Operations Head. Tiger Brands’…

Nedbank has been approved for a secondary listing on A2X Markets (A2X) and its shares will be available for trade on A2X from 1 April 2022. Nedbank will retain its listing on the Johannesburg Stock Exchange (JSE) and a secondary listing on the Namibian Stock Exchange (NSX). Its issued share capital will be unaffected by its listing on A2X. Nedbank CFO Mike Davis said: “Our listing on A2X complements our existing listings on the JSE and the NSX by giving investors the option to trade on their stock exchange of choice and potentially save costs when trading in Nedbank shares.”…