Author: Staff Writer
Rand Merchant Bank (RMB) is now operating from a New York based representative office, to facilitate greater US business flows into the African continent. RMB’s parent, FirstRand Bank, has received all necessary approvals from the United States Federal Reserve Board and New York State Department of Financial Services. RMB CEO Emrie Brown said that foreign investors are increasingly turning to Africa, with its vast natural resources, extensive markets, young population, and excellent technological prospects. The African Continental Free Trade Area agreement will also ease access into Africa, stimulate intra-regional trade and boost growth. Said Brown: “The new office will link…
At the lavish annual ‘World’s Best’ International Property Awards ceremony held at the iconic Savoy Hotel in London on 2 February, Waterfall Management Company was awarded Best International Mixed-use Development 2022-2023 for Waterfall City. This is the fifth time in six years that Waterfall City has beaten formidable competitors to claim the top spot. This year’s nominees included mixed-use developments in Cyprus, Brazil, Qatar and Hong Kong. Entries were judged based on criteria ranging from design layout and quality, architecture, services and security, to innovation, originality, marketing and commitment to sustainability. Over and above scooping this prestigious international accolade, Waterfall…
Vantage Capital, Africa’s largest mezzanine fund manager, announced today the successful final close on its fourth mezzanine fund. A total of $377 million or R6.6 billion of commitments has been secured from a mix of European and US-based commercial investors, as well as a host of development finance institutions (DFIs) that include IFC, BII, SIFEM, DEG, Norfund, Swedfund, Finnfund and EIB. As with its predecessor funds, Vantage will continue to provide mid-sized African businesses with flexible capital to drive business expansion and support job creation. In particular, mezzanine debt is well-suited to robust sectors with strong growth dynamics, including telecoms,…
South Africa’s fast-growing wills and estates administrator Capital Legacy and Sanlam announced today that they are joining forces by creating a compelling wills, estates and trusts business together. The transaction is subject to regulatory approval. The deal will see Sanlam Life Insurance (Sanlam Life) sell its trust business, Sanlam Trust, to Capital Legacy and Sanlam Life acquiring a 26% interest in the enlarged Capital Legacy Group that includes the Sanlam Trust business following completion of the transaction. Capital Legacy intends acquiring full ownership and control of Sanlam Trust for an amount of R390 million. Sanlam Trust will continue to operate…
Liquid Intelligent Technologies, a business of Cassava Technologies, a pan-African technology group, today announced that it has partnered with Nokia. Through this partnership, Liquid deployed Nokia’s innovative transport network technology in the new terrestrial fibre route connecting Mombasa (Kenya) to Johannesburg (South Africa). This announcement comes in light of the imminent launch of the new terrestrial data superhighway built by Liquid, connecting Kenya and South Africa. The technology used has allowed Liquid to build its first terrestrial route that will provide 12 terabits of capacity for carriers and service providers in South Africa, Kenya, Uganda, Rwanda, Zambia, Zimbabwe, and the…
Life for the modern woman comes with a routine for every facet of her beauty. A routine for skincare, hair, nail and grooming, and another one for makeup and lip care. All these are necessary regimens in the pursuit of healthy skin and beauty but, there is another important drill that beauty enthusiasts should follow: skin repair while we sleep. “Sleep is an absolute essential for the wellness of skin,” says Edwin Kodinye, Head: Beauty Categories at Avon Justine. “During rest, the skin rejuvenates itself with several important changes: skin cells are actively growing; while both Cortisol, the hormone that…
Mediclinic Southern Africa is taking a bet on precision medicine with the acquisition of an 80% shareholding in Artisan Biomed, a subsidiary of the Centre for Proteomic & Genomic Research (CPGR) which owns the remaining 20%. “This acquisition of Artisan Biomed launches Mediclinic Precise, a bundle of DNA-based diagnostic and clinical interpretation services offering a new approach to healthcare, based on an individual’s genetic profile to customise their wellness, disease prevention and health management plan,” said Greg van Wyk, Chief Executive Officer of Mediclinic Southern Africa. Artisan Biomed was launched through the CPGR’s accelerator programme to stimulate the creation of…
Lulalend, South Africa-based digital lender catering to underserved small and medium-sized enterprises (SMEs), has finalised a $35 million or R600 million Series B funding round. The online funder will use the capital to scale its business and address South Africa’s enduring SME credit gap, which is estimated to be more than $20 billion per year, according to the International Finance Corporation. “We are excited to utilise these funds to grow and evolve our products so we can better serve the needs of South Africa’s SMEs,” Trevor Gosling, co-founder and CEO of Lulalend, says. “We hope that our impact on this…
The HUAWEI Mate50 Pro is that it is now available for purchase in selected South African retail stores, and from the HUAWEI online store. It comes in two different types of rear cover, glass and vegan leather. The glass cover is available in two colours, Silver and Black, while the vegan leather version comes in Orange. The HUAWEI Mate50 Pro is available in South Africa from all network providers and is priced from R24 999 for the 256 GB and R26 999 for the 512 GB. You can also purchase the smartphone from the HUAWEI online store. The HUAWEI Mate50…
Kaspersky uncovered three new variants of Prilex malware, made by a group of cybercriminals, that was named after the most advanced Point-of-Sales (PoS) malware back in 2022. The discovered Prilex modifications can now block contactless near-field communication (NFC) transactions on infected PoS-terminals, forcing customers to use their physical credit cards, enabling cybercriminals to steal money. While currently it is most active in Latin America, the expansion of Prilex into the Middle East, Turkiye and Africa region is possible in the coming months. Prilex is a notorious threat actor that gradually evolved from Automated Teller Machines (ATMs)-focused malware into a unique…
As the month of love, affection and romance blooms, Avon has introduced a little new black number that promises breath-taking impressions of you at the dinner table and a never-to-be-forgotten scent long after the occasion is over. The hot little number is not from the rail of a haute couture or flou collection nor is it tapered, and it doesn’t dazzle with eye-grabbing accessories. It’s an Eau de Parfum named Little Black Dress Lace by Avon, and, just like the name suggests, it exudes timeless elegance. “The Little Black Dress Lace is an alluring draping of classic scents of oriental…
Teraco: A Digital Realty Company, a carrier-neutral data centre and interconnection services provider in South Africa, today announced the conclusion of a syndicated loan facility worth R11.8 billion, of which R5.7 billion will be used to finance the company’s continued growth and R6.1 billion will refinance and extend the average maturity profile of existing drawn debt. The new facilities mature in December 2028, providing a 2.9-year extension of the weighted average tenor. The growth funding is for the expansion of Teraco’s key interconnection hubs located within the Isando, Bredell, and Cape Town campuses, and a significant renewable energy generation programme…
The Independent Communicatiosn Authority of SA (ICASA) today named Tshiamo Maluleka-Disemelo As CEO, replacing Willington Ngwepe. Her appointmnent is effective February 1, 2023, for a contract period of 5 years. Prior to her appointment as CEO, Maluleka-Disemelo served as the Chief Audit Executive (CAE) of ICASA, a position she has held since 2020. In addition to her other qualifications, Maluleka-Disemelo holds a Master of Business Administration Degree from Milpark Business School. “She brings nearly two decades of governance, audit, and risk management experience, as well as advanced skills in spearheading executive efforts,” notes Dr Charley Lewis, Acting Chairperson of ICASA.…
Network International, a Middle East and Africa’s digital payment company, has announced that its cloud-based, integrated payment suite for merchants, banks, fintechs and MNOs will be hosted and operated in South Africa from June 2023. The new digital payments platform is highly configurable and customisable. It currently processes over four million transactions per day and over $60 billion of digital transactions a year. “Network International’s digital payments technology is already deployed and trusted by over 200 banks, fintech’s and MNO’s across the Middle East and Africa,” says Chris Wood, Regional Managing Director, Southern Africa at Network International. “What we are…
Retail banking in South Africa is increasingly competitive, with fintechs, neobanks and digital players disrupting the banking value chain with new and emerging technologies. For banks to keep up with the rapid pace of change and be loved by their customers in the future, they must reimagine customer service and leverage data to personalise engagement and better predict and exceed customer needs, according to a new article by Boston Consulting Group (BCG). The article, I love my bank – how the digital revolution in banking is transforming the customer experience, shows that South African customer preferences and the ways they…
Audi South Africa, in partnership with Rubicon, has brought 43 additional electric vehicle (EV) charging stations online across the country. These chargers can accommodate a total of 57 EV cars simultaneously, at varying capacities, regardless of model or brand ownership. This is in addition to the brand’s contribution of 70 EV charging connection points nationwide a year ago, when Audi was the first to bring ultra-fast chargers to South Africa. The latest rollout includes the very first DC 200kW ultra-fast charger in South Africa, which is installed at the largest shopping mall ever built in a single phase – Mall…
MTN Group CEO Ralph Mupita has called for the modernisation and harmonisation of regulatory frameworks across Africa as well as the collective effort of all stakeholders to ensure that the continent can deliver universal broadband coverage by 2030. “The regulatory frameworks for Africa’s telecommunications industry do not reflect our current advancement. They are still positioned for the era of voice,” he said at the Africa Prosperity Dialogue held at Peduase in the Eastern Region of Ghana over the weekend. The event was attended by several distinguished African leaders including the President of Ghana, Nana Addo Dankwa Akufo-Addo and the former…
Eskom announced today that it will implement various stages of loadshedding this weekend. The state owned enegry company said Stage 4 loadshedding was currently being implemented until 05:00 on Saturday morning, whereafter loadshedding will be reduced to Stage 3. Stage 4 nightly loadshedding will be implemented at 16:00 – 05:00 during Saturday and Sunday, while Stage 2 loadshedding will be implemented at 05:00 – 16:00 on Sunday A further update will be published on Sunday afternoon, or as soon as any significant changes occur. Since Thursday a generating unit each at Camden, Duvha and Tutuka power stations have returned to service…
The HUAWEI Consumer Business Group has announced the launch of the latest member of its flagship Mate series, the HUAWEI Mate50 Pro and celebrates the fourth anniversary of the HUAWEI AppGallery in South Africa. The HUAWEI Mate50 Pro comes equipped with a range of cutting-edge technologies, breaking new ground, and expanding the scope of what users can expect from a smartphone. Amongst its industry-first features, the HUAWEI Mate50 Pro also packs an Ultra Aperture XMAGE Camera, which boasts the first-ever 10-scale adjustable physical aperture and the most versatile photography capabilities ever seen on a HUAWEI Mate smartphone. In terms of…
Huawei used the launch of its brand new Mate 50 smart device to simultaneously introduce Power-M, an advanced digital back-up power solution, which is suitable for every household to meet their power supply needs. Both products demonstrate Huawei’s market leadership in innovative technology combined with sleek, modern designs. The Power-M itself was on display at the launch event, providing guests with the opportunity to engage with the product and see for themselves how this digital solution to ever increasing energy costs and persistent loadshedding, is at the same time powerful, yet space efficient with low sound emissions. In his presentation,…
Absa Group will list its ordinary shares for trade on A2X Markets from 2 February 2023. Absa Group will retain its primary listing on the Johannesburg Stock Exchange and its issued share capital will not be affected by its secondary listing on A2X. There is no cost or additional regulatory compliance for Absa Group as a result of the secondary listing. Absa Group Financial Director Jason Quinn said: “We are very pleased to be listing on A2X, which further demonstrates our support for developing South Africa’s capital markets. It offers investors a wider choice of where to trade our shares…
Shutterstock, the creative platform for transformative brands and media companies, today announced the launch of its AI image generation platform, available to use by all its customers globally in every language the site offers. The text-to-image technology converts prompts into larger-than-life, ethically created visuals ready for licensing. It is the latest addition to Creative Flow, Shutterstock’s extensive toolkit that has been specifically designed to power the most seamless creative experience possible. “Shutterstock has developed strategic partnerships over the past two years with key industry players like OpenAI, Meta, and LG AI Research to fuel their generative AI research efforts, and we are now…
Africa Data Centres, a business of Cassava Technologies, a pan-African technology group, is pleased to announce it is building a second data centre in Cape Town. The new facility will be in the north of the city and will have an IT load of 20MW. Construction is underway, and the facility will be up and running by mid-2024. According to Tesh Durvasula, CEO of Africa Data Centres, the company is building this second facility to meet demand in the region and beyond. “Cape Town is a thriving city and the second largest economy in South Africa. It is regarded as…
The Rand Show is one of this country’s most memorable events on the annual entertainment calendar, and the expo returns this April with an exhilarating offering sure to please the whole family. Running from 06 to 10 April 2023, SA’s largest consumer exhibition will take place at The Johannesburg Expo Centre, Nasrec. Top of the list of activities is the new Easter Wonderland for kids. At no additional cost, the exciting Wonderland features rides, play areas, entertainment, giveaways and of course a visit from the Beacon Easter Bunny. From a host of outdoor activities to retail shopping, all-day entertainment, kids…
As global economies attempt to recover from the adverse effects of the pandemic, a new global research study commissioned by Avon, the personal care, cosmetics and makeup brand, brings into the spotlight the impact of the rising cost of living on the livelihood of women worldwide. The findings come from a global study of women across eight countries and three continents, as beauty giant Avon and its team of scientists and experts discover just how women are being affected by the cost-of-living crisis – and how the brand can help. A huge 98% of women globally have been affected by…