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BRICS looking to reduce dollar dependence
The South African Deputy President Paul Mashatile has revealed that the leaders of the BRICS nations will focus on ways to reduce dependence on the dollar when they meet this week. The BRICS bloc which include Brazil, Russia, India, China and South Africa, will also be discussing expansion at the summit in Johannesburg. A big
Woolworths looking forward to earnings boost after David Jones sale
Woolworths has made an announcement to its shareholders that it is expecting expects its earnings per share for the 2023 financial year to increase by up to 40%. The company released a trading update this morning regarding the 52 weeks ended 25 June 2023, wherein it provided the expected ranges for the change in total
YouTube experimenting AI music with Universal
YouTube has come together with Universal Music Group and a number of artists, including singer Rosanne Cash and producer Don Was, to experiment with artificial intelligence in the music business. The Music AI Incubator that is newly formed includes partners such as the rapper Yo Gatti and the estate of singer Frank Sinatra, and it
M-Pesa goes live in Ethiopia
Safaricom’s M-Pesa mobile money service has launched in Ethiopia this week, in order to boost Kenyan telecommunications operator since it is looking to kick-start growth in one of Africa’s biggest economies. Safaricom is part owned by South Africa’s Vodacom Group, and it went live with its voice and data network in the Horn of Africa
Investors have their eyes on Nvidia
Nvidia investors are currently expecting the chip designer to forecast quarterly revenue above estimates when it reports results on Wednesday. Their main question is, by how much? Nvidia has played a huge role in the rise of ChatGPT and other generative artificial intelligence apps, virtually all of which are powered by its graphics processors. The
Standard Bank spent R11.2-billion on IT the first six months of 2023
Standard Bank Group has revealed that it has spent R11.2-billion in the first half of the year to 30 June 2023 on technology, including staff costs, a 12% jump over the same period a year ago, as it continues its wholesale shift from on-premises IT to the cloud. The company mentioned that it is continuing
FortiGuard Labs: Organisations detecting ransomware decline as the volume and impact of targeted attacks continue to rise
Derek Manky, Chief Security Strategist & Global VP Threat Intelligence, FortiGuard Labs “Disrupting cybercrime is a global effort that comprises strong, trusted relationships and collaboration across public and private sectors, as well as investing in AI-powered security services that can help overwhelmed security teams coordinate actionable threat intelligence in real time across their organisation. Security
X breaks images that were posted before 2014
Formerly called Twitter, X seems to have gotten rid of years’ worth of picture posted on the site before 2014, and links shared using the company’s built-in URL shortener around the time also aren’t working. The problem was revealed in a post by Tom Coates, who alerted that a famous selfie that was posted by
Eskom explores ‘Virtual wheeling’
Eskom has made an announcement that it is officially exploring a “virtual wheeling” mechanism which is set to facilitate greater electricity generation investment by the private sector and municipalities in South Africa. What wheeling is, is that it is a transaction between a private generator selling energy to a buyer through a power purchase agreement
Transnet collapse putting R200 billion industry at risk
The collapse of Transnet’s rail corridors has forced miners to transport their minerals to South Africa’s ports via trucks. However, the decline in the price of many minerals has become unviable for local miners, threatening their businesses. A lot of South African CEOs for the mining companies have bemoaned Transnet’s lacklustre performance, with Exxaro’s Nombasa
School girls at FGGC Sagamu built an AI robot called Kiki-Saggy
Girls from a secondary school, Federal Government Girls’ College (FGGC) Sagamu in Ogun State, have built an AI robot called Okikiola-Sagamu, also known as Kiki-Saggy. The project which involved 10 students and a few staff members was unveiled to the Permanent Secretary of the Federal Ministry of Education, David Adejo Andrew, in Abuja. The students
d.light secures $125m funding to meet Africa’s increasing renewable energy demands
The global provider of transformational household products and affordable finance for low-income households, d.light has gone to make an announcement that it has secured a $30 million securitization facility from the Eastern and Southern African Trade and Development Bank Group (TDB Group), with the capability to purchase up to $125 million of receivable assets. The
Uber facing severe challenges in South Africa
At the current moment, Uber is facing severe challenges in South Africa, including cars in a dilapidated state, bad drivers, frequent cancelled trips, driver strikes, and passengers being attacked and robbed. Launched in Johannesburg, Pretoria, and Cape Town in 2013, Uber was offering exceptional services. The cars were top-notch, the drivers were professional and well-trained.
Exxaro experiences over 30% in profit drops
The net operating profit for the first half of this year for Exxaro went down by 32% because of a bearish coal market, price declines, and lacklustre rail performance in South Africa. Exxaro released its results for the six-month period ended 30 June 2023, but before it released the results, the company informed shareholders that
Nigeria's NNPC obtains a $3 billion loan for stabilising the foreign exchange market
The country with the biggest economy in Africa, Nigeria has been working to increase its reserves and stop the decline of its currency, which has now fallen to record lows on the black market two months after trading restrictions were loosened on the official market. After meeting with with President Bola Tinubu to examine methods
Tesla says data breach affecting over 75,000 people was “insider wrongdoing”
The data breach in May at Tesla Inc. impacted more than 75,000 people, and included employee-related records and was a result of “insider wrongdoing,” according to a notice posted by the office of the Maine Attorney General Friday. The total number of people that were affected by this was 75,735, including nine residents of Maine.
‘Broken’ solar panels specifically manufactured for South Africa
Reports have confirmed that a European company purposefully produces solar panels with broken corners and cracked glass to make them less attractive to criminals in South Africa. The executive director at the Southern African Agri Initiative (SAAI) and founder of Son SA, Theo de Jager is the one that made this revelation during an interview
South Africa in need of R140 billion to stop water infrastructure collapse
In order for South Africa to replace its ageing bulk water infrastructure it will need R140 billion, and take R1.4 billion annually to maintain, with the private sector increasingly unwilling to fund due to poor local governance, unreliable payments, a lack of skills, and complex municipal processes. Dr Valerie Naidoo who is the executive manager
Airtel Africa CEO Olusegun Ogunsanya sells 666,174 shares
One of Africa’s leading telecoms companies, Airtel Africa has made an announcement for a sale of 666,174 ordinary shares by its CEO, Olusegun Ogunsanya. Carried out on the 4th of August at the London Stock Exchange (LSE), the deal involved the sale of 666,174 shares at the rate of £1.37 per share. Ogunsanya gained £757,
South Africa produces first-ever electric taxi
Even though South Africa is struggling with a major load-shedding crisis, but that doesn’t seem to be stopping its transition to green energy. A group from government-owned Stellenbosch University (SU) is currently testing what could become the country’s first-ever electric taxis. The expectation is for the taxis to travel for up to 120 kilometres before