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Naspers reveals $1.4 billion operating loss
Naspers Limited has released its financial results for the year that ended on the 31st of March 2023, and they have revealed a company struggling to create shareholder value. The revenue from continuing operations increased from $6.3 billion to $6.8 billion, but unfortunately the good news ended there. Naspers’ operating loss grew bigger from $985
Meta adds subscription services for VR headsets
Meta Platforms has launched a subscription-based service called Meta Quest+, for its virtual reality headsets to shape a nascent but high-investment market. Taking to the broadcast channel on social media app Instagram, the CEO, Mark Zuckerberg revealed that the Meta Quest+ subscription will be available from Monday at US$7.99/month, or $59.99 annually, for its Quest
Fidelity comes into defence for R250 million Andre de Ruyter security contract
The security firm, has come into come into defence for a contract that Eskom awarded during Andre de Ruyter’s time as CEO, revealing that the contract was only worth R250 million and it did not include any intelligence services. Initially, the allegations were raised by The Association of Private Security Owners of South Africa (Tapsosa)
Intel on restructuring its manufacturing business
The technology centre, Intel recently revealed that it has restructuring processes underway for its manufacturing business. It is set to work like a separate unit and will begin to generate a margin, however, the company gave no clear timeline on when it will start scaling up, sending the chip maker’s shares down about 5%. Intel
YouTube tests an online gaming offering
The video streaming platform, YouTube is currently running tests internally on a product for playing online games. This according to the reports by the Wall Street Journal, came through and email that was sent to the employees at parent company Google. The company has an open visitation for its employees to start testing the new
Edward Kieswetter, SARS Commissioner Elected Chairperson Of The World Customs Organisation
The Commissioner of the South African Revenue Service (SARS), Edward Kieswetter has been elected as Chairperson of the World Customs Organisation (WCO). The election happened on the 24th June 2023 at the organisation’s Council session at the WCO headquarters in Brussels, Belgium. With 185 members, the WCO has three-quarters of which are developing countries and
South Africa could be removed from US trade agreement
Ebrahim Patel who is the Minister of Trade, Industry, and Competition recently warned Parliament that there is a possibility that South Africa could be “graduated” out of a preferential trade agreement with the United States as the country has gained enough from the agreement. Patel revealed that in terms of creating the Africa Growth and
Kenya set to Become the ‘Singapore of Africa’
Kenya is the most promising rising country in sub-Saharan Africa currently, with the economic and political forces converging to put the continent’s seventh-largest nation in a relatively favourable position. At this moment, Africa is the fastest-growing continent and it is expected to account for one-quarter of the world’s population by year 2050. What that means
South Africa launches green hydrogen in partnership with Netherlands and Denmark
The government of South Africa Netherlands and Denmark, have come together to launch a US$1-billion green hydrogen fund to help kick-start an industry seen as critical to the country’s decarbonisation efforts. The energy transition plan for South Africa involves setting up an ecosystem and export hub for green hydrogen, which comes by using renewable energy
Johann Rupert’s worth hits more than R200 billion
Overtaking the Nigerian billionaire Aliko Dangote to become the richest person in Africa, Johann Rupert has now climbed up to first place of the richest people in Africa as he now has a net worth of R216 billion ($11.9 billion). Forbes’ Real-Time Billionaires List has ranked Rupert as the 145th richest person in the world,
Cell C successfully completes Network Migration
Cell C has revealed that it has successfully completed its network migration ahead of schedule, and it is now working with access to circa 14 000 towers countrywide, with more than 12 000 sites 4G/LTE enabled. The telecommunications company reiterated how much of a win this is for its customers as they will be benefitting
Technology On the 2024 model Range Rover Evoque revealed
The technology on the Range Rover Evoque 2024 model year has finally been unveiled, and the car now available to order from the price of R1.25 million. The interior of the latest Range Rover has a design philosophy that is amplified with a new 11.4-inch curved glass touchscreen, which seems to be floating within the
Three SA Start-ups selected for Google’s $4 Million Black Founders Fund
Well known as GfS, Google for Startups has chosen three South African start-up companies to be part of its $4 million (R73.6 million) Black Founders Fund for innovators in the continent. Aiming to fight the systemic racial inequality in venture capital (VC) funding by providing equity-free grants and guidance to early stage Black-led high-growth businesses
Old Mutual shifts IT infrastructure to AWS Cloud Platform
Pan-African financial services group Old Mutual has shifted its IT infrastructure to the AWS cloud and closed its on-premises data centre facilities, becoming one of the first South African companies of its size to do so. This move to Amazon Web Services is expected to allow Old Mutual to “accelerate innovation, reduce IT infrastructure costs
Vodacom has launched eSim support for smartphones
Vodacom SA has officially come up with an offer for all customers with supported devices which will give them the ability to use embedded Sims (eSims), which expands the support for a technology that obviates the need for physical Sim cards. The company has revealed that it will now offer eSim support for smartphones across
Canal+ purchases a stake in Viu for $300-million
The French broadcaster owned by billionaire Vincent Bollore’s Vivendi, Canal+ has decided to buy a significant minority stake in Hong Kong-listed PCCW’s Viu unit as part of a partnership agreement between the two media groups. According to a statement on Wednesday, the European firm paid $200-million for a 26.1% stake in Viu, which is an
MultiChoice set to launch Showmax 2.0 this year
The MultiChoice Group is set to launch a significantly overhauled and upgraded version of its streaming platform, Showmax, before the end of the year. The CEO, Calvo Mawela revealed that the “version 2” of Showmax will include strategic and technical input from new partner and co-investor NBCUniversal. The company had made an announcement in March
Spotify to add a new premium tier with high-fidelity audio
Spotify Technology has revealed that it has plans in place for a more expensive subscription tier that is set expected to include high-fidelity audio in an effort to drive more revenue and placate investors who’ve been saying the company should raise its prices. According to the sources familiar with the strategy, the new tier called
Smart meters have a possibility of ending load shedding
The South African electricity public utility, Eskom has come up with plans to combat load shedding in a sustainable way. The company announced that it is set to install smart meters in homes nationwide as it grapples with ways to reduce energy demand. The idea behind the smart meters is to allow for remote monitoring
Suzuki plans to build ‘flying cars’ with SkyDrive
The Japanese car manufacturer, Suzuki Motor Corporation, together with SkyDrive Inc. which is a Japanese manufacturer for ‘flying cars’, has revealed that it has come to an agreement to build eVTOL aircraft “SKYDRIVE.” The aircraft is a three-seat, electric-powered lightweight aircraft with vertical take-off and landing capabilities, and it is set to be built at