Browse every article
947 articles · 1 filter applied · Reset filters
Rand Merchant Bank acquires 25% stake in electricity trading platform
Banking giant First Rand Merchant Bank has acquired a 25% stake in Remgro’s Ubiquity Energy platform. Ubiqiuity is the holding company of Energy Exchange, which is an electricity trader licensed by the National Energy Regulator of South Africa. Media reports reveal that the value of the acquisition has not been disclosed but the deal was announced in a joint statement.
Cell C CEO Douglas Stevenson steps down
Cell C CEO Douglas Stevenson has quit his job owing to personal reasons and the telecoms company has since announced the news. The Johannesburg-based company said the CEO has stepped down after a stressful five-year leadership tenure to put the debt-laden telecom operator back on a firmer footing. Rated as the fourth largest in South
Mozambique announces visa exemption for 28 countries
One of the Southern African nations, Mozambique, announced visa exemption for 28 countries mainly for tourism and business visits as the Council of Ministers approved the decree. The exemption applies to visitors holding ordinary passports and allows for a 30-day stay and it is renewable for an additional 60 days. BusinessTech Africa understands that the
Elon Musk’s cousin drives Tesla from Cape Town to Jozi for 14kms
American businessman Elon Musk’s second cousin, Hilton, recently test-drove the Tesla Model X from Cape Town to Johannesburg where he made stops in various locations to charge his battery. Hilton drove for more than 1400 kilometres to reach his destination and said he stopped about seven times to recharge his electric car. The drive comes
Tech giant Apple introduces ‘shop with a specialist over video’
American phone and computer maker Apple has unveiled what it calls shop with a “Shop with a Specialist over Video” in the United States. The new way of shopping allows shoppers to browse for iPhones online with the help of an employee over a one-way video call. The technology company announced that its staff will
Capitec Bank CEO Gerrie Fourie promises they’ll keep things simple
After 21 years of existence, Capitec Bank has surpassed big players such as First National Bank and Standard Bank. The Western Cape-based banking institution has reached the 20 million customer milestone and that is regarded by CEO Gerrie Fourie as massive. Capitec’s record when it comes to the number of customers beats its 185-year-old rival
Santam buys MTN SA’s mobile telecoms device insurance book
Short-term insurance company Santam has sealed an agreement to buy MTN SA’s insurance book. The deal comes as MTN’s device boasts over 400 000 policies and an annual income of written premium valued at almost R400 million. Dubbed Africa's largest short-term insurer, Santam’s proposal was approved by the Competition Commission in March without conditions, it said
FlySafair announces flights to popular African island Zanzibar
South African low-cost airline operator FlySafair has announced a new route to Zanzibar as it will depart from OR Tambo International Airport. The popular low-cost airline says it has added a new route to its regional roster and the flight will depart from ORTIA to Abeid Amani Karume International Airport in Zanzibar. FlySafair said it
Motorists can expect diesel price drop & petrol hike in April
South Africans can expect petrol price hikes in April and that is the word doing the rounds in the media space. BusinessTech Africa has discovered that a price hike awaits motorists next month, but the price of diesel is expected to drop. According to mid-month data from the Central Energy Fund (CEF), the prices of
Analytico unveils three fastest mobile data speeds in SA
According to the latest research conducted by Analytico, it reveals that top mobile speed tests in South Africa are approaching gigabit speeds. The research company’s findings unveiled the three fastest tests done on each mobile network in South Africa using both Android and iOS devices. Vodacom South Africa claimed the victory on both platforms, with
FNB in a quest to skill youth in technology and data analytics
First National Bank has announced that it will provide 250 youth with work experience in fields such as information technology, commerce, data and analytics, and engineering in its annual graduate programme. One of South Africa’s major banking institutions, FNB released a statement, saying youth employment and skills development continue to be big challenges in South
S&P Global Ratings puts Eskom’s debt assessment on a positive
Eskom has been boosted following the news that S&P Global Ratings has put the power utility's debt assessment on positive watch. This means the ratings agency may upgrade South Africa’s state-owned power utility despite ongoing power cuts in South Africa. News24 Business reports that the move follows the announcement last month that the embattled power
Power cuts hit MTN towers compared to 'poor' Nigeria
MTN is one of the worst-hit mobile telephone companies as the growing number of power cuts continue to cause devastation. The power cuts have caused MTN’s network availability in South Africa to drop below levels in Nigeria, a country where electricity from the national grid is virtually non-existent. Several mobile operators have seriously struggled as
Old Mutual targets share buyback of up to R1,5 billion
Life assurance and financial services group Old Mutual has upped its annual dividend and also announced aims of a share buyback of up to R1,5 billion. In its annual results for the year ended December 31, 2022, the Cape Town-headquartered company said it had earmarked between R1bn and R1.5bn for return to shareholders as a
Microsoft reaches agreement with gaming company Boosteroid
Computer software company Microsoft signed a 10-year licensing deal on Tuesday with an aim to bring Activision's Call of Duty franchise to cloud gaming provider Boosteroid's platform. This is a move partly aimed at allaying competition concerns over its Activision acquisition per a report by Reuters. BusinessTech Africa understands that the Activision bid announced in
Kropz secures R285m funding from African Rainbow Capital
Emerging African phosphate miner Kropz has secured R285-million in bridge loan facilities from the African Rainbow Capital (ARC) Fund. The finance is meant to fund the immediate and additional near-term requirements as it progresses commercial sales. Kropz is a phosphate producer and developer located in South Africa, it reported that it sold a further 20
Continuing power crisis hampers growth in agriculture
There are mixed fortunes in various sectors of the South African economy and growth in the agriculture industry is subdued in the first quarter of the year. This is caused by a potential recovery later in the year, Agricultural Business Chamber(Agbiz) chief economist Wandile Sihlobo said. “The available soft insights suggest that near-term growth prospects
Loadshedding forces MTN to spend R695 million on costs
With load shedding still continuing to hit many sectors of the economy, MTN has seen its costs rise to R695 million in 2022 alone. MTN is South Africa’s second-biggest mobile network estimated that load-shedding cost its operations in the previous year. In the MTN Group annual results for 2022, the telecoms operator said that operating
<strong>Ex-Eskom spokesperson Sikhonathi Mantshantsha joins News24</strong>
Former Eskom spokesperson Sikhonathi Mantshantsha has joined News24 and will be part of the business desk. The publication announced the news on Monday confirming that the award-winning financial journalist will join its team in April. Formerly with Financial Mail as the deputy editor, Mantshantsha has been the power utility’s spokesperson for the past three years.
SA research on plastic pollution to be showcased at Tunisia Science Fest
Research conducted by two South African learners that seek to mitigate plastic pollution, reducing the threat it poses to plants, animals, and the environment, will be showcased at the 2023 International Festival of Engineering Science and Technology in Tunisia (I-FEST2). Joseph Gibbon and Matthew Redfern, Grade 12 learners at Pinelands High School in the Western