Browse every article
1,344 articles · 1 filter applied · Reset filters
FirstRand's Prudent Lending Strategy Shields It from Credit Losses
FirstRand, South Africa's largest bank by market value, has successfully sidestepped a surge in bad loans that has plagued some of its competitors by adopting a cautious lending approach in the wake of the Covid-19 pandemic. This strategic choice to prioritize prudence over rapid loan expansion has allowed FirstRand to navigate the challenging economic landscape
Nigeria on the path to Restoring Nationwide Power Grid Stability
Nigeria is in the process of restoring power nationwide following a significant grid collapse that affected all 36 states and the capital city. The outage, which lasted approximately 10 hours, was attributed to a fire incident within one of the country's power plants, leading to sharp frequency drops and ultimately causing a grid failure. This
Postbank Board Dismissed Amid Unlawful Contracts Scandal
The board of directors at Postbank has been ousted following the revelation of unlawful contracts with suppliers, which came to light after a nationwide system failure last week. Over 600,000 beneficiaries felt the repercussions of this system glitch, leading to an urgent response from government officials. Minister of Communications and Digital Technologies, Mondli Gungubele, took
Cabinet Approves Groundbreaking Plan for South Africa's State-Owned Enterprises
The Cabinet has granted approval for a groundbreaking new strategy concerning South Africa's beleaguered state-owned enterprises (SOEs). This development comes with the green light given to the draft National State Enterprises Bill, presenting the potential for private equity investment within state-owned companies and their subsequent listing on the stock exchange. This transformative initiative encompasses major
Glencore refinery Investment Deadline in Jeopardy Following Tragic Explosion
Glencore, a significant player in commodities trading, finds itself at risk of failing to meet the investment deadline for a Cape Town refinery in South Africa due to an unfortunate explosion that forced the plant to cease operations for several years. The company had committed to investing R6 billion in the refinery when it acquired
Transaction Capital's CEO David Hurwitz Forced Out Amid Share Price Plunge
The abrupt departure of CEO David Hurwitz from Transaction Capital sent shockwaves through the market, resulting in a significant drop in the company's share price, plummeting over 20%. The announcement, released after the market closed alongside a pre-close update, was remarkably brief, comprising a mere 138 words. The core statement regarding his departure was a
Karpowership's Saldanha Bay Plant Faces Fresh Challenge
Karpowership SA's proposed Saldanha Bay plant is facing a new challenge as two eco-justice groups plan to contest the decision made by Forestry, Fisheries, and Environment Minister Barbara Creecy. In July, Minister Creecy reversed her department's chief director's decision to deny Karpowership SA an extension to submit a Generic Environmental Management Programme report (GEMPr) for
Patricia de Lille Rejects Claims of Taxpayer-Funded Payment to Trevor Noah
Patricia de Lille, South Africa's Tourism Minister, has vehemently denied allegations that public funds will be used to pay comedian and former US TV show host, Trevor Noah, a whopping R33 million for a five-minute promotional video aimed at boosting South Africa's tourism industry. These claims arose following statements made by Tandi Mahambehlala, the chairperson
Musk Contemplates Legal Action Against ADL Over Anti-Semitism Claims
Elon Musk, the billionaire owner of the social media platform X, formerly known as Twitter, has indicated his intention to pursue legal action against the Anti-Defamation League (ADL), a prominent civil rights organization. Musk alleges that the ADL's accusations of anti-Semitism have adversely impacted X's revenue, driving advertisers away. On Monday, Musk took to X
De Beers Seeks Five-Year Wage Agreement Amid Looming Diamond Strike Threat
De Beers, a subsidiary of Anglo American, is currently in talks with the National Union of Mineworkers (NUM) in an attempt to secure a five-year wage agreement. The negotiations come amid the looming threat of a strike at De Beers' Venetia Mine and its sorting and sales business. In a statement, De Beers expressed its
Niger Coup Sparks Onion Price Surge in West Africa
A coup has recently occurred in Niger, leading to a significant impact on onion prices in Ghana and its neighbouring countries. Niger, a crucial exporter of dry onions in West Africa, traditionally supplies 70 percent of Ghana's onion imports. In Adjen Kotoku market, situated 33 kilometers from Accra, Yakubu Akteniba, an onion vendor, has seen
MultiChoice and SABC Strike Deal for 2023 Rugby World Cup Broadcast Rights
In a timely move just ahead of the 2023 Rugby World Cup kickoff in France, the pay-tv operator MultiChoice has inked a pivotal agreement with South Africa's public broadcaster, the South African Broadcasting Corporation (SABC). This landmark deal opens the door for rugby enthusiasts across South Africa to immerse themselves in the action-packed spectacle of
Apple's Stock Plummets $200 Billion in 48 Hours Amidst Chinese iPhone Restrictions
Apple's stock has encountered a tumultuous ride over the past two days, shedding a staggering $200 billion in market value. This dramatic decline was driven by reports of stringent Chinese regulations affecting iPhones within government offices and state-owned entities. The shares of the world's largest publicly-traded company plummeted for the second consecutive day, marking a
Rescheduled Medium-Term Budget Policy Statement: New Date Set for November 1st
The National Assembly Programme Committee recently made a significant decision regarding the scheduling of the medium-term budget policy statement. Originally, Finance Minister Enoch Godongwana had requested that the statement be presented on October 25th. However, Speaker Nosiviwe Mapisa-Nqakula expressed concerns about a potential clash with other parliamentary matters that would be under discussion during that
Climate Change's Devastating Toll on Africa: A Review of the 2022 Report
A recently released report, "State of the Climate in Africa 2022," has unveiled alarming statistics concerning the severe impact of climate change on the African continent. Last year alone, Africa suffered staggering economic losses, amounting to more than R160 billion, while over 110 million people across the continent were directly affected by various weather, climate,
South Africa Aims to Finalize $8.5 Billion Climate Plan by COP28
South Africa's Minister of Forestry, Fisheries, and Environment, Barbara Creecy, is determined to see the long-awaited implementation plan for an $8.5 billion climate agreement come to fruition by the time COP28 kicks off on November 30th. This climate pact was initially announced at COP26 two years ago, but the majority of its funding remains inaccessible
Mango's Fate Hangs in the Balance: Minister Given 30 Days to Decide on Sale
Minister of Public Enterprises Pravin Gordhan has been granted a 30-day ultimatum to make a pivotal decision regarding the sale of Mango, the state-owned low-cost airline that has remained grounded since July 2021. Business rescue practitioners overseeing Mango's affairs have identified a potential buyer, yet their plan hinges on Gordhan's approval. The North Gauteng High
Grid Access Resolution: South Africa's Renewable Energy Path Forward
The battle for grid access in South Africa, a contentious issue between renewable energy company G7 and the state-owned utility Eskom, has come to a halt as Eskom has made significant revisions to its grid access rules. G7, which had initially filed an application to challenge Eskom's grid access regulations, decided to withdraw its legal
Sanral's Controversial R4.7 Billion Contract Award to Aqua Transport Amid Fraud Charges
The South African National Roads Agency (Sanral) finds itself in the midst of controversy as it defends its decision to award a substantial R4.7 billion contract to Aqua Transport and Plant Hire, a KwaZulu-Natal company whose directors are currently facing fraud charges. Sanral argues that it was legally obliged to grant this contract to Aqua,
Remembering the Retail Visionary: Raymond Ackerman's Legacy in South Africa
Raymond Ackerman, the visionary founder of Pick n Pay, a prominent figure in the retail industry, and a beloved South African, passed away at the age of 92, according to an announcement made by Pick n Pay on a somber Thursday morning. The statement issued by Pick n Pay described Ackerman as not only a