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Ethekwini readies to steer private power generation plans
Ethekwini, the South African municipality that includes the port city of Durban, plans to seek initial proposals for the construction of 400 megawatts of power generation. The so-called request for information will be the first by a South African municipal area since the government said last year that cities could buy electricity from providers other
Naspers CEO Bob van Dijk earned R247 million in the last financial year
Naspers CEO Bob van Dijk earned $16.7 million (R247.2 million) in the last financial year. This was revealed in the company’s integrated annual report for the year ended 31 March 2021. The report showed that Van Dijk earned a basic salary of $1.4 million (R21.5 million rand), with short-term incentives of $1.4 million (R21.1 million).
South African Rand takes a dive as country is gripped by its third wave of COVID-19
The rand weakened early on Monday morning after the country was moved to an adjusted level 4 lockdown for 14 days. President Cyril Ramaphosa has indicated that the rising rate of infections calls for firmer lockdown measures. With daily Covid-19 infections doubling in the last two weeks, Ramaphosa announced stricter lockdown rules that will have
Motsepe, Distell invest more than R1.4bn in Kenyan city
South African companies have invested more than $100 million (about R1.4bn) in Tatu City, a special economic zone just outside Nairbobi, Kenya with an area of more than 2000 hectares. The development represents one of the largest concentrations of South African foreign investment in Kenya and East Africa. SA HIGH COMMISSIONER VISITS TATU CITY PROJECTS
Biggest China bank walks away from $3bn Zimbabwe coal project
China’s biggest bank dumped a plan to finance a $3 billion coal-fired power plant in Zimbabwe, dealing a blow to coal developers in Africa that see the Asian country as the last potential funder of their projects. Industrial and Commercial Bank of China told Go Clean ICBC, an ad-hoc body representing 32 environmental groups, that
World Wide Web source code NFT sells for R77 million
The original source code for the World Wide Web sold at Sotheby’s on Wednesday for $5.4 million (R77 million), up from a starting bid of just $1,000. The code was sold by Tim Berners-Lee, a computer scientist credited with writing the source code that forms the basis of the World Wide Web. Berners-Lee consigned the
EOH CEO under fire for splurging millions on legal fees while firing staff and cutting salaries
EOH CEO Stephen van Coller is under fire for spending millions on lawyers and consultants when employees were hit with salary cuts and retrenchments. This criticism followed news that EOH sued four of its former executives, including founder Asher Bohbot, for R6.4 billion. EOH said this action “closes off its inherited legacy issues and holds
After 8 years, the POPI Act is fully enacted on 1 July 2021
Consumers and legitimate businesses should welcome the next stage in the implementation of a law to better protect your privacy and to allow legitimate businesses to engage with you on a basis that will make doing business better. It was first enacted in 2013 with the last of the provisions coming into effect from 1
Data breach hits major SA insurance player
QSure, a big player in South Africa’s insurance industry, has been hit by a data breach in which bank account numbers and other sensitive information were compromised by a third party. The company would not say how many records were exposed through the breach, only that the incident is “still being investigated”. “On 9 June
Global tourism crash may cause $4trn loss to world economy
The slump in tourism caused by Covid-19 will cost the global economy more than $4 trillion for 2020 and 2021, much worse than anticipated, as an uneven vaccination rollout crushes developing countries that are highly dependent on international visitors. The losses this year alone could amount to $1.7 trillion to $2.4 trillion, even as international
Nigeria adds SA to its Covid-19 ‘red list’ for arriving travellers
Nigeria is adding South Africa to its “red list” of countries for which there are stringent restrictions for arriving passengers, officials said during a briefing on Monday. Nigeria is introducing the restrictions due to the spread of the Delta variant in South Africa, Chikwe Ihekweazu, the head of the Nigeria Centre for Disease Control, said.
Facebook becomes a $1 trillion company
Facebook has joined the ranks of companies valued over a trillion dollars as of today’s market close. The company’s market cap is sitting at $1.008 trillion according to Yahoo Finance, putting it over the mark for the first time in its history. Some of the most notable of Facebook’s divisions are the Facebook site itself,
Vodacom’s VodaPay Super App delivers new business opportunities to transform South Africa’s digital economy
The arrival of Vodacom’s VodaPay Super App is set to be a game changer for driving financial inclusion and economic growth in South Africa. Developed by Vodacom Financial Services in partnership with leading global digital lifestyle services platform Alipay, VodaPay is an all-encompassing mobile payments solution that has been customised to meet the specific lifestyle
SA oil law seen unlikely to be finalized for at least another year
South Africa’s draft oil exploration and production law is unlikely to be finalised for at least another year, despite the government’s call for the legislation to be expedited. Parliamentary hearings and amendments to the Upstream Petroleum Resources Development Bill published earlier in June could take 12 to 18 months, according to Megan Rodgers, head of
Google is warning users when its search results might be unreliable
Google will now tell users when search results are rapidly changing around a breaking story. Some searches will now bring up a warning that “it looks like these results are changing quickly,” and a subheading will explain that “if this topic is new, it can sometimes take time for results to be added by reliable
Telegram adds group video calling features
Messaging chat app Telegram has added group video chat to its mobile and desktop apps at last, something it promised was coming back in April 2020. Voice chats in any group on the platform can be turned into video calls by tapping the camera icon to turn on your device’s video. Telegram says an unlimited
SARS adopts the 'work from home' rule and temporarily shuts down branches
Owing to the soaring number of Covid-19 infections currently sweeping the country, the South African Revenue Service (Sars) has announced the temporary closure of tax branches from physical visits from 1 July. This comes as the country’s seven-day moving average of positive Covid-19 infections surpassed 12 000 cases. On Wednesday alone, 17 493 infections and
UK bans cryptocurrency exchange
Britain’s Financial Conduct Authority issued a consumer warning against Binance Markets Ltd., banning the cryptocurrency exchange from undertaking any regulated activity in the country. Binance has until Wednesday evening to confirm that it has removed all advertising and financial promotions, according to the FCA’s register. The exchange must also make clear on its website, social
New Level 4 lockdown rule – what's permitted and what is not
Minister of Cooperative Governance and Corporate Affairs Nkosazana Dlamini-Zuma has published the updated alert level 4 lockdown regulations for South Africa. This follows an address by President Cyril Ramapahosa last night where he announced that much stricter restrictions are needed due to a surge in Covid-19 cases in South Africa. One of the major reasons for the
Eskom to implement 1.5% wage increase offer for workers
Eskom said that it has decided to implement its final offer of a 1.5% salary increase for workers.Talks began with unions in the sector in May, with trade union Numsa, NUM and Solidarity demanding a 15% wage hike. Eskom said that the final wage increase and changes to the conditions of service offer, which were