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FNB records a rise in the use of Cash@Till withdrawals
FNB expects consumers to increasingly use Cash@Till™ services to meet cash related needs in a convenient and cost-effective manner. In the last financial year, the Bank’s Retail customers withdrew in excess of R14 billion via Cash@Till™ at Shoprite, Checkers, Pick n Pay, selected Spar, Boxer and Usave stores. Following the announcement of the national lockdown, Cash@Till™ volumes increased
WBHO swings to full-year loss
On top of Covid-19, the construction group has faced increased losses in Australia as it prepares to scale down its business there. Wilson Bayly Holmes-Ovcon (WBHO) has swung to a full-year loss after Covid-19 added to an already difficult environment. The construction group says last year was one of the most challenging in its 50-year
Raubex rallies on contract awards
The construction and road building company says it is well positioned to participate in infrastructure projects announced by the government. Raubex's shares gained as much as 13% yesterday after it said it won two SANRAL contracts worth R2.87 billion. The contracts with the national roads agency are to upgrade a section of the N2 from
Engen celebrates 10th consecutive year as SA’s favourite petrol station
Over the course of the national lockdown, Engen also provided food relief to the south Durban community, distributing 5,000 food hampers in the area where the Engen refinery is located, and 7,000 food parcels in Diepsloot, Tembisa and Alexandra in Gauteng. “Engen hopes to help raise awareness about the plight of the marginalised and vulnerable
Novus impacted by magazine closures
The printing and packaging group has taken steps to right-size its business, with the benefits expected next year and beyond. Novus Holdings has reported a big drop in earnings after the Covid-19 lockdown resulted in magazines closing down and a sharp decline in demand for beverage labels due to the prohibition on alcohol sales. However,
Huawei CFO witness testimony to resume in Canada in U.S. extradition case
Witness cross-examination in the U.S. extradition case of Huawei Chief Financial Officer Meng Wanzhou will resume in a Canadian court on Monday where Meng’s lawyers are trying to establish that her rights were violated during the events leading up to her arrest. Meng, 48, was arrested in December 2018 at Vancouver International Airport by Canadian
Tsogo Sun forecasts a slow recovery
The hotel operator, which is buying out Hospitality Property Fund, says uncertainty and the weak economy will continue to weigh on the sector. Tsogo Sun Hotels says its interim results clearly reflect the devastating impact that Covid-19 and the accompanying lockdown regulations have had on the hospitality industry in general and it in particular. Despite
Struggling consumers need better information about their options
Debt counselling is an effective way of helping South Africans who are struggling with debt, but a lack of understanding about the process, misinformation, and concerns about being stigmatised mean some consumers don’t seek help or leave it too late. To address the problem the National Debt Counsellors’ Association (NDCA), which counts among its members
Anchor to be cast off from JSE
The stockbroker, fund management and private client business says delisting will level the playing field with competitors. Anchor Group plans to buy out minority shareholders and delist from the JSE and A2X Markets in a move it says will level the playing field with its unlisted competitors. If its proposed scheme of arrangement is successful,
Zoom to lift 40-minute meeting limit on Thanksgiving for longer family hangouts
Zoom said earlier this week it would lift its standard 40-minute limit on free video chats for Thanksgiving Day to make it easier to spend time with friends and family virtually on the US holiday. Given spikes in COVID-19 cases nationwide and various new and existing restrictions on interstate travel, this year’s Thanksgiving will be
MultiChoice tops 20 million households
Growth in subscribers and a lid on costs helped the video entertainment group grow first-half earnings as advertising came under pressure. MultiChoice has reported a strong rise in first-half earnings after rising subscriber numbers and lower forex losses helped compensate for a decline in advertising during the Covid-19 lockdown. Its results coincided with the launch
Afrox prepares for Linde buyout vote
Afrox shareholders will be asked next month to vote on the proposed buyout by parent company Linde, which is likely to result in it being delisted from the JSE. The gases and equipment group sent the offer circular to shareholders yesterday following last month's proposal by Linde. It is offering Afrox shareholders R21.18 per share,
Growthpoint sells shares to trim debt
Growthpoint Properties plans to raise about R4 billion through the issue of new shares so it can pay down debt. Due to the ongoing impact of Covid-19 it wants to reduce its leverage and maintain a strong balance sheet and also have the flexibility to have cash for development and investment activities. The real estate
Gold Fields settles into new normal
The two mines most affected by Covid-19, South Deep and Cerro Corona,Gold Fields settles into new normal have shown a strong recovery. Gold Fields says its mines in SA and Peru bounced back in the three months ended September after they were severely disrupted by lockdowns during the previous quarter. The gold mining company says
Panasonic appoints Kusumi new CEO, replacing Tesla supporter Tsuga
Japan’s Panasonic Corp said on Friday it has appointed Yuki Kusumi, the head of its automotive business, as its next chief executive officer, replacing Kazuhiro Tsuga, a supporter of Tesla Inc Chief Executive Officer Elon Musk. The change, effective April 1, comes as strong sales of Tesla electric vehicles have allowed Panasonic’s battery business to
Asian stocks soars higher as Biden cements presidential win
Asian shares eked out gains on Friday and U.S. stock futures turned higher after U.S. president-elect Joe Biden was projected to win the battleground state of Arizona, cementing his win for the office. The projection by Edison Research dealt another blow to President Donald Trump’s struggling effort to overturn the results of the Nov. 3
Deutsche Telekom raises guidance as U.S. unit outperforms
Deutsche Telekom DTEGn.DE raised its earnings guidance on Thursday as its reported forecast-beating third-quarter results, lifted by outperformance at its recently-merged U.S. unit T-Mobile TMUS.O. The transatlantic telecoms group upped guidance for core profit to 35 billion euros ($41.2 billion) this year, saying T-Mobile was ahead of plan on network integration while it added the
BMW’s new electric scooter concept aims to be your perfect cyberpunk mount
BMW is trying to reclaim its mantle as a leader in electric mobility. As part of a suite of announcements outlining the German automaker’s latest products, BMW revealed a bold new electric scooter concept: the Motorrad Definition CE 04. In true concept form, the company hasn’t released any specs, and it hasn’t said if or
Goldman hires Barclays banker Bion to ride insurance deal boom: memo
Goldman Sachs GS.N has poached Barclays' insurance banker Marguerite Bion to win more business from Europe's biggest insurers as industry consolidation heats up amid anaemic profitability and tightening regulation. Bion, who started her career at Citigroup C.N in 2001 and spent the last decade at Barclays BARC.L, will join Goldman in February as a London-based
WATCH LIVE: Ramaphosa addresses the nation
President Cyril Ramaphosa will address the nation on Wednesday at 8pm. Ramaphosa is expected to speak on measures government will take to curb the spread of the coronavirus. As of Tuesday night, there almost 20,000 reported COVID-19 related deaths in South Africa. The cumulative number of detected infections is now at 740,254. In September, South