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Momentum Metropolitan warns of earnings decline
The insurance group says there has also been a data breach following a cyber attack on one of its subsidiaries. Momentum Metropolitan says it will report a sharp decline in full-year earnings due to tough operating conditions and after it raised additional reserves to cover potential Covid-19 claims. In a trading statement, the insurance group
Sweeter results as Tongaat cleans up
The sugar producer and agri-business says the restructuring has better positioned it to ride out Covid-19. Tongaat Hulett says a turnaround strategy implemented last year has paid off, resulting in improved profitability. The sugar producer and agri-business says the restructuring has put it in a stronger position to weather the Covid-19 pandemic as a leaner,
Telegram launches one-on-one video calls on iOS and Android
Secure messaging app Telegram has launched an alpha version of one-on-one video calls on both its Android and iOS apps, the company announced, saying 2020 had “highlighted the need for face-to-face communication.” In a blog post marking its seventh anniversary, Telegram described the process for starting a video call: tap the profile page of the
More relief needed to address Covid-19 economic damage, says Michael Sachs
The government may have to extend its various Covid-19 relief schemes as the extent of the economic devastation caused by the pandemic becomes clear. This is the view of Financial and Fiscal Commission (FFC) deputy chair Prof Michael Sachs, who previously headed up the Treasury’s budget office. The FFC is a statutory body tasked with
Tiger Brands to sell meat businesses for R253m
Tiger Brands has reached an agreement with two parties to dispose of its value-added meat products (Vamp) business for R253m. The owner of the Enterprise, Bokkie and Oros brands has agreed to sell its abattoir business to pork producer Molare for R100m, while it will sell meat-processing facilities for R153m to Silver Blade, a wholly-owned
Muted fuel price changes expected in September
Motorists in South Africa can expect muted fuel price changes in September, mid-month data from the Central Energy fund shows. Petrol prices are anticipated to show no change for 93 grade fuel, while 95 grade could see a slight decrease. Diesel drivers could see a marginal decrease in prices as well, the CEF’s data shows. These are
SA Breweries welcomes lifting of alcohol ban
The South African Breweries has welcomed the announcement of lifting the alcohol ban from Monday after President Cyril Ramaphosa’s addressed the nation on Saturday night. The National Coronavirus Command Council announced a second ban on the sale of alcohol in mid-July, citing pressure o Ramaphosa said alcohol sales would be permitted between 9am and 5pm
SA to move to Level 2: What you can and cannot do
President Cyril Ramaphosa says the country will move to alert level 2 of the lockdown with effect from midnight on Monday 17 August. Ramaphosa was addressing the nation on Saturday evening on the country’s risk-adjusted strategy to manage the spread of Covid-19. “Guided by the advice of our health experts and after consultation with provincial
Capital Legacy shakes up the South African financial services industry
Over the last eight years they have provided more than 300 000 clients with Wills and indemnified over R 70 billion in fees that arise during the estate administration process, which has aided them in gaining invaluable experience and insight into consumer needs and trends. “We have spent the last eight years building on two
Huawei launches its Matebook D series laptops in South Africa
Best known for its smartphones, Huawei recently launched its new range of laptops in South Africa, as the manufacturer is continuing its push into other hardware. The Matebook D series laptops are solidly mid-range but come at a very decent price. Both the D14 and D15 cost R13,500. The models are virtually identical except for
Turning Alexa bad: Check Point Research finds vulnerabilities in certain Amazon Alexa subdomains
Check Point Research, the Threat Intelligence arm ofCheck Point® Software Technologies Ltd. (NASDAQ: CHKP), a leading provider of cyber security solutions globally, recently identified security vulnerabilities in certain Amazon/Alexa subdomains that would have allowed a hacker to remove/install skills on the targeted victim’s Alexa account, access their voice history and personal data. The attack required a single click
Brait announces a new deal for New Look
The investment group said it is confident that a recapitalisation on top of steps taken by management will support the struggling fashion chain. Brait says it plans to participate in a recapitalisation of New Look as the UK women's fashion chain gets back on its feet following the Covid-19 lockdown. First, though, it plans to
Digital transformation impact on businesses within South Africa
Digital transformation is changing the ways businesses operate throughout the world. New technologies like cloud computing, artificial intelligence (AI), machine learning, and predictive analytics, already have had a profound impact on the world’s economies and continue to disrupt industries. Recognising this potential, government strategies today are emphasizing the role of digital in accelerating economic diversification,
Pixel 4A: Plain looks, but a great price and camera
Google took the wraps off its second-generation Pixel 4A phone last week (announcing the Pixel 4A 5G and Pixel 5 at the same time), joining Samsung's Galaxy A51 and Apple's new iPhone SE in the increasingly crowded budget-friendly segment. For $349, you get a 3,140-mAh battery, a headphone jack and a standout 12-megapixel camera that
Exxaro aided by record coal exports
The diversified resources group says while the operating environment remained challenging, its managed operations were resilient. Exxaro says its operations remained resilient in the first half of its financial year despite the impact of the Covid-19 pandemic. However, the diversified resources group will post a decline in earnings for the period due to the accounting
Impairments push Sasol into a loss
The energy and chemicals group, Sasol, says it was impacted by Covid-19 and a severe decline in crude oil and chemical product prices. Sasol says it will report a full-year loss after writing down the value of its portfolio of businesses by more than its market capitalisation. Its earnings were also impacted by a big
No money yet for SAA, but Pravin Gordhan-led DPE implementing rescue plan
The Pravin Gordhan-led Department of Public Enterprises says it is working hard at implementing South African Airways rescue plan but it gives no indication of funding having been obtained yet. Creditors of the long struggling airline approved the rescue plan on July 27. Since then there has been no word on where the about R10.3
We might not get all the R3.8bn back, but we have a strong case, says Eskom CEO
De Ruyter also shared more on the outlook for load shedding, which he said will likely not be going away any time soon.There is a risk that the full R3.8 billion being pursued from some of Eskom’s former executives and board members might not be recovered, the Eskom CEO CEO Andre de Ruyter has said.
Edcon business rescuers paid R4,500 an hour – and one of them is working from Canada
While thousands of workers at Edgars and Jet could end up without jobs, the two business rescue practitioners of their parent company Edcon have received massive pay hikes. One of them, Piers Marsden is handling his part of the business rescue of one of South Africa’s oldest and biggest retailers from Canada, Netwerk24 reported. In
A cheap iPhone 12 is coming – but there's a catch
For months now the layout of the iPhone 12 landscape was thought to be very clear – there's going to be four different models of the new iPhone launched. Starting with a compact 5.4-inch iPhone 12, the range then includes a 6.1-inch iPhone 12 Max, a 6.1-inch iPhone 12 Pro, and finally a super-sized iPhone 12 Pro Max. Now,