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Big shift in interest rate expectations for South Africa in 2024
The South African Reserve Bank's Monetary Policy Committee (MPC) is widely anticipated to maintain the repo rate at 8.25% on Thursday, aligning with similar decisions by banks like the FOMC in the United States. Despite initial expectations of rate cuts in the second quarter, projections have now been postponed, with Investec predicting the first cut,
Ooredoo and Zain Forge Partnership to Launch Leading Tower Company in North Africa
Ooredoo Group and Zain Group, leading telecom providers, are in the process of launching a new independent cellphone tower company, focusing on assets in the Middle East and North Africa (MENA) region. The companies have officially announced their entry into exclusive negotiations with UAE-based TASC Towers Holding to amalgamate tower assets across Algeria, Tunisia, Qatar,
Ebay Slashing 1,000 Jobs and Contractors to Sharpen Company Focus
eBay is set to undergo a significant workforce reduction, cutting approximately 1,000 jobs, equivalent to 9% of its full-time employees, as well as trimming work for external contractors. The decision is rooted in the company's assessment that its staffing and expenses have outpaced its growth, necessitating a more agile approach in the face of a
R38 Billion Maputo Port Upgrade Approved as SA Cargo Flows In
Mozambique has granted approval for an extended agreement involving DP World, Grindrod, and other operators overseeing its largest port, situated in the capital city of Maputo. The deal, endorsed by the Council of Ministers, spans 25 years, concluding in 2058. The consortium, which includes Mozambique's state-owned railway operator, plans a $2 billion expansion as part
Whistle-blower discloses WesBank’s faulty system that overcharges black clients
A former employee of WesBank has disclosed intricate details of an alleged systematic approach by the finance provider to overcharge black clients intentionally, using a specific system. The ex-employee, who maintained anonymity, worked in the IT department as a contractor from 2014 to 2018. According to him, WesBank utilized the acquisition system to determine interest
The Honda Fit takes centre stage
After causing initial confusion by not disclosing pricing for conventional petrol engine models during the debut of the facelifted e:HEV hybrid variant last year, Honda has now revealed details of the complete three-model Fit lineup. The Fit, formerly known as Jazz, underwent styling updates, featuring a new front bumper, restyled honeycomb grille, darkened LED headlights,
Growth opportunities to look out for, and trends to leverage in the flourishing world of e-commerce
Bob Group Managing Director Andy Higgins believes 2024 will be the year online retail in South Africa will start to accelerate and catch up with international uptake. Higgins, who took the reins when marketplace giant bidorbuy (now Bob shop) and logistics powerhouse uAfrica (now Bob Go) amalgamated to form the Bob Group ecommerce ecosystem last
Veeam Data Protection Trends Report 2024 Finds Cyber-Attacks the #1 Cause of Business Outages
Veeam Software, the #1 leader by market share in Data Protection and Ransomware Recovery, today released insights from the company’s fifth annual Veeam Data Protection Trends Report. While companies say they will spend more trying to fend off cyber-attacks, the survey found IT leaders are feeling even less protected and more concerned about their ability
Thabi Leoka steps down from MTN over PhD scandal
Thabi Leoka, the businesswoman who is currently facing accusations of providing false information about her academic qualifications, has resigned from the board of MTN South Africa amid the ongoing scandal. MTN South Africa announced her immediate resignation as a non-executive director, citing her need to address health concerns and the scrutiny surrounding her academic
The artificial general intelligence (AGI) was discussed at the World Economic Forum
Executives from leading artificial intelligence labs, including OpenAI, Cohere, Google’s DeepMind, and major tech companies like Microsoft and Salesforce, gathered at the World Economic Forum in Davos, Switzerland, to discuss the potential arrival of artificial general intelligence (AGI) comparable to or surpassing human intelligence in the near future. The conversation explored the risks and opportunities
Scott Stuber, Netflix movies boss quits to start own company
Scott Stuber, the architect behind Netflix's emergence as a dominant movie studio, will depart the streaming giant in March to launch his own company. Stuber, currently serving as global film chairman, will continue in this role until at least the Academy Awards in March to conclude ongoing projects before embarking on producing films and TV
Instagrid, the German company that uses software to supercharge portable batteries, raises $95M
Instagrid, a startup addressing energy supply challenges, is making strides with its enterprise-grade portable chargers. The company's flagship product, "One," has sold 30,000 units, experiencing 100% annual growth. In a Series C funding round, Instagrid secured $95 million, with Teachers’ Venture Growth leading the investment. Despite the dominance of lithium-ion batteries, Instagrid focuses on overcoming
Competition Commission announces public hearings for investigation into Google, Facebook, and Apple
The inaugural round of public hearings for the Media and Digital Platforms Market Inquiry is scheduled to take place from March 4 to March 22, 2024, at the Department of Trade, Industry, and Competition campus in Pretoria. The primary objective of the inquiry is to address imbalances and competition issues in the media and
Elon Musk reveals why Tesla hasn’t launched in South Africa
For the first time, Elon Musk has revealed how come Tesla hasn’t launched its range of electric vehicles in South Africa. The South African-born co-founder and CEO of Tesla, Musk took to his social media platform over the weekend, X to reply to a question about the matter. South African X user Ziyaad Mohomed asked when
Telegram rolling out ‘view-once’ voice and video messages
As part of its January feature update, Telegram is unveiling several enhancements, including the introduction of "view-once" functionality for video and audio messages, the ability to pause and resume recording for video and audio messages, and new controls for monitoring read times. The "view-once" feature, initially introduced for photos and videos in one-on-one chats in
Nigerian company, Freee Recycle turns tyres into tiles and bricks
Nigerian firm Freee Recycle is combating landfill overflow by repurposing old tires into various products, sold nationwide. Globally, a report by the Tire Industry Project reveals one billion end-of-life tires are generated annually, with an estimated four billion in landfills and stockpiles. Freee Recycle, established in 2018, has transformed over 400,000 tires into paving
Cape Winelands Airport Set for Completion in 2025
A significant airport expansion program, valued at R7 billion, is currently in progress at Cape Winelands Airport, representing a crucial milestone in the development and accessibility of the Cape Winelands region. Established in 1943 and primarily catering to general aviation traffic, the airport's expansion and upgrades are slated for completion by 2027, according to reports
Terraform Labs Files for Chapter 11 Bankruptcy
Terraform Labs, the company behind digital assets TerraUSD (UST) and Luna, has officially filed for Chapter 11 bankruptcy in Delaware. This strategic move is aimed at facilitating the continuation of its operations and supporting ongoing litigation in Singapore and the United States, particularly involving the Securities and Exchange Commission (SEC). The Chapter 11 filing also
African Bank Distributes R100 Million in Dividends
African Bank, emerging from the aftermath of the African Bank Investments collapse, has announced its second dividend, matching the R100 million payout from its inaugural shareholder distribution a year ago. The dividend, set at 20 cents per share, will be distributed among African Bank's shareholders, including the Reserve Bank with a 50% share, and the
DSG honoured with Top Service Provider award at the annual BPESA GBS & BPO Conference and Alchemy Awards 2023
Digital Solutions Group (DSG) has been honoured with the award for Top Service Provider at the annual BPESA GBS and BPO Conference and Alchemy Awards 2023 for its collaborative partnership with MultiChoice. The company provides MultiChoice with inbound, outbound, NOC, lead generation and sales activations and Live Chat support. The partnership has significantly enhanced MultiChoices’