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Glencore's Profits Decline Due to Lower Commodity Prices, but Investors to Receive Special Dividend
Glencore, the global mining and trading behemoth, has seen a significant drop in profits, owing primarily to the normalisation of commodity prices, particularly coal and gas, which had surged following Russia's invasion of Ukraine. From the beginning of the year until the end of June, headline earnings fell by nearly 60%, reaching approximately $4.28 billion
Coronation's Pursuit of Legal Resolution for Tax Bill Reaches Constitutional Court
The Coronation tax case, which has received a lot of attention, appears to be heading to the Constitutional Court as the company seeks a resolution to its significant tax liability. Coronation has formally filed an application for leave to appeal a Supreme Court of Appeal (SCA) judgement that has saddled it with a tax obligation
Shoprite's New Cashless Convenience Shops: Potential Impact on Competitors
Shoprite has unveiled OK Urban, its new retail convenience offering, in a strategic move that could potentially disrupt the retail landscape. This initiative, however, has a twist: these stores will only accept digital transactions, effectively eliminating cash payments. The decision is influenced in part by the company's commitment to improving store security. As this innovative
The Government's Launch of a Solar Loan Scheme: Eligibility and Benefits
The government has finally implemented the much-anticipated Energy Bounce-Back Loan Scheme, which is aimed at increasing the adoption of solar energy. This initiative, which aims to provide both households and small businesses with the financial means to adopt solar solutions, holds the promise of mitigating the negative effects of erratic power supply and load shedding.
Motorist Can Expect Huge Increase in Petrol and Diesel Prices in September
South African motorists are in for a huge change when it comes to petrol and diesel prices this coming September. The price news comes after petrol and diesel prices for August 2023 took effect last week. Central Energy Fund (CEF) released its latest numbers and with the global oil price hike and rand weakening it
ChatGPT made $2000 in a month after being given $20000 to invest in stocks and crypto
Artificial Intelligence(AI) has been improving technology, and ChatGPT has been helping people to be able to work efficiently and diligently. Recently NewsBTC conducted an experiment, in which it gave AI tool ChatGPT $20,000 to invest in crypto and stocks. NewsBTC made a profit of $1.946 after following ChatGPT’s advice for a month with crypto investments
Rand's Undervaluation by 50% Highlighted in Latest Big Mac Index
The most recent update to The Economist's Big Mac index provides compelling evidence that the rand is potentially undervalued by 50%. This index compares the prices of McDonald's Big Mac hamburgers in various countries to assess the relative value of currencies. The underlying principle of this index is the idea that a similar product, such
Potential Telkom Investors Warned of Pitfalls ahead-Analysts
Telkom might have high-value assets, however, potential investors must be weary of risks associated with attempting to turn its fortunes around, according to analysts. The telecommunication firm is looking to sell off parts of its assets, the news comes after the group faced difficult operating environment, evolving technological advancements and accelerated power outages. Telkom group
Vodacom responds to Competition Commission’s recommendations
In November 2021, Vodacom announced the agreement to acquire a co-controlling interest in all of the material assets owned by Community Investment Ventures Holdings (Pty) Limited (“CIVH”) including Vumatel (Pty) Limited ("Vumatel") and Dark Fibre Africa (Pty) Limited ("DFA”). Upon completion, Vodacom will hold a 30% co-controlling interest in a newly formed entity Maziv Proprietary
Absa expecting a higher GDP growth with no more interest rate hikes
Recently, ABSA upwardly revised its near-term GDP growth forecast for South Africa by 0.4 percentage points on the back of healthier-than-expected economic activity in the first half of this year. In its South Africa Q3 2023 Quarterly Perspectives, the bank revealed that it now forecasts real GDP growth of 0.7% in 2023. One of its
MTN exposing MoMo API to developers
MTN South Africa has revealed that it has rolled out a hackathon to challenge “skilled tech developers and innovators” to build solutions on top of its Mobile Money (MoMo) platform. Exposure of the MoMo application programming interface (API) to developers was a teaser for a possible future addition to a revamped MoMo platform by MTN
Google allows apps scan QR codes without developers having full camera access
Google has now featured a new code scanner in its latest APIs, allowing Android smartphones to make scanning QR codes from a distance easier The new feature is not yet available on any devices, however, Google is making APIs featuring the new QR code scanner available to developers. The new scanner is able to automatically
Zuckerberg promising a Threads web version in a few weeks
The CEO of Meta Platforms, Mark Zuckerberg, has made an announcement that the company is set to roll out a web version of Threads and add a proper search function to the platform. He mentioned that the new features are “coming in the next few weeks” and that he expects to build a “vibrant long
Implats expecting more than 20% earnings drop after RBPlat acquisition
Reports have revealed that Impala Platinum (Implats) has informed its informed shareholders about its expectations for its headline earnings per share (HEPS) and basic earnings per share (EPS) to decrease by at least 20% in its 2023 financial year. There were no specifications from the company in terms of its expected EPS and HEPS ranges
Unleashing the Potential of Edge Computing: Navigating Adoption, Challenges, and Opportunities in South Africa
We live today in a world that is hyper-connected, where data has become of utmost importance. The sheer volume of data generated and processed is, simply put, staggering. This has brought about a need for real-time processing and analytics, making it imperative for businesses worldwide. With the potential to reshape industries and redefine computing strategies,
Chinese electric car start-up already beaten Toyota with mass-produced 1,000km batteries
Beijing WeLion New Energy Technology Co. is a Chinese maker of long-range electric vehicle batteries, including one capable of going 1,000 kilometres on a single charge, it has plans for going public no later than 2025 as it banks on automakers embracing next-generation cells in the race to overcome range anxiety. The company is a
Elon Musk offering to pay legal fees for workers treated “unfairly” because of tweets
The tech entrepreneur, Elon Musk is offering to pay the legal fees for any users of his social network, X, who’ve been discriminated against by their employer because of their actions on the platform. There is absolutely “no limit” on costs to this proposal and X Corp. is set to “go after the boards of
Randall Abrahams joins Telkom in an executive role
Reports have revealed that the 54 year old former Idols SA judge, Randall Abrahams, has joined Telkom as the group’s executive for digital solutions. Abrahams is set to manage the Telkom’s digital platform business that is located in the group’s technology division. Part of his responsibilities will be to drive digital strategy as well as
Absa forecast slightly stronger near-term growth to reflect the economy’s growing resilience against the ongoing electricity supply challenge
In the report, Absa upwardly revised its near-term GDP growth forecasts. The group now forecast real GDP growth of 0.7% in 2023 (0.4pp higher than in the last Quarterly Perspectives) and 1.6% in 2024 (0.3pp higher). Despite the sharp escalation in load shedding, economic activity in H1 23 was healthier than it expected. Electricity supply
Absa and Women in Tech Africa join forces to empower and celebrate the positive strides that women have made in technology industry
Absa has collaborated with Women in Tech (WiT) to help shine a light on remarkable women from Africa who innovate, inspire and transform the technology industry. This joint effort culminates in the upcoming Women in Tech Africa Awards taking place on Thursday, 5 October 2023, in Cape Town. The awards programme aims to empower and