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Finance Minister Rejects Eskom's Application for Financial Reporting Exemption
Finance Minister Enoch Godongwana recently announced that Eskom's application for a partial exemption from the Public Finance Management Act (PFMA) and National Treasury regulations would be denied. This exemption would have allowed Eskom, the state-owned power utility, to withhold information in its annual financial statements about irregular, fruitless, and wasteful expenditures, as well as material
BLUETTI Launched in South Africa to Help Buffer Load-shedding
South Africa has a shortfall of 6,000MW of electricity, which means load-shedding will be a part of life for at least five years, according to Eskom. BLUETTI, an Industry-leading energy storage company, that deliver clean energy to empower communities and individuals. Since 2021, Bluetti has assisted over 2,000 Kenyan households with easier access to electricity
Discovery Life Payouts Decrease to R11bn as Covid-19 Effects Linger
Discovery Life, a prominent life insurer, experienced a decrease in payouts to the tune of R11 billion in 2022, compared to a record-high payout of R12 billion in the previous year. The decline in payouts can be attributed to the diminishing impact of the Covid-19 pandemic. However, the long-term effects of the pandemic continue to
The Battle Against Inflation: The Struggles of the South African Reserve Bank
Another aspect Sarb considers in its efforts to manage inflation is the interaction between inflation and interest rates. When interest rates match the rate of inflation, the real value of debt or savings remains relatively stable. Understanding this relationship is critical when looking at the larger economic picture. The Sarb's challenges in South Africa go
South Africa's Mining Sector: A Radical Transformation in the Past 20 Years
South Africa's mining sector has undergone significant transformation over the last two decades, making it almost unrecognizable from what it was 20 years ago. This shift is reflected in the tripling of market capitalization for the Top 40 mining companies, as well as consolidation, with one-third of the Top 40 companies from two decades ago
Volvo C40 Recharge (2023): A Comprehensive Launch Review
The sporty Volvo C40 Recharge has arrived in South Africa. The automotive industry has faced numerous challenges in recent years, including manufacturing disruptions, logistical challenges, rising raw material prices, and delayed model launches. Volvo South Africa has faced its fair share of challenges as a niche brand in our market, but the worst is behind
Lamborghini Revuelto: A Powerful Hybrid Supercar at a Premium Price
According to Lamborghini, the Revuelto will reach 100 kph in 2.5 seconds before topping out on the far side at 350 kph. The electric motors improve power delivery while also allowing the Revuelto to operate as a fully electric vehicle (for a few short kilometres, at least). The flagship Lamborghini is 4 947 mm long,
Decline of Compulsory Medical Aid Membership and the Challenges
Employers are increasingly allowing their employees to choose whether or not to participate in medical plans. However, this trend is concerning for the South African healthcare industry, especially given the decade-long stagnation in the number of people enrolled in medical schemes. There are concerns that the voluntary nature of medical scheme membership will deteriorate under
FNB customers now have access to a free ‘Money Coach’ on its App
Financial wellness is crucial for success but having access to financial experts can be costly. That is why FNB is excited to be launching Money Coach, a financial wellness feature on the FNB App under nav» Money to assist consumers in getting started with financial education content for free. Money Coach, as described by Jolandé
Bidcorp Struggles with Home Market as Load Shedding Takes its Toll
Bidcorp, a well-known South African food services company with operations in over a dozen countries, is facing significant challenges in its home market as a result of ongoing power outages. While Bidcorp reported growth in Australasia, the United Kingdom, and Europe in its most recent trading update for the 10-month period ending in April, the
AI Taking Over The Hospitality Industry
Artificial intelligence (AI) has taken over the world, with most major technology companies vying for dominance in the AI space. The travel and hospitality sectors are also taking steps towards AI. The impact AI has on sales and marketing within the hospitality industry cannot be overlooked. AI analytics makes it easier to monitor website traffics
African countries including Sudan, breach UN Human Rights Resolution
The cybersecurity company, Surfshark, has undertaken research that has revealed that Sudan has breached the UN Resolution on Human Rights on the internet as many as nine times since signing it in 2021. Sudan had challenges with internet blackout back in April 2023, and it was not the first time that this happened since the
Vodafone reveals IoT for wildlife in Africa
One of the biggest telecommunications provider in Europe and Africa, Vodafone, has plans to pull the Internet of Things and AI to develop new wildlife conservation technologies in Africa, with the aim to ensure community safety, supporting its livelihoods, and reducing conflicts between humans and wildlife. The company has revealed through a public statement on
US diplomacy highlights importance of cybersecurity for outer space
The United States Department framework for space diplomacy has stressed cybersecurity as key for protection of the US interests in space. The digital lines across the federal government, civil agencies, defence, intelligence, and private industry are increasingly connected, and the U.S. State Department released its Strategic Framework for Space Diplomacy, highlighting the importance of cybersecurity
Brand new Ferrari F250 hypercar spotted in action
The brand new and extremely anticipated Ferrari F250 hypercar is out and fully functional. The Car Magazine UK spotted it testing next to Maranello The colour and the whole look is meant to distract from the bodywork underneath, but you’ll see that the doors do cut into the roofline, much like the cockpit of a
3 catalysts for technology stocks in 2023
The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested. For technology stocks, 2022 marked the worst performance year since the bursting of the dot-com bubble in the early 2000s. The technology sector in the S&P 500
How sustainability became a foundational pillar to building a successful business
Businesses play a crucial role in addressing environmental challenges and fostering sustainability. By incorporating Environmental, Social, and Governance (ESG) goals into their operations, companies can make a positive impact while also gaining rapport with their customers. By identifying the best ways to integrate ESG goals into their business strategies, companies can actively contribute to combating
South Africa narrowly avoided slipping into a ‘technical’ recession in Q1 23 despite the sharp escalation in load shedding
Growth will be the main domestic macro focus this week with the Q1 23 national accounts data. Despite the sharp deterioration in rotational power cuts, Absa group believes South Africa narrowly avoided slipping into a ‘technical’ recession in Q1. The bank forecast real GDP growth of 0.2% q/q sa for the quarter after 1.3% contraction in
S&P Works on Ghanian Eurobonds, Senegal and Uganda’s Ratings Affirmation
S&P, on 2 June, cut the ratings of two more Ghanaian Eurobonds to D from CC after the country missed principal and interest payments on these bonds (the USD1bn 2029 and USD1bn 2049 bonds). At the same time, the agency affirmed its SD/SD long- and short-term foreign currency and its CCC+/C long- and short-term local
FNB boosts service delivery by issuing over 400 000 Smart IDs and passports via its branches
FNB says it has issued over 400 000 Smart IDs and passports via its branches since 2015 with its partnership with the Department of Home Affairs (DHA). The support of service delivery will enable ease of access to these important identity documents. Over the period, the Bank issued 192 954 Smart IDs and 233 026 passports