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Sipho Pityana Makes Progress in Absa Case Following Removal as Director
The Pretoria High Court recently ruled that Absa must provide its record of decision regarding the removal of former lead independent director Sipho Pityana from the board in November 2021. Pityana was accused of sexual harassment by an employee during his tenure as chairman of AngloGold Ashanti, which he categorically denies. As a result, Pityana
Parmigiani Fleurier: From Obscurity to Patek-like Fame with One-Year Waitlists
Parmigiani Fleurier, an obscure Swiss watchmaker, has experienced a meteoric rise in popularity, rivalling renowned brands such as Girard-Perregaux, Audemars Piguet, and Patek Philippe. Since Guido Terreni took over as CEO in early 2021, the brand has undergone a transformation, focusing on a single watch line—the highly sought-after Tonda PF. Terreni, former Bulgari president of
New GWM Ora Electric Car: South Africa's Cheapest EV
The price of the GWM Ora for South Africa has been announced, revealing the cost of the compact electric vehicle when it goes on sale later this year. The GWM Ora is a stylish and compact city car with a starting price of R716,900 that will soon be available in South African showrooms. In a
FNB introduces virtual cards on global accounts for convenient foreign currency payments
FNB and RMB Private Bank customers can now create virtual cards for their global accounts, making their international payments safer and more convenient. Global accounts offer a means to save and transact in foreign currency, whether you are saving for offshore travel, need quick access to manage currency risk, or are receiving and making international
Microsoft Freezes Salaries for All full-Time Employees To Fund AI
Microsoft has frozen salaries for all full-time workers this year as it invests billions of pounds in artificial intelligence (AI). The company is the latest US tech giant leader to invest in the uncertain demand in artificial intelligence. A company spokesman said, “Navigating both a dynamic economic environment and a major platform shift requires us
Elon Musk Appoints a New Twitter CEO
Elon Musk found his replacement as Twitter CEO. The founder, CEO and chief engineer of SpaceX; angel investor, CEO and product architect of Tesla, Inc. and owner and CEO of Twitter announced the news on the social media platform. Musk bought the Twitter last year. After the Twitter users voted him to step down as
News Sin Tax will Affect Vapers, Smokers and Small Businesses as of Next Month
The Minister of Finance announced in the 2022 Budget that a tax net on vaping tobacco products will be introduced. The new sin tax will include nicotine and nicotine-substitute solutions in vaping products with the flat excise duty rate of R2.90/ml as of 1st June 2023. According to South African Revenue Service (SARS), the manufacturers
Ramaphosa Sets up A Strategy To Reduce Lod Shedding
According to South African President Cyril Ramaphosa, a strategy is in place to reduce load shedding in the short term and finally eradicate it. The president addressed members of Parliament on Thursday that the Minister of Electricity is responsible for all of the actions being coordinated by the National Energy Crisis Committee to halt load
Close the language gap with AppGallery
In the past, overcoming a language barrier was a daunting and time-consuming task. People had to rely on textbooks, audio tapes or in-person classes. Not only were these expensive and inflexible but they didn’t allow for interaction with native speakers. Becoming fluent and getting an understanding of the cultural context of a language was very
Shell wins legal case over Nigerian oil spill claims
On May 11, 2023, the UK Supreme Court ruled that residents of Nigeria's Niger Delta region could no longer file pollution claims against Shell following a massive oil spill more than a decade ago. Prior decisions that the claimants had not met the legal deadline for submitting their claims were upheld by the ruling. The
South African National Roads Agency considers new tolls to fund R150bn shortfall
The South African National Roads Agency (Sanral) is considering building more toll roads to cover a R15 billion shortfall over the next decade and fulfil its mandate. When Sanral tabled its annual performance plan in parliament last month, it revealed the R150 billion funding shortfall for the period. Vusi Mona, Sanral's General Manager for Communications
BRICS to Discuss Feasibility of Common Currency
The BRICS group of countries, which includes Brazil, Russia, India, China, and South Africa, is reportedly considering the introduction of a common currency. The issue of a common currency will be discussed at a meeting of heads of state in Johannesburg on August 22. There have been calls for alternatives to the dollar as the
Tighter Regulations for used lubricant oil disposal in South Africa
According to Bubele Nyiba, CEO of the ROSE Foundation, South Africa generates significant amounts of used oil, with an estimated 120 million litres of used oil available in the country to be collected and recycled each year. The foundation was established in 1994 to divert used oil from polluting the environment, whether it is water
Transaction Capital, Owner of WeBuyCars, Plummets 30% Following R1.9bn Loss
Transaction Capital, South Africa's largest taxi financier and owner of WeBuyCars, saw its shares fall nearly 30% by early afternoon on Wednesday. The company reported a nearly R1.9 billion loss for the six-month period ending March 31, 2023, compared to a profit of R615 million the previous year. This profit decline was worse than the
Standard Chartered Bank launches the Women in Techprogramme with over R2.7 million funding
Standard Chartered Bank is proud to announce the launch of its Women in Tech (WiT) Incubator Programme in South Africa, aimed at empowering and supporting women entrepreneurs in the technology sector. WiT is part of the bank's commitment to fostering gender equality and driving innovation in the rapidly evolving technological landscape. As one of the leading global banks, Standard Chartered recognises the immense potential of women in this sector and understands the importance of bridging the ge
Creating a sustainable supply chain makes business and environmental sense
More and more manufacturers are starting to shift their focus to the sustainability of their supply chains. This is attributable to an increasingly prominent conversation around climate change, and to recent and growing legislation around supply chain sustainability, along with increasing demand from customers that their products be sustainably produced. Sustainable supply chain management can
The Role of Fintech in Driving Financial Inclusion and Payment Modernization in South Africa
According to a McKinsey & Company study, digital financial services have the potential to provide access to financial services for 1.6 billion people in emerging economies by 2025. The study also discovered that these developments are expected to boost emerging economies' collective annual GDP (GDP) by US$3.7 trillion, or 6%, by 2025, while creating up
Production Issues and Weaker Demand Contribute to Sappi's 63% Profit Decline in Q2
Sappi, the paper and packaging company, reported a nearly two-thirds drop in profits during the second quarter due to production issues in South Africa and lower demand for key products. Sales of graphic papers and packaging fell by 42% and 29%, respectively, as heavy rains and challenges associated with the recent containerboard machine at its
Old Mutual Insure Launches Motor Enthusiast Competition to Promote Safer Driving
Old Mutual Insure has launched a new public competition, Motor Enthusiast, to encourage South African motorists to drive safely. The competition, which is part of the Car of the Year (COTY) competition, gives motor enthusiasts the chance to win one of five defensive driving vouchers. MasterDrive, a leading driver training organisation, is providing the training.
MTN Group in Talks to Sell West African Assets to Axian Group
MTN Group, Africa's largest mobile operator, is reportedly in advanced talks with Axian Group to sell some of its West African markets. MTN's assets in Liberia, Guinea-Bissau, and Guinea-Conakry would be divested as part of the potential deal. According to insiders, the two companies are negotiating prices for the assets, but no agreement has been