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Tesla shares plummeting as Elon Musk's new Master Plan falls short of expectations
Elon Musk's much-anticipated third Master Plan for Tesla Inc. disappointed investors by failing to provide any clear details on the company's long-awaited next generation of electric vehicles. The four-hour presentation was big on Musk's goal of building the next phase of Tesla's development around a sustainable energy future by moving into goods like heat pumps,
Eskom is rapidly running out of load shedding levels
Current statistics indicate that Eskom would run out of load shedding stages around August 2023 unless major actions are made. According to Pieter Jordaan, an independent energy expert, the daily mean load shedding stage – or average stage for the day – has been continuously growing since July 2022, when it closed at stage 4
Thus far in 2023, this is the number of Businesses that have closed in South Africa
In January 2023, South Africa had 81 business liquidations, a 32.5% decrease from the 120 enterprises that closed their doors in January 2022. According to Statistics South Africa (Stats SA), the number of corporate liquidations declined by 42 instances over this time, while liquidations of closed companies climbed by three cases. According to Absa economists,
Purchasing Managers’ Index (PMI) ) fell sharply to 48.8 index points in February from 53.0 in January
The seasonally adjusted Absa Purchasing Managers' Index (PMI) declined dramatically from 53.0 in January to 48.8 in February. The headline indicator went below the neutral 50-point level for the first time since September 2022, indicating a significant deterioration in industrial business conditions. Furthermore, both the business activity and new sales orders indices were in contractionary
The role of internal audit in fighting corruption in government and private sector
Several obstacles have arisen in recent years, including the unplanned and unpredictable disruption of the Covid-19 worldwide pandemic, which has changed the way we work, live, and interact. South Africa has lately experienced load shedding, as well as numerous other governance concerns that the audit function may strive to address. Due to the implementation of
WhatsApp set to introduce four new changes to the messaging application
BusinessTech Africa has gathered that there are proposed changes coming soon for WhatsApp and some of the changes are being tested. The social media communication application or instant messaging app has several new features in the pipeline, with a handful of betas currently under testing. According to the data service WABetaInfo, some of the latest
Elon Musk reclaims spot as number one richest person in the world
South African-born businessman Elon Musk is back at the top of the ranks as the world’s richest man. Musk returns to the summit as he reclaimed his place and that is according to the latest rankings issued by Bloomberg. The Tesla CEO was unseated from the top spot by Bernard Arnault, CEO of French luxury
Dlamini-Zuma issues Eskom load-shedding disaster regulations
Nkosazana Dlamini-Zuma, Minister of Cooperative Governance, gazetted legislation for South Africa's national state of disaster due to the energy crisis. The regulations specify that "critical electronic communications and broadcasting infrastructure" is required. It gives cabinet ministers the authority to provide load-shedding exemptions for this critical infrastructure. However, the authority to provide exclusions is limited. Load-shedding
South Africa's unemployment rate decreased
Statistics South Africa has released the Quarterly Labour Force Survey (QLFS) data for Q4: 2022, which show a slight decrease in the country's unemployment rate. The official unemployment rate fell by 0.2 percentage point in the fourth quarter of 2022, from 32.9% in the third quarter to 32.7%. According to the extended definition of unemployment,
New 'travel pass' distributed to all South African airports
The South African Revenue Service (SARS) has stated that the new online passenger declaration system, which gives a travel permit through email, will be introduced at all of the country's airports. According to SARS, the new technology was successfully trialled beginning on November 29, 2022, as phase 1 of the initiative at King Shaka International
<strong>Young Philanthropist Thobile Nyawo of Isambane Energy Offers Solution to Ongoing Loadshedding Crisis in South Africa</strong>
While politicians, senior energy sector stakeholders, analysts, and activists continue to debate and fight over what is going on at Eskom and the impact of loadshedding on citizens, Thobile Nyawo, a young philanthropist and serial entrepreneur of Isambane Energy, is proposing a solution that ordinary citizens can use to deal with the ongoing crisis. For
<strong>Average take-home pay down again in January</strong>
Challenging economy continues to take a toll on salary payments According to the BankservAfrica Take-home Pay Index (BTPI), the average nominal take-home pay fell again in January 2023 as the adverse economic situation persisted, impacting enterprises working under high-pressure conditions caused by continuing power shedding and growing prices. “The average nominal take-home pay for January
Mmusi Maimane opens criminal case against ex-Eskom boss Andre de Ruyter
In the wake of allegations made by outgoing Eskom CEO Andre De Ruyter regarding corruption at the power utility, Mmusi Maimane has opened a case against him. The leader of Build One SA (BOSA), Maimane, on Monday, opened a criminal case against Public Enterprises Minister Pravin Gordhan and former Eskom CEO. Maimane filed the case
Finnish telecoms company Nokia partners with MTN to expand 5G in South Africa
Finnish telecoms company has joined forces with South Africa’s MTN in a move to boost the expansion of 5G in South Africa. Nokia announced the news on Monday and said it has been selected by MTN South Africa for the first time ever as one of its 5G radio access network equipment providers. Mobile Telephone
Petrol and diesel prices to go up in March 2023 announced DMRE
Motorists are set to feel the pinch on Wednesday following the announcement that the price of petrol will go up. The rise in prices comes amid a supply crunch worldwide, the Department of Mineral Resources and Energy announced on Monday night. The price of both 95 and 93 unleaded petrol will be hiked by R1.27
Spar facing legal battle from KZN businessman alleging they ‘were used for BBBEE funding’
Spar is facing a legal battle with allegations surfacing from two KwaZulu-Natal businessmen alleging that the retailer is using them as fronts. IOL reports that the two KZN businessmen are unhappy as they feel the supermarket group is using them to benefit from BBBEE funding. Known as Nhlanhla Makhanya and Sfiso Ngwenya, the duo owns
Eskom spokesperson Sikhonathi Mantshantsha is leaving the power utility
Eskom has announced that spokesperson Sikhonathi Mantshantsha is leaving the struggling power utility and his last day is February 28. Mantshantsha joined the power generator in the last three years and he signed a fixed-term contract with the state-owned company. “Sikhonathi has been the catalyst in Eskom improving transparency and frequency of information sharing, dealing
Fruits SA concerned that more jobs are on the line due to power cuts
Fruits South Africa has lamented the ongoing power cuts and organisation says this will affect many jobs in the sector. According to Fruit SA CEO, CEO Fhumulani Ratshitanga, she said it is not viable to farm and many growers will be out of business. The body said if Stage 6 load shedding persists and is
German carmaker BMW unveils new hydrogen fleet in a pilot project
German automaker BMW has unveiled the first vehicles as the company pilots its hydrogen fleet to enter the service this year. This development comes after four years of development work, the iX5 hydrogen vehicle and the project is entering the next phase as a fleet of just under 100 vehicles will be deployed internationally for
<strong>Absa finances three Wind Energy Projects that reach Financial Close in Bid Window 5 of the South African REIPPP Programme (REIPPPP)</strong>
Absa served as the designated lead arranger and lender for three Red Rocket Energy (Pty) Ltd ("Red Rocket") renewable energy projects, which closed on February 23, 2023. The projects will consist of two 140MW wind farms in the Western Cape and one 84MW wind farm in the Eastern Cape, with a total projected cost of