Browse every article
10,685 articles
Embattled SOEs SAA, Post Office & Eskom receive massive bailouts from the treasury
The South African Treasury has announced that state-owned entities, SAA and the Post Office have been allocated a combined R3.4 billion in bailouts. This announcement was made during this year’s budget while the government has prioritised stabilising the power utility. The deepening energy crisis has hit many sectors of the economy and the government will
Eskom CEO Andre De Ruyter on ANC interference at struggling power utility
As he prepares to leave Eskom as CEO, Andre De Ruyter has hit back at the ruling party for seeing the power utility as an ‘eating trough’. De Ruyter said the available evidence shows that the ruling African National Congress (ANC) sees the embattled power utility as means of making money. In a broad-sweeping interview
Telecoms company MTN announces two major appointments in IT and network
South African mobile operator MTN has appointed Rami Farah who will occupy the role of an executive for its network. Farah joins the company from Iran and joined the company on January 01 and it has also been announced that Nomthi Nelwamondo is also joining the operator. Nelwamondo takes the job of an executive for
Sibanye-Stillwater successfully rescues underground workers due to cable theft
Information landing through to BusinessTech Africa is that workers at Sibanye-Stillwater's Cooke operations were successfully evacuated from underground. This follows power lines collapse as a result of theft and vandalism and the company has released a statement. Sibanye-Stillwater announced on Wednesday that Eskom technicians restored the electricity supply to Sibanye Gold operations in Randfontein. This
Kumba Iron Ore decries Transnet’s woes as it affects production outlook
Transnet’s inability to perform to its best is causing severe damage to companies such as Kumba Iron Ore. The mining company said poor logistics performance, including a worker strike during 2022 at Transnet repressed the volume of ore railed to port by 9% to 35.9 million tons. This has hamstrung South African coal and iron
South Africa has reached 7,000MW of load shedding
South Africa has attained an unparalleled degree of power rotation. Eskom dropped 7,045 megawatts from the grid on Tuesday, spokeswoman Sikonathi Mantshantsha said in a tweet. Each 1,000MW signifies a load-shedding level, and according to Bloomberg, Mantshantsha has practically verified that Eskom has progressed to stage 7. It should be emphasised, however, that Eskom has
Discovery Bank named Best Digital Bank of the Year in 2023
Discovery Bank has been named the 2023 MyBroadband Award winner for Best Digital Bank. Discovery Bank was chosen as the winner due to the remarkable features and services provided by its banking app, as well as its outstanding usability and interaction with a range of internal and external platforms. Nominees for the 2023 MyBroadband Award
Apple Watch may be banned in the United States
The prospect of a ban on importation of newer-model Apple Watches into the United States has grown after President Joseph Biden affirmed an International Trade Commission finding on patent infringement (ITC). The ITC reached a final ruling in December 2022 that Apple had infringed on wearable electrocardiogram (ECG/EKG) patents owned by medical equipment firm AliveCor.
Porsche South Africa victim of ransomware attack
Over the weekend, a ransomware assault disrupted Porsche South Africa's Johannesburg headquarters, bringing down some of the company's systems and at least some backups. According to MyBroadband, the attackers encrypted the company's files and locked it out of corporate systems using a relatively new ransomware strain dubbed Faust. According to security analysts, Faust is a
Criminal gangs are attacking cellphone towers in South Africa
Due to the risk of being targeted by thieves, South Africa's mobile carriers are hesitant to identify the providers and brands of the batteries they employ to keep their networks operational during load-shedding. High-capacity batteries are sought after by criminal syndicates because they may command high prices on the illicit market. MyBroadband inquired about the
Good news for everyone in Cape Town who owns a property worth less than R5 million
The City of Cape Town has announced that it would increase the rates and taxes rebate for city property owners beginning in the fiscal year 2023/24. According to the city, the refund for all homes worth under R5 million would increase by 52%, from R285,000 to R435,000. This is in addition to the statutory R15,000
To keep the lights on during Stage 8 load shedding, large enterprises would have to pay R120 million
Tiger Brands, a South African packaged products manufacturer, claims stage 6 to stage 8 load shedding will cost R120 million in additional generating capacity to keep operations running. In its trading statement for the four months ending 31 January 2023, the firm reported a steep increase in pricing, as well as growing expenditures attributable to
Domestic worker salary in South Africa has increased significantly — here's how much you should be paying
The Department of Employment and Labour has published the new National Minimum Wage for South Africa. The minimum wage will be increased by 9.62% for the year, bringing the current figure to R25.42 (up R2.23 from R23.19 before). Agricultural labourers, like domestic workers, will be paid a minimum wage in line with the rate. Workers
Shoprite introduces new private label to help local companies
Shoprite, South Africa's largest retailer, is launching an exclusive private-label product line derived from local small, medium, and micro firms (SMMEs). According to Shoprite, the new Homemade label opens up a plethora of chances for young enterprises to prosper in retail. With access to Shoprite's 534 supermarkets throughout the country, SMMEs can get their items
The Reserve Bank is preparing for a countrywide grid meltdown
The South African Reserve Bank (SARB) is planning for a national grid failure through the Financial Sector Contingency Forum (FSCF). While the central bank highlighted that a regional or national grid breakdown is improbable, it must investigate such systemic risks as part of its responsibility to ensure financial stability in the country. Since 2015, the
Premier Panyaza Lesufi R34 billion to empower township initiatives
Gauteng Premier Panyaza Lesufi has announced plans to ensure the province is safer for the resident, saying he has allocated a budget to focus on that. In his State of the Province address, he said the provincial government has committed to using 60% of its R34 billion goods and services budget to support township initiatives.
Anglo American platinum shares predictions as it releases results for 2022
Anglo American said the supply and demand of the three platinum group metals were set to be in small deficits this year. The world’s biggest platinum producer announced the developments on Monday as it released the results for the year 2022. The Anglo American majority-owned group said in its 2022 results that platinum’s underlying surplus
Zimbabwe wants to create ‘Africa’s Dubai’ at the iconic Victoria Falls
The Zimbabwean government is planning to launch an offshore financial centre in the resort city of Victoria Falls. The Southern African government wishes to vie with the likes of Dubai and the Isle of Man to attract foreign investment into the city. Finance Minister Mthuli Ncube said in an interview, according to Fin24, that the
Eskom battles thieves, increased damages, and corrupt employees due to load shedding
Struggling power utility Eskom says it is fighting vital infrastructure damages where cables and breakers are stolen. The power generator said there has been a significant increase in damage to vital infrastructure, including breakers and cables, as a result of the frequent disruption to the grid caused by load shedding and that this has added
Ethiopian Airlines pleased to sign a services agreement with IGAD
Africa’s largest airline Ethiopian Airlines has signed an agreement with the Intergovernmental Authority on Development (IGAD) to provide a framework for the provision of the airline’s products and services to IGAD. Based in Addis Ababa, Ethiopian Airlines will also provide hospitability services to IGAD at Ethiopian Skylight Hotel and assign a dedicated team to handle