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Rand suffers as local troubles worsen
The rand is losing ground in markets this week as a mix of domestic and global factors weighs on the currency. On Friday morning (17 February), the local unit was trading at R18.22 to the dollar, having breached and settled above the R18 to the dollar threshold earlier in the week. The rand had been
Dis-Chem's load-shedding expense rises to R36 million
Dis-chem, a retail pharmacy group, demonstrated a strong commercial performance despite tough economic headwinds, with group sales growing by 8.7% for the six months ending 5 February 2023. Dis-Chem reported a 7.5% increase in retail sales during the period, excluding vaccines and Covid-19-related lines, in a trading update on Friday (17 February), while external wholesale
Whether you like it or not, Ramaphosa's new "electricity minister" is on the way
President Cyril Ramaphosa says he would proceed with his plans to establish a new'minister of energy' in South Africa despite considerable protest. In response to the discussion over his current State of the Nation Address (SONA), President Obama stated that the new minister will be in charge of monitoring all areas of the electrical crisis
Public Sector Union prepare for strike action
South African civil employees' labour unions intend to inform the government of their intention to strike next week, escalating tensions in a dispute over salary hikes. Last year, pay negotiations came to a halt when the government rejected union proposals for 10% rises and unilaterally approved a 3% increase. While Finance Minister Enoch Godongwana is
legal challenges against state of disaster are increasing
Outa has joined other civil action organisations in filing a judicial challenge against President Cyril Ramaphosa's proclamation of a state of disaster due to the ongoing energy crisis. Outa petitioned the Pretoria High Court on Thursday (16 February) to have the proclamation annulled. Ramaphosa said a week ago (9 February) during his State of the
Eskom has issued a warning about 'disaster level' theft
According to Eskom, theft and damage of energy infrastructure have reached terrible proportions in Gauteng, jeopardising crucial services and lives in the region. “Eskom has reported concerning levels of damage to its network, such as transformers and substations, leading to prolonged outages to customers, including essential services,” it said. The electrical supply to Rand Water
The most serious threat to the 2023 budget
According to experts at Nedbank, South Africa's public sector wage bill remains the greatest danger to maintaining a balanced budget. On Thursday (16 February), public sector unions stated that they were preparing for a large, indefinite strike over salaries, extending the conflict that raged for months in the latter half of 2022 when the National Treasury
The one major omission from Ramaphosa's SONA finally mentioned
Anybody watching Cyril Ramphosa's 2023 State of the Nation Address would have noted a significant absence in the president's list of calamities affecting the country. There was no mention of the state's second main plan: the National Health Insurance (NHI) programme, despite an ongoing power crisis that forced the proclamation of a state of calamity,
Mercedes Benz South Africa to launch electric eSprinter panel van in 2024
German automaker Mercedes Benz South Africa has made an announcement that it will launch a full electric Sprinter next year. Mercedes Benz South Africa’s president Nadia Trimmel said they will introduce the battery electric Sprinter panel van (eSprinter) to the local market in 2024. “As we embark on a new era of sustainable mobility, we
South African motorists warned against massive petrol price in February
South African motorists must brace themselves for a massive petrol price hike this month as per the information released by Central Energy. While the month of February has two weeks to see the prices fixed, the fund data shows that 95 unleaded petrol could be increased by more than R1.20 per litre this month. Looking
Capitec Bank reveals updated banking fees set to come into effect in March 2023
Registered as South Africa’s biggest banking institution by retail customers, Capitec Bank has released new banking fees. The Western Cape-based, Stellenbosch, bank has updated its new fees that will kick in next month as media reports suggest. Capitec clients will see a sharp increase in the cost to get money into and out of their
Comair demands R1.4 billion from US aircraft maker Boeing for fraud
Aeroplane maker Boeing is facing a legal battle with a South African airline that is demanding at least $1,4 billion. The airline argues that Boeing lied about an agreement regarding the sale of eight 737 MAX planes and it seeks damages to the tune of $83 million. According to a suit filed on Monday in
H&M joins forces with Superbalist to reach out to more South African clients
Clothing retailer H&M has just launched an online outlet as they look to reach more South Africans. The Swedish clothing retailer’s local unit is to launch an online offering on the e-commerce platform, Superbalist, in a move welcomed by analysts as a smart way of expanding without hefty capital outlays. The retailer’s clients will be
African mobile operator Orange announces new plans to curb cybersecurity
Telecommunications company, Orange South Africa’s CEO Christel Heydemann has just announced a new strategic plan to 2030. The strategic plan will refocus on Orange’s core telecom business, boost growth in the African continent and restructure its ailing enterprise business with a focus on cybersecurity. According to Heydemann, the strategy will bring low single-digit growth annually
Nissan recalls 500 000 cars owing to faulty airbags that could lead to driver injuries
Japanese carmaker Nissan has announced that it is recalling almost 500 000 cars due to faulty airbags. The multinational automaker also expressed concerns regarding the airbag deploying and causing the steering wheel emblem to come loose and injure the driver, according to reports. BusinessTech Africa has gathered that more than 464,000 older Nissan pickups and
ANC & EFF MPs tell Transnet Group CEO Portia Derby to shape up
Struggling South African freight rail agency Transnet Group CEO Portia Derby has been told to shape up or ship out by members of parliament. The African National Congress and Economic Freedom Fighters MPs tore into Transnet Group CEO on Wednesday, accusing her of "doing nothing" to arrest the company's slide into dysfunction and reprimanding her for privatising parts
SA-born Elon Musk on his way to becoming the world’s richest person
South African-born businessman Elon Musk is slowly bouncing back to the title of the world's richest person yet again. This comes as the 51-year-old chief executive, whose net worth is largely wrapped up in Tesla stock, is close to recapturing the spot as the electric-vehicle maker's shares surge. Musk’s company, Tesla, went up 76% year-to-date
Botswana farmers confident about commercial apple production
BusinessTech Africa understands that the Ministry of Agriculture in Botswana said farmers are looking to start the commercial production of apples. This is the view shared by the country’s ministry of agriculture, as apple farming in the country was a challenge as a result of unfavourable weather conditions. Farmers Weekly has it that local farmers
Eskom CEO Andre De Ruyter: Load shedding to stay for the rest of 2023
Outgoing Eskom CEO Andre de Ruyter has warned South Africans that they must be ready to live with load shedding. De Ruyter says the load shedding crisis is here to stay for the rest of the year and this comes as contrary to what the African National Congress said. The ruling party is of the
MTN pledges to invest R17 billion in Ghana over the next five years
South African mobile telephone operator MTN has vowed to invest $1 billion (R17bn) in Ghana over the next five years. The MTN Group said it will inject this money following the Ghanaian government's move to exempt its unit from tax claims worth about $773 million. MTN announced this development on Wednesday as it comes on