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Telkom to retrench 15% of staff, starts internal consultations
South African state-owned telecommunications company Telkom is set to retrench 15% of its workforce. As the third-biggest mobile operator, Telkom announced the news on Tuesday, saying it would begin workplace consultations on internal restructuring that is expected to affect 15% of its workforce. Media reports suggest that the Section 189(a) process will impact all business
Transnet Freight Rail resumes limited train services due to heavy floods
Government-owned Transnet Freight Rail has commenced limited train services, primarily on the North East Corridor branch lines in Witbank, Belfast, Lydenburg, and Steelpoort regions. The resumption follows a massive service disruption caused by floods during the past week. TFR said operations started in earnest on February 13 across the corridor branch line network, with Transnet
Minister in the Presidency Mondli Gungubele backs declaration of a state of disaster
Minister in the Presidency Mondli Gungubele has backed the move by Cyril Ramaphosa to declare a state of emergency last week. Gungubele says the declaration of the National State of Disaster on Energy will assist in the speedy resolution of energy supply challenges, whilst minimising its impact and contributing to the rebuilding process. Speaking during
South Africa's Reserve Bank repeatedly attacked by Politicians
The Bureau for Economic Research (BER) economists have proposed three scenarios for the South African Reserve Bank if its independence is continued to be questioned by politicians. The SARB has been under fire from political leaders in recent years, with top members of the ruling African National Congress (ANC) stating that modifications to the central
Spar flourishes despite difficult circumstances
Spar demonstrated a strong commercial performance despite severe economic headwinds, with turnover growing by 7.8% during the 18 weeks ending 28 January 2023. Spar SA reported a 7.4% growth in total sales for the 18-week period in a trading update issued on Tuesday (14 February), which is just 0.8% less than the 8.2% increase over
South Africa's sugar tax threatens nearly 9,000 jobs
According to a recent analysis, South Africa's sugar sector might lose up to 16% of its cane-growing acreage and more than a tenth of farm-level employment if the government hikes the tax on sugar-sweetened beverages and spreads it to other items. According to a paper published Monday by the Bureau for Food and Agricultural Policy,
How can ChatGPT and Google Bard assist schools and businesses
According to experts, new AI chatbots – ChatGPT and Google Bard – have the potential to assist individuals in the customer service and education professions, but will not be replacing humans anytime soon. After releasing in November of last year, OpenAI's ChatGPT is no longer the sole chatbot on the market, thanks to the announcement
Binance launched South African rand direct bank deposits
Binance has added support for manual South African rand bank deposits. Customers with South African bank accounts can acquire cryptocurrencies by onramping their fiat cash to the exchange via regular electronic funds transfer (EFT). Binance formerly exclusively accepted South African bank transfers through Stitch, an Instant EFT service. Binance continues to offer Stitch in addition
DStv announces price increases
MultiChoice has announced its yearly DStv pricing increases, which will take effect on April 1, 2023. Prices throughout DStv's satellite pay-TV portfolio will rise by an average of 4.3%. The streaming-only packages on DStv will stay unchanged. “[The price adjustment] is far lower than the projected CPI for 2023,” MultiChoice said in a statement. Premium
These regulations make an energy crisis in South Africa ineffective
The decision by the South African government to proclaim a state of calamity over the country's 15-year-long energy problem faces substantial legal challenges. According to a recent collaborative work by Weber Wentzel firm partner Mzukisi Kota, senior associate Lubumba Kamukwamba, and candidate attorney Lize-Mari Doubell, this is the case. The trio contended that legal challenges
What's Next — Greg Smith discusses how OneSpark Insurance integrates technology to help its clients
Greg Smith is OneSpark Insurance's co-founder and joint CEO. Before starting OneSpark, he was a qualified actuary who produced hundreds of award-winning insurance products, helped start a bank, and even contributed to the creation of one of South Africa's largest Social Impact Bonds. The primary goal of OneSpark Insurance is to constantly innovate for the
Telkom intends to raise R1 billion despite declining profitability
Telkom intends to generate R1 billion by selling "qualifying device receivables" to banks. The idea was disclosed by the largely state-owned corporation in a quarterly trade statement issued on Tuesday. “The working capital investment in mobile handsets and post-paid cost of sales are immediate costs, with corresponding revenues recognised over 24 to 36 months and
This estate has an R200 million solar strategy in place to eliminate up to four stages of load shedding
Midstream Estate, a sought-after Midrand residential estate, intends to build a massive battery bank to store electricity from solar plants, Eskom, and, if necessary, a bank of generators to safeguard residents from load-shedding. At a special Energy Indaba on February 7, 2023, Midstream locals reviewed the proposal to avoid load shedding stages 1–4. The locals
The Rand is worth R18 per dollar
On Monday (13 February), the South African rand broke above R18.00 to the dollar, as markets braced for further interest rate rises in the United States, casting doubt on President Cyril Ramaphosa's pledges to tackle the continuing power crisis. On Monday afternoon, the rand briefly traded above R18.00 to the US dollar. The currency began
The best inverters for overcoming load shedding
South Africans seeking for a reliable home backup power system should exercise extreme caution when selecting an inverter. While batteries and solar panels are more adaptable to future updates, inverters might encounter major compatibility issues that may need replacing them entirely when updating. Batteries and solar panels are significantly less complicated than inverters in terms
Mining specialists warn that South Africa has considerably more difficulties than Eskom
According to experts at the 2023 Mining Indaba in Cape Town, Transnet is generating much more headaches for the South African mining sector than Eskom. They claimed that mining firms had lost R51 billion in revenue in the previous year owing to locomotive shortages and railway lines being out of service for lengthy periods due
FlySafair set to open new routes to Windhoek and Harare
News reaching BusinessTech Africa indicates that FlySafair is set to expand its regional route network. The South African airline said it has planned new flight routes to Windhoek, Harare, and Zanzibar. The low-cost airline announced on Monday that it had received permission from the International Air Services Council to fly commercial flights to these three
Big power cuts crash growth outlook
Near-term growth prospects have slumped due to intensified power cuts. “We have cut our GDP forecast for Q4 22 to -0.5% q/q sa and also project a Q1 23 contraction. For 2023 as a whole, the impact of power cuts on activity levels, business confidence and private investment cuts our GDP forecast by 0.9pp to
Agriculture sector still concerned despite Cyril Ramaphosa’s SONA speech
The South African agriculture sector is still raising concerns about load shedding despite the recent address by President Cyril Ramaphosa. Ramaphosa addressed the nation during his State of the Nation Address on Thursday. However, it seems the sector is facing challenges and Agri SA said they needed more details on the new minister of electricity
Engen and Vivo Energy join forces to become Africa’s largest energy distributor
South African energy company Engen has merged with Vivo Energy to become Africa’s largest energy distribution company. The two companies will now have more than 3 900 service stations and more than two-billion litres of storage capacity across 27 African countries. Engineering News posted that oil and gas multinational, Petronas, is set to sell its 74% shareholding in Engen to Vivo Energy. However,