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Jack Ma: tycoon who soared on China's tech dreams grounded by regulators
Since a Communist Party crackdown reduced his empire, Jack Ma, the unorthodox billionaire founder of digital giant Alibaba and the icon of China's entrepreneurial prowess, has stepped out of the spotlight. Ma, the most recognisable face in Asian business, has seen his fortune plummet by about half, to an estimated $25 billion, after regulators cancelled
Homeowners should brace themselves for another interest rate increase this month
Property owners in South Africa may have to pay extra on their house loan instalments at the end of this month, as the repo rate is expected to rise again. The best-case scenario forecast predicts a 0.25% rise, while the worst-case scenario predicts a 0.75% increase. The present interest rate of 10.5% will be raised
Analyst predicts Stage 7 load shedding
South Africans should anticipate load shedding to worsen in 2023, according to Intellidex analyst Peter Attard Montalto, who predicts stage 7 – or greater – load shedding by the middle of the year. Attard Montalto told The Money Show on 702 that load shedding remained one of the biggest threats for South Africa in the
Mmusi Maimane lashes out at government on 30% Grade 12 mark saga
Basic education minister Angie Mostshekga has come under fire as she moved to counter the idea that to pass Grade 12, learners must obtain 30%. BusinessTech Africa has discovered that Motshekga said that the “30% pass mark” is a myth that gets perpetuated each year, adding that no such single pass mark exists. In previous years,
Cape Town tourism registers impressive numbers in December
Word coming from Cape Town is that the city’s tourism is well on its way to recovery to post-pandemic figures, according to tourism leaders in the Mother City. This is underpinned by preliminary statistics received from Airports Company South Africa (Acsa) as recorded by the Cape Town International Airport. The CTIA recorded 266 656 international
Eskom has implemented stage 6 load shedding till further notice
Eskom will begin stage 6 power shedding at 16:00 on Wednesday and will continue until further notice. The utility stated that the continuous stage 6 load-shedding was necessary owing to significant generating capacity constraints. At the time of the release on Wednesday afternoon, Eskom had 18,041MW of capacity unavailable owing to breakdowns, with another 5,739MW
Hyundai unveiled the Ioniq electric automobile, which can walk like a crab
Following its debut at the Consumer Electronics Show (CES) in 2018, Hyundai has implemented e-Corner into an Ioniq 5 EV on exhibit at CES 2023, according to Engadget. While it is anticipated that the technology will not be available in production vehicles for some time, its incorporation in the Hyundai EV is a significant step
All of the electric vehicles that will be available in South Africa in 2023, including the most cheap yet
In 2023, South Africa will see the introduction of a swarm of new electric cars (EVs). Last year saw the most new electric car models introduced to the local market. In total, 13 new EVs were introduced in South Africa, including new models from three German automotive heavyweights – Audi, BMW, and Mercedes-Benz. According to
Rain is rejected by Telkom
Telkom has told shareholders that it has ended negotiations about Rain's proposed purchase. On September 30, 2022, Rain presented a formal proposal to Telkom, requesting that Telkom purchase it with freshly issued shares. “After initial discussions, but prior to any due diligence, the parties have decided that a suitable transaction is not possible at this
38 jobs in South Africa that pay more than R100,000 per month In 2023
Professional recruiting agency Robert Walters has released statistics from its 2023 South African Salary Survey, revealing which top occupations offer some of the highest wages in the country's main professional areas. According to Robert Walters, the professional environment in South Africa will evolve in 2022, with both employers and employees searching for different attributes in
Another Eskom crisis on the horizon
Opposition party Democratic Alliance (DA) argues that the African National Congress's (ANC) intention to relocate Eskom away from the Department of Public Enterprises to the Department of Mineral Resources and Energy (DMRE) is 'irrational and destructive'. The party agreed with Professor Anton Eberhard that moving Eskom under the DMRE or perhaps a separate energy ministry
This week, South Africa will see a massive increase in electricity prices
When Nersa meets on Wednesday, it is expected to make an announcement on how much Eskom may raise energy rates in 2023. (12 January 2023). The predicted announcement comes after multiple delays by Nersa, which was due to rule on Eskom's bid to raise tariffs by 32% in November 2022. Eskom's September proposal to Nersa
Cyril, Ramaphosa: “Coronavirus Command Councill will meet & discuss subvariant”
President Cyril Ramaphosa has confirmed that the National Coronavirus Command Council would meet to deliberate on measures needed to tackle the new Covid-19 Omicron subvariant, XBB.1.5. The highly transmissible Covid-19 subvariant was detected in the Western Cape last week and he revealed this in an interview with EWN. Ramaphosa said although the subvariant, nicknamed "Kraken",
MTN to offer cash loans through MoMo as it partners with a credit provider
Mobile telecoms operator MTN South Africa has partnered with Lndr, a registered local credit provider, and will offer financial loans. MTN will offer the loan service through its Mobile Money platform, MoMo as it said on Tuesday. Personal loans offered will range from R2 000 to R180 000, with R1 000 of the approved funds
Intercape calls on Ramaphosa to appoint a minister better than Fikile Mbalula
South African bus company Intercape is calling on President Cyril Ramaphosa to appoint a competent minister of transport. The call comes after Intercape CEO Johann Ferreira won the case against minister Fikile Mbalula at the Makhanda High Court. Intercape wants a minister who can do better than Mbalula, someone who is able to bring order,
Tourism sector relieved that Joe Phaahla won’t impose new Covid-19 restrictions
As the country continues to battle the Covid-19 Omicron sub-variant, the tourism industry is relieved there won’t be restrictions introduced. The sector has been assured by health minister Dr. Joe Phaahla who said the South African government would not impose any internal restrictions. Per Independent Media, the XBB.1.5 sub-variant of the globally dominant Omicron variant
More woes for ex-Steinhoff CEO Markus Jooste as the JSE fines R15m
The Johannesburg Stock Exchange has issued two fines of R7,5 million against the embattled former Steinhoff CEO Markus Jooste. Jooste is also barred by the JSE from serving as a director for two decades, due to failures at the helm that prompted SA's biggest-ever accounting scandal. According to the JSE, Jooste has informed the JSE
BMW South Africa apologises for what Ntsiki Mazwai saw as ‘racist’ advert
The BMW advert has led to divisions on social media as Twitter users react to Ntsiki Mazwai’s reaction on it. Mazwai headed to Twitter to lash out at the German car manufacturer for its latest advertisement that she saw as racist. Many social media users also agree with Mazwai that the luxury vehicle maker was
Release of Grade 12 results on track says the Dept. of Education
It’s already back to school time in South Africa as the provinces situated inland are opening schools on Wednesday. During this time, parents are busy registering and finding schools for their children while some await their Grade 12 results. The South African Department of Basic Education has announced it is on track to release the
KZN Sugarcane farmers relieved as they welcome summer heavy rains
Sugarcane farmers in the province of KwaZulu-Natal have expressed relief in the wake of heavy rains last week. The farmers believe the heavy rains will be beneficial to their businesses across the province. According to the South African Farmers Development Association (Safda) executive chairman, Dr. Siyabonga Madlala, he said the recent rains will positively impact