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Emirates Telecoms eyeing to buy 60% stake in JSE-listed Vodacom
There are expected changes at Vodacom if the latest information coming through is anything to go by. BusinessTech Africa has gathered that Emirates Telecommunications Group is weighing options as far as a potential investment in Vodacom as it seeks to boost its international footprint. Sources close to developments reveal that the Abu Dhabi-based telecommunications company
Volkswagen launches new Amarok bakkie but SA clients will wait for 2023
German-based car maker Volkswagen has fought back by introducing the new Volkswagen Amarok R bakkie version to battle the likes of the Ford Raptor. The unveiling of this beast comes after speculation that VW planned to build a high-performance R version of the bakkie but the news was not confirmed back in 2020. According to
FSCA imposes a hefty R20 million penalty on ex-Steinhoff CEO Markus Jooste
In another twist of the tale, the South African Financial Sector Conduct Authority (FSCA) has now imposed a revised administrative penalty of R20 million on Markus Johannes Jooste. Jooste is a former Steinhoff International Chief Executive Officer (CEO) and he is penalised for breaching the Financial Markets Act. FSCA released a statement and explained that
What R6 million houses look like in South Africa versus the United Kingdom, Ireland, the Netherlands, and Australia
Global interest rate increases and rising inflation have made purchasing a home more difficult this year, regardless of where new homebuyers are looking. The latest interest rate hike by the South African Reserve Bank (SARB) in late November raised domestic interest rates by 75 basis points, bringing the prime lending rate to 10.5%. As a
Stage 6: SA must expect higher stages of Eskom load shedding says expert
As South Africans face the possibility of seeing stage 8 of load shedding, energy expert Ted Blom says there are chances of higher stages. Blom’s sentiments come after Eskom implemented Stage 6 on Wednesday, leaving South Africa with the possibility of having power cuts for more than six hours. Eskom said Stage 6 of power
Big changes for South African schools – these are the laws that are being accepted and rejected
The basic education portfolio committee has summarised the feedback received so far on proposed changes to South Africa's school laws. The committee summarised the main points of approval and opposition to the Basic Education Laws Amendment Bill (BELA), which aims to make a slew of changes to South African schools, in a presentation this week
What's next in the South African president's cash-in-sofa scandal?
‘We can assure South Africans that they have a head of state that is firmly focused on the task at hand,’ his spokesman Vincent Magwenya said. A scandal that has put South African President Cyril Ramaphosa's grip on power to the test and roiled the country's bond and currency markets has yet to be resolved.
Absa warns of impending writedowns after a good year for loans and deposits
Absa, South Africa's fourth-largest lender, says a recovery in its life insurance business and rising interest rates have contributed to a double-digit revenue increase so far in its 2022 fiscal year, but it is seeing strain on consumers as a result of more difficult conditions, and impairments are rising as well. Absa said in an
Volkswagen South Africa delighted to build 2000 VW Polos in Uitenhage
German automobile maker, Volkswagen South Africa says it has hit a major milestone after building 2 million cars in the Eastern Cape. VWSA is delighted to have reached such a historical milestone as it built its two-millionth unit of its popular VW Polo model rolling off the production line at its Kariega plant in Uitenhage.
239 cruise ships expected to dock in Cape Town’s V&A Waterfront
Following an unusual silence because of the Covid-19 pandemic which forced Cape Town and V&A Waterfront to see a few cruise ships, that is about to change this season. Cape Town and V&A Waterfront are expecting to see many cruise ships arriving in the Mother City and they could be around 239 this season. Dubbed
Insurance group OUTsurance finally lists on JSE after months of anticipation
OUTsurance Group has finally listed on the Johannesburg Stock Exchange on Wednesday following months of waiting and anticipation. This massive development follows months of anticipation and OUTsurance Group listed is now officially listed on the JSE as of Wednesday with the code OUT. Based in Centurion, OUTsurance officially swapped places with its parent company, Rand
Woolworths intensifies online delivery service to coastal consumers
South African clothing and grocery store Woolworths said it will be venturing into an on-demand delivery service dubbed the Woolies Dash to the coastal areas. In announcing the move, Woolworths director of online and mobile Liz Hillock said they are now targeting areas that are situated along the coast such as Langebaan and Mossel Bay.
Tongaat Hulett workers set to be paid December salaries and 13th cheque
Despite its financial struggles, Tongaat Hulett will pay its workers their December salaries including a 13th pay cheque. Local publications posted that the workers at Tongaat Hulett, which is in business rescue, will receive their December salaries and 13th cheques following a business rescue consultation last week, according to trade union UASA. UASA spokesperson Abigail
Lufthansa passengers stranded as a flight from Cape Town makes emergency landing in Angola
German airline carrier, Lufthansa customers were stranded in Angola after one of its Airbus A350 aircraft was forced to make an emergency landing on Saturday. Lufthansa has since confirmed that development to Business Insider SA this week, saying the cockpit crew decided to shut down the plane. It is also reported that the plane experienced
SA’s digital banker TymeBank pays R1,5 billion to acquire Retail Capital
One of South Africa’s growing digital banks, TymeBank has announced the finalisation of the acquisition of Retail Capital as the banker intensifies plans to take on business banking giants. Media reports filtering through to BusinessTech Africa indicate that the Patrice Motsepe-linked banking institution had announced it wanted to take over Retail Capital in August. Known
De Beers appoints Molefi Letsiki as its first black-owned sightholder in SA
South African diamond miner, De Beers has announced that Molefi Letsiki will take over the role of a majority black-owned sightholder. Letsiki becomes the first black person to take this role and De Beers said his appointment will be effective from January 1 2023. The diamond mining giant said the announcement is part of its
Gungubele warns that if car manufacturing does not decarbonize, SA could lose 100,000 jobs
South Africa's manufacturing sector must urgently transition to producing electric vehicles, or around 100 000 jobs could be lost in the next five years as key export destinations phase out petrol and diesel vehicles, according to Minister in the Presidency Mondli Gungubele. The European Union has given local vehicle exporters until 2030 to decarbonize the
Grant payments have been halted at ATMs for the time being as a criminal network targets the system
Social grant recipients who use Postbank or the SA Social Security Agency's (Sassa) gold cards will be unable to withdraw funds from ATMs in December, the agency announced on Tuesday. Postbank and gold cardholders will be able to withdraw funds only from retail merchants. Sassa said in a statement that the shutdown was caused by
Zambia & Zimbabwe facing a total power shutdown due to Kariba Dam water levels
The Southern African part of Africa is facing water shortages and Zimbabweans are subjected to 19 hours of power cuts per day as a result. This comes as the Kariba Dam’s water levels have significantly dropped as it drives the country’s main hydropower plant. BusinessTech Africa understands that the worst outages since 2019 are wreaking
The South African economy surprised with strong growth in the third quarter
South Africa's economy grew faster than expected in the third quarter, avoiding a recession despite record load shedding. The economy expanded by 1.6% in the three months to September 30, after contracting by 0.7% in the previous quarter due to the KwaZulu-Natal floods. A technical recession is defined as two consecutive quarters of a shrinking