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Despite rising interest rates, Nedbank says credit demand has increased
Nedbank claims to have increased lending, and as interest rates rise, the green bank is reaping substantial net interest income. On Monday evening, the banking group issued a trading update for the ten months ending October 31, 2022. Despite the fact that the South African economy lost momentum in the second half of the year
Glencore agrees to pay R3 billion in corruption settlement claims in the DRC
As the most significant natural resources entity, Glencore has agreed to pay $180 million for its corruption claims in the Democratic Republic of Congo. Glencore said this payment of R3 billion is all about admitting its present and future claims of corruption in the DRC for years between 2007 and 2008. According to the mining
Diesel prices have been reduced significantly, while petrol prices have risen
The price of 93 and 95 unleaded petrol will rise by 59c per litre on Wednesday, while diesel will fall by between R1.52 and R1.57 per litre. In Gauteng, 95 petrol will cost R23.46 per litre beginning Wednesday, up from R20.29 a year ago, but down from a high of R26.74 in July. The Gauteng
Next-Gen Ford Ranger and prices finally unveiled in South Africa
Having announced that the new Ford Ranger bakkie or pick-up truck will be built in South Africa, the next generation is finally revealed. The American automaker, Ford, has officially released the car as it went on sale in the South African market this week, December 05. Apart from the price, Ford has also released a
Cash-strapped Eskom asks for R19,5 billion to buy diesel from national treasury
South African power utility Eskom continues to struggle to raise funds as it needs R19,5 billion from the government. BusinessTech Africa is informed that the struggling power supplier, Eskom has requested R19,5 billion from the National Treasury to buy diesel to fuel auxiliary power plants – a request that’s unlikely to be heeded, said Finance
South Africa to host inaugural Industrial Expo at Sandton Convention Centre
Sandton Convention Centre will host this year’s South African Industrial Expo as it is scheduled to get underway next week. Hosted by Golden Bridge Expo South Africa, the expo will run for three days, from December 5 until the seventh and it aims to focus on industrialisation. Per a report carried out by IOL, the
Sweden’s Volvo Trucks starts using fossil-free steel in full electric trucks
Swedish motor vehicle maker, Volvo has started using fossil-free steel in its trucks and the first electric vehicles incorporating fossil-free steel parts now being delivered to customers worldwide. Volvo Trucks says its journey to net-zero submissions includes both making vehicles fossil free. According to Volvo Trucks product management senior VP Jessica Sandstrom, she said they want to replace material
First in Africa, a Durban doctor performs cutting-edge surgery on a chronically ill patient's arteries
A doctor at Lenmed's eThekwini Hospital and Heart Centre performed a medical first for the continent, performing a groundbreaking surgery that will revolutionise treatment for patients living with chronic conditions. Dr. Vinesh Padayachy performed an orbital atherectomy, which sands away calcium or plaque buildup in the arteries that is difficult to remove. A 67-year-old woman
Delta Airlines launches a new direct route between Cape Town and Atlanta
Delta Airlines will launch a new direct route between Cape Town and Atlanta in the United States on Saturday, December 3. Since December 2006, the airline has operated direct flights between Atlanta and Johannesburg. The direct flight between Cape Town and Atlanta will be part of a new seasonal triangular route that will begin with
AIDS orphan Sibu Sibaca driven to empower young women through entrepreneurship
With South Africa and the global community having commemorated the annual World AIDS Day on Thursday, one woman who was orphaned at the age of 16 is changing the world. Sibu Sibaca was orphaned at the age of 16 owing to the ravaging virus, AIDS but that didn’t stop her from making an impact on
Sanlam and Absa have officially formed South Africa's largest black-owned asset manager
Sanlam and Absa have officially joined forces to form South Africa's largest black-owned asset manager. In October 2021, the two companies announced their intention to merge to form an asset management firm second only to Ninety One in size. The combined assets of Sanlam Investments and Absa Investments – which included Absa Asset Management, Absa
Engineering giant ABB to fork out R2,5 billion for state capture involvement
News filtering through to BusinessTech Africa is that the National Prosecuting Authority said ABB is expected to fork out R2,5 billion for taking part in state capture. ABB is a Swiss engineering company, fully known as Asea Brown Boveri (ABB), and is expected to part ways with a staggering R2.5 billion in “punitive reparations to
Coal miner Contango plans to export thermal coal from its Zimbabwe mine
Trading in the London Stock Exchange, Contango Holdings has revealed plans to export thermal coal underway in 2023. Contango Wants to export thermal coal from its Zimbabwe mine next year after a number of pleas from its clients in both Europe and Asia. Mining Weekly reports that the company, Contango said this on Wednesday and
South African finance laws are changing dramatically, with tighter regulations for estate agents, casinos, and cryptocurrency
Enoch Godongwana, Finance Minister, has amended the Financial Intelligence Centre Act (FICA), which affects a variety of financial and non-financial institutions. The National Treasury attempted to patch up legislative gaps in a slew of recent amendments and promulgations after an international watchdog, the Financial Action Task Force (FATF), discovered gaps allowing terrorist financing and money
The ANC responds to Dlamini Zuma's call for Ramaphosa to step down amid the Phala Phala saga: 'She does not speak for the party'
While there was nothing wrong with members of the ANC's National Executive Committee speaking on the findings of the Phala Phala report, according to Pule Mabe, their views did not represent those of the ANC. He was speaking to eNCA after Nkosazana Dlamini Zuma called for President Cyril Ramaphosa to step down in an interview
Rand is under pressure as a result of the findings against Ramaphosa
The rand fell more than 1% to R17.38 today, after closing on a three-month high on Wednesday, as fears that President Cyril Ramaphosa would be recalled gripped markets and frightened investors. This comes after an independent panel of experts appointed by Parliament and chaired by retired Chief Justice Sandile Ngcobo found Ramaphosa may have a
S&P remains cautious on SA due to the Eskom debt transfer, grants, and the 2024 election
Although Standard & Poor's reaffirmed South Africa's credit rating two weeks ago, the government's decision to take over some of Eskom's debt, as well as rising civil servant and social welfare bills, pose credit risks. On November 18, the US credit rating agency affirmed South Africa's 'BB-/B' long- and short-term foreign currency sovereign credit ratings,
Murray & Roberts has agreed to sell its stake in Gautrain for R1.38 billion
Murray & Roberts (M&R), an engineering and construction firm, has agreed to sell its 50% stake in Bombela Concession Company, the operator of Gautrain, for R1.38 billion. The sale to Intertoll, based in Amsterdam, comes amid disruptions to its order book and cash flows. The agreement covers a 33% stake in Bombela held by M&R
Eskom bribery: Multinational ABB to pay SA R2.5 billion for shady Kusile deal
ASEA Brown Boveri (ABB), a multinational engineering firm, has agreed to pay over R2.5 billion in punitive reparations to South Africa for "serious crimes" committed at Eskom during the State Capture era. The National Prosecuting Authority (NPA) announced on Tuesday that its Investigating Directorate had reached an agreement with ABB. "This settlement represents a bold
BREAKING | Phala Phala: As pressure mounts, Ramaphosa tells allies that resigning is not out of the question
President Cyril Ramaphosa's closest allies are meeting at his Tuynhuys office in Cape Town, after he told them he was open to resigning. Top party leaders have been scrambling to figure out what the Section 89 panel report means for Ramaphosa in the immediate aftermath. "He said he is ready to leave," a Cabinet minister