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Tongaat fined again for accounting fraud
Tongaat slapped with R20 million fine for accounting irregularities. The FSCA says the restated financial resulted have highlighted the gap that existed between prior public statements and the financial reality. Tongaat Hulett has been fined a massive R118 million by the Financial Sector Conduct Authority after it was forced to restate its financial results after
Old Mutual forecasts first-half loss
Old Mutual has booked a number of impairments in anticipation of rising death claims and the impact of Covid-19 on the economy and its business. Old Mutual says it will report a basic loss for the first half of its financial year after raising its short-term provisions due to Covid-19. While headline earnings will still
Aspen rises on potential Europe deal
The pharmaceuticals group has been selling non-core assets to reduce debt that has been worrying investors. Aspen Pharmacare's shares rose over 10% yesterday after it said it was in talks that could see it sell a segment of its European commercial business. It's not the first time the pharmaceuticals group has tried to introduce a
Absa battered by rising bad debts
Absa Bank says all its business units remain profitable despite the Covid-19 impact on credit impairments. Absa has reported a sharp decline in first-half earnings after its credit impairments quadruped as a result of Covid-19 and resulting lockdowns in the countries where it has banks. It has also held back on an interim dividend following
Google’s Android TV dongle could be coming soon
Two new Google hardware devices have shown up in FCC filings, and as 9to5Google notes, it seems likely that they’re related to the new Android TV product that’s reportedly been in the works for a while. If so, the filings could suggest that Google is finally gearing up to release it soon. An XDA Developers
FNB and Netcare launch a new partnership to make quality healthcare more accessible
First National Bank (FNB) has partnered with Netcare to provide access to affordable private primary healthcare. NetcarePlus, a new business unit within Netcare, will provide significantly discounted vouchers to all individual FNB Retail, Private Bank and RMB Private Bank customers. The vouchers can be used at over 500 General Practitioners (GPs) across all provinces in
NEPI Rockcastle offers shares in lieu of dividend
The shopping centre owner wants to protect its balance sheet and liquidity due to Covid-19 fallout. NEPI Rockcastle has withheld an interim dividend after Covid-19 lockdowns across Central and Eastern Europe (CEE) resulted in a big decline in rent collections at its shopping centres. Instead, it will compensate shareholders with additional shares so it can
RCL suffers from restaurant closures
The food group will report a significant decline in headline earnings and a basic loss for the year due to hefty impairments. RCL Foods has blamed an expected decline in full-year profit of as much as 70% squarely on the impact of Covid-19 and the national lockdown. Had it not been for the pandemic, it
Sun International lets go of Latam Dreams
The hotel and casino operator will use the $160 million from the sale of Sun Dreams to extinguish offshore debt in Latin America and reduce local gearing. Sun International plans to sell its remaining stake in Sun Dreams after settling a dispute with its joint-venture partner in the Latin American casino business. It will use
Nedbank warns of elevated impairments
Nedbank says its credit loss ratio will remain above levels reached during the global financial crisis this year. Nedbank will report a significant decline in first-half earnings after impairments surpassed levels reached during the global financial crisis more than a decade ago. And while it expects some improvement by the end of the year, its
Standard Bank’s earnings fall as bad debts rise
Standard bank says risk remains high and should the outcome be worse than expected, additional provisions will be required. Standard Bank has reported a sharp fall in first-half earnings after it made provisions for an expected rise in bad debts and Covid-19 resulted in fewer transactions and loans. It has also held back on an
Experian cyber-attack puts 24 million South Africans at risk
At the start of 2020, very few people would have predicted the events that unfolded. The COVID-19 global pandemic caused unprecedented changes to all of our lives and has reshaped our entire working culture. From the accelerated pace of digital transformation and move to the cloud, to the increased use of collaboration tools, cybercriminals looked
Makro and Game owner counts R1 billion loss
Makro and Game owner Massmart says that its losses for the half year ending 29 June 2020 will be slightly lower than previously expected – but it still expects to take a significant hit. In a sales statement published on Thursday (20 August), Massmart said it expects headline losses for the period to be between
Standard Bank, Absa and FNB respond to massive data breach in South Africa
South Africa’s major banking groups have responded to the major data breach at credit bureau Experian, where the personal details of as many as 24 million South Africans were exposed to a third party. Experian, a consumer credit reporting company, said on Wednesday (19 August) that it experienced a breach of data which has exposed
Metair positioned for recovery
The group is focused on new model launches and has approved a big investment to support new vehicle projects. Metair has held back on an interim dividend after the Covid-19 pandemic resulted in a big decline in volumes and a drop in operating profit. And it's still deferring payment of the 120c final dividend for
MTN names Ralph Mupita as new CEO
Mupita has been CFO since 2017 and has played a critical role in developing and executing its strategy, capital allocation and financial performance. Ralph Mupita will replace Rob Shuter as president and CEO of MTN when he steps aside at the end of the month. Mupita has been group chief financial officer of the mobile
Western Digital’s new portable SSDs are faster than ever
Western Digital has along since a mainstay for portable hard drives with its popular My Passport line, but its recently started to shift its focus to solid-state drives — and now the company is launching its second-generation My Passport SSD lineup, which brings even faster speeds than the original. The new My Passport SSDs borrow from
Dollar weakness gives the gold a solid shine
Gold regained its $2 000 (R34 847) an ounce level yesterday on continuing dollar weakness, helping JSE-listed bullion stocks to celebrate solid gains. Yesterday bullion touched $2 013.16 an ounce, up 1.59 percent from the previous close of $1 981.35 an ounce, resulting in the JSE gold mining index flirting with the 6 112 point level after a 2.84 percent climb.
Apple removes 47K apps from Chinese App Store – report
Apple has removed at least 47,000 apps from its App Store in China to comply with the new policy from the state regulators. According to a report in The Information, China may be closing the loopholes exploited by Apple in previous years, "starting with the recent removal of thousands of apps from the Chinese App
Eskom load shedding could continue for the next 3 years: energy expert
An energy expert has warned of the ongoing mess at power utility, Eskom, which could see load shedding continue for the next three years. Eskom continued with stage 2 load shedding on Wednesday (19 August), “due to the severe constraints in the power generation system,” it said. It said tat six generators were returned to