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Fortress warns of lower distribution
The real estate investment trust is tweaking its model so it can pay out less to A shareholders due to Covid-19. Fortress REIT has warned holders of its A shares that they will get a lower distribution this year, while its B shareholders will get nothing. In a trading statement, the real estate investment trust
BHP braced for a challenging year
The diversified resources group says it should still generate returns due to its diversified portfolio of high-quality assets. BHP Group says most major economies will contract heavily this year, with the exception of China. The recovery is expected to be uneven across the countries where it operates. However, it says its diversified portfolio and high-quality
China's Huawei unveils 5G phone with folding screen
China's Huawei unveiled a new folding-screen phone on Sunday, joining the latest trend for bendable devices as it challenges the global smartphone market's dominant players, Apple and Samsung. Huawei revealed its Mate X phone on the eve of MWC Barcelona, a four-day showcase of mobile devices, as the company battles U.S. allegations it is a
Here are the Samsung devices getting three generations of Android updates
Samsung has confirmed exactly which of its devices will be receiving “three generations” of Android updates, after announcing the initiative at its Note 20 launch event earlier this month. As expected, the list includes flagship phones going back to last year’s Galaxy S10, but there are also a couple of new inclusions from Samsung’s foldable
Libstar supported by robust retail demand
In a trading update, Libstar said revenue rose 1.2% for the six months to end-June as a 10.7% improvement in retail and wholesale turnover made up for a 35% decline in sales to the food services sector and an 8% drop in export revenue. It incurred extraordinary Covid-19 expenditure of R44 million to maintain a
Momentum Metropolitan warns of earnings decline
The insurance group says there has also been a data breach following a cyber attack on one of its subsidiaries. Momentum Metropolitan says it will report a sharp decline in full-year earnings due to tough operating conditions and after it raised additional reserves to cover potential Covid-19 claims. In a trading statement, the insurance group
Sweeter results as Tongaat cleans up
The sugar producer and agri-business says the restructuring has better positioned it to ride out Covid-19. Tongaat Hulett says a turnaround strategy implemented last year has paid off, resulting in improved profitability. The sugar producer and agri-business says the restructuring has put it in a stronger position to weather the Covid-19 pandemic as a leaner,
Telegram launches one-on-one video calls on iOS and Android
Secure messaging app Telegram has launched an alpha version of one-on-one video calls on both its Android and iOS apps, the company announced, saying 2020 had “highlighted the need for face-to-face communication.” In a blog post marking its seventh anniversary, Telegram described the process for starting a video call: tap the profile page of the
More relief needed to address Covid-19 economic damage, says Michael Sachs
The government may have to extend its various Covid-19 relief schemes as the extent of the economic devastation caused by the pandemic becomes clear. This is the view of Financial and Fiscal Commission (FFC) deputy chair Prof Michael Sachs, who previously headed up the Treasury’s budget office. The FFC is a statutory body tasked with
Tiger Brands to sell meat businesses for R253m
Tiger Brands has reached an agreement with two parties to dispose of its value-added meat products (Vamp) business for R253m. The owner of the Enterprise, Bokkie and Oros brands has agreed to sell its abattoir business to pork producer Molare for R100m, while it will sell meat-processing facilities for R153m to Silver Blade, a wholly-owned
Muted fuel price changes expected in September
Motorists in South Africa can expect muted fuel price changes in September, mid-month data from the Central Energy fund shows. Petrol prices are anticipated to show no change for 93 grade fuel, while 95 grade could see a slight decrease. Diesel drivers could see a marginal decrease in prices as well, the CEF’s data shows. These are
SA Breweries welcomes lifting of alcohol ban
The South African Breweries has welcomed the announcement of lifting the alcohol ban from Monday after President Cyril Ramaphosa’s addressed the nation on Saturday night. The National Coronavirus Command Council announced a second ban on the sale of alcohol in mid-July, citing pressure o Ramaphosa said alcohol sales would be permitted between 9am and 5pm
SA to move to Level 2: What you can and cannot do
President Cyril Ramaphosa says the country will move to alert level 2 of the lockdown with effect from midnight on Monday 17 August. Ramaphosa was addressing the nation on Saturday evening on the country’s risk-adjusted strategy to manage the spread of Covid-19. “Guided by the advice of our health experts and after consultation with provincial
Capital Legacy shakes up the South African financial services industry
Over the last eight years they have provided more than 300 000 clients with Wills and indemnified over R 70 billion in fees that arise during the estate administration process, which has aided them in gaining invaluable experience and insight into consumer needs and trends. “We have spent the last eight years building on two
Huawei launches its Matebook D series laptops in South Africa
Best known for its smartphones, Huawei recently launched its new range of laptops in South Africa, as the manufacturer is continuing its push into other hardware. The Matebook D series laptops are solidly mid-range but come at a very decent price. Both the D14 and D15 cost R13,500. The models are virtually identical except for
Turning Alexa bad: Check Point Research finds vulnerabilities in certain Amazon Alexa subdomains
Check Point Research, the Threat Intelligence arm ofCheck Point® Software Technologies Ltd. (NASDAQ: CHKP), a leading provider of cyber security solutions globally, recently identified security vulnerabilities in certain Amazon/Alexa subdomains that would have allowed a hacker to remove/install skills on the targeted victim’s Alexa account, access their voice history and personal data. The attack required a single click
Brait announces a new deal for New Look
The investment group said it is confident that a recapitalisation on top of steps taken by management will support the struggling fashion chain. Brait says it plans to participate in a recapitalisation of New Look as the UK women's fashion chain gets back on its feet following the Covid-19 lockdown. First, though, it plans to
Digital transformation impact on businesses within South Africa
Digital transformation is changing the ways businesses operate throughout the world. New technologies like cloud computing, artificial intelligence (AI), machine learning, and predictive analytics, already have had a profound impact on the world’s economies and continue to disrupt industries. Recognising this potential, government strategies today are emphasizing the role of digital in accelerating economic diversification,
Pixel 4A: Plain looks, but a great price and camera
Google took the wraps off its second-generation Pixel 4A phone last week (announcing the Pixel 4A 5G and Pixel 5 at the same time), joining Samsung's Galaxy A51 and Apple's new iPhone SE in the increasingly crowded budget-friendly segment. For $349, you get a 3,140-mAh battery, a headphone jack and a standout 12-megapixel camera that
Exxaro aided by record coal exports
The diversified resources group says while the operating environment remained challenging, its managed operations were resilient. Exxaro says its operations remained resilient in the first half of its financial year despite the impact of the Covid-19 pandemic. However, the diversified resources group will post a decline in earnings for the period due to the accounting