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Impairments push Sasol into a loss
The energy and chemicals group, Sasol, says it was impacted by Covid-19 and a severe decline in crude oil and chemical product prices. Sasol says it will report a full-year loss after writing down the value of its portfolio of businesses by more than its market capitalisation. Its earnings were also impacted by a big
No money yet for SAA, but Pravin Gordhan-led DPE implementing rescue plan
The Pravin Gordhan-led Department of Public Enterprises says it is working hard at implementing South African Airways rescue plan but it gives no indication of funding having been obtained yet. Creditors of the long struggling airline approved the rescue plan on July 27. Since then there has been no word on where the about R10.3
We might not get all the R3.8bn back, but we have a strong case, says Eskom CEO
De Ruyter also shared more on the outlook for load shedding, which he said will likely not be going away any time soon.There is a risk that the full R3.8 billion being pursued from some of Eskom’s former executives and board members might not be recovered, the Eskom CEO CEO Andre de Ruyter has said.
Edcon business rescuers paid R4,500 an hour – and one of them is working from Canada
While thousands of workers at Edgars and Jet could end up without jobs, the two business rescue practitioners of their parent company Edcon have received massive pay hikes. One of them, Piers Marsden is handling his part of the business rescue of one of South Africa’s oldest and biggest retailers from Canada, Netwerk24 reported. In
A cheap iPhone 12 is coming – but there's a catch
For months now the layout of the iPhone 12 landscape was thought to be very clear – there's going to be four different models of the new iPhone launched. Starting with a compact 5.4-inch iPhone 12, the range then includes a 6.1-inch iPhone 12 Max, a 6.1-inch iPhone 12 Pro, and finally a super-sized iPhone 12 Pro Max. Now,
As exchange controls are relaxed, the tax net gets tighter
As outlined in the Budget Review: “Government will be modernising the foreign exchange control system. As a result, a new capital flow management system will be put in place. This new system will move from a ‘negative list’ system to one where all foreign-currency transactions, other than those contained on the risk-based list of capital
AngloGold set for strong annual payout
AngloGold Ashanti has taken full advantage of the buoyant gold price, with a strong rise in first-half earnings and free cash flow positioning it to pay a bigger full-year dividend. It has also cut adjusted net debt by 18% to $1.43 billion and says it has sufficient liquidity to see it through the Covid-19 crisis.
What to consider when accessing your offshore funds to improve cashflow
FNB has seen an increase in a number of its private banking clients with offshore investments bringing them back into the country, as a result of cash-flow constraints brought about by the COVID-19 pandemic and a rocky economic climate. The common perception is that the process of bringing offshore funds back into the country is
Toshiba is officially out of the laptop business
Toshiba quietly exited the laptop business once and for all last week, ending a 35-year run by transferring its remaining minority stake in its PC business to Sharp. Two years ago, Toshiba sold an 80.1 percent stake of its PC business to Sharp for $36 million, and Sharp renamed the division Dynabook. Sharp exercised its
R104 million payday for Telkom top executives
Telkom CEO Sipho Maseko earned a total of R21.8 million for the 2020 financial year. This is a reduction of more than R1 million compared to the R23.2 million he earned over the 2019 period. His 2020 financial year remuneration included: A guaranteed salary of R8.83 million Vested shares totalling R10.53 million Unvested shares totalling
The first-ever space helicopter is en route to Mars, to shoot drone footage
NASA's new Mars rover, which launched on 30 July, has a miniature helicopter tucked inside its belly. Perseverance will be NASA's fifth rover to Mars, but its helicopter stowaway, called Ingenuity, will be the first spacecraft of its kind. About two months after the rover lands, it's programmed to lower the helicopter to the Martian surface, back
Advertorial: Unisa’s College of Science, Engineering and Technology students are widely recognised in the workplace
Recognition of our students is not only based on their qualifications, but also on their work ethic and ability to function independently, with perseverance and self-discipline, at the forefront. Unisa students tend to be more mature, can plan their studies around their work and still have time for family and other commitments. Self-discipline and time
Here's how Uber lost $1.8 billion over the last 3 month
Uber is continuing to bleed cash during the coronavirus pandemic. The chronically unprofitable company lost $1.8 billion over the last three months, with its adjusted net revenues down 29 percent compared to Q2 of 2019. Even Uber’s successful delivery business, which saw revenues grow 162 percent year over year, wasn’t enough to buoy the company’s
Standard Bank supports SA’s youth through #ItCanBe campaign
Standard Bank, as part of the #ItCanBe campaign, is motivating South Africa’s youth to consider their dreams, where they want to be and to push through their hustles, because “with the right level of support, we believe that no matter how big or small your dream is – it can be”. This is according to
Mondi resumes dividend payments
After a resilient first-half, the paper and packaging group, Mondi, has resumed dividends, recognising the importance to shareholders. Mondi has resumed dividend payments after its business proved resilient over the first half of its financial year amid the challenges brought by Covid-19. On top of an interim dividend, it will also pay out last year's
MTN to exit Syria & Iran to focus on being a pan-African telecoms
Cell phone network operator MTN says it is focusing its future strategy on its African markets, where growth has been strong. MTN plans to sell its operations in the Middle East as it focuses on its African business. It is already in advanced talks to dispose of its 75% in MTN Syria and will also
6 Reasons why the Future of Work Virtual Conference is a ‘must-attend’ event for business in Africa
Businesses on the African continent are at a crossroads, with Covid-19 exacerbating existing cracks in the system, creating an urgent need to adopt innovative technologies for future success. CNBC Africa, in partnership with Forbes Africa and prominent sponsors, is hosting a free virtual summit to outline technological opportunities – hosted on Hopin, an online events
SA’s top mining shares rocketed more than 420% in 3 years – and could still run further, analyst says
The past five years have not been kind to investors in most South African shares, with the JSE’s all share index delivering – on average – only 1.4% per year during this time, much less than inflation. But the local market would have looked so much worse without a handful of mining shares. PSG Wealth
Coal-dependent Eskom calls for battery-power storage
South Africa’s state-owned power utility, which relies on coal to generate most of the nation’s electricity, issued a request for bids to build its first battery-energy storage system, according to a tender document seen by Bloomberg. Eskom Holdings SOC Ltd. has received funding from institutions including the World Bank and African Development Bank, which it
Gold Fields rides the bullion rally
The gold producer will report a strong rise in interim earnings as it maintained production amid a rising gold price. Gold Fields says its first-half headline earnings per share are likely to quadruple after it received a higher price for its metal and suffered only minor disruptions as a result of Covid-19. In a trading