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Sipho Pityana Makes Progress in Absa Case Following Removal as Director
The Pretoria High Court recently ruled that Absa must provide its record of decision regarding the removal of former lead independent director Sipho Pityana from the board in November 2021. Pityana was accused of sexual harassment by an employee during his tenure as chairman of AngloGold Ashanti, which he categorically denies. As a result, Pityana
Parmigiani Fleurier: From Obscurity to Patek-like Fame with One-Year Waitlists
Parmigiani Fleurier, an obscure Swiss watchmaker, has experienced a meteoric rise in popularity, rivalling renowned brands such as Girard-Perregaux, Audemars Piguet, and Patek Philippe. Since Guido Terreni took over as CEO in early 2021, the brand has undergone a transformation, focusing on a single watch line—the highly sought-after Tonda PF. Terreni, former Bulgari president of
New GWM Ora Electric Car: South Africa's Cheapest EV
The price of the GWM Ora for South Africa has been announced, revealing the cost of the compact electric vehicle when it goes on sale later this year. The GWM Ora is a stylish and compact city car with a starting price of R716,900 that will soon be available in South African showrooms. In a
Shell wins legal case over Nigerian oil spill claims
On May 11, 2023, the UK Supreme Court ruled that residents of Nigeria's Niger Delta region could no longer file pollution claims against Shell following a massive oil spill more than a decade ago. Prior decisions that the claimants had not met the legal deadline for submitting their claims were upheld by the ruling. The
South African National Roads Agency considers new tolls to fund R150bn shortfall
The South African National Roads Agency (Sanral) is considering building more toll roads to cover a R15 billion shortfall over the next decade and fulfil its mandate. When Sanral tabled its annual performance plan in parliament last month, it revealed the R150 billion funding shortfall for the period. Vusi Mona, Sanral's General Manager for Communications
BRICS to Discuss Feasibility of Common Currency
The BRICS group of countries, which includes Brazil, Russia, India, China, and South Africa, is reportedly considering the introduction of a common currency. The issue of a common currency will be discussed at a meeting of heads of state in Johannesburg on August 22. There have been calls for alternatives to the dollar as the
Tighter Regulations for used lubricant oil disposal in South Africa
According to Bubele Nyiba, CEO of the ROSE Foundation, South Africa generates significant amounts of used oil, with an estimated 120 million litres of used oil available in the country to be collected and recycled each year. The foundation was established in 1994 to divert used oil from polluting the environment, whether it is water
Transaction Capital, Owner of WeBuyCars, Plummets 30% Following R1.9bn Loss
Transaction Capital, South Africa's largest taxi financier and owner of WeBuyCars, saw its shares fall nearly 30% by early afternoon on Wednesday. The company reported a nearly R1.9 billion loss for the six-month period ending March 31, 2023, compared to a profit of R615 million the previous year. This profit decline was worse than the
The Role of Fintech in Driving Financial Inclusion and Payment Modernization in South Africa
According to a McKinsey & Company study, digital financial services have the potential to provide access to financial services for 1.6 billion people in emerging economies by 2025. The study also discovered that these developments are expected to boost emerging economies' collective annual GDP (GDP) by US$3.7 trillion, or 6%, by 2025, while creating up
Production Issues and Weaker Demand Contribute to Sappi's 63% Profit Decline in Q2
Sappi, the paper and packaging company, reported a nearly two-thirds drop in profits during the second quarter due to production issues in South Africa and lower demand for key products. Sales of graphic papers and packaging fell by 42% and 29%, respectively, as heavy rains and challenges associated with the recent containerboard machine at its
Trusting Your Investment Manager: Key to Avoiding Permanent Capital Destruction
Most investors find investing in the stock market to be a daunting task. However, trusting your investment manager to invest your assets prudently is critical, and it's not always about timing the market, but rather about time in the market. Unfortunately, many investors make long-term financial planning mistakes by selling out of underperforming investments and
Steinhoff Shareholders to Receive Settlement Payments for Accounting Scandal Losses
Retail shareholders of Steinhoff International, who suffered significant losses as a result of the company's accounting scandal, will begin receiving settlement payments on Wednesday. On May 10th, the Stichting Steinhoff Recovery Foundation (SRF), an independent organisation established to assess claims, will begin distributing cash recoveries to valid individual and institutional market purchase claimants. The SRF
South African Airways Announces Fleet Expansion for Relaunch of International Routes
South African Airways (SAA) has received approval to add six new Airbus aircraft to its fleet, including one A330 and five A320s. This growth will pave the way for the reintroduction of international routes as well as an increase in seat capacity for regional and domestic destinations. The new planes are expected to arrive before
PayShap: Strong Adoption and Potential Barriers in South Africa
According to the four banks that currently facilitate the service, PayShap, a new payment service launched in South Africa on March 13, has been widely adopted by customers. Customers can use their phone numbers as references to make real-time bank-to-bank payments, and the transactions take less than 10 seconds to complete, making payment receipt verifiable
Chery Omoda 5: A Bold New Contender in Malaysia's SUV Market
The Malaysian automobile market is about to become even more crowded as Chinese automakers prepare to compete with popular B-segment SUVs such as the Honda HR-V, Toyota Corolla Cross, and Proton X50. Chinese automakers have set their sights on the Malaysian market and are ready to bring in SUVs with modern designs, specs, and affordable
Gold as Safe Haven Amidst Uncertain Economic and Geopolitical Times
South African investors who have invested in gold funds, whether through physical gold or gold shares, have reaped substantial returns in recent years. The gold price has risen by 55% since the beginning of 2019, from around $1,300 per ounce to over $2,000 per ounce by the middle of 2020. Since then, it has fluctuated
South African companies among Africa's fastest-growing
South Africa has made a strong showing in the annual Financial Times/Statista 2023 ranking of Africa's 100 fastest-growing companies, with 33 companies making the list. Deimos Cloud, a provider of cloud and software services, was the highest-ranked South African company, ranking sixth overall. The ranking, conducted for the second time this year, recognises companies that
White House urges Big Tech to protect public from AI risks
On Thursday, tech executives were summoned to the White House and told they had a "moral" obligation to protect the public from the dangers of artificial intelligence (AI). The executives, including Google's Sundar Pichai, Microsoft's Satya Nadella, and OpenAI's Sam Altmann, were told that it was their responsibility to ensure the safety and security of
Google Introduces Passkeys: A More Secure and User-Friendly Alternative to Passwords
Google is introducing "passkeys" to its services, which will provide a more simple and secure method of logging in without the use of passwords. Passkeys are a more secure option than passwords and text-message confirmation codes. Instead of seeing them directly, an online service like Gmail will use them to communicate directly with a trusted
Can Morocco solve Europe’s energy crisis
Morocco, located on Europe's doorstep, aspires to become a significant player in the continent's clean energy mix. Morocco hopes to export much of its excess electricity to Europe, which is looking for new sources of clean energy to reduce its reliance on fossil fuels, with the ambitious goal of generating 52% of its electricity from