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Finance Minister Enoch Godongwana reveals plans for a state housing bank
Another announcement from the South African government and finance minister Enoch Godongwana is that the national government is looking at launching a housing bank. The state bank will provide loans to the public sector employees and the gap market as he announced in an interview with CNBC Africa at the World Economic Forum’s annual meeting
FNB bags Digital Mobile Virtual Network Operator of the Year award
For its mobile network offering, South African banker FNB has scooped the “Digital MVNO (Mobile Virtual Network Operator) of the Year” award as a joint winner. FNB was recognised at the global MVNO Awards and the winners were revealed at the MVNOs World Congress 2022. The accolade is a glowing endorsement of FNB Connect, which
President Cyril Ramaphosa asks Eskom to hold the tariff hike granted by Nersa
President Cyril Ramaphosa has announced that he had asked Eskom not to implement the power tariff increase of 18.65% granted by Nersa earlier this month. Ramaphosa was delivering his closing address at the African National Congress (ANC)'s Free State conference in Mangaung and admitted that local businesses and households were battling. "I have personally said
Anglo American denies any wrongdoing regarding poisoning accusations in Zambia
Mining giant Anglo American South Africa has reacted to the claims that it turned a blind eye to lead poisoning in Zambia. Anglo American argues that an attempt is made to ensure the mining company is held responsible for what it did not do in the mining town of Kabwe. The ongoing case, a hearing
Johannesburg City Power decries vandalism as it runs out of mini-substations
Johannesburg power supplier, City Power says it is unable to maintain its high demand for electricity due to infrastructure vandalism. City Power announced that it cannot keep up with the high demand for mini-substations owing to the higher stages of load shedding, and is losing an average of two mini-substations a day owing to theft
Mr price announces plans to dump Eskom and look for alternative power sources
Durban-based household and clothing store Mr Price is planning to roll out backup power to all its stores by the end of March 2023. The group’s chairman Nigel Payne has since labelled the ongoing energy crisis as untenable as Eskom continues to implement load shedding. Mr Price also announced that it is on track to
Heineken’s acquisition of South Africa’s Distell will see a new brewery for KwaZulu-Natal
Dutch beer maker Heineken’s acquisition of South African beverage producer Distell is set to see the company investing R5.5 billion into the economy. According to the information landing through to BusinessTech Africa, is that the Competition Tribunal has heard that Heineken and Distell’s merger will boost the local economy. This comes as the Tribunal started
South Africa has a new wine body to cater for producers and trade interests
The South African wine industry is expected to have a new central body, SA Wine NPC, and the body will represent the producer and trade interests. The body will be introduced in June 2023 and that is according to media reports coming through to BusinessTech Africa. The introduction of a new body comes amid concerns
US technology giant Microsoft to cut 11 000 jobs in the United Kingdom
United States-based technology giant Microsoft is set to cut thousands of jobs if media reports are anything to go by. BusinessTech Africa understands that Microsoft workers in the United Kingdom could find themselves without jobs in the near future. Established by American businessman and author, Bill Gates, the company specialises in software for computers, laptops,
CLASS OF 2022: Free State tops the charts with 88.5% pass rate
The wait is finally over as the Minister of Basic Education Angie Motshekga announced the Matric results for the academic year of 2022. Motshekga’s department hosted the media and provincial MEC’s including the learners in Johannesburg on Thursday evening as she announced the results. Topping the list is the Free State province which scored an
PICS: New Mercedes Benz full electric EQE sedan on its way to South Africa
German carmaker Mercedes Benz has unveiled plans to bring its latest its sporty business saloon, the EQE, to South Africa. Mercedes has also revealed specifications and features for the fully electric car EQE sedan that is estimated to sell from R18m to R2 million. “2023 is an extremely important year for the Mercedes-EQ offensive in
Pravin Gordhan: ‘’Eskom is finalising urgent plans to curb load shedding’’
Headed by minister Pravin Gordhan, the Department of Public Enterprises (DPE) says it is doing everything possible to end or minimise load shedding. Gordhan’s department announced that those who stand in its way will face the full force of the law as it released a statement to the media. The department’s new standpoint was in
Zambia’s Konkola Copper Mine to close Nchanga smelter between July and August
Zambian copper mining giant Konkola Copper Mines Plc has announced that it will shut down its operation in Nchanga. Konkola currently operates a smelter in Nchanga and said it will close the operation for 45 days between July and August to upgrade infrastructure. In a media statement released on Tuesday, KCM is expected to fork
MTN to challenge R13.2 billion tax bill in Ghana, CEO Ralph Mupita speaks
Mobile telephone network operator, MTN said it will dispute the tax bill imposed by the Ghanaian authorities last week. As the African continent’s largest wireless network carrier, MTN said it plans to start a dispute resolution process if talks with Ghanaian tax authorities over a surprise $773 million (R13.2 billion) back-tax bill it received last week fail.
Spar CEO Brett Botten to retire at the end of January 2023
South African retailer Spar has announced that CEO Brett Botten will leave his role at the end of this month. Spar announced this development on Tuesday and said Botten will retire as part of a shake-up which will also see former chair Graham O'Connor leave the board after at the group's annual meeting in February.
Businessman Elon Musk faces a trial over his tweets regarding the electric car, Tesla
American businessman Elon Musk is now facing a legal battle as he is expected to appear before the jury on Tuesday. Media reports landing at BusinessTech Africa’s desk are that the South Africa-born Musk is facing a trial over a company he did not take private. Media reports overseas reveal that long before Musk purchased
Cape Town & King Shaka Airports bag top spots as SA’s performers in punctuality reports
Airports Company of South Africa CEO Mpumi Mpofu is delighted to announce that two local airports have raised the country’s flag. Mpofu said King Shaka International and the Cape Town International Airport had been recognised in the Official Airline Guide (OAG) Punctuality League 2023 report. The OAG report presented flight data for the period January
Buffalo Coal settles its R32,6 million business loan facility with Investec
Buffalo Coal has confirmed the repayment of its final loan facility of close to R32.6 million with a business banker, Investec. According to the coal producer, it announced on Monday that the final discharge of its loan facility was paid to the Sandton-based banking institution. In a statement, the JSE and Toronto Stock Exchange (TSX)
British American Tobacco's retrenchment process to impact 200 jobs
One of the world’s biggest tobacco producers, British American Tobacco has embarked on a retrenchment process. BusinessTech Africa has gathered that BAT has launched a Section 189 retrenchment process which could impact 200 jobs at the company. The tobacco maker which boasts cigarette brands such as Camel and Marlboro, is the fourth largest company in
Mzansi’s FNB bags second consecutive Global Finance’s SME Award
One of South Africa’s most popular banks, First National Bank, has scooped another Best SME award for the second year in a row. The awards were hosted by Global Finance and FNB was awarded for its role in offering goods and services to SME clients. Global Finance’s awards aim to recognise the achievements of financial