Browse every article
1,115 articles · 1 filter applied · Reset filters
Clicks wants to buy Sorbet for R105 million in cash
Clicks, South Africa's largest pharmacist, says it wants to buy out salon owner Sorbet for R105 million, adding a franchise chain to the JSE-listed group. In 2015, Clicks purchased a 25% stake in Sorbet Holdings, which operates under the brands Sorbet, Sorbet Man, and Candi & Co. The purchase would add over 190 salons to
Zuma welcomes the appeal of the medical parole decision
Zuma surrendered to police in July of last year and was released on medical parole two months later by former national Correctional Services department head Arthur Fraser. The SCA upheld a lower court's decision on Monday, saying the department must decide how to proceed with Zuma's incarceration. The Department of Correctional Services, according to Singabakho
Gordhan to SAA and Mango: Reach an agreement or no sign off on the proposed sale
Minister of Public Enterprises Pravin Gordhan has informed South African Airways (SAA) and Mango's rescue practitioner that he will not consider an application to approve the proposed sale until they have addressed previous concerns about the matter. This is only a few weeks before the date set by Mango's rescue practitioner, Sipho Sono, for the
Eskom has been given a major lifeline
Pravin Gordhan, the minister of public enterprises, says his department has found 50 million litres of diesel for the national power utility Eskom from state-owned PetroSA. Responding to questions in the National Assembly plenary, Gordhan stated that his department has been liaising with Eskom and PetroSA this week to find a way – within the
Following the unbundling of Nedbank in 2018, Old Mutual plans to launch a bank in 2024
Old Mutual has applied for a banking licence and plans to launch a full transactional account in the second half of 2024. Following the recent entry of Discovery, TymeBank, and Bank Zero, the insurer will join an increasingly crowded market. African Bank is also making a comeback, having opened over a million transactional accounts (and
Takealot suffers a significant setback
Naspers, the JSE-listed e-commerce group, has released its interim results for the six months ending September 30, 2022 (HY23), reporting a trading loss for the period as its exposure to Chinese group Tencent continues to weigh on its finances. Group revenue increased 9% year on year to US$17 billion, with e-commerce revenue increasing 38%, thanks
South Africans are in for a difficult 2023, according to economists
The South African Reserve Bank is expected to raise interest rates this week, making it the seventh hike since the current cycle began in November 2021. Maarten Ackerman, chief economist at Citadel, believes the SARB's Monetary Policy Committee will 'gift' the country another 75 basis point hike, raising the repo rate to 7.00%. Ackerman believes
Three new South African laws have been approved, including child protection measures
The National Assembly and the National Council of Provinces have approved several new laws for the country. The National Assembly approved General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill on Tuesday (November 22), while the NCOP approved the Children's Amendment Bill and the Drugs and Drug Trafficking Amendment Bill. The Anti-Money Laundering and
Sunak believes that the United Kingdom and South Africa will drive green economic growth and unlock major infrastructure investments
On Tuesday, British Prime Minister Rishi Sunak stated that the United Kingdom and South Africa would work together to drive economic growth and "turbocharge" investment in major infrastructure projects and green hydrogen. “South Africa is already the UK’s biggest trading partner on the continent, and we have ambitious plans to turbocharge infrastructure investment and economic growth
To pay off e-tolls, the government wants a new "hybrid model"
The Gauteng provincial government says it will contribute R12.9 billion to the decommissioning of Johannesburg's e-tolls, but only over the long term, using a new 'hybrid model' to generate revenue. Gauteng Premier Panyaza Lesufi met with Finance Minister Enoch Godongwana and road agency Sanral this week to discuss a plan to phase out the system
Who to keep an eye on in the ANC leadership race
President Cyril Ramaphosa appears set to retain his position as leader of the ruling African National Congress at its elective conference next month, having secured support from the majority of the party's structures, paving the way for a second term. Ramaphosa received 2 037 nominations for the ANC presidency, while former Health Minister Zweli Mkhize
How to Fly Without Paying an R2,000 Fine This Holiday Season
The Airports Company of South Africa (Acsa) says it is preparing for the holiday rush, with over one million people expected to pass through Johannesburg OR Tambo International Airport alone in the coming weeks. Domestic air capacity has been reduced in the last year as air travel returns to pre-pandemic levels, with multiple domestic carriers
South Africa is negotiating additional funding to transition away from coal
South Africa, which has received $8.5 billion in climate finance from some of the world's wealthiest countries, is in talks with other countries to reduce its reliance on coal, according to Environment Minister Barbara Creecy. Climate finance provided by the United States, United Kingdom, Germany, France, and the European Union as part of the Just
South Africa has a new proposal for student loans
According to the Department of Higher Education, Science, and Innovation, discussions have taken place with private banks about the possibility of a loan scheme backed by government guarantees to assist students in funding their studies in South Africa. The department was asked in a written parliamentary Q&A this week whether the private sector, particularly private
South Africa has issued a hiring freeze warning
According to KPMG's latest CEO Outlook for South Africa, more than 80% of CEOs have implemented or plan to implement a hiring freeze in the next six months. Between July and August, the financial services firm interviewed 50 top CEOs from various industries to learn about their perspectives on the country over the previous 18
South Africa's future is dependent on the government's big Eskom gamble
S&P Global Ratings expects South Africa's government to keep its promises to Eskom shareholders as it finalises a plan to address the state-owned utility's massive debt burden. Finance Minister Enoch Godongwana stated last month that the government may shift between one-third and two-thirds of the power company's R400 billion debt onto its own balance sheet,
Eskom is working hard to avoid higher levels of load shedding
The Department of Public Enterprises (DPE) held an emergency meeting with Eskom board members to find funds to purchase diesel supplies in order to avoid increased load shedding. On Sunday evening (20 November), Minister of Public Enterprises Pravin Gordhan met with Eskom chair Mpho Kakwana to discuss immediate issues confronting the national power utility. Eskom
Jacob Zuma finally responds to Cyril Ramaphosa's remarks about nine wasted years
Former President Jacob Zuma stated that President Cyril Ramaphosa's 'nine wasted years' utterances were a false narrative that needed to be addressed through a book in order for it to remain in the minds of the people for a longer period of time. Zuma said at the launch of his book, "Jacob Zuma Speaks," in
More than rate hikes, these companies are crippling South Africa
According to the Sunday Times, Investec CEO Fani Titi stated that poor management, corruption, and the overall failures of Eskom and Transnet would keep South Africa in crisis unless the government made some difficult decisions. Titi added that, the challenges surrounding state-owned entities are having a greater impact on businesses than interest rate increases. According
How to avoid getting into debt on Black Friday
It is critical to resist the desire for instant gratification in order to avoid overspending. The world's largest one-day shopping event is rapidly approaching. In South Africa, consumer spending on Black Friday is increasing year on year, with sales volumes expected to exceed R2.5 billion by 2021. Despite the fact that 2022 will be one