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WeWork files for bankruptcy
WeWork, the office-sharing company backed by SoftBank, filed for Chapter 11 bankruptcy protection in the United States after its business model was upended by remote work trends. The filing represents an admission by key investor SoftBank that WeWork's survival depends on using bankruptcy to renegotiate costly leases. SoftBank owns approximately 60% of WeWork. According to
Job cuts looming at Impala Platinum
Facing declining platinum group metals (PGM) prices, Impala Platinum (Implats) has started offering voluntary severance packages to employees at its South African mining operations. The job cut program began last month at Implats' headquarters and has now expanded to its Rustenburg mining complex, according to company spokesperson Johan Theron. The extent of potential job losses
Clientèle and 1Life announce merger
JSE-listed life insurer Clientèle announced plans to acquire competitor 1Life Insurance Limited from Telesure Investment Holdings (TIH) in an all-share deal worth R1.91 billion. Under the agreement, Clientèle will exchange 26% of its issued share capital to complete the purchase of 1Life. Post-acquisition, TIH will be granted board representation at Clientèle with two director appointments.
$900 million in 8 days for SA’s richest man, Johann Rupert
South African billionaire Johann Rupert has seen his net worth skyrocket by $900 million in just over a week, cementing his position as one of Africa's wealthiest individuals. According to the Bloomberg Billionaires Index, which tracks the fortunes of the world's richest people, the chairman of Compagnie Financiere Rupert is now worth $11.2 billion. This
Vox and 3CX Embrace Nymbis Cloud Technologies' Virtual Data Centre Infrastructure
Leading telecoms provider, Vox, sought an affordable, agile, and scalable virtual data centre solution to enhance its 3CX business telephony offering. The new virtual data centre had to offer robust redundancy and fail-over capabilities while adapting to evolving customer and market demands, as highlighted by Natalie van der Merwe, Head of Telephony at Vox. While
What is a ‘regenerative business’? – Insights from Kearney report
Only 40% of global businesses have effectively implemented a regenerative culture, and 45% are already operating a regenerative supply chain. Over half (53%) of global businesses in the retail sector are operating regeneratively. Analysis from global consultancy Kearney has found that over half (56%) of executives say their current business transformations aren’t working. Despite businesses
Clicks to Fakes: The Impact of Social Media on Counterfeiting
As social media platforms become the new marketplaces, the line between authentic and counterfeit blurs. How do we navigate this brave new world of fakes and forge a path for genuine products? Jason Govender, Candidate Attorney, and Jarred West, Partner at Spoor & Fisher explore the intricate web of counterfeit sales on social media and
Software updates for iPhone, iPad and Mac paused until next year to fix glitches
Apple has paused development on upcoming software updates for iPhone, iPad, Mac and other devices in order to address performance issues and bugs. The temporary halt, internally announced last week, aims to improve quality control after early versions saw an influx of flaws. Engineers have shifted focus from adding new features to fixing bugs and
Two South African schools venture into VR
Virtual reality (VR) headsets are being introduced in select South African classrooms to provide students with immersive educational experiences that complement the curriculum. Two Johannesburg schools, Reddam House Helderfontein and Reddam House Waterfall, are pioneering the use of VR technology to engage students in deeper learning. The schools are part of Inspired Schools Africa, whose
Crucial pigeon peas shipment to India withheld in Mozambique
Large shipments of pigeon peas, a crucial food staple in India, have been halted at ports in Mozambique due to stalled export permissions from customs officials. Industry sources say at least 150,000 tonnes of peas await clearance for export to India despite repeated requests from sellers over recent weeks. The unexpected shipment delays have caused
Ram showcases electric bakkie with built-in petrol generator to charge battery
Stellantis NV’s Ram truck brand is now offering a solution to range anxiety that leans into its petrol-powered roots, which is a battery-powered pickup with an on-board petrol generator to boost range and towing capacity. The Ramcharger, meant to launch in the market at the end of 2024, is tailored for truck enthusiasts who worry
The China Project media company shuts down
The media entity, known as The China Project, is on the verge of closing its operations. This particular publication, one of the few independent English-language media outlets delivering comprehensive coverage of China for Western audiences, is facing a shutdown primarily due to financial challenges, as detailed in a statement by its editor-in-chief, Jeremy Goldkorn. Originating
NTT planning to test driverless vehicle tech with Toyota
Japan's NTT has announced that it has plans to embark on driverless vehicle technology testing in collaboration with Toyota and invest in a US-based startup specialising in self-driving systems. A spokesperson for NTT revealed that the company's goals include conducting tests with autonomous buses and taxis by as early as 2025 and allocating approximately ¥10
Massmart appoints former Amazon manager as head of e-commerce
Massmart, the owner of Game stores and Makro, has appointed Srividya Pandya as its new head of ecommerce, effective from the 1st of November 2023. Pandya has been part of the Massmart family, but she was with the parent company Walmart, serving as vice president of strategic integration for Walmart US. She also headed the
Eskom to last for at least five more years
In spite of a recent stretch of nine consecutive days without power interruptions in October 2023, Eskom has issued a sobering warning, projecting that South Africa may have to grapple with at least another five years of load shedding. It's truly remarkable to consider that 2024 will mark the 17th year since the inception of
Should the company be found guilty of fraud, Sanral will terminate the R4.7 billion contract
When the South African National Roads Agency (Sanral) granted Aqua Transport and Plant Hire a contract worth R4.7 billion to renovate a section of the N3 highway, they were fully cognisant of the fraud allegations levelled against the company's directors. The South African minister, Sindisiwe Chikunga said a provision had been built to terminate the
Meta given a 30 day notice to stop using the name Threads
Meta has been served with 30-day ultimatum to cease using the name "Threads" in the UK by a British software firm, Threads Software Limited, citing ownership of the trademark. It is said that the legal representatives for Threads Software Limited have sent a formal notice to the parent company of Facebook and Instagram with the
Skype, Flutterwave founders back R3.8-billion Africa tech fund
The Africa-focused venture capital firm, Norrsken22 has received back from more than 30 unicorn founders and institutions to raise US$205-million (R3.8-billion) for new tech investments on the continent. The fund includes individuals such as Niklas Zennström from Skype, Niklas Östberg from Delivery Hero, as well as Olugbenga Agboola from Flutterwave among its investors, in an
Bidvest International Logistics on compliance being more than just legitimacy or excellence
If South African logistics firms hope to compete in the market they need to embrace compliance, not only in terms of laws and regulations but also social aspects that impact the world around us. What is important to understand is that compliance is not only the responsibility of a company’s compliance officer but of every
Instagram looking to offer AI-powered “friends” feature
Reports have revealed that the social media platform, Instagram is currently reportedly working on artificial intelligence-powered “friends” that users can customise to their liking and then speak to. According to screenshots shared by developer Alessandro Paluzzi, there is a possibility that users could soon be able to create an AI companion of whatever race, gender,