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L2D Soars 40% Following Liberty Group's Buyout Offer
Liberty Two Degrees (L2D), a JSE-listed real estate investment trust (REIT) and part-owner of Sandton City, made headlines on Thursday when the unlisted Liberty Group announced its intention to acquire L2D's minority shareholders. This strategic move boosted L2D's share price by more than 40% in morning trade, as investors reacted positively to the potential consolidation.
Anglo American's Interim Profit Plunges, Yet Remains Bullish on Long-Term Prospects
Anglo American, the diversified mining conglomerate, has reported a significant drop in interim profit, falling by approximately two-thirds, resulting in a dividend payout cut by more than half. Despite a 10% increase in group production due to copper and iron ore, the company faced a setback with a nearly 20% decline in average basket prices
Former Steinhoff CEO Markus Jooste Loses Appeal Against German Arrest Warrant
Markus Jooste, the former CEO of Steinhoff, has lost his appeal against a German arrest warrant issued after he failed to appear in court in the country. The Higher Regional Court of Oldenburg dismissed Jooste's challenge, and prosecutors had requested the arrest warrant after he failed to appear at his April trial. Bernd Gross, Jooste's
Amplats Appoints Craig Miller as New CEO to Lead Strategic Vision
Anglo American Platinum (Amplats) has announced the appointment of Craig Miller, the current finance director, as the company's new Chief Executive Officer (CEO). Miller will succeed Natascha Viljoen, who will step down as CEO after more than three years of service. The power transfer is set to take place on October 1, ushering in a
Meta Staging A Comeback With Sharp Rise in Second Quarter
Wednesday, 26 July 2023, Meta Platforms reported a sharp rise in their advertising revenue surpassing Wall Street financial targets for the second quarter market expectations. The reports from Meta come after Google showed a strong performance in attracting advertisers' and consumers' interest. However, the company still foresee expenses rising both in 2023 and 2024, citing
Spur Acquires 60% Stake in Doppio: Strengthening Position in Specialty Dining Market
Spur, a JSE-listed restaurant group, plans to buy a 60% stake in the Doppio Group in order to strengthen its position in the daytime speciality dining and coffee markets. Spur announced the acquisition on Thursday as part of its strategy to expand into new categories and markets where it is currently under-represented. While the exact
South Africa Data Breach Cost Almost R50 Million
According to IBM Security’s annual Cost of Data Breach Report, it shows that the average data breach cost for South African organisations reached R49.5-million in 2023 – an all-time high. The report shows an 8% increase over the last three years and a 73% increase since South Africa was added to the report eight years
Samsung Extend Chip Production Cuts and Focus on High-end AI Chips
Samsung Electronics on Thursday announced that it will continue to cut back its memory chip production including NAND flash used in smartphones and PCs due to being largely constrained to high-end chips used in artificial intelligence (AI). The company reported a $3.4 billion (4.36 trillion won) operating loss in the second quarter of this year
Fashion Battle: H&M vs. Shein – A Copyright Infringement Showdown
H&M, the well-known fast-fashion retailer, has filed a copyright infringement lawsuit in Hong Kong against its Chinese competitor Shein. The lawsuit, which was filed in 2021, aims to address the threat posed by Shein's meteoric rise in the fashion industry. The defendants in the lawsuit are Zoetop Business Co, the former owner of Shein, and
Angelo Agrizzi Triumphs in R174m Tax Case Against SARS
In a dramatic courtroom battle, whistleblower Angelo Agrizzi defeated the South African Revenue Service (SARS) in their attempt to recover R174 million in taxes. Agrizzi insisted that he owed nothing to the revenue service and that their claim was based on errors in double- and triple-counting revenue moving between accounts. The Gauteng High Court rejected
Pick n Pay Addresses Unclaimed Shopper Rewards Worth Over R250 Million
Pick n Pay, a JSE-listed grocery retailer, revealed on Monday that it has amassed more than R250 million in unclaimed cash-back rewards from over 11 million customers who have smart shopper cards. Pick n Pay's announcement highlights a significant amount of unclaimed rewards that could provide much-needed relief to families as South African consumers grapple
Kumba Iron Ore Faces Dividend Cut as Interim Earnings Decline
Kumba Iron Ore, a prominent mining company, recently experienced a significant drop in earnings, resulting in a more than 20% reduction in its interim dividend. Earnings are down due to lower commodity prices and a drop in sales due to logistical issues. Kumba's interim dividend is now R22.60, down from R28.70 in the first half
SARS Victorious in Case Involving Employee Attending EFF Protest While on Sick Leave
The South African Revenue Service (SARS) was successful in its attempt to dismiss an employee who claimed sick leave but was later seen on television attending an EFF protest at a Clicks store in Sandton. The employee in question, Benneth Mathebula, a junior investigator, was fired by the tax agency in early 2021 for dishonesty.
Deep-Sea Mining Delayed: UN Watchdog Pushes Industry Regulation to 2024
The International Seabed Authority (ISA), a UN-backed regulator, has decided to postpone the start of deep-sea mining for metals needed for the energy transition until at least 2024. The decision was made following a meeting in Kingston, Jamaica, where the ISA Council decided against granting immediate permission for mining activities to begin. Nonetheless, they left
Competition Watchdog Greenlights SAA-Takatso Deal with Conditions
The Competition Tribunal has approved Takatso Aviation's acquisition of a 51% stake in South African Airways (SAA), but with significant conditions attached. To ensure fair competition in the market, the watchdog has mandated a moratorium on layoffs and the sale of minority shareholders' stakes. In response to the Competition Commission's recommendation in May to approve
SA Post Office's Creditors Approve Extension for Business Rescue Plan
The creditors of the SA Post Office (SAPO) have approved an extension of the business rescue plan, while also confirming Anoosh Rooplal and Juanito Damons as the joint business rescue practitioners (BRPs) for the struggling state-owned company. SAPO was placed under business rescue earlier this month by the North Gauteng High Court in Pretoria after
Sasol Shares Rally as Production Report Exceeds Expectations
Sasol, the world's largest chemicals and energy company, saw a 4% increase in its shares on Tuesday morning following the release of its production report. The company announced that it had not only met but also significantly exceeded its production targets across all of its operations, with Secunda, its flagship commercial-scale coal-based synthetic fuels facility,
Citrus Growers Association Explores Rail Transport Amidst Escalating Truck Attacks
The Citrus Growers Association (CGA) has reconsidered its transport strategy in light of the recent increase in truck attacks across South Africa. As a result of the increased criminal activity, the association is planning to shift a significant portion of its citrus transportation from the road to rail. Justin Chadwick, CEO of the CGA, expressed
Balancing South Africa's Future: Navigating BRICS and Western Relationships
South Africa can benefit greatly from the BRICS bloc. It is critical for our government to cultivate relationships with the BRICS nations, particularly with the massive and rapidly growing markets of India and China, from which South African businesses can benefit greatly. Our engagement with the BRICS, however, must not come at the expense of
HAPPRUN H1 PROJECTOR REVIEW: TRANSFORM YOUR LIVING ROOM INTO A CINEMA
Smart TVs are becoming more affordable in the current market, but for those on a tight budget, finding a TV under $100 often means sacrificing features such as lower resolutions or smaller screen sizes. But does that mean you have to give up on the idea of creating a proper home theatre experience on a