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'Permanent blackouts are Ramaphosa's legacy'
The debate over President Cyril Ramaphosa's State of the Nation Address (Sona) at Cape Town City Hall on Tuesday focused on South Africa's energy situation. MPs from both Houses took part in the discussion, with ANC members defending Ramaphosa's pledges as opposition parties ripped into his address. Last Thursday, Ramaphosa proclaimed a state of disaster
The South African financial markets regulator revokes ZAR X's licence to operate an alternative exchange
The operations of ZAR X have come to an end. ZAR X was one of four new stock exchanges founded in 2017. The purpose of the alternative stock exchanges was to challenge the JSE's supremacy and encourage competition and financial inclusivity. SA's financial markets regulator has withdrawn the exchange licence of ZAR X, an alternative
In 2022, ransomware assaults on industrial enterprises surged by 87%
According to research published on Tuesday, ransomware assaults against industrial organisations surged by 87% in 2022 compared to the previous year, with the majority of malicious malware targeting the manufacturing sector. Last year, hackers attacked mining businesses in Australia and New Zealand, and they continued to target renewable energy companies in the United States and
Pick n Pay bans barrier bags, Woolworths continues to promote reusable shopping bags
Pick n Pay has removed all plastic 'barrier' bags from its checkouts, preventing 20 million of these little bags from entering the environment. Stores have long utilised barrier bags to segregate certain items such as fresh vegetables, toiletries, or cleaning supplies from other foods. Pick & Pay's barrier bag ban comes in the footsteps of
South Africa is getting new land expropriation legislation
The public comment period for the contentious new land expropriation legislation is coming to an end, with South Africans having until March 6, 2023 to give their thoughts. The Expropriation Bill, which had been rejected in 2021, was resurrected in 2022 and enacted by the National Assembly in September 2022. The measure was sent to
Daniel Mminele, former CEO of Absa, joins Nedbank
Daniel Mminele, former Absa CEO, has been appointed as an independent non-executive director and chairman-designate of Nedbank. Mminele will succeed Mpho Makwana, who is presently the chairman of the board of Eskom, the beleaguered power provider. Mminele's appointment comes only a week after he resigned as the leader of President Cyril Ramaphosa's climate funding task
Here is the anticipated petrol price for March
The Central Energy Fund (CEF) mid-month statistics indicates that both diesel and petrol drivers in South Africa will face fuel price increases in March 2023. The snapshot data for 14 February 2023 suggests a price rise of up to R1.26 per litre and 38 cents per litre for petrol and diesel, respectively. The following are
Telkom intends to sell a stake in fibre behemoth Openserve
Telkom said "various initiatives" are ongoing to sell a minority share in its wholesale and network segment, Openserve. This comes after the legal split of Openserve into a separate business on September 1, 2022. Telkom announced in a trade update with its quarterly results on Tuesday that it has received multiple unsolicited offers for Openserve.
Telecoms giants Vodafone Group ups shareholding in JSE-listed Vodacom Group
Vodafone Group has upped its shareholding in JSE-listed Vodacom Group, after the recent acquisition of Vodafone Egypt. The Johannesburg-based Pan-African telecoms operator recently clinched a R43.6 billion deal back in November. The transaction was settled through the issuance of 241 976 243 new shares to Vodafone, and €577 million (equating to R10.8 billion) in cash.
Telkom to retrench 15% of staff, starts internal consultations
South African state-owned telecommunications company Telkom is set to retrench 15% of its workforce. As the third-biggest mobile operator, Telkom announced the news on Tuesday, saying it would begin workplace consultations on internal restructuring that is expected to affect 15% of its workforce. Media reports suggest that the Section 189(a) process will impact all business
Transnet Freight Rail resumes limited train services due to heavy floods
Government-owned Transnet Freight Rail has commenced limited train services, primarily on the North East Corridor branch lines in Witbank, Belfast, Lydenburg, and Steelpoort regions. The resumption follows a massive service disruption caused by floods during the past week. TFR said operations started in earnest on February 13 across the corridor branch line network, with Transnet
Minister in the Presidency Mondli Gungubele backs declaration of a state of disaster
Minister in the Presidency Mondli Gungubele has backed the move by Cyril Ramaphosa to declare a state of emergency last week. Gungubele says the declaration of the National State of Disaster on Energy will assist in the speedy resolution of energy supply challenges, whilst minimising its impact and contributing to the rebuilding process. Speaking during
South Africa's Reserve Bank repeatedly attacked by Politicians
The Bureau for Economic Research (BER) economists have proposed three scenarios for the South African Reserve Bank if its independence is continued to be questioned by politicians. The SARB has been under fire from political leaders in recent years, with top members of the ruling African National Congress (ANC) stating that modifications to the central
Spar flourishes despite difficult circumstances
Spar demonstrated a strong commercial performance despite severe economic headwinds, with turnover growing by 7.8% during the 18 weeks ending 28 January 2023. Spar SA reported a 7.4% growth in total sales for the 18-week period in a trading update issued on Tuesday (14 February), which is just 0.8% less than the 8.2% increase over
South Africa's sugar tax threatens nearly 9,000 jobs
According to a recent analysis, South Africa's sugar sector might lose up to 16% of its cane-growing acreage and more than a tenth of farm-level employment if the government hikes the tax on sugar-sweetened beverages and spreads it to other items. According to a paper published Monday by the Bureau for Food and Agricultural Policy,
How can ChatGPT and Google Bard assist schools and businesses
According to experts, new AI chatbots – ChatGPT and Google Bard – have the potential to assist individuals in the customer service and education professions, but will not be replacing humans anytime soon. After releasing in November of last year, OpenAI's ChatGPT is no longer the sole chatbot on the market, thanks to the announcement
Binance launched South African rand direct bank deposits
Binance has added support for manual South African rand bank deposits. Customers with South African bank accounts can acquire cryptocurrencies by onramping their fiat cash to the exchange via regular electronic funds transfer (EFT). Binance formerly exclusively accepted South African bank transfers through Stitch, an Instant EFT service. Binance continues to offer Stitch in addition
DStv announces price increases
MultiChoice has announced its yearly DStv pricing increases, which will take effect on April 1, 2023. Prices throughout DStv's satellite pay-TV portfolio will rise by an average of 4.3%. The streaming-only packages on DStv will stay unchanged. “[The price adjustment] is far lower than the projected CPI for 2023,” MultiChoice said in a statement. Premium
These regulations make an energy crisis in South Africa ineffective
The decision by the South African government to proclaim a state of calamity over the country's 15-year-long energy problem faces substantial legal challenges. According to a recent collaborative work by Weber Wentzel firm partner Mzukisi Kota, senior associate Lubumba Kamukwamba, and candidate attorney Lize-Mari Doubell, this is the case. The trio contended that legal challenges
What's Next — Greg Smith discusses how OneSpark Insurance integrates technology to help its clients
Greg Smith is OneSpark Insurance's co-founder and joint CEO. Before starting OneSpark, he was a qualified actuary who produced hundreds of award-winning insurance products, helped start a bank, and even contributed to the creation of one of South Africa's largest Social Impact Bonds. The primary goal of OneSpark Insurance is to constantly innovate for the