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Elon Musk's Twitter debt repayment strategy is fraught with uncertainty
According to all reports, including Elon Musk's, Twitter has more than enough cash to make its first interest payments, which are likely to total $300 million. However, with the payment deadline nearing, there is considerable concern about what the impulsive billionaire would do to alleviate the social-media company's $12.5 billion debt burden. Yes, Musk stated
Vodacom drops in the ISP ranks, falling behind Telkom and Rain
According to Analytico's quarterly customer satisfaction study, Cool Ideas, Afrihost, and Airmobile are the best Internet service providers (ISPs) in South Africa. On the other end of the spectrum, Mweb, Cell C, and Vodacom had the lowest average customer satisfaction ratings. Analytico is a research firm that offers market research and network intelligence studies on
WhatsApp now has voice notes and chat transfer feature
WhatsApp has begun to roll out a feature that allows users to send audio notes as status updates to selected contacts. Voice status is now available for certain users running the WhatsApp beta for Android 2.23.2.8, according to WABetaInfo, a source recognised for reporting on WhatsApp features in development or testing. On the status creation
It's bad news for South African middle class
According to Nedbank analysts, interest rates in South Africa are reaching their peak, but they are not there yet – and the risks are very much on the upside, opening the door for even more rises than projected this year. This implies that middle-class South Africans, who are already severely indebted due to home loans,
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)
Nissan and Renault are working to revitalise their cooperation
Renault is in talks to sell its interest in the Japanese automaker. According to a person familiar with the issue, Nissan's independent directors have decided to proceed with an agreement to rebalance the Japanese automaker's two-decade partnership with Renault. Final talks are underway for Renault to reduce its stake in Nissan and for Nissan to
Google is developing an AirTag competitor
According to a Twitter user notorious for releasing early facts about Google's Pixel smartphones, the firm is working on its own location-tracking gadget to compete with Apple's AirTags and Samsung's Galaxy SmartTags. Kuba Wojciechowski, a Polish leaker, first noticed references to Google support for a location tag in the developer interface for the Fast Pair
JOBURG CITY POWER MOVES TO REMOVE NON-PAYING CUSTOMERS FROM THE POWER GRID
According to City Power spokesperson Isaac Mangena, barely 4% of the township's companies and people pay for energy. Joburg City Power announced on Tuesday that it wants to put a stop to the practise of nonpayment among Alexandra companies. According to City Power spokesperson Isaac Mangena, barely 4% of the township's companies and people pay
This is where the rand may be heading in 2023
Investec believes that, barring any black swan occurrences or other market shocks, the rand has the potential to gain further in 2023 and enter a period of relative stability. Investec chief economist Annabel Bishop outlined out the banking group's baseline, upside, and negative scenarios for South Africa during 2023/24, including rand estimates, in a paper
The average salary increase in South Africa for this year
In order to recruit and keep employees in the face of rising inflation and a competitive labour market, South African firms are considering boosting compensation by an average of 6.1% in 2023. Employers are boosting their pay budgets as high levels of inflation have struck workers hard, while the labour market has grown more competitive
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
A global research raises concerns about corruption and the rule of law in South Africa
According to Human Rights Watch, South Africa is failing to realise its economic and social rights as inequality and unemployment rise, compounded by rampant corruption and pandemic consequences (HRW) According to HRW's most recent World Report 2023: Events of 2022, the nation has failed to take tangible efforts to guarantee the rule of law, police
Eskom must provide a schedule for resolving load shedding and repeal a 19% tarrif hike – a legal threat
As blackouts devastate the country, opposition leaders and South Africa's largest labour union say they're preparing a lawsuit against the head of the state-owned power utility and a government official who controls it. The so-called demand letter, which threatens a lawsuit if the government does not take specified actions within the next few days, piles