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Absa warns of impending writedowns after a good year for loans and deposits
Absa, South Africa's fourth-largest lender, says a recovery in its life insurance business and rising interest rates have contributed to a double-digit revenue increase so far in its 2022 fiscal year, but it is seeing strain on consumers as a result of more difficult conditions, and impairments are rising as well. Absa said in an
Volkswagen South Africa delighted to build 2000 VW Polos in Uitenhage
German automobile maker, Volkswagen South Africa says it has hit a major milestone after building 2 million cars in the Eastern Cape. VWSA is delighted to have reached such a historical milestone as it built its two-millionth unit of its popular VW Polo model rolling off the production line at its Kariega plant in Uitenhage.
239 cruise ships expected to dock in Cape Town’s V&A Waterfront
Following an unusual silence because of the Covid-19 pandemic which forced Cape Town and V&A Waterfront to see a few cruise ships, that is about to change this season. Cape Town and V&A Waterfront are expecting to see many cruise ships arriving in the Mother City and they could be around 239 this season. Dubbed
Insurance group OUTsurance finally lists on JSE after months of anticipation
OUTsurance Group has finally listed on the Johannesburg Stock Exchange on Wednesday following months of waiting and anticipation. This massive development follows months of anticipation and OUTsurance Group listed is now officially listed on the JSE as of Wednesday with the code OUT. Based in Centurion, OUTsurance officially swapped places with its parent company, Rand
Woolworths intensifies online delivery service to coastal consumers
South African clothing and grocery store Woolworths said it will be venturing into an on-demand delivery service dubbed the Woolies Dash to the coastal areas. In announcing the move, Woolworths director of online and mobile Liz Hillock said they are now targeting areas that are situated along the coast such as Langebaan and Mossel Bay.
Tongaat Hulett workers set to be paid December salaries and 13th cheque
Despite its financial struggles, Tongaat Hulett will pay its workers their December salaries including a 13th pay cheque. Local publications posted that the workers at Tongaat Hulett, which is in business rescue, will receive their December salaries and 13th cheques following a business rescue consultation last week, according to trade union UASA. UASA spokesperson Abigail
Lufthansa passengers stranded as a flight from Cape Town makes emergency landing in Angola
German airline carrier, Lufthansa customers were stranded in Angola after one of its Airbus A350 aircraft was forced to make an emergency landing on Saturday. Lufthansa has since confirmed that development to Business Insider SA this week, saying the cockpit crew decided to shut down the plane. It is also reported that the plane experienced
SA’s digital banker TymeBank pays R1,5 billion to acquire Retail Capital
One of South Africa’s growing digital banks, TymeBank has announced the finalisation of the acquisition of Retail Capital as the banker intensifies plans to take on business banking giants. Media reports filtering through to BusinessTech Africa indicate that the Patrice Motsepe-linked banking institution had announced it wanted to take over Retail Capital in August. Known
De Beers appoints Molefi Letsiki as its first black-owned sightholder in SA
South African diamond miner, De Beers has announced that Molefi Letsiki will take over the role of a majority black-owned sightholder. Letsiki becomes the first black person to take this role and De Beers said his appointment will be effective from January 1 2023. The diamond mining giant said the announcement is part of its
Gungubele warns that if car manufacturing does not decarbonize, SA could lose 100,000 jobs
South Africa's manufacturing sector must urgently transition to producing electric vehicles, or around 100 000 jobs could be lost in the next five years as key export destinations phase out petrol and diesel vehicles, according to Minister in the Presidency Mondli Gungubele. The European Union has given local vehicle exporters until 2030 to decarbonize the
Grant payments have been halted at ATMs for the time being as a criminal network targets the system
Social grant recipients who use Postbank or the SA Social Security Agency's (Sassa) gold cards will be unable to withdraw funds from ATMs in December, the agency announced on Tuesday. Postbank and gold cardholders will be able to withdraw funds only from retail merchants. Sassa said in a statement that the shutdown was caused by
Zambia & Zimbabwe facing a total power shutdown due to Kariba Dam water levels
The Southern African part of Africa is facing water shortages and Zimbabweans are subjected to 19 hours of power cuts per day as a result. This comes as the Kariba Dam’s water levels have significantly dropped as it drives the country’s main hydropower plant. BusinessTech Africa understands that the worst outages since 2019 are wreaking
The South African economy surprised with strong growth in the third quarter
South Africa's economy grew faster than expected in the third quarter, avoiding a recession despite record load shedding. The economy expanded by 1.6% in the three months to September 30, after contracting by 0.7% in the previous quarter due to the KwaZulu-Natal floods. A technical recession is defined as two consecutive quarters of a shrinking
Despite rising interest rates, Nedbank says credit demand has increased
Nedbank claims to have increased lending, and as interest rates rise, the green bank is reaping substantial net interest income. On Monday evening, the banking group issued a trading update for the ten months ending October 31, 2022. Despite the fact that the South African economy lost momentum in the second half of the year
Glencore agrees to pay R3 billion in corruption settlement claims in the DRC
As the most significant natural resources entity, Glencore has agreed to pay $180 million for its corruption claims in the Democratic Republic of Congo. Glencore said this payment of R3 billion is all about admitting its present and future claims of corruption in the DRC for years between 2007 and 2008. According to the mining
Diesel prices have been reduced significantly, while petrol prices have risen
The price of 93 and 95 unleaded petrol will rise by 59c per litre on Wednesday, while diesel will fall by between R1.52 and R1.57 per litre. In Gauteng, 95 petrol will cost R23.46 per litre beginning Wednesday, up from R20.29 a year ago, but down from a high of R26.74 in July. The Gauteng
Next-Gen Ford Ranger and prices finally unveiled in South Africa
Having announced that the new Ford Ranger bakkie or pick-up truck will be built in South Africa, the next generation is finally revealed. The American automaker, Ford, has officially released the car as it went on sale in the South African market this week, December 05. Apart from the price, Ford has also released a
Cash-strapped Eskom asks for R19,5 billion to buy diesel from national treasury
South African power utility Eskom continues to struggle to raise funds as it needs R19,5 billion from the government. BusinessTech Africa is informed that the struggling power supplier, Eskom has requested R19,5 billion from the National Treasury to buy diesel to fuel auxiliary power plants – a request that’s unlikely to be heeded, said Finance
South Africa to host inaugural Industrial Expo at Sandton Convention Centre
Sandton Convention Centre will host this year’s South African Industrial Expo as it is scheduled to get underway next week. Hosted by Golden Bridge Expo South Africa, the expo will run for three days, from December 5 until the seventh and it aims to focus on industrialisation. Per a report carried out by IOL, the
Sweden’s Volvo Trucks starts using fossil-free steel in full electric trucks
Swedish motor vehicle maker, Volvo has started using fossil-free steel in its trucks and the first electric vehicles incorporating fossil-free steel parts now being delivered to customers worldwide. Volvo Trucks says its journey to net-zero submissions includes both making vehicles fossil free. According to Volvo Trucks product management senior VP Jessica Sandstrom, she said they want to replace material