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Eskom has been given a major lifeline
Pravin Gordhan, the minister of public enterprises, says his department has found 50 million litres of diesel for the national power utility Eskom from state-owned PetroSA. Responding to questions in the National Assembly plenary, Gordhan stated that his department has been liaising with Eskom and PetroSA this week to find a way – within the
Disgruntled Makro workers threaten to down tools on Black Friday
South African consumers are now bracing themselves for a massive shopping spree this coming weekend during the eagerly anticipated Black Friday. However, BusinessTech Africa has discovered that one of the country’s biggest retailers or wholesale stores, Makro, is facing possible financial losses due to a planned strike by its workers. This comes after Makro workers
Following the unbundling of Nedbank in 2018, Old Mutual plans to launch a bank in 2024
Old Mutual has applied for a banking licence and plans to launch a full transactional account in the second half of 2024. Following the recent entry of Discovery, TymeBank, and Bank Zero, the insurer will join an increasingly crowded market. African Bank is also making a comeback, having opened over a million transactional accounts (and
Takealot suffers a significant setback
Naspers, the JSE-listed e-commerce group, has released its interim results for the six months ending September 30, 2022 (HY23), reporting a trading loss for the period as its exposure to Chinese group Tencent continues to weigh on its finances. Group revenue increased 9% year on year to US$17 billion, with e-commerce revenue increasing 38%, thanks
South Africans are in for a difficult 2023, according to economists
The South African Reserve Bank is expected to raise interest rates this week, making it the seventh hike since the current cycle began in November 2021. Maarten Ackerman, chief economist at Citadel, believes the SARB's Monetary Policy Committee will 'gift' the country another 75 basis point hike, raising the repo rate to 7.00%. Ackerman believes
Three new South African laws have been approved, including child protection measures
The National Assembly and the National Council of Provinces have approved several new laws for the country. The National Assembly approved General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill on Tuesday (November 22), while the NCOP approved the Children's Amendment Bill and the Drugs and Drug Trafficking Amendment Bill. The Anti-Money Laundering and
JSE-listed Curro Holdings announce major changes in top management
One of the country’s leading private school groups, Curro Holdings has announced major changes in its management structure. Curro has roped in Burtie September as Chief Financial Officer who will succeed Cobus Loubser who vacates the position as he was appointed as the new Executive Director of the group. As listed in the Johannesburg Stock
Telkom’s board chair Sello Moloko steps down to focus on Absa
Outgoing Telkom board chairperson Sello Moloko has explained his decision to leave the state-owned telecommunications company. Moloko says leaving Telkom is based on the demands of the job which were too much to handle for him. Telkom has announced it has already started the process of searching for Moloko’s successor as he will step down
Sunak believes that the United Kingdom and South Africa will drive green economic growth and unlock major infrastructure investments
On Tuesday, British Prime Minister Rishi Sunak stated that the United Kingdom and South Africa would work together to drive economic growth and "turbocharge" investment in major infrastructure projects and green hydrogen. “South Africa is already the UK’s biggest trading partner on the continent, and we have ambitious plans to turbocharge infrastructure investment and economic growth
To pay off e-tolls, the government wants a new "hybrid model"
The Gauteng provincial government says it will contribute R12.9 billion to the decommissioning of Johannesburg's e-tolls, but only over the long term, using a new 'hybrid model' to generate revenue. Gauteng Premier Panyaza Lesufi met with Finance Minister Enoch Godongwana and road agency Sanral this week to discuss a plan to phase out the system
Ethiopian Airlines reaches agreement to ferry African passengers to India
Aviation news coming through from Ethiopia is that Ethiopian Airlines has reached an agreement with TravoCure Healthcare to ferry passengers seeking medical care in India. Various aviation publications report that the East African Airliner, Ethiopian, has formally partnered with TravoCure which is a subsidiary of the Akbar Group. The partnership will see Ethiopian Airlines providing
Who to keep an eye on in the ANC leadership race
President Cyril Ramaphosa appears set to retain his position as leader of the ruling African National Congress at its elective conference next month, having secured support from the majority of the party's structures, paving the way for a second term. Ramaphosa received 2 037 nominations for the ANC presidency, while former Health Minister Zweli Mkhize
Financial services provider Old Mutual unveils plans to launch a new bank in 2024
Old Mutual has unveiled plans to launch a new banking institution in 2024 following approval from the South African Reserve Bank. One of South Africa’s biggest financial services providers, Old Mutual, says it has received approval from the Reserve Bank’s Prudential Authority to apply for a banking licence. In an update sent out on Tuesday,
How to Fly Without Paying an R2,000 Fine This Holiday Season
The Airports Company of South Africa (Acsa) says it is preparing for the holiday rush, with over one million people expected to pass through Johannesburg OR Tambo International Airport alone in the coming weeks. Domestic air capacity has been reduced in the last year as air travel returns to pre-pandemic levels, with multiple domestic carriers
South Africa is negotiating additional funding to transition away from coal
South Africa, which has received $8.5 billion in climate finance from some of the world's wealthiest countries, is in talks with other countries to reduce its reliance on coal, according to Environment Minister Barbara Creecy. Climate finance provided by the United States, United Kingdom, Germany, France, and the European Union as part of the Just
South Africa has a new proposal for student loans
According to the Department of Higher Education, Science, and Innovation, discussions have taken place with private banks about the possibility of a loan scheme backed by government guarantees to assist students in funding their studies in South Africa. The department was asked in a written parliamentary Q&A this week whether the private sector, particularly private
Botswana accepts Jindal’s bid to build a 300MW coal power project
An Indian steelmaker Jindal Steel & Power Ltd has secured a deal with Botswana as it will build a 300 megawatt (MW) Coal power plant. BusinessTech Africa has discovered that the Southern African nation, Botswana, has selected Jindal Steel & Power as its preferred bidder for the project. An official notice from the energy ministry
Meet the man behind All Day Jam: Gontse Selaocoe
A young local man is wreaking havoc in the business space and township economy after launching his brand of jam. Gontse Selaocoe is based in the Vaal, Orange Farm, and started his jam-making company, All Day Jam at the age of 19. Now 23, Selaocoe also grows and sells vegetables in his area, he reveals
Broadband Infraco announces Gift Zowa as interim CEO
State-owned South African infrastructure provider Broadband Infraco has announced the appointment of Gift Zowa who will be as acting CEO. Broadband Infraco announced that Zowa’s appointment is effective from November 16 and he resumes his new role and replaces Andre Matseke as per a statement from Broadband Infraco. Armed with a BSc honours degree in
Spar investigated for blocking OBC from trading in South African malls
South African grocery store, Spar has come under fire after it was accused by a local butchery, OBC, of blocking it from operating at malls. While Spar has since rubbished the claims, the Competition Commission has confirmed receiving a complaint from OBC. According to Moneyweb, Siyabulela Makhunga says the matter between Spar and OBC is