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South Africa has issued a hiring freeze warning
According to KPMG's latest CEO Outlook for South Africa, more than 80% of CEOs have implemented or plan to implement a hiring freeze in the next six months. Between July and August, the financial services firm interviewed 50 top CEOs from various industries to learn about their perspectives on the country over the previous 18
South Africa's future is dependent on the government's big Eskom gamble
S&P Global Ratings expects South Africa's government to keep its promises to Eskom shareholders as it finalises a plan to address the state-owned utility's massive debt burden. Finance Minister Enoch Godongwana stated last month that the government may shift between one-third and two-thirds of the power company's R400 billion debt onto its own balance sheet,
Eskom is working hard to avoid higher levels of load shedding
The Department of Public Enterprises (DPE) held an emergency meeting with Eskom board members to find funds to purchase diesel supplies in order to avoid increased load shedding. On Sunday evening (20 November), Minister of Public Enterprises Pravin Gordhan met with Eskom chair Mpho Kakwana to discuss immediate issues confronting the national power utility. Eskom
Jacob Zuma finally responds to Cyril Ramaphosa's remarks about nine wasted years
Former President Jacob Zuma stated that President Cyril Ramaphosa's 'nine wasted years' utterances were a false narrative that needed to be addressed through a book in order for it to remain in the minds of the people for a longer period of time. Zuma said at the launch of his book, "Jacob Zuma Speaks," in
More than rate hikes, these companies are crippling South Africa
According to the Sunday Times, Investec CEO Fani Titi stated that poor management, corruption, and the overall failures of Eskom and Transnet would keep South Africa in crisis unless the government made some difficult decisions. Titi added that, the challenges surrounding state-owned entities are having a greater impact on businesses than interest rate increases. According
How to avoid getting into debt on Black Friday
It is critical to resist the desire for instant gratification in order to avoid overspending. The world's largest one-day shopping event is rapidly approaching. In South Africa, consumer spending on Black Friday is increasing year on year, with sales volumes expected to exceed R2.5 billion by 2021. Despite the fact that 2022 will be one
S&P confirms SA's ratings and maintains a positive outlook
Standard & Poor's maintained South Africa's credit ratings unchanged on Friday night. Its outlook remains "positive" implying that the next step could be an upgrade. While load shedding and rail problems are weighing on the economy, the US credit rating agency believes that government interventions to increase private sector activity and reforms at some key
Smokers may face jail time if they violate new proposed tobacco laws
The proposed changes to tobacco laws by the Department of Health could result in smokers facing jail time for smoking cigarettes and e-cigarettes indoors and failing to comply with other prohibited smoking legislation. Cabinet approved amendments to the Tobacco Products Control Bill in Parliament earlier this year that could prohibit all smoking indoors. The proposed
According to reports, Meta accused employees of improperly accessing user accounts, sometimes in exchange for bribes
According to a Wall Street Journal report on Thursday, Meta fired dozens of employees after accusing them of using an internal tool to gain unauthorised access to Facebook user accounts, with some of the activity allegedly taking place in exchange for bribes. Some of the fired employees were contracted security guards at Meta's facilities who
How an honest Prasa employee refused corrupt money and helped uncover fraud
The Passenger Rail Agency of South Africa (Prasa) reported a "flood of fictitious personal liability claims" in its most recent annual report for 2021/22, and says an investigation into these complaints is underway. A Prasa investigation report into fraudulent claims worth at least R9 million, processed by Prasa's insurance department, was obtained by GroundUp. This
Vallery Horing raising the bar & secures multi-million tender at Kumba Mine
One South African woman, Vallery Horing is setting the standard for women in the mining and transport sector as she owns Loading Techniques. Loading Techniques is a company that is contracted to Kumba Iron Ore and operates in the Northern Cape town of Postamsburg. Through her company, Loading Techniques, Horing is raising the bar in
SARS welcomes the arrest of a former official who helped a Rolex smuggler
The South African Revenue Service (SARS) has welcomed the arrest of one of its employees who was jailed for seven years. SARS said anyone who broke the law deserved the heaviest sentence as SARS commissioner Edward Kieswetter responded to it. It is widely reported in South Africa that SARS officer, Malatse Kolokoto, was found guilty
Freight giant Transnet partners with Huawei to increase competitiveness
South African freight rail company, Transnet, is partnering with Huawei as it is repositioning its freight transportation system to increase competitiveness. Media reports indicate that Transnet has set out to digitalise its ports and railway network operations. BusinessTech Africa found out that Transnet's digital strategy is built on the utilisation of cutting-edge ICT to increase
Twitter is engulfed in flames as hundreds of employees resign
It hasn't even been a month since billionaire and tech enthusiast Elon Musk took over Twitter, and things have gone horribly wrong, with employees being fired, asked to return, and now deciding to quit. He famously entered the headquarters of the social media platform with a sink and tweeted, "Let that sink in." This has
SARS explains how the new 'travel pass' for South Africa works
The South African Revenue Service (SARS) has clarified the new South African Traveller Online Declaration System's rollout. SARS announced in mid-October that a new 'travel pass' system would be implemented in the country, but provided little to no detail on the process or who would be affected. This caused widespread consternation among travellers and travel
After dropping a bidder over paperwork, the court orders Eskom to scrap an R16 billion tender
A court has ordered Eskom to cancel an R16 billion tender award for the maintenance of high-pressure boilers and pipes at its 15 coal-fired power plants after it disqualified one of the bidders unfairly. The tender must be re-advertised within two months of the court order, and bidders must prepare their bids within two months.
Eskom secures R180 million for new Grootvlei power station training facility – De Ruyter
Eskom has received a €10 million (R180 million) grant from the German development bank KfW to establish a renewable energy training facility at Mpumalanga's Grootvlei coal power station. On Thursday, Eskom CEO André de Ruyter mentioned the agreement at COP27 in Sharm El-Sheikh, Egypt. He was speaking about the steps taken to repurpose its coal-fired
South Africa should brace itself for a significant interest rate increase next week, according to economists
The Monetary Policy Committee of the South African Reserve Bank will meet next week to discuss the country's final rate hike decision for the year, with an announcement expected on Thursday, November 24. Given the weak economic outlook for South Africa in the third quarter, combined with still-high inflation, Investec chief economist Annabel Bishop expects
Seven public sector unions representing 800,000 employees have called for a one-day strike
Seven public-sector unions representing 800,000 members have pledged to disrupt service at offices, including hospitals and courts, on a national day of action next Tuesday in protest of the unilateral implementation of a 3% baseline increase in public wages. The national day of action will include a march to the National Treasury offices in Pretoria,
US carmaker Ford unveils first new Ranger assembled in Pretoria
American carmaker Ford, has just completed assembling the Ford Ranger in its Silverton plant in Tshwane, South Africa. Ford has completed Job 1 of the Ford Ranger and it is announced in the news that the production comes after a multi-billion rand investment. The American automobile manufacturer, Ford, forked out R16 billion to produce the