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South African and UK investors looking to buy Ster-Kinekor with R250 million loan
Ster-Kinekor Theatres (SKT) could receive funding in the form of a R250 million senior debt facility, following a proposal from investors, Blantyre Capital and Greenpoint Capital. According to the Business Rescue Practitioner, the offer forms the foundation of Ster Kinekor’s Business Rescue Plan, which was published on 28 February 2022. The facility will fund future
The world’s most influential CEOs and business executives of 2022
Who is the best CEO in the world? JPMorgan Chase’s Jamie Dimon, Satya Nadella of Microsoft, Tesla’s Elon Musk, or Mark Zuckerberg of Facebook? Or is it one of the old classics like Warren Buffett or Bernard Arnault? Well known or unknown, these are the most successful, talented, and influential CEOs for long-term investors to watch
The world’s richest people (Top Billionaires, 2022)
As of February 21, 2022, Elon Musk had a net worth valued at $220 billion, making him the richest man in the world, followed by Amazon’s founder and former CEO Jeff Bezos (net worth: $177 billion). Musk is the CEO of Tesla and the founder and CEO of SpaceX. LVMH’s Chairman and CEO, Bernard Arnault,
The world’s top 10 largest military powers on the planet
Business Tech Africa looks into the world’s most powerful countries for 2021 according to its annual ranking which is based on perceived power and influence. The United States leads the way while China and Russia follow at the second and third place of the list respectively. The available manpower at the United States is about
World’s largest plane destroyed in Russia-Ukraine war — here’s what happened
According to Ukrainian officials, the plane was extensively damaged after Russian troops entered a Ukrainian air base in Hostomel, where the aircraft was parked. While they have not confirmed the extent of damage, Ukraine has said that it will be rebuilding the legendary plane. The biggest plane in the world “Mriya” (The Dream) was destroyed
Apple is reportedly working on a device with a 20-inch folding display
Apple may be working on a device with a 20-inch foldable display, which Apple tracker Mark Gurman describes as an “iPad / MacBook hybrid” in Bloomberg’s Power On newsletter. IT’S NOT EXPECTED UNTIL 2026Gurman says that Apple is, indeed, exploring the possibility of a folding device of the sort, backing up the claims of Ross
South Africans to face a 9.61% electricity price hike
The National Energy Regulator of South Africa (Nersa) approved an average electricity tariff increase of 9.61% for the 2022/23 financial year, which could hurt the country’s business owners. While this is considerably less than the 20.5% increase that Eskom had applied for, the 9.61% hike is still expected to hamper South African businesses, especially as they have
MTN unveils visual rebrand
MTN has recently unveiled its evolved visual identity, which it said is an “extension and visual representation of the Group’s refreshed strategy.” The company’s rebranded logo had already been spotted outside the company’s Johannesburg offices, and does away with the familiar white, yellow, and red text on a blue oval. Instead, “MTN” is written in simple block
Facebook shuts down pro-Russia propaganda network
Meta Platforms Inc. found and disabled a disinformation network that operated accounts, groups and pages targeting Ukraine across its social networks, the company said late Sunday. The company also identified a number of Ukrainian public figures whose accounts were compromised by Ghostwriter, a known threat actor with a history of spreading Kremlin-friendly propaganda. Meta has
ICYMI: Fuel prices to go up again this Wednesday!
There will be no relief at the petrol pumps come Wednesday 2 MarchThe Energy Department has announced huge fuel hikes above R1 per litre for all grades of fuel save for LP gas The price of both grades of petrol price will be hiked by R1.46 a litre on Wednesday. Diesel will increase by between
Ukraine crisis and Africa: The effects on oil, students and bread
The war in Ukraine could have a devastating effect on some African states, threatening their economies and seeing governments come under diplomatic pressure to take sides in the escalating feud between Russia and Western powers. As an article in South Africa's Daily Maverick news site noted, war in far-away Europe will "be felt in every
Meta announces plans to build an AI-powered ‘universal speech translator’
Meta, the owner of Facebook, Instagram, and WhatsApp, has announced an ambitious new AI research project to create translation software that works for “everyone in the world.” The project was announced as part of an event focusing on the broad range of benefits Meta believes AI can offer the company’s metaverse plans. “The ability to
Twitter accounts sharing video from Ukraine are being suspended when they're needed most
As Russian troops and armored vehicles begin moving into Ukrainian territory, social media accounts sharing images and videos from the eastern Donbas and Luhansk regions have been a crucial source of information, sharing footage of Russian helicopters heading toward Crimea or tank divisions moving to the border. But as the conflict intensifies, many researchers sharing
Absa data leak affects more customers
Absa has sent a notice to several new clients found to be affected by a November 2020 data leak, when a former employee gave people’s personal information to a platform that sold it to third parties. The former Absa staff member behind the leak was a credit analyst who had access to risk modelling systems and sensitive client
Good news for petrol prices in South Africa
During his budget speech for 2022, finance minister Enoch Godongwana revealed that the General Fuel Levy (GFL) would not be increased in the 2022/23 financial year. Additionally, no further Road Accident Fund (RAF) levy increase will be implemented in the coming year. Godongwana said the decision should provide some relief to households, given that the petrol
Bitcoin plummets after Putin orders Ukraine invasion
Cryptocurrencies dropped as Vladimir Putin decided to conduct military operations in eastern Ukraine, with Bitcoin slumping to a one-month low. The largest token fell as much as 7.4% to $34,783 after an initial Tass report on Russia’s decision. Second-ranked Ether declined as much as 8.7% to $2,390.61. Other coins like XRP, Cardano and Solana were
Google’s dark mode goes darker
Users are beginning to see Google’s new pitch-black dark mode, 9to5Google reported. The previous dark mode was a gray that was soothing on the eyes, but Google switched to a true black (#000000) that should really pop on OLED and AMOLED displays. Google announced the wider availability of dark mode earlier this month, but thus
Cell C records R832 million loss
Struggling mobile network operator Cell C recorded an after-tax loss of over R832 million between June 2021 and November 2021. This was revealed in Blue Label Group’s financial results for the six months ended November 2021. Blue Label holds a 45% share in Cell C through its wholly-owned subsidiary, The Prepaid Company (TPC). The loss was a
South African call centres can soon move 0800-numbers away from Telkom — here’s how it works
South African businesses can finally port non-geographic numbers without losing the mobile or fixed-line numbers. From 7 March 2022, these businesses will be able to shift their often heavily-advertised numbers away from Telkom after 16 years of number portability being partially implemented. Number portability has bolstered competition in the telecoms space. On average, 72,000 mobile
Eskom is considering selling distribution assets
Eskom is considering selling distribution assets as prospects of the government taking over about half of its R392 billion obligations dim, people with knowledge of the matter said. State-owned Eskom, which supplies almost all of South Africa’s power, has said that it needs to cut its borrowings to about 200 billion rand to be sustainable,