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Sun International lets go of Latam Dreams
The hotel and casino operator will use the $160 million from the sale of Sun Dreams to extinguish offshore debt in Latin America and reduce local gearing. Sun International plans to sell its remaining stake in Sun Dreams after settling a dispute with its joint-venture partner in the Latin American casino business. It will use
Nedbank warns of elevated impairments
Nedbank says its credit loss ratio will remain above levels reached during the global financial crisis this year. Nedbank will report a significant decline in first-half earnings after impairments surpassed levels reached during the global financial crisis more than a decade ago. And while it expects some improvement by the end of the year, its
Standard Bank’s earnings fall as bad debts rise
Standard bank says risk remains high and should the outcome be worse than expected, additional provisions will be required. Standard Bank has reported a sharp fall in first-half earnings after it made provisions for an expected rise in bad debts and Covid-19 resulted in fewer transactions and loans. It has also held back on an
Experian cyber-attack puts 24 million South Africans at risk
At the start of 2020, very few people would have predicted the events that unfolded. The COVID-19 global pandemic caused unprecedented changes to all of our lives and has reshaped our entire working culture. From the accelerated pace of digital transformation and move to the cloud, to the increased use of collaboration tools, cybercriminals looked
Makro and Game owner counts R1 billion loss
Makro and Game owner Massmart says that its losses for the half year ending 29 June 2020 will be slightly lower than previously expected – but it still expects to take a significant hit. In a sales statement published on Thursday (20 August), Massmart said it expects headline losses for the period to be between
Standard Bank, Absa and FNB respond to massive data breach in South Africa
South Africa’s major banking groups have responded to the major data breach at credit bureau Experian, where the personal details of as many as 24 million South Africans were exposed to a third party. Experian, a consumer credit reporting company, said on Wednesday (19 August) that it experienced a breach of data which has exposed
Metair positioned for recovery
The group is focused on new model launches and has approved a big investment to support new vehicle projects. Metair has held back on an interim dividend after the Covid-19 pandemic resulted in a big decline in volumes and a drop in operating profit. And it's still deferring payment of the 120c final dividend for
MTN names Ralph Mupita as new CEO
Mupita has been CFO since 2017 and has played a critical role in developing and executing its strategy, capital allocation and financial performance. Ralph Mupita will replace Rob Shuter as president and CEO of MTN when he steps aside at the end of the month. Mupita has been group chief financial officer of the mobile
Western Digital’s new portable SSDs are faster than ever
Western Digital has along since a mainstay for portable hard drives with its popular My Passport line, but its recently started to shift its focus to solid-state drives — and now the company is launching its second-generation My Passport SSD lineup, which brings even faster speeds than the original. The new My Passport SSDs borrow from
Dollar weakness gives the gold a solid shine
Gold regained its $2 000 (R34 847) an ounce level yesterday on continuing dollar weakness, helping JSE-listed bullion stocks to celebrate solid gains. Yesterday bullion touched $2 013.16 an ounce, up 1.59 percent from the previous close of $1 981.35 an ounce, resulting in the JSE gold mining index flirting with the 6 112 point level after a 2.84 percent climb.
Apple removes 47K apps from Chinese App Store – report
Apple has removed at least 47,000 apps from its App Store in China to comply with the new policy from the state regulators. According to a report in The Information, China may be closing the loopholes exploited by Apple in previous years, "starting with the recent removal of thousands of apps from the Chinese App
Eskom load shedding could continue for the next 3 years: energy expert
An energy expert has warned of the ongoing mess at power utility, Eskom, which could see load shedding continue for the next three years. Eskom continued with stage 2 load shedding on Wednesday (19 August), “due to the severe constraints in the power generation system,” it said. It said tat six generators were returned to
Fortress warns of lower distribution
The real estate investment trust is tweaking its model so it can pay out less to A shareholders due to Covid-19. Fortress REIT has warned holders of its A shares that they will get a lower distribution this year, while its B shareholders will get nothing. In a trading statement, the real estate investment trust
BHP braced for a challenging year
The diversified resources group says it should still generate returns due to its diversified portfolio of high-quality assets. BHP Group says most major economies will contract heavily this year, with the exception of China. The recovery is expected to be uneven across the countries where it operates. However, it says its diversified portfolio and high-quality
China's Huawei unveils 5G phone with folding screen
China's Huawei unveiled a new folding-screen phone on Sunday, joining the latest trend for bendable devices as it challenges the global smartphone market's dominant players, Apple and Samsung. Huawei revealed its Mate X phone on the eve of MWC Barcelona, a four-day showcase of mobile devices, as the company battles U.S. allegations it is a
Here are the Samsung devices getting three generations of Android updates
Samsung has confirmed exactly which of its devices will be receiving “three generations” of Android updates, after announcing the initiative at its Note 20 launch event earlier this month. As expected, the list includes flagship phones going back to last year’s Galaxy S10, but there are also a couple of new inclusions from Samsung’s foldable
Libstar supported by robust retail demand
In a trading update, Libstar said revenue rose 1.2% for the six months to end-June as a 10.7% improvement in retail and wholesale turnover made up for a 35% decline in sales to the food services sector and an 8% drop in export revenue. It incurred extraordinary Covid-19 expenditure of R44 million to maintain a
Momentum Metropolitan warns of earnings decline
The insurance group says there has also been a data breach following a cyber attack on one of its subsidiaries. Momentum Metropolitan says it will report a sharp decline in full-year earnings due to tough operating conditions and after it raised additional reserves to cover potential Covid-19 claims. In a trading statement, the insurance group
Sweeter results as Tongaat cleans up
The sugar producer and agri-business says the restructuring has better positioned it to ride out Covid-19. Tongaat Hulett says a turnaround strategy implemented last year has paid off, resulting in improved profitability. The sugar producer and agri-business says the restructuring has put it in a stronger position to weather the Covid-19 pandemic as a leaner,
Telegram launches one-on-one video calls on iOS and Android
Secure messaging app Telegram has launched an alpha version of one-on-one video calls on both its Android and iOS apps, the company announced, saying 2020 had “highlighted the need for face-to-face communication.” In a blog post marking its seventh anniversary, Telegram described the process for starting a video call: tap the profile page of the