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#WomensMonth: Esha Mansingh of DP World is empowering women and transforming business

The recent Brics discussions held in Johannesburg echoed sentiments of unity, collaboration, and mutual growth. For the local advertising and marketing community of South Africa, these deliberations should hold immense potential, setting the stage for lucrative opportunities. Image supplied. Musa Kalenga, group CEO, The Brave Group, says the recent BRICS meeting sets the stage for lucrative opportunities for the creative industry Central to the Brics charter is fostering economic cooperation. As these countries build stronger ties, trade barriers are set to diminish. As businesses expand across Brics nations, they will require sophisticated marketing insights to navigate unfamiliar terrains. Agencies equipped with local knowledge and global perspectives stand to benefit immensely.

Understanding Business Car Insurance

Running a business involves a multitude of responsibilities, and one of them is ensuring the safety of your vehicles. Business car insurance is a critical aspect that provides protection against unforeseen circumstances while using vehicles for business purposes. In this guide, we will delve into the intricacies of business car insurance, its types, importance, and how to navigate the process effectively. Understanding Business Car Insurance Business car insurance, also known as commercial auto insurance, is designed to cover vehicles used for business-related activities. Whether it's transporting goods, employees, or clients, this specialized insurance offers coverage beyond personal car insurance, safeguarding your business from potential financial setbacks due to accidents, theft, or damages. Types of Business Car Insurance Commercial Auto Insurance This type of insurance covers vehicles owned by the business, providing protection for accidents, property damage, bodily injury, and even damage caused by uninsured or underinsured drivers. Hired and Non-Owned Auto Insurance If your business uses vehicles that aren't owned by the company or employees use their personal vehicles for business tasks, this insurance offers coverage for such situations. Importance of Business Car Insurance Business car insurance holds immense importance due to the unique risks associated with commercial vehicle usage. It not only protects your business financially but also ensures smooth operations even in challenging circumstances. Factors Affecting Business Car Insurance Rates Various factors influence the rates of business car insurance, including: Driving Record A clean driving record demonstrates responsible behavior and can lead to lower insurance premiums. Type of Coverage The extent of coverage you choose affects the cost. Comprehensive coverage will naturally incur higher premiums but provides broader protection. Vehicle Usage How the vehicles are used-whether for transporting goods, employees, or sales

Asian equities edge lower as dollar, yuan weaken: Markets wrap

Spot gold rose 0.3% to $1 924.94 an ounce. By Richard Henderson, Bloomberg 8 Sep 2023 Shares in Asia echoed US declines and a rally in the dollar stalled as the greenback weakened against most major currencies. Treasury yields also fell. Stocks across the region slipped while trading in Hong Kong was scrapped due to weather. Japanese equities fell for a second day after its economy expanded at a slower pace than initially estimated. ADVERTISEMENT CONTINUE READING BELOW The declines followed selling on Wall Street that weighed on tech stocks, partly driven by concerns about Apple Inc's iPhone sales in China. The S&P 500 fell 0.3%, while the Nasdaq 100 dropped 0.7%. Apple shares slumped 2.9%. US equity futures were little changed Friday. Apple's Asia-based suppliers also fell. In currencies, the dollar edged lower, but was still set for its longest run of weekly advances in years amid speculation the Federal Reserve will keep interest rates elevated. The offshore yuan weakened, approaching the lowest level on record. The official daily reference rate for the currency was lower, in a sign policymakers will allow gradual depreciation of the currency. Meanwhile, the Japanese yen briefly strengthened after Finance Minister Shunichi Suzuki said Japan will watch FX moves with a high sense of urgency and won't rule out any options to address excessive moves. "Economic development remains very important but the thing is it's not very important for this administration to have GDP growth above 5% or below 5%, Becky Liu, head of China macro strategy for Standard Chartered Bank HK Limited said on Bloomberg Television. "It's much more important for them to drive China toward a new growth model that is sustainable and self-sufficient. China plans to expand a ban on the use of iPhones in sensitive departments to government-backed agencies and state companies, a sign of growing challenges for Apple in its biggest foreign market and global production base. Beijing intends to extend that restriction f

Business pioneer Raymond Ackerman dies at 92

Business mogul and founder of JSE-listed Pick n Pay group, Raymond Ackerman, dies at the age of 92. Ackerman founded Pick n Pay in 1967 alongside his wife, Wendy. He purchased four stores in 1960 which has now expanded to close to 2000 stores across South Africa. It was mentioned in the statement that Ackerman came from a retail family. His father, Gus Ackerman, founded Pick n Pay to later sell it to the Greatermans, who then hired Raymond as a trainee manager in 1951. Ackerman went on to win the Outstanding Young Person Award alongside Gary Player. He is an avid believer of "the customer is Queen and that doing good, is good for business. Ackerman was well-known for his business sayings. The Citizen mentions that Ackerman was an avid believer in the "four legs of the table - administration, social responsibility, marketing, people and merchandise with people on top. Ackerman is survived by his wife, Wendy, his children, Gareth, Kathy, Suzanne and Jonathan. He has 12 grandchildren as well as four great-grandchildren. Compiled by Abigail Visagie

Interest rate worries continue to impact markets

The JSE declined by 1.65% on Thursday as persistent concerns about global growth and the possibility of additional interest rate increases by the US Federal Reserve (Fed) dampened investor's mood. With load shedding stage 6 still in effect, the kept falling and traded over the R19/$ level at 21h55 local time. According to the latest data, "South Africa's consumer confidence increased in the third quarter of 2023 in comparison to the second quarter, however, it was still in negative territory, Trading Economics added. Wall Street was mixed yesterday, with the S&P 500 losing 0.30% and the Nasdaq falling 0.91% while the Jones traded 0.20% higher at 22h05. Especially after declines in big tech and "bets increased that the Fed will keep interest rates higher for longer as the US economy remains robust. Initial jobless claims came below market forecasts to hit the lowest level since February prompting a rise in Treasury yields and weighing on tech shares, stated Trading Economics. European stocks ended the day lower, tracking weakness in US markets, following a smaller-than-expected initial jobless claims report that increased expectations the Fed would maintain high interest rates for an extended period of time. Investors also analysed lacklustre economic data while also attempting to predict European monetary policy. A smaller-than-expected economic growth in 2Q223 was indicated by revised GDP data for the Eurozone, and Germany's industrial production numbers were also disappointing. The information strengthened bets that the European Central Bank (ECB) could hold interest rates stable next week. The Hong Kong stock market lost 1.34% on Thursday after mounting concerns that China's economic growth was still slowing. Despite the rate of losses being less severe than anticipated, new data revealed that both exports and imports in the nation experienced further declines in August. The dropped 0.75% as Japanese stocks ended an eight-day winning streak and followed overnight losses on Wall

SOUTH32 LIMITED — 2023 Annual Report

8 September 2023 2023 Annual Report South32 Limited (Incorporated in Australia under the Corporations Act 2001 (Cth)) (ACN 093 732 597) ASX / LSE / JSE Share Code: S32; ADR: SOUHY ISIN: AU000000S320 2023 ANNUAL REPORT South32 Limited (ASX, JSE, LSE: S32; ADR: SOUHY) (South32) advises that the following documents in PDF format have today been submitted to the National Storage Mechanism and will shortly be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism. - 2023 Annual Report - 2023 Corporate Governance Statement - Appendix 4G: Key to Disclosures — Corporate Governance Council Principles & Recommendations These documents may be accessed via South32's website at https://www.south32.net/investors/annual-reporting-suite or www.south32.net. The 2023 Annual Report is available on the National Storage Mechanism in unedited full text will be uploaded in structured electronic format on 13 September 2023. About us South32 is a globally diversified mining and metals company. Our purpose is to make a difference by developing natural resources, improving people's lives now and for generations to come. We are trusted by our owners and partners to realise the potential of their resources. We produce commodities including bauxite, alumina, aluminium, copper, silver, lead, zinc, nickel, metallurgical coal and manganese from our operations in Australia, Southern Africa and South America. With a focus on growing our base metals exposure, we also have two development options in North America and several partnerships with junior explorers around the world. Investor Relations Ben Baker T +61 8 9324 9363 M +61 403 763 086 E Ben.Baker@south32.net Media Relations Jamie Macdonald Miles Godfrey T +61 8 9324 9000 T +61 8 9324 9000 M +61 408 925 140 M +61 415 325 906 E Jamie.Macdonald@south32.net E Miles.Godfrey@south32.net Further information on South32 can be found at www.south32.net. Approved for release by Graham Kerr, Chief Executive Officer JSE Sp

BYTES TECHNOLOGY GROUP PLC — TR-1: Standard form for notification of major holdings

8 September 2023 R110.00 TR-1: Standard form for notification of major holdings Bytes Technology Group plc (Incorporated in England and Wales) (Registered number: 12935776) LEI: 213800LA4DZLFBAC9O33 Share code: BYI ISIN: GB00BMH18Q19 (‘BTG', ‘the Company') TR-1: Standard form for notification of major holdings 1. Issuer Details ISIN GB00BMH18Q19 Issuer Name BYTES TECHNOLOGY GROUP PLC UK or Non-UK Issuer UK 2. Reason for Notification An acquisition or disposal of voting rights 3. Details of person subject to the notification obligation Name BlackRock, Inc. City of registered office (if applicable) Wilmington Country of registered office (if applicable) USA 4. Details of the shareholder Full name of shareholder(s) if different from the person(s) subject to the notification obligation, above City of registered office (if applicable) Country of registered office (if applicable) 5. Date on which the threshold was crossed or reached 06 Sep 2023 6. Date on which Issuer notified 07 Sep 2023 7. Total positions of person(s) subject to the notification obligation % of voting % of voting rights rights attached through financial Total of Total number to shares (total instruments (total of both in % of voting rights of 8.A) 8.B 1 + 8.B 2) (8.A + 8.B) held in issuer Resulting situation on the date on which threshold was crossed or reached 5.050000 0.480000 5.530000 13274001 Position of previous notification (if applicable) 4.970000 0.470000 5.440000 8. Notified details of the resulting situation on the date on which the threshold was crossed or reached 8A. Voting rights attached to shares Class/Type of Number of direct Number of indirect % of direct % of indirect shares ISIN code(if voting rights voting rights voting rights voting rights possible) (DTR5.1) (DTR5.2.1) (DTR5.1) (DTR5.2.1) GB00BMH18Q19 12095454 5.050000 Sub Total 8.A 12095454 5.050000% 8B1. Financial Instruments according to (DTR5.3.1R.(1) (a)) Type of financial Exercise/conversion Number of

Asian equities edge lower as dollar, yuan weaken: Markets wrap

Shares in Asia echoed US declines and a rally in the dollar stalled as the greenback weakened against most major currencies. Treasury yields also fell. Stocks across the region slipped while trading in Hong Kong was scrapped due to weather. Japanese equities fell for a second day after its economy expanded at a slower pace than initially estimated. ADVERTISEMENT CONTINUE READING BELOW The declines followed selling on Wall Street that weighed on tech stocks, partly driven by concerns about Apple Inc's iPhone sales in China. The S&P 500 fell 0.3%, while the Nasdaq 100 dropped 0.7%. Apple shares slumped 2.9%. US equity futures were little changed Friday. Apple's Asia-based suppliers also fell. In currencies, the dollar edged lower, but was still set for its longest run of weekly advances in years amid speculation the Federal Reserve will keep interest rates elevated. The offshore yuan weakened, approaching the lowest level on record. The official daily reference rate for the currency was lower, in a sign policymakers will allow gradual depreciation of the currency. Meanwhile, the Japanese yen briefly strengthened after Finance Minister Shunichi Suzuki said Japan will watch FX moves with a high sense of urgency and won't rule out any options to address excessive moves. "Economic development remains very important but the thing is it's not very important for this administration to have GDP growth above 5% or below 5%, Becky Liu, head of China macro strategy for Standard Chartered Bank HK Limited said on Bloomberg Television. "It's much more important for them to drive China toward a new growth model that is sustainable and self-sufficient. China plans to expand a ban on the use of iPhones in sensitive departments to government-backed agencies and state companies, a sign of growing challenges for Apple in its biggest foreign market and global production base. Beijing intends to extend that restriction far more broadly to a plethora of state-owned enterprises and other government-controll

Raymond Ackerman memorial service: ALL the details confirmed

The memorial service details for Pick n Pay founder Raymond Ackerman have been confirmed. Here's when you can live-stream. The memorial service details for Pick n Pay founder Raymond Ackerman have been confirmed. As first reported by The South African website Ackerman died on Wednesday, 6 September at the age of 92. The memorial service for the South African businessman and retail giant will be held on Monday, 11 September at The service can be live streamed HERE Ackerman founded Pick n Pay in 1967 with his wife Wendy after buying four stores in Cape Town. On Thursday Pick n Pay stores throughout the country paid tribute to Ackerman. At the Constantia Village store in Cape Town, a table at the entrance greeted customers with pictures of Ackerman as well as candles and flowers. A book in which to leave a message was also available. POST YOUR CONDOLENCES Leave your best wishes by clicking on the comment tab below this article or by emailing info@thesouthafrican.com or sending a WhatsApp to You can also follow @TheSAnews on Twitter and The South African on Facebook for the latest news. BELOW, 10 THINGS YOU MAY NOT HAVE KNOWN ABOUT RAYMOND ACKERMAN 1. Raymond Ackerman was born on 10 March 1931. 2. He attended Bishops in Cape Town and the University of Cape Town (UCT) where he studied a B.Comm degree. 3. Following the initial purchase of those four stores from Jack Goldin, in the subsequent years the group grew to more than 2 000 stores across South Africa, Namibia, Botswana, Zambia, Nigeria, Eswatini and Lesotho. 4. Raymond Ackerman's father, Gus, founded Ackermans after World War 1. 5. Raymond Ackerman launched multiple battles against the government regarding petrol price cutting, but lost. 6. In 2004, he established the Raymond Ackerman Academy for Entrepreneurial Development in partnership with UCT and later the University of Johannesburg, which has produced hundreds of new business owners. 7. In 2010, Raymond and Wendy retired from the board of Pick n Pay Stores Limited and became

SA Inc mourns the passing of Raymond Ackerman: a retail legend

The business sector yesterday mourned the passing of SA retail legend Raymond Ackerman. In a statement yesterday, Pick n Pay announced his passing and said: "It is with profound sadness that we announce the death at the age of 92 of visionary South African and founder of Pick n Pay, Raymond Ackerman." Ackerman passed away on Wednesday evening in Cape Town. "He is survived by his wife, Wendy, children Gareth, Kathy, Suzanne, and Jonathan, his 12 grandchildren and four great-grandchildren," the retailer said. Tributes from around the country lauded Ackerman as an outstanding business leader and entrepreneur and offered condolences to his family and people who knew him. Business Unity South Africa (Busa) said, "We have lost a titan, but his legacy will continue to inspire and guide us for generations to come." It said Ackerman's resolute commitment to championing consumer rights, promoting inclusivity and fostering an entrepreneurial spirit set a benchmark at that time. "Throughout his life, Ackerman was a retail pioneer who challenged the inclusion of VAT on essential food items and reducing the cost of daily essentials, thus positioning himself as a true advocate for the South African consumer," the group said. Busa CEO Cas Coovadia said: "The loss of Ackerman is profoundly felt across the length and breadth of South Africa. His legacy is one of resilience, integrity and dedication. Raymond Ackerman was a trailblazer in the truest sense. "We aim to honour him by continuing to drive business growth, unity, and prosperity in our beloved nation," he said. According to Busa, his philanthropic endeavours speak volumes about his dedication to empowerment and upliftment. "The Ackerman Family Trust's commendable support of education has resulted in the graduation of hundreds from diverse professional backgrounds, reaffirming his belief in the transformative power of education," it said. Busa also said his visionary leadership, unwavering commitment to ethical business practices, and loyal belief

Load shedding takes a toll on tourism's business performance

The latest Tourism Business Index released yesterday showed that the tourism industry achieved below normal business performance of 76.0 index points in the six months to June. Normal business performance is then calibrated to an index of 100, and a reading higher than 100 indicates better than normal performance while below 100 indicates worse than normal performance. These TBI results were released at the opening of the Tourism Leadership Conference 2023 hosted by the Tourism Business Council of South Africa (TBCSA) in Sun City, North West, yesterday. At least 80% of businesses surveyed cited load shedding as an issue that had a significantly negative impact on their business, followed by service delivery, safety and security, socio-economic and political environment and air access. TBCSA CEO Tshifhiwa Tshivhengwa said the below-normal business performance was driven largely by the persistent energy crisis, in addition to the slow economic growth, and the rising cost of living. Tshivhengwa said the major contributors to the significantly below normal business performance were the cost of alternative power supply such as diesel and generator costs, batteries, as well as increased operating costs in general which affected operational performance, in addition to safety and security concerns that dampened demand. "The accommodation sector has been the worst affected, with high input costs caused by load shedding, as well as inflation negatively impacting business performance, Tshivhengwa said. "Unfortunately, the outlook for accommodation businesses remains pessimistic for the next half year when it comes to the cost of alternative power supply, safety and security concerns, cost of inputs, as well as insufficient overseas and domestic leisure demand. However, the outlook for the remainder of 2023 was positive, with near "normal performance of 101 index points expected for the second half of the year. Tshivhengwa said they were encouraged by data from Statistics South Africa year-to-date rev

Asian equities edge lower as dollar, yuan weaken: markets wrap

due to weather , according to the exchange operator. Japanese equities fell for a second day after its economy expanded at a slower pace than initially estimated. The declines followed selling on Wall Street that weighed on tech stocks, partly driven by concerns about Apple Inc's iPhone sales in China. The S&P 500 fell 0.3%, while the Nasdaq 100 dropped 0.7%. Apple shares slumped 2.9%. US equity futures edged lower early Friday. The hit to sentiment for tech stocks flowed onto the Golden Dragon index of Chinese companies, which fell 4% - one of its worst days this year. The dollar edged lower, but was still set for its longest run of weekly advances in years amid speculation the Federal Reserve will keep interest rates elevated. The offshore yuan weakened, approaching the lowest level on record. The official daily reference rate for the currency was lower, in a sign policymakers will allow gradual depreciation of the currency. Meanwhile, the Japanese yen briefly strengthened after Finance Minister Shunichi Suzuki said Japan will watch FX moves with a high sense of urgency and won't rule out any options to address excessive moves. "Economic development remains very important but the thing is it's not very important for this administration to have GDP growth above 5% or below 5%, Becky Liu, head of China macro strategy for Standard Chartered Bank HK Limited said on Bloomberg Television. "It's much more important for them to drive China toward a new growth model that is sustainable and self-sufficient. China plans to expand a ban on the use of iPhones in sensitive departments to government-backed agencies and state companies, a sign of growing challenges for Apple in its biggest foreign market and global production base. Beijing intends to extend that restriction far more broadly to a plethora of state-owned enterprises and other government-controlled organizations, people familiar with the matter said. "Apple's growth story is heavily reliant on China, and if the Beijing crackdown in

Load shedding takes a toll on tourism's business performance

Load shedding has remained the leading challenge in the tourism industry, especially the accommodation businesses, as it reported below than normal business performance in the first half of 2023. The latest Tourism Business Index released on Thursday, showed that the tourism industry achieved below normal business performance of 76.0 index points in the six months to June. Normal business performance is then calibrated to an index of 100, and a reading higher than 100 indicates better than normal performance while below 100 indicates worse than normal performance. These TBI results were released at the opening of the Tourism Leadership Conference 2023 hosted by the Tourism Business Council of South Africa (TBCSA) in Sun City, North West, yesterday. At least 80 percent of businesses surveyed cited load shedding as an issue that had a significantly negative impact on their business, followed by service delivery, safety and security, socio-economic and political environment and air access. TBCSA CEO Tshifhiwa Tshivhengwa said the below-normal business performance was driven largely by the persistent energy crisis, in addition to the slow economic growth, and the rising cost of living. Tshivhengwa said the major contributors to the significantly below normal business performance were the cost of alternative power supply such as diesel and generator costs, batteries, as well as increased operating costs in general which affected operational performance, in addition to safety and security concerns that dampened demand. "The accommodation sector has been the worst affected, with high input costs caused by load shedding, as well as inflation negatively impacting business performance, Tshivhengwa said. "Unfortunately, the outlook for accommodation businesses remains pessimistic for the next half year when it comes to the cost of alternative power supply, safety and security concerns, cost of inputs, as well as insufficient overseas and domestic leisure demand. However, the outlook for the remainder

5 things to consider when starting a business in these challenging times

According to the University of the Western Cape (UWC), South Africa has a greater start-up failure rate than the rest of the globe, with 70% to 80% of small enterprises failing within the first five years. ‘'Such a statistic can make the very idea of trying to start a business in South Africa seem like an impossibility, because the challenges go beyond navigating the legal and regulatory landscape. ‘'It includes securing funding, building a customer base in a competitive market and ensuring ongoing operations and productivity in the face of persistent load shedding,'' says Sandra Beswick, the senior business rescue practitioner and director of Fluence Capital. Beswick adds that, overall, 2022 may be described as a year of recovery, with more than 60% of South African enterprises reporting growth despite the obstacles that emerged. ‘'When it comes to looking ahead for aspiring entrepreneurs , it's wise to do so with an awareness of requirements and trends, challenges and opportunities, if a new company is ever to succeed. Here are Beswick's five key considerations for starting a business during difficult times: Have a business plan and review it regularly A complete business plan is essential for any organisation and the ideal starting point since it needs research into your target market, potential rivals, financial predictions, operational specifics, and marketing tactics. With the numerous problems that South African businesses encounter, it is critical that your business plan be evaluated on a regular basis to guarantee that you and your company stay adaptive in an ever-changing - and increasingly challenging - climate. Tick the legal boxes Dreams and goals aside, there is a fair amount of red tape involved in starting a business in South Africa. While legal requirements differ depending on the size and structure of the business, and the industry it's in, there are a few key requirements. These include establishing what business structure you will use, sett

Load shedding takes a toll on tourism's business performance

Load shedding has remained the leading challenge in the tourism industry, especially the accommodation businesses, as it reported below than normal business performance in the first half of 2023. The latest Tourism Business Index released on Thursday, showed that the tourism industry achieved below normal business performance of 76.0 index points in the six months to June. Normal business performance is then calibrated to an index of 100, and a reading higher than 100 indicates better than normal performance while below 100 indicates worse than normal performance. These TBI results were released at the opening of the Tourism Leadership Conference 2023 hosted by the Tourism Business Council of South Africa (TBCSA) in Sun City, North West, yesterday. At least 80 percent of businesses surveyed cited load shedding as an issue that had a significantly negative impact on their business, followed by service delivery, safety and security, socio-economic and political environment and air access. More on this Hospitality sector up in arms about DStv price hike before Rugby World Cup Don't walk, run! Sho't Left launches epic deals of up to 50% discount on travel bookings during Travel Week De Lille seeks Cabinet approval of R1.2bn for Tourism Equity Fund TBCSA CEO Tshifhiwa Tshivhengwa said the below-normal business performance was driven largely by the persistent energy crisis, in addition to the slow economic growth, and the rising cost of living. Tshivhengwa said the major contributors to the significantly below normal business performance were the cost of alternative power supply such as diesel and generator costs, batteries, as well as increased operating costs in general which affected operational performance, in addition to safety and security concerns that dampened demand. "The accommodation sector has been the worst affected, with high input costs caused by load shedding, as well as inflation negatively impacting business performance, Tshivhengwa said. "Unfortunately, the outlook for accommo

Load shedding takes a toll on tourism's business performance

The latest Tourism Business Index released on Thursday, showed that the tourism industry achieved below normal business performance of 76.0 index points in the six months to June. Normal business performance is then calibrated to an index of 100, and a reading higher than 100 indicates better than normal performance while below 100 indicates worse than normal performance. These TBI results were released at the opening of the Tourism Leadership Conference 2023 hosted by the Tourism Business Council of South Africa (TBCSA) in Sun City, North West, yesterday. At least 80 percent of businesses surveyed cited load shedding as an issue that had a significantly negative impact on their business, followed by service delivery, safety and security, socio-economic and political environment and air access. TBCSA CEO Tshifhiwa Tshivhengwa said the below-normal business performance was driven largely by the persistent energy crisis, in addition to the slow economic growth, and the rising cost of living. Tshivhengwa said the major contributors to the significantly below normal business performance were the cost of alternative power supply such as diesel and generator costs, batteries, as well as increased operating costs in general which affected operational performance, in addition to safety and security concerns that dampened demand. "The accommodation sector has been the worst affected, with high input costs caused by load shedding, as well as inflation negatively impacting business performance, Tshivhengwa said. "Unfortunately, the outlook for accommodation businesses remains pessimistic for the next half year when it comes to the cost of alternative power supply, safety and security concerns, cost of inputs, as well as insufficient overseas and domestic leisure demand. However, the outlook for the remainder of 2023 was positive, with near "normal performance of 101 index points expected for the second half of the year. Tshivhengwa said they were encouraged by data from Statistics South Africa year-t

Clients increase their risk appetite as investment goals are hampered by volatile markets, says new study

• Almost all (97%) of wealth managers and financial advisors say their clients' investment goals and objectives have been adversely affected by recent market volatility Ortec Finance • Seven in 10 (69%) say the risk profile of their clients' investments has increased in the past 12 months and over eight in 10 (82%) predict clients will further increase their risk profile in the next 12 months • Almost all (97%) think that the industry is effective at monitoring clients' investment goals, objectives and risk profiles as required by ‘Know Your Client' regulations Clients of wealth managers, portfolio managers, financial advisors and financial planners have already increased their risk appetite or will do so in the next 12 months as their investment goals and objectives have been adversely affected by recent volatile markets, according to new global research* from Ortec Finance, the leading global provider of risk and return management solutions for professional investors. The global study among wealth managers and financial advisors whose organizations collectively manage approximately $750 billion, found almost all (97% of survey respondents) of their clients have had their investment goals and objectives adversely affected by recent market volatility. One fifth (20%) say this has caused their clients up to a six-month delay in realizing their investment goals, increasing to 45% who say this has caused a delay of between six and nine months. Under a third (29%) say this has caused a delay of between nine and 12 months and 3% estimate it to be between 12 and 18 months. This adverse impact on clients' investment goals and delays on realizing them comes despite 95% of wealth managers and financial advisors viewing their clients' investment goals as realistic. 18% say they are very realistic. The global study by Ortec Finance, carried out among wealth managers, financial advisors and planners in Canada, the US, the UK, Australia, Germany and Switzerland, rev

THE FOSCHINI GROUP LIMITED — Results of annual general meeting

8 September 2023 Results of annual general meeting THE FOSCHINI GROUP LIMITED (Incorporated in the Republic of South Africa) (Registration number 1937/009504/06) Share code: TFG ISIN: ZAE000148466 ("TFG" or "the Company") RESULTS OF ANNUAL GENERAL MEETING At the annual general meeting of The Foschini Group Limited held yesterday, 7 September 2023, all the ordinary and special resolutions were passed by the requisite majority of votes, cast by way of poll in each case, except for Non- binding advisory ordinary resolution 13, relating to the endorsement of the Company's remuneration policy. The Company's total number of ordinary shares in issue eligible to vote is 328,812,054 and the total number of shares represented in person or by proxy at the meeting was 268,785,494 representing 81.74% of the eligible shares. The voting results of the Resolutions were as follows: Total shares cast disclosed as a percentage in Total shares in issue eligible relation to the total number of shares voted at to vote the meeting For Against Total Shares Shares (%) (%) (number) voted abstained Ordinary resolution no.1: 100.00 0.00 268,295,631 81.60 0.15 Presentation of annual financial statements Ordinary resolution no.2: 99.26 0.74 268,693,237 81.72 0.03 Re-appointment of external auditor Ordinary resolution no. 3: Re- 65.03 34.97 268,099,641 81.54 0.21 election of Mr R Stein as a director Ordinary resolution no. 4: Re- 69.26 30.74 268,697,809 81.72 0.03 election of Ms N V Simamane as a director Ordinary resolution no. 5: Re- 90.34 9.66 268,697,809 81.72 0.03 election of Mr D Friedland as a director Ordinary resolution no. 6: Re- 99.82 0.18 268,696,549 81.72 0.03 election of Mr J N Potgieter as a director Ordinary resolution no. 7: 85.94 14.06 268,693,549 81.72 0.03 Election of Mr E Oblowitz as a member of the Audit Committee Ordinary resolution no. 8: 77.27 22.73 268,693,549 81.72 0.03 Election of Ms B L M Makgabo- Fiskerstrand as a member of the Audit Committee Ordi

Prioritising environmental sustainability is crucial for long term business survival and success

The era of businesses simply prioritizing the bottom line and focusing solely on increasing profitability is long gone. Today, beyond making profits, businesses not only have to incorporate the principles and ethics of being good corporate citizens that add value to society, but also need to make considerations about conducting business sustainably. Sustainability speaks to thinking about the longevity of a business not just in relation to the consistency of its earnings, but also in relation to the environmental impact of doing business. Ensuring long-term profitability means that business strategy should also focus on investing in the protection and preservation of the environment which provides inputs, contains the infrastructure used in production, and hosts communities and markets for the products and services offered by businesses. The recent Financial Mail Green Economy Conference brought to you by Schneider Electric in partnership Mulilo, Siemens Energy Southern Africa, Sanlam Investments, Kyocera, Energy and Water Sector Education and Training Authority and Lesedi companies committed to environmental sustainability and to realizing a greener future, unpacked the practical steps companies can take to become eco-conscious. The first step that companies need to take on the path to becoming more environmentally sustainable is to have a plan. "No company strategy can go without planning for green and the environment Like good corporate governance we should see sustainability as an integrated part of doing business, said Devan Pillay, the Cluster President, Anglophone Africa for Schneider Electric. Pillay added that companies can simply begin by reviewing their power consumption. By developing a consciousness about high consumption, companies can begin to consider and implement interventions to decrease their energy footprint. Changing behaviour around energy consumption can assist companies to integrate greening practices to become more competitive by decreasing their costs. Robyn Vila

Glencore's Massive Share Repurchase Spurs Market Buzz

Glencore plc repurchases 2,110,000 of its shares on the London Stock Exchange, part of an ongoing buy-back program. The company holds 1,356,123,041 treasury shares, with a total of 12,343,876,959 ordinary shares in issue. This move is aimed at optimizing capital structure and enhancing shareholder value in line with the company's long-term objectives. In a recent move that has reverberated through the financial world, Glencore plc, has announced a substantial share repurchase transaction. This development comes as part of the second phase of the company's ongoing buy-back program, initially disclosed in August 2023. On September 7, 2023, Glencore plc purchased a total of 2,110,000 of its ordinary shares with a nominal value of USD 0.01 each on the London Stock Exchange (LSE) from UBS AG, London Branch (UBS). This purchase marks a significant step in the company's efforts to optimize its capital structure and return value to shareholders. Key Transaction Details The company plans to hold these repurchased shares in treasury. Following this transaction, Glencore plc now holds a total of 1,356,123,041 of its ordinary shares in treasury. Concurrently, the company has 12,343,876,959 ordinary shares in issue, excluding treasury shares, representing the total number of voting rights. Shareholders can use this figure as the denominator for calculations related to notifying their interests in the company, as required under the FCA's Disclosure Guidance and Transparency Rules. This strategic share repurchase is part of Glencore plc's broader buy-back program, anticipated to conclude in February 2024. The company first unveiled details of this program in August 2023. Aggregate Information These figures provide a comprehensive overview of the share transactions on various trading platforms, reflecting the weighted average prices and volumes. The transactions occurred predominantly on the LSE, with substantial volumes. Trade stocks, forex, commodities, metals and CFDs on stock indices with an interna

Load shedding takes a toll on tourism's business performance

Load shedding has remained the leading challenge in the tourism industry, especially the accommodation businesses, as it reported below than normal business performance in the first half of 2023. The latest Tourism Business Index released on Thursday, showed that the tourism industry achieved below normal business performance of 76.0 index points in the six months to June. Normal business performance is then calibrated to an index of 100, and a reading higher than 100 indicates better than normal performance while below 100 indicates worse than normal performance. These TBI results were released at the opening of the Tourism Leadership Conference 2023 hosted by the Tourism Business Council of South Africa (TBCSA) in Sun City, North West, yesterday. At least 80 percent of businesses surveyed cited load shedding as an issue that had a significantly negative impact on their business, followed by service delivery, safety and security, socio-economic and political environment and air access. More on this Hospitality sector up in arms about DStv price hike before Rugby World Cup Don't walk, run! Sho't Left launches epic deals of up to 50% discount on travel bookings during Travel Week De Lille seeks Cabinet approval of R1.2bn for Tourism Equity Fund TBCSA CEO Tshifhiwa Tshivhengwa said the below-normal business performance was driven largely by the persistent energy crisis, in addition to the slow economic growth, and the rising cost of living. Tshivhengwa said the major contributors to the significantly below normal business performance were the cost of alternative power supply such as diesel and generator costs, batteries, as well as increased operating costs in general which affected operational performance, in addition to safety and security concerns that dampened demand. "The accommodation sector has been the worst affected, with high input costs caused by load shedding, as well as inflation negatively impacting business performance, Tshivhengwa said. "Unfortunately, the outlook for accommo

Asian equities edge lower as dollar, yuan weaken: markets wrap

Shares in Asia echoed US declines and a rally in the dollar stalled as the greenback weakened against most major currencies. Treasury yields also fell. Stocks across the region slipped while the morning trading session in Hong Kong was scrapped due to weather , according to the exchange operator. Japanese equities fell for a second day after its economy expanded at a slower pace than initially estimated. The declines followed selling on Wall Street that weighed on tech stocks, partly driven by concerns about Apple Inc's iPhone sales in China. The S&P 500 fell 0.3%, while the Nasdaq 100 dropped 0.7%. Apple shares slumped 2.9%. US equity futures edged lower early Friday. The hit to sentiment for tech stocks flowed onto the Golden Dragon index of Chinese companies, which fell 4% - one of its worst days this year. The dollar edged lower, but was still set for its longest run of weekly advances in years amid speculation the Federal Reserve will keep interest rates elevated. The offshore yuan weakened, approaching the lowest level on record. The official daily reference rate for the currency was lower, in a sign policymakers will allow gradual depreciation of the currency. Meanwhile, the Japanese yen briefly strengthened after Finance Minister Shunichi Suzuki said Japan will watch FX moves with a high sense of urgency and won't rule out any options to address excessive moves. "Economic development remains very important but the thing is it's not very important for this administration to have GDP growth above 5% or below 5%, Becky Liu, head of China macro strategy for Standard Chartered Bank HK Limited said on Bloomberg Television. "It's much more important for them to drive China toward a new growth model that is sustainable and self-sufficient. China plans to expand a ban on the use of iPhones in sensitive departments to government-backed agencies and state companies, a sign of growing challenges for Apple in its biggest foreign market and global production base. Beijing intends to exte

Load shedding takes a toll on tourism's business performance

The latest Tourism Business Index released yesterday showed that the tourism industry achieved below normal business performance of 76.0 index points in the six months to June. Normal business performance is then calibrated to an index of 100, and a reading higher than 100 indicates better than normal performance while below 100 indicates worse than normal performance. These TBI results were released at the opening of the Tourism Leadership Conference 2023 hosted by the Tourism Business Council of South Africa (TBCSA) in Sun City, North West, yesterday. At least 80% of businesses surveyed cited load shedding as an issue that had a significantly negative impact on their business, followed by service delivery, safety and security, socio-economic and political environment and air access. TBCSA CEO Tshifhiwa Tshivhengwa said the below-normal business performance was driven largely by the persistent energy crisis, in addition to the slow economic growth, and the rising cost of living. Tshivhengwa said the major contributors to the significantly below normal business performance were the cost of alternative power supply such as diesel and generator costs, batteries, as well as increased operating costs in general which affected operational performance, in addition to safety and security concerns that dampened demand. "The accommodation sector has been the worst affected, with high input costs caused by load shedding, as well as inflation negatively impacting business performance, Tshivhengwa said. "Unfortunately, the outlook for accommodation businesses remains pessimistic for the next half year when it comes to the cost of alternative power supply, safety and security concerns, cost of inputs, as well as insufficient overseas and domestic leisure demand. However, the outlook for the remainder of 2023 was positive, with near "normal performance of 101 index points expected for the second half of the year. Tshivhengwa said they were encouraged by data from Statistics South Africa year-to-date rev

Load shedding takes a toll on tourism's business performance

The latest Tourism Business Index released on Thursday, showed that the tourism industry achieved below normal business performance of 76.0 index points in the six months to June. Normal business performance is then calibrated to an index of 100, and a reading higher than 100 indicates better than normal performance while below 100 indicates worse than normal performance. These TBI results were released at the opening of the Tourism Leadership Conference 2023 hosted by the Tourism Business Council of South Africa (TBCSA) in Sun City, North West, yesterday. At least 80 percent of businesses surveyed cited load shedding as an issue that had a significantly negative impact on their business, followed by service delivery, safety and security, socio-economic and political environment and air access. TBCSA CEO Tshifhiwa Tshivhengwa said the below-normal business performance was driven largely by the persistent energy crisis, in addition to the slow economic growth, and the rising cost of living. Tshivhengwa said the major contributors to the significantly below normal business performance were the cost of alternative power supply such as diesel and generator costs, batteries, as well as increased operating costs in general which affected operational performance, in addition to safety and security concerns that dampened demand. "The accommodation sector has been the worst affected, with high input costs caused by load shedding, as well as inflation negatively impacting business performance, Tshivhengwa said. "Unfortunately, the outlook for accommodation businesses remains pessimistic for the next half year when it comes to the cost of alternative power supply, safety and security concerns, cost of inputs, as well as insufficient overseas and domestic leisure demand. However, the outlook for the remainder of 2023 was positive, with near "normal performance of 101 index points expected for the second half of the year. Tshivhengwa said they were encouraged by data from Statistics South Africa year-t

Monthly global markets review - August 2023

A look back at markets in August when shares fell amid worries over China's property sector. Philip Robotham, Head of Intermediary at Schroders South Africa Philip Robotham The month in summary Global shares fell in August amid worries over renewed weakness in the Chinese real estate sector. Economic data from China also continued to be worse than expected and emerging markets underperformed their developed peers. Government bond yields rose (meaning prices fell). Please note any past performance mentioned is not a guide to future performance and may not be repeated. The sectors, securities, regions and countries shown are for illustrative purposes only and are not to be considered a recommendation to buy or sell. US US equities declined in August. Investors' confidence that the Federal Reserve's (Fed) tightening cycle ended with the rate rise in July took a knock due to indications that policy makers are divided on next steps. Economic data for the US remained robust. Minutes from the Fed's July meeting showed that while most members had agreed that a 25 basis point hike was appropriate, a minority preferred to keep rates unchanged. On the data front, retail sales improved in July versus June, although that data was likely influenced by discount activity including Prime Day. Industrial activity slowed a little in August with the flash purchasing managers' index (PMI) dropping to 50.4 from 52 (in the PMI surveys a reading below 50 implies contraction, while a reading above 50 implies expansion). Manufacturing contracted further while service sector growth slowed The unemployment rate rose to 3.8% from 3.5% in July, far above economic projections of an unchanged reading. Inflation (CPI) ticked up slightly in July to 3.2% from 3.0%. Several of the household-name tech giants experienced a pullback and weighed on the index overall. At the sector level, consumer staples companies were generally weaker, as were financials and real estate. Energy stocks were more resilient over the month, likely

MTN resilience upgrades improves network experience for users

MyBroadband measured the impact of MTN's plan to upgrade its key sites as part of a comprehensive network resilience plan The plan included working with vendors and providers to upgrade rectifiers, add additional battery capacity — allowing for a minimum of six hours of battery autonomy — and increase the number of static and mobile generators. Additional security measures were deployed in areas with higher risks of vandalism, such as replacing copper cables with aluminium. The upgrades also included capacity enhancements, using MTN's available spectrum better. To evaluate the impact of these resilience upgrades, MyBroadband analysed MTN's network performance in various regions of Johannesburg, including central Johannesburg, Sandton, Krugersdorp, Soweto and Johannesburg South. We analysed data from the MyBroadband Speedtest app using tests conducted in the first and third quarters of 2023 to measure the change in network performance from the upgrades. Data from the first few months of 2023 shows that MTN was struggling to combat the effects of load-shedding, which negatively impacted the network experience of its users. Comparing this with data from the same areas six months later shows a significant upswing, proving that these upgrades have improved the user experience. At the start of the year, the average download speed in the selected areas was only 107 Mbps, with upload speeds of 29 Mbps. After the resilience upgrades, the average download speed is up to 145 Mbps, a 35% improvement. Upload speeds also improved by 21%, up to 35 Mbps. MTN Group CEO Ralph Mupita recently said they aim to increase their network uptime in South Africa to 99% during stage 6 load-shedding. This will consume a sizable portion of MTN's capital expenditure budget, but Mupita said they remain committed to investing at least R10 billion per year for the next five years into their South African network. The MTN resilience testing results are summarised in the table below.

Retail giant Raymond Ackerman mourned

Johannesburg - ONE-half of the dynamic duo that has seen the growth of a multimillion-rand business that has garnered seven honorary doctorates and over 50 business awards, Raymond Ackerman, has died. Ackerman, founder of retail giant Pick n Pay, reportedly died at age 92. Born in Cape Town in 1931, he went to the Diocesan College (Bishops) and furthered his studies at UCT, where he developed the social conscience that was to characterise his illustrious career. At the age of 20, he joined Ackermans, founded by his father after World War I, as a trainee manager in 1951, until it was purchased by Greatermans, where, upon joining the Johannesburg group, he ended up persuading the company to invest in modern supermarkets. In 1955, he was put in charge of launching the Checkers supermarkets and made a resounding success of the venture, so much so that by 1966, at the age of 35, he was the managing director of at least 85 Checkers stores. When Ackerman was fired by the Greatermans Group for wanting to lower prices for customers in 1966, he used his two weeks' severance pay, a bank loan, a modest inheritance, and shares purchased by friends to purchase four small stores in Cape Town trading under the name Pick n Pay for R620 000. It was at this point that he and his wife Wendy kicked off their entrepreneurial journey in 1967, and by September 1968, Pick n Pay went public and was listed on the Johannesburg Stock Exchange. Since then, they have seen the business grow over the past 56 years to 2 000 stores across South Africa, Namibia, Zambia, Botswana, Lesotho, Nigeria, Zimbabwe, and even eSwatini. Ackerman's business philosophy was underpinned by the likes of Bernardo Trujillo, a Colombian-born American marketing executive, who said a successful business was born on the foundation of the "four legs of the table": administration, merchandise, promotions / social responsibility and people. Through the years, the retail giant was known for his battles against price regulations, which forced people t

Retail giant Raymond Ackerman mourned

Johannesburg - ONE-half of the dynamic duo that has seen the growth of a multimillion-rand business that has garnered seven honorary doctorates and over 50 business awards, Raymond Ackerman, has died. Ackerman, founder of retail giant Pick n Pay, reportedly died at age 92. Born in Cape Town in 1931, he went to the Diocesan College (Bishops) and furthered his studies at UCT, where he developed the social conscience that was to characterise his illustrious career. At the age of 20, he joined Ackermans, founded by his father after World War I, as a trainee manager in 1951, until it was purchased by Greatermans, where, upon joining the Johannesburg group, he ended up persuading the company to invest in modern supermarkets. In 1955, he was put in charge of launching the Checkers supermarkets and made a resounding success of the venture, so much so that by 1966, at the age of 35, he was the managing director of at least 85 Checkers stores. When Ackerman was fired by the Greatermans Group for wanting to lower prices for customers in 1966, he used his two weeks' severance pay, a bank loan, a modest inheritance, and shares purchased by friends to purchase four small stores in Cape Town trading under the name Pick n Pay for R620 000. It was at this point that he and his wife Wendy kicked off their entrepreneurial journey in 1967, and by September 1968, Pick n Pay went public and was listed on the Johannesburg Stock Exchange. Since then, they have seen the business grow over the past 56 years to 2 000 stores across South Africa, Namibia, Zambia, Botswana, Lesotho, Nigeria, Zimbabwe, and even eSwatini. Ackerman's business philosophy was underpinned by the likes of Bernardo Trujillo, a Colombian-born American marketing executive, who said a successful business was born on the foundation of the "four legs of the table": administration, merchandise, promotions / social responsibility and people. Through the years, the retail giant was known for his battles against price regulations, which forced people t

Apple shares steady premarket, Fed rate path in focus - what's moving markets

Investing.com -- Apple (NASDAQ: ) shares hug the flatline in premarket trading on Friday following a two-day skid sparked by reports that China is telling government officials not to use the California company's iPhone device for work. Elsewhere, two more Federal Reserve policymakers hint that the central bank may skip hiking interest rates at its September gathering, while U.S. Treasury Secretary Janet Yellen suggests that China's post-COVID economic woes may not have a "significant impact" on the United States. 1. Nasdaq futures inch down after Apple-driven decline U.S. stock futures pointed lower on Friday, as investors gauged a sharp drop in Apple's stock this week and weighed the possibility of more Federal Reserve rate hikes this year. At 05:53 ET (09:53 GMT), the contract lost 61 points or 0.2%, fell by 10 points or 0.2%, and shed 45 points or 0.3%. The main indices on Wall Street were mixed at the close of trading on Thursday, with the 30-stock edging up 0.2% and the benchmark dipping by 0.3%. Attention widely centered around a Wall Street Journal report that central government officials in China had been ordered not to use Apple's iPhone and other foreign-branded mobile devices for work, which traders took as a potential sign that Beijing may be willing to sideline American tech companies in favor of their Chinese counterparts. A separate report from the Financial Times said that state employees across China have also been told to cease using iPhones. Shares in Apple, which relies on China for almost a fifth of its total revenue and is set to unveil the latest model of its mega-popular iPhone next week, slumped to a second consecutive day of losses, dragging the tech-heavy down by 0.9%. 2. Apple stabilizes premarket after two-day tumble Apple shares held near the flatline in premarket U.S. trading on Friday following a slide of about 6% over the past two sessions that has now wiped close to $200 billion in value off of the stock's market capitalization. The losses had a wide-sprea

Value-based care and programmes to improve patient experience and outcomes at Life Healthcare

Value-based healthcare emphasizes the importance of collaboration, communication, and coordination among healthcare professionals to ensure patientsreceive comprehensive and personalised care that meets their specific needs. This approach recognises that healthcare is a complex system and that addressing patients' physical, mental, and social needs holistically leads to better outcomes and overall well-being. "In the current private healthcare system, doctors and hospitals are mostly reimbursed for the volume of patients they see or procedures they do," says André Joseph, funder relations and health policy executive at Life Healthcare. "Value-based care shifts the focus from volume of services to quality and value. Value based care encourages healthcare providers to prioritise preventative care, early interventions, and evidence-based practices. This has resulted in better management of chronic conditions, reduced hospital admissions, and improved overall health outcomes. Value is created through the enhancement of the patient experience and improvement of quality of care and patient outcomes," states André. How do patients benefit from integrated care and funder network deals? "Navigating the healthcare system is a complex exercise for patients," says André. "They need to interact with multiple fragmented providers offering multiple services, often at different locations, and at different price points. In private healthcare, patients are faced with complex , often with little understanding on how to utilise their benefits optimally, and no certainty whether their healthcare will be funded." "An integrated care pathway, such as Life Healthcare's most recent integrated care programme for renal patients, eliminates the current fragmentation in care. The patient is given clearer information about their care experience and journey, which healthcare practitioners they will interact with at defined points in their care journey, and what their care is likely to cost." "Additionally, v

MTN launches skills development academy in Uganda

Nompilo Morafo, MTN Group chief sustainability and corporate affairs officer.TN has opened a skills school in Uganda to address the digital skills gap, particularly among rural and marginalised youth. The MTN Skills Academy seeks to provide youngsters across the African continent with access to digital and financial skills training as a catalyst for job development and expanded employment prospects. MTN said yesterday that it is well positioned to serve communities thanks to its collaboration with ATC Uganda, which has Digital Communities situated at the base of its towers, and Huawei, which has a mobile Digitruck giving connection. ATC's Digital Communities are digitally connected spaces that are equipped with ICT and offer instructor-led or self-guided digital literacy and youth education instruction, financial literacy and career skilling, or healthcare services with the goal of improving quality of life through connectivity. In addition, MTN Uganda debuted its digital bus, which provides mobile connectivity to enable community members to access the MTN Skills Academy from numerous locations across the country. Joyce Nabbosa Ssebugwawo, Minister of State for Information, Communications and Technology, said: "This project will enable our youth to tap into the vast resources that MTN offers for our nation's development." Nompilo Morafo, MTN Group chief sustainability and corporate affairs officer, said: "We believe that this platform will be pivotal in providing Ugandan youth with the essential skills required to flourish in the digital economy. "Not only will this help alleviate the shortage of digital skills, but it will also reverberate positively across the nation's economic growth trajectory, aligning to the newly launched Digital Transformation Roadmap." Trade summit Meanwhile, the Uganda-South Africa investment and trade summit, attended by MTN Group and other significant South African companies that have operations in Uganda, concluded this week. The summit's goal is to boost inve

Giving companies more time to hold delinquent directors accountable is a step in the right direction

By Parmi Natesan The proposed amendment to section 162 of the Companies Act (Act 17 of 2008) is one of several amendments proposed by theDepartment of Trade, Industry and Competition (Dtic) in the Companies Amendment Bills. It follows on from a recommendation made by the Zondo Commission of Inquiry into State Capture to extend the time period during which application could be made to declare a director delinquent. The current law states that an application to declare a director delinquent can be made if the person is currently a director of the company, or was one in the preceding 24 months. The latest proposal is to extend this time bar to five years, and further to give the courts discretion to extend it still further if they see cause. The statute of limitations for directorial misconduct has thus been greatly extended and even, in some cases,eliminated. More on this Eskom CEO appointment process must be driven by engineers and industry experts Steinhoff - not for the faint hearted: Too big to fail completely Corporate SA Inc to be held to greater account after Patel tables Companies' Amendment Bills The Institute of Directors in South Africa (IoDSA) supports this move. As we made clear in our submission to the Dtic on these proposed amendments, one of the conclusions one can draw from the Zondo Commission is that directors play a critical role in creating and maintaining well-governed organisations - and that if they do not discharge their duties properly, the consequences for the organisation can be catastrophic. Our long-held position, enshrined in the King Reports on Corporate Governance, is that good governance is intimately connected with corporate health and long-term ability to deliver on its goals. The implosions of our key parastatals and some of our highly respected private corporations over the past years can often be linked back to governance failures and, in large part, to director delinquency. But, as we all know, the road to hell is paved with good intentions. Delin

RAKEZ, Indian Economic Trade Organisation to boost international business collaboration WAM 08 Sep 2023, 23:34 GMT+10

RAS AL KHAIMAH, 8th September, 2023 (WAM) -- Ras Al Khaimah Economic Zone (RAKEZ) and the Indian Economic Trade Organisation (IETO) have signed a Memorandum of Understanding (MoU) to strengthen international trade and investment ties between the UAE and India, underlining their mutual commitment to business excellence. The MoU was signed by RAKEZ Chief Commercial Officer Anas Hijjawi and IETO President Dr. Asif Iqbal. The collaboration focuses on several objectives, including initiating trade missions and investment forums to help Indian businesses understand what RAKEZ offers and provide them with the platform to connect with potential partners and investors in the UAE. The agreement also promises customised business services for Indian companies that are tailored to their aspirations of expanding into the MENA region. Additionally, RAKEZ will further streamline the market entry process for Indian businesses looking to set up operations in the UAE by assisting in navigating regulatory requirements and obtaining necessary licences. Another key feature of the MoU is the networking and business matchmaking opportunities, enabling Indian companies to interact with both local and international stakeholders within RAKEZ. RAKEZ Group CEO Ramy Jallad said, "Our ties with Indian business entities are vital in strengthening UAE-India relations, which has been on the rise post the Comprehensive Economic Partnership Agreement (CEPA) of 2022. The latest MoU with IETO and our recent collaboration with the Indian Chamber of Food and Agriculture to boost bilateral agro-trade highlights our dedication to nurturing international business ties and enhancing trade avenues with key markets such as India." Dr. Iqbal, in turn, said, "RAKEZ serves as an ideal framework that is built around facilitating business-friendly policies. It is an excellent hub for growing businesses across various scales, seeking simplified company formation processes in the UAE. It is exciting to witness a significant number of Indian

Transforming care at Life Healthcare through value-based care

It's apparent that the healthcare landscape in South Africa has many challenges. We recognise the enormous challenges presented to patients andfunders in the public and private sectors by the cost of healthcare and the increasing burden of various disease conditions. Our commitment to value-based care means we focus on delivering high-quality and cost-effective care. We strive to improve patient outcomes and experiences while also managing healthcare costs. Interventions include promoting preventative care, coordinating care transitions, and implementing evidence -based practices. Life Healthcare prioritises the well-being of our patients through our extensive network arrangement and our commitment to value-based care by ensuring we have a wide range of trusted healthcare providers available to our patients. This allows us to offer comprehensive and coordinated care across various specialties, ensuring that our patients receive the right care at the right time. Additionally, we collaborate with your medical aids through value-based contracts that incentivise quality and cost-effective care. These contracts tie reimbursement to patient outcomes and encourage providers to deliver efficient and effective care, leading to improved patient experiences and reduced healthcare costs. André Joseph, funder relations and health policy executive says: "We are committed to transforming care by engaging with funders and medical professionals to advance the clinical product and alternative reimbursement models that promotes better outcomes, patient experience, cost efficiency, and value creation for the healthcare system." Thanks to our healthcare professionals, employees, and partners — South Africa's major medical schemes have chosen us as their anchor provider. Life Healthcare is a designated service provider to most of the major medical schemes for their members on network plans. This endorsement is testament to our passion, dedication and a consistent level of high-quality care and professiona

Retail giant Raymond Ackerman mourned

Johannesburg - ONE-half of the dynamic duo that has seen the growth of a multimillion-rand business that has garnered seven honorary doctorates and over 50 business awards, Raymond Ackerman, has died. Ackerman, founder of retail giant Pick n Pay, reportedly died at age 92. Born in Cape Town in 1931, he went to the Diocesan College (Bishops) and furthered his studies at UCT, where he developed the social conscience that was to characterise his illustrious career. At the age of 20, he joined Ackermans, founded by his father after World War I, as a trainee manager in 1951, until it was purchased by Greatermans, where, upon joining the Johannesburg group, he ended up persuading the company to invest in modern supermarkets. In 1955, he was put in charge of launching the Checkers supermarkets and made a resounding success of the venture, so much so that by 1966, at the age of 35, he was the managing director of at least 85 Checkers stores. More on this Raymond Ackerman: A South African giant has fallen How Raymond Ackerman shaped great minds SA mourns loss of a son with a big heart, Raymond Ackerman When Ackerman was fired by the Greatermans Group for wanting to lower prices for customers in 1966, he used his two weeks' severance pay, a bank loan, a modest inheritance, and shares purchased by friends to purchase four small stores in Cape Town trading under the name Pick n Pay for R620 000. It was at this point that he and his wife Wendy kicked off their entrepreneurial journey in 1967, and by September 1968, Pick n Pay went public and was listed on the Johannesburg Stock Exchange. Since then, they have seen the business grow over the past 56 years to 2 000 stores across South Africa, Namibia, Zambia, Botswana, Lesotho, Nigeria, Zimbabwe, and even eSwatini. Ackerman's business philosophy was underpinned by the likes of Bernardo Trujillo, a Colombian-born American marketing executive, who said a successful business was born on the foundation of the "four legs of the table": administration, mer

Capitec jumps almost 8% as it flags earnings growth

Capitec, SA's largest retail bank by customer numbers, has flagged a modest uptick in interim earnings as financial pressures on consumers led to higher credit impairments. The Stellenbosch-headquartered lender, which has more than 20 million active clients, advised shareholders on Friday that group headline earnings per share are expected to rise between 8% and 10% for the six months to end-August 2023, up from a restated R37.36 for the comparative period. The restatement relates to the implementation of IFRS 17 Insurance contracts standard at the beginning of March. In early afternoon trade, shares in the bank, valued at about R195 billion on the JSE, were up 7.7%, but have still lost almost 12% on a one-year basis. Capitec said it tightened its credit extension criteria during the six months to end-August to appropriately address the risk in its loan book created by adverse economic conditions characterised by persistent inflationary pressures and higher borrowing costs. "The economic climate in South Africa was characterised by an inflation rate in excess of the government's target and increases in interest rates until June 2023," Capitec said in a statement. "This led to consumers being under financial pressure, which impacted the retail bank loans and advances and resulted in a higher credit impairment charge and credit loss ratio." The SA Reserve Bank (SARB) hiked its benchmark repo rate to a 14-year high of 8.25% in May in an attempt to reign in an annual inflation rate that had remained above the upper limit of its 3% to 6% target range for 13 consecutive months. However, inflation slipped back into the target range the following month with Stats SA reporting annualised inflation in June of 5.4% with the reading for the following month easing further to 4.7%. While that has suggested that inflation may have peaked, taking pressure off policymakers to hike rates further, SARB governor Lesetja Kganyago said last month that the job of combating inflation was "not done". Kganyago's t

Ethiopia: Govt Working to Improve Ease of Doing Business in Ethiopia

Addis Ababa - The Ethiopian government is working to improve ease of doing business in the country, State Minister of Industry Tarekegn Bululta said. Ethiopians have today begun celebrating eve of their New Year by campaigning various national issues including culture of public service, national sacrifice, productivity, harmony and human goodness during the six days of Pagumen, which is the 13th month of Ethiopian calendar with five or six days. As part of the campaign, the nation has today observed the first day of Pagumen by promoting the importance of enhanced and dedicated service to national development. Speaking to ENA, State Minister of Industry Tarekegn Bululta said Ethiopia has great potential for development with a young and growing population and abundant natural resources. Hence, Ethiopia has been working to attract more investment. Companies are increasingly interested in entering to invest in industries, he said. The government is improving the availability of land for investors engaged in manufacturing. Priority is being given to the manufacturing industry. He said adding that will continue to grow. The efforts being carried out to create efficient services to expedite the investment activities in the country would be intensified further. According to him, the government has set up six clusters to improve ease of doing business in the manufacturing sector. "We have organized six clusters led by the National Steering Committee to facilitate and support business in Ethiopia. Customs and finance sector, raw material, infrastructure, private sector cluster, capacity building, continues dialogue forum with regional states." By making these clusters effective, we believe that it will be possible to increase the market share in our country from 38 to 60 in the next 10 years. There, 96 products have been identified including food, beverage, engineering, leather and chemicals. Read the original article on ENA

A special reminder to women to consider the "what ifs"

Laura du Preez has been writing about personal finance topics for more than 20 years, including eight years as personal finance editor for two leading media houses. Making sure you are financially secure means testing what will happen if certain events occur in the future. Planning for the what ifs — what if I die or become disabled - is important for breadwinners. A breadwinner's partner — even the stay-at-home mother - however, should equally be aware of what will happen if the partner dies, what if she is single in retirement and if she becomes disabled. Single mothers make up 15% of working South Africans, the latest Old Mutual Savings and Investment Monitor shows. Close to half of these women get no support from their children's father making it critical for them as the sole breadwinner to plan for what ifs. Prioritise yourself Protecting yourself from these potential what ifs may be harder for women who, on average, earn 35% less than men. However, the key to one day being a "wealthy aunty" is to realise that nobody is coming to save you, Babalwa Nonkenge, investment specialist advisor at 20Five Wealth, told a woman's month event hosted by Ninety One. You have to prioritise yourself ahead of your family as your ability to make a difference to those around you depends on you being empowered, she said. Married women should also prioritise their own welfare, even if their spouse takes care of them financially. You should embrace the best outcome, but plan for the worst, Janet Hugo, an independent financial adviser from Sterling Wealth, told women at an event hosted by Sterling Wealth and Allan Gray. If finances are not your forte, don't be ashamed, just find the right expert to help you, Nonkenge says. What if … I am unable to work or what if I die? The risk of not being able to work is high for women from an early age. However, women are not as well-insured as men, Discovery Life executives pointed out at the Discovery event. Fourteen percent of all women and girls around the w

LOOK: 10 finalists to battle for the Miss Earth SA title

Johannesburg - The elements earth, air, water and fire will battle it out tonight as 10 beauties vie for the coveted crown of Miss Earth South Africa.Organisers say this is not just a beauty pageant, as they are looking for someone who embodies what it means to be a South African woman, keenly aware of the challenges around sustainability and climate change. Pageant co-founder Ella Bella said the pageant creates a platform for the winner to affect tangible changes in her community and she has to be on top of the latest environmental career options to share with people as well as environmental laws. "The Miss Earth South Africa is a leadership programme that aims to empower and green communities around South Africa . We plant trees, vegetable gardens, do community clean ups , run awareness campaigns and conduct educational workshops throughout South Africa. We are looking for someone who is willing to do more for her inner and broader circles. She needs to use her influence to affect meaningful change. Miss Earth SA also celebrates its 20th anniversary this year. For us, it's all about preservation of the environment," she said. Co-founder, Catherine Constantinides said the impact of the work of Miss Earth must be felt on the ground. "We must see the change in communities. Miss Earth has to raise awareness and lead action on the ground and the environment is the vehicle," she said. Partners for the pageant, who made sure the prizes are phenomenal, include Southern Sun, Servest, Sappi, Lanza Healing Hair Care , Interwaste, and Brand South Africa. Prizes for the winners include David Green eyewear, treatments from Skin Renewal SA for her year as Miss Earth, Europa Art shoes to the value of R 40 000, Panier des Sens Luxury Lifestyle Products, L'abeille Natural Alchemy Products, Life Day Spa massage treatments and all her hair treatments will be sponsored by Lanza Healing Hair Care . Miss Earth SA's manicures and pedicures will be taken care of by Crema Nail Lounge in Greenstone, accommodation

LOOK: 10 finalists to battle for the Miss Earth SA title

Johannesburg - The elements earth, air, water and fire will battle it out tonight as 10 beauties vie for the coveted crown of Miss Earth South Africa.Organisers say this is not just a beauty pageant, as they are looking for someone who embodies what it means to be a South African woman, keenly aware of the challenges around sustainability and climate change. Pageant co-founder Ella Bella said the pageant creates a platform for the winner to affect tangible changes in her community and she has to be on top of the latest environmental career options to share with people as well as environmental laws. "The Miss Earth South Africa is a leadership programme that aims to empower and green communities around South Africa . We plant trees, vegetable gardens, do community clean ups , run awareness campaigns and conduct educational workshops throughout South Africa. We are looking for someone who is willing to do more for her inner and broader circles. She needs to use her influence to affect meaningful change. Miss Earth SA also celebrates its 20th anniversary this year. For us, it's all about preservation of the environment," she said. Co-founder, Catherine Constantinides said the impact of the work of Miss Earth must be felt on the ground. "We must see the change in communities. Miss Earth has to raise awareness and lead action on the ground and the environment is the vehicle," she said. Partners for the pageant, who made sure the prizes are phenomenal, include Southern Sun, Servest, Sappi, Lanza Healing Hair Care , Interwaste, and Brand South Africa. Prizes for the winners include David Green eyewear, treatments from Skin Renewal SA for her year as Miss Earth, Europa Art shoes to the value of R 40 000, Panier des Sens Luxury Lifestyle Products, L'abeille Natural Alchemy Products, Life Day Spa massage treatments and all her hair treatments will be sponsored by Lanza Healing Hair Care . Miss Earth SA's manicures and pedicures will be taken care of by Crema Nail Lounge in Greenstone, accommodation

ANGLO AMERICAN PLC — Dividend Declaration: Sterling and Euro Rates

8 September 2023 R477.87 Dividend Declaration: Sterling and Euro Rates Anglo American plc (the "Company") Registered office: 17 Charterhouse Street, London EC1N 6RA Registered number: 3564138 (incorporated in England and Wales) Legal Entity Identifier: 549300S9XF92D1X8ME43 ISIN: GBOOB1XZS820 JSE Share Code: AGL NSX Share Code: ANM Interim Dividend of 55 US cents per ordinary share (Dividend no 43) Amounts per ordinary share in Sterling and Euros Further to the announcement of 27 July 2023 of an interim dividend of 55 US cents per ordinary share, the equivalent of the dividend detailed above in Sterling is 43.830 pence per share and in Euros is 51.119 Euro cents per share based on exchange rates of US$1=£0.7969 and US$1=€0.9309. The US$:£/€ conversion rates were determined by the actual rates achieved by Anglo American buying forward contracts for those currencies during the two working days preceding this announcement, for delivery on the dividend payment date. As announced on 27 July 2023, the equivalent of the dividend in South African Rand is 969.60050 cents per ordinary share, based on an exchange rate of US$1:R17.6291, taken on Wednesday, 26 July 2023. The payment date of the dividend is Tuesday, 26 September 2023. Other details relating to the dividend are contained in the announcement of 27 July 2023 and are on the Company's website: www.angloamerican.com. Clare Davage Deputy Company Secretary Anglo American plc 8 September 2023 The Company has a primary listing on the Main Market of the London Stock Exchange and secondary listings on the Johannesburg Stock Exchange, the Botswana Stock Exchange, the Namibia Stock Exchange and the SIX Swiss Exchange. Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 08-09-2023 01:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (‘JSE'). The JSE does not, whether expressly, tacitly or implicitly, rep

Markets Face Crucial Test as Inflation Data Likely to Increase Pressure on the Fed

Investors should brace for more volatility next week as the stock market faces a triple whammy of risk events. U.S. CPI inflation, the latest retail sales figures, and a read on wholesale prices will be in focus amid growing uncertainty over the Federal Reserve's policy outlook. Looking for more actionable trade ideas to navigate the current market volatility? Members of InvestingPro get exclusive ideas and guidance to navigate any climate. Learn More > Next week will help determine what the Federal Reserve's near-term outlook for interest rates will be as the U.S. central bank faces the difficult task of balancing between its ongoing battle to contain inflation and cool the economy without tipping it into a recession. As of Friday morning, financial markets see a 94% chance of the Fed leaving rates unchanged at its meeting later this month, compared to just a 6% chance of a 25-basis point increase, according to Investing.com's Source: Investing.com But what the Fed will do beyond September remains an open question, with future hikes not entirely off the table. In fact, traders now see a roughly 40% chance of the Fed raising its benchmark interest rate by a quarter-percentage-point to a range between 5.50%-5.75% at its November meeting. Source: Investing.com At the same time, hopes of seeing rate cuts by early 2024 have almost completely faded. With investors growing increasingly uncertain over the Fed's monetary policy plans, a lot will be on the line next week as cracks begin to widen in the year-to-date rally on Wall Street amid rising bond yields, spiking prices and sending the higher. Wednesday, September 13: U.S. CPI Report With Fed Chair Jerome Powell reiterating that his main objective is to bring inflation back under control, next week's inflation data will be key in determining the Fed's policy moves through the end of 2023. The U.S. government will release the August report on Wednesday, September 13, at 8:30 AM ET, and the numbers will likely show that prices continue to inc

OMM Programme builds water infrastructure to improve lives, strengthen economy

The Olifants Management Model Programme ( OMM Programme ) is the Lebalelo Water User Association's flagship capital expenditure programme that aimsto fast-track the construction of bulk and potable water infrastructure to supply targeted communities and commercial water users (such as mining companies and industrial users) in Sekhukhune District Municipality and Mogalakwena Local Municipality. It will also enhance water supply to the Polokwane Local Municipality. Established in 2002, the Association has built, operated and successfully maintained bulk raw water infrastructure for over 20 years. The OMM Programme represents a synergistic, long-term social compact between Government and business The OMM Programme is a collaboration between institutional members and commercial members. Institutional collaborators currently include the Department of Water and Sanitation (DWS), Mogalakwena Local Municipality, Polokwane Local Municipality and Sekhukhune District Municipality. Commercial collaborators currently include African Rainbow Minerals, Anglo American Platinum, Assore, Bushveld Minerals, Cheetah Chrome, Corridor Resources, Fetakgomo Tubatse Industrial Park, Glencore-Merafe, Kadoma Investments, Impala Platinum, Ivanplats, Northam Platinum, Sibanye-Stillwater, Sylvania Platinum, Tameng Mining and Exploration, Vanadium Resources and Zijin Platinum. Not only is the OMM Programme being funded on a 50:50 basis between commercial and institutional members, the decision-making responsibilities are shared equally through collaborative structures to protect all stakeholders' interests and enhance accountability. Institutional interfacing and alignment between all the members has been key to maintaining the collaboration while moving the OMM Programme forward at a steady rate. The OMM Programme is re-sequencing and expanding the ORWRDP The Olifants River Water Resources Development Project's (ORWRDP) was conceptualised by DWS to relieve pressure on the Flag Boshielo Dam and to supply water to Polo

Sanlam returns to normal growth trends after three challenging years

Sanlam said its earnings trends were back on track in the six months to June 30 after a series of what its management described as one-in-25 or one-in-100-year events between 2020 and 2022, highlighted by the Covid-19 pandemic. The performance was broad-based — strong profitability was reported in life insurance, credit and general insurance, and investment management was steady — the group said in its interim results yesterday. CEO Paul Hanratty said the operational performance and earnings growth had been robust. "This growth from the pre-pandemic basis indicates the underlying growth engine of Sanlam remains intact. It underscores the strength and resilience of our diversified operations. Our delivery on strategy amid challenging operating conditions is testimony," he said. Sanlam CEO Paul Hanratty The first half performance last year was negatively impacted by weak investment markets and a lower performance from general insurance operations, while the second half of 2022 saw a turnaround in earnings. As a result, the growth in the second half of 2023 was unlikely to be as strong as the first half growth rate, the group said in a statement. More on this Sanlam flags stellar half-year earnings ahead SanlamAllianz becomes a leading financial services player in Africa Santam posts 7% growth in interim gross written premiums as it eyes opportunities in power surge cover Sanlam's measure of underlying earnings performance, net results from financial services, increased 26%. The general insurance line of business increased 38%, life insurance by 28% and credit and structuring 36%. The investment management operations increased by 2% and would be 9% higher when excluding the earnings from disposed UK businesses in the 2022 base. The group's key earnings metric, cash net results from financial services, increased by 30%. Cratos Asset Management (@CratosAM) said on X: "Sanlam posted a solid set of results for HY ‘23 (half-year 2023), as improvements in equity markets and a weakening o

Stage 6 load shedding: What is the best way for your business to beat Eskom

As South Africa grapples with relentless load shedding and sky-rocketing electricity prices, a new study by Alumo Energy has spotlighted solar systems as the most economical long-term solution for businesses. The study, which compared the costs of various energy alternatives, underscores the financial implications of the ongoing national energy crisis "The national energy crisis, coupled with exorbitant electricity bills and the financial strain of load shedding, has compelled South Africans to explore alternative energy sources, Rein Snoeck Henkemans, Managing Director of Alumo Energy said. Alumo Energy's research focused on a hypothetical small business with monthly electricity bills ranging between R15,000 and R20,000. The study examined four scenarios: remaining grid-dependent, investing in a generator, opting for a battery and inverter back-up system, and installing a hybrid solar solution with battery and inverter back-up. More on this Tshwane concerned as load shedding cripples electricity network 5 things to consider when starting a business in these challenging times Moody's upgrades Eskom's rating outlook from positive to stable Load shedding takes a toll on tourism's business performance Cost of living crisis: How inflation has an impact on grocery prices and your pocket Is your back-up power enough to keep you going? South Africans must brace for even higher costs of living, eating in next few weeks The findings were revealing: Staying Grid-Dependent: While initially cost-effective, a business would face losses exceeding R28.8 million over 15 years due to rising electricity prices and load shedding-induced income loss. Opting for a Generator: Despite a R300,000 investment in a 60kVA generator, the business would still incur losses of over R16.9 million over the same period, mainly due to diesel inflation and maintenance costs. Battery and Inverter Back-Up: With an upfront cost of R676,950, the business would spend just over R10.9 million in 15 years, saving nearly R6 million co

CAPITEC BANK HOLDINGS LIMITED — Voluntary Trading Statement

8 September 2023 Voluntary Trading Statement CAPITEC BANK HOLDINGS LIMITED Incorporated in the Republic of South Africa Registration number 1999/025903/06 Ordinary Share Code: CPI ISIN Number: ZAE000035861 Preference Share Code: CPIP ISIN Number: ZAE000083838 ("Capitec" or "the group") VOLUNTARY TRADING STATEMENT In accordance with Capitec's custom of keeping shareholders informed, the board advises that a reasonable degree of certainty exists that for the 6 months ended 31 August 2023: — group headline earnings per share will be between 4 035 cents and 4 110 cents per share, representing an increase of between 8% and 10% compared to the restated 3 736 cents per share for the comparative 6 months ended 31 August 2022*; and — group earnings per share will be between 4 037 cents and 4 112 cents per share, representing an increase of between 8% and 10% compared to the restated 3 738 cents per share for the comparative 6 months ended 31 August 2022*. The economic climate in South Africa was characterised by an inflation rate in excess of the government's target and increases in interest rates until June 2023. This led to consumers being under financial pressure which impacted the retail bank loans and advances and resulted in a higher credit impairment charge and credit loss ratio. During the 6 months ended 31 August 2023, the credit granting criteria were tightened further to appropriately address the risk in the loan book created by the adverse economic conditions. As at 31 August 2023, provisions for expected credit losses are conservative. Furthermore, recent inflation and GDP data show signs of improvement. Net transaction fee income and funeral plan income contributed positively to the earnings and headline earnings growth. Net transaction fee income performed strongly driven by growth in transaction volumes and the addition of new products. Growth in the active funeral plan book, due to high sales and client retention, as well as good collection rates

Stage 6 load shedding: What is the best way for your business to beat Eskom

As South Africa grapples with relentless load shedding and sky-rocketing electricity prices, a new study by Alumo Energy has spotlighted solar systems as the most economical long-term solution for businesses. The study, which compared the costs of various energy alternatives, underscores the financial implications of the ongoing national energy crisis "The national energy crisis, coupled with exorbitant electricity bills and the financial strain of load shedding, has compelled South Africans to explore alternative energy sources, Rein Snoeck Henkemans, Managing Director of Alumo Energy said. Alumo Energy's research focused on a hypothetical small business with monthly electricity bills ranging between R15,000 and R20,000. The study examined four scenarios: remaining grid-dependent, investing in a generator, opting for a battery and inverter back-up system, and installing a hybrid solar solution with battery and inverter back-up. The findings were revealing: Staying Grid-Dependent: While initially cost-effective, a business would face losses exceeding R28.8 million over 15 years due to rising electricity prices and load shedding-induced income loss. Opting for a Generator: Despite a R300,000 investment in a 60kVA generator, the business would still incur losses of over R16.9 million over the same period, mainly due to diesel inflation and maintenance costs. Battery and Inverter Back-Up: With an upfront cost of R676,950, the business would spend just over R10.9 million in 15 years, saving nearly R6 million compared to the generator scenario. Hybrid Solar System: Investing around R1.18 million in a hybrid solar solution would not only allow the business to break even after eight years but also yield a profit of over R1.9 million by the fifteenth year. IOL News

Stage 6 load shedding: What is the best way for your business to beat Eskom

As South Africa grapples with relentless load shedding and sky-rocketing electricity prices, a new study by Alumo Energy has spotlighted solar systems as the most economical long-term solution for businesses. The study, which compared the costs of various energy alternatives, underscores the financial implications of the ongoing national energy crisis "The national energy crisis, coupled with exorbitant electricity bills and the financial strain of load shedding, has compelled South Africans to explore alternative energy sources, Rein Snoeck Henkemans, Managing Director of Alumo Energy said. Alumo Energy's research focused on a hypothetical small business with monthly electricity bills ranging between R15,000 and R20,000. The study examined four scenarios: remaining grid-dependent, investing in a generator, opting for a battery and inverter back-up system, and installing a hybrid solar solution with battery and inverter back-up. The findings were revealing: Staying Grid-Dependent: While initially cost-effective, a business would face losses exceeding R28.8 million over 15 years due to rising electricity prices and load shedding-induced income loss. Opting for a Generator: Despite a R300,000 investment in a 60kVA generator, the business would still incur losses of over R16.9 million over the same period, mainly due to diesel inflation and maintenance costs. Battery and Inverter Back-Up: With an upfront cost of R676,950, the business would spend just over R10.9 million in 15 years, saving nearly R6 million compared to the generator scenario. Hybrid Solar System: Investing around R1.18 million in a hybrid solar solution would not only allow the business to break even after eight years but also yield a profit of over R1.9 million by the fifteenth year. IOL News

OMM Programme builds water infrastructure to improve lives, strengthen economy

The Olifants Management Model Programme ( OMM Programme ) is the Lebalelo Water User Association's flagship capital expenditure programme that aims to fast-track the construction of bulk and potable water infrastructure to supply targeted communities and commercial water users (such as mining companies and industrial users) in Sekhukhune District Municipality and Mogalakwena Local Municipality. It will also enhance water supply to the Polokwane Local Municipality. Established in 2002, the Association has built, operated and successfully maintained bulk raw water infrastructure for over 20 years. The OMM Programme represents a synergistic, long-term social compact between Government and business The OMM Programme is a collaboration between institutional members and commercial members. Institutional collaborators currently include the Department of Water and Sanitation (DWS), Mogalakwena Local Municipality, Polokwane Local Municipality and Sekhukhune District Municipality. Commercial collaborators currently include African Rainbow Minerals, Anglo American Platinum, Assore, Bushveld Minerals, Cheetah Chrome, Corridor Resources, Fetakgomo Tubatse Industrial Park, Glencore-Merafe, Kadoma Investments, Impala Platinum, Ivanplats, Northam Platinum, Sibanye-Stillwater, Sylvania Platinum, Tameng Mining and Exploration, Vanadium Resources and Zijin Platinum. Not only is the OMM Programme being funded on a 50:50 basis between commercial and institutional members, the decision-making responsibilities are shared equally through collaborative structures to protect all stakeholders' interests and enhance accountability. Institutional interfacing and alignment between all the members has been key to maintaining the collaboration while moving the OMM Programme forward at a steady rate. The OMM Programme is re-sequencing and expanding the ORWRDP The Olifants River Water Resources Development Project's (ORWRDP) was conceptualised by DWS to relieve pressure on the Flag Boshielo Dam and to supply water to Pol

MTN terminates tower deal with IHS in Nigeria

MTN Group said American Tower Corporation will take over its Nigerian tower operations from IHS Holding from 2025. The company said it was proactively renegotiating its tower contracts in Nigeria as the lease of approximately 2 500 of its network sites in its largest market, for which IHS had provided services, will expire in 2024 and 2025. Last year, MTN completed a sale-and-leaseback deal with IHS to take over more than 5 700 of its tower sites in South Africa. Since then, the relationship between the two companies has soured and MTN is currently in a shareholder dispute with the tower firm, in which it holds 26%, over governance issues. American Tower previously bought MTN's stake in its tower operations in Uganda and Ghana. - (c) 2023 Bloomberg LP Get the latest tech news in your inbox at 5am daily Source: techcentral.co.za

Stage 6 load shedding: What is the best way for your business to beat Eskom

As South Africa grapples with relentless load shedding and sky-rocketing electricity prices, a new study by Alumo Energy has spotlighted solar systems as the most economical long-term solution for businesses. The study, which compared the costs of various energy alternatives, underscores the financial implications of the ongoing national energy crisis "The national energy crisis, coupled with exorbitant electricity bills and the financial strain of load shedding, has compelled South Africans to explore alternative energy sources, Rein Snoeck Henkemans, Managing Director of Alumo Energy said. Alumo Energy's research focused on a hypothetical small business with monthly electricity bills ranging between R15,000 and R20,000. The study examined four scenarios: remaining grid-dependent, investing in a generator, opting for a battery and inverter back-up system, and installing a hybrid solar solution with battery and inverter back-up. The findings were revealing: Staying Grid-Dependent: While initially cost-effective, a business would face losses exceeding R28.8 million over 15 years due to rising electricity prices and load shedding-induced income loss. Opting for a Generator: Despite a R300,000 investment in a 60kVA generator, the business would still incur losses of over R16.9 million over the same period, mainly due to diesel inflation and maintenance costs. Battery and Inverter Back-Up: With an upfront cost of R676,950, the business would spend just over R10.9 million in 15 years, saving nearly R6 million compared to the generator scenario. Hybrid Solar System: Investing around R1.18 million in a hybrid solar solution would not only allow the business to break even after eight years but also yield a profit of over R1.9 million by the fifteenth year. IOL News

Stage 6 load shedding: What is the best way for your business to beat Eskom

As South Africa grapples with relentless load shedding and sky-rocketing electricity prices, a new study by Alumo Energy has spotlighted solar systems as the most economical long-term solution for businesses. The study, which compared the costs of various energy alternatives, underscores the financial implications of the ongoing national energy crisis "The national energy crisis, coupled with exorbitant electricity bills and the financial strain of load shedding, has compelled South Africans to explore alternative energy sources, Rein Snoeck Henkemans, Managing Director of Alumo Energy said. Alumo Energy's research focused on a hypothetical small business with monthly electricity bills ranging between R15,000 and R20,000. The study examined four scenarios: remaining grid-dependent, investing in a generator, opting for a battery and inverter back-up system, and installing a hybrid solar solution with battery and inverter back-up. The findings were revealing: While initially cost-effective, a business would face losses exceeding R28.8 million over 15 years due to rising electricity prices and load shedding-induced income loss. Despite a R300,000 investment in a 60kVA generator, the business would still incur losses of over R16.9 million over the same period, mainly due to diesel inflation and maintenance costs. With an upfront cost of R676,950, the business would spend just over R10.9 million in 15 years, saving nearly R6 million compared to the generator scenario. Investing around R1.18 million in a hybrid solar solution would not only allow the business to break even after eight years but also yield a profit of over R1.9 million by the fifteenth year.

Capitec is closing the taps

Capitec says it is being more stringent over giving loans amidst the challenging economic environment.In a voluntary trading statement for the six months that ended 31 August 2023, the bank said that the economic climate in South Africa had been characterised by high interest rates and inflation above the government's target. "This led to consumers being under financial pressure, which impacted the retail bank loans and advances and resulted in a higher credit impairment charge and credit loss ratio," the group said. During the period, the group tightened its credit granting criteria to address the risks to the loan book amidst the difficult economic environment. Looking positively, the group said that provisions for expected credit losses are conservative as of 31 August. In addition, the recent headline inflation number of 4.7% for July and the 0.6% GDP growth in Q2 have led to optimism within the group. The net transaction fee income and funeral plan income has also boosted earnings and profit. Net transaction fee income performed well due to the growth in transaction volumes and the expansion of new products. Growth in the active funeral plan book due to high sales, client retention and cold collection rates. The group expects its headline earnings per share to increase by between 8% and 10% to 4,035 cents and 4,110 cents per share for the period under review. Group earnings per share are also expected to increase by between 8% and 10% to 4,037 cents and 4,112 cents per share.

Sanlam returns to normal growth trends after three challenging years

Sanlam said its earnings trends were back on track in the six months to June 30 after a series of what its management described as one-in-25 or one-in-100-year events between 2020 and 2022, highlighted by the Covid-19 pandemic. The performance was broad-based — strong profitability was reported in life insurance, credit and general insurance, and investment management was steady — the group said in its interim results yesterday. CEO Paul Hanratty said the operational performance and earnings growth had been robust. "This growth from the pre-pandemic basis indicates the underlying growth engine of Sanlam remains intact. It underscores the strength and resilience of our diversified operations. Our delivery on strategy amid challenging operating conditions is testimony," he said. Sanlam CEO Paul Hanratty The first half performance last year was negatively impacted by weak investment markets and a lower performance from general insurance operations, while the second half of 2022 saw a turnaround in earnings. As a result, the growth in the second half of 2023 was unlikely to be as strong as the first half growth rate, the group said in a statement. Sanlam's measure of underlying earnings performance, net results from financial services, increased 26%. The general insurance line of business increased 38%, life insurance by 28% and credit and structuring 36%. The investment management operations increased by 2% and would be 9% higher when excluding the earnings from disposed UK businesses in the 2022 base. The group's key earnings metric, cash net results from financial services, increased by 30%. Cratos Asset Management (@CratosAM) said on X: "Sanlam posted a solid set of results for HY ‘23 (half-year 2023), as improvements in equity markets and a weakening of the rand boosted H1 returns ... Shares have been making 52-week highs". Martin Rodgers (@SAValueInvestor) said on X: "Solid update on Sanlam's interim results for FY2023. So much detail with these insurance companies you will need a

Bayobab's License Boosts Nigeria's Connectivity

Nigeria| Bayobab Group, formerly known as MTN (JO: ) GlobalConnect, is thrilled to announce the acquisition of a National Long-Distance Operator License from Nigerian regulatory authorities. This milestone ushers in a new era of connectivity meeting Nigeria's surging data demand. Bayobab Nigeria can now facilitate long-distance traffic, fostering enhanced communication, collaboration, and innovation. Frédéric Schepens, CEO of Bayobab Group, expressed his enthusiasm, stating, "This achievement marks a transformative moment for us as we eagerly anticipate contributing to the growth and development of Nigeria's digital economy. At Bayobab, we are deeply committed to pushing the boundaries of what is achievable in the realm of connectivity." He further emphasized, "This license serves as a testament to our unwavering dedication to delivering seamless and advanced connectivity solutions to our clients and partners. We firmly believe that connectivity forms the foundation upon which innovation thrives. Our commitment to excellence and innovation will continue to guide us as we embark on this new chapter, delivering next-gen digital connectivity across Nigeria." Nigeria's Digital Transformation: A Booming Landscape of Connectivity In a dynamic era of digital transformation, Nigeria's connectivity landscape has witnessed remarkable growth, fundamentally changing how its population accesses information, conducts business and engages globally. With a population exceeding 200 million, as reported by GSMA Intelligence, the adoption of digital services by governments, businesses, and consumers is reshaping daily life in Nigeria. Mobile technology plays an instrumental role in the nation's economy, with mobile broadband being the predominant means of internet access, unlocking new possibilities. The surge in digital services, spanning from mobile financial solutions to dynamic e-learning platforms, has sparked a revolution in how Nigerians access essential services, resulting in an escalating de

Labour market reform ‘too slow' — Nxesi

While Deputy President Paul Mashatile calls for greater stakeholder partnerships. 8 Sep 2023 Progress on implementing reforms in South Africa's labour market has dragged on for much longer than expected at the National Economic Development and Labour Council (Nedlac), says Minister of the Department of Employment and Labour Thulas Nxesi. Speaking during the 28 th Annual Nedlac Summit at the Gallagher Convention Centre in Midrand, Johannesburg, on Friday, he said: "Unfortunately, there is one area of work in Nedlac where progress is just too slow, and that is the area of labour market reform." ADVERTISEMENT CONTINUE READING BELOW Read: SA wants to create 2m jobs before 2024 election According to the minister, back in 2021, expectations were that it would take the government and labour less than a year to implement changes to the labour market that would improve conditions and efficiency. "In early 2021, after business, labour and government had tabled their proposals for labour law reform, I had hoped that within six or eight months, we would have reached an agreement on a number of changes that would improve the efficiency of the labour market without disturbing worker rights," he said. "Some of the amendments proposed by the parties included improving the functioning of the Labour Court and collective bargaining which ensure that in practice, the rights of workers are realised. However, the process is ongoing and we are now too late for this parliamentary cycle," added Nxesi. He said that it will be prudent for Nedlac to extend its labour market reform scope to consider the rights of workers in non-standard employment, like in remote work and the gig economy, to cater for the changing working environment. Social partnerships For Deputy President Paul Mashatile, who delivered a keynote address at the Nedlac Summit, social partnerships between government, business and organised labour will be critical in shaping a labour market able to support economic growth. ADVERTISEMENT CONTINUE R

Retail giant Raymond Ackerman mourned

Johannesburg - ONE-half of the dynamic duo that has seen the growth of a multimillion-rand business that has garnered seven honorary doctorates and over 50 business awards, Raymond Ackerman, has died. Ackerman, founder of retail giant Pick n Pay, reportedly died at age 92. Born in Cape Town in 1931, he went to the Diocesan College (Bishops) and furthered his studies at UCT, where he developed the social conscience that was to characterise his illustrious career. At the age of 20, he joined Ackermans, founded by his father after World War I, as a trainee manager in 1951, until it was purchased by Greatermans, where, upon joining the Johannesburg group, he ended up persuading the company to invest in modern supermarkets. In 1955, he was put in charge of launching the Checkers supermarkets and made a resounding success of the venture, so much so that by 1966, at the age of 35, he was the managing director of at least 85 Checkers stores. More on this Raymond Ackerman: A South African giant has fallen How Raymond Ackerman shaped great minds SA mourns loss of a son with a big heart, Raymond Ackerman When Ackerman was fired by the Greatermans Group for wanting to lower prices for customers in 1966, he used his two weeks' severance pay, a bank loan, a modest inheritance, and shares purchased by friends to purchase four small stores in Cape Town trading under the name Pick n Pay for R620 000. It was at this point that he and his wife Wendy kicked off their entrepreneurial journey in 1967, and by September 1968, Pick n Pay went public and was listed on the Johannesburg Stock Exchange. Since then, they have seen the business grow over the past 56 years to 2 000 stores across South Africa, Namibia, Zambia, Botswana, Lesotho, Nigeria, Zimbabwe, and even eSwatini. Ackerman's business philosophy was underpinned by the likes of Bernardo Trujillo, a Colombian-born American marketing executive, who said a successful business was born on the foundation of the "four legs of the table": administration, mer

MTN Nigeria selects ATC to provide tower services

MTN Nigeria has selected ATC to provide services for 2 500 sites.TC Nigeria has been revealed as the new preferred tower company, which will lease around 2,500 network sites to MTN. MTN Nigeria notified the Nigerian Exchange of the plan, stating that the lease for about 2, 500 network sites, for which IHS Nigeria currently provides tower services, is set to expire in 2024 and 2025. The company said in accordance with MTN Nigeria's procurement policy, which attempts to ensure a transparent and competitive bidding procedure, the company has now selected ATC to provide services for these sites. It said: "This will further diversify our site portfolio and align with our proactive initiatives to renegotiate tower agreements, focusing on ensuring terms that will help cushion the business from the volatility in our trading environment. ATC will take over the provision of tower services for the affected sites from 2025." Of the 19 markets within which MTN Group operates, Nigeria contributes the lion's share of group revenue. In the current reporting period, MTN Nigeria's mobile subscribers increased by 4.0% to 77.1 million, active data users surged by 11.5% to 41 million

Retail giant Raymond Ackerman mourned

Johannesburg - ONE-half of the dynamic duo that has seen the growth of a multimillion-rand business that has garnered seven honorary doctorates and over 50 business awards, Raymond Ackerman, has died. Ackerman, founder of retail giant Pick n Pay, reportedly died at age 92. Born in Cape Town in 1931, he went to the Diocesan College (Bishops) and furthered his studies at UCT, where he developed the social conscience that was to characterise his illustrious career. At the age of 20, he joined Ackermans, founded by his father after World War I, as a trainee manager in 1951, until it was purchased by Greatermans, where, upon joining the Johannesburg group, he ended up persuading the company to invest in modern supermarkets. In 1955, he was put in charge of launching the Checkers supermarkets and made a resounding success of the venture, so much so that by 1966, at the age of 35, he was the managing director of at least 85 Checkers stores. When Ackerman was fired by the Greatermans Group for wanting to lower prices for customers in 1966, he used his two weeks' severance pay, a bank loan, a modest inheritance, and shares purchased by friends to purchase four small stores in Cape Town trading under the name Pick n Pay for R620 000. It was at this point that he and his wife Wendy kicked off their entrepreneurial journey in 1967, and by September 1968, Pick n Pay went public and was listed on the Johannesburg Stock Exchange. Since then, they have seen the business grow over the past 56 years to 2 000 stores across South Africa, Namibia, Zambia, Botswana, Lesotho, Nigeria, Zimbabwe, and even eSwatini. Ackerman's business philosophy was underpinned by the likes of Bernardo Trujillo, a Colombian-born American marketing executive, who said a successful business was born on the foundation of the "four legs of the table": administration, merchandise, promotions / social responsibility and people. Through the years, the retail giant was known for his battles against price regulations, which forced people t

TRUWORTHS INTERNATIONAL LIMITED — Dealings in the company's securities by an executive director of the company

8 September 2023 R74.44 Dealings in the company's securities by an executive director of the company TRUWORTHS INTERNATIONAL LIMITED (Incorporated in the Republic of South Africa) (Registration number 1944/017491/06) JSE and A2X Code: TRU NSX Code: TRW ISIN: ZAE000028296 LEI: 37890099AFD770037522 ("the company") DEALINGS IN THE COMPANY'S SECURITIES BY AN EXECUTIVE DIRECTOR OF THE COMPANY Notice is hereby given, in terms of paragraphs 3.63 to 3.66 of the Listings Requirements of the JSE Limited, of the following transaction in respect of the company's shares by an executive director of the company ("the participant"). The transaction, for which the prescribed clearance was given, is in respect of the sale of ordinary shares of the company (in which the participant has a 100% direct and beneficial interest) and was executed on- market on 6 September 2023. The transaction relates to restricted shares which were awarded on 19 March 2009 in terms of the company's 1998 share scheme and which vested on 6 September 2023. The shares were sold at a volume weighted average selling price of R72.0273 (high R72.47; low R71.80) and were undertaken to settle the loan repayable and tax due on vesting, and to rebalance the participant's investment portfolio: Name : Michael Samuel Mark Chief Executive Officer : Truworths International Limited Number of shares sold : 269 881 Total selling price : R19 438 780.00 Cape Town 8 September 2023 Sponsor in South Africa One Capital Sponsor in Namibia Merchantec Capital Date: 08-09-2023 12:25:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (‘JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequent

Business leaders declare support for JET transmission finance

Senior officials from the South African government's Just Energy Transition (JET) Project Management Unit have set out potential financing options for transmission infrastructure, while the Just Energy Transition International Partners Group (IPG) have confirmed their readiness to work with financial institutions to expand transmission capacity. During an event focused on transmission at the Africa Climate Summit, in Nairobi, on September 7, business leaders declared transmission the single-biggest bottleneck to reliable energy supply in the country. The business leaders agree that expanding transmission capacity in South Africa is key to bringing more renewable energy onto the grid and ending loadshedding. The IPG, which comprises the UK, the US, the European Union (EU), France and Germany, believe that, alongside other development partners and the private sector, mobilise significant finance for transmission infrastructure in South Africa. Local and international banks and financiers also indicated interest in collaborating to support the sector in this endeavour. Business Leadership South Africa (BLSA) CEO Busi Mavuso said it was critical that concrete steps be taken to address the transmission problem in South Africa, not only for short-term reliable energy but over the long term as well. "We are pleased to see international partners looking at financing this vital area with their Just Transition funds and we hope to see government take up the offer, Mavuso stated, adding that the BLSA strongly supported the government's Energy Regulation Amendment Bill, which would hopefully be passed soon. South African Photovoltaic Industry Association CEO Rethabile Melamu noted that the private sector was actively engaged in developing renewables at scale but need grid extensions to connect their projects. "The JET financing is a great opportunity and we are keen to see regulatory changes implemented to facilitate the financing for expanding the grid, she added. Increased transmission capacity in S

Altron FinTech's zero-downtime inverter solution: Elevating the future of business continuity

Customer experience and simplified business continuity is what Altron FinTech strives to achieve with all our initiatives. We hear our customers and see their business pain points and innovate our solutions to be always-on business continuity driven. Click here for more information about Altron FinTech In a world where financial operations can’t afford a pause, our latest campaign focuses on keeping our customers’ business running during those long loadshedding hours during business hours. Our commitment to always-on business continuity is unwavering, and we’ve tailored our technology to directly address the pressing challenges our customers face. Our primary goal? To eliminate disruptions, empower our customers operations, and enhance the overall experience they have with us. At Altron FinTech, we’re not just providing solutions; we’re reshaping and simplifying the future of uninterrupted financial transaction processing. We recently sat down with Johan Gellatly, Managing Director at Altron FinTech. Johan’s dedication to placing our customers at the pinnacle of exceptional customer experience is commendable. In our conversation, he delved into the significance of this campaign and its role in elevating the customer experience with Altron FinTech solutions. What inspired you to develop the idea for this inverter campaign focused on uninterrupted power supply for businesses? We started off with this campaign because we assessed our customers’ ability to conduct their business when there is loadshedding during business hours and we did an analysis on how much business they stand to lose due to loadshedding during business hours. We were surprised at how many customers are actually struggling with loadshedding challenges and how much of an effect it is having on their business commercially and keeping their doors open. Our solutions are power and computer driven solutions, so if our customers are unable to connect to the in

Police officers investigate a case of business robbery

Police spokesperson Warrant Officer Majola Nkohli confirmed that police are investigating a case of business robbery after at least 10 armed men targeted a wholesale and stole a large amount of money in Flagstaff on September 4. He said three of them held one of the employees at gunpoint and marshalled him to an office with a safe. He said suspects managed to steal large amounts of money before fleeing the scene. "It is further alleged that the incident was swiftly coordinated as it did not affect shopping. "The suspects are still at large," said Nkohli. Police are urging anyone with information that could lead to the arrest of the suspects to contact the nearest police station. The information may also be shared via Crime Stop on 08600 10111.

Asian markets extend losses as US rate hike fears build

tocks sank again Friday after another report pointing to a resilient US jobs market added to the misery for investors who fear the Federal Reserve is not finished with its campaign of monetary tightening. The losses extended a sell-off endured for most of the week as various indicators suggested the world's top economy was in rude health and the battle against inflation was still far from won, while Chinese data showed continued weakness. It followed a tough day on Wall Street, which was also hit by a sharp drop in Apple fuelled by concerns about China's decision to ban government departments from using iPhones. Traders are now gearing up for policy decisions by major central banks towards the end of the month, with the Federal Reserve concluding a much-anticipated meeting on September 20. Markets largely expect data-driven US officials to keep rates on hold at a two-decade high, having seen inflation come down in response to more than a year of hikes and signs of a softening labour market. However, the latest set of strong readings -- including on the services sector and jobs -- and a surge in oil prices have sparked fears the Fed will announce one more hike before the end of the year or keep borrowing costs elevated for an extended period, risking a recession. Those worries were compounded Thursday by news that jobs claims came in below forecasts last week. "The higher-for-longer interest rate narrative and the inevitable lag effect of monetary policy create uncertainty around the Federal Reserve's ability to steer its monetary policies precisely," said Stephen Innes at SPI Asset Management. "As a result, the Fed's choices in risk management will play a significant role in determining the economy's ultimate trajectory. "Inflation has spiked significantly above its target and could remain very sticky as Saudi Arabia pursues a balanced budget through higher oil prices. Therefore, it would be wise for the Fed to tighten its monetary policy more instead of less, or at least keep the screws t

DAVID KNEE: Investors can find ‘safety' in SA asset valuations

SA real bond yields are more attractive than those of most other countries Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers. Despite how unexpectedly challenging the year has been so far for SA assets, we have not gone rushing for the exits to seek "safety" offshore. In our view local assets are still clearly offering better prospective returns for the risks involved over the next three to five years than their global counterparts. This means our multi-asset portfolios, such as the M&G Balanced and Inflation Plus funds, favour SA equities and bonds over their global counterparts, though select global equities and bonds are also attractive, and these offshore assets play critical roles as diversifiers in our portfolios. Global equities vs SA equities One of the most compelling reasons for our positioning is the differential between the valuations of global and SA equities. In aggregate, global equities are trading slightly cheaply than their long-run fair value, which is reflecting the cheapness of many global equity markets, offset by the relative expensiveness of the US market, which with a 12-month forward price-earnings ratio of 19.4 times pushed the MSCI ACWI PE ratio to 16.2 times by mid-August Because there are still unresolved questions about downside risks to global earnings going forward, and combined with the lack of a strong valuation signal, we are comfortable maintaining a neutral position in global equities and remain selective: we continue to be underweight US equities, as well as Canada and Australia. We prefer the UK, Japan, China and certain other emerging markets that are relatively cheap. Meanwhile, SA equity valuations (FTSE/JSE Capped Swix index 12-month forward PE ratio) were trading at 10.6 times at the end of July, broadly reflecting concerns over future earnings sustainability and higher "risk free" interest rate hurdles. We believe this presents r

Asian markets extend losses as US rate hike fears build

Stocks sank again Friday after another report pointing to a resilient US jobs market added to the misery for investors who fear the Federal Reserve is not finished with its campaign of monetary tightening. The losses extended a sell-off endured for most of the week as various indicators suggested the world's top economy was in rude health and the battle against inflation was still far from won, while Chinese data showed continued weakness. It followed a tough day on Wall Street, which was also hit by a sharp drop in Apple fuelled by concerns about China's decision to ban government departments from using iPhones. Traders are now gearing up for policy decisions by major central banks towards the end of the month, with the Federal Reserve concluding a much-anticipated meeting on September 20. Markets largely expect data-driven US officials to keep rates on hold at a two-decade high, having seen inflation come down in response to more than a year of hikes and signs of a softening labour market. However, the latest set of strong readings -- including on the services sector and jobs -- and a surge in oil prices have sparked fears the Fed will announce one more hike before the end of the year or keep borrowing costs elevated for an extended period, risking a recession. Those worries were compounded Thursday by news that jobs claims came in below forecasts last week. "The higher-for-longer interest rate narrative and the inevitable lag effect of monetary policy create uncertainty around the Federal Reserve's ability to steer its monetary policies precisely," said Stephen Innes at SPI Asset Management. "As a result, the Fed's choices in risk management will play a significant role in determining the economy's ultimate trajectory. "Inflation has spiked significantly above its target and could remain very sticky as Saudi Arabia pursues a balanced budget through higher oil prices. Therefore, it would be wise for the Fed to tighten its monetary policy more instead of less, or at least keep the screws

Charms and rituals are used by criminals in Nigeria — should police deploy spiritual security too?

CRIME is among the major challenges confronting Nigeria as a nation. The pervasiveness of crime has repeatedly called into question the effectiveness and efficiency of the Nigeria Police Force.This is despite their exclusive reliance on modern policing strategies and techniques. Traditionally, crime-related matters have been handled through what's known as "spiritual security". This is a knowledge system that involves the use of amulets, charms, rituals and talismans for protection, power and clairvoyance. As sociologists specialising in criminology , we were interested in what the Nigerian police personnel had to say about these mechanisms of protection. We conducted a study of their perceptions and attitudes. Many told us that they believed criminals used spiritual security for power and protection. Some officers confirmed that they themselves used charms and the like to help in their jobs. Nigerians use spiritual security mechanisms in other areas of social life such as healthcare delivery conflict resolution and household crime control. But they've been overlooked in formal policing. We conclude that this indigenous approach to crime fighting could prove useful to the police, particularly in intelligence gathering, crime investigation and crime control. Traditional belief systems could complement the country's colonially based law enforcement and social control systems and improve their efficiency. Traditional belief systems Spiritual security is a traditional knowledge system that dates from precolonial times. It was a way that Nigerian people dealt with social issues. Not only for security, but also to settle disputes and for social control, conflict resolution, justice administration, peace engineering and social harmony. Advertisements The knowledge system of most African societies is generally predicated on a belief system that's divided into the physical (visible and seen) and the spiritual (mysterious and unobservable). History tells us that African people gave high credence t

SA Inc mourns the passing of Raymond Ackerman: a retail legend

Business Unity South Africa (Busa) said, "We have lost a titan, but his legacy will continue to inspire and guide us for generations to come." It said Ackerman's resolute commitment to championing consumer rights, promoting inclusivity and fostering an entrepreneurial spirit set a benchmark at that time. "Throughout his life, Ackerman was a retail pioneer who challenged the inclusion of VAT on essential food items and reducing the cost of daily essentials, thus positioning himself as a true advocate for the South African consumer," the group said. Busa CEO Cas Coovadia said: "The loss of Ackerman is profoundly felt across the length and breadth of South Africa. His legacy is one of resilience, integrity and dedication. Raymond Ackerman was a trailblazer in the truest sense. "We aim to honour him by continuing to drive business growth, unity, and prosperity in our beloved nation," he said. According to Busa, his philanthropic endeavours speak volumes about his dedication to empowerment and upliftment. "The Ackerman Family Trust's commendable support of education has resulted in the graduation of hundreds from diverse professional backgrounds, reaffirming his belief in the transformative power of education," it said. Busa also said his visionary leadership, unwavering commitment to ethical business practices, and loyal belief in the power of unity to drive South Africa forward had inspired countless individuals, both within and outside the business sector. The South African Chamber of Commerce (Sacci) said Ackerman was an entrepreneur par excellence and a giant of the business and South African community, who was a pioneer and innovator in business. "The many jobs created by Pick n Pay, millions of taxes generated to the fiscus by the Pick n Pay ecosystem over the years, and the creation of the many businesses that are dependent on Pick n Pay , is a testament to his pedigree, excellence, and massive contribution to South Africa," he said. Alan Mukoki, the CEO of the South African Chamber of

SA Inc mourns the passing of Raymond Ackerman: a retail legend

Business Unity South Africa (Busa) said, "We have lost a titan, but his legacy will continue to inspire and guide us for generations to come." It said Ackerman's resolute commitment to championing consumer rights, promoting inclusivity and fostering an entrepreneurial spirit set a benchmark at that time. "Throughout his life, Ackerman was a retail pioneer who challenged the inclusion of VAT on essential food items and reducing the cost of daily essentials, thus positioning himself as a true advocate for the South African consumer," the group said. Busa CEO Cas Coovadia said: "The loss of Ackerman is profoundly felt across the length and breadth of South Africa. His legacy is one of resilience, integrity and dedication. Raymond Ackerman was a trailblazer in the truest sense. "We aim to honour him by continuing to drive business growth, unity, and prosperity in our beloved nation," he said. According to Busa, his philanthropic endeavours speak volumes about his dedication to empowerment and upliftment. "The Ackerman Family Trust's commendable support of education has resulted in the graduation of hundreds from diverse professional backgrounds, reaffirming his belief in the transformative power of education," it said. Busa also said his visionary leadership, unwavering commitment to ethical business practices, and loyal belief in the power of unity to drive South Africa forward had inspired countless individuals, both within and outside the business sector. The South African Chamber of Commerce (Sacci) said Ackerman was an entrepreneur par excellence and a giant of the business and South African community, who was a pioneer and innovator in business. "The many jobs created by Pick n Pay, millions of taxes generated to the fiscus by the Pick n Pay ecosystem over the years, and the creation of the many businesses that are dependent on Pick n Pay , is a testament to his pedigree, excellence, and massive contribution to South Africa," he said. Alan Mukoki, the CEO of the South African Chamber of

SA Inc mourns the passing of Raymond Ackerman: a retail legend

The business sector yesterday mourned the passing of SA retail legend Raymond Ackerman. In a statement yesterday, Pick n Pay announced his passing and said: "It is with profound sadness that we announce the death at the age of 92 of visionary South African and founder of Pick n Pay, Raymond Ackerman." Ackerman passed away on Wednesday evening in Cape Town. "He is survived by his wife, Wendy, children Gareth, Kathy, Suzanne, and Jonathan, his 12 grandchildren and four great-grandchildren," the retailer said. Tributes from around the country lauded Ackerman as an outstanding business leader and entrepreneur and offered condolences to his family and people who knew him. Business Unity South Africa (Busa) said, "We have lost a titan, but his legacy will continue to inspire and guide us for generations to come." It said Ackerman's resolute commitment to championing consumer rights, promoting inclusivity and fostering an entrepreneurial spirit set a benchmark at that time. "Throughout his life, Ackerman was a retail pioneer who challenged the inclusion of VAT on essential food items and reducing the cost of daily essentials, thus positioning himself as a true advocate for the South African consumer," the group said. Busa CEO Cas Coovadia said: "The loss of Ackerman is profoundly felt across the length and breadth of South Africa. His legacy is one of resilience, integrity and dedication. Raymond Ackerman was a trailblazer in the truest sense. "We aim to honour him by continuing to drive business growth, unity, and prosperity in our beloved nation," he said. According to Busa, his philanthropic endeavours speak volumes about his dedication to empowerment and upliftment. "The Ackerman Family Trust's commendable support of education has resulted in the graduation of hundreds from diverse professional backgrounds, reaffirming his belief in the transformative power of education," it said. Busa also said his visionary leadership, unwavering commitment to ethical business practices, and loyal belief

Ethiopia's Amhara people are being portrayed as the enemy: the dangerous history of ethnic politics

THE Ethiopian government declared a state of emergency on 4 August 2023 and sent the military into the Amhara region to engage the Fano, a local armed militia.Some suggested that Ethiopia risked slipping into another civil war The conflict was mainly between the federal government, led by the Oromo-dominated Prosperity Party, and the Tigray People's Liberation Front (TPLF), the party it succeeded in 2018. When the TPLF entered the Amhara region, committing atrocities against civilians and taking over towns , the Fano worked with government forces to maintain local stability. With their support, Prime Minister Abiy Ahmed was able to push the TPLF back to Tigray. During and after the war, massacres and mass displacement of Amhara occurred in the Oromia region, the Benshangul Gumuz region and other regions of Ethiopia. There were numerous reports of rapes, arbitrary arrests, abductions, forced evictions and people being burned alive One independent account reported that Orthodox Christians, seen as synonymous with Amhara, were chopped with machetes, stabbed with spears, cut down with scythes, beaten with bats and stoned to death. A peace agreement between the TPLF and the government in November 2022 brought relative calm to Tigray and other regions. But the Amhara were left out of the agreement and continue to be targeted even by government forces This is the context in which Amhara's Fano militia rejected the federal government order to surrender their weapons and be integrated into the police and federal army. Advertisements The government response was to bombard Amhara towns with drones and heavy artillery. There have also been mass arrests and detentions of Amhara leaders. I am a scholar of history, human rights and decolonisation in Africa with a keen interest in Ethiopia. The rhetoric that presents the Amhara people as a national enemy has gone on, unchallenged , for almost 50 years. What has changed now is that the rhetoric has shifted towards widespread, government-sanctioned vio

The new networking: When African tech solutions meet conservation

AS the sun creeps above a rising mist to cast a warm, golden glow across the savannah and the hills beyond, the land is already busy with the routine of a thousand animals; the trek to watering holes, the foraging, and the predating that brings tourists in their thousands to witness a spectacle found no-where else, but in Africa. This is the beginning of a new day in the 65,000 acres of the Lewa Wildlife Conservancy. The early stirrings of life have had ranger Dominic Maringa up since pre-dawn, keeping an eye on it all. He doesn't use a 4×4 vehicle or binoculars to cast an experienced eye over the park, however. As Head of Conservation and Wildlife Programs at the conservancy's modern Joint Operations Command Center, Maringa sits before an array of screens displaying live feeds from all over the park. Each screen could just as well be its own cinema. On one, Rocco, a formidable rhino, can be seen standing against a fence post separating the conservancy from the neighbouring Ngare Ndare forest, apparently fixated on a spot in the forest. He stands totally still, as if, in his own short-sighted way, he was pondering one of life's great mysteries. On another screen, Kendi, a majestic elephant, can be seen strolling down the well-trodden and geo-fenced Leparua-Lewa route, known to both wildlife and the nearby community members as a bridge between human settlements and the untamed wilderness. Across the set of screens, tales of harmonious (and at times less harmonious) coexistence among elephants, lions, rhinos, monkeys, and other wild animals are visible. Sometimes, however, the harmony on the screens at the heart of this virtual theatre, located in Meru County in Kenya's Eastern Province, is upset by something more ominous than a lion killing a watering impala: the overlapping of wild animals and humans. This is why Maringa is leaning forward with keen interest, closely watching the movements of both Rocco and Kendi. He seems to know their moves and intentions almost before they do. Witho

SA Inc mourns the passing of Raymond Ackerman: a retail legend

The business sector yesterday mourned the passing of SA retail legend Raymond Ackerman. In a statement yesterday, Pick n Pay announced his passing and said: "It is with profound sadness that we announce the death at the age of 92 of visionary South African and founder of Pick n Pay, Raymond Ackerman." Ackerman passed away on Wednesday evening in Cape Town. "He is survived by his wife, Wendy, children Gareth, Kathy, Suzanne, and Jonathan, his 12 grandchildren and four great-grandchildren," the retailer said. Tributes from around the country lauded Ackerman as an outstanding business leader and entrepreneur and offered condolences to his family and people who knew him. More on this Pick n Pay founder Raymond Ackerman dies at 92 Pick n Pay founder Raymond Ackerman created the blueprint for retail success in SA - John Steenhuisen ‘Raymond Ackerman made South Africa a better place' Business Unity South Africa (Busa) said, "We have lost a titan, but his legacy will continue to inspire and guide us for generations to come." It said Ackerman's resolute commitment to championing consumer rights, promoting inclusivity and fostering an entrepreneurial spirit set a benchmark at that time. "Throughout his life, Ackerman was a retail pioneer who challenged the inclusion of VAT on essential food items and reducing the cost of daily essentials, thus positioning himself as a true advocate for the South African consumer," the group said. Busa CEO Cas Coovadia said: "The loss of Ackerman is profoundly felt across the length and breadth of South Africa. His legacy is one of resilience, integrity and dedication. Raymond Ackerman was a trailblazer in the truest sense. "We aim to honour him by continuing to drive business growth, unity, and prosperity in our beloved nation," he said. According to Busa, his philanthropic endeavours speak volumes about his dedication to empowerment and upliftment. "The Ackerman Family Trust's commendable support of education has resulted in the graduation of hundreds from

SA mourns loss of a son with a big heart, Raymond Ackerman

Cape Town - President Cyril Ramaphosa led the condolences for the late Pick n Pay founder and philanthropist Raymond Ackerman, whose death, at the age of 92, was announced early on Thursday. Ramaphosa said: "We mourn with the Ackerman family as they bid farewell to a husband, father, grandfather and great-grandfather whose name resounded comfortably in millions of households around the country. "Raymond Ackerman was an outstanding business leader and entrepreneur who placed people first and stood up to the injustices and discrimination which the apartheid regime sought to outsource to the business sector. May his soul rest in peace." Ramaphosa said Ackerman was one of the first retailers to fight on behalf of South African consumers against the apartheid state's monopoly on basic goods. "He reduced the cost of essentials such as bread, milk and chicken, and spoke against the inclusion of value-added tax (VAT) on basic food lines. He was also one of the first executives to promote black South Africans to senior positions and to acknowledge black trade unions at a time when such unions were banned from operating in the country. More on this ‘Raymond Ackerman made South Africa a better place' The life and times of Pick n Pay founder Raymond Ackerman: 1931-2023 Raymond Ackerman: Visionary, philanthropist, and pillar of Pick n Pay and South African retail, has died Ackerman was awarded the Order of the Baobab for his commitment to uplifting the lives of South Africans by providing scholarships to young people and conducting a socially responsible retail business. Mayor Geordin Hill-Lewis said: "My sincere condolences to the Ackerman family and to Pick n Pay on the passing of Raymond Ackerman. My thoughts go out in particular to Mrs Wendy Ackerman and their four children. He was a truly great Capetonian. "Earlier this year, I had the pleasure of handing a gift from the City archives to Mr and Mrs Ackerman — a photo of them at one of their early store openings in Cape Town. I inscribed t

Business Talk — Dr Ernest Hilaire unpacks the Saint Lucia Citizenship by Investment Programme

In this episode of Business Talk with Michael Avery, Dr Ernest Hilaire - Saint Lucia’s Minister for Tourism, Investment, Creative Industries, Culture, and Information - discusses the Saint Lucia Citizenship by Investment Programme. Dr Hilaire represents the Castries South constituency in the House of Assembly for the Saint Lucia Labour Party. He previously served as the Personal Assistant to Prime Minister Dr Kenny Anthony, was the Permanent Secretary in the Ministry of Youth and Sports, and managed Saint Lucia’s co-hosting of the ICC Cricket World Cup in 2007. He was also appointed Saint Lucia’s High Commissioner to the United Kingdom in November 2012 and is a former Chairman of the Citizenship Investment Programme (CIP). The interview In this Business Talk interview, Hilaire highlights why Saint Lucia is an excellent place to live and unpacks the benefits of acquiring citizenship through the Saint Lucia Citizenship by Investment Programme. He explains how long it usually takes for applications for citizenship to be completed, and discusses the four investment options available. Hilaire concludes the interview by detailing the importance of building partnerships to help people secure their Saint Lucia citizenship through the programme. You can watch the full interview with Dr Ernest Hilaire below.

Luxury stock selloff offering opportunity

Analysis of inflation targeting and a look at the art of stock watchlists. 8 Sep 2023 You can also listen to this podcast on iono.fm here Richemont is back at late 2021 levels. Gary Booysen from Rand Swiss on his preferred luxury stocks. Dr Adrian Saville Genera Capital talks inflation targeting. Where does it come from, and does it work? Simon shares insights on stock watchlists and setting target prices. Guests on today'show: Gary Booysen: Rand Swiss Dr Adrian Saville: Genera Capital AUTHOR PROFILE COMMENTS

African Sustainable Mining Piques Interest of Global Players.

Rapid advancements in technology have resulted in the development of sustainable innovations in mining practices, changing how the sector operates. In the wake of the global energy transition, mining companies have come under pressure to adopt sustainable business practices and employ low-carbon technologies in order to mitigate adverse environmental impacts. Private- and public-sector led mining activities across Africa have begun to prioritize sustainable techniques to promote environmental sustainability, social responsibility, and good business practices. In turn, the sustainable mining industry has become an increasingly attractive investment opportunity for global players seeking to enhance their returns on investment while spearheading climate protection and resilience. The Critical Minerals Africa (CMA) summit {https://criticalmineralsafrica.com/} — scheduled for October 17-19 in Cape Town — will connect capital and technology providers to African mineral producers, fostering synergies between the mining and tech industries. Taking place concurrently with Africa's largest energy event, the African Energy Week conference { https://aecweek.com/} , CMA 2023 facilitates new investment and technology into both the African energy and mining sectors under efforts to forge a sustainable future for all. The emergence of advanced technologies such as machine learning, artificial intelligence, cloud computing, and robotics is poised to advance process automation within Africa's mining industry. Automation can enable real-time monitoring of minerals and metals through mines and processing plants and allow mining companies to use simulations during the mining design stage to test multiple solutions before implementation. Automation also enables mines to reduce costs and improve competitiveness during operation, with more efficient sources of energy and improved water quality management set to drive profitability, safety and efficiency. Investing in automation will unlock a fresh wave of pro

Sylvia Mdunyelwa, one of South Africa's great jazz vocalists, kept music traditions alive

Not just a great jazz singer, Sylvia Mdunyelwa was also an activist, educator, broadcaster and actress. If Miriam Makeba is hailed as the South African vocalist of her generation who brilliantly embraced (and actually shaped) global music sounds, and Sathima Bea Benjamin as the experimenter who entranced the modern jazz scene in Europe and the US, then Ncediwe Sylvia Mdunyelwa joins that pantheon of late, great South African singers as the consummate vocal classicist. Known affectionately in her home city of Cape Town as "Mama Kaap", Mdunyelwa passed away on 25 August at the age of 74. As a researcher who documents historical and current South African jazz and popular music, I believe Mdunyelwa merits recognition not only for the regard she won from fellow players but also for her activism as a community music educator and advocate for South African jazz. Breakdowns and Baguettes At the core of her music was a fierce insistence on respect for the tradition — of the great American jazz singers such as Ella Fitzgerald and Sarah Vaughan as well as the traditional music of her isiXhosa-speaking community — and for the song. Who was Sylvia Mdunyelwa? Born in the Cape Town township of Langa , Mdunyelwa grew up in those traditions during the 1950s and 1960s, as white minority rule and apartheid were clamping down on black political activity. Her uncle, Aspro Sipoyo , led the close-harmony vocal group The Semitones and her sister was a jazz singer. Her home became a meeting place for musicians, including bassist Victor Ntoni . Family gatherings sounded loud with religious songs; Fitzgerald, Vaughan and another US jazz vocalist, Carmen McRae, were all regulars on the record player. Singing along, the young Nce became a singer even before she had articulated the ambition to be one. Her first employment in the late 1960s was at Cape Town's Space Theatre as a receptionist. The Space provided a stage for independent and often politically challenging drama, for poets and music. There she grew her

Exploring Liberty Life in Cape Town: A Comprehensive Guide

/ By September 8, 2023 Have you ever wondered how Liberty Life has woven itself into the vibrant tapestry of Cape Town?This bustling coastal city is not just a paradise for tourists, but it also hosts a that plays an important role in its residents' lives. As we embark on our journey to uncover the true story of Liberty Life in Cape Town, we will discover how it has impacted the community in which it resides. In short, Liberty Life in Cape Town is more than just an insurance and financial services provider; it is also a partner in the city's financial well-being. Liberty Life has been a fixture in Cape Town for decades, owing in part to its rich history and a diverse range of services tailored specifically to the city's market. So if you've ever wondered what Liberty Life in Cape Town is like, here's where you should start. We'll explore the history, services, community impact, and even the challenges faced by Liberty Life in the following sections, so if we want to get really deep into the company's presence in Cape Town, why don't we go all the way back to the beginning? So, strap yourself in and prepare to discover the fascinating world of Liberty Life in the Mother City. History of Liberty Life in Cape Town Delving into the rich tapestry of Liberty Life in Cape Town, one can't help but be captivated by its fascinating historical journey. As we embark on a voyage through time, we unearth the origins and development of this venerable institution, tracing its path through key milestones and pivotal events that have shaped its remarkable history. Origins and Founding : Liberty Life's story in Cape Town commences with its inception in the early 1950s. Founded with the vision of providing financial security and peace of mind to South Africans, the company's roots were firmly planted in a nation seeking stability and prosperity. It was during this period of post-war recovery and nation-building that Liberty Life emerged as a beacon of hope for individuals and families alike. The Pioneering

SA mourns loss of a son with a big heart, Raymond Ackerman

Cape Town - President Cyril Ramaphosa led the condolences for the late Pick n Pay founder and philanthropist Raymond Ackerman, whose death, at the age of 92, was announced early on Thursday. Ramaphosa said: "We mourn with the Ackerman family as they bid farewell to a husband, father, grandfather and great-grandfather whose name resounded comfortably in millions of households around the country. "Raymond Ackerman was an outstanding business leader and entrepreneur who placed people first and stood up to the injustices and discrimination which the apartheid regime sought to outsource to the business sector. May his soul rest in peace." Ramaphosa said Ackerman was one of the first retailers to fight on behalf of South African consumers against the apartheid state's monopoly on basic goods. "He reduced the cost of essentials such as bread, milk and chicken, and spoke against the inclusion of value-added tax (VAT) on basic food lines. He was also one of the first executives to promote black South Africans to senior positions and to acknowledge black trade unions at a time when such unions were banned from operating in the country. Ackerman was awarded the Order of the Baobab for his commitment to uplifting the lives of South Africans by providing scholarships to young people and conducting a socially responsible retail business. Mayor Geordin Hill-Lewis said: "My sincere condolences to the Ackerman family and to Pick n Pay on the passing of Raymond Ackerman. My thoughts go out in particular to Mrs Wendy Ackerman and their four children. He was a truly great Capetonian. "Earlier this year, I had the pleasure of handing a gift from the City archives to Mr and Mrs Ackerman — a photo of them at one of their early store openings in Cape Town. I inscribed the photo, ‘With grateful thanks for all you have done for Cape Town and her people'. A sentiment I repeat today." Premier Alan Winde referred to Ackerman as an iconic businessman. "Mr Ackerman was an icon of not just the South African busines

De Beers ‘confident' talks will avert strike at SA's Venetia mine

On Tuesday, NUM said it was planning a strike at Venetia, as De Beers could only offer a 6% pay increase against demands for a 9% hike. By Nelson Banya, Reuters 8 Sep 2023 Anglo American's De Beers is confident ongoing talks with South Africa's National Union of Mineworkers (NUM) will avert a wage strike at Venetia, the country's largest diamond mine, the company said on Friday. On Tuesday, NUM, South Africa's biggest mineworkers' union, said it was planning a strike at Venetia, as De Beers could only offer a 6% pay increase against demands for a 9% hike. The strike by NUM's 1 500 workers would impact operations at Venetia's new $2.3 billion underground operations, which started production in July. De Beers stopped its 30-year open pit operations at Venetia in December 2022. ADVERTISEMENT CONTINUE READING BELOW In a statement, De Beers said it held a meeting with NUM representatives on September 6, facilitated by the Commission for Conciliation, Mediation and Arbitration (CCMA), a statutory body that mediates labour disputes. "We are confident that through continued engagement with the union and our employees we will reach a sustainable settlement with the NUM," De Beers said. The miner said the diamond industry is facing "challenging market conditions" impacting its business. NUM was not immediately available for comment. De Beers said it was pursuing a five-year wage deal with workers to provide operational certainty amid the transition to underground mining which targets annual production of 4 million carats, the equivalent of 12% of the group's forecast output for 2023. COMMENTS

GLENCORE PLC - GLN - Cancellation of Treasury Shares

Release Date: Code(s): GLN GLN - Cancellation of Treasury Shares GLENCORE PLC (Incorporated in Jersey under the Companies (Jersey) Law 1991) (Registration number 107710) JSE Share Code: GLN LSE Share Code: GLEN ISIN: JE00B4T3BW64 LEI: 2138002658CPO9NBH955 Baar, Switzerland 08 September 2023 Cancellation of treasury shares In line with the Company's policy to maintain its number of treasury shares below 10% of total issued share capital from time to time, the Company announces today the cancellation of 100,000,000 treasury shares. The Company furthermore announces the transfer of 25 million treasury shares, at market value, to the Company's employee benefit trust (EBT) to satisfy potential awards under the Company's employee share schemes. Following these actions, as of opening of dealings today, the total number of ordinary shares in treasury was 1,231,123,041, representing approximately 9.05% of the Company's total issued share capital. In accordance with Listing Rule 12.6.4, the Company discloses the following information: Date of cancellation 8 September 2023 Number of treasury shares cancelled 100,000,000 Number of treasury shares transferred to EBT 25,000,000 Total number of issued ordinary shares following the cancellation 13,600,000,000 Total number of treasury shares following the cancellation and transfer 1,231,123,041 Total number of ordinary shares less treasury shares 12,368,876,959 For further information please contact: Investors Martin Fewings t: +41 41 709 28 80 m: +41 79 737 56 42 martin.fewings@glencore.com Media Charles Watenphul t: +41 41 709 24 62 m: +41 79 904 33 20 charles.watenphul@glencore.com Company Secretarial John Burton t: +41 41 709 26 19 m: +41 79 944 54 34 john.burton@glencore.com Nicola Leigh t: +41 41 709 27 55 m: +41 79 735 39 16 nicola.leigh@glencore.com Lionel Mateo t: +41 41 709 28 47 m: +41 79 152 09 05 lionel.mateo@glencore.com www.glencore.com Follow us on social media: linkedin.com/company/glencore twitter.com

The colonial history of Standard Bank continues

SOUTH Africa is home to multinational corporations (MNCs) in Africa dating back to the colonial era when these corporations acted as agents of their home countries at the expense of black people after colonial conquest. While some of these MNCs came to repent of their disruptive ill-treatment of the African people, Standard Bank South Africa appears to be one of the super-powerful financial institutions that have continued to operate uninterrupted despite many voices pointing out the bank's racial profiling of black people. With total assets of more than R3 trillion and a market capitalisation of $14.5 billion (about R287bn) as of June 20, 2023, it is not shocking how Africa's largest bank, even after rebranding, appears to continue its patterns and trends of oppression through the imminent economic exclusion of many black people who, in this particular case, will undoubtedly be negatively impacted if Standard Bank terminates the bank accounts of Independent Media. With less than a few days left before Standard Bank puts a final nail in the coffin after issuing a notice of termination of banking services for the Sekunjalo Group following the judgment by the Competition Appeal Court (CAC) which found in July that Standard Bank had not engaged in anti-competitive behaviour when it put Sekunjalo's accounts under review based on unfounded allegations of reputational risk. Following the ruling, Standard Bank told Sekunjalo it would shut its banking facilities on August 21, but this was postponed. The bank's potential closure of Independent Media's account has triggered uncertainty, confusion and claims that the bank was anti-black even though it benefited from billions of dollars from those it continued to ill-treat. During the BRICS Youth Summit, Minister in the Presidency for Women, Youth, and Persons with Disabilities Nkosazana Dlamini Zuma decried the lack of control in the financing and banking system in South Africa, saying that in South Africa "we are forced to kneel before five banks".

SA mourns loss of a son with a big heart, Raymond Ackerman

Cape Town - President Cyril Ramaphosa led the condolences for the late Pick n Pay founder and philanthropist Raymond Ackerman, whose death, at the age of 92, was announced early on Thursday. Ramaphosa said: "We mourn with the Ackerman family as they bid farewell to a husband, father, grandfather and great-grandfather whose name resounded comfortably in millions of households around the country. "Raymond Ackerman was an outstanding business leader and entrepreneur who placed people first and stood up to the injustices and discrimination which the apartheid regime sought to outsource to the business sector. May his soul rest in peace." Ramaphosa said Ackerman was one of the first retailers to fight on behalf of South African consumers against the apartheid state's monopoly on basic goods. "He reduced the cost of essentials such as bread, milk and chicken, and spoke against the inclusion of value-added tax (VAT) on basic food lines. He was also one of the first executives to promote black South Africans to senior positions and to acknowledge black trade unions at a time when such unions were banned from operating in the country. Ackerman was awarded the Order of the Baobab for his commitment to uplifting the lives of South Africans by providing scholarships to young people and conducting a socially responsible retail business. Mayor Geordin Hill-Lewis said: "My sincere condolences to the Ackerman family and to Pick n Pay on the passing of Raymond Ackerman. My thoughts go out in particular to Mrs Wendy Ackerman and their four children. He was a truly great Capetonian. "Earlier this year, I had the pleasure of handing a gift from the City archives to Mr and Mrs Ackerman — a photo of them at one of their early store openings in Cape Town. I inscribed the photo, ‘With grateful thanks for all you have done for Cape Town and her people'. A sentiment I repeat today." Premier Alan Winde referred to Ackerman as an iconic businessman. "Mr Ackerman was an icon of not just the South African busines

China's CMOC to boost Congo copper output after ending row with Gecamines

China's CMOC Group will raise its copper output in Democratic Republic of Congo to 600,000 metric tons next year, after it recently agreed to end a dispute with state-miner Gecamines, it said on Thursday. The Chinese miner said it is ramping up output at Tenke Fungurume Mining (TFM), where exports of copper and cobalt had been banned until May this year following a row with Gecamines that it recently agreed to settle. More production lines at the TFM mine will raise copper output to 450 000 tons next year, CMOC said. The company aims to produce an additional 150 000 tons of copper at KFM mine, formerly known as Kisanfu, which started producing this year. The Chinese miner didn't provide next year's output forecast for cobalt. CMOC produced 254,286 tons of copper and 20,286 tons of cobalt from the mines in Congo last year. The output from Congo mines would place CMOC within the ranks of the world's top 10 producers, it said, adding that it will surpass Glencore as the world's top cobalt producer. Congo is the world's top cobalt supplier and No. 3 copper producer after Peru and Chile. "Considering the great potential of TFM and KFM in their huge resources, CMOC is committed to studying the feasibility of further expansion as when power supply shortage is further eased in the DRC," CMOC Vice President Zhou Jun said. CMOC resumed shipments of copper and cobalt in May after a ban that lasted nearly a year due to a dispute with Congolese authorities. "Since the export resumed in May, transport of the products has been going smoothly. We expect to de-stock by the end of the month when around 240,000 tons of copper in stock will be transported," Jun said.

Five Signs That the Ancestors Are Angry at You

Throughout history and across cultures, many people believe in the existence of ancestral spirits who watch over their descendants.These ancestors are often seen as protectors and guides, but they can also become displeased or even angry if their descendants fail to honor or respect them properly. While the idea of ancestors' anger may vary from one culture to another, there are common signs that may indicate when they are not pleased. In this article, we will explore five signs that may suggest the ancestors are angry at you. Persistent Bad Luck One of the most common signs of ancestral displeasure is experiencing a prolonged streak of bad luck. This could manifest as financial difficulties, health problems, or personal struggles. In many cultures, it is believed that the ancestors play a significant role in the well-being of their descendants. When things continually go wrong, it may be a sign that your ancestors are upset with you. Traditional rituals, such as offerings or prayers, may be necessary to appease them and restore your good fortune. Recurring Nightmares or Disturbing Dreams Ancestors are often thought to communicate with the living through dreams. If you find yourself having recurring nightmares or disturbing dreams, it could be a sign that your ancestors are trying to convey their dissatisfaction or concerns. Pay attention to the content of these dreams, as they may contain clues about what is troubling them. Consulting with a spiritual advisor or performing rituals to seek guidance and appeasement may be beneficial in such cases. Family Discord and Strife Another sign of ancestral displeasure is an increase in family conflicts and discord. Ancestors are believed to be the guardians of family unity and harmony. When relationships within a family deteriorate, it may indicate that your ancestors are unhappy with the way family bonds are being maintained or neglected. To address this, family members might need to come together, reconcile their differences, and engage in rit

The colonial history of Standard Bank continues

SOUTH Africa is home to multinational corporations (MNCs) in Africa dating back to the colonial era when these corporations acted as agents of their home countries at the expense of black people after colonial conquest. While some of these MNCs came to repent of their disruptive ill-treatment of the African people, Standard Bank South Africa appears to be one of the super-powerful financial institutions that have continued to operate uninterrupted despite many voices pointing out the bank's racial profiling of black people. With total assets of more than R3 trillion and a market capitalisation of $14.5 billion (about R287bn) as of June 20, 2023, it is not shocking how Africa's largest bank, even after rebranding, appears to continue its patterns and trends of oppression through the imminent economic exclusion of many black people who, in this particular case, will undoubtedly be negatively impacted if Standard Bank terminates the bank accounts of Independent Media. With less than a few days left before Standard Bank puts a final nail in the coffin after issuing a notice of termination of banking services for the Sekunjalo Group following the judgment by the Competition Appeal Court (CAC) which found in July that Standard Bank had not engaged in anti-competitive behaviour when it put Sekunjalo's accounts under review based on unfounded allegations of reputational risk. Following the ruling, Standard Bank told Sekunjalo it would shut its banking facilities on August 21, but this was postponed. The bank's potential closure of Independent Media's account has triggered uncertainty, confusion and claims that the bank was anti-black even though it benefited from billions of dollars from those it continued to ill-treat. During the BRICS Youth Summit, Minister in the Presidency for Women, Youth, and Persons with Disabilities Nkosazana Dlamini Zuma decried the lack of control in the financing and banking system in South Africa, saying that in South Africa "we are forced to kneel before five banks".

SA mourns loss of a son with a big heart, Raymond Ackerman

Cape Town - President Cyril Ramaphosa led the condolences for the late Pick n Pay founder and philanthropist Raymond Ackerman, whose death, at the age of 92, was announced early on Thursday. Ramaphosa said: "We mourn with the Ackerman family as they bid farewell to a husband, father, grandfather and great-grandfather whose name resounded comfortably in millions of households around the country. "Raymond Ackerman was an outstanding business leader and entrepreneur who placed people first and stood up to the injustices and discrimination which the apartheid regime sought to outsource to the business sector. May his soul rest in peace." Ramaphosa said Ackerman was one of the first retailers to fight on behalf of South African consumers against the apartheid state's monopoly on basic goods. "He reduced the cost of essentials such as bread, milk and chicken, and spoke against the inclusion of value-added tax (VAT) on basic food lines. He was also one of the first executives to promote black South Africans to senior positions and to acknowledge black trade unions at a time when such unions were banned from operating in the country. Ackerman was awarded the Order of the Baobab for his commitment to uplifting the lives of South Africans by providing scholarships to young people and conducting a socially responsible retail business. Mayor Geordin Hill-Lewis said: "My sincere condolences to the Ackerman family and to Pick n Pay on the passing of Raymond Ackerman. My thoughts go out in particular to Mrs Wendy Ackerman and their four children. He was a truly great Capetonian. "Earlier this year, I had the pleasure of handing a gift from the City archives to Mr and Mrs Ackerman — a photo of them at one of their early store openings in Cape Town. I inscribed the photo, ‘With grateful thanks for all you have done for Cape Town and her people'. A sentiment I repeat today." Premier Alan Winde referred to Ackerman as an iconic businessman. "Mr Ackerman was an icon of not just the South African busines

De Beers eyes five-year agreement as diamond strike looms

Anglo American subsidiary De Beers said on Friday it is looking to secure a five-year wage deal with the National Union of Mineworkers (NUM), with that union considering an offer amid the looming threat of a strike at its Venetia Mine and its sorting and sales business. "We believe that a five-year agreement will provide a measure of certainty, particularly against the backdrop of the transition from open pit mining to the underground mine at Venetia Mine and the recent move of our sorting and valuation business from Kimberley to Johannesburg," it said in a statement. "As the diamond industry, we are also faced with challenging market conditions that are continuing to have an adverse impact on our business." NUM said on Tuesday it had begun a mobilisation process among its 1 500 members, with the union demanding a wage increase of 9%, while De Beers was offering 6%. After four months of talks, a dispute has been declared with the Commission for Conciliation, Mediation and Arbitration, the union said, adding that members would not accept less than 9%, and had progressively moved down from a demand of 25%. The union said that food, fuel and general inflation had skyrocketed, leaving no room for "peanuts," and that it was prepared for the "mother of all strikes." De Beers said on Friday the only outstanding issue is wages, with the union considering its offer after a meeting under the auspices of the CCMA on Wednesday. "We are confident that through continued engagement with the union and our employees we will reach a sustainable settlement with the NUM," it said. SA labour laws require a dispute to be referred to the CCMA, which starts a 30-day conciliation process, although this can be extended with the consent of the parties. De Beers has had reached the bottom of its open pit at Venetia in Limpopo in 2022, and has since transitioned to underground mining, delivering its first stones in July. READ | De Beers' new mine in Limpopo delivers first diamonds Venetia continues to process lower

GLENCORE PLC — GLN — Cancellation of Treasury Shares

8 September 2023 GLN — Cancellation of Treasury Shares GLENCORE PLC (Incorporated in Jersey under the Companies (Jersey) Law 1991) (Registration number 107710) JSE Share Code: GLN LSE Share Code: GLEN ISIN: JE00B4T3BW64 LEI: 2138002658CPO9NBH955 Baar, Switzerland 08 September 2023 Cancellation of treasury shares In line with the Company's policy to maintain its number of treasury shares below 10% of total issued share capital from time to time, the Company announces today the cancellation of 100,000,000 treasury shares. The Company furthermore announces the transfer of 25 million treasury shares, at market value, to the Company's employee benefit trust (EBT) to satisfy potential awards under the Company's employee share schemes. Following these actions, as of opening of dealings today, the total number of ordinary shares in treasury was 1,231,123,041, representing approximately 9.05% of the Company's total issued share capital. In accordance with Listing Rule 12.6.4, the Company discloses the following information: Date of cancellation 8 September 2023 Number of treasury shares cancelled 100,000,000 Number of treasury shares transferred to EBT 25,000,000 Total number of issued ordinary shares following the cancellation 13,600,000,000 Total number of treasury shares following the cancellation and transfer 1,231,123,041 Total number of ordinary shares less treasury shares 12,368,876,959 For further information please contact: Investors Martin Fewings t: +41 41 709 28 80 m: +41 79 737 56 42 martin.fewings@glencore.com Media Charles Watenphul t: +41 41 709 24 62 m: +41 79 904 33 20 charles.watenphul@glencore.com Company Secretarial John Burton t: +41 41 709 26 19 m: +41 79 944 54 34 john.burton@glencore.com Nicola Leigh t: +41 41 709 27 55 m: +41 79 735 39 16 nicola.leigh@glencore.com Lionel Mateo t: +41 41 709 28 47 m: +41 79 152 09 05 lionel.mateo@glencore.com www.glencore.com Follow us on social media: linkedin.com/company/glencore twitter.com/glencore

The colonial history of Standard Bank continues

SOUTH Africa is home to multinational corporations (MNCs) in Africa dating back to the colonial era when these corporations acted as agents of their home countries at the expense of black people after colonial conquest. While some of these MNCs came to repent of their disruptive ill-treatment of the African people, Standard Bank South Africa appears to be one of the super-powerful financial institutions that have continued to operate uninterrupted despite many voices pointing out the bank's racial profiling of black people. With total assets of more than R3 trillion and a market capitalisation of $14.5 billion (about R287bn) as of June 20, 2023, it is not shocking how Africa's largest bank, even after rebranding, appears to continue its patterns and trends of oppression through the imminent economic exclusion of many black people who, in this particular case, will undoubtedly be negatively impacted if Standard Bank terminates the bank accounts of Independent Media. With less than a few days left before Standard Bank puts a final nail in the coffin after issuing a notice of termination of banking services for the Sekunjalo Group following the judgment by the Competition Appeal Court (CAC) which found in July that Standard Bank had not engaged in anti-competitive behaviour when it put Sekunjalo's accounts under review based on unfounded allegations of reputational risk. Following the ruling, Standard Bank told Sekunjalo it would shut its banking facilities on August 21, but this was postponed. The bank's potential closure of Independent Media's account has triggered uncertainty, confusion and claims that the bank was anti-black even though it benefited from billions of dollars from those it continued to ill-treat. During the BRICS Youth Summit, Minister in the Presidency for Women, Youth, and Persons with Disabilities Nkosazana Dlamini Zuma decried the lack of control in the financing and banking system in South Africa, saying that in South Africa "we are forced to kneel before five banks".

Listings of New Financial Instruments

8 September 2023 Listings of New Financial Instruments EQUITES PROPERTY FUND LIMITED (Registration no 2013/080877/06) Incorporated in the Republic of South Africa JSE alpha code: EQUI LISTINGS OF NEW FINANCIAL INSTRUMENTS The JSE Limited has granted approval for new financial instruments listings to Equites Property Fund Limited under its Domestic Medium Term Note Programme dated 30 August 2021 as follows: New Instrument: EQT014 Authorised programme size: R10,000,000,000.00 Total amount in issue after this issuance: R4,538,000,000.00 Nominal value issued: R300,000,000.00 Issue price: 100% Coupon: 3 Month JIBAR plus margin Margin: 129 bps Coupon rate indicator: Floating Trade type: Price Final maturity date: 11 June 2026 Books close date(s): 1 December to 10 December, 1 March to 10 March, 1 June to 10 June, 1 September to 10 September Interest payment date(s): 11 December, 11 March, 11 June, 11 September Last day to register: By 17:00 on 30 November, 28 February, 31 May, 31 August Issue date: 11 September 2023 Date convention: Following Interest commencement date: 11 September 2023 First interest payment date: 11 December 2023 ISIN: ZAG000198870 Additional information: Senior unsecured New Instrument: EQT015 Authorised programme size: R10,000,000,000.00 Total amount in issue after this issuance: R4,988,000,000.00 Nominal value issued: R450,000,000.00 Issue price: 100% Coupon: 3 Month JIBAR plus margin Margin: 139 bps Coupon rate indicator: Floating Trade type: Price Final maturity date: 11 June 2028 Books close date(s): 1 December to 10 December, 1 March to 10 March, 1 June to 10 June, 1 September to 10 September Interest payment date(s): 11 December, 11 March, 11 June, 11 September Last day to register: By 17:00 on 30 November, 28 February, 31 May, 31 August Issue date: 11 September 2023 Date convention: Following Interest commencement date: 11 September 2023 First interest payment date: 11 December 2023 ISIN: ZAG000198730 Additional informa

VHS exposes learners to career opportunities

The Grade 11s had an opportunity to gain information from higher education institutions to help them decide on their future careersChoir Festival at VHS On Thursday, Vryheid High School (VHS) hosted its annual Choir Festival. Schools that participated included Vryheid Comprehensive Secondary School, Vryheid Landbou High School, Nuwe Republiek Skool, Vryheid High School, Sarel Cilliers High School, Newcastle High School, St Dominic's Newcastle and the Vryheid Mass Choir. The schools had to sing various songs in the Gospel and African Contemporary Music categories. Great harmony was produced as all the schools excelled in the respective categories. The Vryheid Mass Choir, which comprises Vryheid High School and Vryheid Landbou, ended the festival on a high note with their performance. The festival was a great success and VHS wishes to thank all the schools that participated.

5 important things happening in South Africa today

Here's what is happening in and affecting South Africa today:Some good news: The risk of South Africa being kicked out of the African Growth and Opportunity Act (Agoa) and being sanctioned over its ties to the Kremlin has receded, according to Standard Bank Group CEO Sim Tshabalala. A post-results transcript shows that he told investors and pundits that the bank believes the Ramaphosa administration has done enough to assuage Washington's concerns that it had aligned with Russia in its war with Ukraine. [ Business Day ] Investment concerns: South African asset managers attracted investments worth R567.3 billion in the second quarter, but investors also sold investments worth R577.7 billion, resulting in net outflows of R10.4 billion. Senior policy advisor at ASISA Sunette Mulder said existing investors may have sold out of their investments to alleviate the financial pressure they are currently experiencing. [ Daily Investor ] Eskom eases load shedding: Power utility Eskom said load shedding will be eased today (8 September), with stage 5 kicking in from 05h00. The group said an updated schedule for the weekend is expected to be published sometime during the day. [ BusinessTech ] More trouble for Karpowership: Another legal challenge is looming over Karpowership in Saldanha Bay as environmental groups said Environment Minister Barbara Creecy's latest decision was unlawful. Creecy allowed Karpowership to submit a Generic Environmental Management Programme (GEMPr) for the Western Cape port well past the regulatory deadline. Environmental groups The Green Connection and Natural Justice argue that the decision is unlawful because Creecy did not consider their arguments against the company's appeal of the Chief Director's decision. [ 702 ] Markets: The rand recovered some losses on Thursday after a consumer confidence index improved, although new data also showed that South Africa's current account deficit had widened. The rand had weakened for most of this week, partly fuelled by a repeat of t

The colonial history of Standard Bank continues

While some of these MNCs came to repent of their disruptive ill-treatment of the African people, Standard Bank South Africa appears to be one of the super-powerful financial institutions that have continued to operate uninterrupted despite many voices pointing out the bank's racial profiling of black people. With total assets of more than R3 trillion and a market capitalisation of $14.5 billion (about R287bn) as of June 20, 2023, it is not shocking how Africa's largest bank, even after rebranding, appears to continue its patterns and trends of oppression through the imminent economic exclusion of many black people who, in this particular case, will undoubtedly be negatively impacted if Standard Bank terminates the bank accounts of Independent Media. With less than a few days left before Standard Bank puts a final nail in the coffin after issuing a notice of termination of banking services for the Sekunjalo Group following the judgment by the Competition Appeal Court (CAC) which found in July that Standard Bank had not engaged in anti-competitive behaviour when it put Sekunjalo's accounts under review based on unfounded allegations of reputational risk. Following the ruling, Standard Bank told Sekunjalo it would shut its banking facilities on August 21, but this was postponed. The bank's potential closure of Independent Media's account has triggered uncertainty, confusion and claims that the bank was anti-black even though it benefited from billions of dollars from those it continued to ill-treat. During the BRICS Youth Summit, Minister in the Presidency for Women, Youth, and Persons with Disabilities Nkosazana Dlamini Zuma decried the lack of control in the financing and banking system in South Africa, saying that in South Africa "we are forced to kneel before five banks". "This represents some of the most concentrated banking systems in the world. The greater concentration of banking to the big five has clearly undermined accountability, hindered development, stifled competition, and pass

Raymond Ackerman memorial service: ALL the details confirmed

The memorial service details for Pick n Pay founder Raymond Ackerman have been confirmed. Here's when you can live-stream. The memorial service details for Pick n Pay founder Raymond Ackerman have been confirmed. As first reported by SA People Ackerman died on Wednesday, 6 September at the age of 92. The memorial service for the South African businessman and retail giant will be held on Monday, 11 September at The service can be live streamed HERE Ackerman founded Pick n Pay in 1967 with his wife Wendy after buying four stores in Cape Town. On Thursday Pick n Pay stores throughout the country paid tribute to Ackerman. At the Constantia Village store in Cape Town, a table at the entrance greeted customers with pictures of Ackerman as well as candles and flowers. A book in which to leave a message was also available. POST YOUR CONDOLENCES Leave your best wishes by clicking on the comment tab below this article or by emailing info@thesouthafrican.com or sending a WhatsApp to You can also follow @TheSAnews on Twitter and The South African on Facebook for the latest news. BELOW, 10 THINGS YOU MAY NOT HAVE KNOWN ABOUT RAYMOND ACKERMAN 1. Raymond Ackerman was born on 10 March 1931. 2. He attended Bishops in Cape Town and the University of Cape Town (UCT) where he studied a B.Comm degree. 3. Following the initial purchase of those four stores from Jack Goldin, in the subsequent years the group grew to more than 2 000 stores across South Africa, Namibia, Botswana, Zambia, Nigeria, Eswatini and Lesotho. 4. Raymond Ackerman's father, Gus, founded Ackermans after World War 1. 5. Raymond Ackerman launched multiple battles against the government regarding petrol price cutting, but lost. 6. In 2004, he established the Raymond Ackerman Academy for Entrepreneurial Development in partnership with UCT and later the University of Johannesburg, which has produced hundreds of new business owners. 7. In 2010, Raymond and Wendy retired from the board of Pick n Pay Stores Limited and became honorary life pr

SA Inc mourns the passing of Raymond Ackerman: a retail legend

Business Unity South Africa (Busa) said, "We have lost a titan, but his legacy will continue to inspire and guide us for generations to come." It said Ackerman's resolute commitment to championing consumer rights, promoting inclusivity and fostering an entrepreneurial spirit set a benchmark at that time. "Throughout his life, Ackerman was a retail pioneer who challenged the inclusion of VAT on essential food items and reducing the cost of daily essentials, thus positioning himself as a true advocate for the South African consumer," the group said. Busa CEO Cas Coovadia said: "The loss of Ackerman is profoundly felt across the length and breadth of South Africa. His legacy is one of resilience, integrity and dedication. Raymond Ackerman was a trailblazer in the truest sense. "We aim to honour him by continuing to drive business growth, unity, and prosperity in our beloved nation," he said. According to Busa, his philanthropic endeavours speak volumes about his dedication to empowerment and upliftment. "The Ackerman Family Trust's commendable support of education has resulted in the graduation of hundreds from diverse professional backgrounds, reaffirming his belief in the transformative power of education," it said. Busa also said his visionary leadership, unwavering commitment to ethical business practices, and loyal belief in the power of unity to drive South Africa forward had inspired countless individuals, both within and outside the business sector. The South African Chamber of Commerce (Sacci) said Ackerman was an entrepreneur par excellence and a giant of the business and South African community, who was a pioneer and innovator in business. "The many jobs created by Pick n Pay, millions of taxes generated to the fiscus by the Pick n Pay ecosystem over the years, and the creation of the many businesses that are dependent on Pick n Pay , is a testament to his pedigree, excellence, and massive contribution to South Africa," he said. Alan Mukoki, the CEO of the South African Chamber of

SA mourns loss of a son with a big heart, Raymond Ackerman

Cape Town - President Cyril Ramaphosa led the condolences for the late Pick n Pay founder and philanthropist Raymond Ackerman, whose death, at the age of 92, was announced early on Thursday. Ramaphosa said: "We mourn with the Ackerman family as they bid farewell to a husband, father, grandfather and great-grandfather whose name resounded comfortably in millions of households around the country. "Raymond Ackerman was an outstanding business leader and entrepreneur who placed people first and stood up to the injustices and discrimination which the apartheid regime sought to outsource to the business sector. May his soul rest in peace." Ramaphosa said Ackerman was one of the first retailers to fight on behalf of South African consumers against the apartheid state's monopoly on basic goods. "He reduced the cost of essentials such as bread, milk and chicken, and spoke against the inclusion of value-added tax (VAT) on basic food lines. He was also one of the first executives to promote black South Africans to senior positions and to acknowledge black trade unions at a time when such unions were banned from operating in the country. More on this ‘Raymond Ackerman made South Africa a better place' The life and times of Pick n Pay founder Raymond Ackerman: 1931-2023 Raymond Ackerman: Visionary, philanthropist, and pillar of Pick n Pay and South African retail, has died Ackerman was awarded the Order of the Baobab for his commitment to uplifting the lives of South Africans by providing scholarships to young people and conducting a socially responsible retail business. Mayor Geordin Hill-Lewis said: "My sincere condolences to the Ackerman family and to Pick n Pay on the passing of Raymond Ackerman. My thoughts go out in particular to Mrs Wendy Ackerman and their four children. He was a truly great Capetonian. "Earlier this year, I had the pleasure of handing a gift from the City archives to Mr and Mrs Ackerman — a photo of them at one of their early store openings in Cape Town. I inscribed t

China's CMOC to boost Congo copper output after ending row with Gecamines

China's CMOC Group will raise its copper output in Democratic Republic of Congo to 600,000 metric tons next year, after it recently agreed to end a dispute with state-miner Gecamines, it said on Thursday. The Chinese miner said it is ramping up output at Tenke Fungurume Mining (TFM), where exports of copper and cobalt had been banned until May this year following a row with Gecamines that it recently agreed to settle. More production lines at the TFM mine will raise copper output to 450 000 tons next year, CMOC said. The company aims to produce an additional 150 000 tons of copper at KFM mine, formerly known as Kisanfu, which started producing this year. The Chinese miner didn't provide next year's output forecast for cobalt. CMOC produced 254,286 tons of copper and 20,286 tons of cobalt from the mines in Congo last year. The output from Congo mines would place CMOC within the ranks of the world's top 10 producers, it said, adding that it will surpass Glencore as the world's top cobalt producer. Congo is the world's top cobalt supplier and No. 3 copper producer after Peru and Chile. "Considering the great potential of TFM and KFM in their huge resources, CMOC is committed to studying the feasibility of further expansion as when power supply shortage is further eased in the DRC," CMOC Vice President Zhou Jun said. CMOC resumed shipments of copper and cobalt in May after a ban that lasted nearly a year due to a dispute with Congolese authorities. "Since the export resumed in May, transport of the products has been going smoothly. We expect to de-stock by the end of the month when around 240,000 tons of copper in stock will be transported," Jun said.

South Africa: President Ramaphosa to Attend G20 Summit

President Cyril Ramaphosa is expected to embark on a working visit to India to attend the G20 Leaders' Summit this weekend. "President Ramaphosa will during the summit participate in the G20 Working Sessions themed One Earth, One Family and One Future. The President will also on the margins of the G20 have bilateral meetings with Heads of State and Government to strengthen South Africa's diplomatic, economic and cultural ties. "South Africa is a member of the G20 and its participation seeks to provide a strategic foresight in establishing an economic and international policy platform that will drive and negotiate the best possible outcomes for the country, Africa and the developing world. South Africa will assume the G20 Presidency in 2025," the Presidency said in a statement. The theme for this year's summit, held under the Presidency of India, is "One Earth, One Family, One Future". "The New Delhi Summit will focus on the key pillars of the Indian G20 Presidency, namely; Accelerated, Inclusive Sustainable and Resilient Growth; Accelerating Progress on Sustainable Development Goals (SDGs); Mainstreaming Lifestyle for Environment (LiFE); Multilateral Institutions for the 21st Century; Technological Transformation and Public Infrastructure; Building Digital Public Infrastructure; Safeguarding International Peace and Harmony; Creating a More Inclusive World, Gender Equality and Empowerment of Women and; Creating a More Inclusive World. "The Group of Twenty (G20) is the premier forum for international economic cooperation. It plays an important role in shaping and strengthening global architecture and governance on all major international economic issues. "The G20 initially focused largely on broad macroeconomic issues, but it has since expanded its agenda to include trade, sustainable development, health, agriculture, energy, environment, climate change, and anti-corruption," the Presidency said. Department of International Relations and Cooperation Minister Dr Naledi Pandor will support the

EThekwini remains open for Business and investment

EThekwini remains open for Business and investment The City co-hosted a business engagement to promote investment in the City. TO REITERATE that eThekwini is open for business and investment, the City co-hosted a business engagement with the Department of Trade and Industry and the Durban Chamber of Commerce and Industry recently. The event, which was attended by prominent business leaders, aimed to address business concerns that have impacted operations within the City. It also provided an opportunity for eThekwini Mayor Councillor Mxolisi Kaunda to engage in meaningful discussions with the Minister of Trade and Industry and Competition Ebrahim Patel. The engagement drew attention to the collaboration of diverse business stakeholders during the peak of the COVID-19 pandemic. This partnership led to the formulation of an Economic Recovery Strategy, now serving as a blueprint for addressing various types of disasters that may arise in the City. Mayor Kaunda expressed gratitude to the business sector for their unwavering support in revitalising the City’s economy, following the crises. "Despite the losses experienced, the business community’s commitment to both the City and its residents must be applauded. In line with fostering proactive dialogue, the City has established several platforms to engage with organised business entities. These platforms encompass the eThekwini Economic Council, the CEOs Forum, the KZN Growth Coalition 8-Aside, and a newly formed committee of technical experts from both the City and the business sector, said Mayor Kaunda. He said this technical infrastructure committee focuses its efforts on tackling crucial infrastructure challenges relating to water, roads, and electricity. This is done with the aim of further enhancing the City’s growth, service delivery, and major investment projects, he added.

De Beers upbeat talks with union will avert strike at Venetia

National Union of Mineworkers demands a 9% pay hike while the company can only offered 6% Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers. Anglo American's De Beers is confident ongoing talks with the National Union of Mineworkers (NUM) will avert a wage strike at Venetia, SA's largest diamond mine, the company said on Friday. On Tuesday, NUM, the biggest mineworkers' union, said it was planning a strike at Venetia, as De Beers could only offer a 6% pay increase against demands for a 9% hike. The strike by NUM's 1,500 workers would affect operations at Venetia's new $2.3bn underground operations, which started production in July. De Beers stopped its 30-year open pit operations at Venetia in December 2022. In a statement, De Beers said it held a meeting with NUM representatives on September 6, facilitated by the Commission for Conciliation, Mediation and Arbitration (CCMA), a statutory body that mediates labour disputes. "We are confident that through continued engagement with the union and our employees we will reach a sustainable settlement with NUM," De Beers said. The miner said the diamond industry is facing "challenging market conditions" affecting its business. NUM was not immediately available for comment. De Beers said it was pursuing a five-year wage deal with workers to provide operational certainty amid the transition to underground mining which targets annual production of 4- million carats, the equivalent of 12% of the group's forecast output for 2023. Reuters Stock Watch - 07 Sept 2023 | The Close Next video Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.

Boosting SA Employment with Business Process Outsourcing (BPO)

One of South Africa's pressing challenges is generating meaningful employment, particularly for its youth population. CCI, a leading player in the BPO sector, serves an international clientele across Africa. Its focus on growth, quality service, and long-term partnerships has positioned it as a top-tier BPO operator in South Africa. CCI prioritizes job creation, with 76% of its employees coming from low-income households. Additionally, CCI actively promotes gender diversity, with 67% female placement and 52% female leadership. The Business Process Outsourcing (BPO) industry stands as a promising avenue to address this need, offering opportunities to individuals from diverse educational backgrounds. Success in this sector hinges on the right attitude, strong communication skills, and an aptitude for working with people. Supported by the South African government, the BPO industry aims to create up to 500,000 new jobs by 2030. South Africa's BPO industry aims for a 4% global revenue share by 2030, according to a Deloitte report. This growth is a testament to the sector's success as a driver of economic growth and employment, especially for young individuals and marginalized communities. The South African government recognizes the BPO industry's potential to address unemployment and growth challenges. The company's CEO, Peter Andrew, notes that CCI's growth continues in 2023, with the launch of 12 new client campaigns across various industries. These campaigns have already created 2,458 new jobs and 253 management and support roles this year, with a long-term goal of creating 20,000 jobs within the sector. CCI partners with CareerBox to provide youth with the necessary skills for the BPO industry, offering a work readiness training program focused on technical and soft skills development. This empowers youth, uplifts communities, and drives job placement and transformation, with 98.5% of CCI promotions from CareerBox-trained candidates. The BPO industry also emphasizes on-the-job training and

The colonial history of Standard Bank continues

While some of these MNCs came to repent of their disruptive ill-treatment of the African people, Standard Bank South Africa appears to be one of the super-powerful financial institutions that have continued to operate uninterrupted despite many voices pointing out the bank's racial profiling of black people. With total assets of more than R3 trillion and a market capitalisation of $14.5 billion (about R287bn) as of June 20, 2023, it is not shocking how Africa's largest bank, even after rebranding, appears to continue its patterns and trends of oppression through the imminent economic exclusion of many black people who, in this particular case, will undoubtedly be negatively impacted if Standard Bank terminates the bank accounts of Independent Media. With less than a few days left before Standard Bank puts a final nail in the coffin after issuing a notice of termination of banking services for the Sekunjalo Group following the judgment by the Competition Appeal Court (CAC) which found in July that Standard Bank had not engaged in anti-competitive behaviour when it put Sekunjalo's accounts under review based on unfounded allegations of reputational risk. Following the ruling, Standard Bank told Sekunjalo it would shut its banking facilities on August 21, but this was postponed. The bank's potential closure of Independent Media's account has triggered uncertainty, confusion and claims that the bank was anti-black even though it benefited from billions of dollars from those it continued to ill-treat. During the BRICS Youth Summit, Minister in the Presidency for Women, Youth, and Persons with Disabilities Nkosazana Dlamini Zuma decried the lack of control in the financing and banking system in South Africa, saying that in South Africa "we are forced to kneel before five banks". "This represents some of the most concentrated banking systems in the world. The greater concentration of banking to the big five has clearly undermined accountability, hindered development, stifled competition, and pass

HAMMERSON PLC — Hammerson plc announces Indicative Results of Tender Offers in respect of its bonds due 2025 and bonds due

8 September 2023 R5.89 Hammerson plc announces Indicative Results of Tender Offers in respect of its bonds due 2025 and bonds due 2026 Hammerson plc (Incorporated in England and Wales) (Company number 360632) LSE and Euronext Dublin share code: HMSO JSE share code: HMN ISIN: GB00BK7YQK64 ("Hammerson" or "the Company") HAMMERSON PLC ANNOUNCES INDICATIVE RESULTS OF TENDER OFFERS IN RESPECT OF ITS £350,000,000 3.500 PER CENT. BONDS DUE 2025 (the 2025 BONDS) AND £300,000,000 6.00 PER CENT. BONDS DUE 2026 (the 2026 BONDS) THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (EUWA). NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO ANY PERSON LOCATED OR RESIDENT IN, OR AT ANY ADDRESS IN, THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY STATE OF THE UNITED STATES OF AMERICA OR THE DISTRICT OF COLUMBIA (THE UNITED STATES) OR TO ANY U.S. PERSON (AS DEFINED IN REGULATION S OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES ACT)) OR IN OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS DOCUMENT. 8 September 2023. Hammerson plc (the Company) announces today the indicative results of its separate invitations to holders of its outstanding (a) £350,000,000 3.500 per cent. Bonds due 2025 (ISIN: XS1311391012) (the 2025 Bonds) and (b) £300,000,000 6.00 per cent. Bonds due 2026 (ISIN: XS0184639895) (the 2026 Bonds and, together with the 2025 Bonds, the Bonds and each a Series) to tender their Bonds for purchase by the Company for cash (each such invitation an Offer and together the Offers). The Offers were announced on 31 August 2023 and were made on the terms and subject to the conditions contained in the tende

The colonial history of Standard Bank continues

SOUTH Africa is home to multinational corporations (MNCs) in Africa dating back to the colonial era when these corporations acted as agents of their home countries at the expense of black people after colonial conquest. While some of these MNCs came to repent of their disruptive ill-treatment of the African people, Standard Bank South Africa appears to be one of the super-powerful financial institutions that have continued to operate uninterrupted despite many voices pointing out the bank's racial profiling of black people. With total assets of more than R3 trillion and a market capitalisation of $14.5 billion (about R287bn) as of June 20, 2023, it is not shocking how Africa's largest bank, even after rebranding, appears to continue its patterns and trends of oppression through the imminent economic exclusion of many black people who, in this particular case, will undoubtedly be negatively impacted if Standard Bank terminates the bank accounts of Independent Media. With less than a few days left before Standard Bank puts a final nail in the coffin after issuing a notice of termination of banking services for the Sekunjalo Group following the judgment by the Competition Appeal Court (CAC) which found in July that Standard Bank had not engaged in anti-competitive behaviour when it put Sekunjalo's accounts under review based on unfounded allegations of reputational risk. Following the ruling, Standard Bank told Sekunjalo it would shut its banking facilities on August 21, but this was postponed. The bank's potential closure of Independent Media's account has triggered uncertainty, confusion and claims that the bank was anti-black even though it benefited from billions of dollars from those it continued to ill-treat. More on this ‘Need for inquiry into banking practices long overdue' Crotty and Roper: Advocates for unjust corporate power or enemies of media freedom? Right to Bank: How safe is your account in the hands of political banks? Banking's Grey Area: Banking regulation overhaul re

The colonial history of Standard Bank continues

While some of these MNCs came to repent of their disruptive ill-treatment of the African people, Standard Bank South Africa appears to be one of the super-powerful financial institutions that have continued to operate uninterrupted despite many voices pointing out the bank's racial profiling of black people. With total assets of more than R3 trillion and a market capitalisation of $14.5 billion (about R287bn) as of June 20, 2023, it is not shocking how Africa's largest bank, even after rebranding, appears to continue its patterns and trends of oppression through the imminent economic exclusion of many black people who, in this particular case, will undoubtedly be negatively impacted if Standard Bank terminates the bank accounts of Independent Media. With less than a few days left before Standard Bank puts a final nail in the coffin after issuing a notice of termination of banking services for the Sekunjalo Group following the judgment by the Competition Appeal Court (CAC) which found in July that Standard Bank had not engaged in anti-competitive behaviour when it put Sekunjalo's accounts under review based on unfounded allegations of reputational risk. Following the ruling, Standard Bank told Sekunjalo it would shut its banking facilities on August 21, but this was postponed. The bank's potential closure of Independent Media's account has triggered uncertainty, confusion and claims that the bank was anti-black even though it benefited from billions of dollars from those it continued to ill-treat. During the BRICS Youth Summit, Minister in the Presidency for Women, Youth, and Persons with Disabilities Nkosazana Dlamini Zuma decried the lack of control in the financing and banking system in South Africa, saying that in South Africa "we are forced to kneel before five banks". "This represents some of the most concentrated banking systems in the world. The greater concentration of banking to the big five has clearly undermined accountability, hindered development, stifled competition, and pass

The colonial history of Standard Bank continues

While some of these MNCs came to repent of their disruptive ill-treatment of the African people, Standard Bank South Africa appears to be one of the super-powerful financial institutions that have continued to operate uninterrupted despite many voices pointing out the bank's racial profiling of black people. With total assets of more than R3 trillion and a market capitalisation of $14.5 billion (about R287bn) as of June 20, 2023, it is not shocking how Africa's largest bank, even after rebranding, appears to continue its patterns and trends of oppression through the imminent economic exclusion of many black people who, in this particular case, will undoubtedly be negatively impacted if Standard Bank terminates the bank accounts of Independent Media. With less than a few days left before Standard Bank puts a final nail in the coffin after issuing a notice of termination of banking services for the Sekunjalo Group following the judgment by the Competition Appeal Court (CAC) which found in July that Standard Bank had not engaged in anti-competitive behaviour when it put Sekunjalo's accounts under review based on unfounded allegations of reputational risk. Following the ruling, Standard Bank told Sekunjalo it would shut its banking facilities on August 21, but this was postponed. The bank's potential closure of Independent Media's account has triggered uncertainty, confusion and claims that the bank was anti-black even though it benefited from billions of dollars from those it continued to ill-treat. During the BRICS Youth Summit, Minister in the Presidency for Women, Youth, and Persons with Disabilities Nkosazana Dlamini Zuma decried the lack of control in the financing and banking system in South Africa, saying that in South Africa "we are forced to kneel before five banks". "This represents some of the most concentrated banking systems in the world. The greater concentration of banking to the big five has clearly undermined accountability, hindered development, stifled competition, and pass

Bayobab's License Boosts Nigeria's Connectivity

Nigeria| Bayobab Group, formerly known as MTN GlobalConnect, is thrilled to announce the acquisition of a National Long-Distance Operator License from Nigerian regulatory authorities. This milestone ushers in a new era of connectivity meeting Nigeria's surging data demand. Bayobab Nigeria can now facilitate long-distance traffic, fostering enhanced communication, collaboration, and innovation. Frédéric Schepens, CEO of Bayobab Group, expressed his enthusiasm, stating, "This achievement marks a transformative moment for us as we eagerly anticipate contributing to the growth and development of Nigeria's digital economy. At Bayobab, we are deeply committed to pushing the boundaries of what is achievable in the realm of connectivity." He further emphasized, "This license serves as a testament to our unwavering dedication to delivering seamless and advanced connectivity solutions to our clients and partners. We firmly believe that connectivity forms the foundation upon which innovation thrives. Our commitment to excellence and innovation will continue to guide us as we embark on this new chapter, delivering next-gen digital connectivity across Nigeria." Nigeria's Digital Transformation: A Booming Landscape of Connectivity In a dynamic era of digital transformation, Nigeria's connectivity landscape has witnessed remarkable growth, fundamentally changing how its population accesses information, conducts business and engages globally. With a population exceeding 200 million, as reported by GSMA Intelligence, the adoption of digital services by governments, businesses, and consumers is reshaping daily life in Nigeria. Mobile technology plays an instrumental role in the nation's economy, with mobile broadband being the predominant means of internet access, unlocking new possibilities. The surge in digital services, spanning from mobile financial solutions to dynamic e-learning platforms, has sparked a revolution in how Nigerians access essential services, resulting in an escalating demand fo

MTN terminates tower deal with IHS in Nigeria

MTN Group said American Tower Corporation will take over its Nigerian tower operations from IHS Holding from 2025. American Tower Corporation will take over its Nigerian tower operations from IHS Holding from 2025. The company said it was proactively renegotiating its tower contracts in Nigeria as the lease of approximately 2 500 of its network sites in its largest market, for which IHS had provided services, will expire in 2024 and 2025. Last year, MTN completed a sale-and-leaseback deal with IHS to take over more than 5 700 of its tower sites in South Africa. Since then, the relationship between the two companies has soured and MTN is currently in a shareholder dispute with the tower firm, in which it holds 26%, over governance issues. American Tower previously bought MTN's stake in its tower operations in Uganda and Ghana. - (c) 2023 Bloomberg LP

Sanlam returns to normal growth trends after three challenging years

Sanlam said its earnings trends were back on track in the six months to June 30 after a series of what its management described as one-in-25 or one-in-100-year events between 2020 and 2022, highlighted by the Covid-19 pandemic. The performance was broad-based — strong profitability was reported in life insurance, credit and general insurance, and investment management was steady — the group said in its interim results yesterday. CEO Paul Hanratty said the operational performance and earnings growth had been robust. "This growth from the pre-pandemic basis indicates the underlying growth engine of Sanlam remains intact. It underscores the strength and resilience of our diversified operations. Our delivery on strategy amid challenging operating conditions is testimony," he said. The first half performance last year was negatively impacted by weak investment markets and a lower performance from general insurance operations, while the second half of 2022 saw a turnaround in earnings. As a result, the growth in the second half of 2023 was unlikely to be as strong as the first half growth rate, the group said in a statement. Sanlam's measure of underlying earnings performance, net results from financial services, increased 26%. The general insurance line of business increased 38%, life insurance by 28% and credit and structuring 36%. The investment management operations increased by 2% and would be 9% higher when excluding the earnings from disposed UK businesses in the 2022 base. The group's key earnings metric, cash net results from financial services, increased by 30%. Cratos Asset Management (@CratosAM) said on X: "Sanlam posted a solid set of results for HY ‘23 (half-year 2023), as improvements in equity markets and a weakening of the rand boosted H1 returns ... Shares have been making 52-week highs". Martin Rodgers (@SAValueInvestor) said on X: "Solid update on Sanlam's interim results for FY2023. So much detail with these insurance companies you will need a blue tick to get it all i

RMB advises Heineken on employee share ownership scheme

Media release 8 September 2023 Heineken Beverages empowers its South African business with advice from its trusted advisor Rand Merchant Bank Heineken Beverages South Africa (HBSA), a subsidiary of Heineken Beverages Holdings (Heineken Beverages), has this week established a new evergreen employee share ownership scheme (ESOP) with the assistance and support of RMB as its sole financial advisor. Through the Bokamoso Trust, the ESOP will own 6% of HBSA for the direct benefit of HBSA's approximately 5,000 South African employees. In a separate but related transaction, RMB also acted as sole financial advisor to Heineken Beverages in relation to the restructuring of the previous empowerment partner to Distell, the Distell Development Trust (DDT), to establish it as a 9% shareholder of HBSA. These combined transactions result in HBSA having a Broad-Based Black Economic Empowerment (B-BBEE) ownership of 15%, delivering on its commitments to the Competition Tribunal in terms of the Heineken/Distell/Namibian Breweries transaction. RMB provided Heineken Beverages with an innovative and bespoke solution from design to implementation to deliver the desired B-BBEE solution for HBSA, showcasing RMB's ability to develop and execute complex inter-related transactions in an efficient manner to achieve HBSA's commercial and transformation objectives in South Africa, within tight regulatory imposed timelines. "RMB is pleased to have partnered with a regional beverages champion such as Heineken Beverages for this transaction, which represents a significant step forward in enhancing the lives of the employees and communities in which HBSA operates. This transaction is another example of how RMB endeavours to become a trusted advisor to its clients," Ferdi Vorster at RMB concludes. End Related Featured

Stage 6 load shedding: What is the best way for your business to beat Eskom

As South Africa grapples with relentless load shedding and sky-rocketing electricity prices, a new study by Alumo Energy has spotlighted solar systems as the most economical long-term solution for businesses. The study, which compared the costs of various energy alternatives, underscores the financial implications of the ongoing national energy crisis "The national energy crisis, coupled with exorbitant electricity bills and the financial strain of load shedding, has compelled South Africans to explore alternative energy sources, Rein Snoeck Henkemans, Managing Director of Alumo Energy said. Alumo Energy's research focused on a hypothetical small business with monthly electricity bills ranging between R15,000 and R20,000. The study examined four scenarios: remaining grid-dependent, investing in a generator, opting for a battery and inverter back-up system, and installing a hybrid solar solution with battery and inverter back-up. The findings were revealing: Staying Grid-Dependent: While initially cost-effective, a business would face losses exceeding R28.8 million over 15 years due to rising electricity prices and load shedding-induced income loss. Opting for a Generator: Despite a R300,000 investment in a 60kVA generator, the business would still incur losses of over R16.9 million over the same period, mainly due to diesel inflation and maintenance costs. Battery and Inverter Back-Up: With an upfront cost of R676,950, the business would spend just over R10.9 million in 15 years, saving nearly R6 million compared to the generator scenario. Hybrid Solar System: Investing around R1.18 million in a hybrid solar solution would not only allow the business to break even after eight years but also yield a profit of over R1.9 million by the fifteenth year. IOL News

Stage 6 load shedding: What is the best way for your business to beat Eskom

As South Africa grapples with relentless load shedding and sky-rocketing electricity prices, a new study by Alumo Energy has spotlighted solar systems as the most economical long-term solution for businesses. The study, which compared the costs of various energy alternatives, underscores the financial implications of the ongoing national energy crisis "The national energy crisis, coupled with exorbitant electricity bills and the financial strain of load shedding, has compelled South Africans to explore alternative energy sources, Rein Snoeck Henkemans, Managing Director of Alumo Energy said. Alumo Energy's research focused on a hypothetical small business with monthly electricity bills ranging between R15,000 and R20,000. The study examined four scenarios: remaining grid-dependent, investing in a generator, opting for a battery and inverter back-up system, and installing a hybrid solar solution with battery and inverter back-up. The findings were revealing: Staying Grid-Dependent: While initially cost-effective, a business would face losses exceeding R28.8 million over 15 years due to rising electricity prices and load shedding-induced income loss. Opting for a Generator: Despite a R300,000 investment in a 60kVA generator, the business would still incur losses of over R16.9 million over the same period, mainly due to diesel inflation and maintenance costs. Battery and Inverter Back-Up: With an upfront cost of R676,950, the business would spend just over R10.9 million in 15 years, saving nearly R6 million compared to the generator scenario. Hybrid Solar System: Investing around R1.18 million in a hybrid solar solution would not only allow the business to break even after eight years but also yield a profit of over R1.9 million by the fifteenth year. "Solar systems undeniably offer the best long-term value. They are particularly beneficial for businesses needing a consistent energy supply to safeguard their operations and potentially enhance their future cash flow. IOL News

CAPITEC BANK HOLDINGS LIMITED - Voluntary Trading Statement

Release Date: Voluntary Trading Statement CAPITEC BANK HOLDINGS LIMITED Incorporated in the Republic of South Africa Registration number 1999/025903/06 Ordinary Share Code: CPI ISIN Number: ZAE000035861 Preference Share Code: CPIP ISIN Number: ZAE000083838 ("Capitec" or "the group") VOLUNTARY TRADING STATEMENT In accordance with Capitec's custom of keeping shareholders informed, the board advises that a reasonable degree of certainty exists that for the 6 months ended 31 August 2023: - group headline earnings per share will be between 4 035 cents and 4 110 cents per share, representing an increase of between 8% and 10% compared to the restated 3 736 cents per share for the comparative 6 months ended 31 August 2022*; and - group earnings per share will be between 4 037 cents and 4 112 cents per share, representing an increase of between 8% and 10% compared to the restated 3 738 cents per share for the comparative 6 months ended 31 August 2022*. The economic climate in South Africa was characterised by an inflation rate in excess of the government's target and increases in interest rates until June 2023. This led to consumers being under financial pressure which impacted the retail bank loans and advances and resulted in a higher credit impairment charge and credit loss ratio. During the 6 months ended 31 August 2023, the credit granting criteria were tightened further to appropriately address the risk in the loan book created by the adverse economic conditions. As at 31 August 2023, provisions for expected credit losses are conservative. Furthermore, recent inflation and GDP data show signs of improvement. Net transaction fee income and funeral plan income contributed positively to the earnings and headline earnings growth. Net transaction fee income performed strongly driven by growth in transaction volumes and the addition of new products. Growth in the active funeral plan book, due to high sales and client retention, as well as good collection rates ensure

The Unraveling of Love: Musa Mseleku and Mbali Headed for Divorce

Love stories have a unique way of capturing our hearts, making us believe in the power of love against all odds.One such love story that has intrigued South African audiences for years is that of Musa Mseleku and Mbali Mseleku. Their journey, as chronicled on the reality TV show "Uthando Nesthembu," has been one of love, challenges, and the pursuit of a non-conventional family dynamic. However, recent reports suggest that their love might be facing its toughest test yet, as the couple appears to be headed for divorce. The Beginnings of Musa and Mbali's Love Story Musa Mseleku, a successful businessman, and Mbali Mseleku, a nurse and businesswoman, first captured the public's attention with their polygamous lifestyle, which they openly shared on television. "Uthando Nesthembu" provided a glimpse into their unique family structure, as Musa had married four wives, including Mbali, and together, they navigated the complexities of a polygamous marriage. Their story was celebrated by some as a symbol of love's ability to transcend societal norms and expectations. It challenged traditional ideas of marriage and monogamy, prompting discussions about alternative family dynamics and the possibility of harmonious coexistence in a polygamous household. The Challenges and Triumphs While their journey was marked by moments of joy and togetherness, it was not without its challenges. Viewers watched as the family faced issues related to jealousy, emotional turmoil, and the complexities of co-parenting. Musa was often caught in the middle, trying to balance the needs and emotions of his four wives. Mbali, being one of the youngest wives, faced her share of struggles, including navigating her relationship with the other wives and her own aspirations. Throughout the series, Musa and Mbali's love for each other remained evident, and they often talked about their commitment to each other and the family they had created. Their love story served as a testament to the idea that love could conquer all, even the

Liberia: Count us Out of the Elections

Aggrieved voters in Electoral District# 11, Montserrado County have threatened to boycott the ensuing October 10 Presidential and LegislativeElections as a result of the disqualification of their leading Representative Candidate, Thomas Nimene Tweh alias Original Countryman by the Supreme Court of Liberia. Last week, the Court mandated the National Elections Commission (NEC) to nullify the candidacy of Mr. Tweh, who is commonly known as Original Country Man (OCM), on grounds that he was ineligible to contest following a domicile case filed against him by candidate Siah Tandanpollie of the New Liberia Party (NLP). Tandapollie contended that Mr. Tweh does not reside in district # 11, but God Grace Community in Louisiana, district # 1 in Montserrado County . As a result of the Court's ruling which was in keeping with Article 30 (b) of the 1986 constitution, supporters of Mr. Tweh are being subjected to provocations and humiliation from their political archrivals. His campaign flyers and banners were being taken down by supporters of his political archrivals. The citizens are planning to set road blocks and boycott the October 1o elections as a result against the decision taken against Mr. Tweh until steps are taken to prevent the unnecessary disqualification of a candidate less than 36 days to the elections. Speaking to Reporters over the weekend, the Spokesman of the aggrieved women, Theresa Davies disclosed that citizens of the district are disenchanted over the manner and form in which their "choice" was denied from exercising his political right to represent his people. "Mr. Tweh is our choice; if you look at the way people went to his house that night after the court ruling, you will know that people really love and want him to represent them. We will not vote for this government or support any of their candidates in this district or county because of the decision from the court," Theresa Davies, noted She emphasized that financial resources, energy and efforts applied by hundreds of re

The colonial history of Standard Bank continues

While some of these MNCs came to repent of their disruptive ill-treatment of the African people, Standard Bank South Africa appears to be one of the super-powerful financial institutions that have continued to operate uninterrupted despite many voices pointing out the bank's racial profiling of black people. With total assets of more than R3 trillion and a market capitalisation of $14.5 billion (about R287bn) as of June 20, 2023, it is not shocking how Africa's largest bank, even after rebranding, appears to continue its patterns and trends of oppression through the imminent economic exclusion of many black people who, in this particular case, will undoubtedly be negatively impacted if Standard Bank terminates the bank accounts of Independent Media. With less than a few days left before Standard Bank puts a final nail in the coffin after issuing a notice of termination of banking services for the Sekunjalo Group following the judgment by the Competition Appeal Court (CAC) which found in July that Standard Bank had not engaged in anti-competitive behaviour when it put Sekunjalo's accounts under review based on unfounded allegations of reputational risk. Following the ruling, Standard Bank told Sekunjalo it would shut its banking facilities on August 21, but this was postponed. The bank's potential closure of Independent Media's account has triggered uncertainty, confusion and claims that the bank was anti-black even though it benefited from billions of dollars from those it continued to ill-treat. During the BRICS Youth Summit, Minister in the Presidency for Women, Youth, and Persons with Disabilities Nkosazana Dlamini Zuma decried the lack of control in the financing and banking system in South Africa, saying that in South Africa "we are forced to kneel before five banks". "This represents some of the most concentrated banking systems in the world. The greater concentration of banking to the big five has clearly undermined accountability, hindered development, stifled competition, and pass

Boosting SA Employment with Business Process Outsourcing (BPO)

One of South Africa's pressing challenges is generating meaningful employment, particularly for its youth population. CCI, a leading player in the BPO sector, serves an international clientele across Africa. Its focus on growth, quality service, and long-term partnerships has positioned it as a top-tier BPO operator in South Africa. CCI prioritizes job creation, with 76% of its employees coming from low-income households. Additionally, CCI actively promotes gender diversity, with 67% female placement and 52% female leadership. The Business Process Outsourcing (BPO) industry stands as a promising avenue to address this need, offering opportunities to individuals from diverse educational backgrounds. Success in this sector hinges on the right attitude, strong communication skills, and an aptitude for working with people. Supported by the South African government, the BPO industry aims to create up to 500,000 new jobs by 2030. South Africa's BPO industry aims for a 4% global revenue share by 2030, according to a Deloitte report. This growth is a testament to the sector's success as a driver of economic growth and employment, especially for young individuals and marginalized communities. The South African government recognizes the BPO industry's potential to address unemployment and growth challenges. The company's CEO, Peter Andrew, notes that CCI's growth continues in 2023, with the launch of 12 new client campaigns across various industries. These campaigns have already created 2,458 new jobs and 253 management and support roles this year, with a long-term goal of creating 20,000 jobs within the sector. CCI partners with CareerBox to provide youth with the necessary skills for the BPO industry, offering a work readiness training program focused on technical and soft skills development. This empowers youth, uplifts communities, and drives job placement and transformation, with 98.5% of CCI promotions from CareerBox-trained candidates. The BPO industry also emphasizes on-the-job training and

Capitec Bank announces system maintenance from MIDNIGHT

Capitec Bank, one of South Africa's leading banking services, has cautioned its customers about a planned system maintenance which may affect some of its banking tools. CAPITEC BANK MOBILE APP TO BE AFFECTED BY SYSTEM MAINTENANCE TASK CAPITEC BANKING APP SYNONYMOUS WITH CAUSING CLIENTS ANXIETY DA WORRIED ABOUT SASSA BENEFICIARIES

Food vs funeral cover: Sanlam's mass market drives policy lapses

The insurer is working with cash-strapped consumers to try to reduce lapses, group finance chief says. 8 Sep 2023 South Africa's largest life insurer, Sanlam, has seen higher policy lapses by some clients in the lower-income segment as consumers grapple with the high interest rate, the inflationary environment and an economy struck with muted growth. Although the insurer evaded the gloomy impacts of the tough trading environment, posting a 118% increase in headline earnings per share for the first half of its financial year, it said longer-duration persistency ratios, or the rate at which policies stayed in force, continued to show stress. ADVERTISEMENT CONTINUE READING BELOW Read: Sanlam sees threefold increase in profits Lower death claims lift Sanlam profit Speaking to Moneyweb following the release of the company's interim results to June 2023 , Sanlam's group finance director Abigail Mukhuba said consumers at "the bottom of the triangle", with limited discretionary spend to put towards life insurance products, were mostly impacted. Low economic growth in South Africa and tight policy action due to sticky inflation have squeezed consumers' disposable income. "…People in the mass market… [were] more impacted by the tougher economic conditions than the retail affluent… So if they are having to be forced to choose between putting food on the plate or having funeral cover, or food versus having insurance, you're going to be forced to eat," Mukhuba said. Read: Financial stress on the rise SA's rich and poor crumbling under financial pressure It's not just the middle class, top 5% feeling debt pain too In the company's mass business, which still makes up a smaller proportion relative to the affluent book, some lapses have increased by about 20% during the reporting period, Mukhuba said. "We also acknowledge that it is tough times out there. People are not getting increases of 10%. If they are lucky, they are getting inflation [salary increases], and that obviously has an impa

Summit to highlight critical minerals processing

Mining technology, critical mineral processing, and skills to drive a low carbon future and just energy transition will be discussed at an upcoming summit hosted by the Wits Mining Institute (WMI) on September 28 and 29. "Our first focus aims to promote research and innovation in the exploration, extraction and processing of critical raw materials that are essential for a sustainable and just energy transition," says WMI director Professor Glen Nwaila , adding that it has "become imperative to achieve the global target of net zero emissions by 2050". Another focus is the importance of circular economy principles in the mining industry. In this instance, the summit will explore secondary sources of metals, such as stockpiles and metallurgical tailings, and discuss how the mining industry can transition to a service-oriented model. "This contrasts with the traditional ownership model, and instead aims to achieve a metal for subscription model that is relevant to modern investors, consumers and employees who have become more socially conscious," he explains. To be held at the University of the Witwatersrand (Wits), in Johannesburg, the Twenty-first Century Mining Technology, Skills and Exhibition event will focus on four key areas, namely integrated critical raw materials for the just energy transition, circular mining and minerals, digital technologies and cybersecurity, and waterless mining. According to Nwaila, the event represents over a decade of partnership between gold miner Sibanye-Stillwater and the WMI. Aside from sponsoring WMI's flagship centre — the Sibanye-Stillwater DigiMine — Sibanye-Stillwater also recently sponsored the newly refurbished and rebranded Wits Sibanye-Stillwater Innovation bridge, which links the East and West campuses. This year, the WMI summit collaboration includes sponsorship from mining organisations South32, African Rainbow Minerals, Impala Platinum, Datamine, Ramjack Technology Solutions, Schauenburg Systems, Gold One, Accenture and the Mandela Mining

Canopy by Hilton Cape Town Longkloof, South Africa — update

Name of the Project Canopy by Hilton Cape Town Longkloof. Location The hotel will be located at Long Kloof Studios, c/o Park road and Kloof street, Cape Town. Project Owner/s Growthpoint Properties. Project Description The project forms part of a precinct redevelopment by Growthpoint. A key feature of the precinct is the 150-room Canopy by Hilton Cape Town Longkloof Hotel, the first of its kind in Africa. It opens onto the public yard, featuring curated ground-level retail. The integration of the former MLT House's facade, preserving its historical significance, adds character to the hotel's design. With nearly 17 000 m of available space in Longkloof, of which about 16 600 m is occupied, the public yard serves as a central space accessible to all. The space includes a new coffee shop. The precinct hosts tech-oriented, entrepreneurial businesses, including the expanding Workshop 17 situated at 32 on Kloof, the precinct's first renovated building that opened in August 2019. The Refinery, a historic Herbert Baker-designed school building, underwent modernisation. The Darter Studio and Threshers Studio buildings were revamped to create connected office spaces, attracting creative and tech enterprises. The precinct has also made provision for an additional 150 underground parking bays. Potential Job Creation Not stated. Capital Expenditure The project represents a R550-million investment in the city. Planned Start/End Date Initially planned for completion towards late 2021, the project was postponed amid a period of uncertainty in South Africa. With a recent surge in tourism in Cape Town, particularly during the typically quiet winter months, and a noticeable upswing in economic activity within the city, Growthpoint deems the present moment ideal to revive the project. Growthpoint Western Cape regional asset manager Timothy Irvine said in September 2023 that the decision to delay construction because of economic uncertainty was apt, but market conditions now signal the right time to res

Colombia mulls future of massive coal mine as water dries up

Colombia's massive El Cerrejon coal mine has landed in the crosshairs of President Gustavo Petro, who has blamed the open-pit operation for plunging the local Indigenous community into a severe water crisis. Gigantic black craters scar the earth in La Guajira, northern Colombia, after four decades of coal extraction that has sucked up large quantities of water in an already-arid region hit by a wave of extreme droughts. The leftist leader Petro, who has championed environmental concerns, in July declared an "economic, social and ecological emergency" in La Guajira, where poverty levels are at 67 percent, and dozens of children die every year from malnutrition. In August, during a visit by Switzerland's president, Petro said he was looking for a "coordinated exit" by Glencore, the Swiss commodities giant which owns the mine. El Cerrejon is the largest open-pit coal mine in Latin America, stretching over 69,000 hectares (170,000 acres) across a harsh landscape that is also home to the semi-nomadic Wayuu tribe, who live in huts and survive off ranching, small-scale agriculture, and fishing. Traditionally, they capture and store water in reservoirs known as "jagueyes." Petro has said that much of the region's scarce water supplies are now being monopolized by the "agriculture, energy, and coal" industries. His state of emergency in the region forbids the extension of mining contracts or the expansion of any existing projects. In 2022 a United Nations report listed El Cerrejon as among the 50 most polluted places in the world , saying the mine has had "devastating" consequences for the Wayuu, and that residents living near it have "high levels of toxic substances in their blood." Last month, the mine published on its website a rejection of the accusations in the report, underlining its investment in social and environmental projects. The company has also highlighted its efforts to improve water supply, including distributing water and building infrastructure for communities. Economic blow Ex

Online platform to make Rhodes Business School's MBA accessible to students beyond South Africa's borders

As Rhodes Business School aims to extend its Association of Masters of Business Administration-accredited MBA to reach into Africa and beyond, it has entered into a partnership with eLearnAfrica to develop a Virtual Learning Environment (VLE). The eLearnAfrica-supported VLE, to be operational from 2024, will provide the full suite of synchronous and asynchronous teaching and learning applications to ensure that the Rhodes Business School MBA continues to be the transformative experience it is renowned for, says the school's director, Professor Owen Skae "We are very excited about this, as it means our MBA is now more accessible than ever, he says, highlighting the immersion, flexibility and convenience that the partnership with eLearnAfrica brings. The VLE-enabled MBA will allow the current four two-week block attendances - two blocks in year one and two blocks in year two - to be reduced to one block in each year for the invaluable face-face delivery mode. "Students need the right balance of synchronous and asynchronous interaction that only a top-class VLE can bring, Skae says, noting that two things from teaching through the pandemic were learnt, namely that returning to the old business -as-usual model of ‘chalk and talk' is not going to happen like it used to and, at the same time, running Zoom or Teams sessions and just displaying power -point slides do not suffice. "Students and lecturers want the best of both the digital and the physical teaching world. ‘Phygital' is key! The digital or virtual mode provides convenience and flexibility. The physical mode provides the immersion and human engagement that we still need. We know that our students still value the opportunity to come to Rhodes University, given that it is such a unique and special institution. The common denominator is having the necessary technology enablement to provide the best teaching and learning experience for students while creating a virtual classroom environment for academic staff to deliver

Anglo American eager for Buena Vista concentrate

PERTH (miningweekly.com) — ASX-listed Magnum Mining & Exploration has flagged a potential offtake deal with mining major Anglo American over all of the iron-ore produced from the Buena Vista iron project, in Nevada. Magnum has inked a memorandum of understanding (MoU) with Anglo American to progress negotiations towards a binding transaction, covering all commercial iron-ore products from Buena Vista, including direct shipping ore (DSO) and iron concentrate of both blast furnace and direct reduction iron grades. The MoU is non-binding and any potential agreement between the two companies would be subject to a due diligence process, Magnum told shareholders on Friday. A recent scoping study into the Buena Vista project has estimated that the project could produce some 1.6-million tonne a year of concentrate over a mine life of 25-years. The scoping study estimated capital cost of between $182-million and $378-million and an operating cost of between $44/t and $90/t, with the internal rate of return ranging between 26% and 54%, and the net present value between $360-million and $745-million. Magnum has previously told shareholders that the company would embark on a prefeasibility study for the Buena Vista project within a year, followed by a feasibility study. The company is currently seeking funding to advance these studies and secure funding optionality for project development. The company said on Friday that it was pursuing options to bring Buena Vista into production in the shortest and most economical way.

Anglo American eager for Buena Vista concentrate

PERTH (miningweekly.com) — ASX-listed Magnum Mining & Exploration has flagged a potential offtake deal with mining major Anglo American over all of the iron-ore produced from the Buena Vista iron project, in Nevada. Magnum has inked a memorandum of understanding (MoU) with Anglo American to progress negotiations towards a binding transaction, covering all commercial iron-ore products from Buena Vista, including direct shipping ore (DSO) and iron concentrate of both blast furnace and direct reduction iron grades. The MoU is non-binding and any potential agreement between the two companies would be subject to a due diligence process, Magnum told shareholders on Friday. A recent scoping study into the Buena Vista project has estimated that the project could produce some 1.6-million tonne a year of concentrate over a mine life of 25-years. The scoping study estimated capital cost of between $182-million and $378-million and an operating cost of between $44/t and $90/t, with the internal rate of return ranging between 26% and 54%, and the net present value between $360-million and $745-million. Magnum has previously told shareholders that the company would embark on a prefeasibility study for the Buena Vista project within a year, followed by a feasibility study. The company is currently seeking funding to advance these studies and secure funding optionality for project development. The company said on Friday that it was pursuing options to bring Buena Vista into production in the shortest and most economical way.

Online platform to make Rhodes Business School's MBA accessible to students beyond South Africa's borders

As Rhodes Business School aims to extend its Association of Masters of Business Administration-accredited MBA to reach into Africa and beyond, it has entered into a partnership with eLearnAfrica to develop a Virtual Learning Environment (VLE). The eLearnAfrica-supported VLE, to be operational from 2024, will provide the full suite of synchronous and asynchronous teaching and learning applications to ensure that the Rhodes Business School MBA continues to be the transformative experience it is renowned for, says the school's director, Professor Owen Skae "We are very excited about this, as it means our MBA is now more accessible than ever, he says, highlighting the immersion, flexibility and convenience that the partnership with eLearnAfrica brings. The VLE-enabled MBA will allow the current four two-week block attendances - two blocks in year one and two blocks in year two - to be reduced to one block in each year for the invaluable face-face delivery mode. "Students need the right balance of synchronous and asynchronous interaction that only a top-class VLE can bring, Skae says, noting that two things from teaching through the pandemic were learnt, namely that returning to the old business -as-usual model of ‘chalk and talk' is not going to happen like it used to and, at the same time, running Zoom or Teams sessions and just displaying power -point slides do not suffice. "Students and lecturers want the best of both the digital and the physical teaching world. ‘Phygital' is key! The digital or virtual mode provides convenience and flexibility. The physical mode provides the immersion and human engagement that we still need. We know that our students still value the opportunity to come to Rhodes University, given that it is such a unique and special institution. The common denominator is having the necessary technology enablement to provide the best teaching and learning experience for students while creating a virtual classroom environment for academic staff to deliver

Black Rock mine and Gloria modernisation projects, South Africa — update

Name of the Project Black Rock mine and Gloria modernisation projects Location Black Rock, in the Northern Cape, South Africa Project Owner/s Assmang, which is jointly controlled by Assore and African Rainbow Minerals. Project Description The projects will modernise and expand the mine by increasing volume and flexibility to produce the differentiated medium- to high-grade products , which the manganese market is increasingly demanding and for which it is paying a premium, while improving efficiencies. The project will increase overall production to about five-million tons a year of manganese, subject to rail availability and market conditions. Potential Job Creation Not stated. Net Present Value/Internal Rate of Return Not stated. Capital Expenditure R2.97-billion has been approved for the project , most of it sustaining capital expenditure. Eighty-seven per cent of the approved capital for the project was spent on the Gloria project as at December 31, 2021. The Black Rock project is estimated at R7.3-billion. Planned Start/End Date Black Rock was completed in September 2022, while Gloria's raise section achieved construction completion in June 2023. Latest Developments Project close-out on the Gloria project is under way, with the project forecast to be formally closed out within the approved budget of R3-billion. Key Contracts, Suppliers and Consultants DRA Global ( engineering , procurement and construction management). Contact Details for Project Information Assore, tel +27 11 770 6800. African Rainbow Minerals investor relations and corporate affairs head Jongisa Magagula , tel +27 11 779 1300, fax +27 11 779 1312 or email jongisa.magagula@arm.co.za. To watch Creamer Media's latest video reports, click here

Harmony Gold reports two deaths after safest year on record

T "Harmony Gold Mining Company regrets to announce that two employees tragically lost their lives at its Kusasalethu mine, following a fall of groundincident caused by a seismic event on Tuesday, 5 September 2023," read the statement. The company recorded six fatalities in its financial year which ended on 30 June. It registered 13 deaths in the previous financial year. On Tuesday, the National Union of Mineworkers (NUM), South Africa's biggest mineworkers union, said the mining sector had recorded 27 fatal accidents so far this year, with gold miners accounting for 15 of them. In 2022, South Africa recorded 49 mine-related deaths, its safest year on record, down from 74 fatalities in 2021. Provided by SyndiGate Media Inc. ( Syndigate.info

Stage 6 load shedding: What is the best way for your business to beat Eskom outh Africa's return to Stage 6 load shedding af

The recent surge in load shedding is attributed to a combination of increased planned maintenance, unplanned outages at coal power stations, and heightened user demand. Matthew Cruise, the head of public relations at Hohm Energy, in an interview with IOL News, said: "The return to Stage 6 load shedding is indicative of the systemic issues plaguing our energy infrastructure. It's a wake-up call that temporary fixes are not a long-term solution. He further highlighted the Electricity Minister Kgosientsho Ramokgopa's confirmation that the lack of maintenance at Eskom's generating units was causing significant grid failure. Asked about his thoughts on how South Africa would keep the lights on by burning millions of rands in diesel every day, in light of reports that there was a budget deficit of R143.8 billion for July - the most significant since 2004 - Cruise said: "The short answer is that the lights will not stay on, as we have run out of money to continue burning diesel at the rate that we have. In addition to being financially unsustainable, the government's strategy of burning diesel to keep the lights on was harmful to the environment, Cruise said. "The government burning diesel to keep the lights on is like using a band-aid for a wound that requires surgery, Cruise remarked. With the recent 18% increase in diesel prices, businesses and households relying on generators are grappling with the dual challenges of Stage 6 load shedding and soaring diesel costs. Furthermore, the CSIR revealed that South Africa had utilised diesel generators five times more this winter compared to the previous year. This has accelerated wear and tear on Eskom's open cycle gas turbines (OCGTs), potentially compromising their future performance during peak demand periods. Eskom's challenges are manifold. From ageing infrastructure and financial instability to a lack of investment in renewables and systemic corruption, the power utility is under immense strain. The Zondo commission revelations and Andre De Ruyt

Liberia: Political Parties' Youth Leagues to March for Peace

Youth leagues of various political parties in Liberia are gearing up to make a historic peace declaration on fostering harmony in the lead-up to the October 10 Presidential and Legislative Elections. They made the disclosure here during a press conference held on Wednesday, September 6, in Monrovia along with the group, 'Most Beautiful Girls in Liberia 2023' in collaboration with Center for African Policy, leading the charge. At the event, Ms. Monetta Yhap of 'The Most Beautiful Girl in Liberia 2023' said the plan is a symbol of hope, signifying a dedication to reducing tension and promoting unity among the youth, thereby establishing a positive atmosphere for the upcoming election. Electoral violence has been a recurring issue in Liberia, stemming from a complex history of political turmoil and ethnic tensions. Liberia's history of electoral violence dates back to the early years of the Republic. The True Whig Party (TWP) which dominated politics for much of Liberia's early history, faced accusations of electoral fraud and manipulation, leading to social unrest. Also in 1980, Master Sergeant Samuel Kanyon Doe seized power in a military coup, ending the True Whig Party's century-long rule. Despite his initial promise of stability, Doe's regime faced opposition right after the 1985 Elections, leading to violent electoral disputes that culminated in a bloody civil war. Additionally, the 1997 elections that brought rebel leader-turned-politician Charles Taylor to the Presidency did very little if any, to unite the country with members of the Mandingo and Krahn tribes, who were strong supporters of Doe going into bush only to return with fresh attacks against Taylor that eventually faced him to resign in August 2003 and seek refuge in Calibar, Nigeria from where he was returned to face trial before the UN-backed Special Court of Sierra Leone and subsequently convicted and sentenced for 50 years for aiding and abetting RUF rebels in Sa Leone. Following end of the civil war in 2003 and subsequen

Discovering Flamingo Bay: A Hidden Gem in Cape Town

/ By September 8, 2023 Have you ever dreamt of a place where azure waters meet a serene coastline, where flamingos gracefully wade in shallowwaters, and where adventure and relaxation harmoniously coexist? Welcome to Flamingo Bay, Cape Town's best-kept secret. Picture yourself basking in the sun while flamingos dance before your eyes, or perhaps exploring hidden coves and thriving wildlife. If this sounds like a piece of paradise, read on to uncover the enchanting world of Flamingo Bay. In a nutshell, Flamingo Bay is a coastal haven nestled within the breathtaking landscapes of Cape Town. This article will be your gateway to understanding its beauty, history, and the multitude of experiences it offers. Whether you're an intrepid traveler seeking adventure or a nature enthusiast in search of tranquility, Flamingo Bay has something extraordinary in store for you. As we delve deeper into the heart of Flamingo Bay, prepare to be captivated by its mesmerizing charm, a place where every tide tells a story, and every sunset leaves an indelible mark on your soul. So, fasten your seatbelts and let's embark on an unforgettable journey to Flamingo Bay. Location and Geography Nestled within the picturesque landscapes of Cape Town, Flamingo Bay emerges as a geographical marvel that beckons travelers with its unique charm and natural allure. Situated on the western coast of Cape Town, this bay boasts a strategic location that not only makes it accessible but also positions it as a gateway to some of the region's most iconic landmarks and areas. Geographical Location Flamingo Bay is strategically located on the western edge of Cape Town, approximately 15 miles from the city center. This prime location provides visitors with the perfect blend of tranquility and accessibility. The bay's proximity to Cape Town International Airport, just a 30-minute drive away, ensures that travelers can swiftly transition from the bustling cityscape to the serene shores of Flamingo Bay. Proximity to Landmarks One of the

SA ranks in top 10 EMEA markets for Volvo EX30 pre-orders

Volvo Car South Africa has revealed that early demand for its new fully electric EX30 has been incredibly strong, with the local market ranking in the top ten for pre-orders in the broader Europe, Middle East and Africa (EMEA) region. The news fittingly comes just ahead of World EV Day 2023 on 9 September, the fourth instalment of a global celebration dedicated to highlighting the benefits of battery-powered cars and raising awareness around the need to transition to more sustainable methods of transport. The EX30 - which is positioned as one of the most affordable full-size electric vehicles in South Africa - was revealed to the world on 7 June 2023, with local pre-orders opening the following day. Since then, South Africans have placed in excess of 150 pre-orders, with many more registering expressions of interest on Volvo Car SA's website. For context, EVs sales in South Africa in the first half of 2023 totalled 501 units, according to industry representative body naamsa, with the Swedish automaker leading the sales charge in the fully electric premium C-SUV segment thanks to the performances of the XC40 Recharge and C40 Recharge. The scheduled arrival of the EX30 in the first quarter of 2024 means Volvo is poised to further increase its share in the fast growing EV market. So far, the EX30 Twin Motor Performance Ultra has been the most popular derivative with South Africans, accounting for nearly half of all local pre-orders. Next comes the Single Motor Plus Extended Range at around 25% of pre-orders, followed by the entry-level Single Motor Core variant, the flagship Twin Motor Performance Plus and the Single Motor Ultra Extended Range. "Since the EX30 was revealed, we have seen a steady flow of new orders weekly. Although we have already secured a high allocation of units for 2024, there's an increasingly strong chance we will need to boost that figure, says Greg Maruszewski , Volvo Car South Africa Managing Director. He adds that the early demand proves just how interested South Afr

LOOK: 10 finalists to battle for the Miss Earth SA title

Johannesburg - The elements earth, air, water and fire will battle it out tonight as 10 beauties vie for the coveted crown of Miss Earth South Africa.Organisers say this is not just a beauty pageant, as they are looking for someone who embodies what it means to be a South African woman, keenly aware of the challenges around sustainability and climate change. Pageant co-founder Ella Bella said the pageant creates a platform for the winner to affect tangible changes in her community and she has to be on top of the latest environmental career options to share with people as well as environmental laws. "The Miss Earth South Africa is a leadership programme that aims to empower and green communities around South Africa . We plant trees, vegetable gardens, do community clean ups , run awareness campaigns and conduct educational workshops throughout South Africa. We are looking for someone who is willing to do more for her inner and broader circles. She needs to use her influence to affect meaningful change. Miss Earth SA also celebrates its 20th anniversary this year. For us, it's all about preservation of the environment," she said. Co-founder, Catherine Constantinides said the impact of the work of Miss Earth must be felt on the ground. "We must see the change in communities. Miss Earth has to raise awareness and lead action on the ground and the environment is the vehicle," she said. More on this Expo a platform for businesswomen to share insights Heritage Month offers opportunity to celebrate our diverse cultures, traditions, languages Ramaphosa on his way to G20 summit in India Karpowership SA moves a step closer to having one of its three controversial gas-to-power projects realised Partners for the pageant, who made sure the prizes are phenomenal, include Southern Sun, Servest, Sappi, Lanza Healing Hair Care , Interwaste, and Brand South Africa. Prizes for the winners include David Green eyewear, treatments from Skin Renewal SA for her year as Miss Earth, Europa Art shoes to the valu

Ethiopia: Govt Working to Improve Ease of Doing Business in Ethiopia

Addis Ababa - The Ethiopian government is working to improve ease of doing business in the country, State Minister of Industry Tarekegn Bululta said. Ethiopians have today begun celebrating eve of their New Year by campaigning various national issues including culture of public service, national sacrifice, productivity, harmony and human goodness during the six days of Pagumen, which is the 13th month of Ethiopian calendar with five or six days. As part of the campaign, the nation has today observed the first day of Pagumen by promoting the importance of enhanced and dedicated service to national development. Speaking to ENA, State Minister of Industry Tarekegn Bululta said Ethiopia has great potential for development with a young and growing population and abundant natural resources. Hence, Ethiopia has been working to attract more investment. Companies are increasingly interested in entering to invest in industries, he said. The government is improving the availability of land for investors engaged in manufacturing. Priority is being given to the manufacturing industry. He said adding that will continue to grow. The efforts being carried out to create efficient services to expedite the investment activities in the country would be intensified further. According to him, the government has set up six clusters to improve ease of doing business in the manufacturing sector. "We have organized six clusters led by the National Steering Committee to facilitate and support business in Ethiopia. Customs and finance sector, raw material, infrastructure, private sector cluster, capacity building, continues dialogue forum with regional states." By making these clusters effective, we believe that it will be possible to increase the market share in our country from 38 to 60 in the next 10 years. There, 96 products have been identified including food, beverage, engineering, leather and chemicals. Read the original article on ENA

LOOK: 10 finalists to battle for the Miss Earth SA title

Johannesburg - The elements earth, air, water and fire will battle it out tonight as 10 beauties vie for the coveted crown of Miss Earth South Africa.Organisers say this is not just a beauty pageant, as they are looking for someone who embodies what it means to be a South African woman, keenly aware of the challenges around sustainability and climate change. Pageant co-founder Ella Bella said the pageant creates a platform for the winner to affect tangible changes in her community and she has to be on top of the latest environmental career options to share with people as well as environmental laws. "The Miss Earth South Africa is a leadership programme that aims to empower and green communities around South Africa . We plant trees, vegetable gardens, do community clean ups , run awareness campaigns and conduct educational workshops throughout South Africa. We are looking for someone who is willing to do more for her inner and broader circles. She needs to use her influence to affect meaningful change. Miss Earth SA also celebrates its 20th anniversary this year. For us, it's all about preservation of the environment," she said. Co-founder, Catherine Constantinides said the impact of the work of Miss Earth must be felt on the ground. "We must see the change in communities. Miss Earth has to raise awareness and lead action on the ground and the environment is the vehicle," she said. Partners for the pageant, who made sure the prizes are phenomenal, include Southern Sun, Servest, Sappi, Lanza Healing Hair Care , Interwaste, and Brand South Africa. Prizes for the winners include David Green eyewear, treatments from Skin Renewal SA for her year as Miss Earth, Europa Art shoes to the value of R 40 000, Panier des Sens Luxury Lifestyle Products, L'abeille Natural Alchemy Products, Life Day Spa massage treatments and all her hair treatments will be sponsored by Lanza Healing Hair Care . Miss Earth SA's manicures and pedicures will be taken care of by Crema Nail Lounge in Greenstone, accommodation

LOOK: 10 finalists to battle for the Miss Earth SA title

Johannesburg - The elements earth, air, water and fire will battle it out tonight as 10 beauties vie for the coveted crown of Miss Earth South Africa.Organisers say this is not just a beauty pageant, as they are looking for someone who embodies what it means to be a South African woman, keenly aware of the challenges around sustainability and climate change. Pageant co-founder Ella Bella said the pageant creates a platform for the winner to affect tangible changes in her community and she has to be on top of the latest environmental career options to share with people as well as environmental laws. "The Miss Earth South Africa is a leadership programme that aims to empower and green communities around South Africa . We plant trees, vegetable gardens, do community clean ups , run awareness campaigns and conduct educational workshops throughout South Africa. We are looking for someone who is willing to do more for her inner and broader circles. She needs to use her influence to affect meaningful change. Miss Earth SA also celebrates its 20th anniversary this year. For us, it's all about preservation of the environment," she said. Co-founder, Catherine Constantinides said the impact of the work of Miss Earth must be felt on the ground. "We must see the change in communities. Miss Earth has to raise awareness and lead action on the ground and the environment is the vehicle," she said. More on this Expo a platform for businesswomen to share insights Heritage Month offers opportunity to celebrate our diverse cultures, traditions, languages Ramaphosa on his way to G20 summit in India Karpowership SA moves a step closer to having one of its three controversial gas-to-power projects realised Partners for the pageant, who made sure the prizes are phenomenal, include Southern Sun, Servest, Sappi, Lanza Healing Hair Care , Interwaste, and Brand South Africa. Prizes for the winners include David Green eyewear, treatments from Skin Renewal SA for her year as Miss Earth, Europa Art shoes to the valu

Simon's weekly wrap: The merits of workplace inclusion

This week MoneywebNOW looked at Fortress's results, inflation targeting and more. 8 Sep 2023 I chatted with Dr Adrian Saville from Genera Capital about inflation targeting. Not only is it a relatively new concept (The US only introduced it in 2012, while New Zealand was the first in 1990), but there is also no hard science behind the idea. However, it does have benefits in terms of setting inflation expectations. You can also listen to this podcast on iono.fm here Tobacco has many issues around regulation, albeit reduced since the settlements in the late 1990s. I spoke with Philip Short from Flagship Asset Management about the risks. We also dug into the valuation of British American Tobacco, which is offering solid Sterling dividends, while multiples are not demanding at all. You can also listen to this podcast on iono.fm here Women are underrepresented in the workforce globally, and I spoke with Sanisha Packirisamy from Momentum Investments about the trend of increased inclusion. She notes research that shows more women working has a positive impact on a country's GDP, but it needs to start early with increased childhood education. You can also listen to this podcast on iono.fm here Fortress's results showed its lowest vacancy levels since listing in 2009, and I spoke with CEO Steven Brown about recent results. It's still unable to pay dividends after shareholders rejected a change in status, but this does mean it's paying down debt, leaving the loan-to-value (LTV) at the bottom end of its target range. You can also listen to this podcast on iono.fm here AUTHOR PROFILE COMMENTS

HAMMERSON PLC — Hammerson completes its £100m bond tap issuance and matching £100m tender offer of its 2025 and 2026

8 September 2023 R5.86 Hammerson completes its £100m bond tap issuance and matching £100m tender offer of its 2025 and 2026 bonds Hammerson plc (Incorporated in England and Wales) (Company number 360632) LSE and Euronext Dublin share code: HMSO JSE share code: HMN ISIN: GB00BK7YQK64 ("Hammerson" or "the Company") Hammerson successfully completes its £100m bond tap issuance and matching £100m tender offer of its 2025 and 2026 bonds Hammerson announces the results of its successful £100m bond tap issuance and matching tender offer. On 31 August 2023, Hammerson announced the issuance of a £100m increase (or "tap") of its existing £200m 7.25% coupon bonds maturing in 2028 (the "New Bonds"), resulting in a new outstanding notional of £300m. On 31 August 2023, Hammerson further announced a tender offer for its £350m 3.5% coupon bonds maturing in 2025 (the "2025 Bonds") and its £300m 6.0% coupon bonds maturing in 2026 (the "2026 Bonds"). Earlier today, Hammerson announced acceptance of the tenders for £11.7m of the 2025 Bonds and £88.4m of the 2026 Bonds. The New Bonds were issued on 6 September and priced at a yield of 9.1%. Hammerson achieved purchase yields on the tendered and shorter dated 2025 Bonds and 2026 Bonds of 7.7% and 8.1% respectively. The effect of the combined transactions is to extend £100m of Hammerson's maturities in 2025 and 2026 to 2028 with an annualised net interest cost of £3m(1) to adjusted earnings in FY 2024. Footnotes (1) The net annualised cash cost is £2m excluding the IFRS requirement to capitalise and amortise the new issue discount over the life of the New Bonds. Hammerson has its primary listing on the London Stock Exchange and secondary inward listings on the Johannesburg Stock Exchange and Euronext Dublin. 8 September 2023 Sponsor: Investec Bank Limited Enquiries Hammerson Investor Contacts Josh Warren, Director of Strategy, Commercial Finance and Investor Relations T: +44 (0) 20 7887 1053 E:

A country that faces a poly-crisis needs poly-response, says business and labour

Business and Labour have voiced their concerns about South Africa's economic state, calling for a more partnered approach Both business and labour representatives in South Africa have said that the economy would not grow by some miracle with a business-as-usual approach, nor will it rebound with an approach that chokes the State of the resources it needs to provide quality public services that businesses, workers, and communities depend on. Addressing the National Economic Development and Labour Council (Nedlac) 28th Annual National Summit at Gallagher Estate in Midrand on Friday, Business Unity SA CEO Cas Coovadia agreed that the world was in a "poly-crisis" and this required a "poly-response". However, he said South Africa also faced a "poly-crisis" of sorts, and Nedlac must respond accordingly. The Summit provided an opportunity for a larger delegation of Nedlac social partners from organised business, community, government, and organised labour, as well as other stakeholders, to receive and consider a report on the activities of the institution. Speaking on Nedlac's report, Coovadia said it highlighted the crises South Africa faced across a very broad front. This included a negative trend in critical economic and social indicators, ranging from decreasing GDP to increasing inflation, increasing unemployment, and increasing public debt and debt servicing costs. All of this, he said, was exacerbated by ongoing load shedding, deteriorating security conditions, the impact of climate change, and ongoing constraints to growth. "This toxic mix has led to South Africa no longer being an attractive investment destination," he said. Coovadia added that geopolitical dynamics globally were also very volatile, and critical developments like the Russia-Ukraine war, South Africa's positioning on foreign policy, and some of the rhetoric around an otherwise valid move towards building a "south" bloc were all impacting negatively on the country. He further said that South Africa has not seen decent leve

Stock markets continue bull run as Sensex, Nifty close in green ANI 08 Sep 2023, 21:55 GMT+10

Mumbai (Maharashtra) [India], September 8 (ANI): The stock markets maintained their upward trajectory on Friday, closing the week on a high note. Both the Sensex and Nifty indices showed gains, reflecting the sustained bullish sentiment in the market. At the closing bell, the Sensex recorded a robust surge of 333.34 points, closing at 66,598.91, while the Nifty followed suit with an uptick of 92.90 points, concluding at 19,819.95. Most of the Nifty sectoral indices also remained firmly in the green, underlining the broad-based nature of the market's positivity. Among the Nifty-listed companies, 32 witnessed advances, while 18 saw declines. Notable gainers included NTPC, Coal India, BPCL, Tata Motors, and LarsenToubro, while UPL, Eicher Motors, Apollo Hospitals, Ultratech Cement, and SBI Life were among the top losers at the day's close. Varun Aggarwal, Founder and Managing Diector, Profit Idea said,"Nifty strong upside momentum continues. Broader market showing very good strength. We have been focusing on IT, Banks, Media, OilGas sector stocks. Today they showed excellent momentum. ""Heavy weight counters like Reliance, HDFC BANK showed strength. Expect this rally to continue and break 20k on Nifty. It can easily target 20160 on upside", said Aggarwal. "OI data strengthen at 19500 levels. Put writers are aggressively looking to protect these levels. As long as these OI levels are building up, market momentum remains bullish. Keep focusing on MidSmall cap stocks, they are providing good momentum", he concluded. This bullish momentum comes after Indian stock markets broke a five-week losing streak, posting nearly a one per cent gain the previous week. Factors contributing to the improved investor sentiment include India's robust GDP growth rate of 7.8 per cent in the first quarter of 2023-24 and continued interest from foreign portfolio investors (FPIs), who have been net buyers in Indian stock markets for the sixth consecutive month until August. FPIs have cumulatively invested Rs 1.31 lakh

Retail giant Raymond Ackerman mourned

ohannesburg - ONE-half of the dynamic duo that has seen the growth of a multimillion-rand business that has garnered seven honorary doctorates and over 50 business awards, Raymond Ackerman, has died. Ackerman, founder of retail giant Pick n Pay, reportedly died at age 92. Born in Cape Town in 1931, he went to the Diocesan College (Bishops) and furthered his studies at UCT, where he developed the social conscience that was to characterise his illustrious career. At the age of 20, he joined Ackermans, founded by his father after World War I, as a trainee manager in 1951, until it was purchased by Greatermans, where, upon joining the Johannesburg group, he ended up persuading the company to invest in modern supermarkets. In 1955, he was put in charge of launching the Checkers supermarkets and made a resounding success of the venture, so much so that by 1966, at the age of 35, he was the managing director of at least 85 Checkers stores. When Ackerman was fired by the Greatermans Group for wanting to lower prices for customers in 1966, he used his two weeks' severance pay, a bank loan, a modest inheritance, and shares purchased by friends to purchase four small stores in Cape Town trading under the name Pick n Pay for R620 000. It was at this point that he and his wife Wendy kicked off their entrepreneurial journey in 1967, and by September 1968, Pick n Pay went public and was listed on the Johannesburg Stock Exchange. Since then, they have seen the business grow over the past 56 years to 2 000 stores across South Africa, Namibia, Zambia, Botswana, Lesotho, Nigeria, Zimbabwe, and even eSwatini. Ackerman's business philosophy was underpinned by the likes of Bernardo Trujillo, a Colombian-born American marketing executive, who said a successful business was born on the foundation of the "four legs of the table": administration, merchandise, promotions / social responsibility and people. Through the years, the retail giant was known for his battles against price regulations, which forced people to

A country that faces a poly-crisis needs poly-response, says business and labour

Business and Labour have voiced their concerns about South Africa's economic state, calling for a more partnered approach Both business and labour representatives in South Africa have said that the economy would not grow by some miracle with a business-as-usual approach, nor will it rebound with an approach that chokes the State of the resources it needs to provide quality public services that businesses, workers, and communities depend on. Addressing the National Economic Development and Labour Council (Nedlac) 28th Annual National Summit at Gallagher Estate in Midrand on Friday, Business Unity SA CEO Cas Coovadia agreed that the world was in a "poly-crisis" and this required a "poly-response". However, he said South Africa also faced a "poly-crisis" of sorts, and Nedlac must respond accordingly. The Summit provided an opportunity for a larger delegation of Nedlac social partners from organised business, community, government, and organised labour, as well as other stakeholders, to receive and consider a report on the activities of the institution. Speaking on Nedlac's report, Coovadia said it highlighted the crises South Africa faced across a very broad front. This included a negative trend in critical economic and social indicators, ranging from decreasing GDP to increasing inflation, increasing unemployment, and increasing public debt and debt servicing costs. All of this, he said, was exacerbated by ongoing load shedding, deteriorating security conditions, the impact of climate change, and ongoing constraints to growth. "This toxic mix has led to South Africa no longer being an attractive investment destination," he said. Coovadia added that geopolitical dynamics globally were also very volatile, and critical developments like the Russia-Ukraine war, South Africa's positioning on foreign policy, and some of the rhetoric around an otherwise valid move towards building a "south" bloc were all impacting negatively on the country. He further said that South Africa has not seen decent leve

A country that faces a poly-crisis needs poly-response, says business and labour

Business and Labour have voiced their concerns about South Africa's economic state, calling for a more partnered approach Both business and labour representatives in South Africa have said that the economy would not grow by some miracle with a business-as-usual approach, nor will it rebound with an approach that chokes the State of the resources it needs to provide quality public services that businesses, workers, and communities depend on. Addressing the National Economic Development and Labour Council (Nedlac) 28th Annual National Summit at Gallagher Estate in Midrand on Friday, Business Unity SA CEO Cas Coovadia agreed that the world was in a "poly-crisis" and this required a "poly-response". However, he said South Africa also faced a "poly-crisis" of sorts, and Nedlac must respond accordingly. The Summit provided an opportunity for a larger delegation of Nedlac social partners from organised business, community, government, and organised labour, as well as other stakeholders, to receive and consider a report on the activities of the institution. More on this ‘Some crises can't be wished away, we must be prepared' - Mashatile encourages partnerships at Nedlac Summit Cosatu raises concerns over exclusion of labour from Presidency's task team Cosatu calls on workers to defend jobs, fight crime and corruption Speaking on Nedlac's report, Coovadia said it highlighted the crises South Africa faced across a very broad front. This included a negative trend in critical economic and social indicators, ranging from decreasing GDP to increasing inflation, increasing unemployment, and increasing public debt and debt servicing costs. All of this, he said, was exacerbated by ongoing load shedding, deteriorating security conditions, the impact of climate change, and ongoing constraints to growth. "This toxic mix has led to South Africa no longer being an attractive investment destination," he said. Coovadia added that geopolitical dynamics globally were also very volatile, and critical developments

Sasol art competition works on display at Pretoria Art Museum

Artists from around the country were honoured at the Sasol New Signatures art competition a nd exhibition launch at the Pretoria Art Museum recently. For 33 years, Sasol has sponsored the competition established by the Association of Arts Pretoria in the late 1960s. Art lovers from around the country gathered at the museum on September 6 for the award ceremony and to get a first-hand look at the winning works. Linde Kriel next to his work "Forbidden Indulgence". Khetha Kweyama, Mzamo Mlambo, Mthobisi Maphumulo and Xolani Nxumalo "The queen still standing" by Wisani Benjamin Manyisi. The exhibition is open to the public from September 7 — October 29. Nosiviwe Matikinca (22), a third-year student from Gqeberha was announced the winner and walked away with a cash prize of R100 000 and a solo exhibition at the museum next year. Matikinca won the coveted title for her work titled Ndiziphiwe — They were given to me, a ceramic installation about underprivileged learners who wear school shoes that are handed down to them by their older siblings or family members. The work symbolises the plight of black South African learners who are subjected to sub-standard education. Runner-up, Themba Mkhangeli and his work "Amawele". Runner-up, Themba Mkhangeli (28) from Cape Town won R25 000 for his work entitled Amawele. A further five participants received merit awards and R10 000 in prize money each. "Sasol congratulates all the winners, as well as those artists whose works were selected for this exhibition. We wish them all a prosperous future ahead," said Elton Fortuin, Sasol vice president for communications and brand management. Ofentse Letebele and his work "Bina" Pretoria east residents Themba Nhlapo, Danielle Bezuidenhout and Henrico Greying. Karen Angela Steffano next to her work "Usurper — Zebra on Baroque Couch". Angelia Muller (Benoni) and David Mann (Johannesburg). Pretoria east residents Themba Nhlapo, Danielle Bezuidenhout and Henrico Greying. "Blackdog @i Reverie" by Rory Prinsloo. Me

HAMMERSON PLC - Hammerson plc announces Final Results of Tender Offers in respect of its bonds due 2025 and bonds due 2026

Hammerson plc announces Final Results of Tender Offers in respect of its bonds due 2025 and bonds due 2026 Hammerson plc (Incorporated in England and Wales) (Company number 360632) LSE and Euronext Dublin share code: HMSO JSE share code: HMN ISIN: GB00BK7YQK64 ("Hammerson" or "the Company") HAMMERSON PLC ANNOUNCES FINAL RESULTS OF TENDER OFFERS IN RESPECT OF ITS £350,000,000 3.500 PER CENT. BONDS DUE 2025 (the 2025 BONDS) AND £300,000,000 6.00 PER CENT. BONDS DUE 2026 (the 2026 BONDS) THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (EUWA). NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO ANY PERSON LOCATED OR RESIDENT IN, OR AT ANY ADDRESS IN, THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY STATE OF THE UNITED STATES OF AMERICA OR THE DISTRICT OF COLUMBIA (THE UNITED STATES) OR TO ANY U.S. PERSON (AS DEFINED IN REGULATION S OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES ACT)) OR IN OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS DOCUMENT. 8 September 2023. Hammerson plc (the Company) announces today the final results of its separate invitations to holders of its outstanding (a) £350,000,000 3.500 per cent. Bonds due 2025 (ISIN: XS1311391012) (the 2025 Bonds) and (b) £300,000,000 6.00 per cent. Bonds due 2026 (ISIN: XS0184639895) (the 2026 Bonds and, together with the 2025 Bonds, the Bonds and each a Series) to tender their Bonds for purchase by the Company for cash (each such invitation an Offer and together the Offers). The Offers were announced on 31 August 2023 and were made on the terms and subject to the conditions contained in the tender offer memorandum dated 31 August 2023

Forty Under 40 SA Awards: Here's everything you need to know

Deputy President Paul Mashatile will on Saturday, 9 September 2023, attend and deliver the keynote address at the Forty Under 40 SA Awards, taking place at Houghton Hotel, Gauteng. Forty Under 40 SA Awards: Here's everything you must know The Forty under 40 SA Awards celebrate and honour the nation's most influential, accomplished, and inspiring South Africans under 40, across various sectors. This year more than 350 nominations were received and the final 40 of these will be hailed as the most influential for their achievements in their respective areas. READ MORE — 2023 National Film and TV Awards SA: Nominees, Award show date, How to watch live in South Africa Related Posts 2023 National Film and TV Awards SA: Nominees, Award show date, How to watch live in South Africa Tourism Business Council provides clarity on Trevor Noah R33 million saga ‘That 70s Show' actor, Danny Masterson sentenced to 30 years imprisonment for double rape The awards are hosted by the Department of Women, Youth and Persons with Disabilities, together with the National Youth Development Agency (NYDA), in partnership with Xodus Communications. The awards will be preceded by the Champion Summit, which is an interactive gathering that aims to empower and equip young leaders with the necessary skills, knowledge, and networks to drive positive change in their communities. "The summit promises to bring inspiring interactions, engaging workshops, and panel discussions, which will foster an environment for the exchange of ideas and personal development," the Deputy President's Office said. During his address, Deputy President Mashatile will highlight how the government has placed the education and training of young people at the top of its agenda as one of the most crucial enabling factors for economic emancipation. Here are the nominees: AGRICULTURE & AGRO PROCESSING Kabelo Lekalakala (Pitso Ostrich Farm) Mpho Mohaswa (Precious and Pearl Brands) Chantelle De Bruyn (Buttercup Farmhouse) Denzel Swarts (Zo

Zondereinde smelter solar photovoltaic project, South Africa — update

Name of the Project Zondereinde smelter solar photovoltaic (PV) project. Location Limpopo, South Africa. Project Owner/s Platinum group metals mining company Northam Platinum Holdings Limited. Project Description Northam has started with the development of an 11 MW solar energy plant to provide electricity for the group's metallurgical facilities at the Zondereinde mine complex in Limpopo. The plant is expected to operate at significantly lower electricity costs than what is currently paid to State-owned power producer Eskom. However, Northam CEO Paul Dunne has said the company is "reliant on Eskom, and that is unlikely to change", but that Northam can supplement Eskom with PV "at quite an attractive cost". Potential Job Creation Not stated. Capital Expenditure Not stated. Planned Start/End Date Commissioning is expected in 2023. Latest Developments The design and permitting phases for the installation are in progress, and earthworks are planned to start before the end of the current calendar year. The previously planned 11 MW facility has been subsumed into this larger project. Key Contracts, Suppliers and Consultants None stated. Contact Details for Project Information R&A Strategic Communications, on behalf of Northam Platinum, tel +27 11 880 3924 or email northam@rasc.co.za. To watch Creamer Media's latest video reports, click here

A country that faces a poly-crisis needs poly-response, says business and labour

Business and Labour have voiced their concerns about South Africa's economic state, calling for a more partnered approach Both business and labour representatives in South Africa have said that the economy would not grow by some miracle with a business-as-usual approach, nor will it rebound with an approach that chokes the State of the resources it needs to provide quality public services that businesses, workers, and communities depend on. Addressing the National Economic Development and Labour Council (Nedlac) 28th Annual National Summit at Gallagher Estate in Midrand on Friday, Business Unity SA CEO Cas Coovadia agreed that the world was in a "poly-crisis" and this required a "poly-response". However, he said South Africa also faced a "poly-crisis" of sorts, and Nedlac must respond accordingly. The Summit provided an opportunity for a larger delegation of Nedlac social partners from organised business, community, government, and organised labour, as well as other stakeholders, to receive and consider a report on the activities of the institution. More on this ‘Some crises can't be wished away, we must be prepared' - Mashatile encourages partnerships at Nedlac Summit Cosatu raises concerns over exclusion of labour from Presidency's task team Cosatu calls on workers to defend jobs, fight crime and corruption Speaking on Nedlac's report, Coovadia said it highlighted the crises South Africa faced across a very broad front. This included a negative trend in critical economic and social indicators, ranging from decreasing GDP to increasing inflation, increasing unemployment, and increasing public debt and debt servicing costs. All of this, he said, was exacerbated by ongoing load shedding, deteriorating security conditions, the impact of climate change, and ongoing constraints to growth. "This toxic mix has led to South Africa no longer being an attractive investment destination," he said. Coovadia added that geopolitical dynamics globally were also very volatile, and critical developments

A country that faces a poly-crisis needs poly-response, says business and labour

Business and Labour have voiced their concerns about South Africa's economic state, calling for a more partnered approach Both business and labour representatives in South Africa have said that the economy would not grow by some miracle with a business-as-usual approach, nor will it rebound with an approach that chokes the State of the resources it needs to provide quality public services that businesses, workers, and communities depend on. Addressing the National Economic Development and Labour Council (Nedlac) 28th Annual National Summit at Gallagher Estate in Midrand on Friday, Business Unity SA CEO Cas Coovadia agreed that the world was in a "poly-crisis" and this required a "poly-response". However, he said South Africa also faced a "poly-crisis" of sorts, and Nedlac must respond accordingly. The Summit provided an opportunity for a larger delegation of Nedlac social partners from organised business, community, government, and organised labour, as well as other stakeholders, to receive and consider a report on the activities of the institution. Speaking on Nedlac's report, Coovadia said it highlighted the crises South Africa faced across a very broad front. This included a negative trend in critical economic and social indicators, ranging from decreasing GDP to increasing inflation, increasing unemployment, and increasing public debt and debt servicing costs. All of this, he said, was exacerbated by ongoing load shedding, deteriorating security conditions, the impact of climate change, and ongoing constraints to growth. "This toxic mix has led to South Africa no longer being an attractive investment destination," he said. Coovadia added that geopolitical dynamics globally were also very volatile, and critical developments like the Russia-Ukraine war, South Africa's positioning on foreign policy, and some of the rhetoric around an otherwise valid move towards building a "south" bloc were all impacting negatively on the country. He further said that South Africa has not seen decent leve

A country that faces a poly-crisis needs poly-response, says business and labour

Business and Labour have voiced their concerns about South Africa's economic state, calling for a more partnered approach Both business and labour representatives in South Africa have said that the economy would not grow by some miracle with a business-as-usual approach, nor will it rebound with an approach that chokes the State of the resources it needs to provide quality public services that businesses, workers, and communities depend on. Addressing the National Economic Development and Labour Council (Nedlac) 28th Annual National Summit at Gallagher Estate in Midrand on Friday, Business Unity SA CEO Cas Coovadia agreed that the world was in a "poly-crisis" and this required a "poly-response". However, he said South Africa also faced a "poly-crisis" of sorts, and Nedlac must respond accordingly. The Summit provided an opportunity for a larger delegation of Nedlac social partners from organised business, community, government, and organised labour, as well as other stakeholders, to receive and consider a report on the activities of the institution. Speaking on Nedlac's report, Coovadia said it highlighted the crises South Africa faced across a very broad front. This included a negative trend in critical economic and social indicators, ranging from decreasing GDP to increasing inflation, increasing unemployment, and increasing public debt and debt servicing costs. All of this, he said, was exacerbated by ongoing load shedding, deteriorating security conditions, the impact of climate change, and ongoing constraints to growth. "This toxic mix has led to South Africa no longer being an attractive investment destination," he said. Coovadia added that geopolitical dynamics globally were also very volatile, and critical developments like the Russia-Ukraine war, South Africa's positioning on foreign policy, and some of the rhetoric around an otherwise valid move towards building a "south" bloc were all impacting negatively on the country. He further said that South Africa has not seen decent leve

HAMMERSON PLC — Hammerson plc announces Final Results of Tender Offers in respect of its bonds due 2025 and bonds due 2026

8 September 2023 Hammerson plc announces Final Results of Tender Offers in respect of its bonds due 2025 and bonds due 2026 Hammerson plc (Incorporated in England and Wales) (Company number 360632) LSE and Euronext Dublin share code: HMSO JSE share code: HMN ISIN: GB00BK7YQK64 ("Hammerson" or "the Company") HAMMERSON PLC ANNOUNCES FINAL RESULTS OF TENDER OFFERS IN RESPECT OF ITS £350,000,000 3.500 PER CENT. BONDS DUE 2025 (the 2025 BONDS) AND £300,000,000 6.00 PER CENT. BONDS DUE 2026 (the 2026 BONDS) THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (EUWA). NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO ANY PERSON LOCATED OR RESIDENT IN, OR AT ANY ADDRESS IN, THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY STATE OF THE UNITED STATES OF AMERICA OR THE DISTRICT OF COLUMBIA (THE UNITED STATES) OR TO ANY U.S. PERSON (AS DEFINED IN REGULATION S OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES ACT)) OR IN OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS DOCUMENT. 8 September 2023. Hammerson plc (the Company) announces today the final results of its separate invitations to holders of its outstanding (a) £350,000,000 3.500 per cent. Bonds due 2025 (ISIN: XS1311391012) (the 2025 Bonds) and (b) £300,000,000 6.00 per cent. Bonds due 2026 (ISIN: XS0184639895) (the 2026 Bonds and, together with the 2025 Bonds, the Bonds and each a Series) to tender their Bonds for purchase by the Company for cash (each such invitation an Offer and together the Offers). The Offers were announced on 31 August 2023 and were made on the terms and subject to the conditions contained in the tender offer memorandum dat

HAMMERSON PLC - Hammerson completes its 100m bond tap issuance and matching 100m tender offer of its 2025 and 2026 bonds

Hammerson completes its £100m bond tap issuance and matching £100m tender offer of its 2025 and 2026 bonds Hammerson plc (Incorporated in England and Wales) (Company number 360632) LSE and Euronext Dublin share code: HMSO JSE share code: HMN ISIN: GB00BK7YQK64 ("Hammerson" or "the Company") Hammerson successfully completes its £100m bond tap issuance and matching £100m tender offer of its 2025 and 2026 bonds Hammerson announces the results of its successful £100m bond tap issuance and matching tender offer. On 31 August 2023, Hammerson announced the issuance of a £100m increase (or "tap") of its existing £200m 7.25% coupon bonds maturing in 2028 (the "New Bonds"), resulting in a new outstanding notional of £300m. On 31 August 2023, Hammerson further announced a tender offer for its £350m 3.5% coupon bonds maturing in 2025 (the "2025 Bonds") and its £300m 6.0% coupon bonds maturing in 2026 (the "2026 Bonds"). Earlier today, Hammerson announced acceptance of the tenders for £11.7m of the 2025 Bonds and £88.4m of the 2026 Bonds. The New Bonds were issued on 6 September and priced at a yield of 9.1%. Hammerson achieved purchase yields on the tendered and shorter dated 2025 Bonds and 2026 Bonds of 7.7% and 8.1% respectively. The effect of the combined transactions is to extend £100m of Hammerson's maturities in 2025 and 2026 to 2028 with an annualised net interest cost of £3m(1) to adjusted earnings in FY 2024. Footnotes (1) The net annualised cash cost is £2m excluding the IFRS requirement to capitalise and amortise the new issue discount over the life of the New Bonds. Hammerson has its primary listing on the London Stock Exchange and secondary inward listings on the Johannesburg Stock Exchange and Euronext Dublin. 8 September 2023 Sponsor: Investec Bank Limited Enquiries Hammerson Investor Contacts Josh Warren, Director of Strategy, Commercial Finance and Investor Relations T: +44 (0) 20 7887 1053 E: josh.warren@hammerson.com

Sasol's oil future at risk

- 8 September 2023 Oil and chemicals giant Sasol has warned investors that the outlook for its petroleum business is deteriorating as globaltransport is shifting towards more fuel-efficient vehicles and electric alternatives. Sasol issued this warning in its annual report published last week, where the company noted that demand for petrol remains weak in South Africa. The Presidential Climate Commission's theoretical modelling indicates that South Africa will need about 750,000 fully electric vehicles by 2030 to meet the country's net-zero emissions targets. "The outlook for petrol is not encouraging as sales of smaller and more fuel-efficient cars are likely to continue, exacerbated by hybrid and electric vehicles in the latter part of the decade," Sasol said. "A significant part of our product slate is petrol. We are assessing various technological options to mitigate the risk of an oversupply of petrol to South Africa." Sasol has come under pressure from authorities and investors to reduce its emissions. Financial services group Old Mutual raised concern this year about what it sees as a lack of clarity from Sasol on its strategy to reduce its carbon emissions, which are second only to Eskom's. Sasol is the single biggest private emitter of carbon emissions in South Africa. "We feel the company has failed to communicate a clear strategy that would resolve or improve its current climate metrics and carbon emissions," Old Mutual said in its annual report. The group recently impaired about R35 billion in its Secunda liquid fuels plant in Mpumalanga, which attracted the attention of authorities for its high emissions. The potential loss of its appeal over sulfur dioxide isn't factored into the writedown that it took on Secunda. Sasol CEO Fleetwood Grobler told Bloomberg that the company is "confident that we will get it over the line" and win the case. "But if the license is revoked because of that, I believe that is a severe impact and then a phased shutdown will be the result." Sasol i

A country that faces a poly-crisis needs poly-response, says business and labour

Business and Labour have voiced their concerns about South Africa's economic state, calling for a more partnered approach Both business and labour representatives in South Africa have said that the economy would not grow by some miracle with a business-as-usual approach, nor will it rebound with an approach that chokes the State of the resources it needs to provide quality public services that businesses, workers, and communities depend on. Addressing the National Economic Development and Labour Council (Nedlac) 28th Annual National Summit at Gallagher Estate in Midrand on Friday, Business Unity SA CEO Cas Coovadia agreed that the world was in a "poly-crisis" and this required a "poly-response". However, he said South Africa also faced a "poly-crisis" of sorts, and Nedlac must respond accordingly. The Summit provided an opportunity for a larger delegation of Nedlac social partners from organised business, community, government, and organised labour, as well as other stakeholders, to receive and consider a report on the activities of the institution. Speaking on Nedlac's report, Coovadia said it highlighted the crises South Africa faced across a very broad front. This included a negative trend in critical economic and social indicators, ranging from decreasing GDP to increasing inflation, increasing unemployment, and increasing public debt and debt servicing costs. All of this, he said, was exacerbated by ongoing load shedding, deteriorating security conditions, the impact of climate change, and ongoing constraints to growth. "This toxic mix has led to South Africa no longer being an attractive investment destination," he said. Coovadia added that geopolitical dynamics globally were also very volatile, and critical developments like the Russia-Ukraine war, South Africa's positioning on foreign policy, and some of the rhetoric around an otherwise valid move towards building a "south" bloc were all impacting negatively on the country. He further said that South Africa has not seen decent leve

SanlamAllianz to provide services in 27 African markets

CAPE TOWN - REGULATORY authorities have approved the joint venture between Allianz and Sanlam, paving the way for the creation of a leading Pan-African non-banking financial services company. The venture, to operate as SanlamAllianz, is expected to have a combined group equity value (GEV) of approximately R35 billion (US$1,83 billion), and have a presence in 27 countries. Heinie Werth, the current Chief Executive Officer of Sanlam Emerging Markets, has been appointed as the CEO of SanlamAllianz. SanlamAllianz’s ambition is to be among the top three players, in both market share and profitability, in the markets where the company will operate. The joint venture retail and corporate clients benefit from a broader offering of insurance products tailored to their needs as well as best-in-class financial solutions. Products and services will be available in the markets where one or both companies currently operate. Namibia will be included at a later stage, while South Africa is excluded from the agreement. "We are confident that SanlamAllianz will create significant value for clients, shareholders and other stakeholders, Paul Hanratty, Chief Executive Officer of the Western Cape-based Sanlam Group, said. "The combined expertise and resources of our respective companies will enable us to provide innovative solutions and services to meet the ever-evolving needs of our clients on the African continent. Christopher Townsend, board member of Allianz, believes SanlamAllianz has the capability to gain leadership positions in all key markets in general insurance and life segments. He said the partnership aims to unlock the potential of multiple fast growing African markets and access a wider range of customers, particularly corporate. "Allianz is deepening its commitment to the vibrant continent and is building on our 100-year legacy here, Townsend said.

Shock TFG update sparks selloff of retailers, banks

Trading over the last six months was underwhelming, and operational own goals also impacted already fragile demand. By Moneyweb 7 Sep 2023 A shock TFG update on trading since April — released after the market closed on Tuesday — spooked investors and sparked a sharp selloff in retail counters on the JSE on Wednesday. Not only was trading over the last six months underwhelming, but operational own goals also impacted already fragile demand. Add to this a grim outlook statement, and it's no surprise that shareholders dumped retail and bank shares. TFG shares ended down 7% on the day, with Pick n Pay (6.7%) not far behind. Pepkor, Nedbank, Tiger Brands, Truworths, AVI and Mr Price were all down between 3% and 4%. ADVERTISEMENT CONTINUE READING BELOW Shoprite closed 1% lower, having declined 5.6% on Tuesday after it reported results. The supermarket retailer says, "it is clear that our customers' disposable incomes are under enormous pressure," and trading in the first six weeks of FY2024 is softer than last year. Read: Shoprite's R215bn sales boom Can anyone catch Checkers Sixty60? (Hint: No) It says sales growth at its South African supermarkets remained in "double-digits and ahead of the market, but at a level lower than that reported for 2023" (17.8%). Sure, inflation is lower, but it's becoming tougher to grow the top line in an environment battered by load shedding and high fuel (and energy) prices. TFG TFG says it managed to grow sales by 16.1% in the 22 weeks since April, but this includes the acquisition of Tapestry (Coricraft, Dial a Bed, The Bed Store, Volpes). Exclude this, and sales are up 9.7% versus last year. This offers a far better picture of trading at TFG's core brands, particularly clothing. Sales in this category were up 11.8%. What it doesn't disclose in this update is product (selling price) inflation. Truworths ( which reported results last month ) offers a useful yardstick. It reported product inflation of 12.6% for the full year from July 2022. This means

Marketmind: Brittle markets brace for China trade blues

By Jamie McGeever (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. Asian markets are set to open on the defensive on Thursday, with investors anticipating another slump in Chinese trade activity against a backdrop of rising U.S. bonds yields, new 2023 highs in oil prices and a steep selloff on Wall Street. Malaysia's central bank is expected to keep interest rates on hold at 3.00% for a second meeting, Chinese FX reserves data and Australian trade figures are also due, and G20 finance and energy ministers meet in India ahead of the leaders' summit this weekend. The general market mood is souring as September unfolds, the latest catalyst being a surprisingly strong reading of U.S. services sector activity and price pressure that put a possible Fed rate hike later this year back on the table. Oil's rise to new highs for the year continue to unnerve investors. For the first time this year futures are more expensive than they were 12 months ago, meaning the disinflationary impulse has now reversed. Good news for oil exporters, not so good for oil importers like Japan, which imports almost all its energy. The yen is extremely weak, and senior Japanese officials are warning that all options to support the currency are on the table. Elsewhere in Asian FX markets, China's yuan slid to a 10-month low on Wednesday through 7.32 per dollar and is a whisker from plumbing depths not recorded since late 2007. Investors could get further reminders on the currency's vulnerability from Chinese trade and FX reserves figures on Thursday. Chinese trade has been one of the biggest economic red flags this year. Exports and imports have both plunged, reflecting weak overseas demand for Chinese goods and weak domestic demand. Economists polled by Reuters expect more of the same in August - a 9.2% year-on-year fall in exports and a 9.0% fall in imports - although not quite as severe as recent months. FX reserves tend not to be big market-movers, but another decl

Business confidence increases in third quarter, but still weak

Business confidence stays below the mid-point of 50, which means local companies do not believe conditions favour doing business. When nobody is buying, business confidence falls Load shedding not the only culprit Interest rate sensitive sectors are suffering as reflected by downbeat sales among durable goods retailers, new vehicles dealers and to a lesser extent, wholesalers of consumer goods. Manufacturing production increased within the reduced load shedding environment. Core consumer inflation (headline inflation excluding food and energy) is set to remain on an easing trajectory in the third quarter of 2023 although firms are not yet passing on all of the lower producer prices on to consumers. From the comments it is clear the Western Cape taxi strike weighed on activity in the region. Activity growth in the building sector is looking more sustained.

Markets Lower on Interest Rate Concerns

Renewed concerns that the US Federal Reserve (Fed) won't be able to lower at their next meeting caused the majority of markets to close in the red on Wednesday. The and both declined by 0.70% and 1.06%, respectively, while the dropped by 0.57% at 22h15. In economic news, the ISM Services PMI unexpectedly increased to 54.5 points in August 2023, well above predictions of 52.5 points, indicating the greatest growth in the services sector in six months. The German fell by 0.20%, while the benchmark closed down by 0.60% on Wednesday, with declines in household goods and banks contributing to the decreases. This was the sixth day in a row that European equity markets ended lower. Especially after the latest retail sales data showed that manufacturing orders in the Eurozone and Germany declined more than expected in July 2023. The local bourse dropped 0.81% on Wednesday, dragged down by investor concerns about the state of the world economy and the possibility of increasing interest rates. Domestically, Eskom, pushed loadshedding to higher stages this week after additional generating units failed. Although business confidence in South Africa increased in the third quarter of 2023, it still remained negative. The recovered from Tuesday's 2% decline to close practically flat on Wednesday as gains in real estate and finances offset declines in technology and consumer spending. In economic news, private sector output in Hong Kong contracted at a slower rate in August thanks to an uptick in consumer spending and an easing of price pressures. However, Japan's continued to trade in the green yesterday. In commodities, prices remained high on Wednesday and traded over $90 a barrel at 22h00, while weakened to $1 916 an ounce around the same time.

CMO role integral to the needs of today's business

W Source: © 123rf 123rf Impact South Africa Conference, presented by the MMA SA, takes place tomorrow This is the core theme of the Impact South Africa Conference, presented by the MMA SA, that takes place tomorrow,7 September, at the Maslow Hotel in Sandton, Johannesburg. Held in partnership with MultiChoice, Takealot.Group Advertising, Standard Bank and MTN and supported by event sponsors Mindshare, Helm and Ayoba, the conference will host a heavy-weight line-up of 23 speakers who are either delivering their keynote addresses or are part of a panel discussion. Collectively, they will share tools and techniques with the audience with a view to assist them to not only weather today's economic, technological and social storm but also how to thrive as marketers in our contemporary, often challenging world. Key takeaways Among key takeaways of the Impact South Africa event are how: - Businesses can transform into purpose-led organisations that meet corporate social responsibility expectations. - CMOs can align with CFOs to enable growth and align strategies with the latter's metrics and reporting criteria. - Marketers can grasp the evolving data landscape to develop potent data strategies that are transparent, compliant and transformative. - AI can be leveraged to boost economic growth while elevating a brand's impact. - Next-gen marketing looks through the lens of different generations to create meaningful, engaging and sustainable relationships with customers. The MMA SA's regional director, Sarah Utermark, says, "This year's conference is host to the best in breed and delegates will engage in thought-provoking discussions, forge valuable business connections, gain insights into their organisation's market position, and above all, stay ahead of the curve in an industry that is forever in flux and fiercely competitive. "The event has been expertly tailored for the modern marketer so that they leave with cutting-edge knowledge that can be taken back into their businesses to further thei

Goldfield history captured, immortalised

In the spirit of Heritage Month, we remember the Anglo American Intermine Dancing Championships that were held at the President Steyn Gold Mine in 1955. The Mandau team, who were of the Welkom Gold Mine, was among the most impressive performances at the competition. Their ability to move fast and easy amazed the audience. The Mandau dance was a dance developed by the Tsonga nation as one of the Tsonga Rain Dances. The following teams were champions of their tribal groups: Nyasa (Makomani) of the Western Holdings Gold Mine, Ngoni (Shangaan) of the Loraine Gold Mine, Basotho of the President Steyn Gold Mine, Amakwaya (Shangaan) of the Welkom Gold Mine, Xhosa of Free State Geduld, Amakwenkwe (Xhosa) of the Welkom Gold Mine, Pondomesi of the Loraine Gold Mine, and Mandau of the Welkom Gold Mine. - Courtesy of welkomhistory.co.za

BlackRock voted against Glencore's climate progress report

LONDON - Major Glencore shareholder BlackRock was among investors to reject the mining giant's climate progress report at its annual meeting inMay, citing inconsistencies, a voting disclosure page on the asset manager's website shows. BlackRock's entities, which collectively own more than 6% of Glencore's stock, according to LSEG data, boosted dissident shareholders and helped the total votes in opposition to the company's climate plan pass 30% for the first time. Noting that while Glencore has improved climate-related risks and opportunities disclosures, "BIS is concerned that aspects of the report and recent developments have pointed to inconsistencies in the company's stated strategy," it said in a report published to clients on August 23. BlackRock allows many clients to cast their own votes at companies' annual general meetings. It declined to comment further on the disclosure. The page also showed BlackRock did not back a shareholder resolution seeking more disclosure on progress in scaling back thermal coal production, which got 29% support, without saying why. Glencore mines and trades thermal coal, used to generate electricity, and has said it plans to run down its mines by the mid-2040s, closing at least 12 by 2035. Many of the world's biggest listed companies published their first climate action plans in 2020 to cut emissions in a bid to help with reaching the 2015 Paris Agreement goal of capping temperatures within 1.5 degrees Celsius. But BlackRock in August reported a further decline in its support for shareholder resolutions on environmental and social themes, citing corporate progress on the areas and poorly crafted measures. With $9.4 trillion under management, BlackRock's votes have become key to many contests at companies around the globe and in turn drawn much scrutiny of its practices.

CMO role integral to the needs of today's business

W Source: © 123rf 123rf Impact South Africa Conference, presented by the MMA SA, takes place tomorrow This is the core theme of the Impact South Africa Conference, presented by the MMA SA, that takes place tomorrow,7 September, at the Maslow Hotel in Sandton, Johannesburg. Held in partnership with MultiChoice, Takealot.Group Advertising, Standard Bank and MTN and supported by event sponsors Mindshare, Helm and Ayoba, the conference will host a heavy-weight line-up of 23 speakers who are either delivering their keynote addresses or are part of a panel discussion. Collectively, they will share tools and techniques with the audience with a view to assist them to not only weather today's economic, technological and social storm but also how to thrive as marketers in our contemporary, often challenging world. Key takeaways Among key takeaways of the Impact South Africa event are how: - Businesses can transform into purpose-led organisations that meet corporate social responsibility expectations. - CMOs can align with CFOs to enable growth and align strategies with the latter's metrics and reporting criteria. - Marketers can grasp the evolving data landscape to develop potent data strategies that are transparent, compliant and transformative. - AI can be leveraged to boost economic growth while elevating a brand's impact. - Next-gen marketing looks through the lens of different generations to create meaningful, engaging and sustainable relationships with customers. The MMA SA's regional director, Sarah Utermark, says, "This year's conference is host to the best in breed and delegates will engage in thought-provoking discussions, forge valuable business connections, gain insights into their organisation's market position, and above all, stay ahead of the curve in an industry that is forever in flux and fiercely competitive. "The event has been expertly tailored for the modern marketer so that they leave with cutting-edge knowledge that can be taken back into their businesses to further t

SAPS has implemented only six of 18 recommendations for dealing with unrest

DA asks high court to set aside Reserve Bank report that clears Ramaphosa The central bank's conclusion that the president did not have an obligation to report forex paid to, and stolen from, his Phala Phala farm was irrational, it argues in court papers You need to subscribe — The Mail & Guardian The South African Police Service report stated it was still in the process of holding accountable those accused of criminal conduct during the July 2021 unrest You need to subscribe — The Mail & Guardian 11 — 15 September is National Wills Week: Seize the opportunity and safeguard your family's financial future The impact of not having a valid will in place can potentially change your family's entire future Life seems to get busier every year, with most days being a delicate balancing act between work, family and the multitude of other responsibilities screaming for our attention. With so many pots on the boil, it's easy to think that something as future-focused as estate planning can sit on the back burner for yet a while longer. In reality, the impact of not having a valid will in place can potentially change your family's entire future. 11 — 15 September is National Wills Week, and it's a timely reminder that securing the future for your loved ones involves more than just providing in the present. Why drawing up a will should be at the top of your to-do list "Life is unpredictable, and although we don't like to think about it, tomorrow is not guaranteed," says Shakira Bodasing, senior legal adviser at Old Mutual. "Dying without a will, also known as intestacy, can have considerable legal and financial consequences for your estate and your loved ones. In such cases, your assets will be distributed according to the Intestate Succession Act, and the court might also determine the guardianship of your children." This leads to outcomes that might not align with your wishes and can result in protracted legal proceedings, potential disputes among family members, and increased emoti

Ekurhuleni cops shut down sausage and boerewors processing business amid ‘toxic odour'

An illegal meat processing business, which was operating in contravention of multiple City of Ekurhuleni municipal by-laws and environmental health laws, was closed down by the Ekurhuleni Metropolitan Police Department (EMPD). EMPD spokesperson, Lieutenant Colonel Kelebogile Thepa, said officers responded to an anonymous complaint at a plot on Rooikat Street in the Petit area. The complaint flagged air pollution, unsound food production and the keeping of livestock. "Upon arrival, officers found a severe lack of proper hygiene practices, slaughtered animal intestines stored in a dug-up hole that resulted in a toxic odour outbreak, as well as no certification of acceptance, trading permit, and proper zoning to conduct such business on the premises, said Thepa. Ekurhuleni Metro Police raided a plot where sausage and boerewors were being produced amid severely unhygienic practices. Photo: EMPD Thepa said that when the officers investigated they found that the business produced pork sausages and boerewors products, in contravention of multiple municipal by-laws and environmental health laws. "EMPD officers immediately shut down operations of the business, and activated the environmental health department for legal proceedings against the business owner and issued a summons, said Thepa. Ekurhuleni Metro Police raided a plot where sausage and boerewors were being produced amid severely unhygienic practices. Photo: EMPD The EMPD has encourages business owners to get into contact with relevant departments, such as the Economic Development Department and Environmental Health Department, to seek assistance on compliance in operating their businesses above board in Ekurhuleni. Ekurhuleni Metro Police raided a plot where sausage and boerewors were being produced amid severely unhygienic practices. Photo: EMPD In February, members of the EMPD confiscated batches of expired Woolworths-branded meat, vegetables and other perishable food products from a butchery along Cloverdene Road in Benoni. A businessw

Decoding the decline in South Africa's business liquidations

A comprehensive re-evaluation. Introduction: Extending the dialogue New data from Statistics South Africa (Stats SA) for July 2023 confirms the encouraging trend we have seen in business liquidations, which have fallen compared to last year. This prompts us to revisit our prior question : Does this decline signal a more robust economic landscape, or should we interpret it with caution? ADVERTISEMENT CONTINUE READING BELOW Progressing from Previous Trends In a previous article , we discussed Stats SA data up to May 2023, which showed a notable decrease in business liquidations in sectors such as "Financing, insurance, real estate, business services, and "Trade, catering and accommodation. Seasonally adjusted via the X-12-ARIMA method, this information offered a more transparent snapshot. The latest data, covering up to July 2023, strengthens this narrative, indicating a 15.2% fall in liquidations compared to the same month in 2022 and a 14.2% drop for the year-to-date comparison. Persistent patterns in liquidation types Our earlier analysis emphasised the high incidence of voluntary liquidations across industries. The latest data substantiates this finding. Businesses appear to be making calculated decisions to shut down, suggesting a mature handling of economic challenges rather than mere risk avoidance. Industry stability: Echoing previous insights As before, the "Financing, insurance, real estate, business services sector remains the most volatile in terms of liquidations. On the other hand, industries like "Agriculture, hunting, forestry, and fishing, and "Mining and quarrying, continue to show resilience, echoing our prior observations about the stability in "Electricity, gas and water, and "Transport, storage, communication. The reliability of seasonal adjustments While seasonal adjustments offer a clearer understanding of underlying trends, it is important to remember that this method is not foolproof. Seasonally adjusted figures can sometimes be skewed by unpredictable factors, warr

SIMON BROWN: Know your margins

These are the go-to ratios for investors - but there's a world of valuable information between gross, trading and net Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers. As investors we typically rush to headline earnings per share (HEPS) and dividend growth when looking at company results, followed perhaps by revenue growth. These are all important numbers, but understanding more detail of how a profit is made is hugely important. This is where different margins come into play: gross, operating and finally net margins. All are expressed as a percentage for ease of comparison. Gross margin is the profit from a sale after deducting the cost of producing the item sold. So, if it is hot dogs being sold, then you'd deduct the cost of the bun, sausage and sauces. It doesn't tell you much about overall profitability but it is important: you need to be making a profit at this first step because if not, then you'll be horribly loss-making. Further, it does allow you to compare against other hot dog sellers to get a sense of your cost base vs price. If they have a higher gross margin is it because they get cheaper product or better prices? Operating profit is essentially profit before tax and interest. So it includes head office costs, transport, staffing and all the other real costs a company has to deal with. Sometimes it is called the trading margin, and it is an important measure as it details the real profitability of a company. Interest and tax are real-world expenses, but they're not a part of the operating business. Operating margin really helps investors see who is better, particularly when it comes to the food retail sector This operating margin really helps investors see who is better, particularly when it comes to the food retail sector. Recent results showed Woolies* back at its best, with superior operating margins in its food division. Shoprite* has consistently stellar

Asian markets retreat further as US data fans rate hike fears

Asian investors took fright Thursday at a forecast-busting reading on the US services sector that revived speculation the Federal Reserve could lift interest rates again, compounding a spike in oil prices that has fanned fresh inflation fears. Wall Street dived and Treasury yields rose after the release of the Institute of Supply Management figures, which dealt a blow to hopes the US central bank had reached the end of its tightening cycle following a string of recent positive data. The reading put further upward pressure on the dollar, with the yen particularly in focus as it sat at its weakest point for 10 months -- when Japanese officials intervened in money markets last year to prop it up. After a rosy couple of weeks, the gloom that has characterised markets for much of the summer has returned as traders contemplate the possibility of more tightening and borrowing costs kept elevated for an extended period to tame inflation. Decision-makers at the Fed have given differing views on the best way forward, with some calling for more hikes and others suggesting rates are high enough. Boss Jerome Powell has asserted that all decisions will be made based on how the data stacks up over the coming months. While the economy and the jobs market have shown continued strength, there is a growing worry on trading floors that more than a year of increases -- and any more should they come -- could tip the United States into recession. "The ISM services sector report underscores the resilience of the largest portion of the economy," said LPL Financial's Quincy Krosby. "This is certainly not good news for a data-dependent Fed." In early Asian trade, Hong Kong, Shanghai, Tokyo, Sydney, Seoul, Singapore, Taipei, Jakarta and Manila were all well down. China optimism "What's good news for the economy is bad news for markets," said SPI Asset Management's Stephen Innes. "Currently, we are seeing the downside risk associated with positive growth news, especially when paired with investors fretting about the p

South African miners join race to buy Botswana's Khoemacau copper mine, sources say

AT least three South African miners are in the running to buy Botswana's Khoemacau copper mine that is home to one of Africa's largest copper deposits, several sources told Reuters, as growing demand for the metal ensures strong competition for the sought-after asset. Johannesburg-listed Impala Platinum, Exxaro Resources and Sibanye Stillwater are weighing bids for the copper and silver mine in Botswana, said the sources with knowledge of the matter, who declined to be named due to the sensitivity of the information. A number of unnamed Chinese investors, are also on the list of companies interested in Khoemacau Copper Mining operations, one of the sources said. Impala declined to comment. Exxaro did not immediately respond to emailed questions. Sibanye confirmed its interest. "We are looking all the time for opportunities and Khoemacau came up on our radar and we have entered into an non-disclosure agreement to try and understand the opportunity better," Sibanye spokesperson James Wellsted told Reuters. "But Khoemacau is a bit more competitive and we are not going to enter into a bidding war that ends up not creating value." An increase in copper demand for applications from solar panels to electric cars in coming years has prompted miners to scramble for more supplies of the metal. Copper prices have fallen due to fears of a global slowdown, but longer-term prospects for the metal and a competitive bidding process will make it hard for any of the bidders to strike a bargain, two of the sources said. Advertisements Khoemacau's owners — Cupric Canyon LP, a U.S. private equity firm with funds managed by Global Natural Resources Investments (GNRI) and Resource Capital Fund VII LP — said in May they had begun to engage with potential buyers. The process is expected to take several months and be finalised close to the end of 2023, a Khoemacau spokesperson said. Diversified miner South32 (S32.AX) and Australian rival Sandfire Resources (SFR.AX) dropped out of the race after the first bidd

Discovery ups public sector support with new renewable energy initiative

Group says platform will stimulate investment of between R20bn to R25bn in the country's energy infrastructure. 7 Sep 2023 R146.32 JSE-listed financial services group Discovery has stepped up its public sector support with its new platform, Discovery Green, which will allow South African businesses to source cheap renewable energy from independent power producers (IPPs). The renewable trading power platform, which works on a wheeling system, was launched on Wednesday and will essentially facilitate the construction of renewable energy plants — both wind and solar — and connect them to the national grid. ADVERTISEMENT CONTINUE READING BELOW South African businesses have been forced to contend with the country's incessant electricity crisis, which has intensified over the years and has weighed on economic growth. This year, state-owned power utility Eskom also moved to implement load shedding every day for a minimum of two years in an attempt to save the grid from a total collapse. Through the Discovery Green platform, which aims to procure between 400 megawatts and 1 gigawatt of wind and solar energy, businesses can source power from local and international IPPs that have successfully connected to the grid. Read: SA's energy bounce-back scheme ‘too little too late' According to Discovery, its platform will stimulate investment of between R20 billion to R25 billion in the country's energy infrastructure, which is enough to establish 2 700 rugby fields of solar farms or 200 to 250 wind turbines. Speaking to Moneyweb, Andre Nepgen, who heads up Discovery Green, said the insurer has been working with some government entities in this venture, without mentioning them. Through the process, they have acted as advisories and have been "very helpful and very supportive of the process", Nepgen said. Other initiatives Discovery has previously lent its hand to government initiatives, notably its Potholes Patrol, which has seen more than 175 000 potholes across Johannesburg's nearly 14 000km

Finding Aloe Vera Plants in Cape Town: Your Ultimate Guide

/ By September 7, 2023 Are you looking for the perfect touch of nature to brighten up your space? It's time to look no further: Aloe Vera plants are an excellent choice.Our comprehensive guide will assist you in locating an aloe vera plant in Cape Town. We'll guide you to the best places to find Aloe Vera plants, whether you're looking for a local nursery or a website. The selection of the perfect Aloe Vera plant for your home can be a lot easier in a city as vibrant as Cape Town. We'll learn how to find and care for these wonders in this guide. Learn about the various types of succulents that are available from reputable nurseries and stores, including the popular aloe vera plant. As a novice plant parent or as someone who's just starting his or her green journey, our guide will provide you with valuable information on selecting healthy plants and caring for them. We'll discover where and how to find aloe vera plants in Cape Town as we explore the city's lush greenery. You might think you're living in a soothing spa when you see these versatile plants. Join us on this journey as we discover how it is to own and nurture an aloe vera plant. We'll dive into the fascinating world of aloe vera and let you get a taste for its goodness. Overview Nestled along the captivating coastline of South Africa, Cape Town beckons with its natural splendor and vibrant urban charm. Amidst this captivating backdrop, the allure of Aloe Vera plants thrives, offering a touch of nature's goodness to those seeking both aesthetic beauty and a treasure trove of benefits. Within the realm of this comprehensive guide, we embark on an exploration that transcends the ordinary, unraveling the intricacies of obtaining Aloe Vera plants in Cape Town-transforming your green aspirations into reality. Discovering the Green Gem: Aloe Vera Plants in Cape Town Aloe Vera, a plant renowned for its myriad uses, is a living testament to nature's brilliance. As you journey through this guide, a world of possibilities unfurls before

Standard Bank launches new low-interest Solar Loan solutions for homes and business

Standard Bank launches new low-interest Solar Loan solutions for homes and business The Standard Bank South Africa Limited (SBSA) is in the final stages of concluding agreements with government that will see it participate in the Energy Bounce-Back Loan Guarantee Scheme, which will offer affordable solar loans to both Personal and Business Clients. "The move is in line with SBSA's commitment to promote the roll out of affordable and reliable solar power and other alternative energy solutions for residential and business customers alike, says Lungisa Fuzile, SBSA Chief Executive. "The adoption of renewable energy is critical to helping South Africa overcome its electricity shortfalls and combat the very real impact of climate change. Standard Bank has already invested in solutions to assist our personal and business customers to get started on their solar journey, he explains. "By participating in the Energy Bounce-Back Loan Guarantee Scheme, we'll be able to assist customers with preferential financing options that make the installation of solar more accessible. The scheme forms part of government's efforts to curb the impact of persistent energy constraints on economic growth, as well as assisting with the country's aim to reduce carbon emissions. Standard Bank has already invested in solutions to help residential and business customers make the move to solar through its LookSee and PowerPulse platforms. With low interest rates and flexible repayment periods, the Solar Loans make solar investments more affordable and accessible. Help for homes The attractive terms of the Home Solar Loan provide an affordable alternative to households that are unable or don't wish to finance a solar installation on their home loan, says Andrew van der Hoven, head of digital and eCommerce. "The headline feature of the Home Solar Loan is the offering of a personalised interest rate capped at a maximum of prime plus 2.5%. This is a substantial discount on the prime plus 17.5% maximum stipulated by the Nationa

MERAFE RESOURCES LIMITED - Contribution of new PGM production plants

Release Date: Code(s): MRF Contribution of new PGM production plants MERAFE RESOURCES LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1987/003452/06) JSE and A2X share code: MRF ISIN: ZAE000060000 ("Merafe" or the "Company") CONTRIBUTION OF NEW PGM PRODUCTION PLANTS Shareholders of Merafe ("Shareholders") are referred to the announcement published by the Company on SENS on 14 January 2022 wherein Shareholders were advised that, inter alia, Merafe and Glencore Operations South Africa Proprietary Limited ("Glencore SA"), (collectively, the "Parties") had entered into an agreement to contribute to the Glencore Merafe Chrome Venture ("JV"), a new Platinum Group Metal ("PGM") production plant, constructed at the Kroondal Mine ("Western PGM Plant") ("Initial PGM Venture"). The Initial PGM Venture has been successful and profitable for the JV, and the Parties intend to replicate this strategy on the JV's eastern chrome mine operations. Accordingly, Shareholders are advised that Merafe and Glencore SA have reached an agreement to further contribute to the JV the PGM production plant located at the Thorncliffe Mine, which the Parties further intend to improve and expand ("Eastern PGM Plant"). The Eastern PGM Plant's main operations will be the treatment of PGM-bearing material relevant to the eastern chrome mine operations and as agreed between the Parties. Similar to the Western PGM Plant, the operations of the Eastern PGM Plant are governed by the existing unincorporated JV's notarial pooling and sharing agreement between Merafe and Glencore SA ("JV Agreement"). The total capital and costs relating to the improvement and expansion of the Eastern PGM Plant attributable to Merafe are expected to be c. R117 million. The independent members of the Merafe board of directors confirm that the terms relating to the contribution of the Eastern PGM Plant into the JV are in accordance with the JV Agreement and were concluded on an arm's length basis. San

Ghost Wrap #44 (Bowler Metcalf | City Lodge | Shoprite | The Foschini Group | Bidvest | AVI)

The Ghost Wrap podcast is proudly brought to you by Mazars , a leading international audit, tax and advisory firm with a national footprint within South Africa.Visit the Mazars website for more information. In this episode of Ghost Wrap, I looked at some of the more interesting stories in a busy few days of news. Bowler Metcalf is evidence of how share buybacks can turn financial water into wine. City Lodge was permanently damaged by the pandemic, but at least the company is profitable again. Shoprite's astonishing performance was blunted by Eskom, which means share price performance is also well off where it should be. The Foschini Group's trading update reflects the impact of pressure on like-for-like sales, a drop in gross margin and debt on the recent acquisition. Bidvest's second half of the financial year was all about generating cash, which was helpful for the dividend payout ratio. AVI's results look good provided you exclude I&J, which tells us something about the different segments in the group. Leave Your Comment

Glencore's Share Buyback Boosts Value

Glencore plc completes a significant share buyback, acquiring 2,110,000 of its own shares on the London Stock Exchange. The company holds these repurchased shares in treasury, totaling 1,354,013,041 shares, while maintaining 12,345,986,959 ordinary shares in circulation. This move aligns with Glencore's strategy to optimize capital structure and enhance shareholder value, part of a program lasting until February 2024. In a noteworthy move, Glencore plc, an international trading and mining company, has revealed its recent share buyback transactions on the London Stock Exchange. These actions come as part of the second phase of the company's ongoing share repurchase program, a strategy expected to continue until February 2024, as detailed in their August 8, 2023, announcement. On September 6, 2023, the company purchased an aggregate of 2,110,000 of its ordinary shares, each with a nominal value of USD 0.01, from UBS AG, London Branch. This move reflects Glencore's commitment to optimizing its capital structure and enhancing shareholder value. Key Transaction Details: The company has decided to hold these repurchased shares in treasury. Following this transaction, Glencore plc now possesses 1,354,013,041 of its ordinary shares in treasury. This amounts to 12,345,986,959 ordinary shares in issue, excluding treasury shares, representing the total number of voting rights. Shareholders can use this figure to determine whether they need to disclose their interest or any changes to their interest in the company under the FCA's Disclosure Guidance and Transparency Rules. Aggregated Information: The shares were bought across various trading venues, with the London Stock Exchange being the primary platform. Here's a breakdown of the aggregated information: These share purchases are part of Glencore's broader strategy to optimize its capital structure and enhance shareholder value. The company aims to efficiently deploy its capital to achieve long-term sustainable growth. In accordance with Article

SA ranks in top 10 EMEA markets for Volvo EX30 pre-orders

Volvo Car South Africa has revealed that early demand for its new fully electric EX30 has been incredibly strong, with the local market ranking in the top ten for pre-orders in the broader Europe, Middle East and Africa (EMEA) region. The news fittingly comes just ahead of World EV Day 2023 on 9 September, the [ ] Volvo Car South Africa has revealed that early demand for its new fully electric EX30 has been incredibly strong, with the local market ranking in the top ten for pre-orders in the broader Europe, Middle East and Africa (EMEA) region. The news fittingly comes just ahead of World EV Day 2023 on 9 September, the fourth instalment of a global celebration dedicated to highlighting the benefits of battery-powered cars and raising awareness around the need to transition to more sustainable methods of transport. The EX30 - which is positioned as one of the most affordable full-size electric vehicles in South Africa - was revealed to the world on 7 June 2023, with local pre-orders opening the following day. Since then, South Africans have placed in excess of 150 pre-orders, with many more registering expressions of interest on Volvo Car SA's website. For context, EVs sales in South Africa in the first half of 2023 totalled 501 units, according to industry representative body naamsa, with the Swedish automaker leading the sales charge in the fully electric premium C-SUV segment thanks to the performances of the XC40 Recharge and C40 Recharge. The scheduled arrival of the EX30 in the first quarter of 2024 means Volvo is poised to further increase its share in the fast growing EV market. So far, the EX30 Twin Motor Performance Ultra has been the most popular derivative with South Africans, accounting for nearly half of all local pre-orders. Next comes the Single Motor Plus Extended Range at around 25% of pre-orders, followed by the entry-level Single Motor Core variant, the flagship Twin Motor Performance Plus and the Single Motor Ultra Extended Range. "Since the EX30 was revealed, we have

MERAFE RESOURCES LIMITED — Contribution of new PGM production plants

7 September 2023 R1.21 Contribution of new PGM production plants MERAFE RESOURCES LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1987/003452/06) JSE and A2X share code: MRF ISIN: ZAE000060000 ("Merafe" or the "Company") CONTRIBUTION OF NEW PGM PRODUCTION PLANTS Shareholders of Merafe ("Shareholders") are referred to the announcement published by the Company on SENS on 14 January 2022 wherein Shareholders were advised that, inter alia, Merafe and Glencore Operations South Africa Proprietary Limited ("Glencore SA"), (collectively, the "Parties") had entered into an agreement to contribute to the Glencore Merafe Chrome Venture ("JV"), a new Platinum Group Metal ("PGM") production plant, constructed at the Kroondal Mine ("Western PGM Plant") ("Initial PGM Venture"). The Initial PGM Venture has been successful and profitable for the JV, and the Parties intend to replicate this strategy on the JV's eastern chrome mine operations. Accordingly, Shareholders are advised that Merafe and Glencore SA have reached an agreement to further contribute to the JV the PGM production plant located at the Thorncliffe Mine, which the Parties further intend to improve and expand ("Eastern PGM Plant"). The Eastern PGM Plant's main operations will be the treatment of PGM-bearing material relevant to the eastern chrome mine operations and as agreed between the Parties. Similar to the Western PGM Plant, the operations of the Eastern PGM Plant are governed by the existing unincorporated JV's notarial pooling and sharing agreement between Merafe and Glencore SA ("JV Agreement"). The total capital and costs relating to the improvement and expansion of the Eastern PGM Plant attributable to Merafe are expected to be c. R117 million. The independent members of the Merafe board of directors confirm that the terms relating to the contribution of the Eastern PGM Plant into the JV are in accordance with the JV Agreement and were concluded on an arm's length basis. Sandton

FIRSTRAND LIMITED — FirstRand: Changes to important functions of directors and board committee membership

7 September 2023 R72.05 FirstRand: Changes to important functions of directors and board committee membership FIRSTRAND LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1966/010753/06) JSE ordinary share code: FSR; ISIN code: ZAE000066304 NSX ordinary share code: FST LEI: 529900XYOP8CUZU7R671 (FirstRand) FIRSTRAND: CHANGES TO IMPORTANT FUNCTIONS OF DIRECTORS AND BOARD COMMITTEE MEMBERSHIP Shareholders are advised that the following board committee amendments have been made in accordance with paragraph 3.59(c) of the JSE Limited Listings Requirements to improve the skill sets of the respective committees. FirstRand audit committee — The appointment of Ms TC Isaacs and Ms Z Roscherr as members of the committee, effective 1 December 2023. Mr RM Loubser will retire as a member of the committee, effective 30 November 2023. FirstRand risk, capital management and compliance committee — The appointment of Ms Z Roscherr as chair and Ms T Isaacs as members of the committee, effective 1 December 2023. Mr RM Loubser will retire as chair of the committee, effective 30 November 2023. FirstRand social, ethics and transformation committee — The appointment of Ms PD Naidoo as chair as Ms Z Roscherr will be stepping down as chair of the committee, effective 1 December 2023. Sandton 7 September 2023 Sponsor RAND MERCHANT BANK (a division of FirstRand Bank Limited) Date: 07-09-2023 03:43:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (‘JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, informat

Vodacom will use Project Kuiper satellites to extend 4G/5G network

Amazon's Project Kuiper hopes to get remote areas online and it's bringing telecommunications on board to assist. This week Vodafone and Vodacom announced they'd be partnering with Amazon to extend their 4G/5G networks using satellite connectivity. Beta testing of Project Kuiper is only expected to begin in 2024. Beaming the internet from space to Earth has proven to be a rather nifty way of solving connectivity problems. Clusters of satellites in low Earth orbit (LEO) deliver broadband internet to ground stations where it can be used. These solutions were rather pricey until the likes of SpaceX's Starlink arrived (in other parts of the world) offering a more palatable if still premium price. Amazon has its own such project in Project Kuiper . Like Starlink, Project Kuiper seeks to beam the internet from satellites to areas that aren't able to access the internet by other means. This week Vodacom and Vodafone announced they'd be leaning on the project to improve their networks. The telecommunications firms will extend their 4G and 5G networks to areas that prove challenging and prohibitively expensive to expand to. This will be accomplished by setting up a tower in those sorts of areas and connecting that tower to the Vodacom or Vodafone network via Project Kuiper satellites. The satellites in this instance would essentially function as a gateway through which the telcos could extend their network. "At Vodacom, our purpose is to connect for a better future, and we work every day to bring more people in Africa online," chief executive officer for the Vodacom Group, Shameel Joosub said in a statement. "Collaborating with Project Kuiper gives us an exciting new path to scale our efforts, using Amazon's satellite constellation to quickly reach more customers across the African continent," the CEO adds. Don't expect this to happen soon though. Amazon is currently preparing two Project Kuiper satellite prototypes for testing "in the coming months". Production satellites will be deployed in 2024

South African mines get a faster route to Mozambique port

The Logistics Co (TLC), indirectly owned by Old Mutual's African Infrastructure Investment Managers, plans to open a trucks-only crossing at Komatipoort, just north of South Africa's main Lebombo entry point into Mozambique. The project involves upgrading an existing service road along a railway line, and building a truck staging facility that will have customs and immigration offices on the outskirts of the town of Komatipoort, according to Hennie Jooste , head of operations at TLC. The company, which already operates a rail terminal on the Mozambican side of the border, could process as many as 500 trucks daily at the planned new crossing, Jooste said by phone. That may reduce pressure on the existing border post that can see 1,800 trucks arrive daily, forming queues that sometimes stretch for 30 kilometers (19 miles), he said. The company's main priority is to accommodate the 200 to 250 trucks TLC operates carrying magnetite, a type of iron ore, into Mozambique. The lorries will offload at the rail terminal, and then return empty through the existing border. The minerals will then travel by train to ports in Maputo Bay. South African producers of magnetite, chrome and coal have increasingly used the N4 highway through the Lebombo border to ship their minerals from the ports of Maputo and Matola as their own country's rail and port infrastructure have floundered. At the same time, Mozambique has been increasing its port and rail capacity. TLC plans to start construction around mid-October on the project, and complete it by May. It will cost about R50-million ($2.6 million) to build, Jooste said.

Mega clothing and textile distribution centre in Cape Town set to be completed in November

Cape Town - The City of Cape Town's economic growth department is celebrating the near completion of a clothing and textile distribution centre for Truworths International Limited — the largest in the Western Cape. Economic growth Mayco member James Vos announced the news on Tuesday after visiting the site at King Air Industria near Cape Town International Airport. He said the economic project showcased the City's progressiveness in terms of pushing for the establishment and migration of lucrative developments in Cape Town. "Our mission to make the metro the easiest place in Africa to do business is paying off. In fact, according to a recent FNB report on commercial property owners' motivations for development in a particular region, one of the most commonly cited reasons to relocate was the provision of reliable services," Vos said. The international distribution centre is a joint venture between King Air Industria and Truworths and is expected to be completed in November. King Air Industria is the development company of the industrial park, a joint venture between Atterbury Property and Old Mutual Property, according to the City. The facility will include a warehouse of 50 000m² and an office of 3 000m², totalling 53 000m², the equivalent of five-and-a-half rugby fields. About 750 tons of steel were used in the construction, equal to the weight of 125 African elephants. Atterbury Property Western Cape Developments head Gerrit van den Berg said: "We are very grateful for the support that we are receiving from the City of Cape Town. Our investment in King Air Industria and Truworths shows our commitment to contribute to the economy of this beautiful, well-run City." Vos said Cape Town was the ideal location for the distribution centre, as the metro was the historic home of the clothing and textile industry. "In 2023, retailers projected to have sourced 368 million garments from the South African industry, supporting over 60 000 formal manufacturing jobs. Through the City's part

WECONA Empowers Women in Business

Minister Dlamini Zuma praises WECONA for empowering women in business through collaboration, mentorship, and economic opportunities. WECONA aligns with the National Strategic Plan on Gender-Based Violence, advocating for 40% public procurement for women-owned businesses. Transformative dialogues initiated by WECONA have led to game-changing initiatives in sectors like finance and automotive industries. Minister Nkosazana Dlamini Zuma, the Minister in the Presidency for Women, Youth, and Persons with Disabilities, lauded the KwaZulu-Natal Women Economic Assembly (WECONA) for its groundbreaking efforts in empowering women in the business sector. The minister's remarks came during an event held on September 7, 2023, where she joined forces with Ms. Bongi Sithole-Moloi, the MEC of Cooperative Governance and Traditional Affairs, to promote the provincial rollout of WECONA. WECONA: Fostering Collaboration for Women's Economic Empowerment WECONA, the Women Economic Assembly, stands as a catalyst platform dedicated to women-owned, managed, and led businesses and enterprises. This initiative is underpinned by collaboration between the government, private sector, and civil society, reflecting an ongoing commitment to encourage women's active participation in the economy. The primary objective is to unite these stakeholders, creating a driving force for transformative change in the economic landscape. Minister Dlamini Zuma commended the remarkable contributions of women entrepreneurs, emphasizing that they are more than just business leaders; they are role models. Through mentorship programs, training workshops, and community initiatives, they are actively nurturing the next generation of entrepreneurs and ensuring the enduring legacy of women in business. Aligning with the National Strategic Plan on Gender-Based Violence and Femicide The provincial assembly of WECONA aligns seamlessly with Pillar 5 of the National Strategic Plan on Gender-Based Violence and Femicide. This pillar emphasizes the urgen

Israeli President decorates advisor to King Mohammed VI with Presidential Medal of Honor

The President of Israel, Isaac Herzog, on Wednesday decorated André Azoulay, Advisor to King Mohammed VI, with the Presidential Medal of Honor, during a magnificent ceremony held at the Presidential Palace.In a statement to MAP, Azoulay expressed the "great pride" he feels in serving King Mohammed VI, and before Him, his father late King Hassan II. "In Morocco, the land of Islam, I am a proud Jew, and I live my Judaism to the full," stressed Azoulay, whose career and life have always been rooted in and defined by his Moroccan identity and the various high responsibilities entrusted to him. "This award is a source of great hope and immense pride for my country, Morocco, and for Moroccan civilization and the Moroccan exception which is being celebrated today and which continues to strongly embody the values of peace and coexistence," he added. "All Moroccans have been honored today. It is a tribute to my dear country, Morocco, with all its Arab, Amazigh and Jewish tributaries, among others," he stressed. He noted further that the Kingdom, under the wise leadership of King Mohammed VI, is "the clear embodiment of the art of the possible, where all spiritualities rub shoulders, coexist and interact in peace and harmony." The award bestowed on Azoulay also translates the recognition of the tireless efforts made by King Mohammed VI, Chairman of the Al Quds Committee, to promote interfaith dialogue and the Middle East peace process, and to defend the two-state solution as the basis for any resolution of the Palestinian-Israeli conflict. During the ceremony, the Israeli President hailed Azoulay as "a man of peace and dialogue, a clerk of the State, advisor to HM King Mohammed VI and the late HM Hassan II." The President's Medal is the highest Israeli civilian decoration awarded by the President of the State of Israel. Initiated by former Israeli President Shimon Peres in 2012, the medal has so far been awarded to 29 personalities, including Henry Kissinger, Bill Clinton, Barack Obama, Joe Biden

Risk of SA being kicked out of Agoa has receded, says Sim Tshabalala

Standard Bank CEO points to signs of better relations between Pretoria and Washington Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers. The risk of SA being kicked out of the African Growth and Opportunity Act (Agoa) and being sanctioned over its ties to the Kremlin have receded, Standard Bank group CEO Sim Tshabalala told the bank's shareholders. He told investors and pundits following the release of the group's results recently that the bank believes the Ramaphosa administration has done enough to assuage Washington's concerns that it had aligned with Russia in its war with Ukraine, a post-results transcript shows. "In our view, the risk of SA losing Agoa preferences - or of sanctions being imposed - has receded ... President Ramaphosa visited both Kyiv and Moscow to encourage negotiations, and senior government representatives visited Washington to clarify SA's stance," reads the transcript. Tshabalala, who heads Africa's biggest bank by assets, pointed to the August visit by US deputy secretary of state Victoria Nuland as an indication that progress has been made in mending relations with the US. "While she did not want to pre-empt the decision by US lawmakers on whether SA would retain Agoa status, President Ramaphosa's statements would help to motivate for an extension," Tshabalala said. "To quote secretary Nuland directly, ‘When SA stands up and says Russia's war against Ukraine must be settled in a manner that defends the UN Charter, that defends sovereignty and territorial integrity of nations, that says no to taking land by force, that [statement] has unique weight.'" Agoa has since 2000 been the US's primary economic policy tool in Africa, offering qualifying African countries duty-free access to the US market for many goods. The current agreement expires in 2025. The relationship between SA and the US has been tested in the past year due to perceptions that Pret

Business forum to march against discrimination — DFA

The Central Northern Cape Business Forum will embark on a peaceful march in Kimberley on September 12 against race quotas and race discrimination. Read more: Business forum to march against discrimination - DFA Leave a Reply

Exploring Uber Assist in Cape Town: Enhancing Transportation Accessibility

/ By September 7, 2023 You're ready for a new era of transportation accessibility when you imagine a ride service tailored to your specific needs, making travel easier for all.Uber Assist, a revolutionary service that provides passengers with special needs with a seamless journey, will be available in Cape Town. Uber Assist makes it easier than ever to use public transportation by incorporating accessibility features and specialized driver training. Uber Assist is a specialized service that is offered by Uber to address the needs of individuals who require accessibility assistance . This ground-breaking service not only provides trained drivers, but also specially designed vehicles, in order to make mobility more accessible to all. Learn more about the features, benefits, and real-life impacts of Uber Assist in Cape Town, South Africa. In this episode, we'll go over Uber Assist's comprehensive approach to bridge the transportation gap, as well as look at how the company is addressing the issue. We'll go over the features that set Uber Assist apart from others, as well as what drivers go through during their training, in the strictest of terms. Whether you want to learn more about the future of accessible mobility in Cape Town or simply want to learn more about Uber Assist, this article will cover how this service has transformed the city's transportation landscape. Understanding Uber Assist In the dynamic landscape of urban transportation, Uber Assist emerges as a beacon of inclusivity and convenience, redefining the parameters of accessibility. At its core, Uber Assist isn't merely a ride-hailing service; it's a tailored solution meticulously designed by Uber to address the unique needs of passengers requiring accessibility support. This specialized service stands apart from the standard Uber offerings, not just in its intent, but also in its execution, ushering in a new era of mobility equality. Diving into the intricacies, Uber Assist distinguishes itself through its unwavering commit

Business confidence index inches up in third quarter - survey

The survey by the Rand Merchant Bank (RMB) and compiled by the Bureau for Economic Research showed the business confidence index climbed to 33 points in the third quarter, up from 27 points the previous quarter. Nearly two-thirds of 1 050 senior executives surveyed said they were dissatisfied with current business conditions and the sentiment remained "still very weak. Annabel Bishop, the chief economist at Investec, said business confidence remained in depressed territory. "A RMB/BER business confidence index (BCI) reading below the neutral 50 level shows that the majority of businesses are dissatisfied with prevailing business conditions, and so profitability, which is what the quarter three 2023 reading, at 33 registered for South Africa," she said. Bishop said this was unsurprising given the failures at the state-owned electricity and logistics utilities to meet the full power and rail/port transport requirements of the economy. "Reported estimates on South Africa's freight demand show around R1bn is lost per day to the economy due to severe under-performance by Transnet, she said. Power cuts, which have plagued Africa's third-largest economy, reduced over the past weeks, compared with the first half of the year. However, production costs and stock levels were high, the survey said. Consumer-facing sectors, such as automotive and retail, saw a rebound after a steep fall last quarter as softer prices helped profitability despite weak sales. August also saw a taxi strike in the Western Cape province of the country that disrupted the local economy. "Looking ahead, it will become increasingly important to also consider the impact of unrest, such as recently seen in the Western Cape, on South Africa's economic fortunes in the run-up to the national elections next year, said Isaah Mhlanga, the chief economist and head of research at RMB. BUSINESS REPORT

Business confidence index inches up in third quarter - survey

The survey by the Rand Merchant Bank (RMB) and compiled by the Bureau for Economic Research showed the business confidence index climbed to 33 points in the third quarter, up from 27 points the previous quarter. Nearly two-thirds of 1 050 senior executives surveyed said they were dissatisfied with current business conditions and the sentiment remained "still very weak. Annabel Bishop, the chief economist at Investec, said business confidence remained in depressed territory. "A RMB/BER business confidence index (BCI) reading below the neutral 50 level shows that the majority of businesses are dissatisfied with prevailing business conditions, and so profitability, which is what the quarter three 2023 reading, at 33 registered for South Africa," she said. Bishop said this was unsurprising given the failures at the state-owned electricity and logistics utilities to meet the full power and rail/port transport requirements of the economy. "Reported estimates on South Africa's freight demand show around R1bn is lost per day to the economy due to severe under-performance by Transnet, she said. Power cuts, which have plagued Africa's third-largest economy, reduced over the past weeks, compared with the first half of the year. However, production costs and stock levels were high, the survey said. Consumer-facing sectors, such as automotive and retail, saw a rebound after a steep fall last quarter as softer prices helped profitability despite weak sales. August also saw a taxi strike in the Western Cape province of the country that disrupted the local economy. "Looking ahead, it will become increasingly important to also consider the impact of unrest, such as recently seen in the Western Cape, on South Africa's economic fortunes in the run-up to the national elections next year, said Isaah Mhlanga, the chief economist and head of research at RMB. BUSINESS REPORT

Can BRICS+ de-dollarize the global markets? ( Business Africa )

In a world where economic stability and global markets are constantly evolving, the BRICS nations are making significant strides towards reshaping the global financial landscape. During their 15th annual summit, held recently, discussions on de-dollarization and the creation of a new currency took center stage. The BRICS bloc, consisting of Brazil, Russia, India, China, and South Africa, has long been seen as a rising force in the global economy. As of March 2023, they collectively represent a substantial 31.5% of the world's GDP. However, their ambitions don't stop there. In a historic expansion move, the BRICS welcomed six new member countries into their fold. This expansion aims to bolster the bloc's influence and capabilities, giving it more weight on the global stage. One of the most significant aspects of this expansion is the concerted effort to reduce dependence on the U.S. dollar. The BRICS nations are exploring new currency arrangements that could potentially lessen their reliance on the dollar-dominated global financial system. This shift signifies a move towards a multipolar world economy, one where the influence of the United States is not as predominant. But can the BRICS nations truly reshape the world's economic landscape? To gain a better understanding of the situation, Africanews spoke with Mr. Jean Joseph Boillot, an economist and advisor on emerging countries at IRIS. He shed light on the BRICS+ initiative, stating that it has the potential to bring about substantial changes in the global economic order. Coup in oil-rich Gabon: What implications for global supply? In a separate development, the recent coup d'etat in Gabon, an oil-rich nation in Central Africa, has brought political instability to the doorstep of the Organization of Petroleum Exporting Countries (OPEC). This raises concerns about potential disruptions in global oil supply, as Gabon is an OPEC member. The implications of this coup on the global oil industry remain uncertain, but it is a situation worth mo

Ramaphosa to attend G20 New Delhi summit 2023.

India's capital city New Delhi is all set to host the world's most influential and powerful leaders at the G20 Summit 2023 this weekend. President Cyril Ramaphosa is expected to embark on a working visit to India to attend the G20 Leaders' Summit. "Ramaphosa will during the summit participate in the G20 Working Sessions themed One Earth, One Family and One Future. The President will also on the margins of the G20 have bilateral meetings with Heads of State and Government to strengthen South Africa's diplomatic, economic and cultural ties. "South Africa is a member of the G20 and its participation seeks to provide a strategic foresight in establishing an economic and international policy platform that will drive and negotiate the best possible outcomes for the country, Africa and the developing world. South Africa will assume the G20 Presidency in 2025," the Presidency said in a statement. The theme for this year's summit, held under the Presidency of India, is "One Earth, One Family, One Future". "The New Delhi Summit will focus on the key pillars of the Indian G20 Presidency, namely; Accelerated, Inclusive Sustainable and Resilient Growth; Accelerating Progress on Sustainable Development Goals (SDGs); Mainstreaming Lifestyle for Environment (LiFE); Multilateral Institutions for the 21st Century; Technological Transformation and Public Infrastructure; Building Digital Public Infrastructure; Safeguarding International Peace and Harmony; Creating a More Inclusive World, Gender Equality and Empowerment of Women and; Creating a More Inclusive World. "The Group of Twenty (G20) is the premier forum for international economic cooperation. It plays an important role in shaping and strengthening global architecture and governance on all major international economic issues. "The G20 initially focused largely on broad macroeconomic issues, but it has since expanded its agenda to include trade, sustainable development, health, agriculture, energy, environment, climate change, and anti-corruption," the

Ru The World: Ruger's golden spout of sweet spots

Ruger incarnates Afrobeats' dancehall faction touting carefree ideals. This forms the framework for his debut LP Ru The World, a spout of sweet spots.The Nigerian singer, often sporting pink hair and an eyepatch, is a creature of melody. A singles expert who is already behind three EPs, Ruger, who crossed into the mainstream in 2021, owns an unsullied tone that results in moving output, as evidenced in the rousing response to his tours. But the singer, 23, also espouses a strange eloquence around adult themes, shuttled on sensuous chords and strings. The album presents 17 songs. The sex begins on opening salvo ‘Tour', which doubles as a lyrically rich mission statement. Anywhere he goes, the girls want to mount him, he worries (or brags). It's like that for the rest of the album, really: anecdote after anecdote about libidinous escapades, with a fervour that calls up Jamaican dancehall vets like Vybz Kartel. If there is one way Ru stands out, it is for its clarity in purpose. The collection, which follows three EPs, illustrates raunchiness through leading singles ‘Red Flags' and ‘Kristy'. Understanding this is key, especially given how musicians his age, who stumble into stardom that early, tend to fixate on carnal adventures, which are a surplus of their celebrity. The album also enjoys the advantages of harmony and great sequencing, making for fluid listening, even with its unceasing sexual frankness, often vulgar, often genuinely innovative. On the guitar-saturated ‘Kristy', he invents similes for a woman's soft curves, comparing them to a soft drink or freshly baked bread. ‘All My Days', featuring Kenyan band Sauti Sol, is the most innovative track on the album, both conceptually and sonically. A beautiful salsa blend complete with shakers and a celebratory atmosphere is the sound towards a happy future. But what is a Ruger record without the presence of the fairer gender? On this occasion, there's the mention of his desire for "two girls for the night." Leading up to its rel

Coach Pitso and Nedbank partner to build a legacy for the future

Nedbank, in partnership with Soccer Schools and The Sports Trust, continues to promote sport development with the sponsorship of a multipurpose sport court to Lofentse Girls High School. Soweto was beaming with pride as one of its prodigal sons, Pitso Mosimane, inaugurated the Pitso Mosimane Multipurpose Sports Court at Lofentse Girls High School in Orlando East. The official handover was conducted on behalf of the Nedbank Cup 2022/2023 season winners, Orlando Pirates FC. This groundbreaking project was made possible thanks to funding from Nedbank and The Sports Trust's Soccer Development Programme. This partnership embodies a joint commitment to sports development, talent identification and community empowerment in South Africa. Nedbank's unwavering support has been a catalyst for transformative change. Since 2012 Nedbank, supported by The Sports Trust, has erected 10 multipurpose sports courts worth R2 million each, showcasing a continuous investment in the development of South African communities through a range of sports. With a 20-year lifespan to accommodate five sporting codes, this state-of-the-art facility multipurpose will nurture various sports disciplines and provide a safe space for the community. The Minister of Sport, Arts and Culture, Zizi Kodwa, said: "Women and grassroots sport development are among the priorities of Government. Nedbank and The Sports Trust have shown what can be done when stakeholders in communities work together to develop grassroots sport." Minister Kodwa added: "The Pitso Mosimane Multipurpose sports Court at Lofentse High School will not only help to develop the next generation of athletes, but will also keep youth active in the community. I hope to see more of these facilities being built, especially in townships and rural communities. We cannot slow down this momentum to elevate women's sport and grassroots development." As a true icon in the South African football community, Coach Pitso is leading this initiative with the aim of leaving a legacy

Risk of SA being kicked out of Agoa has receded, says Sim Tshabalala

The risk of SA being kicked out of the African Growth and Opportunity Act (Agoa) and being sanctioned over its ties to the Kremlin has receded, Standard Bank group CEO Sim Tshabalala has told the bank's shareholders.He told investors and pundits after the release of the group's results that the bank believes the Ramaphosa administration has done enough to assuage Washington's concerns that it had aligned with Russia in its war with Ukraine, a post-results transcript shows."In our view, the risk of SA losing Agoa preferences - or of sanctions being imposed - has receded ... President Ramaphosa visited both Kyiv and Moscow to encourage negotiations, and senior government representatives visited Washington to clarify SA's stance," the transcript reads.IntegrityTshabalala, who heads Africa's biggest bank by assets, pointed to the August visit by US deputy secretary of state Victoria Nuland as an indication that progress has been made in mending relations with the US."While she did not want to pre-empt the decision by US lawmakers on whether SA would retain Agoa status, President Ramaphosa's statements would help to motivate for an extension," Tshabalala said."To quote secretary Nuland directly, ‘when SA stands up and says Russia's war against Ukraine must be settled in a manner that defends the UN Charter, that defends sovereignty and territorial integrity of nations, that says no to taking land by force, that [statement] has unique weight.'"Agoa has since 2000 been the US's primary economic policy tool in Africa, offering qualifying countries duty-free access to the US market for many goods. The current agreement expires in 2025.Lady RThe relationship between SA and the US has been tested in the past year due to perceptions that Pretoria had taken Moscow's side in its war with Ukraine.Tensions between the two countries, which have enjoyed good bilateral and trade relations since 1994, came to a head in May when US ambassador to SA Reuben Brigety said SA had supplied Russia with weapons in f

FFM podcast ep19: Winning from chemicals to finance; Debunking the Myth of the Barn Hole; A Springbok-inspired run?

Welcome to the Fantasy Fund Manager podcast, where financial experts and everyday investors converge to explore the intriguing world of fantasy trading.In this episode, we journey into week 19 of the competition with our hosts, Stuart Lowman from BizNews, and our distinguished guests, Gareth Montana, Director at Corion Capital, and Darren Gruzin, General Manager at SA Precious Metals. Amidst the ever-shifting landscape of financial markets, we uncover valuable insights, from navigating volatility to adapting strategies for success. Discover how this innovative game fosters community and financial education, making investing more accessible. Join us as we delve into the exciting realm of Fantasy Fund Manager. Remember, each dawn of Monday is your chance to pitch your winning stocks. With enticing prizes awaiting, the game is on. Rally your comrades and head over to www.fantasyfundmanager.co.za to register-gratitude to our platinum sponsors, Sharenet, Terebinth Capital, ClucasGray Asset Management, and Money Better. And mark your calendars: Subscribe now to our podcast to keep pulse with every riveting episode. Rest assured, the stock prices discussed remain spot-on from the time of the podcast's riveting recording. Listen here Welcome to the Fantasy Fund Manager podcast, where financial experts and everyday investors come together to explore the intriguing world of fantasy trading. In this episode, we dive into week 19 of the competition with our hosts, Stuart Lowman from BizNews, and our distinguished guests, Gareth Montana, Director at Corion Capital, and Darren Gruzin, General Manager at SA Precious Metals. The data snapshot Before delving into the heart of the discussion, Stuart provides us with a snapshot of the current state of play. In week 19, the most owned stock is NASPERS, posting an impressive 1.31% gain. It's essential to note that these figures are accurate as of the time of recording, and market dynamics are ever-changing. Conversely, Multi-Choice is the least owned stock,

Fortify Your Defences: Unleashing the Power of Cutting-Edge Network Security - IT News Africa | Business Technology, Telecom

n today's interconnected world, network security is of paramount importance for businesses. While rapid advancements in technology have empowered organizations, they have also provided new avenues for cyber attackers to exploit vulnerabilities. As remote work becomes more prevalent, the attack surface has expanded, making it crucial for businesses to adopt robust network security best practices [ ] ITNewsAfrica Source ITNewsAfrica In today's interconnected world, network security is of paramount importance for businesses. While rapid advancements in technology have empowered organizations, they have also provided new avenues for cyber attackers to exploit vulnerabilities. As remote work becomes more prevalent, the attack surface has expanded, making it crucial for businesses to adopt robust network security best practices [ ] In today's interconnected world, network security is of paramount importance for businesses. While rapid advancements in technology have empowered organizations, they have also provided new avenues for cyber attackers to exploit vulnerabilities. As remote work becomes more prevalent, the attack surface has expanded, making it crucial for businesses to adopt robust network security best practices to protect their sensitive data and critical systems. Key Network Security Best Practices: When it comes to network security, there is no one-size-fits-all solution. Each company has unique components, systems, and data that require comprehensive protection. It is essential that an organization's IT security strategy is thorough and all-encompassing to address the diverse aspects of network security. One key trend and best practice in network security is role-based access, which helps protect against unauthorized entry. Implementing effective access management solutions can significantly enhance network security. Identity management is also a crucial aspect of network security, with zero-trust networks gaining traction.

Mbhazima Shilowa | Lay blame at the door of corruption and incompetence, not apartheid

Maybe it is based on research. Or polling. But something does not seem right. It is like the wick doesn't reach the paraffin inside the lantern any longer. How else can one explain that after 30 years of power, the ANC suddenly discovered that their incompetence is occasioned by the legacy of apartheid: skills development, inner-city regeneration and the provision of reliable, safe, integrated, inter-modal and inter-nodal public transport?Apartheid, declared a crime against humanity by the United Nations, had a devastating effect on the lives of South Africans, blacks in general and Africans in particular. Some of its impact remains to this day. Its policy of segregation, pass laws, and influx control confined many to designated spaces: hostels, bantustans, and townships.The native, a source of cheap labour, could only be in towns and cities to serve the master and to power the economy, and even then only with the permission of the Native Commissioner. 80 Albert Street, a building that burnt down in downtown Johannesburg recently, and many such buildings across all major cities are monuments to the enforcement of the hated pass laws.Migration to the city One could be summarily banished out of town, bundled into a train and sent back to the homeland, never to set foot in town again unless he or she had employment, and even then, only with the permission of their chief.Only a few were allowed to reside in crowded spaces in the townships, having been uprooted from city centres closer to areas with employment opportunities.It was inevitable that the abolition of the pass laws, influx control and opening our borders following the 1994 democratic elections would bring more people to urban centres, cities and towns.Our leaders, many of whom bore the brunt of the apartheid dispensation, should have foreseen this and developed appropriate policies to respond to the new challenges the country was likely to face. That very little was done is an indictment on the current government and not the aparthe

Business confidence index inches up in third quarter - survey

South Africa's business confidence edged higher in the third quarter, but remained in depressed territory, as fewer power cuts provided respite to firms battling high-interest rates, according to a survey by a private investment bank. The survey by the Rand Merchant Bank (RMB) and compiled by the Bureau for Economic Research showed the business confidence index climbed to 33 points in the third quarter, up from 27 points the previous quarter. Nearly two-thirds of 1 050 senior executives surveyed said they were dissatisfied with current business conditions and the sentiment remained "still very weak. Annabel Bishop, the chief economist at Investec, said business confidence remained in depressed territory. "A RMB/BER business confidence index (BCI) reading below the neutral 50 level shows that the majority of businesses are dissatisfied with prevailing business conditions, and so profitability, which is what the quarter three 2023 reading, at 33 registered for South Africa," she said. Bishop said this was unsurprising given the failures at the state-owned electricity and logistics utilities to meet the full power and rail/port transport requirements of the economy. "Reported estimates on South Africa's freight demand show around R1bn is lost per day to the economy due to severe under-performance by Transnet, she said. Power cuts, which have plagued Africa's third-largest economy, reduced over the past weeks, compared with the first half of the year. However, production costs and stock levels were high, the survey said. Consumer-facing sectors, such as automotive and retail, saw a rebound after a steep fall last quarter as softer prices helped profitability despite weak sales. August also saw a taxi strike in the Western Cape province of the country that disrupted the local economy. "Looking ahead, it will become increasingly important to also consider the impact of unrest, such as recently seen in the Western Cape, on South Africa's economic fortunes in the run-up to the national elections n

Business forum to march against discrimination

The Central Northern Cape Business Forum will embark on a peaceful march in Kimberley on September 12 against race quotas and race discrimination. THE CENTRAL Northern Cape Business Forum will embark on a peaceful march from the Kimberley train station to the Premier's Office at the Derek Corns building on September 12 against race quotas and race discrimination, starting at 9am. The chairperson of the forum, Graham Ross, expected around 500 people to take part in the march and he encouraged everyone to participate. He stated that coloureds, Indians and whites were being sidelined by the ANC where they were not given job opportunities, especially in government. "Job opportunities and tertiary education for our youth will not materialise in the near future. We are also marching against racial discrimination generally, fraud and corruption, where perpetrators must be brought to book and prosecuted, poor service delivery and other issues. The government is spending millions of rand to restore discipline and order in our schools. He also called for an end to violence and inciting race hatred. Leave a Reply

Weekly corporate finance activity by SA exchange-listed companies

Lighthouse Properties plc has issued 51,913,215 new Lighthouse shares in terms of its scrip dividend election at R5.39 per share, resulting in a capitalisation of the distributable retained profits in the company of R118 million. Santam has advised that it is in a position to distribute R2 billion of the gross proceeds received from the sale in 2022 of its 10% interest in the SAN JV to Allianz Europe BV. Shareholders will receive a special dividend from income reserves of R17.80 per share. Prosus and Naspers continued with their open-ended share repurchase programmes. During the period 28 August and 1 September 2023, a further 1,012,749 Prosus shares were repurchased for an aggregate €64,99 million and a further 250,654 Naspers shares for a total consideration of R796,4 million. Glencore intends to complete its programme to repurchase the company's ordinary shares on the open market for an aggregate value of $1,2 billion by February 2024. This week the company repurchased a further 10,550,000 shares for a total consideration of £45,28 million. South32 continued with its programme of repurchasing shares in the open market. This week a further 832,004 shares were acquired at an aggregate cost of A$2,88 million. Two companies issued profit warnings this week: Pan African Resources and The Foschini Group. Five companies issued or withdrew a cautionary notice : Trematon Capital Investments, Ellies, Afristrat Investment, enX and Brikor. Leave Your Comment

PGM Expansion: Merafe Boosts South African Mining

Merafe Resources expands PGM production: Contributing Eastern PGM Plant to joint venture after success of Western PGM Plant. Eastern PGM Plant investment: Merafe to invest approximately R117 million, aligning with existing JV agreement, ensures transparency. Positive impact: Expansion boosts South Africa's mining industry, creates jobs, and strengthens its position in the global PGM market. Merafe Resources Limited is set to strengthen its position in the Platinum Group Metal (PGM) production sector. In a recent announcement, the company revealed its plans to contribute the Eastern PGM Plant to the Glencore Merafe Chrome Venture, marking another significant milestone in its strategic growth. Success Breeds Expansion The move follows the remarkable success of the Glencore Merafe Chrome Venture's initial project, the Western PGM Plant, located at the Kroondal Mine. This venture, initiated in January 2022, has not only been successful but also highly profitable for both Merafe and Glencore Operations South Africa Proprietary Limited. The Western PGM Plant's resounding success has prompted the two companies to replicate their strategy, this time at the eastern chrome mine operations. Consequently, they have entered into an agreement to contribute the Eastern PGM Plant, located at the Thorncliffe Mine, to the joint venture. Eastern PGM Plant Expansion Details The Eastern PGM Plant is strategically positioned to enhance the treatment of PGM-bearing materials relevant to the eastern chrome mine operations. The expansion of this facility is expected to further boost PGM production and contribute to the economic growth of the region. Here are the key details of the expansion: The expansion project aligns with the existing unincorporated joint venture's notarial pooling and sharing agreement between Merafe and Glencore SA, ensuring a seamless integration of operations. Independent Confirmation The independent members of the Merafe board of directors have affirmed that the terms of the Eastern PG

Business confidence index inches up in third quarter - survey

South Africa's business confidence edged higher in the third quarter, but remained in depressed territory, as fewer power cuts provided respite to firms battling high-interest rates, according to a survey by a private investment bank. The survey by the Rand Merchant Bank (RMB) and compiled by the Bureau for Economic Research showed the business confidence index climbed to 33 points in the third quarter, up from 27 points the previous quarter. Nearly two-thirds of 1 050 senior executives surveyed said they were dissatisfied with current business conditions and the sentiment remained "still very weak. Annabel Bishop, the chief economist at Investec, said business confidence remained in depressed territory. "A RMB/BER business confidence index (BCI) reading below the neutral 50 level shows that the majority of businesses are dissatisfied with prevailing business conditions, and so profitability, which is what the quarter three 2023 reading, at 33 registered for South Africa," she said. More on this Global companies choose Cape Town for their satellite office set-ups Opportunity: CEF calls on women to apply for energy funding Retail sector made a bold comeback in 2022, with various businesses launching in the CBD Bishop said this was unsurprising given the failures at the state-owned electricity and logistics utilities to meet the full power and rail/port transport requirements of the economy. "Reported estimates on South Africa's freight demand show around R1bn is lost per day to the economy due to severe under-performance by Transnet, she said. Power cuts, which have plagued Africa's third-largest economy, reduced over the past weeks, compared with the first half of the year. However, production costs and stock levels were high, the survey said. Consumer-facing sectors, such as automotive and retail, saw a rebound after a steep fall last quarter as softer prices helped profitability despite weak sales. August also saw a taxi strike in the Western Cape province of the country that disrupted t

Ghost Bites (Bell Equipment | Brikor | British American Tobacco | Delta Property | Merafe — Glencore | Sanlam | Transactio

Listen to the latest episode of Ghost Wrap here, brought to you by Mazars: Bell Equipment rings even louder (JSE: BEL) An updated trading statement confirms an even bigger jump in earnings Trading statements are funny things. They can be very conservative at times, especially when the language is an increase of "at least" and then a round number, like 20% of 30%. A much tighter trading statement would give a range, removing the chance of a major upside surprise after that. In the initial trading statement for the six months to June, Bell indicated an increase in HEPS of at least 30%. The updated trading statement is far more exciting than that, with HEPS up by between 61% and 67%. This implies a range of between 338 cents and 348 cents a share. As I keep saying, this year has been all about industrial companies rather than the retailers, an important lesson about inflationary conditions and the kinds of companies that do well during such a period. A mandatory offer for Brikor is imminent (JSE: BIK) Nikkel Trading is on the verge of breaching the 35% ownership threshold Nikkel Trading currently has a 34.23% stake in Brikor . Nikkel has advised Brikor that it is in the process of acquiring more shares in the company, which will take it above the 35% ownership threshold. This triggers a mandatory offer to remaining shareholders. The price for the acquisition is expected to be 17 cents a share, so this suggests that the mandatory offer would also be at this level. The share price jumped to 16 cents a share in response. In a separate announcement, the company noted that the circular regarding the contract mining and coal purchase agreement should be sent out by 30 September. British American Tobacco exits Russia and Belarus (JSE: BTI) The price hasn't been disclosed Back in March 2022 when all hell literally broke loose in Ukraine, British American Tobacco announced that its ownership of assets in Russia and Belarus wasn't sustainable. That's right kids, a tobacco company with a conscienc

Can BRICS+ de-dollarize the global markets? ( Business Africa )

In a world where economic stability and global markets are constantly evolving, the BRICS nations are making significant strides towards reshaping the global financial landscape. During their 15th annual summit, held recently, discussions on de-dollarization and the creation of a new currency took center stage. The BRICS bloc, consisting of Brazil, Russia, India, China, and South Africa, has long been seen as a rising force in the global economy. As of March 2023, they collectively represent a substantial 31.5% of the world's GDP. However, their ambitions don't stop there. In a historic expansion move, the BRICS welcomed six new member countries into their fold. This expansion aims to bolster the bloc's influence and capabilities, giving it more weight on the global stage. One of the most significant aspects of this expansion is the concerted effort to reduce dependence on the U.S. dollar. The BRICS nations are exploring new currency arrangements that could potentially lessen their reliance on the dollar-dominated global financial system. This shift signifies a move towards a multipolar world economy, one where the influence of the United States is not as predominant. But can the BRICS nations truly reshape the world's economic landscape? To gain a better understanding of the situation, Africanews spoke with Mr. Jean Joseph Boillot, an economist and advisor on emerging countries at IRIS. He shed light on the BRICS+ initiative, stating that it has the potential to bring about substantial changes in the global economic order. Coup in oil-rich Gabon: What implications for global supply? In a separate development, the recent coup d'etat in Gabon, an oil-rich nation in Central Africa, has brought political instability to the doorstep of the Organization of Petroleum Exporting Countries (OPEC). This raises concerns about potential disruptions in global oil supply, as Gabon is an OPEC member. The implications of this coup on the global oil industry remain uncertain, but it is a situation worth mo

Business confidence index inches up in third quarter - survey

South Africa's business confidence edged higher in the third quarter, but remained in depressed territory, as fewer power cuts provided respite to firms battling high-interest rates, according to a survey by a private investment bank. The survey by the Rand Merchant Bank (RMB) and compiled by the Bureau for Economic Research showed the business confidence index climbed to 33 points in the third quarter, up from 27 points the previous quarter. Nearly two-thirds of 1 050 senior executives surveyed said they were dissatisfied with current business conditions and the sentiment remained "still very weak. Annabel Bishop, the chief economist at Investec, said business confidence remained in depressed territory. "A RMB/BER business confidence index (BCI) reading below the neutral 50 level shows that the majority of businesses are dissatisfied with prevailing business conditions, and so profitability, which is what the quarter three 2023 reading, at 33 registered for South Africa," she said. Bishop said this was unsurprising given the failures at the state-owned electricity and logistics utilities to meet the full power and rail/port transport requirements of the economy. "Reported estimates on South Africa's freight demand show around R1bn is lost per day to the economy due to severe under-performance by Transnet, she said. Power cuts, which have plagued Africa's third-largest economy, reduced over the past weeks, compared with the first half of the year. However, production costs and stock levels were high, the survey said. Consumer-facing sectors, such as automotive and retail, saw a rebound after a steep fall last quarter as softer prices helped profitability despite weak sales. August also saw a taxi strike in the Western Cape province of the country that disrupted the local economy. "Looking ahead, it will become increasingly important to also consider the impact of unrest, such as recently seen in the Western Cape, on South Africa's economic fortunes in the run-up to the national elections n

Pick n Pay founder Raymond Ackerman has died

Pick n Pay founder, Raymond Ackerman has died at the age of 92. The retail entrepreneur founded Pick n Pay in 1967 with his wife Wendy, after buying four stores in Cape Town. Over the subsequent 56 years, the retail group grew to more than 2,000 stores across South Africa, Namibia, Botswana, Zambia, Nigeria, Eswatini and Lesotho. Ackerman's father founded Ackermans after World War 1. Raymond Ackerman launched 26 battles against the government on petrol price cutting but lost. In 1989, Ackerman and a group of businessmen met then-President FW de Klerk soon after his appointment and called for the release of Nelson Mandela. In 2004, he established the Raymond Ackerman Academy for Entrepreneurial Development in partnership with UCT and later the University of Johannesburg, which has produced hundreds of new business owners. In 2010, Raymond and Wendy retired from the board of Pick n Pay Stores Limited and became honorary life presidents. A Bishops Diocesan College old boy, Ackerman was president and then the patron of the Old Diocesan Union. He received seven honorary doctorates from local and international universities. Ackerman is survived by his wife, Wendy, children Gareth, Kathy, Suzanne, and Jonathan, his 12 grandchildren and four great-grandchildren.

Who's doing what this week in the South African M&A space?

Exchange-Listed Companies British American Tobacco plc has announced the disposal of its Russian and Belarusian businesses to a consortiumled by members of the Russian management team for an undisclosed sum. The company announced in March 2022 that the ownership of these businesses was no longer sustainable in the current environment. Post completion, the businesses will be known as the ITMS Group. The sale of assets held by Rebosis , currently under business rescue, continues with the announced sale of a portfolio of 10 properties to Hemipac Investments for R650 million. Oando plc has reached an agreement with Eni to acquire 100% of the shares in Nigerian Agip Oil Company. The transaction increases Oando's current participating interests in OMLs 60 to 63 from 20% to 40%. In March this year Brikor advised shareholders that Nikkel Trading 392 intended to acquire from major shareholders a 67.7% stake in Brikor in two tranches at 17 cents per share. The first tranche, representing a 34.1% stake, was acquired at the time of the announcement. The second tranche (33.6% stake) was conditional on several suspensive conditions, including regulatory approval from the Competition Authorities, the JSE and the TRP. Brikor has now advised that it will acquire the second tranche which will trigger a mandatory offer to minorities. Unlisted Companies Cipla Medpro South Africa is to acquire Actor Pharma in a deal valued at R900 million, according to a filing by its Indian holding company. The deal is a strategic move by the South African subsidiary to strengthen its position in the over-the-counter segment of the market, unlock future growth opportunities and leverage cost synergies in the SA market. Real estate private equity platform Kasada , has acquired the former Radisson Blu Hotel & Residence situated in the Cape Town city center for an undisclosed sum. Kasada has a presence in eight African countries with a portfolio of 19 hotels. Leave Your Comment

Her parents encouraged her to register a company while studying, now she runs a successful business

Mashishi, who was encouraged by her parents while studying at university to register a business just in case she wanted to venture into entrepreneurship is the owner and founder of Bahlaping Mash Trading, Mining Projects. Leaving her administrative job at a primary school in the town of Ga-Chaba Limpopo, she joined mining giant, Anglo American, to work in the electrical department. At Anglo, she realised the opportunities for her business, which offers services of mining, construction, electrical and civil engineering. "I previously worked as an administrator at a primary school in Ga-Chaba and that's the only working experience I had before venturing in business full time. Being a breadwinner at the time earning less than R2 000 a month forced me to go out looking for business opportunities, and my first opportunity in Anglo American was an electrical job and that's how the company ventured into the field of engineering," Mashishi told Business Report. The 27-year-old and mother of two says that she faced many challenges to get her business up and running. "My biggest challenge was getting capital to purchase the necessary equipment to honour or execute the projects, as a small company with no credit record and no experience getting credit was almost impossible. Being a young woman in business was also a great challenge as I had to prove myself more than male candidates," she said. She further said that in her first project she had to borrow money from her friends and family when getting started. "In the first month of the project, I borrowed money from friends and family for mobilisation and leasing some of the equipment of the project. In the second month we asked for an advanced payment from Anglo American, under their wing Anglo American Zimele wing which played a great part in assisting us in our business development. They managed to assist us with the advance payment that we had requested. From there we continued to survive on month on month while building the credit profile and aft

Her parents encouraged her to register a company while studying, now she runs a successful business

Mashishi, who was encouraged by her parents while studying at university to register a business just in case she wanted to venture into entrepreneurship is the owner and founder of Bahlaping Mash Trading, Mining Projects. Leaving her administrative job at a primary school in the town of Ga-Chaba Limpopo, she joined mining giant, Anglo American, to work in the electrical department. At Anglo, she realised the opportunities for her business, which offers services of mining, construction, electrical and civil engineering. "I previously worked as an administrator at a primary school in Ga-Chaba and that's the only working experience I had before venturing in business full time. Being a breadwinner at the time earning less than R2 000 a month forced me to go out looking for business opportunities, and my first opportunity in Anglo American was an electrical job and that's how the company ventured into the field of engineering," Mashishi told Business Report. The 27-year-old and mother of two says that she faced many challenges to get her business up and running. "My biggest challenge was getting capital to purchase the necessary equipment to honour or execute the projects, as a small company with no credit record and no experience getting credit was almost impossible. Being a young woman in business was also a great challenge as I had to prove myself more than male candidates," she said. She further said that in her first project she had to borrow money from her friends and family when getting started. "In the first month of the project, I borrowed money from friends and family for mobilisation and leasing some of the equipment of the project. In the second month we asked for an advanced payment from Anglo American, under their wing Anglo American Zimele wing which played a great part in assisting us in our business development. They managed to assist us with the advance payment that we had requested. From there we continued to survive on month on month while building the credit profile and aft

Unraveling the Necessity of Permethrin-Treated Clothing in Cape Town

/ By September 7, 2023 You'd be drawn to the breathtaking landscapes of Cape Town, the sun shining bright, and the adventures to be had.Insects, on the other hand, pose a tiny yet potentially deadly threat to the landscape. You'll learn about the world of permethrin-treated clothing as well as how it can protect you from mosquito bites and diseases that they carry. Insect-infested clothing containing permethrin can be a game-changer in your fight against them. The insecticide-infused clothing is intended to repel and kill these tiny pests, giving you added protection when going for a hike in the fantastic outdoors of Cape Town. You want to enjoy the wonders of Cape Town, but you also don't want to get pecked by mosquito bites or become ill from vector-borne diseases. What if there were a simple yet powerful solution that could shield you from these pesky creatures? In this article, we reveal the truth about permethrin-treated clothing and its necessity in Cape Town's unique environment. We go above and beyond to help you make wise decisions about staying safe and fully embracing the wonders of this vibrant city, from investigating the science behind its effectiveness to discovering more eco-friendly options. As a result, make sure to dress in permethrin-treated clothing to get a taste of insect protection Understanding Permethrin and its Effectiveness Permethrin, a powerhouse insecticide and repellent, stands as an unsung hero in the battle against tiny yet menacing creatures. Let's dive into the captivating world of permethrin and uncover its remarkable effectiveness in safeguarding us from insect bites and the perils they carry. What is Permethrin and How It Works: Permethrin, a synthetic chemical derived from the chrysanthemum flower, harnesses nature's power to combat the relentless onslaught of insects. Its formidable mode of action disrupts the nervous systems of insects, leading to paralysis and ultimately, their demise. As a repellent, permethrin acts as a potent deterrent, dri

SA Secures Top 10 Position In EMEA Markets For Volvo EX30 Pre-Order

Volvo Car South Africa has revealed that early demand for its new fully electric EX30 has been incredibly strong, with the local market ranking in the top ten for pre-orders in the broader Europe, Middle East and Africa (EMEA) region. The news fittingly comes just ahead of World EV Day 2023 on 9 September, the fourth instalment of a global celebration dedicated to highlighting the benefits of battery-powered cars and raising awareness around the need to transition to more sustainable methods of transport. The EX30 - which is positioned as one of the most affordable full-size electric vehicles in South Africa - was revealed to the world on 7 June 2023, with local pre-orders opening the following day. Since then, South Africans have placed in excess of 150 pre-orders, with many more registering expressions of interest on Volvo Car SA's website. For context, EVs sales in South Africa in the first half of 2023 totalled 501 units, according to industry representative body naamsa, with the Swedish automaker leading the sales charge in the fully electric premium C-SUV segment thanks to the performances of the XC40 Recharge and C40 Recharge. The scheduled arrival of the EX30 in the first quarter of 2024 means Volvo is poised to further increase its share in the fast growing EV market. Volvo EX30 So far, the EX30 Twin Motor Performance Ultra has been the most popular derivative with South Africans, accounting for nearly half of all local pre-orders. Next comes the Single Motor Plus Extended Range at around 25% of pre-orders, followed by the entry-level Single Motor Core variant, the flagship Twin Motor Performance Plus and the Single Motor Ultra Extended Range. "Since the EX30 was revealed, we have seen a steady flow of new orders weekly. Although we have already secured a high allocation of units for 2024, there's an increasingly strong chance we will need to boost that figure, says Greg Maruszewski, Volvo Car South Africa Managing Director. He adds that the early demand proves just how interested

Her parents encouraged her to register a company while studying, now she runs a successful business

Mashishi, who was encouraged by her parents while studying at university to register a business just in case she wanted to venture into entrepreneurship is the owner and founder of Bahlaping Mash Trading, Mining Projects. Leaving her administrative job at a primary school in the town of Ga-Chaba Limpopo, she joined mining giant, Anglo American, to work in the electrical department. At Anglo, she realised the opportunities for her business, which offers services of mining, construction, electrical and civil engineering. "I previously worked as an administrator at a primary school in Ga-Chaba and that's the only working experience I had before venturing in business full time. Being a breadwinner at the time earning less than R2 000 a month forced me to go out looking for business opportunities, and my first opportunity in Anglo American was an electrical job and that's how the company ventured into the field of engineering, Mashishi told Business Report. The 27-year-old and mother of two says that she faced many challenges to get her business up and running. "My biggest challenge was getting capital to purchase the necessary equipment to honour or execute the projects, as a small company with no credit record and no experience getting credit was almost impossible. Being a young woman in business was also a great challenge as I had to prove myself more than male candidates, she said. She further said that in her first project she had to borrow money from her friends and family when getting started. "In the first month of the project, I borrowed money from friends and family for mobilisation and leasing some of the equipment of the project. In the second month we asked for an advanced payment from Anglo American, under their wing Anglo American Zimele wing which played a great part in assisting us in our business development. They managed to assist us with the advance payment that we had requested. From there we continued to survive on month on month while building the credit profile and after

Her parents encouraged her to register a company while studying, now she runs a successful business

While working as an administrator at a school, earning R2 000 a month, and being the breadwinner of her family, Sharon Mashishi took a bold step to start her own business. Mashishi, who was encouraged by her parents while studying at university to register a business just in case she wanted to venture into entrepreneurship is the owner and founder of Bahlaping Mash Trading, Mining Projects. Leaving her administrative job at a primary school in the town of Ga-Chaba Limpopo, she joined mining giant, Anglo American, to work in the electrical department. At Anglo, she realised the opportunities for her business, which offers services of mining, construction, electrical and civil engineering. "I previously worked as an administrator at a primary school in Ga-Chaba and that's the only working experience I had before venturing in business full time. Being a breadwinner at the time earning less than R2 000 a month forced me to go out looking for business opportunities, and my first opportunity in Anglo American was an electrical job and that's how the company ventured into the field of engineering," Mashishi told Business Report. More on this Richard Maponya honoured for his contribution to township economy Young diamond trader breaks glass ceilings on road to success Miss South Africa, Natasha Joubert tells us about the high hopes she has for her business The 27-year-old and mother of two says that she faced many challenges to get her business up and running. Sharon Mashishi. Image: Supplied. "My biggest challenge was getting capital to purchase the necessary equipment to honour or execute the projects, as a small company with no credit record and no experience getting credit was almost impossible. Being a young woman in business was also a great challenge as I had to prove myself more than male candidates," she said. She further said that in her first project she had to borrow money from her friends and family when getting started. "In the first month of the project, I borrowed money from fr

Her parents encouraged her to register a company while studying, now she runs a successful business

Mashishi, who was encouraged by her parents while studying at university to register a business just in case she wanted to venture into entrepreneurship is the owner and founder of Bahlaping Mash Trading, Mining Projects. Leaving her administrative job at a primary school in the town of Ga-Chaba Limpopo, she joined mining giant, Anglo American, to work in the electrical department. At Anglo, she realised the opportunities for her business, which offers services of mining, construction, electrical and civil engineering. "I previously worked as an administrator at a primary school in Ga-Chaba and that's the only working experience I had before venturing in business full time. Being a breadwinner at the time earning less than R2 000 a month forced me to go out looking for business opportunities, and my first opportunity in Anglo American was an electrical job and that's how the company ventured into the field of engineering, Mashishi told Business Report. The 27-year-old and mother of two says that she faced many challenges to get her business up and running. "My biggest challenge was getting capital to purchase the necessary equipment to honour or execute the projects, as a small company with no credit record and no experience getting credit was almost impossible. Being a young woman in business was also a great challenge as I had to prove myself more than male candidates, she said. She further said that in her first project she had to borrow money from her friends and family when getting started. "In the first month of the project, I borrowed money from friends and family for mobilisation and leasing some of the equipment of the project. In the second month we asked for an advanced payment from Anglo American, under their wing Anglo American Zimele wing which played a great part in assisting us in our business development. They managed to assist us with the advance payment that we had requested. From there we continued to survive on month on month while building the credit profile and after

MTN Commends The Triumph Of The South African And Ugandan Public-Private Sector Summit

MTN Commends The Triumph Of The South African And Ugandan Public-Private Sector Summit Yesterday, 6th September 2023 marked the conclusion of the Uganda-SA Investment and Trade Summit in which MTN Group convened key companies in the South African private sector with operations in Uganda to Accelerate Investments and Trade between Uganda and South Africa. The Summit which was convened in line with MTN's commitment to partnerships in driving sustainable development was [presided over] by Uganda's President Yoweri Museveni. Speaking at the Summit, MTN Group Chairman Mcebisi Jonas, noted the importance of working together and paying focused attention on the growth and development of the various countries that MTN has operations in and in Africa as a whole. He said, "as a Pan-African organization MTN sees its role as an important part of the broader conversation to support and facilitate growth and development across the continent and that is why the Group has played its part in engaging with the public and private sector to make the Summit a reality." In attendance from South Africa was a government delegation led by the country's Minister of Agriculture, Land Reform & Rural Development Thoko Didiza, the Department of Trade and Industry and Competition, the Department of International Relations and Cooperation, the Department of Communications and Digital Technologies and her Excellency the South African High Commission to Uganda. The private sector, which was led by the Forum for South African Business in Uganda was represented by leadership of MTN, Standard Bank Group, Absa Group, Multichoice, Quantum Foods, Tiger Brands, Woolworths, Convergence Partners and Sanlam Group alongside amongst others. The Summit, which builds on an initial Uganda-SA Investment Trade Summit that was hosted by the President of South Africa, Cyril Ramaphosa, in February continued the conversations related to bilateral trade and investment across the two countries. Specifically, the Summit's success was in how it en

SIRIUS REAL ESTATE LIMITED — Notification Of A Transaction By A Person Discharging Managerial Responsibilities

7 September 2023 Notification Of A Transaction By A Person Discharging Managerial Responsibilities SIRIUS REAL ESTATE LIMITED (Incorporated in Guernsey) Company Number: 46442 JSE Share Code: SRE LSE (GBP) Share Code: SRE LEI: 213800NURUF5W8QSK566 ISIN Code: GG00B1W3VF54 7 September 2023 Sirius Real Estate Limited (‘Sirius Real Estate', ‘Sirius' or the ‘Company') Notification of a transaction by a Person Discharging Managerial Responsibilities (‘PDMR') Notification and public disclosure of a transaction by a PDMR. Notification of dealing form 1. Details of PDMR a) Name Andrew Coombs 2. Reason for the notification a) Position / status Chief Executive Officer b) Initial notification / Initial notification amendment 3. Details of the issuer a) Name Sirius Real Estate Limited b) LEI 213800NURUF5W8QSK566 4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted a) Description of the financial Ordinary shares of no par value. instrument, type of instrument b) Identification code GG00B1W3VF54 c) Nature of the transaction Purchase of shares into the JJC Trust, being a family trust of which Mr Coombs is a trustee. Following this transaction, Mr. Coombs holds a beneficial interest in 11,508,876 shares, representing 0.977% of the Company's issued share capital. d) Price(s) and Price(s) Volume(s) Total(s) volume(s) (p/GBP) (p/GBP) e) Highest price, lowest price High Low VWAP and volume weighted average price N/A N/A N/A f) Date of the transaction 5 September 2023 g) Place of the transaction London Stock Exchange (XLON) Main Market h) Nature and extent of interest Indirect, beneficial in the transaction i) Clearance to deal in these securities was obtained in accordance with paragraph 3.66 of the JSE Listings Requirements. For further information: Sirius Real Estate Andrew Coombs, CEO +49 (0)30 285010110 Alistair M

Why going MSP-less in the IT storm can spell disaster for your business Why going MSP-less in the IT storm can spell disaste

Issued by JEC Technologies Johannesburg, 07 Sep 2023 Read time 3min Comments (0) As businesses become increasingly connected, technology has become essential to their success. As decision-makers, we often face a choice: work with a managed service provider (MSP) or tackle IT challenges alone. In this press release, we explore the risks of going MSP-less and why choosing wisely is critical to your business's prosperity. We understand how challenging it can be to handle IT issues without the support of an MSP. Navigating the complex IT landscape alone can be daunting, especially if your internal IT team lacks the necessary expertise or resources to handle any problems effectively. Additionally, staying up to date with the constantly changing technology and security threats can be a significant challenge without an MSP. We empathise with the difficulties you may face and want to assure you that seeking the help of an MSP can alleviate these concerns and promote your business's growth. Consideration 1: Is your company's internal IT team equipped to handle the continuously changing technological challenges? Assessing the potential risks that may arise from limited IT knowledge is crucial. It's important to ensure that your internal IT team has the necessary skills to handle the constant changes in technology. Businesses without the knowledge and expertise provided by MSPs may find navigating through uncharted territories challenging. Consistent education and training are necessary to keep up with the ever-changing tech landscape. However, investing in such resources can be time-consuming and resource intensive. Without MSP assistance, companies may fall behind on important updates, leaving them vulnerable to cyber attacks and non-compliance penalties. Choosing wisely is critical. Consideration 2: When it comes to businesses of any size, the cost-effectiveness of managed service providers (MSPs) is an important consideration. While skipping MSPs might look like a way to save on costs, it can lea

Her parents encouraged her to register a company while studying, now she runs a successful business

While working as an administrator at a school, earning R2 000 a month, and being the breadwinner of her family, Sharon Mashishi took a bold step to start her own business. Mashishi, who was encouraged by her parents while studying at university to register a business just in case she wanted to venture into entrepreneurship is the owner and founder of Bahlaping Mash Trading, Mining Projects. Leaving her administrative job at a primary school in the town of Ga-Chaba Limpopo, she joined mining giant, Anglo American, to work in the electrical department. At Anglo, she realised the opportunities for her business, which offers services of mining, construction, electrical and civil engineering. "I previously worked as an administrator at a primary school in Ga-Chaba and that's the only working experience I had before venturing in business full time. Being a breadwinner at the time earning less than R2 000 a month forced me to go out looking for business opportunities, and my first opportunity in Anglo American was an electrical job and that's how the company ventured into the field of engineering," Mashishi told Business Report. More on this Richard Maponya honoured for his contribution to township economy Young diamond trader breaks glass ceilings on road to success Miss South Africa, Natasha Joubert tells us about the high hopes she has for her business The 27-year-old and mother of two says that she faced many challenges to get her business up and running. Sharon Mashishi. Image: Supplied. "My biggest challenge was getting capital to purchase the necessary equipment to honour or execute the projects, as a small company with no credit record and no experience getting credit was almost impossible. Being a young woman in business was also a great challenge as I had to prove myself more than male candidates," she said. She further said that in her first project she had to borrow money from her friends and family when getting started. "In the first month of the project, I borrowed money from fr

Call to Action! Have your say on critical skills shortages to boost business

The Department of Higher Education and Training's (DHET) Labour Market Intelligence unit has recently released a survey to identify occupations in high demand, occupational shortages, and skills gaps in South Africa, and at a provincial level. Provincial Minister of Finance and Economic Opportunities, Mireille Wenger, said: "in almost every interaction I have with business, big and small, the topic of the broken visa regime in the country comes up as a factor holding back their growth. The fact is that the current visa regime is a significant deterrent to investment and the expansion of existing businesses, costing jobs and economic growth right at a time when we can ill-afford to lose either. said Minister Wenger. To facilitate foreign investment, companies need to be able to easily access South Africa. Individuals who apply for critical skills visas typically help develop new sectors or to expand existing ones, contribute to increasing the complexity of the economy by bringing in skills that are not currently available, and help new industries through skills development in South Africa. This is why the investment and critical skills visas are key enablers of economic growth and job creation. Responding to the release of this survey, provincial Minister of Finance and Economic Opportunities, Mireille Wenger said: "I very much welcome the release of this vital survey. I strongly encourage businesses across the province, in all sectors, to participate so that we can gain a much better understanding of where the gaps are and therefore, what we can do it address them. Importantly, this will help us attract individuals with the right critical skills, so that they can contribute to our economic growth project. The DHET's survey on occupations in high demand, hard-to-fill vacancies and skills gaps can be found here To go even further, and in conjunction with the DHET survey, the Western Cape Government's Tech and Innovation team within the Department of Economic Development and Tourism has compi

Her parents encouraged her to register a company while studying, now she runs a successful business

While working as an administrator at a school, earning R2 000 a month, and being the breadwinner of her family, Sharon Mashishi took a bold step to start her own business. Mashishi, who was encouraged by her parents while studying at university to register a business just in case she wanted to venture into entrepreneurship is the owner and founder of Bahlaping Mash Trading, Mining Projects. Leaving her administrative job at a primary school in the town of Ga-Chaba Limpopo, she joined mining giant, Anglo American, to work in the electrical department. At Anglo, she realised the opportunities for her business, which offers services of mining, construction, electrical and civil engineering. "I previously worked as an administrator at a primary school in Ga-Chaba and that's the only working experience I had before venturing in business full time. Being a breadwinner at the time earning less than R2 000 a month forced me to go out looking for business opportunities, and my first opportunity in Anglo American was an electrical job and that's how the company ventured into the field of engineering, Mashishi told Business Report. More on this Richard Maponya honoured for his contribution to township economy Young diamond trader breaks glass ceilings on road to success Miss South Africa, Natasha Joubert tells us about the high hopes she has for her business The 27-year-old and mother of two says that she faced many challenges to get her business up and running. Sharon Mashishi. Image: Supplied. "My biggest challenge was getting capital to purchase the necessary equipment to honour or execute the projects, as a small company with no credit record and no experience getting credit was almost impossible. Being a young woman in business was also a great challenge as I had to prove myself more than male candidates, she said. She further said that in her first project she had to borrow money from her friends and family when getting started. "In the first month of the project, I borrowed money from friends

MTN Commends The Triumph Of The South African And Ugandan Public-Private Sector Summit

Yesterday, 6 th September 2023 marked the conclusion of the Uganda-SA Investment and Trade Summit in which MTN Group convened key companies in theSouth African private sector with operations in Uganda to Accelerate Investments and Trade between Uganda and South Africa The Summit which was convened in line with MTN's commitment to partnerships in driving sustainable development was [presided over] by Uganda's President Yoweri Museveni. Speaking at the Summit, MTN Group Chairman Mcebisi Jonas, noted the importance of working together and paying focused attention on the growth and development of the various countries that MTN has operations in and in Africa as a whole. He said, " as a Pan-African organization MTN sees its role as an important part of the broader conversation to support and facilitate growth and development across the continent and that is why the Group has played its part in engaging with the public and private sector to make the Summit a reality." In attendance from South Africa was a government delegation led by the country's Minister of Agriculture, Land Reform & Rural Development Thoko Didiza, the Department of Trade and Industry and Competition, the Department of International Relations and Cooperation, the Department of Communications and Digital Technologies and her Excellency the South African High Commission to Uganda. The private sector, which was led by the Forum for South African Business in Uganda was represented by leadership of MTN, Standard Bank Group, Absa Group, Multichoice, Quantum Foods, Tiger Brands, Woolworths, Convergence Partners and Sanlam Group alongside amongst others. The Summit, which builds on an initial Uganda-SA Investment Trade Summit that was hosted by the President of South Africa, Cyril Ramaphosa, in February continued the conversations related to bilateral trade and investment across the two countries. Specifically, the Summit's success was in how it enabled commitments to be made and discussions related to solutions to the structural we

Standard Bank launches new low-interest Solar Loan solutions for homes and business

Standard Bank launches new low-interest Solar Loan solutions for homes and business The Standard Bank South Africa Limited (SBSA) is in the final stages of concluding agreements with government that will see it participate in the Energy Bounce-Back Loan Guarantee Scheme, which will offer affordable solar loans to both Personal and Business Clients. "The move is in line with SBSA's commitment to promote the roll out of affordable and reliable solar power and other alternative energy solutions for residential and business customers alike", says Lungisa Fuzile, SBSA Chief Executive. "The adoption of renewable energy is critical to helping South Africa overcome its electricity shortfalls and combat the very real impact of climate change. Standard Bank has already invested in solutions to assist our personal and business customers to get started on their solar journey," he explains. "By participating in the Energy Bounce-Back Loan Guarantee Scheme, we'll be able to assist customers with preferential financing options that make the installation of solar more accessible." The scheme forms part of government's efforts to curb the impact of persistent energy constraints on economic growth, as well as assisting with the country's aim to reduce carbon emissions. Standard Bank has already invested in solutions to help residential and business customers make the move to solar through its LookSee and PowerPulse platforms. With low interest rates and flexible repayment periods, the Solar Loans make solar investments more affordable and accessible. Help for homes The attractive terms of the Home Solar Loan provide an affordable alternative to households that are unable or don't wish to finance a solar installation on their home loan, says Andrew van der Hoven, head of digital and eCommerce. "The headline feature of the Home Solar Loan is the offering of a personalised interest rate capped at a maximum of prime plus 2.5%. This is a substantial discount on the prime plus 17.5% maximum stipulated by the Na

Her parents encouraged her to register a company while studying, now she runs a successful business

While working as an administrator at a school, earning R2 000 a month, and being the breadwinner of her family, Sharon Mashishi took a bold step to start her own business. Mashishi, who was encouraged by her parents while studying at university to register a business just in case she wanted to venture into entrepreneurship is the owner and founder of Bahlaping Mash Trading, Mining Projects. Leaving her administrative job at a primary school in the town of Ga-Chaba Limpopo, she joined mining giant, Anglo American, to work in the electrical department. At Anglo, she realised the opportunities for her business, which offers services of mining, construction, electrical and civil engineering. "I previously worked as an administrator at a primary school in Ga-Chaba and that's the only working experience I had before venturing in business full time. Being a breadwinner at the time earning less than R2 000 a month forced me to go out looking for business opportunities, and my first opportunity in Anglo American was an electrical job and that's how the company ventured into the field of engineering," Mashishi told Business Report. The 27-year-old and mother of two says that she faced many challenges to get her business up and running. "My biggest challenge was getting capital to purchase the necessary equipment to honour or execute the projects, as a small company with no credit record and no experience getting credit was almost impossible. Being a young woman in business was also a great challenge as I had to prove myself more than male candidates," she said. She further said that in her first project she had to borrow money from her friends and family when getting started. "In the first month of the project, I borrowed money from friends and family for mobilisation and leasing some of the equipment of the project. In the second month we asked for an advanced payment from Anglo American, under their wing Anglo American Zimele wing which played a great part in assisting us in our business developme

South Africa ranks in top 10 EMEA markets for Volvo EX30 pre-orders

Volvo Cars South Africa has revealed that early demand for its new electric EX30 has been robust, with the local market ranking in the top 10 for pre-orders in the Europe, Middle East and Africa region. The news comes before World EV Day on September 9, the fourth instalment of a global celebration dedicated to highlighting the benefits of battery-powered cars and raising awareness about the need to transition to more sustainable methods of transport. The EX30 - which is positioned as one of the most affordable full-size electric vehicles (EVs) in the country - was revealed to the world on June 7, with local pre-orders opening the next day. Since then, local motorists have placed more than 150 pre-orders, with many more registering expressions of interest on Volvo Cars SA's website. So far, the EX30 Twin Motor Performance Ultra has been the most popular derivative, accounting for nearly half of all local pre-orders. Next comes the Single Motor Plus Extended Range at about 25% of pre-orders, followed by the entry-level Single Motor Core variant, the flagship Twin Motor Performance Plus and the Single Motor Ultra Extended Range. "Since the EX30 was revealed, we have seen a steady flow of new orders weekly, said Volvo Cars SA MD Greg Maruszewski. " Though we have already secured a high allocation of units for 2024, there's an increasingly strong chance we will need to boost that figure. The early demand proved how interested local buyers are in EVs, particularly when such vehicles are high-quality products and priced close to equivalent internal combustion engine (ICE) cars. "We worked tirelessly to set EX30 pricing at a competitive level to give South African consumers the chance to own an electric SUV for the price of a similarly sized ICE vehicle. Our pre-orders so far prove we got that right. The five-strong EX30 line-up starts at R775,900. In flagship 315kW Twin Motor Performance guise it is the fastest accelerating Volvo ever, completing the 0-100km/h dash in 3.6 seconds. The extended-r

Ghana: 15 SMEs Awarded Grants to Boost Business

A total of 15 Small and Medium Enterprises (SMEs) trained under the Africa Street MBA (AfSMBA) Accelerator programme were on Saturday awarded grants to support their businesses after a rigorous pitching contest in Accra. The programme, an initiative by DONE BY US, a management consultancy and investment firm, aims to provide an integrated business support for start-ups and small businesses through capacity building, mentorship, business development services and funding for young entrepreneurs with innovative ideas. With funding support from KGL Foundation, the programme seeks to impact young people with world-class business knowledge based on top MBA curriculum and entrepreneurial course content. At the end of the contest, three entrepreneurs emerged at the top with Nicholas Donkor of Nichosoft Solutions receiving the first grand prize of GH10,000 worth of business branding. Abdul Rahman Samira of Wintima Weaninix emerged second with an award grant of GH7,000 worth of business branding, while Patricia Benamba of Trixy Benamba Enterprise took the third position with GH4,000 worth of business branding. All the other participants received a general cash prize of GH1,000. The founder of DONE BY US, Mr King A. Wellington, in an interview with journalists said the programme was targeted at young people, particularly the marginalised and vulnerable people with world class business knowledge. Close Sign up for free AllAfrica Newsletters Get the latest in African news delivered straight to your inbox Top Headlines Ghana Sustainable Development Submit By submitting above, you agree to our privacy policy Success! Almost finished... We need to confirm your email address. To complete the process, please follow the instructions in the email we just sent you. Error! Error! There was a problem processing your submission. Please try again later. "The AfSMBA, is designed to bridge the business knowledge gap to help young people from poor backgrounds, and low education to also have the opportunity to build a

Spring strategies for small businesses: how to make your business bloom

Spring is on our doorstep, and for many small businesses, the beginning of spring marks the onset of the busy season. It's been a tough winter for small business across a range of sectors, specifically retail, which saw a year-on-year decline in sales during the first half of 2023. According to recent statistics, the decline was most notable in the hardware, paint and glass, household furniture, appliances and equipment industries. Much of the downward trend can also be attributed to the energy crisis, which our own research revealed our recent quarter one 2023 SME Confidence Index has confirmed. For thousands of small businesses, the answer to the multidirectional headwinds has been to invest in alternative energy supplies that can keep the lights on. Apart from investing in measures and equipment to mitigate the impact of load shedding, there are several ways small business owners can leverage the end-of-year hype and optimise sales. Embracing the power of collaboration More on this BUSINESS 101: Four creative ways for entrepreneurs to prioritise their physical health BUSINESS 101: Here's how to effectively build your online presence as a small business BUSINESS 101: Three SA businesswomen who are making their mark in SA today Collaboration can breathe new life into your business, especially after a sales slump. Before the busy season, consider partnering with complementary businesses for cross-promotions or joint events. Networking within your community expands your reach and showcases your business's adaptability and resilience. Do a good old spring clean There's nothing like a small business spring clean to renew your energy and focus on your vision for the rest of the year. Take this window of opportunity to assess your operations, streamline processes and reinvigorate your strategies for growth. For example, you could review your long-term and short-term business goals. Ask yourself: Are they still relevant? Have circumstances changed that require adjustments? Now is the ideal time

How interview articles on TopAuto build trust in your business and its leadership

TopAuto is South Africa's premier automotive news website and is read by an audience of 1 million South Africans - many of whom are key purchasing decision-makers in their homes and businesses. Running an interview article on TopAuto is, therefore, a great way for your executives to share their valuable insights with the purchasing decision-makers at South Africa's top automotive businesses. These interview articles show that your executives are knowledgeable, which increases trust in your business and its offerings. They also let your executives connect with potential clients and promote the value of your business's products and services directly to TopAuto's audience of key business decision-makers. Interview articles on TopAuto TopAuto's expert marketing team will take care of all aspects of your interview article to ensure you receive an excellent return on your spend. This includes writing the article (if needed), promoting it on social media, and providing reports on the success of your campaign. Tags

Spring strategies for small businesses: how to make your business bloom

Spring is on our doorstep, and for many small businesses, the beginning of spring marks the onset of the busy season. It's been a tough winter for small business across a range of sectors, specifically retail, which saw a year-on-year decline in sales during the first half of 2023. According to recent statistics, the decline was most notable in the hardware, paint and glass, household furniture, appliances and equipment industries. Much of the downward trend can also be attributed to the energy crisis, which our own research revealed our recent quarter one 2023 SME Confidence Index has confirmed. For thousands of small businesses, the answer to the multidirectional headwinds has been to invest in alternative energy supplies that can keep the lights on. Apart from investing in measures and equipment to mitigate the impact of load shedding, there are several ways small business owners can leverage the end-of-year hype and optimise sales. Collaboration can breathe new life into your business, especially after a sales slump. Before the busy season, consider partnering with complementary businesses for cross-promotions or joint events. Networking within your community expands your reach and showcases your business's adaptability and resilience. There's nothing like a small business spring clean to renew your energy and focus on your vision for the rest of the year. Take this window of opportunity to assess your operations, streamline processes and reinvigorate your strategies for growth. For example, you could review your long-term and short-term business goals. Ask yourself: Are they still relevant? Have circumstances changed that require adjustments? Now is the ideal time to realign your objectives to reflect market conditions and customer demands. Next, take a deep dive into your financial records and review your income statements, cash flow and expenses. Identify areas where you can cut costs or reallocate resources to improve your business's profitability. The early Christmas buyer trend p

The store will not work correctly in the case when cookies are disabled. Curating an Eco-Chic lifestyle with Italtile. Curat

Whether you visit one of our showrooms in South Africa, or cross the border to our Gaborone showroom, or hang out online with us in our great bigbeautiful webstore , you're standing on the corner of Sustainability and Beauty. The co-ordinates for Eco- Chic Style. Which is to say, Italtile Style. It's our signature blend of eco-friendliness, luxury, craftsmanship and timeless elegance. Designed to elevate spaces with an atmosphere of joy, comfort and well-being. And, of course, to reflect your deep-down-to-the-bone respect for the planet. Eco-chic interior design creates beautiful, impressive and elegant home interiors that marry amazing craftsmanship, refined elegance, an innate sense of fashion and style, natural materials from regenerative sources, with sustainable design solutions and unique details inspired by nature. An ultra-modern home featuring glass, steel and concrete can be as eco-chic as a Japandi-style homestead with its wood and bamboo interiors; it's all about interrogating the provenance and sustainable journey of the finishes you select. (And in fact, as much as it brings home those biophilic vibes , raw wood many not be the best solution for eco-chic living, but more of that later on!) Many people have long believed that a sustainable home is one filled with rustic, "homespun" items. Not necessarily so. Being eco-chic at heart doesn't necessarily mean dashing off into the countryside to grow your own shoes (but if that's your bag, we hear mushroom leather is taking off big-time); but it does mean selecting sustainable products based on your research into their brand ethos. The eco-chic stylista journey is, ultimately, about long-lasting, sustainable beauty, supported by guarantees and nationwide service , on the road to consequence-free consumption. And it's a road we're committed to, through our LiveGreen ethos: auditing, adjusting and improving the green pathways from the factory floor to your door. When you see our LiveGreen logo on our local and imported taps, tiles,

Bayobab appoints MD to lead Cote d'Ivoire operations

Bayobab announces the appointment of managing director, Bayobab Cote d'Ivoire.lorent Guede, an insider, has been appointed managing director of Bayobab Group's business in Cote d'Ivoire. Guede has been tasked with heading Bayobab's Cote d'Ivoire to increase revenue and profitability, the company stated today. it said Guede will now spearhead Bayobab's mission to establish a reliable terrestrial fibre footprint capable of enabling high-speed connectivity throughout the West African country. To his credit, Bayobab, a subsidiary of MTN Group, stated that Guede recently deployed the company's service operations centre in Africa to increase customer success centre support. "With over 18 years of telecom experience, Florent has worked with operators and vendors as a technical expert, marketing, and sales professional leading key accounts on a multinational scale," the company stated. "Florent is no stranger to the Bayobab Family, having joined the Bayobab Group four years ago," said Frédéric Schepens, CEO of the Bayobab Group. "He is a valued member of our team, and we are thrilled to announce his promotion. We are confident he will continue to add value to Bayobab and deliver next-gen digital solutions through our Bayobab Fibre and Communication Platforms across Cote d'Ivoire." Guede holds a master's degree in business administration from Cardiff Metropolitan University, as well as a master's degree in telecommunication, and a Scottish Qualification Authority extended diploma in international business and strategy.

Nedbank and Coach Pitso partner to build a legacy for the future of sport

Soweto was beaming with pride as one of its prodigal sons, Pitso Mosimane, inaugurated the Pitso Mosimane Multipurpose Sports Courtat Lofentse Girls High School in Orlando East. The official handover was conducted on behalf of the Nedbank Cup 2022/2023 season winners, Orlando Pirates FC. This groundbreaking project was made possible thanks to funding from Nedbank and The Sports Trust's Soccer Development Programme. This partnership embodies a joint commitment to sport development, talent identification and community empowerment in South Africa. Nedbank's unwavering support has been a catalyst for transformative change. Since 2012 Nedbank, supported by The Sports Trust, has erected 10 multipurpose sport courts worth R2 million each, showcasing a continuous investment in the development of South African communities through a range of sport. With a 20-year lifespan to accommodate five sporting codes, this state-of-the-art facility multipurpose will nurture various sport disciplines and provide a safe space for the community. The Minister of Sport, Arts and Culture, Mr Zizi Kodwa, said: ‘Women and grassroots sport development are among the priorities of Government. Nedbank and The Sports Trust have shown what can be done when stakeholders in communities work together to develop grassroots sport.' Minister Kodwa added: ‘The Pitso Mosimane Multipurpose sports Court at Lofentse High School will not only help to develop the next generation of athletes, but will also keep youth active in the community. I hope to see more of these facilities being built, especially in townships and rural communities. We cannot slow down this momentum to elevate women's sport and grassroots development.' As a true icon in the South African football fraternity, Coach Pitso is leading this initiative with the aim to leave a legacy for the future of football in South Africa. ‘By providing a top-class sport infrastructure, especially for young girls, we are planting seeds that we hope will thrive for generations

SA Secures Top 10 Position In EMEA Markets For Volvo EX30 Pre-Order

Volvo Car South Africa has revealed that early demand for its new fully electric EX30 has been incredibly strong, with the local market ranking in the top ten for pre-orders in the broader Europe, Middle East and Africa (EMEA) region. The news fittingly comes just ahead of World EV Day 2023 on 9 September, the fourth instalment of a global celebration dedicated to highlighting the benefits of battery-powered cars and raising awareness around the need to transition to more sustainable methods of transport. The EX30 - which is positioned as one of the most affordable full-size electric vehicles in South Africa - was revealed to the world on 7 June 2023, with local pre-orders opening the following day. Since then, South Africans have placed in excess of 150 pre-orders, with many more registering expressions of interest on Volvo Car SA's website. For context, EVs sales in South Africa in the first half of 2023 totalled 501 units, according to industry representative body naamsa, with the Swedish automaker leading the sales charge in the fully electric premium C-SUV segment thanks to the performances of the XC40 Recharge and C40 Recharge. The scheduled arrival of the EX30 in the first quarter of 2024 means Volvo is poised to further increase its share in the fast growing EV market. So far, the EX30 Twin Motor Performance Ultra has been the most popular derivative with South Africans, accounting for nearly half of all local pre-orders. Next comes the Single Motor Plus Extended Range at around 25% of pre-orders, followed by the entry-level Single Motor Core variant, the flagship Twin Motor Performance Plus and the Single Motor Ultra Extended Range. "Since the EX30 was revealed, we have seen a steady flow of new orders weekly. Although we have already secured a high allocation of units for 2024, there's an increasingly strong chance we will need to boost that figure, says Greg Maruszewski , Volvo Car South Africa Managing Director. He adds that the early demand proves just how interested South Afr

Spring strategies for small businesses: how to make your business bloom

Spring is on our doorstep, and for many small businesses, the beginning of spring marks the onset of the busy season. It's been a tough winter for small business across a range of sectors, specifically retail, which saw a year-on-year decline in sales during the first half of 2023. According to recent statistics, the decline was most notable in the hardware, paint and glass, household furniture, appliances and equipment industries. Much of the downward trend can also be attributed to the energy crisis, which our own research revealed our recent quarter one 2023 SME Confidence Index has confirmed. For thousands of small businesses, the answer to the multidirectional headwinds has been to invest in alternative energy supplies that can keep the lights on. Apart from investing in measures and equipment to mitigate the impact of load shedding, there are several ways small business owners can leverage the end-of-year hype and optimise sales. Embracing the power of collaboration Collaboration can breathe new life into your business, especially after a sales slump. Before the busy season, consider partnering with complementary businesses for cross-promotions or joint events. Networking within your community expands your reach and showcases your business's adaptability and resilience. Do a good old spring clean There's nothing like a small business spring clean to renew your energy and focus on your vision for the rest of the year. Take this window of opportunity to assess your operations, streamline processes and reinvigorate your strategies for growth. For example, you could review your long-term and short-term business goals. Ask yourself: Are they still relevant? Have circumstances changed that require adjustments? Now is the ideal time to realign your objectives to reflect market conditions and customer demands. Next, take a deep dive into your financial records and review your income statements, cash flow and expenses. Identify areas where you can cut costs or reallocate resources to improve

Her parents encouraged her to register a company while studying, now she runs a successful business

While working as an administrator at a school, earning R2 000 a month, and being the breadwinner of her family, Sharon Mashishi took a bold step to start her own business. Mashishi, who was encouraged by her parents while studying at university to register a business just in case she wanted to venture into entrepreneurship is the owner and founder of Bahlaping Mash Trading, Mining Projects. Leaving her administrative job at a primary school in the town of Ga-Chaba Limpopo, she joined mining giant, Anglo American, to work in the electrical department. At Anglo, she realised the opportunities for her business, which offers services of mining, construction, electrical and civil engineering. "I previously worked as an administrator at a primary school in Ga-Chaba and that's the only working experience I had before venturing in business full time. Being a breadwinner at the time earning less than R2 000 a month forced me to go out looking for business opportunities, and my first opportunity in Anglo American was an electrical job and that's how the company ventured into the field of engineering, Mashishi told Business Report. More on this Richard Maponya honoured for his contribution to township economy Young diamond trader breaks glass ceilings on road to success Miss South Africa, Natasha Joubert tells us about the high hopes she has for her business The 27-year-old and mother of two says that she faced many challenges to get her business up and running. Sharon Mashishi. Image: Supplied. "My biggest challenge was getting capital to purchase the necessary equipment to honour or execute the projects, as a small company with no credit record and no experience getting credit was almost impossible. Being a young woman in business was also a great challenge as I had to prove myself more than male candidates, she said. She further said that in her first project she had to borrow money from her friends and family when getting started. "In the first month of the project, I borrowed money from friends

Her parents encouraged her to register a company while studying, now she runs a successful business

While working as an administrator at a school, earning R2 000 a month, and being the breadwinner of her family, Sharon Mashishi took a bold step to start her own business. Mashishi, who was encouraged by her parents while studying at university to register a business just in case she wanted to venture into entrepreneurship is the owner and founder of Bahlaping Mash Trading, Mining Projects. Leaving her administrative job at a primary school in the town of Ga-Chaba Limpopo, she joined mining giant, Anglo American, to work in the electrical department. At Anglo, she realised the opportunities for her business, which offers services of mining, construction, electrical and civil engineering. "I previously worked as an administrator at a primary school in Ga-Chaba and that's the only working experience I had before venturing in business full time. Being a breadwinner at the time earning less than R2 000 a month forced me to go out looking for business opportunities, and my first opportunity in Anglo American was an electrical job and that's how the company ventured into the field of engineering, Mashishi told Business Report. The 27-year-old and mother of two says that she faced many challenges to get her business up and running. "My biggest challenge was getting capital to purchase the necessary equipment to honour or execute the projects, as a small company with no credit record and no experience getting credit was almost impossible. Being a young woman in business was also a great challenge as I had to prove myself more than male candidates, she said. She further said that in her first project she had to borrow money from her friends and family when getting started. "In the first month of the project, I borrowed money from friends and family for mobilisation and leasing some of the equipment of the project. In the second month we asked for an advanced payment from Anglo American, under their wing Anglo American Zimele wing which played a great part in assisting us in our business development

5 things to consider when starting a business in these challenging times

It takes courage to venture into entrepreneurship. You need to be resilient and have the capacity to keep going as long as it takes for the business to get off the ground and become financially feasible. According to the University of the Western Cape (UWC), South Africa has a greater start-up failure rate than the rest of the globe, with 70% to 80% of small enterprises failing within the first five years. ‘’Such a statistic can make the very idea of trying to start a business in South Africa seem like an impossibility, because the challenges go beyond navigating the legal and regulatory landscape. ‘’It includes securing funding, building a customer base in a competitive market and ensuring ongoing operations and productivity in the face of persistent load shedding,’’ says Sandra Beswick, the senior business rescue practitioner and director of Fluence Capital. Beswick adds that, overall, 2022 may be described as a year of recovery, with more than 60% of South African enterprises reporting growth despite the obstacles that emerged. More on this Business basics: what every entrepreneur should know when starting out 5 simple steps you can follow to grow your online business Majority of small businesses fail - tips on how to stay afloat ‘’When it comes to looking ahead for aspiring entrepreneurs, it’s wise to do so with an awareness of requirements and trends, challenges and opportunities, if a new company is ever to succeed. Here are Beswick’s five key considerations for starting a business during difficult times: Have a business plan and review it regularly A complete business plan is essential for any organisation and the ideal starting point since it needs research into your target market, potential rivals, financial predictions, operational specifics, and marketing tactics. With the numerous problems that South African businesses encounter, it is critical that your business plan be evaluate

Green Entrepreneurship Programme Gives Learners a ‘Step Up'

An educational programme is teaching youth to utilise opportunities in the green economy and create community-based employment. South Africa (07 September 2023) — The world is burning, the hour is late, the time is now for the current and future generations to chart a greener path, to harness their power and become job creators rather than job seekers. South Africa's most innovative youth entrepreneurship programme ‘Step Up 2 A Green Start Up‘ — created by youth development expert Primestars — aims to empower the youth by teaching them to utilise opportunities in the green economy and create community-based business solutions. Speaking at the launch of the 2023 programme this week (EDS: Tuesday 5 Sep), Primestars MD Martin Sweet said: "The International Labour Organisation estimates that the green economy will create 60 million new jobs in the world by 2030, which according to data from C40 Cities includes up to 1.8 million jobs in South Africa. To develop these entrepreneurs and reduce the country's high unemployment rate, the youth must be provided with the right tools, skills, and inspiration that will enable them to create businesses, and become gainful employers in a circular, restorative, inclusive, and clean economy." Since its inception in 2014, the Step Up 2 A Start Up National Youth Entrepreneurship programme has successfully used a unique edutainment model to activate the culture and mindset of entrepreneurship in over 90,000 high school learners, 3,000 teachers, participating from over 1,500 under-resourced high schools across South Africa. This ground-breaking initiative targets thousands of high school learners across the country from urban, peri-urban, township and rural areas. The programme kicked off in August with learners being transported to various cinemas to watch an edutainment film, produced by Primestars and other key partners, called Karabo's Kitchen . This is supplemented with a practical handbook that gives students the tools needed to succeed as soc

ARM achieves 4% ‘tip of iceberg' decarbonisation target with much more to come

Former ARM CEO Mike Schmidt, in new executive of growth and strategic development role. JOHANNESBURG (miningweekly.com) — In the 12 months to June 30, diversified mining company African Rainbow Minerals (ARM) achieved the 4% carbon reduction target that executive chairperson Dr Patrice Motsepe set for the Johannesburg Stock Exchange-listed company. "But that's just the tip of the iceberg," said former ARM CEO Mike Schmidt , in his new green role as executive of growth and strategic development in the executive chairperson's office. While ARM has set targets to achieve net-zero scope 1 and 2 greenhouse gas emissions from mining by 2050, Schmidt highlighted in response to Mining Weekly questions about the company's decarbonisation progress that "we review those targets every single year". In developing decarbonisation pathways that detail the short- and medium-term steps needed to achieve the long-term target, ARM is focusing on ways to implement these through the allocation of capital to renewable energy and other measures, developing executive incentives to drive operational action, and introducing data systems that improve the quality and efficiency of its reporting. Having just come off intense operational and training involvement, Schmidt added: "We're getting an understanding of what we can do." While ARM expressed happiness about the R1.5-billion worth of headline earnings brought in by coal in the 12 months to June 30 — which was a 65% improvement on the headline earnings that the combustible black rock generated in the 2022 financial year — Motsepe simultaneously expressed deep commitment to working together to deal with the challenge of climate change, along with equal support for the success of South Africa 's just energy transition. Through its membership of the International Council on Mining and Metals, ARM went public as early as 2017 on management incentivisation to meet the net-zero imperative, while obviously doing all the right things from energy efficiency and resp

Human-centric globalisation: Taking G20 to the last mile, leaving none behind

Narendra Modi "Vasudhaiva Kutumbakam" — the two words capture a deep philosophy.They mean "the world is one family". This is an all-embracing outlook that encourages us to progress as one universal family, transcending borders, languages and ideologies. During India's G20 presidency, this has translated into a call for human-centric progress. As One Earth, we are coming together to nurture our planet. As One Family, we support each other in the pursuit of growth. And we move together towards a shared future — One Future — which is an undeniable truth in these interconnected times. The post-pandemic world order is different from the world before it. There are three important changes, among others. More on this Editorial: SA must build on Summit, get itself in order Africa gets a greater influence in BRICS decisions with Ethiopia, Egypt accepted into the bloc This is what Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the UAE said after BRICS invitation Ramaphosa says India's moon landing is a celebration for all developing countries First, there is a growing realisation that a shift away from a GDP-centric view of the world to a human-centric view is needed. Second, the world is recognising the importance of resilience and reliability in global supply chains. Third, there is a collective call for boosting multilateralism through the reform of global institutions. Our G20 Presidency has played the role of a catalyst in the shifts. In December 2022, when we took over the presidency from Indonesia, I had written that a mindset shift must be catalysed by the G20. This was especially needed in the context of mainstreaming the marginalised aspirations of developing countries, the Global South and Africa. The Voice of Global South Summit, which witnessed participation from 125 countries, was one of the foremost initiatives under our presidency. It was an important exercise to gather inputs and ideas from the Global South. Further, our presidency has not only seen the largest-ever p

Pick n Pay founder Raymond Ackerman has passed away

Founder of Pick n Pay, one of the biggest retail stores in South Africa, Raymond Ackerman has passed away.Raymond Ackerman. FOUNDER of Pick n Pay, one of the biggest retail stores in South Africa, Raymond Ackerman has passed away. Pick n Pay announced the passing of Ackerman early on Thursday morning. In a statement, the retail giant said, "With profound sadness we announce that Pick n Pay founder Raymond Ackerman has passed away. A visionary entrepreneur, humanitarian and a great South African. Our country has lost a brilliant patriot who always saw a positive future for South Africa." Ackerman was 92-years-old and after buying four stores in Cape Town with his wife Wendy, in 1967, he founded Pick n Pay. In 2010, Raymond and Wendy retired from the board of Pick n Pay Stores Limited and became honorary life presidents. In August, a bronze statue of the iconic businessman was unveiled by world renowned artist Lungelo Gumede, at Pick n Pay Hypermarket in Durban. Ackerman was born on March 10, 1931. IOL reported that he grew up to become one of South Africa's most admired businessmen, and is widely respected for his passion for consumer rights and fighting for what he believed was right. Ackerman served as chairperson for 40 years and retired 10 years ago. The group boasts 1 900 stores. Ackerman attributes his success to his strong consumer sovereignty philosophy, and always putting the customer first. Pick n Pay remains a family-controlled business, with his son Gareth the current chairperson. In 2014, he was awarded the Presidential Award of the Order of the Baobab. BUSINESS REPORT

SA mining companies to get a faster route to Mozambique ports

South Africa's mining companies, losing out on billions of dollars in sales due to logistics bottlenecks, could soon have a quicker route to ports in neighboring Mozambique. The Logistics Co. (TLC), indirectly owned by Old Mutual's African Infrastructure Investment Managers, plans to open a trucks-only crossing at Komatipoort, just north of South Africa's main Lebombo entry point into Mozambique. The project involves upgrading an existing service road along a railway line, and building a truck staging facility that will have customs and immigration offices on the outskirts of the town of Komatipoort, according to Hennie Jooste, head of operations at TLC. The company, which already operates a rail terminal on the Mozambican side of the border, could process as many as 500 trucks daily at the planned new crossing, Jooste said by phone. That may reduce pressure on the existing border post that can see 1 800 trucks arrive daily, forming queues that sometimes stretch for 30km, he said. The company's main priority is to accommodate the 200 to 250 trucks TLC operates carrying magnetite, a type of iron ore, into Mozambique. The lorries will offload at the rail terminal, and then return empty through the existing border. The minerals will then travel by train to ports in Maputo Bay. South African producers of magnetite, chrome and coal have increasingly used the N4 highway through the Lebombo border to ship their minerals from the ports of Maputo and Matola as their own country's rail and port infrastructure have floundered. At the same time, Mozambique has been increasing its port and rail capacity. TLC plans to start construction around mid-October on the project, and complete it by May. It will cost about R50 million to build, Jooste said.

Survey shows SA consumers are still confused about the impact of paper on forests

Photo for illustration purposes only. Photo: Pexels BUSINESS NEWS - South African consumers' views on environmental perceptions, preferencesand attitudes towards print, paper and paper-based packaging have been included for the first time in an international survey, which showed that many are still confused about the relationship between farmed wood for papermaking, and deforestation The responses of 10,000 people in 16 countries were documented by Two Sides in the biennial Trend Tracker Survey, and while 71% of South African consumers agree that it is important to use paper products from sustainably managed forests, and 36% pay attention to forestry certification labels when purchasing paper-based products, the perceptions that a paperless environment is ecologically friendly, and that forestry as an industry contributes to deforestation, persists. The survey showed that 35% of consumers believed that electronic devices were the most environmentally friendly, yet wood ranked second and paper ranked fourth. On the one hand, 77% of people feel that electronic communication is better than paper-based media; on the other, 76% acknowledge that planted forests are not bad for the environment — a clear contradiction. Jane Molony, executive director of the Paper Manufacturers Association of South Africa (PAMSA), says the forest and paper sector is misunderstood and thus beleaguered by myths that are rooted in ignorance and assumption. "Timber plantations or planted forests make up 7% of the global forest area, yet provide about 50% of the wood for industrial use such as pulp, paper, and timber for construction ," she says. For this reason balancing sustainability with productive and economic imperative is high on the forest sector's agenda. "Through biodiversity enrichment, water stewardship and community support programmes, the forest sector invests significantly in reducing its impact on the land it uses," says Molony. In May this year, PAMSA member Mondi South Africa and Endangered Wildlif

SA mines to get a faster route to Mozambique port

South Africa's mining companies, losing out on billions of dollars in sales due to logistics bottlenecks, could soon have a quicker route to ports in neighbouring Mozambique. The Logistics Co, indirectly owned by Old Mutual's African Infrastructure Investment Managers, plans to open a trucks-only crossing at Komatipoort, just north of South Africa's main Lebombo entry point into Mozambique. The project involves upgrading an existing service road along a railway line, and building a truck staging facility that will have customs and immigration offices on the outskirts of the town of Komatipoort, according to Hennie Jooste, head of operations at TLC. The company, which already operates a rail terminal on the Mozambican side of the border, could process as many as 500 trucks daily at the planned new crossing, Jooste said by phone. That may reduce pressure on the existing border post that can see 1 800 trucks arrive daily, forming queues that sometimes stretch for 30 kilometers (19 miles), he said. The company's main priority is to accommodate the 200 to 250 trucks TLC operates carrying magnetite, a type of iron ore, into Mozambique. ADVERTISEMENT CONTINUE READING BELOW The lorries will offload at the rail terminal, and then return empty through the existing border. The minerals will then travel by train to ports in Maputo Bay. South African producers of magnetite, chrome and coal have increasingly used the N4 highway through the Lebombo border to ship their minerals from the ports of Maputo and Matola as their own country's rail and port infrastructure have floundered. At the same time, Mozambique has been increasing its port and rail capacity. TLC plans to start construction around mid-October on the project, and complete it by May. It will cost about R50 million to build, Jooste said. © 2023 Bloomberg Source: moneyweb.co.za

Pick n Pay founder Raymond Ackerman has died aged 92.

South Africa's retail legend Raymond Ackerman has died at the age of 92, Pick n Pay confirmed on Thursday. The retail group he founded announced his death in a statement on Thursday morning. "With profound sadness, we announce that Pick n Pay founder Raymond Ackerman has passed away." "A visionary entrepreneur, humanitarian and a great South African. Our country has lost a brilliant patriot who always saw a positive future for South Africa." Ackerman was born on March 10, 1931, and grew up in Cape Town. He founded Pick n Pay in 1967, envisioning a supermarket that would offer quality products at affordable prices, catering to the needs of ordinary South Africans. Under his leadership, the company flourished, becoming one of the country's most prominent retail giants. Today, Pick n Pay operates more than 1,800 stores across South Africa and neighbouring countries, employing thousands of people and serving millions of customers daily. Ackerman fought the government through 26 rounds in court about the petrol price, but lost every time. In 1989, Ackerman and a group of businessmen met then-President FW de Klerk soon after his appointment and called for the release of Nelson Mandela. In 2004, he established the Raymond Ackerman Academy for Entrepreneurial Development in partnership with UCT and later the University of Johannesburg, which has produced hundreds of new business owners. In 2010, Raymond and Wendy retired from the board of Pick n Pay Stores Limited and became honorary life presidents. A Bishops Diocesan College old boy, Ackerman was president and then the patron of the Old Diocesan Union. He received seven honorary doctorates from local and international universities. Ackerman is survived by his wife, Wendy, children Gareth, Kathy, Suzanne, and Jonathan, his 12 grandchildren and four great-grandchildren.

Discovery launches new platform for business to access renewable and affordable wheeled energy in South Africa

The Discovery Green renewable energy platform will operate through a process called "wheeling". Energy is generated at the most efficient locations in the country and "wheeled" to a business through the existing national grid, allowing businesses to run on more affordable, renewable energy. By procuring between 400MW and 1GW of wind and solar energy from a curated list of leading local and international Independent Power Producers, the platform will stimulate an investment of approximately R20-R25bn in the energy infrastructure of the country (enough to establish 2700 rugby fields of solar farms or 200-250 wind turbines). The impact of 1GW in renewable energy generation represents a saving of 2.75 million tonnes of CO /annum, the equivalent of 100 times the emissions of a business the size of Discovery Limited. In its initial phase, the platform will be open to businesses who are medium to large consumers of electricity connected to Eskom distribution. The first businesses enrolled to the service include a network of large Discovery corporate partners, and over time the platform will expand to other clients in South Africa as Virtual Wheeling and new wheeling frameworks through municipalities become available. Discovery Green will provide enrolled businesses with renewable energy in 2026, enabling them to significantly reduce their emissions and helping to address the national shortfall in electricity. "Discovery Green was built with our goal of being carbon neutral by 2025 in mind. It addresses a fundamental issue of renewable energy — that energy is only generated when the sun shines or the wind blows, yet businesses consume based on their individual needs. With the benefit of aggregation, modelling and diversification, Discovery Green is able to offer products that are completely different to the market's share-of-plant approach, " said Andre Nepgen, Head of Discovery Green. For most non-industrial or mining businesses, the primary source of emissions is from electricity generation â€

Adrian Gore launches Discovery Green - a game-changing renewable energy platform

In another innovative first, Discovery CEO Adrian Gore yesterday unveiled Discovery Green, a renewable energy platform, which opened for businessyesterday, that will unlock an investment of roughly R20 billion to R25bn in South Africa's energy infrastructure. The platform, developed with the support of RMB, Discovery's investment banking partner, connects businesses across South Africa to affordable, renewable power generated by utility-scale renewable plants. However, for companies joining Discovery Green, there is a two-year waiting period to be connected up with renewable energy, with it expects to come online in 2026. "A number of years ago, we started to think about could we apply the Vitality science to how people think about climate? Could we change behaviour in the context of climate and it turns out is very similar at the individual level, " said Gore. He said as Discovery went along that journey, it developed a great deal of science and technology, and it became clear the consumption of electricity was at the core of that. The team began to focus on how corporations consumed energy and how Discovery could reduce their carbon footprint. "And that's really the basis of Discovery Green, a platform in the middle of the market, creating a real market between buyers and sellers," Gore said. The platform will operate through energy wheeling. Energy is generated at the most efficient locations in the country and "wheeled" to a business through the existing national grid, allowing businesses to run on more affordable, renewable energy. "By procuring between 400MW and 1GW of wind and solar energy from a curated list of leading local and international Independent Power Producers (IPP), the platform will stimulate an investment of about R20-R25bn in the energy infrastructure of the country (enough to establish 2700 rugby fields of solar farms or 200-250 wind turbines)," Discovery said. Andre Nepgen, head of Discovery Green said they had already gone out to tender, most bidders were local wit

‘Journey to Retail' workshop unpacks the business side of fashion and importance of supporting local designers

Every designer knows something about the creative side of fashion but not many know much about the business side of fashion. As such, Proudly South African recently hosted a "Journey To Retail workshop at the Fedisa Fashion School in Sandton to teach fashion students about the importance of running a successful business within the fashion industry. The panel discussion led by Happy Makhumalo Ngidi, chief marketing officer at Proudly South African, featured industry heavyweights from African Fashion International (Afi)'s Brand & Designer Liaison Manager, Khwaza Tshisela, who delved into the intricacies of putting together a world-class fashion show, followed by Thami Dish, founder of The Feather Awards, who spoke about de-gendering fashion and adapting mindsets around the innovations in the fashion industry. In addition, one of this year's Local fashion Police judges JJ Schoeman gave insights into how he made his brand a household name and shared the importance of retaining customers. Sapho Raganya, the assistant director representing the Department of Small Business Development, discussed the department's plans for aspiring fashion business owners. Fedisa Fashion School's Clothing Tech lecturer Siyabonga Kobue concluded the discussions with words of wisdom for the students and highlighted the importance of being the change they wanted to see in the fashion world. "Being a well-established local designer is the last leg of the race. The journey begins with a vision and then education. It is, therefore, critical for Proudly SA to onboard fashion students in the revitalisation of the economy drive. "They are critical pieces that we need from today's generation to reshape the future generation and fill in the localisation agenda starting at grassroots levels, Makhumalo Ngidi shared. What is the business of fashion? To understand the business of fashion, you must first know the supply chain involved in creating a garment- that it goes beyond the designer. The designer may be the creativ

Sanlam sees threefold increase in profits

Overall new business grew 19% to R191bn in the first half of the year. 7 Sep 2023 South Africa's largest life insurance group Sanlam saw a triple-digit jump in earnings in the first half of the year. The company says its earnings patterns are back on track following the Covid pandemic, while acquisitions helped new business volume growth Headline earnings per share (Heps) soared 118% to 339 cents per share, compared with 156 cents in the previous comparative period, Sanlam said in its results for the interim period through June 2023 on Thursday. ADVERTISEMENT CONTINUE READING BELOW Overall new business grew 19% to R191 billion. Read/listen: SanlamAllianz gets regulatory greenlight Sanlam concludes R35bn JV with Allianz Lower death claims lift Sanlam profit Sanlam's retail mass business increased sales by 10%, boosted in part by its joint venture with Capitec, South Africa's largest lender by customer numbers, which also dominates in the mass market. While the affluent business, where growth came in at 5%, was affected by slow sales growth of savings products and direct channel sales. The group achieved net operational earnings of R7.5 billion, up 64%, benefitting from a recovery in investment markets both locally and internationally. Net client cash inflows were lower than the comparative period at R11.4 billion, although they remained stable. During the period, the company saw higher outflows from savings products in life insurance as well as its investment management operations. In 2022 and 2023, Sanlam also completed its Absa asset management and Alexforbes transactions, which it said contributed positively to earnings and new business volume growth over the reporting period. "The Absa Asset Management integration has progressed well, with synergy benefits realised sooner than expected. Management will continue to implement actions focused on improving the Absa asset management net client cash flows," it said. However, new business volumes in its largest unit, life insurance, wer

Business confidence edges higher in Q3, but interest rate sensitive sectors struggle

After falling to 27 in the second quarter of 2023, the RMB/BER Business Confidence Index (BCI) regained some ground to register a level of 33 in the third quarter. Although higher, sentiment is still very weak. Indeed, the current level of the index suggests that two-thirds of respondents are dissatisfied with prevailing business conditions. The challenges posed by relatively high interest rates, the resultant strain on consumers, and social unrest meant that business activity remained constrained. Encouragingly, the slight reprieve in the incidence of load-shedding provided support to some firms, especially in manufacturing. Figure 1: RMB/BER Business Confidence Index Source: BER, SARB (Shaded areas represent economic downswings) The second quarter survey was conducted by the BER between 16 August and 31 August 2023. The survey covered 1 050 senior executives in the building, manufacturing, retail, wholesale, and motor trade sectors. Details Of the sectors surveyed, only building contractors saw a decline in sentiment in the third quarter of 2023. However, at 41, builders remain more upbeat than other respondents. The biggest fall in sentiment last quarter was among the consumer-facing sectors, namely new vehicle dealers and retailers. Both rebounded this quarter. The business confidence of retailers gained 12 index points to reach 32. Overall, sales remained weak while profitability improved on the back of softer purchasing price increases. Interestingly, the index measuring the rate of selling price increases also fell significantly and is now at its lowest level since 2020Q3. In terms of the sub-segments, the confidence of non-durable and semi-durable goods retailers was at its best level this year. Meanwhile, sentiment among durable goods retailers deteriorated further. This trend is mimicked in the measure for growth in sales volumes, which saw a steep decline. Wholesaler confidence was up 6 points to 38 even though the sales volumes of consumer goods continued to struggle. Similarly

South African lives were priority, says Health Department as Covid-19 contracts probed

Reacting to the findings, Health Department spokesperson Foster Mohale said the department entered into the agreements to secure vaccine doses to protect the lives of South Africans against the deadly virus which claimed more than 100 000 lives in the country. "There is no argument that low and middle-income countries around the world, including South Africa, had limited bargaining power to secure vaccine doses and negotiate the price of vaccines due to a number of reasons, including the limited number of manufacturers." "The lives of the South Africans became our priority. We had to agree to the terms and conditions of the contract, otherwise more than 200k people would have died," he said. Johnson & Johnson spokesperson Mmakafela Mojapelo said that they "supported and worked closely with South Africa in every phase" of their response to the pandemic. "We supplied our vaccine to South Africa at our final global price of $7.50 per dose, transferred our technology to Aspen Pharmacare in Gqeberha to enable the local fill and finish of the Johnson & Johnson Covid-19 vaccine and later enabled Aspen to manufacture, market and sell its own Covid-19 vaccine. "In addition, we advocated for and supported the donation of hundreds of millions of vaccine doses by the US government, EU member states, the United Kingdom, Canada and New Zealand to COVAX to under-resourced countries. "We remain deeply committed to helping address the health needs of people in South Africa," she said. Cape Times

Rags to riches for Stormers as equity deal is accepted

The continued growth of the DHL Stormers was secured by the landmark decision by Western Province's amateur clubs to hand over the controlling interest for rugby in the region to the Red Disa Investment consortium.The decision made at a special General Council meeting on Wednesday night, understood to have been achieved with around a two thirds majority when it went to vote, means the financial future of professional rugby in the Western Cape is secured and it brings to an end a long running saga that resulted in SARU putting the union in administration two years ago. That was because the WP union was deemed unfit to manage its own affairs after a series of bad financial decisions that had the once proud rugby union teetering on the brink of complete financial collapse. As it stands, the union is still in massive financial debt but the deal secures the WP union an initial R148-million outlay, with Red Disa now taking on a 74 per cent controlling stake, with the clubs taking up the other 26 per cent. This puts WP/Stormers in line with what has happened at two other major South African Vodacom United Rugby Championship franchises, the HollywoodBets Sharks and the Vodacom Bulls. Red Disa is made up primarily of a partnership between passionate Stormers/WP stakeholders, such the Le Roux family entity, Fynbos Ekwiteit (Michiel le Roux is the founder of Capitec Bank), and Ardagh Africa, South Africa's leading glass packagers and manufacturers. The deal will be welcomed by all Stormers and WP supporters who have been aware of the way professional rugby was often held back by an administration that was too often dictated to by people elected out of the amateur game to manage a professional entity. The Stormers won the URC in its inaugural season portraying themselves as paupers who managed to somehow overcome the financial disadvantages they were under but this deal is confirms they cross the barrier from rags to riches and have no excuse now not to consistently remain a powerful force not only lo

Is investing in BAT the right move?

If you're getting a 15%, 16% annual return, it's a defensive business — Philip Short, Flagship Asset Management. 7 Sep 2023 You can also listen to this podcast on iono.fm here SIMON BROWN: I'm chatting with Philip Short, senior equity analyst at Flagship Asset Management. Philip, I appreciate the time today. [We are talking] tobacco companies. Locally it's British American Tobacco on our exchange. Lots to like about tobacco companies; lots to worry about, however. Let's start with some of those worries — regulatory risks. This might have peaked in the eighties and nineties with the giant court cases, but it hasn't gone away. PHILIP SHORT: Yes. I would say that sort of peaked in the late nineties, the Master Settlement Agreement, and that sort of disappeared for a while. And then about 2017, especially in the US, regulatory headwinds started coming to the fore. I think it was Scott Gottlieb who was the head of the FDA, an ex cancer patient, and he was quite bold on taking on tobacco companies. SIMON BROWN: And part of that — there's lots to it — is they've got the New Age products. But part of it is just good old-fashioned taxes and the like. But further to that, there is also regulation around ‘flavoured menthol'. I know California restricted flavoured cigarettes and they managed to get a fairly significant shift in terms of those who were on menthol. PHILIP SHORT: Yes, that's a very good point. It was right at the end of December 2022 that California as a state banned menthol traditional combustible cigarettes, as well as menthol e-cigarettes or vaping. The evidence six months past that is that British American Tobacco, which has a disproportionate amount of revenue and profits that come from menthol, managed to secure 90% of their tobacco revenues coming from that state. So you do have people who will either drive to neighbouring states where there aren't bans and load up, or there were people who just moved to traditionally flavoured cigarettes. You will also find that not w

Capitec Bank Boosts Oversight with Director Appointments

7 September 2023 New Directors Appointed : Capitec Bank Holdings and Capitec Bank announce the appointment of Naidene Ford-Hoon and Nadya Bhettay as independent non-executive directors. Enhancing Expertise : The new directors bring extensive financial, technology, and strategic experience to strengthen corporate governance and oversight. Audit Committee Changes : Mses. Ford-Hoon and Bhettay join the Audit Committees, reinforcing transparency and financial integrity within the organizations. In a significant move aimed at enhancing corporate governance and financial expertise, Capitec Bank Holdings Limited and Capitec Bank Limited have appointed two new independent non-executive directors to their respective boards. The appointments of Mses. Naidene Ford-Hoon and Nadya Bhettay mark a milestone in the banks' efforts to fortify their leadership and oversight capabilities. Strengthening Independent Oversight With an unwavering commitment to bolstering independent oversight, Capitec Bank Holdings Limited and Capitec Bank Limited have brought onboard two highly experienced professionals. These new directors are expected to contribute their extensive financial, technological, and strategic expertise to the organizations. Meet the New Directors Naidene Ford-Hoon Naidene Ford-Hoon, a chartered accountant with over 25 years of work experience, has an impressive track record in the financial services sector. Holding a BCom and B Compt Hons, Ford-Hoon has previously served as the Group CFO of the South African Reserve Bank ("SARB"), where she played a pivotal role in managing the financial operations of this critical institution. Her financial expertise extends to other organizations, including Alexander Forbes Group Holdings Limited and AFGRI Financial Services (Pty) Ltd, where she held the position of Financial Director. Notably, Ford-Hoon has also contributed her financial acumen to the board of Telkom SOC Limited. Currently, she serves on the boards of SA Corporate Real Estate Limited, Indepen

Pick n Pay founder Raymond Ackerman has passed away

Founder of Pick n Pay, one of the biggest retail stores in South Africa, Raymond Ackerman has passed away. Pick n Pay announced the passing of Ackerman early on Thursday morning. In a statement, the retail giant said, "With profound sadness we announce that Pick n Pay founder Raymond Ackerman has passed away. A visionary entrepreneur, humanitarian and a great South African. Our country has lost a brilliant patriot who always saw a positive future for South Africa." Ackerman was 92-years-old and after buying four stores in Cape Town with his wife Wendy, in 1967, he founded Pick n Pay. In 2010, Raymond and Wendy retired from the board of Pick n Pay Stores Limited and became honorary life presidents. In August, a bronze statue of the iconic businessman was unveiled by world renowned artist Lungelo Gumede, at Pick n Pay Hypermarket in Durban. Ackerman was born on March 10, 1931. IOL reported that he grew up to become one of South Africa's most admired businessmen, and is widely respected for his passion for consumer rights and fighting for what he believed was right. Ackerman served as chairperson for 40 years and retired 10 years ago. The group boasts 1 900 stores. Ackerman attributes his success to his strong consumer sovereignty philosophy, and always putting the customer first. Pick n Pay remains a family-controlled business, with his son Gareth the current chairperson. In 2014, he was awarded the Presidential Award of the Order of the Baobab. BUSINESS REPORT

BAT exits Russian market amid sanctions

Led by its local management team, the tobacco company completes a zero-gain exit from Russia and Belarus Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers. London - British American Tobacco (BAT) said on Thursday it entered into a deal to sell its Russian and Belarusian businesses to a consortium led by members of BAT Russia's management team. The maker of Camel and Lucky Strike cigarettes said in March 2022 it would look to exit Russia as Western companies pulled out en masse amid sanctions imposed by the US, EU and others following Russia's invasion of Ukraine. The company controlled just under 25% of the Russian tobacco market at the time. BAT, which had previously been in talks with its local distributor over a sale, said it had now formally entered into an agreement to sell the business to a consortium led by its local management team, in compliance with local and international laws. "Upon completion, BAT will no longer have a presence in Russia or Belarus and will receive no financial gain from ongoing sales in these markets," it said in a stock market announcement, adding it expects the transaction to complete within the next month. BAT remains confident of delivering its full-year guidance, it continued. The company took a £957m impairment related to the transfer of its Russian business in July 2022. BAT said as part of the agreement, the employment terms of its staff in Russia and Belarus will remain comparable for at least two years following completion of the deal. Reuters Stock Watch - 06 Sept 2023 | The Close Next video Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.

Human-centric globalisation: Taking G20 to the last mile, leaving none behind

Narendra Modi "Vasudhaiva Kutumbakam" — the two words capture a deep philosophy.They mean "the world is one family". This is an all-embracing outlook that encourages us to progress as one universal family, transcending borders, languages and ideologies. During India's G20 presidency, this has translated into a call for human-centric progress. As One Earth, we are coming together to nurture our planet. As One Family, we support each other in the pursuit of growth. And we move together towards a shared future — One Future — which is an undeniable truth in these interconnected times. The post-pandemic world order is different from the world before it. There are three important changes, among others. First, there is a growing realisation that a shift away from a GDP-centric view of the world to a human-centric view is needed. Second, the world is recognising the importance of resilience and reliability in global supply chains. Third, there is a collective call for boosting multilateralism through the reform of global institutions. Our G20 Presidency has played the role of a catalyst in the shifts. In December 2022, when we took over the presidency from Indonesia, I had written that a mindset shift must be catalysed by the G20. This was especially needed in the context of mainstreaming the marginalised aspirations of developing countries, the Global South and Africa. The Voice of Global South Summit, which witnessed participation from 125 countries, was one of the foremost initiatives under our presidency. It was an important exercise to gather inputs and ideas from the Global South. Further, our presidency has not only seen the largest-ever participation from African countries but has also pushed for the inclusion of the AU as a permanent member of the G20. An interconnected world means our challenges across domains are interlinked. This is the midway year of the 2030 Agenda and many are noting, with great, concern that the progress on Sustainable Development Goals is off-track. The G20

Chile's miners ready to absorb higher domestic royalties, Fitch says

SANTIAGO — Mining companies operating in Chile, the world's top copper producer, are well positioned to absorb higher domestic royalties requiredby a new law enacted by the country's leftist government, Fitch ratings agency said on Wednesday. A long-awaited mining reform approved by Chilean lawmakers in May requires large copper producers to pay more taxes and royalties to the government. "Chile's new mining royalty law will not materially weaken the competitiveness of the country's copper mining sector, but it will increase taxes, modestly pressuring miners' cash flows," Fitch said in a report. Global mining companies such as BHP, Anglo American and Glencore are among those whose cash flows will be strained by the reform, Fitch said. Several large globally diversified industry players "have made substantial capex (capital expenditure) commitments following the royalty finalization, suggesting mining economics remain competitive globally under the new tax regime," it added. The new tax regime is taking effect gradually, since several operations maintain previously signed tax invariability contracts. However, Fitch noted that "difficulties related to obtaining environmental permits will likely lead to a period in 2024 where no new projects come online, after the completion of (Teck Resources') Quebrada Blanca this year." Private copper miners have demanded cuts in energy costs, faster permit approvals and other incentives to offset the burden of the new royalty regime and avoid a decline in investment. Fitch estimates that Chile's total tax on mining companies will stay above Peru's by roughly two percentage points and be about four percentage points higher than that of Australia and the Canadian province of British Columbia. However, it will be much lower than taxes on mining firms in African countries such as Zambia and the Democratic Republic of Congo. Fitch also said it expects Antofagasta Minerals "will maintain its robust financial position despite modest cash flow reduction from h

RIP Raymond Ackerman: Post your condolences HERE

As first reported by The South African website, South African businessman and retail giant Raymond Ackerman has died at the age of 92. As first reported by The South African website , South African businessman and retail giant Raymond Ackerman has died at the age of 92. The entrepreneur founded Pick n Pay in 1967 with his wife Wendy after buying four stores in Cape Town. Pick n Pay confirmed the tragic news in a X post on Thursday morning. Post your condolences Leave your best wishes by clicking on the comment tab below this article or by emailing info@thesouthafrican.com or sending a WhatsApp to You can also follow @TheSAnews on Twitter and The South African on Facebook for the latest news. Below, 10 things you may not have known about the retail giant 1. Raymond Ackerman was born on 10 March 1931. 2. He attended Bishops in Cape Town and the University of Cape Town (UCT) where he studied a B.Comm degree. 3. Following the initial purchase of those four stores from Jack Goldin, in the subsequent years the group grew to more than 2 000 stores across South Africa, Namibia, Botswana, Zambia, Nigeria, Eswatini and Lesotho. 4. Raymond Ackerman's father, Gus, founded Ackermans after World War 1. 5. Raymond Ackerman launched multiple battles against the government regarding petrol price cutting, but lost. 6. In 2004, he established the Raymond Ackerman Academy for Entrepreneurial Development in partnership with UCT and later the University of Johannesburg, which has produced hundreds of new business owners. 7. In 2010, Raymond and Wendy retired from the board of Pick n Pay Stores Limited and became honorary life presidents. 8. Ackerman was president and then the patron of the Old Diocesan Union. He received seven honorary doctorates from local and international universities. 9. He died on Wednesday, 6 September at the age of 92. 10. Ackerman is survived by his wife, Wendy, children Gareth, Kathy, Suzanne, and Jonathan, his 12 grandchildren and four great-grandchildren.

Enforcement notice issued to Dis-Chem due to contravention of POPIA

The importance of compliance has once again been highlighted as the Information Regulator issued an Enforcement Notice to Dis-Chem Pharmacies Ltd ("Dis-Chem") on 1 September 2023 for non-compliance with the Protection of Personal Information Act 4 of 2013 ("POPIA"). The Information Regulator is casting their net wide when it's come to investigating contraventions, whether it be against large, small, private or public companies and is cracking down on ensuring consumers' information is safeguarded and lawfully processed. The Information Regulator found that Dis-Chem failed to identify the risk of using weak passwords, failed to implement measures to monitor and detect unlawful access to their environment and that they hadn't entered into any operator agreement with their third party service provider which would have, amongst other things outlined the process of reporting to Dis-Chem in the event of a security compromise. The Information Regulator has ordered Dis-Chem to conduct a Personal Information Impact Assessment and to ensure that adequate measures and standards exist to comply with the conditions for the lawful processing of personal information. They have also been mandated to implement an adequate Incident Response Plan, involving strong access control measures, maintaining a vulnerability management programme, implementing strong access control measures and maintaining an Information Security Policy. Dis-chem have been ordered to conclude written contracts with all operators who process personal information on its behalf and to develop, implement, monitor and maintain a compliance framework. Failure to comply with such obligations will result in an administrative fine or result in a conviction of imprisonment or both. A breach of this nature, and the finding as to the lack of safeguards in place should come as a shock for an organisation of this size and an organisation which holds such a vast quantity of data. One would expect that all prominent companies in South Africa would ha

Survey shows SA consumers are still confused about the impact of paper on forests

Photo for illustration purposes only. Photo: Pexels BUSINESS NEWS - South African consumers' views on environmental perceptions, preferencesand attitudes towards print, paper and paper-based packaging have been included for the first time in an international survey, which showed that many are still confused about the relationship between farmed wood for papermaking, and deforestation The responses of 10,000 people in 16 countries were documented by Two Sides in the biennial Trend Tracker Survey, and while 71% of South African consumers agree that it is important to use paper products from sustainably managed forests, and 36% pay attention to forestry certification labels when purchasing paper-based products, the perceptions that a paperless environment is ecologically friendly, and that forestry as an industry contributes to deforestation, persists. The survey showed that 35% of consumers believed that electronic devices were the most environmentally friendly, yet wood ranked second and paper ranked fourth. On the one hand, 77% of people feel that electronic communication is better than paper-based media; on the other, 76% acknowledge that planted forests are not bad for the environment — a clear contradiction. Jane Molony, executive director of the Paper Manufacturers Association of South Africa (PAMSA), says the forest and paper sector is misunderstood and thus beleaguered by myths that are rooted in ignorance and assumption. "Timber plantations or planted forests make up 7% of the global forest area, yet provide about 50% of the wood for industrial use such as pulp, paper, and timber for construction ," she says. For this reason balancing sustainability with productive and economic imperative is high on the forest sector's agenda. "Through biodiversity enrichment, water stewardship and community support programmes, the forest sector invests significantly in reducing its impact on the land it uses," says Molony. In May this year, PAMSA member Mondi South Africa and Endangered Wildlif

‘Journey to Retail' workshop unpacks the business side of fashion and importance of supporting local designers

Every designer knows something about the creative side of fashion but not many know much about the business side of fashion. As such, Proudly South African recently hosted a "Journey To Retail workshop at the Fedisa Fashion School in Sandton to teach fashion students about the importance of running a successful business within the fashion industry. The panel discussion led by Happy Makhumalo Ngidi, chief marketing officer at Proudly South African, featured industry heavyweights from African Fashion International (Afi)'s Brand & Designer Liaison Manager, Khwaza Tshisela, who delved into the intricacies of putting together a world-class fashion show, followed by Thami Dish, founder of The Feather Awards, who spoke about de-gendering fashion and adapting mindsets around the innovations in the fashion industry. In addition, one of this year's Local fashion Police judges JJ Schoeman gave insights into how he made his brand a household name and shared the importance of retaining customers. Sapho Raganya, the assistant director representing the Department of Small Business Development, discussed the department's plans for aspiring fashion business owners. Fedisa Fashion School's Clothing Tech lecturer Siyabonga Kobue concluded the discussions with words of wisdom for the students and highlighted the importance of being the change they wanted to see in the fashion world. "Being a well-established local designer is the last leg of the race. The journey begins with a vision and then education. It is, therefore, critical for Proudly SA to onboard fashion students in the revitalisation of the economy drive. "They are critical pieces that we need from today's generation to reshape the future generation and fill in the localisation agenda starting at grassroots levels, Makhumalo Ngidi shared. What is the business of fashion? To understand the business of fashion, you must first know the supply chain involved in creating a garment- that it goes beyond the designer. The designer may be the creativ

Raymond Ackerman: Visionary, philanthropist, and pillar of Pick n Pay and South African retail, has died

Raymond Ackerman, the South African retail tycoon and the founder of Pick n Pay has died. He was 92-years-old. "It is with profound sadness that we announce the death at the age of 92 of visionary South African, and founder of Pick n Pay, Raymond Ackerman," his family said in a statement on Thursday. "He is survived by his wife, Wendy, children Gareth, Kathy, Suzanne, and Jonathan, his 12 grandchildren and four great-grandchildren." Born in Cape Town in 1931, Ackerman was not merely the offspring of the founder of the Ackermans clothing group. He was a beacon of hope, inspiration, and resilience for countless South Africans. His journey in the retail sector began with a foundational belief that resonated deeply with many: ‘the customer is queen'. This ethos, combined with his commitment to treating others with respect and the understanding that doing good is good business, set the stage for a retail revolution in South Africa. From the humble beginnings of acquiring four stores in Cape Town in 1967, Pick n Pay, under Ackerman's visionary leadership, burgeoned into a retail behemoth. It now serves millions across South Africa and seven other African countries across 2000 stores. His groundbreaking "four legs of the table" philosophy, which emphasised Administration, Social Responsibility and Marketing, People, and Merchandise, with the customer reigning supreme, was a game-changer in the retail sector. However, to remember Ackerman solely as a businessman would be an incomplete tribute. His family says he was was a devoted father, grandfather and great-grandfather. "Raymond Ackerman was a man of the people; never too busy or too proud to make time for others," the statement said. "He remained humble throughout his life, and passionate about building a more just future for South Africa. He was an enduring optimist about South Africa's future, and his passing leaves a great void for us all." He was a compassionate employer and a committed philanthropist. Even in the1960s, he was determine

ConCourt will hear Coronation's application for leave to appeal against R716m tax ruling

The Constitutional Court has agreed to hear an application by a subsidiary of Coronation Fund Managers for leave to appeal the asset manager's dispute with the South African Revenue Service (Sars). The outcome of the case could have far-reaching tax implications for South African companies with offshore operations. On 1 September, the Constitutional Court issued a directive that it will hear the company's application for leave to appeal and hear arguments on the merits of the matter. The matter will be set down for hearing by the Constitutional Court in due course, Coronation Fund Managers said in a SENS announcement on 5 September. In February, the Supreme Court of Appeal (SCA) upheld an appeal by the Sars and ordered the company's subsidiary, Coronation Investment Management SA (Pty) Ltd (CIMSA), to pay additional taxes in respect of profits earned by its international operations, together with interest and costs. Coronation originally planned to set aside between R800 million and R900m to cover the disputed tax liability. It subsequently reduced the total obligation payable to Sars to R716m, which includes all its tax assessments from 2012 to 31 March 2023. In 2022, Sars took CIMSA to the SCA, arguing against a previous decision of the Tax Court that the net income of Coronation Global Fund Managers (Ireland) Limited (CGFM) was not subject to tax in South Africa for the 2012 tax year. The Ireland-based subsidiary is 100% held by CIMSA, an entity tax resident in South Africa. CGFM is therefore a "controlled foreign company" (CFC) under South Africa's tax laws. Sars believes the profits earned by CGFM should be included in CIMSA's taxable income. CIMSA believes the income of Coronation Ireland is excluded under the "foreign business establishment" (FBE) exemption. CIMSA would prefer the profits to be taxed in Ireland because that country has lower tax rates than South Africa. CFC tax regime The CFC rules, which are contained in section 9D of the Income Tax Act, are complex anti-avoidance

South African lives were priority, says Health Department as Covid-19 contracts probed

Reacting to the findings, Health Department spokesperson Foster Mohale said the department entered into the agreements to secure vaccine doses to protect the lives of South Africans against the deadly virus which claimed more than 100 000 lives in the country. "There is no argument that low and middle-income countries around the world, including South Africa, had limited bargaining power to secure vaccine doses and negotiate the price of vaccines due to a number of reasons, including the limited number of manufacturers." "The lives of the South Africans became our priority. We had to agree to the terms and conditions of the contract, otherwise more than 200k people would have died," he said. Johnson & Johnson spokesperson Mmakafela Mojapelo said that they "supported and worked closely with South Africa in every phase" of their response to the pandemic. "We supplied our vaccine to South Africa at our final global price of $7.50 per dose, transferred our technology to Aspen Pharmacare in Gqeberha to enable the local fill and finish of the Johnson & Johnson Covid-19 vaccine and later enabled Aspen to manufacture, market and sell its own Covid-19 vaccine. "In addition, we advocated for and supported the donation of hundreds of millions of vaccine doses by the US government, EU member states, the United Kingdom, Canada and New Zealand to COVAX to under-resourced countries. "We remain deeply committed to helping address the health needs of people in South Africa," she said. Cape Times

Merafe, Glencore add another PGM plant to joint venture operations

JSE-listed chrome miner Merafe Resources says it will further improve and expand the Eastern Platinum Group Metal Plant it owns in joint venture (JV) with Glencore South Africa. The companies initially worked on a joint Western PGM Plant at the Kroondal mine, in the Bushveld Complex, which has been successful and profitable, resulting in the JV parties wishing to replicate the strategy on the eastern chrome mine operations. The Eastern PGM Plant's main purpose will be the treatment of PGM-bearing material relevant to the eastern chrome mine operations and it will, similar to the Western PGM Plant, be governed by the existing notarial pooling and sharing agreement between Merafe and Glencore. The total capital and costs relating to the expansion and improvement of the eastern plant attributable to Merafe is expected to be R117-million.

General SENS Submitter Company - Informative Notice 20230913 Naspers and Prosus Cross-Holding Structure Transaction

Informative Notice — 20230913 Naspers and Prosus Cross-Holding Structure Transaction CORPORATE Naspers (South Africa) and Prosus (South Africa): Cross-Holding Structure Transaction FTSE/JSE Africa Index Series 07 September 2023 Further to the FTSE/JSE notice released on 22 August 2023 in relation to the removal of the cross- holding structure between Naspers (South Africa, constituent) and Prosus (South Africa, constituent), please see details of affected indexes and effective dates below: Effective From Index Change Start of Trading FTSE/JSE Top 40 Index (J200) Prosus (South Africa, NL0013654783, 13 September 2023 BJDS7M4) will remain in the index with an increased shares in issue total from 2,003,817,745 to 2,660,000,000* and an increased investability weighting from 8.361139184675% to Naspers (South Africa, ZAE000015889, 6622691) will remain in the index with updated identifiers (ZAE000325783, BN0VX82) with a decreased shares in issue total from 435,511,058 to 188,000,000** and an increased investability weighting from 43.082435578478% to FTSE/JSE All Share Index (J203) Prosus will remain in the index as 13 September 2023 detailed above. Naspers will remain in the index as detailed above. FTSE/JSE Large Cap Index (J205) Prosus will remain in the index as 13 September 2023 detailed above. Naspers will remain in the index as detailed above. CORPORATE Effective From Index Change Start of Trading FTSE/JSE Large and Mid Cap Index Prosus will remain in the index as 13 September 2023 (J206) detailed above. Naspers will remain in the index as detailed above. FTSE/JSE Industrial 25 Index Prosus will remain in the index as 13 September 2023 (J211) detailed above. Naspers will remain in the index as detailed above. FTSE/JSE Capped Industrial 25 Prosus will remain in the index as 13 September 2023 Index (J311) detailed above. Naspers will remain in the index as detailed above. FTSE/JSE Financial & Industrial 30 Prosus will remain in the index as 13 Septemb

Raymond Ackerman: Visionary, philanthropist, and pillar of Pick n Pay and South African retail, has died

Raymond Ackerman, the South African retail tycoon and the founder of Pick n Pay has died. He was 92-years-old. "It is with profound sadness that we announce the death at the age of 92 of visionary South African, and founder of Pick n Pay, Raymond Ackerman," his family said in a statement on Thursday. "He is survived by his wife, Wendy, children Gareth, Kathy, Suzanne, and Jonathan, his 12 grandchildren and four great-grandchildren." Born in Cape Town in 1931, Ackerman was not merely the offspring of the founder of the Ackermans clothing group. He was a beacon of hope, inspiration, and resilience for countless South Africans. His journey in the retail sector began with a foundational belief that resonated deeply with many: ‘the customer is queen'. More on this Pick n Pay larney gifts Khayelitsha deaf school a van Retail turnaround kingpin and Shoprite founder Whitey Basson could bring the lights back to power utility Eskom Five South African businesswomen to wake the giant within WATCH: Bronze and wax statues of Raymond Ackerman unveiled in Durban North WATCH: ‘I'm actually here' says Raymond Ackerman as rumours of his death surface This ethos, combined with his commitment to treating others with respect and the understanding that doing good is good business, set the stage for a retail revolution in South Africa. From the humble beginnings of acquiring four stores in Cape Town in 1967, Pick n Pay, under Ackerman's visionary leadership, burgeoned into a retail behemoth. It now serves millions across South Africa and seven other African countries across 2000 stores. His groundbreaking "four legs of the table" philosophy, which emphasised Administration, Social Responsibility and Marketing, People, and Merchandise, with the customer reigning supreme, was a game-changer in the retail sector. However, to remember Ackerman solely as a businessman would be an incomplete tribute. His family says he was was a devoted father, grandfather and great-grandfather. "Raymond Ackerman was a man o

Adrian Gore launches Discovery Green - a game-changing renewable energy platform

In another innovative first, Discovery CEO Adrian Gore yesterday unveiled Discovery Green, a renewable energy platform, which opened for businessyesterday, that will unlock an investment of roughly R20 billion to R25bn in South Africa's energy infrastructure. The platform, developed with the support of RMB, Discovery's investment banking partner, connects businesses across South Africa to affordable, renewable power generated by utility-scale renewable plants. However, for companies joining Discovery Green, there is a two-year waiting period to be connected up with renewable energy, with it expects to come online in 2026. "A number of years ago, we started to think about could we apply the Vitality science to how people think about climate? Could we change behaviour in the context of climate and it turns out is very similar at the individual level, " said Gore. He said as Discovery went along that journey, it developed a great deal of science and technology, and it became clear the consumption of electricity was at the core of that. The team began to focus on how corporations consumed energy and how Discovery could reduce their carbon footprint. "And that's really the basis of Discovery Green, a platform in the middle of the market, creating a real market between buyers and sellers," Gore said. The platform will operate through energy wheeling. Energy is generated at the most efficient locations in the country and "wheeled" to a business through the existing national grid, allowing businesses to run on more affordable, renewable energy. "By procuring between 400MW and 1GW of wind and solar energy from a curated list of leading local and international Independent Power Producers (IPP), the platform will stimulate an investment of about R20-R25bn in the energy infrastructure of the country (enough to establish 2700 rugby fields of solar farms or 200-250 wind turbines)," Discovery said. Andre Nepgen, head of Discovery Green said they had already gone out to tender, most bidders were local wit

Luxury goods feel the pinch of inflation: Rupert

The chairman of Richemont, the Swiss owner of Cartier and watchmakers including IWC and Vacheron Constantin, said inflation is starting to hit luxury demand in Europe.Persistent higher prices are prompting even well-heeled European consumers to scale back buying, according to Johann Rupert, the leader and controlling shareholder of the luxury conglomerate. "In Europe, ongoing inflation is starting to impact local demand," the billionaire South African told shareholders at the company's annual meeting in Geneva on Wednesday. Rupert, who controls Richemont through a trust that owns the majority of voting shares, said European households in some countries were spending a higher percentage of income on basic necessities than they had in the past decade. "We've seen the squeeze," he said. Richemont shares fell sharply after Bloomberg News reported the comments and after HSBC lowered price targets for Richemont and several other companies in the luxury sector, including LVMH, Kering and Prada. LVMH shares declined 3.6% in Paris, while Richemont stock fell more than 5% in Switzerland. The company had warned in July that demand in the US and China, two of the biggest markets for luxury goods, was starting to sputter. Rupert said the good news for European markets was that Chinese shoppers had begun travelling again. Luxury sales boomed during and coming out of the pandemic as shoppers, helped by low interest rates and pent-up savings, splurged on pricey watches, handbags and jewellery. As central banks have swiftly raised borrowing costs to counter surging prices, Rupert said he expects disruptions to persist. "We cannot expect that after 10 years of excesses to return to normality in a year or two. It's going to take longer," he said.

Pick n Pay founder Raymond Ackerman dies at 92 Share this article:

Founder of Pick n Pay, one of the biggest retail stores in South Africa, Raymond Ackerman has died. Pick n Pay announced the passing of Ackerman early on Thursday morning. In a statement, the retail giant said, "With profound sadness we announce that Pick n Pay founder Raymond Ackerman has passed away. A visionary entrepreneur, humanitarian and a great South African. Our country has lost a brilliant patriot who always saw a positive future for South Africa." Ackerman was 92-years-old and after buying four stores in Cape Town with his wife Wendy, in 1967, he founded Pick n Pay. In 2010, Raymond and Wendy retired from the board of Pick n Pay Stores Limited and became honorary life presidents. In August, a bronze statue of the iconic businessman was unveiled by world renowned artist Lungelo Gumede, at Pick n Pay Hypermarket in Durban. Ackerman was born on March 10, 1931. IOL reported that he grew up to become one of South Africa's most admired businessmen, and is widely respected for his passion for consumer rights and fighting for what he believed was right. Ackerman served as chairperson for 40 years and retired 10 years ago. The group boasts 1 900 stores. Ackerman attributes his success to his strong consumer sovereignty philosophy, and always putting the customer first. Pick n Pay remains a family-controlled business, with his son Gareth the current chairperson. In 2014, he was awarded the Presidential Award of the Order of the Baobab. BUSINESS REPORT

Top 10 Richest People in South Africa 2023

South Africa boasts a vibrant economy and a rich entrepreneurial culture that has produced numerous successful individuals.From industry tycoons to innovators, the country has seen its fair share of wealth amassed over the years. In this article, we'll take a closer look at the , highlighting their achievements and contributions to the nation's economic growth. Johann Rupert Johann Rupert, the Chairman of luxury goods company Richemont, is one of the wealthiest individuals in South Africa. His diversified portfolio includes luxury brands like Cartier, Montblanc, and Dunhill. His net worth stands at an impressive figure, and his contributions to the luxury goods sector have significantly impacted South Africa's economy. Website: https://en.wikipedia.org/wiki/Johann_Rupert Nicky Oppenheimer The Oppenheimer family has long been associated with immense wealth, and Nicky Oppenheimer is no exception. He was the former chairman of De Beers Group, a global leader in diamond exploration, mining, and marketing. Nicky's investments have played a crucial role in South Africa's diamond industry, making him a prominent figure in the nation's economic landscape. Website: https://en.wikipedia.org/wiki/Nicky_Oppenheimer Patrice Motsepe Patrice Motsepe, the founder and chairman of African Rainbow Minerals (ARM), is renowned for his contributions to the mining industry in South Africa. He has been instrumental in promoting sustainable development and upliftment in the country. With his philanthropic efforts, Motsepe has improved the lives of many South Africans. Website: https://en.wikipedia.org/wiki/Patrice_Motsepe Allan Gray Allan Gray, the founder of the investment management company Allan Gray Limited, is a respected figure in the financial sector. His expertise in investment has earned him significant wealth, making him one of the richest individuals in South Africa. Koos Bekker Koos Bekker is the former CEO of Naspers, a multinational media and technology company. Under his leadership, Naspers

Sanlam Reports Strong Financial Performance For The First Half of 2023

Sanlam today reported a strong financial performance for the first half of 2023, saying the group's earnings pattern was back on track after a series of what management described as one-in-25 or one-in-100-year events between 2020 to 2022, highlighted by the Covid-19 pandemic. Sanlam The performance was broad-based and enabled by management's successful execution of the group's strategy. Strong profitability in the group's life insurance, credit and general insurance operations, and a steady performance from investment management, underpinned the pleasing overall group performance. The group's measure of underlying earnings performance, net results from financial services, increased by 26%. The general insurance line of business increased by 38%, life insurance by 28% and credit and structuring by 36%. The investment management operations increased by 2% and would be 9% higher when excluding the earnings from disposed UK businesses in the 2022 base. The group's key earnings metric, cash net results from financial services, increased by 30%. Sanlam's primary performance target for measuring long-term shareholder value creation is return on group equity value (RoGEV). RoGEV per share was 12% and group equity value per share was R67,85 on 30 June 2023. RoGEV benefited from robust contributions from value of new business, improved performance and outlook in Sanlam's credit business in India as well as a strong contribution from Santam. Strong investment markets and a weakening of the rand relative to the main valuation currencies in the non-South African operations also contributed to the higher return for the first six months of 2023. Total new business volumes increased by 19% to R191 billion, driven by strong investment business sales. Life insurance new business volumes increased by 4% on a present value of new business premiums basis, with value of new covered business (VNB) of R1,3 billion, 21% higher than the first six months of 2022, both on a constant economic basis. VNB benefited fr

BAT to Exit Russia: Strategic Move Amid Market Challenges

BAT has formally agreed to sell its Russian and Belarusian businesses due to sustainability concerns in the current environment. The buyer is a consortium led by BAT Russia's management team, and the businesses will be known as the ITMS Group. BAT is confident in meeting its Full Year guidance, emphasizing its commitment to reduced-risk alternatives and sustainability. In a significant development on September 7, 2023, British American Tobacco p.l.c. (BAT) announced its formal agreement to sell its businesses in Russia and Belarus. This decision comes as BAT deemed the ownership of these businesses in Russia no longer sustainable within the current operating environment. The sale is expected to be completed within the next month, pending the fulfillment of certain conditions. Key Players in the Deal The buyer in this transaction is a consortium led by members of BAT Russia's management team. Upon successful completion of the sale, this consortium will assume full ownership of both the Russian and Belarusian businesses, which will subsequently be rebranded as the ITMS Group. Prioritizing Employee Interests BAT has made it clear that one of its foremost priorities throughout the transfer process has been the welfare of its colleagues in Russia and Belarus. As part of the agreement, the employment terms of these colleagues will remain consistent with their existing BAT terms for a minimum of two years following the completion of the transaction. This commitment underscores BAT's dedication to ensuring a smooth transition for its workforce. Financial Impact Upon the sale's completion, BAT will no longer maintain a presence in either Russia or Belarus, and it will not receive any financial gain from ongoing sales in these markets. As of June 30, 2023, these markets collectively represented approximately 2.7% of BAT's Group revenue and approximately 2.5% of Group adjusted profit from operations. The decision to divest from these regions appears to align with BAT's broader strategic objectives

Adrian Gore launches Discovery Green - a game-changing renewable energy platform

In another innovative first, Discovery CEO Adrian Gore yesterday unveiled Discovery Green, a renewable energy platform, which opened for business yesterday, that will unlock an investment of roughly R20 billion to R25bn in South Africa's energy infrastructure. The platform, developed with the support of RMB, Discovery's investment banking partner, connects businesses across South Africa to affordable, renewable power generated by utility-scale renewable plants. However, for companies joining Discovery Green, there is a two-year waiting period to be connected up with renewable energy, with it expects to come online in 2026. "A number of years ago, we started to think about could we apply the Vitality science to how people think about climate? Could we change behaviour in the context of climate and it turns out is very similar at the individual level, " said Gore. He said as Discovery went along that journey, it developed a great deal of science and technology, and it became clear the consumption of electricity was at the core of that. The team began to focus on how corporations consumed energy and how Discovery could reduce their carbon footprint. "And that's really the basis of Discovery Green, a platform in the middle of the market, creating a real market between buyers and sellers," Gore said. The platform will operate through energy wheeling. Energy is generated at the most efficient locations in the country and "wheeled" to a business through the existing national grid, allowing businesses to run on more affordable, renewable energy. "By procuring between 400MW and 1GW of wind and solar energy from a curated list of leading local and international Independent Power Producers (IPP), the platform will stimulate an investment of about R20-R25bn in the energy infrastructure of the country (enough to establish 2700 rugby fields of solar farms or 200-250 wind turbines)," Discovery said. Andre Nepgen, head of Discovery Green said they had already gone out to tender, most bidders were local wi

Pick n Pay founder Raymond Ackerman has passed away

Founder of Pick n Pay, one of the biggest retail stores in South Africa, Raymond Ackerman has passed away. Pick n Pay announced the passing of Ackerman early on Thursday morning. In a statement, the retail giant said, "With profound sadness we announce that Pick n Pay founder Raymond Ackerman has passed away. A visionary entrepreneur, humanitarian and a great South African. Our country has lost a brilliant patriot who always saw a positive future for South Africa." Ackerman was 92-years-old and after buying four stores in Cape Town with his wife Wendy, in 1967, he founded Pick n Pay. In 2010, Raymond and Wendy retired from the board of Pick n Pay Stores Limited and became honorary life presidents. More on this WATCH: Pick n Pay chief still alive Ackerman announces his retirement Pick 'n Pay phases in centralised distribution In August, a bronze statue of the iconic businessman was unveiled by world renowned artist Lungelo Gumede, at Pick n Pay Hypermarket in Durban. Ackerman was born on March 10, 1931. IOL reported that he grew up to become one of South Africa's most admired businessmen, and is widely respected for his passion for consumer rights and fighting for what he believed was right. Ackerman served as chairperson for 40 years and retired 10 years ago. The group boasts 1 900 stores. Ackerman attributes his success to his strong consumer sovereignty philosophy, and always putting the customer first. Pick n Pay remains a family-controlled business, with his son Gareth the current chairperson. In 2014, he was awarded the Presidential Award of the Order of the Baobab. BUSINESS REPORT

Business forum to march against discrimination

The Central Northern Cape Business Forum will embark on a peaceful march in Kimberley on September 12 against race quotas and race discrimination. File picture THE CENTRAL Northern Cape Business Forum will embark on a peaceful march from the Kimberley train station to the Premier’s Office at the Derek Corns building on September 12 against race quotas and race discrimination, starting at 9am. The chairperson of the forum, Graham Ross, expected around 500 people to take part in the march and he encouraged everyone to participate. He stated that coloureds, Indians and whites were being sidelined by the ANC where they were not given job opportunities, especially in government. "Job opportunities and tertiary education for our youth will not materialise in the near future. We are also marching against racial discrimination generally, fraud and corruption, where perpetrators must be brought to book and prosecuted, poor service delivery and other issues. The government is spending millions of rand to restore discipline and order in our schools. He also called for an end to violence and inciting race hatred.

Informative Notice — 20230913 Naspers and Prosus Cross-Holding Structure Transaction

7 September 2023 Informative Notice — 20230913 Naspers and Prosus Cross-Holding Structure Transaction CORPORATE Naspers (South Africa) and Prosus (South Africa): Cross-Holding Structure Transaction FTSE/JSE Africa Index Series 07 September 2023 Further to the FTSE/JSE notice released on 22 August 2023 in relation to the removal of the cross- holding structure between Naspers (South Africa, constituent) and Prosus (South Africa, constituent), please see details of affected indexes and effective dates below: Effective From Index Change Start of Trading FTSE/JSE Top 40 Index (J200) Prosus (South Africa, NL0013654783, 13 September 2023 BJDS7M4) will remain in the index with an increased shares in issue total from 2,003,817,745 to 2,660,000,000* and an increased investability weighting from 8.361139184675% to Naspers (South Africa, ZAE000015889, 6622691) will remain in the index with updated identifiers (ZAE000325783, BN0VX82) with a decreased shares in issue total from 435,511,058 to 188,000,000** and an increased investability weighting from 43.082435578478% to FTSE/JSE All Share Index (J203) Prosus will remain in the index as 13 September 2023 detailed above. Naspers will remain in the index as detailed above. FTSE/JSE Large Cap Index (J205) Prosus will remain in the index as 13 September 2023 detailed above. Naspers will remain in the index as detailed above. CORPORATE Effective From Index Change Start of Trading FTSE/JSE Large and Mid Cap Index Prosus will remain in the index as 13 September 2023 (J206) detailed above. Naspers will remain in the index as detailed above. FTSE/JSE Industrial 25 Index Prosus will remain in the index as 13 September 2023 (J211) detailed above. Naspers will remain in the index as detailed above. FTSE/JSE Capped Industrial 25 Prosus will remain in the index as 13 September 2023 Index (J311) detailed above. Naspers will remain in the index as detailed above. FTSE/JSE Financial & Industrial 30 Prosus will remain in the i

Pick n Pay founder Raymond Ackerman, portrayed as ‘inspiring, generous, positive and warm', has died

Pick n Pay founder Raymond Ackerman , described by two close associates as an "inspiring" and "wonderful human being", has died at the age of 92. Two of his closest associates, Hugh Herman and Tamra Veley, have spoken fondly of the man widely celebrated for championing fair pricing, equal rights and especially philanthropy. The retail entrepreneur founded Pick n Pay in 1967 with his wife Wendy, after purchasing four stores in Cape Town. Over the subsequent 56 years, the retail group grew to more than 2,000 stores across South Africa, Namibia, Botswana, Zambia, Nigeria, Eswatini and Lesotho. Made for greater things Born in Cape Town in 1931, Ackerman's father Gus founded Ackermans clothing and helped establish the Red Cross Children's Memorial Hospital in 1956. Ackermans was sold to the Greatermans group in 1940. Raymond Ackerman was educated at Diocesan College (Bishops) and UCT, where he studied commerce. At the age of 20, he joined Ackermans as a trainee manager in 1951. He then moved to Johannesburg and persuaded Greatermans to invest in modern supermarkets. In 1955, he was instrumental in helping Greatermans launch Checkers supermarkets. Within 10 years, at the age of 35, he was the managing director of 85 Checkers stores. A year later, in 1966, Ackerman was fired for wanting to lower prices for customers. He famously used his two weeks' severance pay, a bank loan, a "modest" inheritance, and shares purchased by friends, to buy four small stores in Cape Town. The first four Pick n Pays were set up for R620,000. Ackerman quickly threw his weight behind the first of many campaigns against monopolies and price-fixing, and rubbed up the apartheid government, his competitors and suppliers along the way. In September 1968, Pick n Pay listed on the Johannesburg Stock Exchange. Ackerman's "petrol war" with the government started in 1975, at a time when he was selling discounted fuel at his Boksburg Hypermarket. Ultimately, he went to court 26 times on petrol price cutting but lost. Ackerman a

Woman Turns Passion for Doeks Into Thriving Business, Netizens Inspired by Her Love for Headwraps

A woman's deep love for doeks and headwraps has blossomed into a flourishing business that's capturing hearts and inspiring netizens What began as a simple admiration for a turban cap during her school days has evolved into a remarkable entrepreneurial journey Netizens were inspired by her journey of turning her passion into a successful business venture A woman has turned her passion for doeks, head wraps, and turbans into a flourishing business Woman's doek empire The visionary entrepreneur Kester Lily Chizorom loved headwear and always matched her her outfits, especially on those bad hair days. The idea for her business was sparked when a fellow student admired her headwrap and asked her where she got it. It didn't take long for her to start her venture, which quickly gained traction, and she soon realised the potential for a fully-fledged business This encounter led her to make her designs, and people started buying her plans. The post about her business was shared on the Facebook group Woman with Her Own Money and garnered much attention. Netizens woman's doek empire Chizorom is a testament to the power of turning one's passion into a thriving business . Netizens responded to her story, with many inspired by her hustle and were inspired to transform their passions into a prosperous business venture. People flocked to the comment section: @Grace Oto shared: "Good job, I wish to learn too but I don't have a sewing machine." @Salami Abosede Olawumi said: "God bless you ma'am you are a good teacher." @Blessing Pius commented: "Chai I like your sharp brain, you are the real entrepreneur .In fact you are a business guru and this your entrepreneural spirit will take you places." @Nwana Victoria praised: "Yes oohh. A detailed teacher. Thank you for the opportunity to learn from you I am grateful." @Modupe Alayo said: "Well done. Keep it up sis." @Ogechi Calista clapped: "Congratulations sis I want to learn too. @shaz praised: "Your story is truely inspirational, you are indeed inspiring." Joh

SA miners are doing it for themselves

Mining companies, through self-help, have worked hard to avoid an Eskom apocalypse. Now they're turning their attention to rampant cable theft and illegal mining The mood wasn't exactly celebratory, but Impala Platinum (Implats) spoke for South Africa's mining industry when it acknowledged last week that Eskom-sponsored load curtailment was having less of an impact than had been feared. Reporting its year-end numbers on August 31, fittingly the last day of winter, the group's comments were a far cry from the concerns voiced earlier this year when miners, especially the platinum group metal (PGM) firms, prepared for a collapse of the power grid. That bowel-melting dystopia didn't materialise; in fact, another PGM miner, Sibanye-Stillwater, said it had lost only 2% in metal from load curtailment. This compares to a 15% reduction its CEO, Neal Froneman, had forecast in February, assuming the load curtailment schedules then in force. "We're very relieved," says Sibanye-Stillwater's South African regional head, Richard Stewart. "It could have been much worse." .. Subscribe now to unlock this article. Support BusinessLIVE's award-winning journalism for R129 per month (digital access only) There's never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers. Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00 . Got a subscription voucher? Redeem it now.

Sanlam Shines: Impressive Growth Amid Economic Challenges

7 September 2023 Strong Financial Growth : Sanlam reports a 26% increase in net financial results, with impressive earnings per share growth. Business Volume Surge : The company records a 19% surge in new business volumes, driven by strong sales in various segments. Financial Resilience : Despite economic challenges, Sanlam maintains a solid solvency cover and exceeds return expectations, demonstrating financial stability. South African financial services giant, Sanlam Limited, has posted impressive financial results for the first half of 2023, showcasing robust growth and resilience in the face of challenging economic conditions. The interim report reveals significant improvements in key performance indicators and underscores the company's commitment to value creation and dividend growth. Solid Financial Performance Sanlam's financial performance for the first six months of 2023 was marked by substantial growth across various metrics, demonstrating the company's ability to navigate a complex economic landscape. The table below summarizes key financial highlights for the period: The standout performance is reflected in impressive earnings per share growth, with net result from financial services per share increasing by 26%, net operational earnings per share surging by 65%, and headline earnings per share soaring by a remarkable 118%. Business Volume Growth Sanlam also reported robust growth in business volumes for the first half of 2023. Total new business volumes reached R190.793 billion, representing a substantial 19% increase compared to the same period in 2022. The growth was driven by strong sales in investment management and general insurance, as well as a shift towards higher-margin life insurance products. The value of new covered business increased by 18%, and on a constant economic basis, it was up by an even more substantial 21%. Solvency Cover and Equity Value Sanlam Group reported a solid solvency cover of 167%, emphasizing the company's financial strength and stability.

How Raymond Ackerman will be remembered

He remained humble throughout his life, and passionate about building a more just future for South Africa. Five things about Raymond Ackerman The visionary founder of Pick n Pay has died at the age of 92. He is survived by his wife, Wendy, children Gareth, Kathy, Suzanne, and Jonathan, his 12 grandchildren and four great-grandchildren. Here are things to remember him by: He came from a retailing family with his father having founded Ackermans after World War 1. Ackerman founded Pick n Pay in 1967 along with Wendy after buying four stores in Cape Town. He lived by the core values that the customer is queen, that we must treat others as we would wish to be treated, and that doing good is good business. Read more He was in the business for over 56 years, and today the Pick n Pay Group serves millions of customers in more than 2 000 stores across South Africa and seven other African countries. Ackerman and Pick n Pay were on the customer's side, for example in his celebrated battles against price regulations, which forced people to pay more than they should for their groceries. In 1986, Pick n Pay succeeded in a court challenge against the government's prohibition of a petrol coupon scheme, which gave customers grocery discount coupons with petrol purchases. Pick n Pay fought over 26 rounds with the government on petrol price cutting and lost each time. In the 1960s, he was determined to promote all employees to managerial positions, in defiance of apartheid laws, which forbade it. By the end of the 1970s, he had become active in the newly-established Urban Foundation, he became a champion of equal opportunity policies and merit-based salaries and wages, and increasingly critical of the government's homelands policy, the Group Areas Act and Job Reservation. But he was also critical of sanctions, in the belief that they destroyed jobs and deepened poverty. In 1989, Ackerman and a group of businessmen met newly appointed President FW de Klerk in Pick n Pay's Cape Town office. The group told D

ARM achieves 4% ‘tip of iceberg' decarbonisation target with much more to come

JOHANNESBURG (miningweekly.com) — In the 12 months to June 30, diversified mining company African Rainbow Minerals (ARM) achieved the 4% carbonreduction target that executive chairperson Dr Patrice Motsepe set for the Johannesburg Stock Exchange-listed company. "But that's just the tip of the iceberg," said former ARM CEO Mike Schmidt , in his new green role as executive of growth and strategic development in the executive chairperson's office. While ARM has set targets to achieve net-zero scope 1 and 2 greenhouse gas emissions from mining by 2050, Schmidt highlighted in response to Mining Weekly questions about the company's decarbonisation progress that "we review those targets every single year". In developing decarbonisation pathways that detail the short- and medium-term steps needed to achieve the long-term target, ARM is focusing on ways to implement these through the allocation of capital to renewable energy and other measures, developing executive incentives to drive operational action, and introducing data systems that improve the quality and efficiency of its reporting. Having just come off intense operational and training involvement, Schmidt added: "We're getting an understanding of what we can do." While ARM expressed happiness about the R1.5-billion worth of headline earnings brought in by coal in the 12 months to June 30 — which was a 65% improvement on the headline earnings that the combustible black rock generated in the 2022 financial year — Motsepe simultaneously expressed deep commitment to working together to deal with the challenge of climate change, along with equal support for the success of South Africa 's just energy transition. Through its membership of the International Council on Mining and Metals, ARM went public as early as 2017 on management incentivisation to meet the net-zero imperative, while obviously doing all the right things from energy efficiency and responsible citizenship points of view. "You would have seen that in the last six months, we

Human-centric globalisation: Taking G20 to the last mile, leaving none behind

The Voice of Global South Summit, which witnessed participation from 125 countries, was one of the foremost initiatives under our presidency. It was an important exercise to gather inputs and ideas from the Global South. Further, our presidency has not only seen the largest-ever participation from African countries but has also pushed for the inclusion of the AU as a permanent member of the G20. An interconnected world means our challenges across domains are interlinked. This is the midway year of the 2030 Agenda and many are noting, with great, concern that the progress on Sustainable Development Goals is off-track. The G20 2023 Action Plan on Accelerating Progress on SDGs will spearhead the future direction of the G20 towards implementing SDGs. In India, living in harmony with nature has been a norm since ancient times and we have been contributing our share towards climate action even in modern times. Many countries of the Global South are at various stages of development and climate action must be a complementary pursuit. Ambitions for climate action must be matched with actions on climate finance and transfer of technology. We believe there is a need to move away from a purely restrictive attitude of what should not be done, to a more constructive attitude, focusing on what can be done to fight climate change. The Chennai HLPs for a Sustainable and Resilient Blue Economy focus on keeping our oceans healthy. A global ecosystem for clean and green hydrogen will emerge from our presidency, along with a Green Hydrogen Innovation Centre. In 2015, we launched the International Solar Alliance. Now, through the Global Biofuels Alliance, we will support the world to enable energy transitions in tune with the benefits of a circular economy. Democratising climate action is the best way to impart momentum to the movement. Just as individuals make daily decisions based on their long-term health, they can make lifestyle decisions based on the impact on the planet's long-term health. Just like yoga

Pick n Pay founder Raymond Ackerman has passed away

Founder of Pick n Pay, one of the biggest retail stores in South Africa, Raymond Ackerman has passed away. Pick n Pay announced the passing of Ackerman early on Thursday morning. In a statement, the retail giant said, "With profound sadness we announce that Pick n Pay founder Raymond Ackerman has passed away. A visionary entrepreneur, humanitarian and a great South African. Our country has lost a brilliant patriot who always saw a positive future for South Africa." With profound sadness we announce that Pick n Pay founder Raymond Ackerman has passed away. A visionary entrepreneur, humanitarian and a great South African. Our country has lost a brilliant patriot who always saw a positive future for South Africa.?? pic.twitter.com/Io0uunYhAJ - Pick n Pay (@PicknPay) September 7, 2023 Ackerman was 92-years-old and after buying four stores in Cape Town with his wife Wendy, in 1967, he founded Pick n Pay. In 2010, Raymond and Wendy retired from the board of Pick n Pay Stores Limited and became honorary life presidents. More on this WATCH: Pick n Pay chief still alive Ackerman announces his retirement Pick 'n Pay phases in centralised distribution In August, a bronze statue of the iconic businessman was unveiled by world renowned artist Lungelo Gumede, at Pick n Pay Hypermarket in Durban. Ackerman was born on March 10, 1931. IOL reported that he grew up to become one of South Africa's most admired businessmen, and is widely respected for his passion for consumer rights and fighting for what he believed was right. Ackerman served as chairperson for 40 years and retired 10 years ago. The group boasts 1 900 stores. Ackerman attributes his success to his strong consumer sovereignty philosophy, and always putting the customer first. Pick n Pay remains a family-controlled business, with his son Gareth the current chairperson. In 2014, he was awarded the Presidential Award of the Order of the Baobab. BUSINESS REPORT

CAPITEC BANK HOLDINGS LIMITED - Changes to the Boards and Board Committees of Capitec and Capitec Bank

Release Date: Changes to the Boards and Board Committees of Capitec and Capitec Bank Capitec Bank Holdings Limited Registration number 1999/025903/06 Incorporated in the Republic of South Africa Registered bank controlling company Ordinary Share Code: CPI ISIN Number: ZAE000035861 Preference Share Code: CPIP ISIN Number: ZAE000083838 ("Capitec") Capitec Bank Limited Registration number 1980/003695/06 Incorporated in the Republic of South Africa Registered bank Company code: BICAP ("Capitec Bank") CHANGES TO THE BOARDS AND BOARD COMMITTEES OF CAPITEC AND CAPITEC BANK In accordance with paragraphs 3.59 and 6.39 of the JSE Limited Listings and Debt Listings Requirements, the boards of Capitec and Capitec Bank ("the Boards") are pleased to announce the appointments of Mses. Naidene Ford-Hoon and Nadya Bhettay to the Boards effective 07 September 2023. The appointments were made pursuant to the policy dealing with the nomination of directors of Capitec Bank. The appointments of Mses. Ford-Hoon and Bhettay as independent non-executive directors will strengthen independent oversight on the board and further deepen the boards' collective financial technical skill, insurance, and information technology and digital experience and expertise. Summary of Naidene Ford-Hoon's curriculum vitae: Naidene holds a BCom and B Compt Hons, and is a chartered account with over 25 years work experience, mainly in finance divisions as head of the finance functions, ensuring sound governance and accountability. She has extensive experience in the financial services sector. She has served as the Group CFO of the South African Reserve Bank ("SARB") and Alexander Forbes Group Holdings Limited, the Financial Director of AFGRI Financial Services (Pty) Ltd and has served on the board of Telkom SOC Limited. She currently serves on the Boards of SA Corporate Real Estate Limited, Independent Regulatory Board for Auditors ("IRBA") and Knysna Initiative for Learning and Teaching. Summary o

Pick n Pay founder Raymond Ackerman, portrayed as ‘inspiring, generous, positive and warm', has died

The retail giant's founder has left a profound mark on the local industry, with former associates describing him as a great man, who championed fairness, rights and doing good in society. Create your free account or sign in Pick n Pay founder Raymond Ackerman, described by two close associates as an "inspiring" and "wonderful human being", has died at the age of 92. Two of his closest associates, Hugh Herman and Tamra Veley, have spoken fondly of the man widely celebrated for championing fair pricing, equal rights and especially philanthropy. The retail entrepreneur founded Pick n Pay in 1967 with his wife Wendy, after purchasing four stores in Cape Town. Over the subsequent 56 years, the retail group grew to more than 2,000 stores across South Africa, Namibia, Botswana, Zambia, Nigeria, Eswatini and Lesotho. Made for greater things Born in Cape Town in 1931, Ackerman's father Gus founded Ackermans clothing and helped establish the Red Cross Children's Memorial Hospital in 1956. Ackermans was sold to the Greatermans group in 1940. Raymond Ackerman was educated at Diocesan College (Bishops) and UCT, where he studied commerce. At the age of 20, he joined Ackermans as a trainee manager in 1951. He then moved to Johannesburg and persuaded Greatermans to invest in modern supermarkets. In 1955, he was instrumental in helping Greatermans launch Checkers supermarkets. Within 10 years, at the age of 35, he was the managing director of 85 Checkers stores. A year later, in 1966, Ackerman was fired for wanting to lower prices for customers. He famously used his two weeks' severance pay, a bank loan, a "modest" inheritance, and shares purchased by friends, to buy four small stores in Cape Town. The first four Pick n Pays were set up for R620,000. Ackerman quickly threw his weight behind the first of many campaigns against monopolies and price-fixing, and rubbed up the apartheid government, his competitors and suppliers along the way. In September 1968, Pick n Pay listed on the Johannesburg Stock Exch

South African business giant Raymond Ackerman (92) has passed away.

From Tamra Capstick-Dale: It is with profound sadness that we announce the death at the age of 92 of visionary South African, and founder of Pick n Pay, Raymond Ackerman.He is survived by his wife, Wendy, children Gareth, Kathy, Suzanne, and Jonathan, his 12 grandchildren and four great-grandchildren. Raymond Ackerman founded Pick n Pay in 1967 along with Wendy after buying four stores in Cape Town. From the outset, he lived by the core values that the customer is queen, that we must treat others as we would wish to be treated, and that doing good is good business. These values have guided the business for over 56 years, and today the Pick n Pay Group serves millions of customers in more than 2,000 stores across South Africa and seven other African countries. His business philosophy was underpinned by the "four legs of the table" (Administration, Social responsibility and Marketing, People, and Merchandise, with the customer on top) first introduced to Ackerman by Bernard Trujillo in the US. He came from a retailing family with his father having founded Ackermans after World War 1. From the very beginning, Raymond Ackerman was dedicated to giving customers the best possible products, the best possible value, and the best possible service in his stores. He would stop and ask customers walking home with shopping bags from rival stores why they had not shopped at Pick n Pay. People quickly learned that they could always rely on Raymond Ackerman and Pick n Pay to be on the customer's side, for example in his celebrated battles against price regulations which forced people to pay more than they should for their groceries. In 1986, Pick n Pay mounted a successful court challenge against the government's prohibition of a petrol coupon scheme which gave customers grocery discount coupons with petrol purchases. Pick n Pay fought over 26 rounds with the government on petrol price cutting and lost each time. However, Raymond Ackerman was about much more than shopping. He was a compassionate employer

Raymond Ackerman: Visionary, philanthropist, and pillar of Pick n Pay and South African retail, has died

"It is with profound sadness that we announce the death at the age of 92 of visionary South African, and founder of Pick n Pay, Raymond Ackerman," his family said in a statement on Thursday. "He is survived by his wife, Wendy, children Gareth, Kathy, Suzanne, and Jonathan, his 12 grandchildren and four great-grandchildren." Born in Cape Town in 1931, Ackerman was not merely the offspring of the founder of the Ackermans clothing group. He was a beacon of hope, inspiration, and resilience for countless South Africans. His journey in the retail sector began with a foundational belief that resonated deeply with many: ‘the customer is queen'. This ethos, combined with his commitment to treating others with respect and the understanding that doing good is good business, set the stage for a retail revolution in South Africa. From the humble beginnings of acquiring four stores in Cape Town in 1967, Pick n Pay, under Ackerman's visionary leadership, burgeoned into a retail behemoth. It now serves millions across South Africa and seven other African countries across 2000 stores. His groundbreaking "four legs of the table" philosophy, which emphasised Administration, Social Responsibility and Marketing, People, and Merchandise, with the customer reigning supreme, was a game-changer in the retail sector. However, to remember Ackerman solely as a businessman would be an incomplete tribute. His family says he was was a devoted father, grandfather and great-grandfather. "Raymond Ackerman was a man of the people; never too busy or too proud to make time for others," the statement said. "He remained humble throughout his life, and passionate about building a more just future for South Africa. He was an enduring optimist about South Africa's future, and his passing leaves a great void for us all." He was a compassionate employer and a committed philanthropist. Even in the1960s, he was determined to promote all employees to managerial positions, in defiance of apartheid laws which forbade it. By the end

Human-centric globalisation: Taking G20 to the last mile, leaving none behind

The Voice of Global South Summit, which witnessed participation from 125 countries, was one of the foremost initiatives under our presidency. It was an important exercise to gather inputs and ideas from the Global South. Further, our presidency has not only seen the largest-ever participation from African countries but has also pushed for the inclusion of the AU as a permanent member of the G20. An interconnected world means our challenges across domains are interlinked. This is the midway year of the 2030 Agenda and many are noting, with great, concern that the progress on Sustainable Development Goals is off-track. The G20 2023 Action Plan on Accelerating Progress on SDGs will spearhead the future direction of the G20 towards implementing SDGs. In India, living in harmony with nature has been a norm since ancient times and we have been contributing our share towards climate action even in modern times. Many countries of the Global South are at various stages of development and climate action must be a complementary pursuit. Ambitions for climate action must be matched with actions on climate finance and transfer of technology. We believe there is a need to move away from a purely restrictive attitude of what should not be done, to a more constructive attitude, focusing on what can be done to fight climate change. The Chennai HLPs for a Sustainable and Resilient Blue Economy focus on keeping our oceans healthy. A global ecosystem for clean and green hydrogen will emerge from our presidency, along with a Green Hydrogen Innovation Centre. In 2015, we launched the International Solar Alliance. Now, through the Global Biofuels Alliance, we will support the world to enable energy transitions in tune with the benefits of a circular economy. Democratising climate action is the best way to impart momentum to the movement. Just as individuals make daily decisions based on their long-term health, they can make lifestyle decisions based on the impact on the planet's long-term health. Just like yoga

Market Review, Commodities, Currencies, Economic & Corporate Update - 07.09.23

By Market Overview Sep 07, 2023 03:09 JD SKG South Africa Market Review South African markets closed in the red yesterday, led by losses in retail and financial sector stocks. Retailers, Cie Financiere Richemont S.A. (JO: ), Mr Price Group (JO: ), Clicks Group (JO: ) and SPAR (JO: ) group dropped 5.2%, 2.9%, 2.1% and 1.8%, respectively. Lenders, Nedbank Group (JO: ), Capitec Bank Holdings (JO: ) and FirstRand (JO: ) declined 3.9%, 2.5% and 1.0%, respectively. Diversified miners, Kumba Iron Ore (JO: ), Exxaro Resources (JO: ) and Anglo American (JO: ) fell 2.4%, 1.9% and 1.5%, respectively. Pharmaceutical companies, Netcare (JO: ) and Aspen Pharmacare (JO: ) eased 1.9% and 0.8%, respectively. On the flipside, food companies, RFG Holdings (JO: ) and RCL Foods (JO: ) advanced 4.2% and 2.5%, respectively. The JSE All Share index declined 0.8% to close at 74,411.00. UK Market Review The UK market finished weaker yesterday, as a drop in domestic construction activity dampened investor sentiment. Retailers, Burberry Group (LON: ), Ocado Group (LON: ) and JD Sports Fashion (LON: ) shed 4.7%, 1.3% and 1.2%, respectively. Insurance companies, Prudential (LON: ) and Legal & General Group (LON: ) declined 2.3% and 1.0%, respectively. Homebuilders, Persimmon (LON: ) and Berkeley Group (LON: ) dropped 1.3% and 0.6%, respectively. Paper and packaging companies, Smurfit Kappa Group (LON: ) and DS Smith (LON: ) each fell 1.1%. Miners, Fresnillo (LON: ) and Glencore (JO: ) eased 1.0% and 0.6%, respectively. On the other hand, energy companies, BP (LON: ) and Shell (LON: ) added 0.9% and 0.8%, respectively. The index declined 0.2% to close at 7,426.14. US Market Review US markets ended lower yesterday, following a surge in Treasury yields and renewed fears over further interest rate hike. Aerospace company, Lockheed Martin Corporation (NYSE: ) edged down 4.8%, after the company cut its F-35 jets delivery outlook. Technology company, Apple (NASDAQ: ) declined 3.6%, amid reports that China has banned

‘Journey to Retail' workshop unpacks the business side of fashion and importance of supporting local designers

Every designer knows something about the creative side of fashion but not many know much about the business side of fashion. As such, Proudly South African recently hosted a "Journey To Retail workshop at the Fedisa Fashion School in Sandton to teach fashion students about the importance of running a successful business within the fashion industry. The panel discussion led by Happy Makhumalo Ngidi, chief marketing officer at Proudly South African, featured industry heavyweights from African Fashion International (Afi)'s Brand & Designer Liaison Manager, Khwaza Tshisela, who delved into the intricacies of putting together a world-class fashion show, followed by Thami Dish, founder of The Feather Awards, who spoke about de-gendering fashion and adapting mindsets around the innovations in the fashion industry. In addition, one of this year's Local fashion Police judges JJ Schoeman gave insights into how he made his brand a household name and shared the importance of retaining customers. Sapho Raganya, the assistant director representing the Department of Small Business Development, discussed the department's plans for aspiring fashion business owners. More on this LOOK: Nando's and Pick n Pay just collabed on a T-shirt collection - and the results are pretty cool Pick n Pay Clothing launches latest collection Fedisa Fashion School's Clothing Tech lecturer Siyabonga Kobue concluded the discussions with words of wisdom for the students and highlighted the importance of being the change they wanted to see in the fashion world. "Being a well-established local designer is the last leg of the race. The journey begins with a vision and then education. It is, therefore, critical for Proudly SA to onboard fashion students in the revitalisation of the economy drive. "They are critical pieces that we need from today's generation to reshape the future generation and fill in the localisation agenda starting at grassroots levels, Makhumalo Ngidi shared. What is the business of fashion? To understan

Business legend Raymond Ackerman dies

Raymond Ackerman, South African business legend and the man who built the retail giant Pick n Pay from the ground up, has died at the age of 92. The store group shared the news of Ackerman's death on social media on Thursday. "An idealist, entrepreneur, philanthropist and a distinguished South African, Pick n Pay wrote on the social media platform X (formerly Twitter). "Our country has lost a brilliant patriot who always saw a positive future for South Africa. Ackerman started to build Pick n Pay in the 1960s and was the chairman of this group for many years until he retired about 10 years ago. Today there are more than 1,900 Pick n Pay stores nationwide. Ackerman's son, Gareth, is currently chairman of the retail group, which is still controlled by the family. ‘Leading Captain' The mayor of Cape Town, Geordin Hill-Lewis, expressed his condolences to Ackerman's loved ones and said he leaves a "great legacy. "He was truly an outstanding Capetian! Earlier this year, Hill-Lewis presented Ackerman and his wife, Wendy, with a gift from the city archive. The gift was a photo of the couple at one of the first shops they opened in the Mother City. "I put a caption to the photo that reads: ‘With thanks for everything you have done for Cape Town and its people'. It's a sentiment I repeat today, says Hill-Lewis. Many messages of condolences and tributes have already poured in for the iconic businessman. Mmusi Maimane, leader of Build One South Africa (Bosa), was among those who expressed condolences. "His impact on retail and his contribution to the South African economy will never be forgotten, says Maimane. No funeral arrangements have yet been announced.

Johann Rupert warns inflation is hitting even wealthy shoppers.

The chairman of Richemont, the Swiss owner of Cartier and watchmakers including IWC and Vacheron Constantin, said inflation is starting to hit luxury demand in Europe. Persistent higher prices are prompting even well-heeled European consumers to scale back buying, according to Johann Rupert, the leader and controlling shareholder of the luxury conglomerate. "In Europe, ongoing inflation is starting to impact local demand," the billionaire South African told shareholders at the company's annual meeting in Geneva on Wednesday. Rupert, who controls Richemont through a trust that owns the majority of voting shares, said European households in some countries were spending a higher percentage of income on basic necessities than they had in the past decade. "We've seen the squeeze," he said. Richemont shares fell sharply after Bloomberg News reported the comments and after HSBC lowered price targets for Richemont and several other companies in the luxury sector, including LVMH, Kering and Prada. LVMH shares declined 3.6% in Paris, while Richemont stock fell more than 5% in Switzerland. The company had warned in July that demand in the US and China, two of the biggest markets for luxury goods, was starting to sputter. Rupert said the good news for European markets was that Chinese shoppers had begun travelling again. Luxury sales boomed during and coming out of the pandemic as shoppers, helped by low interest rates and pent-up savings, splurged on pricey watches, handbags and jewellery. As central banks have swiftly raised borrowing costs to counter surging prices, Rupert said he expects disruptions to persist. "We cannot expect that after 10 years of excesses to return to normality in a year or two. It's going to take longer, "he said.

South African lives were priority, says Health Department as Covid-19 contracts probed

The Health Department has defended agreements to secure Covid-19 vaccines after a multi-group analysis found South Africa was "bullied" into signingaway sovereignty and agreeing to terms for vaccine contracts that were one-sided and unethical via "ransom negotiations". The department said it had agreed to the terms and conditions of the contracts, or more than 200 000 people would have died. The multi-stakeholder group led by the Health Justice Initiative (HJI) received and went over four contracts handed over to them following court action, which revealed "punitive, one-sided conditions that forced South Africa to hand over sovereignty", with none of the contracts agreed under South African legal jurisdiction. The group found that the agreement between US-based Johnson & Johnson and the South African government was conducted under English and Welsh law. "South Africa was liable for payments of at least $734 million (about R14bn), including advance payments of almost $95m, with no guarantees of timely delivery. "The country was forced to overpay for vaccines, paying 33% more than the African Union price for the Pfizer-BioNTech vaccine and paying the Serum Institute of India 2.5 times more for a generic version of the Oxford-AstraZeneca vaccine compared to the UK. "The agreements placed people and governments in the Global South in the unenviable position of having to secure scarce supplies in a global emergency (2020-2022) with unusually hefty demands and conditions, including secrecy, a lack of transparency, and very little leverage against late or no delivery of supplies or inflated prices - resulting in gross profiteering. "Moreover, SA's sovereignty was bartered for scarce supplies. This should never happen again. It is unconscionable, imperial and unethical," the group found. South Africa was liable for $734 475 000 in payments for Covid-19 vaccines including advance payments of $ 94 725 000, including J&J's $10 a dose (15% more than the company charged the EU). Reacting to the findin

Raymond Ackerman: Visionary, philanthropist, and pillar of Pick n Pay and South African retail, has died

Raymond Ackerman, the South African retail tycoon and the founder of Pick n Pay has died. He was 92-years-old. "It is with profound sadness that we announce the death at the age of 92 of visionary South African, and founder of Pick n Pay, Raymond Ackerman," his family said in a statement on Thursday. "He is survived by his wife, Wendy, children Gareth, Kathy, Suzanne, and Jonathan, his 12 grandchildren and four great-grandchildren." Born in Cape Town in 1931, Ackerman was not merely the offspring of the founder of the Ackermans clothing group. He was a beacon of hope, inspiration, and resilience for countless South Africans. His journey in the retail sector began with a foundational belief that resonated deeply with many: ‘the customer is queen'. More on this Pick n Pay larney gifts Khayelitsha deaf school a van Retail turnaround kingpin and Shoprite founder Whitey Basson could bring the lights back to power utility Eskom Five South African businesswomen to wake the giant within WATCH: Bronze and wax statues of Raymond Ackerman unveiled in Durban North WATCH: ‘I'm actually here' says Raymond Ackerman as rumours of his death surface This ethos, combined with his commitment to treating others with respect and the understanding that doing good is good business, set the stage for a retail revolution in South Africa. From the humble beginnings of acquiring four stores in Cape Town in 1967, Pick n Pay, under Ackerman's visionary leadership, burgeoned into a retail behemoth. It now serves millions across South Africa and seven other African countries across 2000 stores. His groundbreaking "four legs of the table" philosophy, which emphasised Administration, Social Responsibility and Marketing, People, and Merchandise, with the customer reigning supreme, was a game-changer in the retail sector. However, to remember Ackerman solely as a businessman would be an incomplete tribute. His family says he was was a devoted father, grandfather and great-grandfather. "Raymond Ackerman was a man o

#FiveThingsYouNeedToKnow: KZN police have made a significant discovery in AKA murder case

Updated | By East Coast Breakfast / Lilitha Bodlani Durban's tap water has again been declared safe for consumption and much more. Good morning, KZN. Here are five things you need to know as you wake up this Thursday morning... The Rolling Stones released a new album. Hackney stones is their first album with original hits in 18 years! KZN police say they're making progress in investigating the murder of rapper Kiernan "AKA" Forbes and his friend Tebello "Tibz" Motsoane. The murder weapon, getaway car and possible "spotters" had been identified. Durban's tap water has again been declared safe for consumption, according to a recent study conducted by the Institute for Water and Wastewater Technology (IWWT) at DUT. Sophie Turner, wife of Joe Jonas was spotted downing shots on a night out just days before the announcement of their divorce. Former Steinhoff CEO, Markus Jooste, was a no show in a Pretoria court on Tuesday as his legal team argued against a reduced R20 million administrative penalty for insider trading, citing unemployment and a lack of income in a bid to reduce the penalty. Follow us on social media: Main image attribution: Lauren Beukes Recommended for You

Raymond Ackerman: Visionary, philanthropist, and pillar of Pick n Pay and South African retail, has died

Raymond Ackerman, the South African retail tycoon and the founder of Pick n Pay has died. He was 92-years-old. "It is with profound sadness that we announce the death at the age of 92 of visionary South African, and founder of Pick n Pay, Raymond Ackerman," his family said in a statement on Thursday. "He is survived by his wife, Wendy, children Gareth, Kathy, Suzanne, and Jonathan, his 12 grandchildren and four great-grandchildren." Born in Cape Town in 1931, Ackerman was not merely the offspring of the founder of the Ackermans clothing group. He was a beacon of hope, inspiration, and resilience for countless South Africans. His journey in the retail sector began with a foundational belief that resonated deeply with many: ‘the customer is queen'. This ethos, combined with his commitment to treating others with respect and the understanding that doing good is good business, set the stage for a retail revolution in South Africa. From the humble beginnings of acquiring four stores in Cape Town in 1967, Pick n Pay, under Ackerman's visionary leadership, burgeoned into a retail behemoth. It now serves millions across South Africa and seven other African countries across 2000 stores. His groundbreaking "four legs of the table" philosophy, which emphasised Administration, Social Responsibility and Marketing, People, and Merchandise, with the customer reigning supreme, was a game-changer in the retail sector. However, to remember Ackerman solely as a businessman would be an incomplete tribute. His family says he was was a devoted father, grandfather and great-grandfather. "Raymond Ackerman was a man of the people; never too busy or too proud to make time for others," the statement said. "He remained humble throughout his life, and passionate about building a more just future for South Africa. He was an enduring optimist about South Africa's future, and his passing leaves a great void for us all." He was a compassionate employer and a committed philanthropist. Even in the1960s, he was determine

Digicall SA and Absa Insurance join forces on R100m Basadi programme to empower black women business owners

Digicall Basadi woman's breakfast 2023 - ABSA Insurance Company, Digicall Group and Basadi members Women in South Africa are making progress as entrepreneurs , indicating a strong will and determination to survive. Entrepreneurship is vital for the success of the South African economy, driving growth and diversification and creating wealth, but black small business owners face many challenges, and for women the obstacles are even greater. To provide vital support and accelerate the growth of black women-owned businesses in the country, business process outsourcing provider Digicall SA has partnered with short-term insurer Absa Insurance Company (AIC) to help drive AIC's Basadi Supplier Programme. The programme (Basadi means ‘woman' in Sotho and Tswana) uplifts historically disadvantaged black women and provides them with the business and skills they need to prosper. Digicall provides outsourced, claims administration and incident management services to AIC's client base for all types of non-motor incidents and claims. Together, the two companies will allocate R100 million worth of work over the next three years to the Basadi beneficiaries. "Through AIC, we provide coaching to black female entrepreneurs on Absa's approved service-provider database, says Keneiloe Moabelo, Head Of Claims Procurement at AIC. "Coaching includes developing business plans for growth and funding and standard business processes, pay-as-you-earn tax, UIF registrations and financial planning and reporting. "We have to be deliberate in enabling women operating in unconventional spaces, especially in a country like ours, that's why AIC and Digicall SA are committed to actively pursuing black female-led service providers, says Musa F. Sambo, Director and Chief Commercial Officer at Digicall. "There is a critical need for practical solutions, and the Basadi programme is exactly that. Providing more opportunities for education, mentorship and support across the entrepreneurial ecosystem can have profound effects

SA mines to get a faster route to Mozambique port

The Logistics Co, indirectly owned by Old Mutual's African Infrastructure Investment Managers, plans to open a trucks-only crossing at Komatipoort. By Matthew Hill, Bloomberg 7 Sep 2023 South Africa's mining companies, losing out on billions of dollars in sales due to logistics bottlenecks, could soon have a quicker route to ports in neighbouring Mozambique. The Logistics Co, indirectly owned by Old Mutual's African Infrastructure Investment Managers, plans to open a trucks-only crossing at Komatipoort, just north of South Africa's main Lebombo entry point into Mozambique. The project involves upgrading an existing service road along a railway line, and building a truck staging facility that will have customs and immigration offices on the outskirts of the town of Komatipoort, according to Hennie Jooste, head of operations at TLC. The company, which already operates a rail terminal on the Mozambican side of the border, could process as many as 500 trucks daily at the planned new crossing, Jooste said by phone. That may reduce pressure on the existing border post that can see 1 800 trucks arrive daily, forming queues that sometimes stretch for 30 kilometers (19 miles), he said. The company's main priority is to accommodate the 200 to 250 trucks TLC operates carrying magnetite, a type of iron ore, into Mozambique. ADVERTISEMENT CONTINUE READING BELOW The lorries will offload at the rail terminal, and then return empty through the existing border. The minerals will then travel by train to ports in Maputo Bay. South African producers of magnetite, chrome and coal have increasingly used the N4 highway through the Lebombo border to ship their minerals from the ports of Maputo and Matola as their own country's rail and port infrastructure have floundered. At the same time, Mozambique has been increasing its port and rail capacity. TLC plans to start construction around mid-October on the project, and complete it by May. It will cost about R50 million to build, Jooste said. © 2023 Bloomberg

Spring strategies for small businesses: how to make your business bloom

Spring is officially on our doorstep, and for many small businesses, the beginning of spring marks the onset of the busy season. It's been a tough winter for small business across a range of sectors, specifically retail, which saw a year-on-year decline in sales during the first half of 2023. According to recent statistics, this decline was most notable in the hardware, paint and glass, household furniture, appliances and equipment industries. Ben Bierman Much of this downward trend can also be attributed to the ongoing energy crisis, which our own research revealed our recent Q1 2023 SME Confidence Index has confirmed. For thousands of small businesses, the answer to these multi-directional headwinds has been to invest in alternative energy supplies that can keep the lights on. Apart from investing in measures and equipment to mitigate the impact of loadshedding, there are several ways that small business owners can leverage the end-of-year hype and optimise sales. 1. Embracing the power of collaboration Collaboration can breathe new life into your business, especially after a sales slump. Ahead of the busy season, consider partnering with complementary businesses for cross-promotions or joint events. Networking within your community not only expands your reach, but also showcases your business' adaptability and resilience. 2. Do a good old spring clean There’s nothing like a small business spring clean to renew your energy and focus on your vision for the rest of the year. Take this window of opportunity to assess your operations, streamline processes, and reinvigorate your strategies for growth. For example, you could review your long-term and short-term business goals. Ask yourself: are they still relevant? Have circumstances changed that require adjustments? Now is the ideal time to realign your objectives to reflect current market conditions and customer demands. Next, take a deep dive into your financial records and review your income statements, cashflow and expenses. Ide

Adrian Gore launches Discovery Green - a game-changing renewable energy platform

n another innovative first, Discovery CEO Adrian Gore yesterday unveiled Discovery Green, a renewable energy platform, which opened for business yesterday, that will unlock an investment of roughly R20 billion to R25bn in South Africa's energy infrastructure. The platform, developed with the support of RMB, Discovery's investment banking partner, connects businesses across South Africa to affordable, renewable power generated by utility-scale renewable plants. However, for companies joining Discovery Green, there is a two-year waiting period to be connected up with renewable energy, with it expects to come online in 2026. "A number of years ago, we started to think about could we apply the Vitality science to how people think about climate? Could we change behaviour in the context of climate and it turns out is very similar at the individual level, " said Gore. He said as Discovery went along that journey, it developed a great deal of science and technology, and it became clear the consumption of electricity was at the core of that. The team began to focus on how corporations consumed energy and how Discovery could reduce their carbon footprint. "And that's really the basis of Discovery Green, a platform in the middle of the market, creating a real market between buyers and sellers," Gore said. The platform will operate through energy wheeling. Energy is generated at the most efficient locations in the country and "wheeled" to a business through the existing national grid, allowing businesses to run on more affordable, renewable energy. "By procuring between 400MW and 1GW of wind and solar energy from a curated list of leading local and international Independent Power Producers (IPP), the platform will stimulate an investment of about R20-R25bn in the energy infrastructure of the country (enough to establish 2700 rugby fields of solar farms or 200-250 wind turbines)," Discovery said. Andre Nepgen, head of Discovery Green said they had already gone out to tender, most bidders were local wit

Pick n Pay founder Raymond Ackerman has died

Pick n Pay founder, has died at the age of 92. The retail entrepreneur founded Pick n Pay in 1967 with his wife Wendy, after buying four stores in Cape Town. Over the subsequent 56 years, the retail group grew to more than 2,000 stores across South Africa, Namibia, Botswana, Zambia, Nigeria, Eswatini and Lesotho. Ackerman's father founded Ackermans after World War 1. Raymond Ackerman launched 26 battles against the government on petrol price cutting but lost. In 1989, Ackerman and a group of businessmen met then-President FW de Klerk soon after his appointment and called for the release of Nelson Mandela. In 2004, he established the Raymond Ackerman Academy for Entrepreneurial Development in partnership with UCT and later the University of Johannesburg, which has produced hundreds of new business owners. In 2010, Raymond and Wendy retired from the board of Pick n Pay Stores Limited and became honorary life presidents. A Bishops Diocesan College old boy, Ackerman was president and then the patron of the Old Diocesan Union. He received seven honorary doctorates from local and international universities. Ackerman is survived by his wife, Wendy, children Gareth, Kathy, Suzanne, and Jonathan, his 12 grandchildren and four great-grandchildren. Source: dailymaverick In other news — Breakthrough in AKA, Tibz double murder case: Police say they have identified a few people of interest in the double murder case of the rapper Kiernan Forbes known as AKA, and his friend Tebello Tibz Motsoane. The two were gunned down in Durban in February. The provincial Police Commissioner, Nhlanhla Mkhwanazi has confirmed during an inter-ministerial media briefing in Durban that they had also identified the firearm that was used to kill the two men. Read more

Full Capital Redemption — NGLT1B

7 September 2023 R207.29 Full Capital Redemption — NGLT1B NEDBANK GROUP LIMITED (Incorporated in the Republic of South Africa) Registration number 1966/010630/06 JSE Alpha Code: NEDI (‘Nedbank Group' or the ‘Issuer') Full Capital Redemption — NGLT1B In accordance with the provisions of the terms and conditions of Nedbank Group's unsecured subordinated notes in terms of its Domestic Medium-Term Note Programme and sections D3 and D4 (‘Issuer Early Redemption Election') of the NGLT1B Pricing Supplement dated 17 October 2018, investors are herewith advised of the early full capital redemption of NGLT1B effective 20 October 2023. In accordance with the terms and conditions, the South African Registrar of Banks (Relevant Authority) has granted written approval for the Issuer Early Redemption Election of the NGLT1B notes exercised by Nedbank Group. JSE Code ISIN Capital redemption Amount Record date amount outstanding after capital redemption NGLT1B ZAG000154667 R750,000,000.00 R0.00 Thursday, 19 October 2023 7 September 2023 Debt Sponsor Nedbank Corporate and Investment Banking, a division of Nedbank Limited Date: 07-09-2023 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (‘JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

Chile's miners ready to absorb higher domestic royalties, Fitch says

SANTIAGO — Mining companies operating in Chile, the world's top copper producer, are well positioned to absorb higher domestic royalties requiredby a new law enacted by the country's leftist government, Fitch ratings agency said on Wednesday. A long-awaited mining reform approved by Chilean lawmakers in May requires large copper producers to pay more taxes and royalties to the government. "Chile's new mining royalty law will not materially weaken the competitiveness of the country's copper mining sector, but it will increase taxes, modestly pressuring miners' cash flows," Fitch said in a report. Global mining companies such as BHP, Anglo American and Glencore are among those whose cash flows will be strained by the reform, Fitch said. Several large globally diversified industry players "have made substantial capex (capital expenditure) commitments following the royalty finalization, suggesting mining economics remain competitive globally under the new tax regime," it added. The new tax regime is taking effect gradually, since several operations maintain previously signed tax invariability contracts. However, Fitch noted that "difficulties related to obtaining environmental permits will likely lead to a period in 2024 where no new projects come online, after the completion of (Teck Resources') Quebrada Blanca this year." Private copper miners have demanded cuts in energy costs, faster permit approvals and other incentives to offset the burden of the new royalty regime and avoid a decline in investment. Fitch estimates that Chile's total tax on mining companies will stay above Peru's by roughly two percentage points and be about four percentage points higher than that of Australia and the Canadian province of British Columbia. However, it will be much lower than taxes on mining firms in African countries such as Zambia and the Democratic Republic of Congo. Fitch also said it expects Antofagasta Minerals "will maintain its robust financial position despite modest cash flow reduction from h

Opec+'s production cuts spell bad news for global inflation

Analysis of local bond yields and the regulatory risks around British American Tobacco. 7 Sep 2023 You can also listen to this podcast on iono.fm here RMB's Matete Thulare takes a look at the oil price and Opec+. Philip Short from Flagship Asset Management on the regulatory risks with tobacco and valuation in British American Tobacco. Chris Eddy from 10X Investments on the attractive yields from local bonds and reducing weighting in US equities. Guests on today's show: Matete Thulare: RMB Philip Short: Flagship Asset Management Chris Eddy: 10X Investments AUTHOR PROFILE COMMENTS

RIP: 10 things to know about Raymond Ackerman

As first reported by The South African website, Pick n Pay founder, Raymond Ackerman has died at the age of 92. As first reported by The South African website Pick n Pay founder, Raymond Ackerman has died at the age of 92. The retail entrepreneur founded Pick n Pay in 1967 with his wife Wendy after buying four stores in Cape Town. Pick n Pay confirmed the news in a X post on Thursday morning. Below, 10 things you may not have known about the retail giant 1. Raymond Ackerman was born on 10 March 1931 2. He attended Bishops in Cape Town and the University of Cape Town (UCT) where he studied a B.Comm degree. 3. Following the initial purchase of those four stores from Jack Goldin, in the subsequent years the group grew to more than 2 000 stores across South Africa, Namibia, Botswana, Zambia, Nigeria, Eswatini and Lesotho. 4. Raymond Ackerman's father, Gus, founded Ackermans after World War 1. 5. Raymond Ackerman launched multiple battles against the government regarding petrol price cutting, but lost. 6. In 2004, he established the Raymond Ackerman Academy for Entrepreneurial Development in partnership with UCT and later the University of Johannesburg, which has produced hundreds of new business owners. 7. In 2010, Raymond and Wendy retired from the board of Pick n Pay Stores Limited and became honorary life presidents. 8. Ackerman was president and then the patron of the Old Diocesan Union. He received seven honorary doctorates from local and international universities. 9. He died on Wednesday, 6 September at the age of 92. 10. Ackerman is survived by his wife, Wendy, children Gareth, Kathy, Suzanne, and Jonathan, his 12 grandchildren and four great-grandchildren. Post your condolences Leave your best wishes by clicking on the comment tab below this article or by emailing info@thesouthafrican.com or sending a WhatsApp to You can also follow @TheSAnews on Twitter and The South African on Facebook for the latest news.

Upcoming Webinar: Empowering Business & IT Teams: Modern Data Catalog Requirements

Join , in collaboration with Precisely for a webinar on Empowering Business & IT Teams: Modern Data Catalog Requirements. The webinar will take place on the 13 of September 2023 at 11:00 AM (SAST). Register As the demand for data-driven insights continues to grow, the importance of data catalogs will only increase. A modern data catalog addresses new use cases requiring more immediate and intelligent data discovery to drive complete and informed business outcomes. In this demo, you will hear how the Precisely Data Integrity Suite's Data Catalog is the connective tissue that empowers business and IT teams to discover, understand, and trust their critical data. Requirements to meet those new use cases include: Discovery, lineage, and relationships across silos for more informed insights Interoperability with data platforms and tech stacks to increase ROI Machine learning to drive more significant insights Data observability to alert users to data changes and anomalies Business-friendly data governance to advance understanding and accountability The webinar will be delivered by Chris Reed, Manager: Sales Engineering at Precisely and Antonio Cotroneo, Senior Product Marketing Manager at Precisely. Register to attend.

ARM achieves 4% ‘tip of iceberg' decarbonisation target with much more to come

Former ARM CEO Mike Schmidt, in new executive of growth and strategic development role. JOHANNESBURG (miningweekly.com) — In the 12 months to June 30, diversified mining company African Rainbow Minerals (ARM) achieved the 4% carbon reduction target that executive chairperson Dr Patrice Motsepe set for the Johannesburg Stock Exchange-listed company. "But that's just the tip of the iceberg," said former ARM CEO Mike Schmidt , in his new green role as executive of growth and strategic development in the executive chairperson's office. While ARM has set targets to achieve net-zero scope 1 and 2 greenhouse gas emissions from mining by 2050, Schmidt highlighted in response to questions about the company's decarbonisation progress that "we review those targets every single year". In developing decarbonisation pathways that detail the short- and medium-term steps needed to achieve the long-term target, ARM is focusing on ways to implement these through the allocation of capital to renewable energy and other measures, developing executive incentives to drive operational action, and introducing data systems that improve the quality and efficiency of its reporting. Having just come off intense operational and training involvement, Schmidt added: "We're getting an understanding of what we can do." While ARM expressed happiness about the R1.5-billion worth of headline earnings brought in by coal in the 12 months to June 30 — which was a 65% improvement on the headline earnings that the combustible black rock generated in the 2022 financial year — Motsepe simultaneously expressed deep commitment to working together to deal with the challenge of climate change, along with equal support for the success of South Africa 's just energy transition. Through its membership of the International Council on Mining and Metals, ARM went public as early as 2017 on management incentivisation to meet the net-zero imperative, while obviously doing all the right things from energy efficiency and responsible citize

Survey shows SA consumers are still confused about the impact of paper on forests

Photo for illustration purposes only. Photo: Pexels BUSINESS NEWS - South African consumers' views on environmental perceptions, preferencesand attitudes towards print, paper and paper-based packaging have been included for the first time in an international survey, which showed that many are still confused about the relationship between farmed wood for papermaking, and deforestation The responses of 10,000 people in 16 countries were documented by Two Sides in the biennial Trend Tracker Survey, and while 71% of South African consumers agree that it is important to use paper products from sustainably managed forests, and 36% pay attention to forestry certification labels when purchasing paper-based products, the perceptions that a paperless environment is ecologically friendly, and that forestry as an industry contributes to deforestation, persists. The survey showed that 35% of consumers believed that electronic devices were the most environmentally friendly, yet wood ranked second and paper ranked fourth. On the one hand, 77% of people feel that electronic communication is better than paper-based media; on the other, 76% acknowledge that planted forests are not bad for the environment — a clear contradiction. Jane Molony, executive director of the Paper Manufacturers Association of South Africa (PAMSA), says the forest and paper sector is misunderstood and thus beleaguered by myths that are rooted in ignorance and assumption. "Timber plantations or planted forests make up 7% of the global forest area, yet provide about 50% of the wood for industrial use such as pulp, paper, and timber for construction ," she says. For this reason balancing sustainability with productive and economic imperative is high on the forest sector's agenda. "Through biodiversity enrichment, water stewardship and community support programmes, the forest sector invests significantly in reducing its impact on the land it uses," says Molony. In May this year, PAMSA member Mondi South Africa and Endangered Wildlif

Adrian Gore launches Discovery Green - a game-changing renewable energy platform

In another innovative first, Discovery CEO Adrian Gore yesterday unveiled Discovery Green, a renewable energy platform, which opened for businessyesterday, that will unlock an investment of roughly R20 billion to R25bn in South Africa's energy infrastructure. The platform, developed with the support of RMB, Discovery's investment banking partner, connects businesses across South Africa to affordable, renewable power generated by utility-scale renewable plants. However, for companies joining Discovery Green, there is a two-year waiting period to be connected up with renewable energy, with it expects to come online in 2026. "A number of years ago, we started to think about could we apply the Vitality science to how people think about climate? Could we change behaviour in the context of climate and it turns out is very similar at the individual level, " said Gore. He said as Discovery went along that journey, it developed a great deal of science and technology, and it became clear the consumption of electricity was at the core of that. The team began to focus on how corporations consumed energy and how Discovery could reduce their carbon footprint. "And that's really the basis of Discovery Green, a platform in the middle of the market, creating a real market between buyers and sellers," Gore said. The platform will operate through energy wheeling. Energy is generated at the most efficient locations in the country and "wheeled" to a business through the existing national grid, allowing businesses to run on more affordable, renewable energy. "By procuring between 400MW and 1GW of wind and solar energy from a curated list of leading local and international Independent Power Producers (IPP), the platform will stimulate an investment of about R20-R25bn in the energy infrastructure of the country (enough to establish 2700 rugby fields of solar farms or 200-250 wind turbines)," Discovery said. Andre Nepgen, head of Discovery Green said they had already gone out to tender, most bidders were local wit

South Africa: Breaking - Pick N Pay Founder Raymond Ackerman Has Died

The retail giant's founder has left a profound mark on the local industry Pick n Pay founder, Raymond Ackerman has died at the age of 92. The retail entrepreneur founded Pick n Pay in 1967 with his wife Wendy, after buying four stores in Cape Town. Over the subsequent 56 years, the retail group grew to more than 2,000 stores across South Africa, Namibia, Botswana, Zambia, Nigeria, Eswatini and Lesotho. Ackerman's father founded Ackermans after World War 1. Raymond Ackerman launched 26 battles against the government on petrol price cutting but lost. In 1989, Ackerman and a group of businessmen met then-President FW de Klerk soon after his appointment and called for the release of Nelson Mandela. In 2004, he established the Raymond Ackerman Academy for Entrepreneurial Development in partnership with UCT and later the University of Johannesburg, which has produced hundreds of new business owners. In 2010, Raymond and Wendy retired from the board of Pick n Pay Stores Limited and became honorary life presidents. A Bishops Diocesan College old boy, Ackerman was president and then the patron of the Old Diocesan Union. He received seven honorary doctorates from local and international universities. Ackerman is survived by his wife, Wendy, children Gareth, Kathy, Suzanne, and Jonathan, his 12 grandchildren and four great-grandchildren.... Read the full story on Daily Maverick

Pick n Pay founder Raymond Ackerman has passed away

Founder of Pick n Pay, one of the biggest retail stores in South Africa, Raymond Ackerman has passed away. Pick n Pay announced the passing of Ackerman early on Thursday morning. In a statement, the retail giant said, "With profound sadness we announce that Pick n Pay founder Raymond Ackerman has passed away. A visionary entrepreneur, humanitarian and a great South African. Our country has lost a brilliant patriot who always saw a positive future for South Africa." Ackerman was 92-years-old and after buying four stores in Cape Town with his wife Wendy, in 1967, he founded Pick n Pay. In 2010, Raymond and Wendy retired from the board of Pick n Pay Stores Limited and became honorary life presidents. In August, a bronze statue of the iconic businessman was unveiled by world renowned artist Lungelo Gumede, at Pick n Pay Hypermarket in Durban. Ackerman was born on March 10, 1931. IOL reported that he grew up to become one of South Africa's most admired businessmen, and is widely respected for his passion for consumer rights and fighting for what he believed was right. Ackerman served as chairperson for 40 years and retired 10 years ago. The group boasts 1 900 stores. Ackerman attributes his success to his strong consumer sovereignty philosophy, and always putting the customer first. Pick n Pay remains a family-controlled business, with his son Gareth the current chairperson. In 2014, he was awarded the Presidential Award of the Order of the Baobab.

Human-centric globalisation: Taking G20 to the last mile, leaving none behind

Narendra Modi "Vasudhaiva Kutumbakam" — the two words capture a deep philosophy.They mean "the world is one family". This is an all-embracing outlook that encourages us to progress as one universal family, transcending borders, languages and ideologies. During India's G20 presidency, this has translated into a call for human-centric progress. As One Earth, we are coming together to nurture our planet. As One Family, we support each other in the pursuit of growth. And we move together towards a shared future — One Future — which is an undeniable truth in these interconnected times. The post-pandemic world order is different from the world before it. There are three important changes, among others. More on this Editorial: SA must build on Summit, get itself in order Africa gets a greater influence in BRICS decisions with Ethiopia, Egypt accepted into the bloc This is what Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the UAE said after BRICS invitation Ramaphosa says India's moon landing is a celebration for all developing countries First, there is a growing realisation that a shift away from a GDP-centric view of the world to a human-centric view is needed. Second, the world is recognising the importance of resilience and reliability in global supply chains. Third, there is a collective call for boosting multilateralism through the reform of global institutions. Our G20 Presidency has played the role of a catalyst in the shifts. In December 2022, when we took over the presidency from Indonesia, I had written that a mindset shift must be catalysed by the G20. This was especially needed in the context of mainstreaming the marginalised aspirations of developing countries, the Global South and Africa. The Voice of Global South Summit, which witnessed participation from 125 countries, was one of the foremost initiatives under our presidency. It was an important exercise to gather inputs and ideas from the Global South. Further, our presidency has not only seen the largest-ever p

Azana — Shona Malanga ft. Amahle: A Soulful Collaboration

In this article, we delve into the mesmerizing world of Azana ‘s latest release, "Shona Malanga," featuring the talented Amahle.The South African music scene has been buzzing with excitement ever since the song's release, and it's time to explore the soulful melodies, heartfelt lyrics, and the seamless harmony of these two remarkable artists. Join us on this musical journey as we uncover the essence of "Shona Malanga." The Artists Behind the Magic Before we dive into the enchanting world of " Shona Malanga ," let's take a moment to introduce the two remarkable artists responsible for this soulful creation. Azana, a gifted singer-songwriter from Durban, South Africa, has been making waves in the music industry with her powerful vocals and emotive songwriting. Her unique style has won the hearts of fans globally, earning her a special place in the hearts of music enthusiasts. Amahle, on the other hand, is an emerging talent hailing from Johannesburg, South Africa. Her versatility as an artist and her ability to connect with her audience has garnered her a growing fanbase. Unraveling "Shona Malanga" The Meaning of "Shona Malanga" The title of the song, "Shona Malanga," holds significant meaning in the Shona language, spoken in Zimbabwe. It translates to "Look at the Sun" in English. This evocative phrase sets the tone for the heartfelt emotions expressed throughout the song. Azana's Soulful Voice Azana's ethereal voice adds depth and emotion to every note she sings. Her soulful and captivating vocals have earned her recognition as one of the most talented vocalists in the industry. Amahle's Impactful Collaboration Amahle's collaboration with Azana brings a fresh dynamic to the song. Her rich and emotive vocals complement Azana's, creating a beautiful harmony that leaves a lasting impact on listeners. The Creation Process The Studio Sessions The creative process behind "Shona Malanga" involved intensive studio sessions, where Azana and Amahle poured their hearts into crafting a song

Sanlam Reports Strong Financial Performance for the First Half of 2023

7 September 2023 Sanlam today reported a strong financial performance for the first half of 2023, saying the Group's earnings pattern wasback on track after a series of what management described as one-in-25- or one-in-100-year events between 2020 to 2022, highlighted by the COVID-19 pandemic. The performance was broad-based and enabled by management's successful execution of the Group's strategy. Strong profitability in the Group's life insurance, credit, and general insurance operations, and a steady performance from investment management underpinned the pleasing overall Group performance. The Group's measure of underlying earnings performance, net results from financial services, increased by 26%. The general insurance line of business increased by 38%, life insurance by 28% and credit and structuring by 36%. The investment management operations increased by 2% and would be 9% higher when excluding the earnings from disposed UK businesses in the 2022 base. The Group's key earnings metric, cash net results from financial services, increased by 30%. Sanlam's primary performance target for measuring long-term shareholder value creation is Return on Group Equity Value (RoGEV). RoGEV per share was 12% and Group Equity Value per share was R67.85 on 30 June 2023. RoGEV benefitted from robust contributions from value of new business, improved performance and outlook in Sanlam's credit business in India as well as a strong contribution from Santam. Strong investment markets and a weakening of the rand relative to the main valuation currencies in the non-South African operations also contributed to the higher return for the first six months of 2023. Total new business volumes increased by 19% to R191 billion, driven by strong investment business sales. Life insurance new business volumes increased by 4% on a present value of new business premiums basis, with value of new covered business (VNB) of R1.3 billion, 21% higher than the first six months of 2022, both on a constant economic basis. VNB b

Pick n Pay founder, Raymond Ackerman, dies at 92

Retail entrepreneur and founder of Pick n Pay, Raymond Ackerman, has died. He was 92-years-old. Taking to social media, Pick n Pay said they were deeply saddened by the loss of their founder. ‘With profound sadness we announce that Pick n Pay founder Raymond Ackerman has passed away.' posted the retailer. ‘A visionary entrepreneur, humanitarian and a great South African. Our country has lost a brilliant patriot who always saw a positive future for South Africa.' The retail magnate, along with his wife, Wendy, founded the prominent supermarket chain in 1967 after buying their first four stores in Cape Town. Over the span of more than half a century, the empire grew to over 2000 outlets, including stores across South Africa, Namibia, Botswana, Zambia, Nigeria, Eswatini and Lesotho. His father founded Ackermans shortly after the first World War. The prominent businessman also launched over two dozen unsuccessful battles against the government on price cutting. In the late eighties, he, along with a group of businessmen called for the release of Nelson Mandela soon after the appointment of FW de Klerk as president. He later established the Raymond Ackerman Academy for Entrepreneurial Development, in 2004, in partnership with UCT and the University of Johannesburg. This initiative went on to produce hundreds of new business owners. Ackerman and his wife retired from the board of Pick n Pay Stores Limited and became honorary life presidents, in 2010. By the time he handed the chairman's reins to son Gareth, Pick n Pay was operating 20 hypermarkets and 402 supermarkets across South Africa, while group turnover stood at almost R50-billion. As an old boy of Bishops Diocesan College, Ackerman was president and later, the patron of the Old Diocesan Union. Over the course of his career, he also acquired seven honorary doctorates from local and international universities. In his spare time, Ackerman was an avid golfer who, at one stage, played off a scratch handicap. He was especially close to the

BREAKING: Pick n Pay founder Raymond Ackerman has died

The retail giant's founder has left a profound mark on the local industry Create your free account or sign in Pick n Pay founder, Raymond Ackerman has died at the age of 92. The retail entrepreneur founded Pick n Pay in 1967 with his wife Wendy, after buying four stores in Cape Town. Breakdowns and Baguettes Get your updates on the Rugby World Cup, with Maverick Sports editor Craig Ray reporting from Paris, direct to your inbox free of charge Over the subsequent 56 years, the retail group grew to more than 2,000 stores across South Africa and seven in Namibia, Botswana, Zambia, Nigeria, Eswatini and Lesotho. Ackerman's father founded Ackermans after World War 1. Raymond Ackerman launched 26 battles against the government on petrol price cutting but lost. In 1989, Ackerman and a group of businessmen met then-President FW de Klerk soon after his appointment and called for the release of Nelson Mandela. In 2004, he established the Raymond Ackerman Academy for Entrepreneurial Development in partnership with UCT and later the University of Johannesburg, which has produced hundreds of new business owners. In 2010, Raymond and Wendy retired from the board of Pick n Pay Stores Limited and became honorary life presidents. A Bishops Diocesan College old boy, Ackerman was president and then the patron of the Old Diocesan Union. He received seven honorary doctorates from local and international universities. Ackerman is survived by his wife, Wendy, children Gareth, Kathy, Suzanne, and Jonathan, his 12 grandchildren and four great-grandchildren. Comments - Please note you must be signed in to comment.

How to win the fight against fraud & corruption at corporate level

Marelize Uys | Chief Sales Executive | Managed Integrity Evaluation (MIE) | mail me |South Africa has been enlisted on the Financial Action Task Force's (FATF) dreaded "Grey List" for over four months — fortunately, though, the country has not been standing still. Significant new provisions are shaking up the corporate landscape and by comprehensively implementing stricter controls, the country can transition more quickly from the Grey List to the coveted "Whitelist." A worrying picture Being placed on the FATF Grey List indicates that a country should take immediate action to address deficiencies in combating financial crimes, including anti-money laundering (AML) and counter-terrorist financing (CTF) activities. However, the growing sophistication of criminals and syndicates poses a formidable challenge to doing this as their crimes and audacious attacks become more intricate. The Association of Certified Fraud Examiners (ACFE) Report 2022 paints a worrying picture of the extent of internal fraud: 2,110 cases were reported across 133 countries, with an astonishing 29% of the fraud cases caused by lack of internal controls. Its earlier report from 2020 noted that 43% of surveyed fraud cases were committed by insiders such as employees, managers or executives. A similar picture emerged in PwC's Global Economic Crime and Fraud Survey, conducted in 2020, which revealed that 47% of the reported economic crimes were committed by internal actors, including employees, senior management, or former employees. An individual employee can potentially compromise the integrity of an entire organisation in terms of AML efforts in several ways such as insider threats, negligence or lack of awareness, collaboration with external parties, weak internal controls or a failure to report suspicious activities. From Steinhoff to the recent reports of a "Gold Mafia" running riot, the actions of senior and junior staff remain a major threat to the reputation and wellbeing of businesses in Africa. Implementing r

Pick n Pay founder Raymond Ackerman has passed away

Founder of Pick n Pay, one of the biggest retail stores in South Africa, Raymond Ackerman has passed away. Pick n Pay announced the passing of Ackerman early on Thursday morning. In a statement, the retail giant said, "With profound sadness we announce that Pick n Pay founder Raymond Ackerman has passed away. A visionary entrepreneur, humanitarian and a great South African. Our country has lost a brilliant patriot who always saw a positive future for South Africa." Ackerman was 92-years-old and after buying four stores in Cape Town with his wife Wendy, in 1967, he founded Pick n Pay. In 2010, Raymond and Wendy retired from the board of Pick n Pay Stores Limited and became honorary life presidents. In August, a bronze statue of the iconic businessman was unveiled by world renowned artist Lungelo Gumede, at Pick n Pay Hypermarket in Durban. Ackerman was born on March 10, 1931. IOL reported that he grew up to become one of South Africa's most admired businessmen, and is widely respected for his passion for consumer rights and fighting for what he believed was right. Ackerman served as chairperson for 40 years and retired 10 years ago. The group boasts 1 900 stores. Ackerman attributes his success to his strong consumer sovereignty philosophy, and always putting the customer first. Pick n Pay remains a family-controlled business, with his son Gareth the current chairperson. In 2014, he was awarded the Presidential Award of the Order of the Baobab. BUSINESS REPORT

Raymond Ackerman: Visionary, philanthropist, and pillar of Pick n Pay and South African retail, has died

Raymond Ackerman, the South African retail tycoon and the founder of Pick n Pay has died. He was 92-years-old. "It is with profound sadness that we announce the death at the age of 92 of visionary South African, and founder of Pick n Pay, Raymond Ackerman," his family said in a statement on Thursday. "He is survived by his wife, Wendy, children Gareth, Kathy, Suzanne, and Jonathan, his 12 grandchildren and four great-grandchildren." Born in Cape Town in 1931, Ackerman was not merely the offspring of the founder of the Ackermans clothing group. He was a beacon of hope, inspiration, and resilience for countless South Africans. His journey in the retail sector began with a foundational belief that resonated deeply with many: ‘the customer is queen'. This ethos, combined with his commitment to treating others with respect and the understanding that doing good is good business, set the stage for a retail revolution in South Africa. From the humble beginnings of acquiring four stores in Cape Town in 1967, Pick n Pay, under Ackerman's visionary leadership, burgeoned into a retail behemoth. It now serves millions across South Africa and seven other African countries across 2000 stores. His groundbreaking "four legs of the table" philosophy, which emphasised Administration, Social Responsibility and Marketing, People, and Merchandise, with the customer reigning supreme, was a game-changer in the retail sector. However, to remember Ackerman solely as a businessman would be an incomplete tribute. His family says he was was a devoted father, grandfather and great-grandfather. "Raymond Ackerman was a man of the people; never too busy or too proud to make time for others," the statement said. "He remained humble throughout his life, and passionate about building a more just future for South Africa. He was an enduring optimist about South Africa's future, and his passing leaves a great void for us all." He was a compassionate employer and a committed philanthropist. Even in the1960s, he was determine

Business Talk — JumpCloud's Gaurav Malik on the company's partnership with Google

In this Business Talk interview with Michael Avery, Gaurav Malik, Head of Sales for South East Asia and India at JumpCloud, unpacks JumpCloud’s new partnership with Google. Malik boasts over 15 years of industry experience, having worked at companies such as NTT, Akamai Technologies, and Cloudflare. In his current position, Malik strives to fulfil JumpCloud’s vision of building and managing an open directory platform for secure, frictionless access to resources from anywhere. The interview In this Business Talk interview, Malik unpacks what JumpCloud is and how its solutions differ from those offered by other software companies. He then explains the significance of the new partnership between JumpCloud and Google. Malik also discusses why JumpCloud chose the African market, which is generally considered difficult to penetrate, as a focus area for the company. He concludes the interview by explaining how businesses can begin their JumpCloud journey. Watch the full interview with Gaurav Malik below.

Clientele's challenge over debit order reversals delayed

In a legal dispute that might reshape how debit order reversals are governed in SA, insurance group Clientele wants to force banks to give it an opportunity to provide proof of a valid mandate before reversing debit orders. This as the JSE-listed insurer battles to contain a rise in debit order reversals from its client base, reports BusinessLIVE The financial services group has dragged the Payments Association of SA (Pasa) to court seeking an order compelling banks not to unilaterally reverse lawful debit orders. Pasa, the country's payment system management body recognised by the central bank, has more than 20 members including SA's biggest banks; Absa, Nedbank, Capitec, Standard Bank, FirstRand and Investec. The entity plays a key role role in SA's payments industry, managing its members' activities in the national payment system. Clientele, valued at R3.4bn on the JSE, will argue in the Gauteng High Court (Johannesburg) that once money is lawfully debited from its clients, Section 25 of the Constitution is a shield and that banks cannot reverse the money at the behest of clients without seeking its audience first. Section 25 of the country's supreme law is often associated with the polarising expropriation without compensation debate. This section, Clientele will argue, protects it from banks arbitrarily depriving it of its property — in this instance, cash. Pasa on Monday managed to delay the hearing of the matter, arguing that the failure by Clientele to join the banks and the SA Reserve Bank in the matter was ill advised, as it had no authority to speak on their behalf. The banks and the central bank have now been given a chance by the court to choose whether they wish to oppose the relief sought by Clientele or not, before the merits of the matter can be argued. SA banks are said to process more than 50m debit orders every month to the value of almost R100bn.

South African lives were priority, says Health Department as Covid-19 contracts probed

The Health Department has defended agreements to secure Covid-19 vaccines after a multi-group analysis found South Africa was "bullied" into signingaway sovereignty and agreeing to terms for vaccine contracts that were one-sided and unethical via "ransom negotiations". The department said it had agreed to the terms and conditions of the contracts, or more than 200 000 people would have died. The multi-stakeholder group led by the Health Justice Initiative (HJI) received and went over four contracts handed over to them following court action, which revealed "punitive, one-sided conditions that forced South Africa to hand over sovereignty", with none of the contracts agreed under South African legal jurisdiction. The group found that the agreement between US-based Johnson & Johnson and the South African government was conducted under English and Welsh law. "South Africa was liable for payments of at least $734 million (about R14bn), including advance payments of almost $95m, with no guarantees of timely delivery. "The country was forced to overpay for vaccines, paying 33% more than the African Union price for the Pfizer-BioNTech vaccine and paying the Serum Institute of India 2.5 times more for a generic version of the Oxford-AstraZeneca vaccine compared to the UK. "The agreements placed people and governments in the Global South in the unenviable position of having to secure scarce supplies in a global emergency (2020-2022) with unusually hefty demands and conditions, including secrecy, a lack of transparency, and very little leverage against late or no delivery of supplies or inflated prices - resulting in gross profiteering. "Moreover, SA's sovereignty was bartered for scarce supplies. This should never happen again. It is unconscionable, imperial and unethical," the group found. South Africa was liable for $734 475 000 in payments for Covid-19 vaccines including advance payments of $ 94 725 000, including J&J's $10 a dose (15% more than the company charged the EU). Reacting to the findin

Raymond Ackerman: Visionary, philanthropist, and pillar of Pick n Pay and South African retail, has died

Raymond Ackerman, the South African retail tycoon and the founder of Pick n Pay has died. He was 92-years-old. "It is with profound sadness that we announce the death at the age of 92 of visionary South African, and founder of Pick n Pay, Raymond Ackerman," his family said in a statement on Thursday. "He is survived by his wife, Wendy, children Gareth, Kathy, Suzanne, and Jonathan, his 12 grandchildren and four great-grandchildren." Born in Cape Town in 1931, Ackerman was not merely the offspring of the founder of the Ackermans clothing group. He was a beacon of hope, inspiration, and resilience for countless South Africans. His journey in the retail sector began with a foundational belief that resonated deeply with many: ‘the customer is queen'. This ethos, combined with his commitment to treating others with respect and the understanding that doing good is good business, set the stage for a retail revolution in South Africa. From the humble beginnings of acquiring four stores in Cape Town in 1967, Pick n Pay, under Ackerman's visionary leadership, burgeoned into a retail behemoth. It now serves millions across South Africa and seven other African countries across 2000 stores. His groundbreaking "four legs of the table" philosophy, which emphasised Administration, Social Responsibility and Marketing, People, and Merchandise, with the customer reigning supreme, was a game-changer in the retail sector. However, to remember Ackerman solely as a businessman would be an incomplete tribute. His family says he was was a devoted father, grandfather and great-grandfather. "Raymond Ackerman was a man of the people; never too busy or too proud to make time for others," the statement said. "He remained humble throughout his life, and passionate about building a more just future for South Africa. He was an enduring optimist about South Africa's future, and his passing leaves a great void for us all." He was a compassionate employer and a committed philanthropist. Even in the1960s, he was determine

King Cetshwayo residents call for land and access to markets for small and emerging farmers

/ MEDIA STATEMENT / The content on this page is not written by Polity.org.za, but is supplied by third parties. This content does not constitute news reporting by Polity.org.za. Participants at public hearings on the Preservation and Development of Agricultural Land (PDAL) Bill that were conducted by the Portfolio Committee on Agriculture, Land Reform and Rural Development at Engwelezana Community Hall today, called on the committee to assist them to gain access to agricultural markets that are closed to small and emerging farmers. The committee continues to take oral submissions on the PDAL Bill and it is currently in KwaZulu-Natal soliciting submissions on the Bill. The residents of King Cetshwayo District Municipality expressed support for the Bill. They called for assistance to acquire land and support for emerging farmers. The committee heard from the participants who claimed that they do not get much assistance from the Department of Agriculture and Mhlathuze Local Municipality with farming equipment such as tractors and fencing for their livestock. Representatives from tribal authorities appealed for assistance for their fishermen to obtain fishing licences as well as access to sugar cane markets and also highlighted that there was more land used by Mondi, a multinational paper and packaging company in the area resulting in less arable land available for farming. The committee also heard from an association of emerging farmers made up of around 300 women who specialise in agricultural produce such as groundnuts and beans. They told the committee that do not get the assistance they require to acquire land and machinery. They said they do not own the land they use but lease it. The Chairperson of the committee, Nkosi Zwelivelile Mandela, urged the participants to make relevant and meaningful inputs on the Bill and continue to exert pressure on municipal leaders who occupy offices with authority such as mayors and speakers to assist them. Nkosi Mandela thanked the participants who made

Adrian Gore launches Discovery Green - a game-changing renewable energy platform

In another innovative first, Discovery CEO Adrian Gore yesterday unveiled Discovery Green, a renewable energy platform, which opened for business yesterday, that will unlock an investment of roughly R20 billion to R25bn in South Africa's energy infrastructure. The platform, developed with the support of RMB, Discovery's investment banking partner, connects businesses across South Africa to affordable, renewable power generated by utility-scale renewable plants. However, for companies joining Discovery Green, there is a two-year waiting period to be connected up with renewable energy, with it expects to come online in 2026. "A number of years ago, we started to think about could we apply the Vitality science to how people think about climate? Could we change behaviour in the context of climate and it turns out is very similar at the individual level, " said Gore. He said as Discovery went along that journey, it developed a great deal of science and technology, and it became clear the consumption of electricity was at the core of that. The team began to focus on how corporations consumed energy and how Discovery could reduce their carbon footprint. "And that's really the basis of Discovery Green, a platform in the middle of the market, creating a real market between buyers and sellers," Gore said. The platform will operate through energy wheeling. Energy is generated at the most efficient locations in the country and "wheeled" to a business through the existing national grid, allowing businesses to run on more affordable, renewable energy. "By procuring between 400MW and 1GW of wind and solar energy from a curated list of leading local and international Independent Power Producers (IPP), the platform will stimulate an investment of about R20-R25bn in the energy infrastructure of the country (enough to establish 2700 rugby fields of solar farms or 200-250 wind turbines)," Discovery said. Andre Nepgen, head of Discovery Green said they had already gone out to tender, most bidders were local wi

‘Journey to Retail' workshop unpacks the business side of fashion and importance of supporting local designers

Every designer knows something about the creative side of fashion but not many know much about the business side of fashion. As such, Proudly South African recently hosted a "Journey To Retail workshop at the Fedisa Fashion School in Sandton to teach fashion students about the importance of running a successful business within the fashion industry. The panel discussion led by Happy Makhumalo Ngidi, chief marketing officer at Proudly South African, featured industry heavyweights from African Fashion International (Afi)'s Brand & Designer Liaison Manager, Khwaza Tshisela, who delved into the intricacies of putting together a world-class fashion show, followed by Thami Dish, founder of The Feather Awards, who spoke about de-gendering fashion and adapting mindsets around the innovations in the fashion industry. In addition, one of this year's Local fashion Police judges JJ Schoeman gave insights into how he made his brand a household name and shared the importance of retaining customers. Sapho Raganya, the assistant director representing the Department of Small Business Development, discussed the department's plans for aspiring fashion business owners. More on this LOOK: Nando's and Pick n Pay just collabed on a T-shirt collection - and the results are pretty cool Pick n Pay Clothing launches latest collection Fedisa Fashion School's Clothing Tech lecturer Siyabonga Kobue concluded the discussions with words of wisdom for the students and highlighted the importance of being the change they wanted to see in the fashion world. "Being a well-established local designer is the last leg of the race. The journey begins with a vision and then education. It is, therefore, critical for Proudly SA to onboard fashion students in the revitalisation of the economy drive. "They are critical pieces that we need from today's generation to reshape the future generation and fill in the localisation agenda starting at grassroots levels, Makhumalo Ngidi shared. What is the business of fashion? To understan

Raymond Ackerman: Visionary, philanthropist, and pillar of Pick n Pay and South African retail, has died

Raymond Ackerman, the South African retail tycoon and the founder of Pick n Pay has died. He was 92-years-old. "It is with profound sadness that we announce the death at the age of 92 of visionary South African, and founder of Pick n Pay, Raymond Ackerman," his family said in a statement on Thursday. "He is survived by his wife, Wendy, children Gareth, Kathy, Suzanne, and Jonathan, his 12 grandchildren and four great-grandchildren." Born in Cape Town in 1931, Ackerman was not merely the offspring of the founder of the Ackermans clothing group. He was a beacon of hope, inspiration, and resilience for countless South Africans. His journey in the retail sector began with a foundational belief that resonated deeply with many: ‘the customer is queen'. This ethos, combined with his commitment to treating others with respect and the understanding that doing good is good business, set the stage for a retail revolution in South Africa. From the humble beginnings of acquiring four stores in Cape Town in 1967, Pick n Pay, under Ackerman's visionary leadership, burgeoned into a retail behemoth. It now serves millions across South Africa and seven other African countries across 2000 stores. His groundbreaking "four legs of the table" philosophy, which emphasised Administration, Social Responsibility and Marketing, People, and Merchandise, with the customer reigning supreme, was a game-changer in the retail sector. However, to remember Ackerman solely as a businessman would be an incomplete tribute. His family says he was was a devoted father, grandfather and great-grandfather. "Raymond Ackerman was a man of the people; never too busy or too proud to make time for others," the statement said. "He remained humble throughout his life, and passionate about building a more just future for South Africa. He was an enduring optimist about South Africa's future, and his passing leaves a great void for us all." He was a compassionate employer and a committed philanthropist. Even in the1960s, he was determine

CAPITEC BANK HOLDINGS LIMITED — Changes to the Boards and Board Committees of Capitec and Capitec Bank

7 September 2023 Changes to the Boards and Board Committees of Capitec and Capitec Bank Capitec Bank Holdings Limited Registration number 1999/025903/06 Incorporated in the Republic of South Africa Registered bank controlling company Ordinary Share Code: CPI ISIN Number: ZAE000035861 Preference Share Code: CPIP ISIN Number: ZAE000083838 (‘Capitec') Capitec Bank Limited Registration number 1980/003695/06 Incorporated in the Republic of South Africa Registered bank Company code: BICAP ("Capitec Bank") CHANGES TO THE BOARDS AND BOARD COMMITTEES OF CAPITEC AND CAPITEC BANK In accordance with paragraphs 3.59 and 6.39 of the JSE Limited Listings and Debt Listings Requirements, the boards of Capitec and Capitec Bank ("the Boards") are pleased to announce the appointments of Mses. Naidene Ford-Hoon and Nadya Bhettay to the Boards effective 07 September 2023. The appointments were made pursuant to the policy dealing with the nomination of directors of Capitec Bank. The appointments of Mses. Ford-Hoon and Bhettay as independent non-executive directors will strengthen independent oversight on the board and further deepen the boards' collective financial technical skill, insurance, and information technology and digital experience and expertise. Summary of Naidene Ford-Hoon's curriculum vitae: Naidene holds a BCom and B Compt Hons, and is a chartered account with over 25 years work experience, mainly in finance divisions as head of the finance functions, ensuring sound governance and accountability. She has extensive experience in the financial services sector. She has served as the Group CFO of the South African Reserve Bank ("SARB") and Alexander Forbes Group Holdings Limited, the Financial Director of AFGRI Financial Services (Pty) Ltd and has served on the board of Telkom SOC Limited. She currently serves on the Boards of SA Corporate Real Estate Limited, Independent Regulatory Board for Auditors ("IRBA") and Knysna Initiative for Learning and Teaching. Summ

South African lives were priority, says Health Department as Covid-19 contracts probed

The Health Department has defended agreements to secure Covid-19 vaccines after a multi-group analysis found South Africa was "bullied" into signingaway sovereignty and agreeing to terms for vaccine contracts that were one-sided and unethical via "ransom negotiations". The department said it had agreed to the terms and conditions of the contracts, or more than 200 000 people would have died. The multi-stakeholder group led by the Health Justice Initiative (HJI) received and went over four contracts handed over to them following court action, which revealed "punitive, one-sided conditions that forced South Africa to hand over sovereignty", with none of the contracts agreed under South African legal jurisdiction. The group found that the agreement between US-based Johnson & Johnson and the South African government was conducted under English and Welsh law. "South Africa was liable for payments of at least $734 million (about R14bn), including advance payments of almost $95m, with no guarantees of timely delivery. "The country was forced to overpay for vaccines, paying 33% more than the African Union price for the Pfizer-BioNTech vaccine and paying the Serum Institute of India 2.5 times more for a generic version of the Oxford-AstraZeneca vaccine compared to the UK. "The agreements placed people and governments in the Global South in the unenviable position of having to secure scarce supplies in a global emergency (2020-2022) with unusually hefty demands and conditions, including secrecy, a lack of transparency, and very little leverage against late or no delivery of supplies or inflated prices - resulting in gross profiteering. "Moreover, SA's sovereignty was bartered for scarce supplies. This should never happen again. It is unconscionable, imperial and unethical," the group found. South Africa was liable for $734 475 000 in payments for Covid-19 vaccines including advance payments of $ 94 725 000, including J&J's $10 a dose (15% more than the company charged the EU). Reacting to the findin

Survey shows SA consumers are still confused about the impact of paper on forests

Photo for illustration purposes only. Photo: Pexels BUSINESS NEWS - South African consumers' views on environmental perceptions, preferencesand attitudes towards print, paper and paper-based packaging have been included for the first time in an international survey, which showed that many are still confused about the relationship between farmed wood for papermaking, and deforestation The responses of 10,000 people in 16 countries were documented by Two Sides in the biennial Trend Tracker Survey, and while 71% of South African consumers agree that it is important to use paper products from sustainably managed forests, and 36% pay attention to forestry certification labels when purchasing paper-based products, the perceptions that a paperless environment is ecologically friendly, and that forestry as an industry contributes to deforestation, persists. The survey showed that 35% of consumers believed that electronic devices were the most environmentally friendly, yet wood ranked second and paper ranked fourth. On the one hand, 77% of people feel that electronic communication is better than paper-based media; on the other, 76% acknowledge that planted forests are not bad for the environment — a clear contradiction. Jane Molony, executive director of the Paper Manufacturers Association of South Africa (PAMSA), says the forest and paper sector is misunderstood and thus beleaguered by myths that are rooted in ignorance and assumption. "Timber plantations or planted forests make up 7% of the global forest area, yet provide about 50% of the wood for industrial use such as pulp, paper, and timber for construction ," she says. For this reason balancing sustainability with productive and economic imperative is high on the forest sector's agenda. "Through biodiversity enrichment, water stewardship and community support programmes, the forest sector invests significantly in reducing its impact on the land it uses," says Molony. In May this year, PAMSA member Mondi South Africa and Endangered Wildlif

Navigating New Horizons: Embracing Mental Health Challenges in the Insurance Industry

The prevalence of mental health disorders in our country continues to rise, presenting both challenges and opportunities for the insurance industry. To address this growing trend, insurers and financial advisers must adapt their strategies and develop a deeper understanding of mental health conditions. Shanique Jina, Underwriting Manager at Bidvest Life Shanique Jina Before the pandemic, one in three South Africans was likely to experience a mental health issue at some point in their lifetime1. However, the pandemic's aftermath has exacerbated this tension, leading to significant mental health ramifications due to joblessness and other factors2. Healthcare professionals, insurers, and financial advisers are now actively engaging in discussions to address the rise in mental health disorders and its implications. Underwriting impact The surge in mental health conditions presents a new set of underwriting challenges. Accurate risk assessment is paramount, which means understanding the correlation between mental health conditions and their prognosis. By doing so, insurance processes can better reflect the associated risks of these disorders. When it comes to mental health, South African insurers predominantly deal with anxiety, depression, and bipolar disorders. These conditions are complex and understanding them helps insurers better assess and underwrite risks associated with each. Anxiety Disorders: While anxiety disorders are the most common group of mental health disorders, full remission rates remain low. Whether symptoms are chronic or recurring, insurers must be sensitive to the social impact of anxiety disorders as they can affect an individual's social life and productivity at work. All cases of anxiety disorders are complex and each one must be assessed on an individual basis. Depressive Disorders: Depressive disorders are characterised by a persistent feeling of sadness and can severely impact an individual's ability to function in day-to-day life. It's vital for insurers to c

‘Journey to Retail' workshop unpacks the business side of fashion and importance of supporting local designers

Every designer knows something about the creative side of fashion but not many know much about the business side of fashion. As such, Proudly South African recently hosted a "Journey To Retail workshop at the Fedisa Fashion School in Sandton to teach fashion students about the importance of running a successful business within the fashion industry. The panel discussion led by Happy Makhumalo Ngidi, chief marketing officer at Proudly South African, featured industry heavyweights from African Fashion International (Afi)'s Brand & Designer Liaison Manager, Khwaza Tshisela, who delved into the intricacies of putting together a world-class fashion show, followed by Thami Dish, founder of The Feather Awards, who spoke about de-gendering fashion and adapting mindsets around the innovations in the fashion industry. In addition, one of this year's Local fashion Police judges JJ Schoeman gave insights into how he made his brand a household name and shared the importance of retaining customers. Sapho Raganya, the assistant director representing the Department of Small Business Development, discussed the department's plans for aspiring fashion business owners. Fedisa Fashion School's Clothing Tech lecturer Siyabonga Kobue concluded the discussions with words of wisdom for the students and highlighted the importance of being the change they wanted to see in the fashion world. "Being a well-established local designer is the last leg of the race. The journey begins with a vision and then education. It is, therefore, critical for Proudly SA to onboard fashion students in the revitalisation of the economy drive. "They are critical pieces that we need from today's generation to reshape the future generation and fill in the localisation agenda starting at grassroots levels, Makhumalo Ngidi shared. To understand the business of fashion, you must first know the supply chain involved in creating a garment- that it goes beyond the designer. The designer may be the creative director, but there are many pe

The secret meaning of wedding cakes

When we look at social cultures that have been passed down through generations, we often wonder why certain traditions are still important to us today. If you look at weddings for example, there are certain things that we see from wedding to wedding, such as having bridesmaids and groomsmen, wearing a white dress and even having a cake. Focusing on the cake specifically, have you ever wondered why we spend thousands on a special wedding cake and what are the hidden meanings behind these cakes? Why is it so strange to even think of a wedding without a cake? Well, today you're going to understand some elements of wedding cakes that you probably didn't know about and why modern weddings still embrace the ancient tradition of wedding cakes 1. Unity The main essence of every wedding, regardless of what culture you come from, is harmony and unity. It's definitely a big deal to come together and vow to be with each other for the rest of your lives. The cake is a symbol of that bond and unity you're both promising to keep ‘til death do you part. And not just that, eating crumbs together and feeding each other pieces of the cake are symbolic acts that show you promise to look out for each other forever. 2. Fruitfulness and fertility For couples hoping for children, a wedding cake also symbolizes fertility. Even in previous generations, the couple would expect many children if they managed to kiss over a high tiered cake without it falling over. Other times, guests would even throw some of the cake at the couple or crumble it over the bride's head to signify fruitfulness and fertility. Many of these traditions have faded away but this secret meaning is still something that people embrace. 3. Affluence and social status In other eras, wedding cakes were a lot simpler than what we see today. They would be basic cakes with white icing to symbolize the bride's purity. With time, people started adding color to the icing, more tiers and more elaborate designs which would indicate the affluence of t

Liberia: Cummings Tours More Markets

-As he rallies marketers and street vendors The Standard Bearer of the Collaborating Political Parties (CPP), Mr. Alexander Cummings continued his tour of markets in Districts # 12, 3, 7 and 15, of Montserrado County, rallying marketers, street vendors and community dwellers in support of his real change agenda that will relief Liberians out of extreme suffering and poverty. Cummings accompanied by CPP stalwarts visited and were taken on a guided toured of several major markets including Duala, Caldwell, and Logan Town markets, admist great jubilations by hundreds of marketers, and chanted slogans "Cummings is the man we want." Market officials lamented the many difficulties and challenges facing them including raising cost of doing business, poor sales, and deplorable and unsanitary conditions of markets. The marketers hailed the visits of the CPP Standard Bearer and in seperate remarks pledged their unflinching support to his Presidential bid, with great hope of transforming Liberia for the betterment of all Liberians. Cummings expressed gratitude for the rousing welcomes and urged marketers to encourage their family members, friends and loved ones to not only participate and vote in the pending October 10, but to elect competent, qualified, and responsible leadership that will transform the life of all Liberians for the better. Cummings assured Liberians that the CPP Government is genuinely committed and prepared to revive the ailing economy, attract direct foreign investments, and create a strong private sector aimed at massive job creations for the thousands of unemployed Liberians. The CPP Standard said upon his ascendancy as President, he has earmarked U$20 millions as loans scheme for Liberian entrepreneurs including market women to sustain and grow their businesses. He said the interests of Liberians will take precedent in all the CPP economic policy and assured that the Liberianization policy which set aside certain businesses exclusively for Liberians will be strictly enforced.

Politicians, business pay homage to late Pick n Pay founder Raymond Ackerman

Ackerman - who died at the age of 92 - started Pick n Pay with his wife Wendy in 1967. The business has over the years cemented itself as one of South Africa's biggest retail chains. JOHANNESBURG/CAPE TOWN - The business fraternity and politicians have paid homage to the late entrepreneur and philanthropist - Raymond Ackerman. They include Build One South Africa, the Western Cape government, retailer Woolworths and Business Unity South Africa. He's been described as an astute businessman and fierce competitor who was a giant in the industry. Ackerman - who died at the age of 92 - started Pick n Pay with his wife Wendy in 1967. The business has over the years cemented itself as one of South Africa's biggest retail chains Social media platforms have been flooded with tributes for Ackerman since the Pick n Pay group announced his passing on Thursday morning. BUILD ONE SOUTH AFRICA Build One South Africa Leader Mmusi Maimane took to X - previously Twitter - to offer his condolences to Ackerman's family, friends, and faith community. He says South Africa has lost a giant and that Ackerman's impact on retail and his contribution to the South African economy "will never be forgotten. WOOLWORTHS Woolworths has also expressed its sadness at the news of Ackerman's passing in a post on the platform, describing him as "an astute businessman and fierce competitor, known for his wisdom and his humanity and saying that he will be missed. BUSINESS LEADERSHIP SA At the same time, Business Leadership SA CEO Busi Mavuso said South Africa's position as one of the largest investors in Africa today, is thanks to people like Pick n Pay founder Raymond Ackerman. "One of South Africa's key attributes today is that we are one of the largest investors in Africa through our comparatively advanced retail, telecoms and financial services sector. And Pick n Pay is a formidable player when it comes to the retail industry with a R17 billion market cap and more than 2,000 stores across Southern Africa. We are what we are t

British American Tobacco inks deal to sell Russian business

British American Tobacco said on Thursday it had reached a deal to sell its Russian and Belarusian businesses within the next month or so. The maker of Camel and Peter Stuyvesant didn't provide a figure for the sale, and had announced its intention to exit the market in March 2022. This follows a wave of disinvestment from Western companies in the wake of Russia's invasion of Ukraine. READ | No more smoking guns: British American Tobacco officially pulls out of Russia Post completion, the businesses will be known as the ITMS group, BAT said, adding that once conditions had been satisfied it will no longer have a presence in Russia or Belarus. The buyer is a consortium led by members of BAT Russia's management team which, upon completion, will wholly own both businesses. BAT's operations in Russia include a head office in Moscow, 75 regional offices and a manufacturing facility in St Petersburg, the group said. It also has an office in Belarus. As of the end of June the two countries accounted for about 2.7% of group revenue and 2.5% of adjusted profit from operations. BAT, headquartered in London, is the second-largest tobacco company in the world and held almost a quarter of the Russian market.

Ackerman hailed for business, political triumphs

The late Pick n Pay founder Raymond Ackerman is being hailed for playing a leading role in putting pressure on the apartheid government to remove Value Added Tax (VAT) from certain goods. He challenged the government on issues affecting consumers, such as the price of bread. Ackerman called for a zero rating on certain staple foods and will be remembered for his well-known campaign for the freedom to sell petrol at the lowest price possible, not the current price that government has pegged. Ackerman's political triumphs include when he approached then-Prime Minister John Vorster in 1975 about Pick n Pay's promotion of African, Coloured and Indian managers to run stores in white areas which was against the Group Areas Act. Other achievements include getting the apartheid government's permission for his managers to own houses in urban areas on a 99-year lease basis - which was decided without cabinet approval. Meanwhile, Cape Town mayor Geordin Hill-Lewis says Ackerman left a great legacy in South Africa's economy. Hill-Lewis says he has fond memories of the businessman. "Earlier this year I had the pleasure of handing a gift from the city archives to the Ackermans, a photo of them at one of their early store openings in Cape Town. I inscribed the photo, ‘With grateful thanks for all you have done for Cape Town and her people', and this is a sentiment I repeat today. Raymond Ackerman has been honoured by the Free Market Foundation: Share article

5 Ways to Enhance Your Business' Safety Amid Rising Crime

Upgrade Your Business' Security BUSINESS NEWS - To help you protect your assets, employees and customers, we've put together five essential ways to improve your business' safety. 1.) Well-Lit Premises Criminals thrive in darkness, making well-lit surroundings a simple yet effective security measure. Adequate lighting not only deters potential intruders but also enhances the safety of your employees and customers. Invest in outdoor lighting and motion-activated lights to illuminate key areas like entrances, parking lots and alleyways. 2.) Access Control Systems Limiting access to your premises is a fundamental aspect of security. Implementing access control systems ensures that only authorised personnel can enter certain areas of your business. This can be achieved through key cards, biometric systems, or even smartphone apps, depending on your preference and the level of security required. Restricting access helps prevent unauthorised entry and minimises the risk of internal theft. 3.) Security Alarms and Monitoring Intruder alarms are essential for alerting you and the authorities to potential break-ins. When integrated with a 24/7 monitoring service, you can ensure a rapid response to any security breaches. If you are looking for a provider, we recommend M Sec Security. Not only did they win the award for being the best security company in the Southern Cape in 2021, but also the award for the security company that does the most to fight crime in the Southern Cape. 4.) Invest in CCTV Surveillance Solutions One of the most effective ways to enhance your business' safety is by installing a reliable CCTV surveillance system . CCTV cameras act as vigilant eyes that never blink, providing constant monitoring of your premises. They deter potential criminals and provide valuable evidence in case of any incidents. For businesses in Mossel Bay and George, Southern Cape Networks and CCTV stands out as a trusted provider of surveillance solutions. 5.) Employee Training and Awareness The human elemen

AgriCareers: Meet SAB's first female director of brewing

Phindi Mthambama's extraordinary rise from a temporary role to the first black female director of brewing at SAB inspires a generation, showcasinghow dedication and unwavering ambition can shatter even the toughest glass ceilings In a country that was once marked by a scarcity of black female leaders, Phindi Mthambama stands as a beacon of determination and empowerment. Her remarkable journey from a temporary role at South African Breweries (SAB) at the age of 21 to the pinnacle of success as the first black female director of brewing, is a testament to the power of persistence and vision. Mthambama's story reminds us that even the smallest of beginnings can lead to monumental achievements. Her unwavering commitment, tireless work ethic, and relentless pursuit of excellence began to carve a path that would eventually redefine the boundaries of possibility. Starting as a laboratory technician, her can-do attitude and unyielding spirit earned her a permanent position and soon saw her becoming one of the first women to join the shift work as a brewing operator. Onwards and upwards Her ascent continued as she was promoted to brewing team leader, a testament to her innate leadership potential. With each step, she defied norms and expectations, proving that talent knows no gender or background. As she continued her journey, Mthambama's trajectory only soared higher. From brewing area manager to quality manager, she demonstrated not only her personal growth but also her ability to foster growth within her teams. Her collaborative approach to problem-solving not only showcased her leadership but also created a supportive environment for her peers. The years rolled on, and in 2016, she assumed the role of brewing manager at the Rosslyn plant, then at the Alrode plant in 2017. These experiences taught her the value of teamwork and the importance of collective efforts in achieving greatness. Her career journey took a further leap in 2019 when she joined AB-InBev Africa as the Africa VPO specialist,

Ethiopia's Amhara people are being portrayed as the enemy: the dangerous history of ethnic politics

The Ethiopian government declared a state of emergency on 4 August 2023 and sent the military into the Amhara region to engage the Fano, a local armed militia.Some suggested that Ethiopia risked slipping into another civil war It is only 10 months since the end of a civil war in which around 600 000 Ethiopians were killed, making it the deadliest war of the 21st century The conflict was mainly between the federal government, led by the Oromo-dominated Prosperity Party, and the Tigray People's Liberation Front (TPLF), the party it succeeded in 2018. When the TPLF entered the Amhara region, committing atrocities against civilians and taking over towns , the Fano worked with government forces to maintain local stability. With their support, Prime Minister Abiy Ahmed was able to push the TPLF back to Tigray. During and after the war, massacres and mass displacement of Amhara occurred in the Oromia region, the Benshangul Gumuz region and other regions of Ethiopia. There were numerous reports of rapes, arbitrary arrests, abductions, forced evictions and people being burned alive One independent account reported that Orthodox Christians, seen as synonymous with Amhara, were chopped with machetes, stabbed with spears, cut down with scythes, beaten with bats and stoned to death. A peace agreement between the TPLF and the government in November 2022 brought relative calm to Tigray and other regions. But the Amhara were left out of the agreement and continue to be targeted even by government forces This is the context in which Amhara's Fano militia rejected the federal government order to surrender their weapons and be integrated into the police and federal army. The government response was to bombard Amhara towns with drones and heavy artillery. There have also been mass arrests and detentions of Amhara leaders. I am a scholar of history, human rights and decolonisation in Africa with a keen interest in Ethiopia. The rhetoric that presents the Amhara people as a national enemy has gone on, unch

Discovery Goes Green: Virtual Wheeling Platform for Businesses

South Africa's energy crisis is seriously impeding business continuity across the country inhibiting the forward momentum needed to successfully sustain economic activity.The alarming level of power outages are disrupting operations and prevent companies from reaching their production targets. According to the SAPOA survey, which measured the impact of loadshedding in the real estate industry, most respondents reported that loadshedding has in some or other way had a serious impact on their businesses. It has also drastically increased operational costs with the need to invest in alternative power sources, solar panels, UPS systems, or diesel generator to maintain standard operating levels. Discovery Green Connects Business to Affordable Energy Solutions Discovery has effectively found a way to assist businesses in finding affordable solutions to this problem. Yesterday, the company launched Discovery Green, a renewable energy platform that connects businesses across South Africa to affordable, renewable power generated by utility-scale renewable plants. The Discovery Green renewable energy platform will operate through a process called "wheeling". Energy is generated at the most efficient locations in the country and "wheeled" to a business through the existing national grid, allowing businesses to run on more affordable, renewable energy. Virtual wheeling is a process by which energy transactions occur on paper or electronically, allowing electricity buyers and sellers the freedom to exchange energy without physically moving it across transmission or distribution lines. This is primarily achieved through contracts, trading platforms, and grid management systems. Renewable Energy Platform for Businesses Discovery has procured between 400MW and 1GW of wind and solar energy from a curated list of leading local and international independent Power Producers. The platform will stimulate an investment of approximately R20-R25bn in the energy infrastructure of the country (enough to establish 27

Nedbank and Coach Pitso partner to build a legacy for the future of sport

Soweto, — In a moment filled with pride and community spirit, Soweto celebrated the inauguration of the Pitso Mosimane Multipurpose Sports Court at Lofentse Girls High School in Orlando East. This remarkable project, funded by Nedbank and The Sports Trust's Soccer Development Programme, marks a significant step towards sport development, talent identification, and community empowerment in South Africa. Orlando Pirates FC, the winners of the Nedbank Cup 2022/2023 season, officially handed over this groundbreaking initiative to the local community. The collaboration between Nedbank and The Sports Trust has been instrumental in driving transformative change in South African communities since 2012. With a total investment of R2 million for each of the ten multipurpose sport courts erected, this partnership showcases a longstanding commitment to uplifting communities through sports. The Pitso Mosimane Multipurpose Sports Court is not just a sports facility; it's a state-of-the-art infrastructure designed to accommodate five different sporting codes and boasts a 20-year lifespan. This court will not only nurture various sports disciplines but also provide a safe space for the community, particularly young athletes, to develop their talents and engage in physical activities. Mr. Zizi Kodwa, the Minister of Sport, Arts, and Culture, emphasized the importance of grassroots sport development and women's sports, stating, "Nedbank and The Sports Trust have shown what can be done when stakeholders in communities work together to develop grassroots sport." He also expressed his hope to see more such facilities built, especially in townships and rural areas, to continue elevating women's sports and grassroots development. Coach Pitso Mosimane, a revered figure in South African football, leads this initiative with the goal of leaving a lasting legacy for the future of football in the country. "By providing top-class sports infrastructure, especially for young girls, we are planting seeds that we hope wi

Politicians, business pay homage to late Pick n Pay founder Raymond Ackerman

Ackerman - who died at the age of 92 - started Pick n Pay with his wife Wendy in 1967. The business has over the years cemented itself as one of South Africa's biggest retail chains. JOHANNESBURG/CAPE TOWN - The business fraternity and politicians have paid homage to the late entrepreneur and philanthropist - Raymond Ackerman. They include Build One South Africa, the Western Cape government, retailer Woolworths and Business Unity South Africa. He's been described as an astute businessman and fierce competitor who was a giant in the industry. Ackerman - who died at the age of 92 - started Pick n Pay with his wife Wendy in 1967. The business has over the years cemented itself as one of South Africa's biggest retail chains Social media platforms have been flooded with tributes for Ackerman since the Pick n Pay group announced his passing on Thursday morning. BUILD ONE SOUTH AFRICA Build One South Africa Leader Mmusi Maimane took to X - previously Twitter - to offer his condolences to Ackerman's family, friends, and faith community. He says South Africa has lost a giant and that Ackerman's impact on retail and his contribution to the South African economy "will never be forgotten. WOOLWORTHS Woolworths has also expressed its sadness at the news of Ackerman's passing in a post on the platform, describing him as "an astute businessman and fierce competitor, known for his wisdom and his humanity and saying that he will be missed. BUSINESS LEADERSHIP SA At the same time, Business Leadership SA CEO Busi Mavuso said South Africa's position as one of the largest investors in Africa today, is thanks to people like Pick n Pay founder Raymond Ackerman. "One of South Africa's key attributes today is that we are one of the largest investors in Africa through our comparatively advanced retail, telecoms and financial services sector. And Pick n Pay is a formidable player when it comes to the retail industry with a R17 billion market cap and more than 2,000 stores across Southern Africa. We are what we are t

Why going MSP-less in the IT storm can spell disaster for your business

Issued by JEC Technologies Johannesburg, 07 Sept 2023 A s businesses become increasingly connected, technology has become essential to their success. As decision-makers, we often face a choice: work with a managed service provider (MSP) or tackle IT challenges alone. In this press release, we explore the risks of going MSP-less and why choosing wisely is critical to your business's prosperity. We understand how challenging it can be to handle IT issues without the support of an MSP. Navigating the complex IT landscape alone can be daunting, especially if your internal IT team lacks the necessary expertise or resources to handle any problems effectively. Additionally, staying up to date with the constantly changing technology and security threats can be a significant challenge without an MSP. We empathise with the difficulties you may face and want to assure you that seeking the help of an MSP can alleviate these concerns and promote your business's growth. Consideration 1: Is your company's internal IT team equipped to handle the continuously changing technological challenges? Assessing the potential risks that may arise from limited IT knowledge is crucial. It's important to ensure that your internal IT team has the necessary skills to handle the constant changes in technology. Businesses without the knowledge and expertise provided by MSPs may find navigating through uncharted territories challenging. Consistent education and training are necessary to keep up with the ever-changing tech landscape. However, investing in such resources can be time-consuming and resource intensive. Without MSP assistance, companies may fall behind on important updates, leaving them vulnerable to cyber attacks and non-compliance penalties. Choosing wisely is critical. Consideration 2: When it comes to businesses of any size, the cost-effectiveness of managed service providers (MSPs) is an important consideration. While skipping MSPs might look like a way to save on costs, it can lead to hidden expenses. Runn

Discovery Goes Green: Virtual Wheeling Platform for Businesses

The Discovery Green renewable energy platform will operate through a process called "wheeling". Energy is generated at the most efficient locations in the country and "wheeled" to a business through the existing national grid, allowing businesses to run on more affordable, renewable energy. Virtual wheeling is a process by which energy transactions occur on paper or electronically, allowing electricity buyers and sellers the freedom to exchange energy without physically moving it across transmission or distribution lines. This is primarily achieved through contracts, trading platforms, and grid management systems. Renewable Energy Platform for Businesses Discovery has procured between 400MW and 1GW of wind and solar energy from a curated list of leading local and international independent Power Producers. The platform will stimulate an investment of approximately R20-R25bn in the energy infrastructure of the country (enough to establish 2700 rugby fields of solar farms or 200-250 wind turbines). Energy Saving Potential This investment in 1GW renewable energy generation translates to the saving of 2.75 million tonnes of CO per annum which is the equivalent of 100 times the emissions of a business the size of Discovery Limited. At this initial phase, the platform is open to assist businesses who are medium to large consumers of electricity connected to Eskom distribution. The first businesses enrolled to the service include a network of large Discovery corporate partners, and over time the platform will expand to other clients in South Africa as Virtual Wheeling and new wheeling frameworks become available through municipalities. In its initial phase, the platform will be open to businesses who are medium to large consumers of electricity connected to Eskom distribution. The first businesses enrolled to the service include a network of large Discovery corporate partners, and over time the platform will expand to other clients in South Africa as Virtual Wheeling and new wheeling frameworks

Amplats announces PlatAfrica design competition finalists

In line with its continued commitment to the development of the platinum jewellery market, Anglo American Platinum (Amplats) says it will once againhost the PlatAfrica South African platinum jewellery design and manufacturing competition, which is in its twenty-fourth year. Working in partnership with Platinum Guild International (PGI) India and Metal Concentrators, this year's competition theme is #Emergence. This year's iteration of the competition sees the introduction of capsule collections — a condensed version of the designer's vision that can transcend trends and seasons by being more functional and commercial, through a collaboration with De Beers Group, which will loan selected diamonds to the winners for showcasing in their platinum designs. The two categories of adjudication are individual students or apprentices and individual professionals. Finished statement jewellery items, which range from rings to neckpieces and earrings, will be judged for interpretation of the #Emergence theme and technical expertise. The top ten winners in each category will have the opportunity to manufacture their capsule collections for inclusion in the PlatAfrica collection, which will be available for sale in the international market. Additionally, winners will receive a cash prize, media exposure and the opportunity to participate in an all-expenses-paid design workshop in India, organised by PGI, to further their platinum jewellery design understanding and craft in one of the world's fastest-growing platinum jewellery markets. This year's finalists in the Professional category are Esther Boshoff and team from Beaudel Designs; Ulandie Booysens from Van Deijl; Rachel Hannah Kemp from Uwe Koetter Jewellers; Moses Mabotja from Limpopo Jewellery Business Incubator; Thabo Mbele from Van Bels, The Platinum Incubator; Noxolo Mseleku from Knight of Grey, trading as Elegante; Kim Nel from Van Deijl; Mandlenkosi None and Nnete Mokgothu from The Platinum Incubator; Nihal and Vijay Shah from Nihal Shah & Vi

British American Tobacco inks deal to sell Russian business

British American Tobacco said on Thursday it had reached a deal to sell its Russian and Belarusian businesses within the next month or so. The maker of Camel and Peter Stuyvesant didn't provide a figure for the sale, and had announced its intention to exit the market in March 2022. This follows a wave of disinvestment from Western companies in the wake of Russia's invasion of Ukraine. READ | No more smoking guns: British American Tobacco officially pulls out of Russia Post completion, the businesses will be known as the ITMS group, BAT said, adding that once conditions had been satisfied it will no longer have a presence in Russia or Belarus. The buyer is a consortium led by members of BAT Russia's management team which, upon completion, will wholly own both businesses. BAT's operations in Russia include a head office in Moscow, 75 regional offices and a manufacturing facility in St Petersburg, the group said. It also has an office in Belarus. As of the end of June the two countries accounted for about 2.7% of group revenue and 2.5% of adjusted profit from operations. BAT, headquartered in London, is the second-largest tobacco company in the world and held almost a quarter of the Russian market.

Ackerman hailed for business, political triumphs

The late Pick n Pay founder Raymond Ackerman is being hailed for playing a leading role in putting pressure on the apartheid government to remove Value Added Tax (VAT) from certain goods. He challenged the government on issues affecting consumers, such as the price of bread. Ackerman called for a zero rating on certain staple foods and will be remembered for his well-known campaign for the freedom to sell petrol at the lowest price possible, not the current price that government has pegged. Ackerman's political triumphs include when he approached then-Prime Minister John Vorster in 1975 about Pick n Pay's promotion of African, Coloured and Indian managers to run stores in white areas which was against the Group Areas Act. Other achievements include getting the apartheid government's permission for his managers to own houses in urban areas on a 99-year lease basis - which was decided without cabinet approval. Meanwhile, Cape Town mayor Geordin Hill-Lewis says Ackerman left a great legacy in South Africa's economy. Hill-Lewis says he has fond memories of the businessman. "Earlier this year I had the pleasure of handing a gift from the city archives to the Ackermans, a photo of them at one of their early store openings in Cape Town. I inscribed the photo, ‘With grateful thanks for all you have done for Cape Town and her people', and this is a sentiment I repeat today. Raymond Ackerman has been honoured by the Free Market Foundation: [embedded content] Share article Source: SABC News (sabcnews.com)

Politicians, business pay homage to late Pick n Pay founder Raymond Ackerman

Ackerman - who died at the age of 92 - started Pick n Pay with his wife Wendy in 1967. The business has over the years cemented itself as one of South Africa's biggest retail chains. JOHANNESBURG/CAPE TOWN - The business fraternity and politicians have paid homage to the late entrepreneur and philanthropist - Raymond Ackerman. They include Build One South Africa, the Western Cape government, retailer Woolworths and Business Unity South Africa. He's been described as an astute businessman and fierce competitor who was a giant in the industry. Ackerman - who died at the age of 92 - started Pick n Pay with his wife Wendy in 1967. The business has over the years cemented itself as one of South Africa's biggest retail chains Social media platforms have been flooded with tributes for Ackerman since the Pick n Pay group announced his passing on Thursday morning. BUILD ONE SOUTH AFRICA Build One South Africa Leader Mmusi Maimane took to X - previously Twitter - to offer his condolences to Ackerman's family, friends, and faith community. He says South Africa has lost a giant and that Ackerman's impact on retail and his contribution to the South African economy "will never be forgotten. WOOLWORTHS Woolworths has also expressed its sadness at the news of Ackerman's passing in a post on the platform, describing him as "an astute businessman and fierce competitor, known for his wisdom and his humanity and saying that he will be missed. BUSINESS LEADERSHIP SA At the same time, Business Leadership SA CEO Busi Mavuso said South Africa's position as one of the largest investors in Africa today, is thanks to people like Pick n Pay founder Raymond Ackerman. "One of South Africa's key attributes today is that we are one of the largest investors in Africa through our comparatively advanced retail, telecoms and financial services sector. And Pick n Pay is a formidable player when it comes to the retail industry with a R17 billion market cap and more than 2,000 stores across Southern Africa. We are what we are t

Leaving no one behind is G20 legacy: PM Modi pens editorial ANI 07 Sep 2023, 15:55 GMT+10

New Delhi [India], September 7 (ANI): Ahead of the G20 Summit in New Delhi, Prime Minister Narendra Modi said that India's presidency strives tobridge divides, break barriers, and sow seeds of collaboration in a world where unity prevails over discord. In an editorial that has been published across newspapers, said that the Summit under Indian presidency will reach the last mile and would leave no one behind"Vasudhaiva Kutumbakam- these two words capture a deep philosophy. The phrase means "the world is one family". This is an all-embracing outlook that encourages us to progress as one universal family, transcending borders, languages, and ideologies. During India's G20 Presidency, this has translated into a call for human-centric progress," PM Modi said. As One Earth, we are coming together to nurture our planet. As One Family, we support each other in the pursuit of growth. And we move together towards a shared future - One Future - which is an undeniable truth in these interconnected times, he said. "The post-pandemic world order is very different from the world before it. There are three important changes, among others. First, there is a growing realisation that a shift away from a GDP-centric view of the world to a human-centric view is needed. Second, the world is recognising the importance of resilience and reliability in global supply chains. Third, there is a collective call for boosting multilateralism through the reform of global institutions," PM Modi said. Our G20 Presidency has played the role of a catalyst in these shifts, the prime minister wrote. "In December 2022, when we took over the Presidency from Indonesia, I had written that a mindset shift must be catalysed by the G20. This was especially needed in the context of mainstreaming the marginalized aspirations of developing countries, the Global South and Africa," he said. The Voice of Global South Summit, which witnessed participation from 125 countries, was one of the foremost initiatives under our Presidency. It was

5 Ways to Enhance Your Business' Safety Amid Rising Crime

Upgrade Your Business' Security BUSINESS NEWS - To help you protect your assets, employees and customers, we've put together five essential ways to improve your business' safety. 1.) Well-Lit Premises Criminals thrive in darkness, making well-lit surroundings a simple yet effective security measure. Adequate lighting not only deters potential intruders but also enhances the safety of your employees and customers. Invest in outdoor lighting and motion-activated lights to illuminate key areas like entrances, parking lots and alleyways. 2.) Access Control Systems Limiting access to your premises is a fundamental aspect of security. Implementing access control systems ensures that only authorised personnel can enter certain areas of your business. This can be achieved through key cards, biometric systems, or even smartphone apps, depending on your preference and the level of security required. Restricting access helps prevent unauthorised entry and minimises the risk of internal theft. 3.) Security Alarms and Monitoring Intruder alarms are essential for alerting you and the authorities to potential break-ins. When integrated with a 24/7 monitoring service, you can ensure a rapid response to any security breaches. If you are looking for a provider, we recommend M Sec Security. Not only did they win the award for being the best security company in the Southern Cape in 2021, but also the award for the security company that does the most to fight crime in the Southern Cape. 4.) Invest in CCTV Surveillance Solutions One of the most effective ways to enhance your business' safety is by installing a reliable CCTV surveillance system . CCTV cameras act as vigilant eyes that never blink, providing constant monitoring of your premises. They deter potential criminals and provide valuable evidence in case of any incidents. For businesses in Mossel Bay and George, Southern Cape Networks and CCTV stands out as a trusted provider of surveillance solutions. 5.) Employee Training and Awareness The human elemen

South Africa's children deserve no less than to be able to read for meaning

Just R20 for the first month. Support independent journalism by subscribing to our digital news package. In South Africa, 2.7-million adults over the age of 20 are illiterate The first five years of life inform many aspects of adulthood, including learning to read and write. During this time, 90% of brain development takes place. The brain forms more than one-million neural connections each second, a phase of development that is never repeated. It is here that the foundational building blocks for future learning, health and behaviour are laid. But for many South Africans, their first five years are a lost opportunity from which they never recover. On September 8 the world celebrates International Literacy Day , the theme of which is " Promoting literacy for a world in transition: Building the foundation for sustainable and peaceful societies ". Sadly, there's not much to celebrate in this country as our children's ability to read for meaning is among the worst in the world. According to the global Progress in International Reading and Literacy Study (Pirls), fewer than one in five (19%) grade 4 children could read for meaning in any language in 2021. And the situation is deteriorating. South Africa's Pirls score dropped from 320 points in 2016 to 288 in 2021. By comparison, the average score is 500 points. We have effectively lost a decade of progress in reading for meaning. There are numerous reasons for this: the lack of a reading culture in many households, poorly resourced schools and a lack of emphasis on reading during the critical early childhood development (ECD) phase. Literacy is probably one of the most important foundations in our education system. Without it, children cannot progress through their education journey, while adults cannot access and participate in economic activities. To help address this gap, Anglo American and the department of basic education launched a programme five years ago in Limpopo, the Northern Cape and Mpumalanga. From the start, one of its focus are

Business, politicians pay homage to late Pick n Pay founder Raymond Ackerman

Ackerman - who died at the age of 92 - started Pick n Pay with his wife Wendy in 1967. The business has over the years cemented itself as one of South Africa's biggest retail chains Social media platforms have been flooded with tributes for Ackerman since the Pick n Pay group announced his passing on Thursday morning. BUILD ONE SOUTH AFRICA Build One South Africa Leader Mmusi Maimane took to X - previously Twitter - to offer his condolences to Ackerman's family, friends, and faith community. He says South Africa has lost a giant and that Ackerman's impact on retail and his contribution to the South African economy "will never be forgotten. WOOLWORTHS Woolworths has also expressed its sadness at the news of Ackerman's passing in a post on the platform, describing him as "an astute businessman and fierce competitor, known for his wisdom and his humanity and saying that he will be missed. BUSINESS LEADERSHIP SA At the same time, Business Leadership SA CEO Busi Mavuso said South Africa's position as one of the largest investors in Africa today, is thanks to people like Pick n Pay founder Raymond Ackerman. "One of South Africa's key attributes today is that we are one of the largest investors in Africa through our comparatively advanced retail, telecoms and financial services sector. And Pick n Pay is a formidable player when it comes to the retail industry with a R17 billion market cap and more than 2,000 stores across Southern Africa. We are what we are today - as an economy and resilience of the private sector - through the efforts of men like Raymond Ackerman. She also highlighted Ackerman's battles with the government on petrol price cutting, saying he was among those who "charted the path for business activism. "He's a doyen, a giant, a veteran. And his passing is a great loss not only to the business community but to South Africa as a whole. WESTERN CAPE PREMIER Meanwhile, Western Cape Premier Alan Winde described Ackerman as, "someone who is known as an entrepreneur, a disruptor, someon

Disney's stock slump: A once ‘Great Business' faces stormy seas — Sean Peche

*This content is supplied by Ranmore Global Written by Sean Peche, Ranmore Global Portfolio Manager* First appeared on LinkedIn Disney hit the lowest price in a year - down 59% since March '21. How? Isn't it a "great business with "excellent management? I thought "great businesses meant "great share prices Nope. But their parks & ships must be pumping with post-COVID vacations. Disney+ has over 100m subs and owns the best sports content on ESPN. But we already KNOW that. The flip side is streaming competition is rife, parks have high labour costs & sports rights will cost more in the future with Amazon joining the party. Things change. And that's precisely why we're not in the "buy a great business and hold forever camp. Is it that easy? I know it SEEMs easy because we look at Apple & think, "Grrr, I love my iPhone; all I had to do was buy the shares & hold them forever. But we'd be fooling ourselves because we only see survivors. It wouldn't have worked if you'd applied that strategy to Nokia - the early smartphone leader: Or to Intel, the semiconductor heavyweight champ pre-Nvidia; Or Xerox; Or Kmart; Or Avon Products. They were all considered "great businesses once upon a time. But things change. New competitors come along; economies, management, and valuations change. And we need to be alive to those changes - that's why active management makes sense. And why "low turnover may be the reddest of all herrings. Maybe the "buy and never sell teams are secretly hoping their clients apply that strategy to their funds and never sell An excellent way to afford that Chateau in the French countryside. Speaking of castles, When the world knows it's a great business with a wide moat, it's often already in the price. How much would the landed gentry have paid for a castle on a hill with a wide moat back in time? Probably any price - their lives were at stake. But castles still got stormed because enemies would: fill in the moats or; drain them or; launch fireballs ov

Amplats announces PlatAfrica design competition finalists

In line with its continued commitment to the development of the platinum jewellery market, Anglo American Platinum (Amplats) says it will once again host the PlatAfrica South African platinum jewellery design and manufacturing competition, which is in its twenty-fourth year. Working in partnership with Platinum Guild International (PGI) India and Metal Concentrators, this year's competition theme is #Emergence. This year's iteration of the competition sees the introduction of capsule collections — a condensed version of the designer's vision that can transcend trends and seasons by being more functional and commercial, through a collaboration with De Beers Group, which will loan selected diamonds to the winners for showcasing in their platinum designs. The two categories of adjudication are individual students or apprentices and individual professionals. Finished statement jewellery items, which range from rings to neckpieces and earrings, will be judged for interpretation of the #Emergence theme and technical expertise. The top ten winners in each category will have the opportunity to manufacture their capsule collections for inclusion in the PlatAfrica collection, which will be available for sale in the international market. Additionally, winners will receive a cash prize, media exposure and the opportunity to participate in an all-expenses-paid design workshop in India, organised by PGI, to further their platinum jewellery design understanding and craft in one of the world's fastest-growing platinum jewellery markets. This year's finalists in the Professional category are Esther Boshoff and team from Beaudel Designs; Ulandie Booysens from Van Deijl; Rachel Hannah Kemp from Uwe Koetter Jewellers; Moses Mabotja from Limpopo Jewellery Business Incubator; Thabo Mbele from Van Bels, The Platinum Incubator; Noxolo Mseleku from Knight of Grey, trading as Elegante; Kim Nel from Van Deijl; Mandlenkosi None and Nnete Mokgothu from The Platinum Incubator; Nihal and Vijay Shah from Nihal Shah & V

U.S. stock futures mixed, Chinese exports fall - what's moving markets

Investing.com -- U.S. stock futures pointed to a mixed open for equities on Wall Street, as investors examine how recent services sector data and a closely-watched Federal Reserve survey could impact the central bank's monetary policy. Elsewhere, China's exports contract in August in a sign of mounting pressure on the manufacturing industry in the world's second biggest economy, while a report that Beijing is barring government officials from using iPhones at work weighed on Apple (NASDAQ: ) shares. 1. Futures mixed following Wednesday slide U.S. stock futures were mixed on Thursday after stronger-than-anticipated U.S. services sector data sent Treasury yields higher and weighed on equities in the prior session. At 05:40 ET (09:40 GMT), the contract added 41 points or 0.1%, the contract lost 9 points or 0.2%, and dipped by 87 points or 0.6%. Monthly data from the Institute for Supply Management (ISM) on Wednesday showed that -- which makes up more than two-thirds of the American economy -- unexpectedly accelerated in August, hitting a six-month high. paid by these businesses also rose. The numbers suggested that consumer demand is shrugging off a recent spike in interest rates -- a resilience that analysts at ING posited could be linked to a summer of popular concerts and movies. After the release of the figures, yields in both two- and ten-year U.S. government bonds climbed, while all three of the major indices on Wall Street declined. 2. Fed survey points to modest economic growth The services data fueled some bets that the Federal Reserve may choose to hike interest rates later this year to stamp out the stubborn final embers of last year's surge in price gains. According to Investing.com's , the probability that America's central bank will choose to raise rates at its November meeting now stands at 43.6%, up from 39.3% in the prior day. Investors, however, are still largely pricing in the chance that the Fed will keep borrowing costs steady at a range of 5.25% to 5.50% for the remainde

Spring strategies for small businesses: how to make your business bloom

Spring is on our doorstep, and for many small businesses, the beginning of spring marks the onset of the busy season. It's been a tough winter for small business across a range of sectors, specifically retail, which saw a year-on-year decline in sales during the first half of 2023. According to recent statistics, the decline was most notable in the hardware, paint and glass, household furniture, appliances and equipment industries. Much of the downward trend can also be attributed to the energy crisis, which our own research revealed our recent quarter one 2023 SME Confidence Index has confirmed. For thousands of small businesses, the answer to the multidirectional headwinds has been to invest in alternative energy supplies that can keep the lights on. Apart from investing in measures and equipment to mitigate the impact of load shedding, there are several ways small business owners can leverage the end-of-year hype and optimise sales. Embracing the power of collaboration Collaboration can breathe new life into your business, especially after a sales slump. Before the busy season, consider partnering with complementary businesses for cross-promotions or joint events. Networking within your community expands your reach and showcases your business's adaptability and resilience. Do a good old spring clean There's nothing like a small business spring clean to renew your energy and focus on your vision for the rest of the year. Take this window of opportunity to assess your operations, streamline processes and reinvigorate your strategies for growth. For example, you could review your long-term and short-term business goals. Ask yourself: Are they still relevant? Have circumstances changed that require adjustments? Now is the ideal time to realign your objectives to reflect market conditions and customer demands. Next, take a deep dive into your financial records and review your income statements, cash flow and expenses. Identify areas where you can cut costs or reallocate resources to improve

Politicians mourn business icon Raymond Ackerman

South African politicians on Thursday joined millions of South Africans and, the global business community, to extend condolences on the passing of the founder of Pick n Pay Raymond Ackerman President Cyril Ramaphosa said South Africans mourn with the Ackerman family as they bid farewell to a husband, father, grandfather and great-grandfather whose name resounded comfortably in millions of households around the country. "Raymond Ackerman was an outstanding business leader and entrepreneur who placed people first and stood up to the injustices and discrimination which the apartheid regime sought to outsource to the business sector, Ramaphosa said. Ramaphosa noted that Ackerman was one of the first retailers to fight on behalf of South African consumers against the apartheid State's monopoly on basic goods. He said Ackerman drastically reduced the cost of essential goods such as bread, milk and chicken, and he has also spoken against the inclusion of value-added tax (VAT) on basic food lines, on behalf of the poor. Ackerman was one of the first executives to promote black South Africans to senior positions and to acknowledge black trade unions. Ramaphosa explained that this was during a period when such unions were banned from operating in the country. "He also abolished race classification on the company's human resources payroll. Since the 1970s, the Ackerman Family Trust has supported hundreds of young people to become graduates across a broad range of professions, Ramaphosa said. Western Cape Premier Alan Winde described Ackerman as an icon of not just the South African business world but the international retail landscape, too. He said Ackerman left an indelible and profound legacy, constantly innovating and growing. "By steadily building up Pick ‘n Pay with his family, Mr Ackerman has over more than 50 years created a leading brand, which is known and respected worldwide. He displayed an incredible entrepreneurial spirit and talent that has endured throughout the years and wi

Coach Pitso and Nedbank partner to build a legacy for the future

Nedbank, in partnership with Pitso Mosimane Soccer Schools and The Sports Trust, continues to promote sport development with the sponsorship of a multipurpose sport court to Lofentse Girls High School. Soweto was beaming with pride as one of its prodigal sons, Pitso Mosimane, inaugurated the Pitso Mosimane Multipurpose Sports Court at Lofentse Girls High School in Orlando East. The official handover was conducted on behalf of the Nedbank Cup 2022/2023 season winners, Orlando Pirates FC. This groundbreaking project was made possible thanks to funding from Nedbank and The Sports Trust's Soccer Development Programme. This partnership embodies a joint commitment to sports development, talent identification and community empowerment in South Africa. Nedbank's unwavering support has been a catalyst for transformative change. Since 2012 Nedbank, supported by The Sports Trust, has erected 10 multipurpose sports courts worth R2 million each, showcasing a continuous investment in the development of South African communities through a range of sports. With a 20-year lifespan to accommodate five sporting codes, this state-of-the-art facility multipurpose will nurture various sports disciplines and provide a safe space for the community. The Minister of Sport, Arts and Culture, Zizi Kodwa, said: "Women and grassroots sport development are among the priorities of Government. Nedbank and The Sports Trust have shown what can be done when stakeholders in communities work together to develop grassroots sport." Minister Kodwa added: "The Pitso Mosimane Multipurpose sports Court at Lofentse High School will not only help to develop the next generation of athletes, but will also keep youth active in the community. I hope to see more of these facilities being built, especially in townships and rural communities. We cannot slow down this momentum to elevate women's sport and grassroots development." As a true icon in the South African football community, Coach Pitso is leading this initiative with the aim of l

Startup Business Campus: Africa's Superhub Empowering Iconic African Startups

Startup Business Campus is thrilled to announce itself as Africa's superhub for entrepreneurs, enablers, and investors. With a steadfast Campus offers a dynamic environment where great minds collaborate, learn, create, and connect. As a dedicated space for entrepreneurial growth, Startup Business Campus equips aspiring entrepreneurs with the essential knowledge, skills, tools, resources, and infrastructure needed to develop iconic African businesses. Our comprehensive approach ensures that entrepreneurs have access to the necessary support systems, enabling them to thrive in the competitive business landscape. At Startup Business Campus, we firmly believe in the power of collaboration and actively work with leaders, feeders, and cheerleaders within the entrepreneurial ecosystem. By building strategic partnerships, we aim to cultivate an environment that nurtures innovation and empowers African entrepreneurs to achieve their full potential. Our commitment to the success of African startups goes beyond providing physical space. Startup Business Campus develops, facilitates, guides, mentors, funds, and scales iconic startups across fundamental sectors. Through our comprehensive programs and initiatives, we provide entrepreneurs with the necessary resources and expertise to transform their ideas into sustainable, high-growth businesses. Key features and benefits of Startup Business Campus: Knowledge and Skills: Through our curated learning programs, entrepreneurs gain access to a wealth of knowledge, including industry insights, business strategies, and best practices. These programs are designed to equip entrepreneurs with the skills needed to navigate challenges and seize opportunities effectively. Tools and Resources: Startup Business Campus offers a robust infrastructure that includes cutting-edge technologies, and modern workspaces. Our entrepreneurs have access to a range of resources, such as prototyping facilities, market research databases, and specialised software tools, enabling the

South Africa's battle of the spreadsheet warriors

Last weekend saw 14 spreadsheet warriors - experts at Excel - showcasing what's possible with the software for big prize money. or e-sports, come in a variety of forms and flavours. Many tend to be virtual translations of physical sporting activities. But in an ode to originality, Bidvest Alice presented a uniquely styled, high-intensity tournament for the numerically fit by hosting South Africa's inaugural Microsoft Excel Championship finals in Sandton last weekend. TechCentral was there. "It is wonderful to see so many clever people together in one room, so many masterminds of industry from all walks of business: actuarial science, finance, chartered accountants — even some Excel trainers and university students," said host and games master Renier Wessels. A CA by profession, Wessels founded the South African chapter of the Financial Modelling World Cup (FMWC) Excel Championship to bring like-minded individuals together, challenging them intellectually while developing their Excel skills and opening them up to networking opportunities. "For me it's a passion project because I absolutely love and adore Excel and the format of this competition," said Wessels. The passion he articulated shone through in the enthusiastic demeanour of the contestants, as they entered the competition arena on the second floor of an open-plan office space in Bidvest's Sandton headquarters. Apart from the rows of desks representing the battleground, a kitchen overflowed with drinks and snacks to keep participants energised, while a lounge area with a tennis table was available for some relaxing R&R between competitive rounds. With a total prize fund of R50 000 up for grabs, the excitement in the air was thick with competitive angst. Contrary to games that emphasise physical intensity, however, its expression was not to be found in protests about illegal tackles or unfair refereeing. Instead, these numerical acrobats vented their frustrations through meticulous appraisals of the technical issues hindering their

Cell C finances worry investors — here's why

- 7 September 2023 Cell C continues to weigh on Blue Label Telecoms, with its share price plummeting by over 80% since it decided to buy a large stake in the mobile operator six years ago. Since Blue Label acquired a 45% stake in the mobile operator for R5.5 billion in August 2017, Cell C has been an albatross around the company's neck. Blue Label initially dismissed critics who questioned their decision, saying they did not understand what they were planning with Cell C. However, Cell C's financial situation continued to deteriorate, and two years later, Blue Label impaired its Cell C investment to nil, which has since been partially reversed. The Cell C debacle caused Blue Label's share price to plummet from R21.00 to R3.51, destroying R16 billion in shareholder value. However, this was not the end. Cell C is one of the main revenue and profit drivers for Blue Label through airtime sales and other products. As such, Blue Label announced another recapitalisation programme to save the struggling mobile operator. The recapitalisation included a R1.46 billion loan from Blue Label to Cell C, which was used to repay Cell C lenders. The lenders received only 20% of their claimed loans. In September 2022, Blue Label informed shareholders that Cell C had implemented a turnaround strategy to improve operational efficiencies and reduce operational expenditure. "The recapitalisation of Cell C will enhance the value of Blue Label's shareholding and restore its shareholder value," Blue Label said. This value is yet to materialise. Cell C looms large in every Blue Label trading update since the implementation of the recapitalisation programme. Since the new Cell C recapitalisation programme, Blue Label's share price has declined by over 50%, which shows that the market is not convinced it will be different this time around. Despite Cell C's negative impact on Blue Label, it is doubling down on its investment and wants to take full control of Cell C. Cell C co-CEO Brett Levy recently said they agreed t

Spring strategies for small businesses: how to make your business bloom

Spring is on our doorstep, and for many small businesses, the beginning of spring marks the onset of the busy season. It's been a tough winter for small business across a range of sectors, specifically retail, which saw a year-on-year decline in sales during the first half of 2023. According to recent statistics, the decline was most notable in the hardware, paint and glass, household furniture, appliances and equipment industries. Much of the downward trend can also be attributed to the energy crisis, which our own research revealed our recent quarter one 2023 SME Confidence Index has confirmed. For thousands of small businesses, the answer to the multidirectional headwinds has been to invest in alternative energy supplies that can keep the lights on. Apart from investing in measures and equipment to mitigate the impact of load shedding, there are several ways small business owners can leverage the end-of-year hype and optimise sales. Embracing the power of collaboration More on this BUSINESS 101: Four creative ways for entrepreneurs to prioritise their physical health BUSINESS 101: Here's how to effectively build your online presence as a small business BUSINESS 101: Three SA businesswomen who are making their mark in SA today Collaboration can breathe new life into your business, especially after a sales slump. Before the busy season, consider partnering with complementary businesses for cross-promotions or joint events. Networking within your community expands your reach and showcases your business's adaptability and resilience. Do a good old spring clean There's nothing like a small business spring clean to renew your energy and focus on your vision for the rest of the year. Take this window of opportunity to assess your operations, streamline processes and reinvigorate your strategies for growth. For example, you could review your long-term and short-term business goals. Ask yourself: Are they still relevant? Have circumstances changed that require adjustments? Now is the ideal time

Platinum, rail, clean energy make headlines

This week, Mining Weekly Editor Martin Creamer discusses the World Platinum Investment Council's forecast of the biggest platinum deficit on record and significantly low above-ground stocks; African Rainbow Minerals executive chairperson Dr Patrice Motsepe stressing that the partnership between the mining industry and Transnet needs to produce results; and African Rainbow Minerals group taking steps to generate its own clean electricity. To watch Creamer Media's latest video reports, click here

Uganda: Museveni Mounts Charm Offensive for South African Investors to Uganda

President Museveni has made a case for Uganda as a favourable and profitable investment destination with many untapped opportunities, asking South African investors to exploit this economic potential in the East African country. This, Museveni said, will help build a strong economy for the two countries and Africa at large. "When South Africa got freedom, I met Mzee Mandela, and I suggested that we work together with South Africa because it had some capacity at that time of more investors, some capital and I wanted to take advantage of them, and they also take advantage of us to build a strong economy for Africa. That is how I proposed to Mzee Mandela that we start a wide body joint airline, but it didn't continue due to some challenges," he said. Museveni was speaking during the Uganda- South Africa Trade and Investment Summit held at Commonwealth Resort, Munyonyo in Kampala. Running under the theme; "Accelerating Uganda- South Africa Trade And Investment", the two-day summit attracted over 40 companies from South Africa. The president said the summit was a crucial ground to link Uganda's business potential with that of South Africa and therefore requested South African companies operating in Uganda to join the government efforts of helping all Ugandans to join the money economy in order to achieve the desired socio- economic transformation. "You have heard that until recently, 68 percent of the population was out of the money economy. We had to bring in the army to distribute coffee seedlings for these people to join the money economy by growing coffee. Now the figures of the ones outside the money economy are 39 percent and we want everybody to join the money economy. If all these join the money economy, will it not benefit the telecom industry? If all these people join the money economy, won't they have more money in the bank?" he inquired. Value addition Museveni also rallied the investors to add value to Uganda's raw materials such that the country can be able to build an independen

Ekurhuleni cops shut down sausage and boerewors processing business amid ‘toxic odour'

An illegal meat processing business, which was operating in contravention of multiple City of Ekurhuleni municipal by-laws and environmental health laws, was closed down by the Ekurhuleni Metropolitan Police Department (EMPD). EMPD spokesperson, Lieutenant Colonel Kelebogile Thepa, said officers responded to an anonymous complaint at a plot on Rooikat Street in the Petit area. The complaint flagged air pollution, unsound food production and the keeping of livestock. "Upon arrival, officers found a severe lack of proper hygiene practices, slaughtered animal intestines stored in a dug-up hole that resulted in a toxic odour outbreak, as well as no certification of acceptance, trading permit, and proper zoning to conduct such business on the premises, said Thepa. Thepa said that when the officers investigated they found that the business produced pork sausages and boerewors products, in contravention of multiple municipal by-laws and environmental health laws. "EMPD officers immediately shut down operations of the business, and activated the environmental health department for legal proceedings against the business owner and issued a summons, said Thepa. The EMPD has encourages business owners to get into contact with relevant departments, such as the Economic Development Department and Environmental Health Department, to seek assistance on compliance in operating their businesses above board in Ekurhuleni. In February, members of the EMPD confiscated batches of expired Woolworths-branded meat, vegetables and other perishable food products from a butchery along Cloverdene Road in Benoni. At the time, Thepa said meat worth almost R50,000 was seized and disposed of. "On February 2, at 4pm, the Ekurhuleni Metro Police Department officers, in conjunction with environmental health officials, confiscated and disposed of expired goods worth R48,000, Thepa said at the time. "The City of Ekurhuleni officials, on a mission to inspect and attend to those who contravene municipal by-laws, visited Butcher

BRITISH AMERICAN TOBACCO PLC — Russia business update — agreement signed

7 September 2023 Russia business update - agreement signed British American Tobacco p.l.c. Incorporated in England and Wales (Registration number: 03407696) Short name: BATS Share code: BTI ISIN number: GB0002875804 British American Tobacco p.l.c. 7 September 2023 Russia business update - agreement signed In March 2022 BAT announced that the ownership of our business in Russia was no longer sustainable in the current environment and that our intention was to transfer our business. BAT has now formally entered into an agreement to sell its Russian and Belarusian businesses in compliance with local and international laws. The buyer is a consortium led by members of BAT Russia's management team which, upon completion, will wholly own both businesses. Post completion, these businesses will be known as the ITMS Group. Throughout the transfer process one of our key priorities has been the interests of our colleagues in Russia and Belarus. As part of the agreement, their employment terms will remain comparable to their existing BAT terms for at least two years post-completion. We anticipate that the transaction will complete within the next month, once certain conditions have been satisfied. Upon completion, BAT will no longer have a presence in Russia or Belarus and will receive no financial gain from ongoing sales in these markets. BAT remains confident of delivering its Full Year guidance as set out at our Half Year results on 26 July 2023. Notes to Editors • BAT's operations in Russia include a head office in Moscow, 75 regional offices and a manufacturing facility in St. Petersburg. BAT also has an office in Belarus. • At 30 June 2023, on a constant currency basis, Russia and Belarus accounted for approximately 2.7% of Group revenue, and approximately 2.5% of Group adjusted profit from operations. ENDS Enquiries Media Centre +44 (0) 20 7845 2888 (24 hours) / @BATplc Investor Relations Victoria Buxton: +44 (0)20 7845 2012 Amy Chamberlain +44 (0)20 7845 1124 John Harney: +44

Standard Bank launches new low-interest Solar Loan solutions for homes and business

The Standard Bank South Africa Limited (SBSA) is in the final stages of concluding agreements with government that will see it participate in the Energy Bounce-Back Loan Guarantee Scheme, which will offer affordable solar loans to both Personal and Business Clients. Standard Bank "The move is in line with SBSA's commitment to promote the roll out of affordable and reliable solar power and other alternative energy solutions for residential and business customers alike, says Lungisa Fuzile, SBSA Chief Executive. "The adoption of renewable energy is critical to helping South Africa overcome its electricity shortfalls and combat the very real impact of climate change. Standard Bank has already invested in solutions to assist our personal and business customers to get started on their solar journey, he explains. "By participating in the Energy Bounce-Back Loan Guarantee Scheme, we'll be able to assist customers with preferential financing options that make the installation of solar more accessible. The scheme forms part of government's efforts to curb the impact of persistent energy constraints on economic growth, as well as assisting with the country's aim to reduce carbon emissions. Standard Bank has already invested in solutions to help residential and business customers make the move to solar through its LookSee and PowerPulse platforms. With low interest rates and flexible repayment periods, the Solar Loans make solar investments more affordable and accessible. Help for homes The attractive terms of the Home Solar Loan provide an affordable alternative to households that are unable or don't wish to finance a solar installation on their home loan, says Andrew van der Hoven, head of digital and eCommerce. "The headline feature of the Home Solar Loan is the offering of a personalised interest rate capped at a maximum of prime plus 2.5%. This is a substantial discount on the prime plus 17.5% maximum stipulated by the National Credit Act and even the average prime plus 7% interest rate offered

Asia stocks fall, dollar stronger on Fed outlook: markets wrap

Shares in Asia were broadly lower on Thursday while the dollar strengthened further against major currencies as investors increased bets for further Federal Reserve policy tightening. Equities in Australia, South Korea and China fell, with the latter weighed down by property developers, which partly retraced a rally in the prior session. Shares in Japan gave up early gains to trade flat. The downward pressure followed a decline in US stocks on Wednesday. The S&P 500 fell 0.7% to close lower for a second day. The tech-heavy Nasdaq 100, which is more sensitive to interest-rate expectations, declined 0.9%. US futures edged lower on Thursday. Showdown 2024: Why voter registration and education needs to start now The Bloomberg dollar index rose to a fresh six-month high as investors increased expectations for the Fed to hike again this year. Treasury yields drifted higher across most of the curve on Thursday, extending Wednesday increases that pushed two-year yields above 5%. Australian bond yields followed on Thursday, edging higher. The moves followed data from the Institute for Supply Management's US services index, which in August reached 54.4, its highest monthly reading since February and one that topped all estimates in a Bloomberg survey of economists. A reading above 50 denotes growth. Elsewhere, the People's Bank of China set the so-called fixing at a stronger-than-expected level for a 54th straight day on Thursday, the longest since Bloomberg started the daily survey in 2018. The yen traded steady after earlier weakening following Japan's stern warning about yen depreciation on Wednesday. The BOJ is unlikely t0 intervene in currency markets until the yen gets closer to 150 versus the dollar, and even then, it won't stop further weakness in the long-term, Ray Attrill, head of FX strategy for National Australia Bank Limited said on Bloomberg TV. Any weakness in the dollar will be largely dependent on "a recovery in China and a strengthening in the yuan - and that probably needs

Ekurhuleni cops shut down sausage and boerewors processing business amid ‘toxic odour'

An illegal meat processing business, which was operating in contravention of multiple City of Ekurhuleni municipal by-laws and environmental health laws, was closed down by the Ekurhuleni Metropolitan Police Department (EMPD). EMPD spokesperson, Lieutenant Colonel Kelebogile Thepa, said officers responded to an anonymous complaint at a plot on Rooikat Street in the Petit area. The complaint flagged air pollution, unsound food production and the keeping of livestock. "Upon arrival, officers found a severe lack of proper hygiene practices, slaughtered animal intestines stored in a dug-up hole that resulted in a toxic odour outbreak, as well as no certification of acceptance, trading permit, and proper zoning to conduct such business on the premises, said Thepa. Ekurhuleni Metro Police raided a plot where sausage and boerewors were being produced amid severely unhygienic practices. Photo: EMPD Thepa said that when the officers investigated they found that the business produced pork sausages and boerewors products, in contravention of multiple municipal by-laws and environmental health laws. "EMPD officers immediately shut down operations of the business, and activated the environmental health department for legal proceedings against the business owner and issued a summons, said Thepa. More on this Woman fined as cops confiscate R50 000 Woolworths-branded meat, perishables from Ekurhuleni butchery On Heritage Day we're lighting the fires and you'd better get dressed up Armed men storm KZN home, steal big screen TV and 5kg boerewors Ekurhuleni Metro Police raided a plot where sausage and boerewors were being produced amid severely unhygienic practices. Photo: EMPD The EMPD has encourages business owners to get into contact with relevant departments, such as the Economic Development Department and Environmental Health Department, to seek assistance on compliance in operating their businesses above board in Ekurhuleni. Ekurhuleni Metro Police raided a plot where sausage and boerewors were being p

Ekurhuleni cops shut down sausage and boerewors processing business amid ‘toxic odour'

An illegal meat processing business, which was operating in contravention of multiple City of Ekurhuleni municipal by-laws and environmental health laws, was closed down by the Ekurhuleni Metropolitan Police Department (EMPD). EMPD spokesperson, Lieutenant Colonel Kelebogile Thepa, said officers responded to an anonymous complaint at a plot on Rooikat Street in the Petit area. The complaint flagged air pollution, unsound food production and the keeping of livestock. "Upon arrival, officers found a severe lack of proper hygiene practices, slaughtered animal intestines stored in a dug-up hole that resulted in a toxic odour outbreak, as well as no certification of acceptance, trading permit, and proper zoning to conduct such business on the premises, said Thepa. Thepa said that when the officers investigated they found that the business produced pork sausages and boerewors products, in contravention of multiple municipal by-laws and environmental health laws. "EMPD officers immediately shut down operations of the business, and activated the environmental health department for legal proceedings against the business owner and issued a summons, said Thepa. The EMPD has encourages business owners to get into contact with relevant departments, such as the Economic Development Department and Environmental Health Department, to seek assistance on compliance in operating their businesses above board in Ekurhuleni. In February, members of the EMPD confiscated batches of expired Woolworths-branded meat, vegetables and other perishable food products from a butchery along Cloverdene Road in Benoni. At the time, Thepa said meat worth almost R50,000 was seized and disposed of. "On February 2, at 4pm, the Ekurhuleni Metro Police Department officers, in conjunction with environmental health officials, confiscated and disposed of expired goods worth R48,000, Thepa said at the time. "The City of Ekurhuleni officials, on a mission to inspect and attend to those who contravene municipal by-laws, visited Butcher

Ekurhuleni cops shut down sausage and boerewors processing business amid ‘toxic odour'

An illegal meat processing business, which was operating in contravention of multiple City of Ekurhuleni municipal by-laws and environmental health laws, was closed down by the Ekurhuleni Metropolitan Police Department (EMPD). EMPD spokesperson, Lieutenant Colonel Kelebogile Thepa, said officers responded to an anonymous complaint at a plot on Rooikat Street in the Petit area. The complaint flagged air pollution, unsound food production and the keeping of livestock. "Upon arrival, officers found a severe lack of proper hygiene practices, slaughtered animal intestines stored in a dug-up hole that resulted in a toxic odour outbreak, as well as no certification of acceptance, trading permit, and proper zoning to conduct such business on the premises, said Thepa. Thepa said that when the officers investigated they found that the business produced pork sausages and boerewors products, in contravention of multiple municipal by-laws and environmental health laws. "EMPD officers immediately shut down operations of the business, and activated the environmental health department for legal proceedings against the business owner and issued a summons, said Thepa. The EMPD has encourages business owners to get into contact with relevant departments, such as the Economic Development Department and Environmental Health Department, to seek assistance on compliance in operating their businesses above board in Ekurhuleni. In February, members of the EMPD confiscated batches of expired Woolworths-branded meat, vegetables and other perishable food products from a butchery along Cloverdene Road in Benoni. At the time, Thepa said meat worth almost R50,000 was seized and disposed of. "On February 2, at 4pm, the Ekurhuleni Metro Police Department officers, in conjunction with environmental health officials, confiscated and disposed of expired goods worth R48,000, Thepa said at the time. "The City of Ekurhuleni officials, on a mission to inspect and attend to those who contravene municipal by-laws, visited Butcher

Asia stocks fall, dollar stronger on Fed outlook: Markets wrap

Spot gold rose 0.2% to $1 920.06 an ounce. By Richard Henderson, Bloomberg 7 Sep 2023 Shares in Asia were broadly lower Thursday while the dollar strengthened further against major currencies as investors increased bets for further Federal Reserve policy tightening. Equities in Australia, South Korea and China fell, with the latter weighed down by property developers, which partly retraced a rally in the prior session. Shares in Japan gave up early gains to trade flat. ADVERTISEMENT CONTINUE READING BELOW The downward pressure followed a decline in US stocks Wednesday. The S&P 500 fell 0.7% to close lower for a second day. The tech-heavy Nasdaq 100, which is more sensitive to interest-rate expectations, declined 0.9%. US futures edged lower Thursday. The Bloomberg dollar index rose to a fresh six-month high as investors increased expectations for the Fed to hike again this year. Treasury yields drifted higher across most of the curve Thursday, extending Wednesday increases that pushed two-year yields above 5%. Australian bond yields followed Thursday, edging higher. The moves followed data from the Institute for Supply Management's US services index, which in August reached 54.4, its highest monthly reading since February and one that topped all estimates in a Bloomberg survey of economists. A reading above 50 denotes growth. Elsewhere, the People's Bank of China set the so-called fixing at a stronger-than-expected level for a 54th straight day on Thursday, the longest since Bloomberg started the daily survey in 2018. The yen traded steady after earlier weakening following Japan's stern warning about yen depreciation Wednesday. The BOJ likely won't intervene in currency markets until the yen gets closer to 150 versus the dollar, and even then, it won't stop further weakness in the long-term, Ray Attrill, head of FX strategy for National Australia Bank Limited said on Bloomberg TV. Any weakness in the dollar will be largely dependent on "a recovery in China and a strengthening in th

BRITISH AMERICAN TOBACCO PLC - Russia business update agreement signed

Release Date: Code(s): BTI PDF: Russia business update - agreement signed British American Tobacco p.l.c. Incorporated in England and Wales (Registration number: 03407696) Short name: BATS Share code: BTI ISIN number: GB0002875804 British American Tobacco p.l.c. 7 September 2023 Russia business update - agreement signed In March 2022 BAT announced that the ownership of our business in Russia was no longer sustainable in the current environment and that our intention was to transfer our business. BAT has now formally entered into an agreement to sell its Russian and Belarusian businesses in compliance with local and international laws. The buyer is a consortium led by members of BAT Russia's management team which, upon completion, will wholly own both businesses. Post completion, these businesses will be known as the ITMS Group. Throughout the transfer process one of our key priorities has been the interests of our colleagues in Russia and Belarus. As part of the agreement, their employment terms will remain comparable to their existing BAT terms for at least two years post-completion. We anticipate that the transaction will complete within the next month, once certain conditions have been satisfied. Upon completion, BAT will no longer have a presence in Russia or Belarus and will receive no financial gain from ongoing sales in these markets. BAT remains confident of delivering its Full Year guidance as set out at our Half Year results on 26 July 2023. Notes to Editors • BAT's operations in Russia include a head office in Moscow, 75 regional offices and a manufacturing facility in St. Petersburg. BAT also has an office in Belarus. • At 30 June 2023, on a constant currency basis, Russia and Belarus accounted for approximately 2.7% of Group revenue, and approximately 2.5% of Group adjusted profit from operations. ENDS Enquiries Media Centre +44 (0) 20 7845 2888 (24 hours) / @BATplc Investor Relations Victoria Buxton: +44 (0)20 7845 2012 Amy Chamberlain +44 (0)20 7845 1124 Jo

Ekurhuleni cops shut down sausage and boerewors processing business amid ‘toxic odour'

An illegal meat processing business, which was operating in contravention of multiple City of Ekurhuleni municipal by-laws and environmental health laws, was closed down by the Ekurhuleni Metropolitan Police Department (EMPD). EMPD spokesperson, Lieutenant Colonel Kelebogile Thepa, said officers responded to an anonymous complaint at a plot on Rooikat Street in the Petit area. The complaint flagged air pollution, unsound food production and the keeping of livestock. "Upon arrival, officers found a severe lack of proper hygiene practices, slaughtered animal intestines stored in a dug-up hole that resulted in a toxic odour outbreak, as well as no certification of acceptance, trading permit, and proper zoning to conduct such business on the premises, said Thepa. Thepa said that when the officers investigated they found that the business produced pork sausages and boerewors products, in contravention of multiple municipal by-laws and environmental health laws. "EMPD officers immediately shut down operations of the business, and activated the environmental health department for legal proceedings against the business owner and issued a summons, said Thepa. The EMPD has encourages business owners to get into contact with relevant departments, such as the Economic Development Department and Environmental Health Department, to seek assistance on compliance in operating their businesses above board in Ekurhuleni. In February, members of the EMPD confiscated batches of expired Woolworths-branded meat, vegetables and other perishable food products from a butchery along Cloverdene Road in Benoni. At the time, Thepa said meat worth almost R50,000 was seized and disposed of. "On February 2, at 4pm, the Ekurhuleni Metro Police Department officers, in conjunction with environmental health officials, confiscated and disposed of expired goods worth R48,000, Thepa said at the time. "The City of Ekurhuleni officials, on a mission to inspect and attend to those who contravene municipal by-laws, visited Butcher

Ekurhuleni cops shut down sausage and boerewors processing business amid ‘toxic odour'

An illegal meat processing business, which was operating in contravention of multiple City of Ekurhuleni municipal by-laws and environmental health laws, was closed down by the Ekurhuleni Metropolitan Police Department (EMPD). EMPD spokesperson, Lieutenant Colonel Kelebogile Thepa, said officers responded to an anonymous complaint at a plot on Rooikat Street in the Petit area. The complaint flagged air pollution, unsound food production and the keeping of livestock. "Upon arrival, officers found a severe lack of proper hygiene practices, slaughtered animal intestines stored in a dug-up hole that resulted in a toxic odour outbreak, as well as no certification of acceptance, trading permit, and proper zoning to conduct such business on the premises, said Thepa. Thepa said that when the officers investigated they found that the business produced pork sausages and boerewors products, in contravention of multiple municipal by-laws and environmental health laws. "EMPD officers immediately shut down operations of the business, and activated the environmental health department for legal proceedings against the business owner and issued a summons, said Thepa. The EMPD has encourages business owners to get into contact with relevant departments, such as the Economic Development Department and Environmental Health Department, to seek assistance on compliance in operating their businesses above board in Ekurhuleni. In February, members of the EMPD confiscated batches of expired Woolworths-branded meat, vegetables and other perishable food products from a butchery along Cloverdene Road in Benoni. At the time, Thepa said meat worth almost R50,000 was seized and disposed of. "On February 2, at 4pm, the Ekurhuleni Metro Police Department officers, in conjunction with environmental health officials, confiscated and disposed of expired goods worth R48,000, Thepa said at the time. "The City of Ekurhuleni officials, on a mission to inspect and attend to those who contravene municipal by-laws, visited Butcher

South African business giant Raymond Ackerman (92) has passed away.

From Tamra Capstick-Dale: It is with profound sadness that we announce the death at the age of 92 of visionary South African, and founder of Pick n Pay, Raymond Ackerman. He is survived by his wife, Wendy, children Gareth, Kathy, Suzanne, and Jonathan, his 12 grandchildren and four great-grandchildren. Raymond Ackerman founded Pick n Pay in 1967 along with Wendy after buying four stores in Cape Town. From the outset, he lived by the core values that the customer is queen, that we must treat others as we would wish to be treated, and that doing good is good business. These values have guided the business for over 56 years, and today the Pick n Pay Group serves millions of customers in more than 2,000 stores across South Africa and seven other African countries. His business philosophy was underpinned by the "four legs of the table (Administration, Social responsibility and Marketing, People, and Merchandise, with the customer on top) first introduced to Ackerman by Bernard Trujillo in the US. He came from a retailing family with his father having founded Ackermans after World War 1. From the very beginning, Raymond Ackerman was dedicated to giving customers the best possible products, the best possible value, and the best possible service in his stores. He would stop and ask customers walking home with shopping bags from rival stores why they had not shopped at Pick n Pay. People quickly learned that they could always rely on Raymond Ackerman and Pick n Pay to be on the customer's side, for example in his celebrated battles against price regulations which forced people to pay more than they should for their groceries. In 1986, Pick n Pay mounted a successful court challenge against the government's prohibition of a petrol coupon scheme which gave customers grocery discount coupons with petrol purchases. Pick n Pay fought over 26 rounds with the government on petrol price cutting and lost each time. However, Raymond Ackerman was about much more than shopping. He was a compassionate employer

Discovery launches new platform for business to access renewable and affordable wheeled energy in South Africa

The Discovery Green renewable energy platform will operate through a process called "wheeling. Energy is generated at the most efficient locations in the country and "wheeled to a business through the existing national grid, allowing businesses to run on more affordable, renewable energy. By procuring between 400MW and 1GW of wind and solar energy from a curated list of leading local and international Independent Power Producers, the platform will stimulate an investment of approximately R20-R25bn in the energy infrastructure of the country (enough to establish 2700 rugby fields of solar farms or 200-250 wind turbines). The impact of 1GW in renewable energy generation represents a saving of 2.75 million tonnes of CO /annum, the equivalent of 100 times the emissions of a business the size of Discovery Limited. In its initial phase, the platform will be open to businesses who are medium to large consumers of electricity connected to Eskom distribution. The first businesses enrolled to the service include a network of large Discovery corporate partners, and over time the platform will expand to other clients in South Africa as Virtual Wheeling and new wheeling frameworks through municipalities become available. Discovery Green will provide enrolled businesses with renewable energy in 2026, enabling them to significantly reduce their emissions and helping to address the national shortfall in electricity. "Discovery Green was built with our goal of being carbon neutral by 2025 in mind. It addresses a fundamental issue of renewable energy - that energy is only generated when the sun shines or the wind blows, yet businesses consume based on their individual needs. With the benefit of aggregation, modelling and diversification, Discovery Green is able to offer products that are completely different to the market's share-of-plant approach, said Andre Nepgen, Head of Discovery Green. For most non-industrial or mining businesses, the primary source of emissions is from electricity generation - on ave

Asia stocks fall, dollar stronger on Fed outlook: Markets wrap

Shares in Asia were broadly lower Thursday while the dollar strengthened further against major currencies as investors increased bets for further Federal Reserve policy tightening. Equities in Australia, South Korea and China fell, with the latter weighed down by property developers, which partly retraced a rally in the prior session. Shares in Japan gave up early gains to trade flat. ADVERTISEMENT CONTINUE READING BELOW The downward pressure followed a decline in US stocks Wednesday. The S&P 500 fell 0.7% to close lower for a second day. The tech-heavy Nasdaq 100, which is more sensitive to interest-rate expectations, declined 0.9%. US futures edged lower Thursday. The Bloomberg dollar index rose to a fresh six-month high as investors increased expectations for the Fed to hike again this year. Treasury yields drifted higher across most of the curve Thursday, extending Wednesday increases that pushed two-year yields above 5%. Australian bond yields followed Thursday, edging higher. The moves followed data from the Institute for Supply Management's US services index, which in August reached 54.4, its highest monthly reading since February and one that topped all estimates in a Bloomberg survey of economists. A reading above 50 denotes growth. Elsewhere, the People's Bank of China set the so-called fixing at a stronger-than-expected level for a 54th straight day on Thursday, the longest since Bloomberg started the daily survey in 2018. The yen traded steady after earlier weakening following Japan's stern warning about yen depreciation Wednesday. The BOJ likely won't intervene in currency markets until the yen gets closer to 150 versus the dollar, and even then, it won't stop further weakness in the long-term, Ray Attrill, head of FX strategy for National Australia Bank Limited said on Bloomberg TV. Any weakness in the dollar will be largely dependent on "a recovery in China and a strengthening in the yuan - and that probably needs to be accompanied by a stronger Japanese yen, he adde

Capitec Bank announces system maintenance from MIDNIGHT

The Capitec banking App is no stranger to technical malfunction which cause anxiety to thousands of its customers. Capitec Bank, one of South Africa's leading banking services, has cautioned its customers about a planned system maintenance which may affect some of its banking tools. CAPITEC BANK MOBILE APP TO BE AFFECTED BY SYSTEM MAINTENANCE TASK The system maintenance is set to take place at midnight, and one hour into the next day and will affect its prominent banking App In a brief statement on social media, Capitec Bank said: "Hello, Due to scheduled system maintenance, taking place tonight from midnight to 1am on Friday, 8 September, all of our services including the App will be temporarily unavailable. We apologise for the inconvenience." CAPITEC BANKING APP SYNONYMOUS WITH CAUSING CLIENTS ANXIETY The Capitec banking App is no stranger to technical malfunction which cause anxiety to customers who have trusted the outlet with their hard-earned monies. Last month, the bank left many of its users fuming after they were unable to access their accounts on the bank's app on 28 August. The glitch follows a major one when clients woke up only to find an R0.00 balance on the app and were anxious as they didn't know whether they would get their money back or not. However, all of these issues were addressed by the bank. DA WORRIED ABOUT SASSA BENEFICIARIES Meanwhile, the DA says it has been inundated by complaints from desperate South African Social Security Agency (SASSA) grant beneficiaries who are struggling to withdraw their funds from ATMs and retailers due to technical glitches from Postbank. The DA added that it has also been informed that the Postbank is currently not renewing any gold cards even though beneficiaries only have four months left in which to receive their new cards and no indication from Postbank or SASSA on whether the expiry dates would be extended yet again.

Raymond Ackerman has left an indelible mark in the business sector: BUSA

Business Unity South Africa (BUSA) says the late Pick ‘n Pay founder, Raymond Ackerman's legacy and commitment to championing consumer rights and promoting inclusivity set a benchmark. The business leader died at the age of 92 at his home in Cape Town. BUSA's CEO, Cas Coovadia, says Ackerman's journey in the South African business sector has left an indelible mark. "Mr Ackerman championed consumer rights in those days and had numerous run-ins with the apartheid government on issues like foodstuff, on trying to reduce the cost of foodstuff to retail consumer and generally trying to create an environment where food was affordable to the majority of the people in this country. Pick ‘n Pay says SA has lost a brilliant patriot Share article

Rural communities receive much-needed government services

Durban - The local inkosi of St Faiths and other Umzumbe communities said the services offered to the residents by KZN Social Development MECNonhlanhla Khoza would improve many lives among the rural people, especially those who needed to apply for IDs, birth certificates and also Sassa grant applications. This was after Khoza visited St Faith's, in Umzumbe Municipality on Tuesday, during the department's Operation Sigalelekile. Inkosi Bheki Hadebe said the people of the area had struggled without such services, which were available in big towns and cities, leaving the rural communities starving for such. Khoza handed out Social Relief of Distress packages to 249 families who had been identified as needing assistance by social workers. The packages contained food items such as flour, mielie meal, beans, sugar, and cabbages among other items. More on this Tiger Brands donates R42m to support 10 000 children aged five and under, their families in vulnerable SA communities Rural women commended for their socio-economic emancipation attempts Young people invited to participate in developing agricultural industry The impoverished recipients said they were happy that these would go a long way to alleviate the food shortages they faced every day. In addition to providing Social Relief of Distress, Khoza also handed out farming equipment, sanitary packages for school girls and blankets to the elderly in the community. Social Development MEC Nonhlanhla Khoza among a mountain of Social Relief of Distress packages awarded to the local St Faiths communities, Umzumbe, as her department's commitment to assist the poor communities. Picture: Supplied She said Operation Sigalelekile was made possible by the combined efforts and support of various government departments, including Home Affairs, Sassa, the Department of Agriculture and the Department of Health. Khoza said their collaboration highlighted the importance of interdepartmental co-operation in delivering comprehensive services to communities i

78% decrease in rhino poaching seen at SANParks

JOHANNESBURG - A section of the Kruger National Park has seen a 78% decrease in rhino poaching incidents since January 2023. Mining company Anglo American Platinum has since partnered with SANParks to assist with measures to curb Rhino poaching. The company is supplying aircraft and other equipment used in locating wounded or snared animals that require medical attention among others. SANParks has been dealing with challenges related to poaching that I think all of us know very well and so these bathawks were really just welcomed and necessary intervention in terms of the fight against poaching," said Nomonde Ndwalaza from Anglo American Platinum.

How mental health disorders affect insurance risk assessment

Underwriting must consider individual complexities of anxiety, depression, and bipolar disorders for accurate risk assessment, says an expert. Mental health challenges affect all sectors, and the insurance industry is not immune. Underwriting Manager at Bidvest Life, Shanique Jina, said the increasing prevalence of mental disorders presented challenges and opportunities for the insurance industry. "To address this growing trend, insurers and financial advisors must adapt their strategies and develop a deeper understanding of mental health conditions," Jina said. Citing research by the South African Depression and Anxiety Group (Sadag), Jina said the aftermath of the Covid-19 pandemic negatively impacted people's mental health due to joblessness, among other related factors. "Healthcare professionals, insurers, and financial advisors are now actively engaging in discussions to address the rise in mental health disorders and its implications," said Jina. Read more Impact on underwriting The insurance underwriter said accurate risk assessment is important to coping with the challenges presented by mental health conditions. She said SA insurers predominantly dealt with anxiety, depression and bipolar disorders. "These conditions are complex, and understanding them helps insurers to better assess and underwrite [the] risks associated with each," she said. "By doing so, insurance processes can better reflect the associated risks of these disorders," she added. Anxiety disorders Jina said that while anxiety disorders were among the most common mental health issues, "full remission rates remained low," adding that insurers must show empathy. "Whether symptoms are chronic or recurring, insurers must be sensitive to the social impact of anxiety disorders, as they can affect an individual's social life and productivity at work," she explained. Jina also said that anxiety cases were all unique and complex and must be assessed on an individual basis. Depression and bipolar Jina said it's also vital

UAE: AD Ports Group secures 12 prestigious Stevie International Business Awards ANI 08 Sep 2023, 04:18 GMT+10

Abu Dhabi [UAE], September 7 (ANI/WAM): AD Ports Group has emerged triumphant by taking home 12 Stevie Awards across various categories in The International Business Awards 2023. Recognised as the world's premier business awards, the International Business Awards honour organisations and individuals for their exceptional accomplishments and contributions to the global economy. In a resounding display of excellence and achievement, AD Ports Group was honoured with the Gold Stevie Award for'Fastest-Growing Company of the Year' in the Middle East and Africa, further highlighting the Group's remarkable growth trajectory. Among the notable recognitions, AD Ports Group's dedication to sustainability earned them the esteemed Gold Stevie Award for the'Sustainability Leadership Award' in the Middle East and Africa. Recognising the Group's commitment to making a lasting positive impact on the environment, while driving sustainable practices. AD Ports Group's dedication to sporting excellence shined with the Gold Stevie Award for Abu Dhabi's Wingfoil World Cup, under the Art, Entertainment and Public - Sporting Event category. The Gold Stevie Award in the Video Category was awarded to the Emirati Women's Day 2022 video for exceptional storytelling and visual narrative that resonates with audiences globally. Distinguished leadership of Capt. Saif Al Mehairi, Managing Director of Abu Dhabi Maritime was celebrated with the Gold Stevie Award for'Executive of the Year - Diversified Services'. Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said, "I am delighted with our remarkable wins, which underscore AD Ports Group's commitment to excellence, innovation, and making a positive impact across various sectors. "He added,"The Stevie International Business Awards recognition serves as a testament to our vital role in driving the wise leadership's vision of shaping our nation's business landscape for further economic growth and diversification."In addition, AD Ports Group's P

78% decrease in rhino poaching seen at SANParks

A section of the Kruger National Park has seen a 78% decrease in rhino poaching incidents since January 2023. Mining company Anglo American Platinum has since partnered with SANParks to assist with measures to curb Rhino poaching. The company is supplying aircraft and other equipment used in locating wounded or snared animals that require medical attention among others. SANParks has been dealing with challenges related to poaching that I think all of us know very well and so these bathawks were really just welcomed and necessary intervention in terms of the fight against poaching," said Nomonde Ndwalaza from Anglo American Platinum. Source: eNCA In other news — Watch: Connie Ferguson loses focus as Kelly Rowland's song slaps her hard Popular American singer Kelly Rowland's hit song ‘Work' caught South African actress, entrepreneur, and businesswoman, Connie Ferguson off-guard dancing in the gym. The South African actress is well known for her love for dancing and time in the gym. She had managed to keep her body in shape thanks to her gym workouts and music always helping her. This time around, Connie lost it all when she played Kelly's hit song Work.

Raymond Ackerman has left an indelible mark in the business sector: BUSA

Business Unity South Africa (BUSA) says the late Pick ‘n Pay founder, Raymond Ackerman's legacy and commitment to championing consumer rights and promoting inclusivity set a benchmark. The business leader died at the age of 92 at his home in Cape Town. BUSA's CEO, Cas Coovadia, says Ackerman's journey in the South African business sector has left an indelible mark. "Mr Ackerman championed consumer rights in those days and had numerous run-ins with the apartheid government on issues like foodstuff, on trying to reduce the cost of foodstuff to retail consumer and generally trying to create an environment where food was affordable to the majority of the people in this country. Pick ‘n Pay says SA has lost a brilliant patriot [embedded content] Share article Source: SABC News (sabcnews.com)

Coffee shops in Cape Town for the perfect pick-me-up

There's few things as refreshing as grabbing a delicious cup of coffee from your favourite coffee shop. Thankfully, there is no shortage of options around Cape Town when it comes to selecting a coffee shop to get your daily caffeine fix. If you're looking to get your taste buds tingling this AM, here are a few popular coffee shops around Cape Town: Deluxe coffeeworks Deluxe coffeeworks should be at the top of any coffee addict's list. They offer mind-blowing espresso-based drinks and allow you to purchase pre-packaged bags of single-origin beans. If you're looking to snack on something while sipping your morning beverage, you may be a little disappointed. Caffeine is the only thing on the menu, but their affordable prices may help to make up for this slight inconvenience. Considered one of the most popular artisan coffee roasters in the city, Deluxe coffeeworks has four outlets to choose from, including two in Cape Town and one in Stellenbosch and Namibia. Location: 32 Van Zyl St, Strand, Cape Town, 7140 Times: Monday to Friday 7am to 5pm | Saturday and Sunday 8am to 1pm Truth Coffee Roasting Truth Coffee Roasting has built a reputation for selecting and roasting some of the world's most exclusive coffees, and seeing as they have been named the world's best coffee shop by The Daily Telegraph for two years in a row, they are definitely worth checking out! Their coffee menu offers a wide range of different brews, including the ‘Resurrection Blend', which features subtle chocolate notes with a high acidity that cuts through milk. The ‘Single Origin India' , which is described as spicy and nutty with chocolate undertones, and the ‘Black Honey Blend' , which features a natural sweetness with a smooth, satisfying finish, guaranteed to leave you satisfied. Truth Coffee also has a dedicated Lunch/Brunch menu along with a patisserie menu that is filled with all the sweet treats you could ever need. Location: 36 Buitenkant Street, city centre Times: Monday to Saturday 7am to 6pm | Sund

What's really happening at Blue Label as shares sink

JSE-listed Blue Label Telecoms seems like a great business on paper: it has few infrastructure costs and is the leading supplier in South Africa of prepaid airtime, prepaid electricity, gaming and content services to the public. The company partners with retailers, credit providers, cellular dealers and large corporate customers to offer a complete virtual mobile retail solution. Its digital sales component includes a variety of transaction channels and payment mechanisms, increasing customer reach and allowing it to move beyond physical stores to receive payments from traditional and emerging payment methods. So, why are its shares in the toilet, having collapsed even further in the past week following publication of its full-year results, which, according to analysts polled by TechCentral, were reasonably good given the economic environment in which the company is operating? Blue Label, founded by brothers Brett and Mark Levy in 2001, listed on the JSE six years later and over the next decade grew quickly, with its market cap exceeding R19-billion in 2016. At one point, it even counted US software giant Microsoft among its shareholders. In August 2017, it signed its biggest deal yet — the acquisition of 45% of Cell C for R5.5-billlion in a large recapitalisation and turnaround plan. The extent of Blue Label's financial support is known. But what is the future burden on Blue if Cell C continues to lose money, and will there come a time when the company is no longer willing to carry that burden? Many market players seem to think it's already beyond that point, given that the shares are trading at a massive discount to the value of Blue Label's operations. ‘Pretty good' results Global equity analyst at Flagship Asset Management Philip Short told TechCentral: "I thought the results were pretty good, with gross profit up 19% and underlying earnings per share up 9%. Especially considering the current macro backdrop, this was a good result. "Cash flow was weaker in this period due to incr

South Africa's battle of the spreadsheet warriors

Electronic sports, or e-sports, come in a variety of forms and flavours. Many tend to be virtual translations of physical sporting activities.But in an ode to originality, the Bidvest Alice offices presented a uniquely styled, high-intensity tournament for the numerically fit by hosting South Africa's inaugural Excel Championship finals in Sandton last weekend. TechCentral was there. "It is wonderful to see so many clever people together in one room, so many masterminds of industry from all walks of business: actuarial science, finance, chartered accountants — even some Excel trainers and university students," said host and games master Renier Wessels. A CA by profession, Wessels founded the South African chapter of the Financial Modelling World Cup (FMWC) Excel Championship to bring like-minded individuals together, challenging them intellectually while developing their Excel skills and opening them up to networking opportunities. "For me it's a passion project because I absolutely love and adore Excel and the format of this competition," said Wessels. The passion he articulated shone through in the enthusiastic demeanour of the contestants, as they entered the competition arena on the second floor of an open-plan office space in Bidvest's Sandton headquarters. Apart from the rows of desks representing the battleground, a kitchen overflowed with drinks and snacks to keep participants energised, while a lounge area with a tennis table was available for some relaxing R&R between competitive rounds. With a total prize fund of R50 000 up for grabs, the excitement in the air was thick with competitive angst. Contrary to games that emphasise physical intensity, however, its expression was not to be found in protests about illegal tackles or unfair refereeing. Instead, these numerical acrobats vented their frustrations through meticulous appraisals of the technical issues hindering their progress. Spreadsheet warriors "I actually had 27 minutes instead of 30 in that round because my computer

Rural communities receive much-needed government services

Durban - The local inkosi of St Faiths and other Umzumbe communities said the services offered to the residents by KZN Social Development MECNonhlanhla Khoza would improve many lives among the rural people, especially those who needed to apply for IDs, birth certificates and also Sassa grant applications. This was after Khoza visited St Faith's, in Umzumbe Municipality on Tuesday, during the department's Operation Sigalelekile. Inkosi Bheki Hadebe said the people of the area had struggled without such services, which were available in big towns and cities, leaving the rural communities starving for such. Khoza handed out Social Relief of Distress packages to 249 families who had been identified as needing assistance by social workers. The packages contained food items such as flour, mielie meal, beans, sugar, and cabbages among other items. More on this Tiger Brands donates R42m to support 10 000 children aged five and under, their families in vulnerable SA communities Rural women commended for their socio-economic emancipation attempts Young people invited to participate in developing agricultural industry The impoverished recipients said they were happy that these would go a long way to alleviate the food shortages they faced every day. In addition to providing Social Relief of Distress, Khoza also handed out farming equipment, sanitary packages for school girls and blankets to the elderly in the community. Social Development MEC Nonhlanhla Khoza among a mountain of Social Relief of Distress packages awarded to the local St Faiths communities, Umzumbe, as her department's commitment to assist the poor communities. Picture: Supplied She said Operation Sigalelekile was made possible by the combined efforts and support of various government departments, including Home Affairs, Sassa, the Department of Agriculture and the Department of Health. Khoza said their collaboration highlighted the importance of interdepartmental co-operation in delivering comprehensive services to communities i

New intelligence bill is anti-democratic, and a unique mix of malice and stupidity

President Cyril Ramaphosa and his Cabinet recently approved draft legislation that will radically expand the definition of "national security" and would open the door for the intelligence service to spy on individuals and organisations in South Africa who are involved in lawful political activity, advocacy, protest or dissent. The draft bill — the General Intelligence Laws Amendment Bill of 2023 — makes for disturbing, even shocking, reading. Create your free account or sign in It also will require designated persons seeking to establish and operate NGOs or religious institutions (and perhaps churches) to undergo security vetting, and would grant wide discretionary powers to the relevant minister to control the intelligence service (which would be renamed the South African Intelligence Agency). The draft bill — the General Intelligence Laws Amendment Bill of 2023 — makes for disturbing, even shocking, reading. Many of the proposed amendments are vague, even incomprehensible, thus leaving pivotal questions (such as the criteria to decide which NGO and religious leaders would require security clearance) within the discretion of the minister. Breakdowns and Baguettes The bill could easily have been written by people who wish to turn South Africa into a national security state, one in which the intelligence service could be put to use to keep the governing party in power. I know this might sound a bit over the top, so let me explain why I believe the bill is bad news. Radical change The bill proposes various amendments to the National Strategic Intelligence Act of 1994, the Intelligence Services Act of 2002 and the Intelligence Services Oversight Act of 1994, ostensibly to give effect to the recommendations of the High Level Review Panel Report on the State Security Agency (which was headed by Sydney Mufamadi). The panel found, among other things, that the intelligence services "have gone ‘over the top' in terms of the entities whose members it believes should be vetted", and that

U.S. stock markets divided, techs drop, industrials edge up Lola Evans 08 Sep 2023, 06:12 GMT+10

NEW YORK, New York - U.S. stocks were mixed on Thursday with the Nasdaq Composite taking heat while the Dow Joines gained ground. Sticky inflation and the potential for more Fed rate hikes continued to unsettle the markets. "People were hoping the Fed would be on hold for the rest of the year, but it's possible that we got one or two more rate hikes to come," Chris Zaccarelli, chief investment officer at Independent Advisor Alliance told CNBC Thursday. "All things being equal, that's a little bit of a negative for the stock market, which was expecting the Fed to potentially be done for the year." Here are the closing quotes for Thursday for the major U.S. indices: S&P 500 (^GSPC) The S&P 500 ended the day at 4,451.14, down 14.34 points or 0.32 percent. Despite the minor dip, the index continued to hover near record levels. Trading volume was robust, with a total of 2.406 billion shares exchanged throughout the day. Dow Jones Industrial Average (^DJI) The Dow Jones Industrial Average had a more positive session, closing at 34,500.73, up 57.54 points or 0.17 percent. The index benefited from gains in several key sectors. Trading activity was relatively strong, with 384.398 million shares changing hands. NASDAQ Composite (^IXIC) The NASDAQ Composite faced some headwinds Thursday, closing at 13,748.83, down 123.64 points or 0.89 percent. Technology and growth stocks struggled, contributing to the decline. Nevertheless, the index maintained a solid trading volume of 3.845 billion shares. Global Foreign Exchange Markets See Continued Support for U.S. Dollar on Thursday In the world foreign exchange markets on Thursday, major currency pairs exhibited various movements in response to economic data and geopolitical events, with the U.S. dollar again holding center-stage. The Euro saw a decline against the U.S. Dollar, while the British Pound also weakened in its pairing with the greenback. Meanwhile, the U.S. Dollar made gains against the Japanese Yen and the Swiss Franc. The Canadi

Capitec Bank Boosts Oversight with Director Appointments

7 September 2023 New Directors Appointed : Capitec Bank Holdings and Capitec Bank announce the appointment of Naidene Ford-Hoon and Nadya Bhettay as independent non-executive directors. Enhancing Expertise : The new directors bring extensive financial, technology, and strategic experience to strengthen corporate governance and oversight. Audit Committee Changes : Mses. Ford-Hoon and Bhettay join the Audit Committees, reinforcing transparency and financial integrity within the organizations. In a significant move aimed at enhancing corporate governance and financial expertise, Capitec Bank Holdings Limited and Capitec Bank Limited have appointed two new independent non-executive directors to their respective boards. The appointments of Mses. Naidene Ford-Hoon and Nadya Bhettay mark a milestone in the banks' efforts to fortify their leadership and oversight capabilities. Strengthening Independent Oversight With an unwavering commitment to bolstering independent oversight, Capitec Bank Holdings Limited and Capitec Bank Limited have brought onboard two highly experienced professionals. These new directors are expected to contribute their extensive financial, technological, and strategic expertise to the organizations. Meet the New Directors Naidene Ford-Hoon Naidene Ford-Hoon, a chartered accountant with over 25 years of work experience, has an impressive track record in the financial services sector. Holding a BCom and B Compt Hons, Ford-Hoon has previously served as the Group CFO of the South African Reserve Bank ("SARB"), where she played a pivotal role in managing the financial operations of this critical institution. Her financial expertise extends to other organizations, including Alexander Forbes Group Holdings Limited and AFGRI Financial Services (Pty) Ltd, where she held the position of Financial Director. Notably, Ford-Hoon has also contributed her financial acumen to the board of Telkom SOC Limited. Currently, she serves on the boards of SA Corporate Real Estate Limited, Indepen

Ecuador's suspension of environmental consultations hits $2bn of investment -business leaders

QUITO - Ecuador's suspension of a decree enabling environmental consultations prior to the licensing of industrial and mining projects has paralyzed investments worth $2-billion, business associations said on Wednesday. The Andean nation's top court last month suspended the decree from outgoing conservative President Guillermo Lasso after Indigenous group CONAIE argued the processes favored development of mining projects over local communities. The decree issued in May allowed the consultations for communities in areas close to the industrial and extractive projects to be used to obtain environmental licenses, seeking to speed up permitting. "Today in Ecuador all industrial activities are shut down," said María Eulalia Silva , president of the Ecuadorean Chamber of Mining. "This means freezing $2-billion in investments for a series of projects." "As productive sectors we are asking the court to allow us to work," added Silva, who was accompanied by protesting miners and communities affected by the decision. The Constitutional Court did not immediately respond to requests for comment. At least 176 environmental consultation processes are currently suspended, including for projects such as mining, waste treatment plants and dams, among others, according to the environment ministry, which called the court's decision "unacceptable." Environmental consultations, backed by the government, have seen strong resistance in Ecuador's Andean region, where mining companies look to develop a variety of projects. The Chamber of Industries and Production (CIP) said the lack of environmental consultations prevents new investments. "This has made the country unattractive to foreign investors," Maria Paz Jervis , president of the CIP, said in a press release sent to Reuters. "Without a doubt one of the economic and productive consequences (...) is the paralysis of employment in formal companies."

Your Incredible Business partner

Promoted | As the leading tech retailer in South Africa, Incredible has a role to play in helping SMEs grow and expand. the right tech and office supplies could help you close the next deal, make a sale, or deliver on the right product and service. But the right tech can be costly. Imagine building your future business today, with access to a world of support and services, minus all the expensive costs. At Incredible, we believe that SMEs fuel the growth of our economy, and as the leading tech retailer in South Africa, we have a role to play in supporting SMEs and helping them to grow and expand. As part of this initiative, we have recently launched Incredible Business with a dedicated focus on SMEs and their unique business needs. We have a team of business experts ready to assist. Every entrepreneur or business owner needs access to the latest technology and trusted services so they can focus on their business instead of worrying about essential resources. Three of the biggest challenges faced by SMEs are: Access to finance and financial services, such as large capital funding; Access to specialist resources to procure the right products, bulk purchases and manage the setup and deployment of your tech and equipment; and A single point of contact for product and service needs. Access to finance Besides the normal credit offering, with up to 36 months to pay or the benefit of a revolving credit store card, Incredible offers a 30-day interest free business account, trade-ins and business rental options on all its products to support SMEs. By opting for business rentals instead, SMEs can avoid the large upfront cash expenditure of purchasing products. With flexible rental options on a wide range of essential tech for business, including laptops, desktops, printers and more, your business won't have to go without vital equipment. Incredible also recently partnered with Genfin to provide business funding from R100 000 to R5-million, which is suitable for products, services and other business r

SANLAM LIMITED — Interim results for the six months ended 30 June 2023

7 September 2023 R68.42 Interim results for the six months ended 30 June 2023 Sanlam Limited Incorporated in the Republic of South Africa (Registration number 1959/001562/06) ("Sanlam", "Sanlam Group" or "the group") JSE Share code: SLM A2X share code: SLM NSX share code: SLA ISIN: ZAE000070660 Sanlam Life Insurance Limited (Incorporated in the Republic of South Africa) (Registration No. 1998/021121/06) Bond Issuer Code: BISLI LEI: 378900E10332DF012A23 ("Sanlam Life") Interim results for the six months ended 30 June 2023: Sanlam achieves strong operating performance in the first half of 2023 Key performance indicators For the six months ended 30 June Unit 2023 2022 % change Earnings Restated Shareholders' fund information Net result from financial services(1) R million 6 177 4 895 26% Cash net results from financial services(2) R million 6 256 4 828 30% Net operational earnings R million 7 486 4 557 64% Headline earnings R million 6 902 3 185 117% Weighted average number of shares million 2 068 2 076 Adjusted weighted number of shares million 2 204 2 209 Net result from financial services per share cents 280 222 26% Net operational earnings per share cents 340 206 65% Headline earnings per share cents 339 156 118% Diluted headline earnings per share cents 334 154 117% International Financial Reporting Standards (IFRS) information Basic profit attributable to shareholders' fund per share cents 389 250 56% Diluted profit attributable to shareholders' fund per share cents 383 246 55% Business volumes Total new business volumes R million 190 793 159 887 19% Total net client cash flows R million 11 357 37 074 (69%) Life insurance New business volumes (PVNBP)(3) R million 44 751 43 032 4% Value of new covered business R million 1 265 1 076 18% New covered business margin % 2.83% 2.50% New covered business margin (CEB) (4) % 2.91% 2.50% Life insurance net client cash flows R million 7 465 13 762 (46%) General insurance New business volumes R million 2

BRITISH AMERICAN TOBACCO PLC — Russia business update — agreement signed

7 September 2023 Russia business update — agreement signed British American Tobacco p.l.c. Incorporated in England and Wales (Registration number: 03407696) Short name: BATS Share code: BTI ISIN number: GB0002875804 British American Tobacco p.l.c. 7 September 2023 Russia business update — agreement signed In March 2022 BAT announced that the ownership of our business in Russia was no longer sustainable in the current environment and that our intention was to transfer our business. BAT has now formally entered into an agreement to sell its Russian and Belarusian businesses in compliance with local and international laws. The buyer is a consortium led by members of BAT Russia's management team which, upon completion, will wholly own both businesses. Post completion, these businesses will be known as the ITMS Group. Throughout the transfer process one of our key priorities has been the interests of our colleagues in Russia and Belarus. As part of the agreement, their employment terms will remain comparable to their existing BAT terms for at least two years post-completion. We anticipate that the transaction will complete within the next month, once certain conditions have been satisfied. Upon completion, BAT will no longer have a presence in Russia or Belarus and will receive no financial gain from ongoing sales in these markets. BAT remains confident of delivering its Full Year guidance as set out at our Half Year results on 26 July 2023. Notes to Editors - BAT's operations in Russia include a head office in Moscow, 75 regional offices and a manufacturing facility in St. Petersburg. BAT also has an office in Belarus. - At 30 June 2023, on a constant currency basis, Russia and Belarus accounted for approximately 2.7% of Group revenue, and approximately 2.5% of Group adjusted profit from operations. ENDS Enquiries Media Centre +44 (0) 20 7845 2888 (24 hours) / @BATplc Investor Relations Victoria Buxton: +44 (0)20 7845 2012 Amy Chamberlain +44 (0)20 7845 1124 Jo

CAPITEC BANK HOLDINGS LIMITED - Changes to the Boards and Board Committees of Capitec and Capitec Bank

Release Date: Changes to the Boards and Board Committees of Capitec and Capitec Bank Capitec Bank Holdings Limited Registration number 1999/025903/06 Incorporated in the Republic of South Africa Registered bank controlling company Ordinary Share Code: CPI ISIN Number: ZAE000035861 Preference Share Code: CPIP ISIN Number: ZAE000083838 ("Capitec") Capitec Bank Limited Registration number 1980/003695/06 Incorporated in the Republic of South Africa Registered bank Company code: BICAP ("Capitec Bank") CHANGES TO THE BOARDS AND BOARD COMMITTEES OF CAPITEC AND CAPITEC BANK In accordance with paragraphs 3.59 and 6.39 of the JSE Limited Listings and Debt Listings Requirements, the boards of Capitec and Capitec Bank ("the Boards") are pleased to announce the appointments of Mses. Naidene Ford-Hoon and Nadya Bhettay to the Boards effective 07 September 2023. The appointments were made pursuant to the policy dealing with the nomination of directors of Capitec Bank. The appointments of Mses. Ford-Hoon and Bhettay as independent non-executive directors will strengthen independent oversight on the board and further deepen the boards' collective financial technical skill, insurance, and information technology and digital experience and expertise. Summary of Naidene Ford-Hoon's curriculum vitae: Naidene holds a BCom and B Compt Hons, and is a chartered account with over 25 years work experience, mainly in finance divisions as head of the finance functions, ensuring sound governance and accountability. She has extensive experience in the financial services sector. She has served as the Group CFO of the South African Reserve Bank ("SARB") and Alexander Forbes Group Holdings Limited, the Financial Director of AFGRI Financial Services (Pty) Ltd and has served on the board of Telkom SOC Limited. She currently serves on the Boards of SA Corporate Real Estate Limited, Independent Regulatory Board for Auditors ("IRBA") and Knysna Initiative for Learning and Teaching. Summary o

Ecuador's suspension of environmental consultations hits $2bn of investment -business leaders

QUITO - Ecuador's suspension of a decree enabling environmental consultations prior to the licensing of industrial and mining projects has paralyzed investments worth $2-billion, business associations said on Wednesday. The Andean nation's top court last month suspended the decree from outgoing conservative President Guillermo Lasso after Indigenous group CONAIE argued the processes favored development of mining projects over local communities. The decree issued in May allowed the consultations for communities in areas close to the industrial and extractive projects to be used to obtain environmental licenses, seeking to speed up permitting. "Today in Ecuador all industrial activities are shut down," said María Eulalia Silva , president of the Ecuadorean Chamber of Mining. "This means freezing $2-billion in investments for a series of projects." "As productive sectors we are asking the court to allow us to work," added Silva, who was accompanied by protesting miners and communities affected by the decision. The Constitutional Court did not immediately respond to requests for comment. At least 176 environmental consultation processes are currently suspended, including for projects such as mining, waste treatment plants and dams, among others, according to the environment ministry, which called the court's decision "unacceptable." Environmental consultations, backed by the government, have seen strong resistance in Ecuador's Andean region, where mining companies look to develop a variety of projects. The Chamber of Industries and Production (CIP) said the lack of environmental consultations prevents new investments. "This has made the country unattractive to foreign investors," Maria Paz Jervis , president of the CIP, said in a press release sent to Reuters. "Without a doubt one of the economic and productive consequences (...) is the paralysis of employment in formal companies."

Skills That Can Help Steer Any Business Through Stormy Waters

"There are 7 steps that can help steer any business through stormy waters, building resilience and a scalable business, says Pieter Scholtz, ActionCOACH Country Partner for South Africa and Botswana, and speaker at The Business Show taking place in Sandton, Johannesburg on the 6th and 7th September. Scholtz lists the steps as Building Resilience, Defining Your USP, Building TRUST, Scalability, Focusing on Cashflow, Your Business Building Blocks and Taking ACTION. "Burnout is very real in today's world, says Scholtz, "so resilience is top of the list. However, resilience is directly related to the mindset from which business owners operate. It is a matter of perspective and which worldview you apply in life and business. If, for example, you take one statement and decide to unpack it through different worldviews, you'll have three different take-outs. An example: ‘Globally 4.3% of all children die before they are 15 years old'. This can paint the picture of an awful world. However, if you dig a bit deeper and find that ‘in the past, 50% of children died versus today's average of 4.3%', then the world begins to feel much better. If you dig a bit deeper still and understand that ‘globally whilst 4.3% of all children may die', in the European Union it is a much lower 0.45% - then the world looks like a much better place. Other factors that affect resilience are hardiness, emotional insight, the ability to learn and reflect, applying different coping strategies, maintaining positive emotions, regulating negative emotions, nurturing relationships and health and fitness. "Once the first step has been confronted and worked on, then the rest begins almost seamlessly to follow, says Scholtz. "Cashflow is the lifeblood of every organization and always tells a story of growth or decline in the business over a period of time. Using a formula called "The Power of One which focuses on the 7 levers of cash flow and Profitability, business owners are able to extract compoundin

RCL FOODS Young Chefs & Bakers Challenge 2023 Semi-Finalists Announced

RCL FOODS, in partnership with SA Chefs Association (SA Chefs), is proud to unveil the exceptional young culinary talents who have earned their place in the regional semi-finals of the RCL FOODS Young Chefs & Young Bakers Challenge 2023. The competition is dedicated to cultivating the careers of the country's most promising culinary students. Selected from a pool of outstanding entries from across the nation, these semi-finalists represent the cream of the crop among South Africa's future culinary leaders, showcasing their outstanding skills and unwavering passion for the culinary arts. Their culinary journeys have now propelled them to the semi-final round, which will be held simultaneously on 14 September in Johannesburg, Durban, and Cape Town. The selected semi-finalists are as follows: Western Cape: - Luke King and James Ovendale (Silwood School of Cookery) - Catherine Sainsbury and Robert Zituta (Silwood School of Cookery) - Gillian Zenda and Tshepang Chauke (Chefs Training & Innovation Academy — CTIA) - Leo Brierley-Bekker and Finlay Lochtie (Silwood School of Cookery) - Samuel Dovey and Andrea du Plessis (Silwood School of Cookery) - Liam Francis Ellis and Aviwe Matsha (Capsicum Culinary Studio Nelson Mandela Bay) - Patience Muzungu and Vimbainashe Mazhindu (International Hotel School) - Wade Pheko and Tamia Pienaar (West Coast College — Hospitality School) - Natascha Jones and Anzio Jones (Capsicum Culinary Studio) - Mushfiq Karriem and Bernice Kefuoe Bitsoane (Capsicum Culinary Studio) Gauteng: - Natalie Carstens and Xolisile Mahlungu (HTA School of Culinary Art) - Travis Hilton Elske and Milan Taylor Jacobs (Prue Leith Culinary Institute) - Hlobisa Mkhize and Kamogelo Papo (Capsicum Culinary Studio Rosebank) - Makgobokele Nchabeleng and Thato Amese (Chefs Training & Innovation Academy — CTIA) - Marco Fourie and Sade Zietsman (Chefs Training & Innovation Academy — CTIA) - Nqobile Ntando Simelane and Cheryl Manana Ncube (Johannesburg Culinary & Pastry Scho

CAPITEC BANK HOLDINGS LIMITED — Changes to the Boards and Board Committees of Capitec and Capitec Bank

7 September 2023 Changes to the Boards and Board Committees of Capitec and Capitec Bank Capitec Bank Holdings Limited Registration number 1999/025903/06 Incorporated in the Republic of South Africa Registered bank controlling company Ordinary Share Code: CPI ISIN Number: ZAE000035861 Preference Share Code: CPIP ISIN Number: ZAE000083838 (‘Capitec') Capitec Bank Limited Registration number 1980/003695/06 Incorporated in the Republic of South Africa Registered bank Company code: BICAP ("Capitec Bank") CHANGES TO THE BOARDS AND BOARD COMMITTEES OF CAPITEC AND CAPITEC BANK In accordance with paragraphs 3.59 and 6.39 of the JSE Limited Listings and Debt Listings Requirements, the boards of Capitec and Capitec Bank ("the Boards") are pleased to announce the appointments of Mses. Naidene Ford-Hoon and Nadya Bhettay to the Boards effective 07 September 2023. The appointments were made pursuant to the policy dealing with the nomination of directors of Capitec Bank. The appointments of Mses. Ford-Hoon and Bhettay as independent non-executive directors will strengthen independent oversight on the board and further deepen the boards' collective financial technical skill, insurance, and information technology and digital experience and expertise. Summary of Naidene Ford-Hoon's curriculum vitae: Naidene holds a BCom and B Compt Hons, and is a chartered account with over 25 years work experience, mainly in finance divisions as head of the finance functions, ensuring sound governance and accountability. She has extensive experience in the financial services sector. She has served as the Group CFO of the South African Reserve Bank ("SARB") and Alexander Forbes Group Holdings Limited, the Financial Director of AFGRI Financial Services (Pty) Ltd and has served on the board of Telkom SOC Limited. She currently serves on the Boards of SA Corporate Real Estate Limited, Independent Regulatory Board for Auditors ("IRBA") and Knysna Initiative for Learning and Teaching. Summ

BRITISH AMERICAN TOBACCO PLC - Russia business update agreement signed

Release Date: Code(s): BTI PDF: Russia business update — agreement signed British American Tobacco p.l.c. Incorporated in England and Wales (Registration number: 03407696) Short name: BATS Share code: BTI ISIN number: GB0002875804 British American Tobacco p.l.c. 7 September 2023 Russia business update — agreement signed In March 2022 BAT announced that the ownership of our business in Russia was no longer sustainable in the current environment and that our intention was to transfer our business. BAT has now formally entered into an agreement to sell its Russian and Belarusian businesses in compliance with local and international laws. The buyer is a consortium led by members of BAT Russia's management team which, upon completion, will wholly own both businesses. Post completion, these businesses will be known as the ITMS Group. Throughout the transfer process one of our key priorities has been the interests of our colleagues in Russia and Belarus. As part of the agreement, their employment terms will remain comparable to their existing BAT terms for at least two years post-completion. We anticipate that the transaction will complete within the next month, once certain conditions have been satisfied. Upon completion, BAT will no longer have a presence in Russia or Belarus and will receive no financial gain from ongoing sales in these markets. BAT remains confident of delivering its Full Year guidance as set out at our Half Year results on 26 July 2023. Notes to Editors - BAT's operations in Russia include a head office in Moscow, 75 regional offices and a manufacturing facility in St. Petersburg. BAT also has an office in Belarus. - At 30 June 2023, on a constant currency basis, Russia and Belarus accounted for approximately 2.7% of Group revenue, and approximately 2.5% of Group adjusted profit from operations. ENDS Enquiries Media Centre +44 (0) 20 7845 2888 (24 hours) / @BATplc Investor Relations Victoria Buxton: +44 (0)20 7845 2012 Amy Chamberlain +44

SANLAM LIMITED - Interim results for the six months ended 30 June 2023

Release Date: Interim results for the six months ended 30 June 2023 Sanlam Limited Incorporated in the Republic of South Africa (Registration number 1959/001562/06) ("Sanlam", "Sanlam Group" or "the group") JSE Share code: SLM A2X share code: SLM NSX share code: SLA ISIN: ZAE000070660 Sanlam Life Insurance Limited (Incorporated in the Republic of South Africa) (Registration No. 1998/021121/06) Bond Issuer Code: BISLI LEI: 378900E10332DF012A23 ("Sanlam Life") Interim results for the six months ended 30 June 2023: Sanlam achieves strong operating performance in the first half of 2023 Key performance indicators For the six months ended 30 June Unit 2023 2022 % change Earnings Restated Shareholders' fund information Net result from financial services(1) R million 6 177 4 895 26% Cash net results from financial services(2) R million 6 256 4 828 30% Net operational earnings R million 7 486 4 557 64% Headline earnings R million 6 902 3 185 117% Weighted average number of shares million 2 068 2 076 Adjusted weighted number of shares million 2 204 2 209 Net result from financial services per share cents 280 222 26% Net operational earnings per share cents 340 206 65% Headline earnings per share cents 339 156 118% Diluted headline earnings per share cents 334 154 117% International Financial Reporting Standards (IFRS) information Basic profit attributable to shareholders' fund per share cents 389 250 56% Diluted profit attributable to shareholders' fund per share cents 383 246 55% Business volumes Total new business volumes R million 190 793 159 887 19% Total net client cash flows R million 11 357 37 074 (69%) Life insurance New business volumes (PVNBP)(3) R million 44 751 43 032 4% Value of new covered business R million 1 265 1 076 18% New covered business margin % 2.83% 2.50% New covered business margin (CEB) (4) % 2.91% 2.50% Life insurance net client cash flows R million 7 465 13 762 (46%) General insurance New business volumes R million 24 039 21 76

If your business is not online, you are not marketing

The way businesses have advertised has evidently changed from artwork being drawn on shop windows to introducing pamphlets and digital marketing. As technology and the media landscape evolved, the way businesses prioritised their visibility and marketing has evolved. One such company is at the forefront of changing how businesses and individuals market themselves on the digital side of things. Digital Platforms is a strategic software solutions development company that thrive on creativity, long-lasting relationships, and innovation across South Africa. According to the Sales Manager, Mitzi Noome, although the business celebrates their 18th birthday this year, social media became a point of focus six years ago. They have since worked with brands like MTN, Vodacom, Build It Free State and some brands in the Agriculture Sector, to name a few. "Facebook was the next best thing to get your brand out there a couple of years ago and with time and evolution, Google AdWords has become even more important. Facebook started off the way you would reach out to your clients, get your brand out there to get new clients, and get your products out there, explained Noome. Since then it has become more personal, where businesses handle their own accounts and the platform has a more "call to action and "brand awareness approach. This is where Digital Platforms steps in. "If you don't have a website you're pretty much losing out to your competition because your competition probably has a website. So, what we do is we focus a lot on Google, and we specialise in Google AdWords, Noome elaborated. She added that whatever your message is, they are able to help you come up with a message. "Google takes keywords out of your content to rank you. So if you don't have your content written up correctly with the correct keywords, you're not going to be organically ranked by Google. Then you're going to end up spending even more money on Google AdWords to get your website ranked, whereas if your content is correct, you do

XRP Used for International Remittances in Key Asian Markets

Coin Edition - Japanese financial giant SBI Holdings has adopted XRP for cost-effective cross-border remittances. Through its subsidiary, SBI Remit, users can now send money to bank accounts in the Philippines, Vietnam, and Indonesia with the help of XRP. The announcement hasn't affected the price of XRP positively. Major Japanese financial services company SBI Holdings is embracing XRP for international remittances between Japan and key Asian markets through its subsidiary SBI Remit. Starting this month, SBI Remit will use the crypto asset XRP to facilitate low-cost settlements for remittances to bank accounts in the Philippines, Vietnam, and Indonesia. The service works by first sending an equivalent value in XRP when a remittance is initiated. Once received, the XRP is converted into local currency for bank account deposits. Parts from the statement released by SBI read: "By leveraging XRP as a bridge currency, SBI Remit is able to diminish the cost of pre-funding destination accounts. In addition, this has excellent scalability as money can be easily transferred to Ripple's partners around the world. SBI Holdings has been bullish on utilizing XRP more broadly for cross-border payments through partnerships with . This latest expansion into remittance corridors with high bank account usage represents a major milestone. The firm believes XRP is primed for mass adoption in remittance due to its speed, cost, and liquidity advantages over traditional rails. By tapping into major remittance destinations, SBI can showcase these benefits to boost crypto utility. However, it remains unclear when additional countries may be added. For now, the launch centers on advancing real-world XRP usage in key Asian markets. While this is a positive development for XRP, the regulatory landscape remains uncertain. Questions around XRP's security status continue to cause hesitation among major US financial institutions. However, if successful, SBI's initiative could compel others to re-evaluate XRP's capabilit

BlackRock voted against Glencore's climate progress report

LONDON - Major Glencore shareholder BlackRock was among investors to reject the mining giant's climate progress report at its annual meeting inMay, citing inconsistencies, a voting disclosure page on the asset manager's website shows. BlackRock's entities, which collectively own more than 6% of Glencore's stock, according to LSEG data, boosted dissident shareholders and helped the total votes in opposition to the company's climate plan pass 30% for the first time. Noting that while Glencore has improved climate-related risks and opportunities disclosures, "BIS is concerned that aspects of the report and recent developments have pointed to inconsistencies in the company's stated strategy," it said in a report published to clients on August 23. BlackRock allows many clients to cast their own votes at companies' annual general meetings. It declined to comment further on the disclosure. The page also showed BlackRock did not back a shareholder resolution seeking more disclosure on progress in scaling back thermal coal production, which got 29% support, without saying why. Glencore mines and trades thermal coal, used to generate electricity, and has said it plans to run down its mines by the mid-2040s, closing at least 12 by 2035. Many of the world's biggest listed companies published their first climate action plans in 2020 to cut emissions in a bid to help with reaching the 2015 Paris Agreement goal of capping temperatures within 1.5 degrees Celsius. But BlackRock in August reported a further decline in its support for shareholder resolutions on environmental and social themes, citing corporate progress on the areas and poorly crafted measures. With $9.4 trillion under management, BlackRock's votes have become key to many contests at companies around the globe and in turn drawn much scrutiny of its practices.

ROB ROSE: When big ego meets big law

If you're looking for a crushing indictment of South Africa's notion of "access to justice", the tens of millions which Peter Moyo is estimated to have blown on his bitter four-year crusade against the company he formerly headed, Old Mutual, is an eloquent example.In that time, lawyers at the glass-fronted law firms sprinkled liberally around Sandton would have been holding thumbs that Moyo would call, and their billings ship would finally have come in.When Moyo first rejoined Old Mutual in June 2017, after a glittering career (a former partner at EY, he was at the helm at Alexforbes, chaired Vodacom, and was a director at Nedbank) there was no sense that it would go so spectacularly awry.Then in May 2019, Old Mutual's board, chaired by former finance minister Trevor Manuel, suspended Moyo for a "material breakdown in trust" over dividends paid to his private company which, it claimed, were a "conflict of interest".The battle then kicked off. Two months later, the high court temporarily reinstated Moyo, but in January 2020, the Supreme Court of Appeal (SCA) found that Old Mutual had "acted lawfully in terminating" his contract. Moyo tried to appeal to every court around, tacking on a damages claim of R250m (including R20m for "insults" he endured), and tried to have all the directors, including Manuel, declared "delinquent".Finally, last Thursday, nine Constitutional Court judges ended Moyo's legal challenge. The judges rejected his application for leave to appeal, saying the case "does not engage its jurisdiction". Speaking to the FM this week, Manuel described this as an "unbelievably difficult saga" that was ultimately "driven by lawyers, not the law". In other words, it should never have got this far, never have travelled through the SCA, and never landed up at the Constitutional Court."Every time, there'd be yet another attempt, and the question that I confronted everyone with, before the Constitutional Court [case] was, why would it even appear to be within the realm of responsibilit

Pick n Pay founder Raymond Ackerman dies

Pick n Pay founder and retail visionary Raymond Ackerman has died at the age of 92. He is survived by his wife, children, 12 grandchildren, and four great-grandchildren. Raymond Ackerman founded Pick n Pay in 1967, along with Wendy, after buying four stores in Cape Town. From the outset, he lived by the core values that the customer is queen, that we must treat others as we would wish to be treated, and that doing good is good business. These values have guided the business for over 56 years, and today the Pick n Pay Group serves millions of customers in more than 2,000 stores across South Africa and Africa. His business philosophy was underpinned by the "four legs of the table" — Administration, Social responsibility and Marketing, People, and Merchandise. He came from a retailing family, with his father having founded Ackermans after World War 1. From the beginning, Ackerman was dedicated to giving customers the best possible products, the best possible value, and the best possible service in his stores. He would stop and ask customers walking home with shopping bags from rival stores why they had not shopped at Pick n Pay. In 1986, Pick n Pay mounted a successful court challenge against the government's prohibition of a petrol coupon scheme, giving customers grocery discount coupons with petrol purchases. Pick n Pay fought over 26 rounds with the government on petrol price cutting and lost each time. However, Raymond Ackerman was about much more than shopping. He was a compassionate employer and a committed philanthropist. He became a prominent champion of equal opportunity policies and merit-based salaries and wages and was increasingly critical of the government's homeland policy. In 1989, Raymond Ackerman and a group of businessmen met newly appointed President FW de Klerk in Pick n Pay's Cape Town office. The group told De Klerk that Nelson Mandela should be released as soon as possible and that apartheid legislation should be scrapped. Ackerman met Nelson Mandela numerous times a

What does it take to navigate business challenges as an SME?

Industry experts at the recent Business Day and Nedbank dialogue said sacrifice, quick decision-making, tenacity and mentorship are key factors Sponsored Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers. As an entrepreneur, surviving a crisis requires a strong support system and certain qualities that aren't always top of mind when starting a business. This is especially true for small and medium enterprises (SMEs). Entrepreneurs at the recent Business Day SME Matters Dialogue, in association with Nedbank, present a good case study of what it takes for SMEs to navigate a challenging environment. Like many small businesses, they were caught in the throes of the Covid-19 pandemic and sailed the choppy waters of uncertainty that took down about 40% of businesses in SA. Raghmah Solomon, the founder of Vortex Design Solutions, shared how her interior design and architectural company was hit by the downturn in the building and construction industry. But not only did she have to grapple with keeping her business afloat, but she had to do so while sick and recovering from the deadly virus. "My biggest wake-up call was when my husband and I fell ill. We were in the first wave of Covid-19, says Solomon. She asked herself: "What is going to happen to my business? Who is going to look after everyone? Who is going to call the clients? Three weeks is a long time when you are the butcher, baker and candlestick maker. Being sick and alone meant no-one was ensuring that all the tasks and communication necessary to keep the business running, were being done. Solomon says the experience helped her reflect on what she was and wasn't doing well in the business. She made a commitment that if she came out of her sick bed, she would listen more to her clients to understand what they needed. Greg Walsh, CEO of G&G Productions, an events company based in Cape Town, said the sector was knocked t

Mega clothing and textile distribution centre in Cape Town set to be completed in November

Cape Town - The City of Cape Town's economic growth department is celebrating the near completion of a clothing and textile distribution centre for Truworths International Limited — the largest in the Western Cape. Economic growth Mayco member James Vos announced the news on Tuesday after visiting the site at King Air Industria near Cape Town International Airport. He said the economic project showcased the City's progressiveness in terms of pushing for the establishment and migration of lucrative developments in Cape Town. "Our mission to make the metro the easiest place in Africa to do business is paying off. In fact, according to a recent FNB report on commercial property owners' motivations for development in a particular region, one of the most commonly cited reasons to relocate was the provision of reliable services," Vos said. The international distribution centre is a joint venture between King Air Industria and Truworths and is expected to be completed in November. King Air Industria is the development company of the industrial park, a joint venture between Atterbury Property and Old Mutual Property, according to the City. The facility will include a warehouse of 50 000m² and an office of 3 000m², totalling 53 000m², the equivalent of five-and-a-half rugby fields. About 750 tons of steel were used in the construction, equal to the weight of 125 African elephants. Atterbury Property Western Cape Developments head Gerrit van den Berg said: "We are very grateful for the support that we are receiving from the City of Cape Town. Our investment in King Air Industria and Truworths shows our commitment to contribute to the economy of this beautiful, well-run City." Vos said Cape Town was the ideal location for the distribution centre, as the metro was the historic home of the clothing and textile industry. "In 2023, retailers projected to have sourced 368 million garments from the South African industry, supporting over 60 000 formal manufacturing jobs. Through the City's part

NINETY ONE PLC — Dealing in securities

7 September 2023 R39.95 Dealing in securities Ninety One Limited Ninety One plc Incorporated in the Republic of South Africa Incorporated in England and Wales Registration number 2019/526481/06 Registration number 12245293 JSE share code: NY1 LSE share code: N91 ISIN: ZAE000282356 JSE share code: N91 ISIN: GB00BJHPLV88 Notification of transactions by relevant Directors, Persons Discharging Managerial Responsibilities and persons closely associated with them, prescribed officers, company secretaries and associates. As part of the dual listed company structure, Ninety One plc and Ninety One Limited (together ‘Ninety One') notify both the London and Johannesburg Stock Exchanges of those interests (and changes to those interests) of (i) directors of both entities and the respective company secretaries and such persons' respective associates and persons closely associated with them, (ii) prescribed officers and persons discharging managerial responsibilities (‘PDMRs') and such persons' respective associates and persons closely associated with them, and (iii) in certain instances the directors and company secretaries of major subsidiaries of Ninety One and such persons' respective associates, in the securities of Ninety One plc and Ninety One Limited which are required to be disclosed under Article 19(1) of the Market Abuse Exit Regulations 2019 ("UK MAR"), the Listing Rules, and the Disclosure Guidance and Transparency Rules of the FCA and/or the JSE Listings Requirements. Clearance was obtained for the below dealing in securities. 1 Details of the person discharging managerial responsibilities / person closely associated / associate a) Legal person Forty Two Point Two 2 Reason for the notification a) Position/status In terms of UK MAR, the Listing Rules, and the Disclosure Guidance and Transparency Rules of the FCA, this notification concerns a person closely associated with Hendrik du Toit and Kim McFarland, each of whom is a Director of Ninety One plc (i.e. a PDMR)

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President Ramaphosa to attend G20 Summit

Thursday, September 7, 2023 President Cyril Ramaphosa is expected to embark on a working visit to India to attend the G20 Leaders' Summit this weekend."President Ramaphosa will during the summit participate in the G20 Working Sessions themed One Earth, One Family and One Future. The President will also on the margins of the G20 have bilateral meetings with Heads of State and Government to strengthen South Africa's diplomatic, economic and cultural ties. "South Africa is a member of the G20 and its participation seeks to provide a strategic foresight in establishing an economic and international policy platform that will drive and negotiate the best possible outcomes for the country, Africa and the developing world. South Africa will assume the G20 Presidency in 2025," the Presidency said in a statement. The theme for this year's summit, held under the Presidency of India, is "One Earth, One Family, One Future". "The New Delhi Summit will focus on the key pillars of the Indian G20 Presidency, namely; Accelerated, Inclusive Sustainable and Resilient Growth; Accelerating Progress on Sustainable Development Goals (SDGs); Mainstreaming Lifestyle for Environment (LiFE); Multilateral Institutions for the 21st Century; Technological Transformation and Public Infrastructure; Building Digital Public Infrastructure; Safeguarding International Peace and Harmony; Creating a More Inclusive World, Gender Equality and Empowerment of Women and; Creating a More Inclusive World. "The Group of Twenty (G20) is the premier forum for international economic cooperation. It plays an important role in shaping and strengthening global architecture and governance on all major international economic issues. "The G20 initially focused largely on broad macroeconomic issues, but it has since expanded its agenda to include trade, sustainable development, health, agriculture, energy, environment, climate change, and anti-corruption," the Presidency said. Department of International Relations and Cooperation Minister Dr Nal

Going once, going twice, conned! Here's how to avoid car auction scams and drive a hard bargain

Here's the lowdown on the vehicle auction industry via the process of getting new wheels in this way. It can be risky if potential buyers are not well informed. Fans of Marvel Comics superheroes have a multiverse in which there are various iterations of their favourite characters, and fans of non-fungible tokens are said to be building a digital world known as the metaverse. But South Africans are forced to contend with something far less exciting: a scammerverse with a seemingly never-ending parade of con men who would win gold medals in all the categories at the Scammer Olympics, if such a thing existed. The ways for us to get scammed evolve every day, and because we need to constantly be on our toes to stay safe, I decided to go through the process of buying a car at an auction to learn about the scams and hopefully provide the kind of information that would help mitigate the inherent risks of buying a vehicle in this way. On the subject of scams When I sat down to interview the team at the WesBank Auction Centre in Midrand, one of the first things they wanted to talk about was the auction scams. "Facebook Marketplace is where a lot of the scams come from," said WesBank asset remarketing sales manager Lee Jackson. "The scammers actually come to our auction centre and take pics of the cars with the WesBank banners in the background and they pretend to be WesBank employees on Facebook." We have had victims of these scams paying R50,000 to someone to hold a car for them and then they come to our office to collect their vehicle and we have to tell them they've been scammed. The scammers then post these pictures on Facebook in an attempt to sell the cars at ridiculously low prices. When someone is interested in a vehicle, they send a deposit request to "hold the car". This will be done on a WesBank letterhead to make the scam look believable. When people pay the deposit amount, the scammer tells them to go to the auction centre to pick up their car. "We have had victims of these scams payi

What's really happening at Blue Label as shares sink

JSE-listed Blue Label Telecoms seems like a great business on paper. So, why have investors dumped its shares? JSE-listed Blue Label Telecoms seems like a great business on paper: it has few infrastructure costs and is the leading supplier in South Africa of prepaid airtime, prepaid electricity, gaming and content services to the public. The company partners with retailers, credit providers, cellular dealers and large corporate customers to offer a complete virtual mobile retail solution. Its digital sales component includes a variety of transaction channels and payment mechanisms, increasing customer reach and allowing it to move beyond physical stores to receive payments from traditional and emerging payment methods. So, why are its shares in the toilet, having collapsed even further in the past week following publication of its full-year results, which, according to analysts polled by TechCentral, were reasonably good given the economic environment in which the company is operating? Blue Label , founded by brothers Brett and Mark Levy in 2001, listed on the JSE six years later and over the next decade grew quickly, with its market cap exceeding R19-billion in 2016. At one point, it even counted US software giant Microsoft among its shareholders. In August 2017, it signed its biggest deal yet — the acquisition of 45% of Cell C for R5.5-billlion in a large recapitalisation and turnaround plan. The extent of Blue Label's financial support is known. But what is the future burden on Blue if Cell C continues to lose money, and will there come a time when the company is no longer willing to carry that burden? Many market players seem to think it's already beyond that point, given that the shares are trading at a massive discount to the value of Blue Label's operations. ‘Pretty good' results Global equity analyst at Flagship Asset Management Philip Short told TechCentral: "I thought the results were pretty good, with gross profit up 19% and underlying earnings per share up 9%. Especially

Canvas Aesthetics Wellness Centre Turns 7!

"Your life is your canvas - reflect a timeless piece of art!" People around the world are becoming increasingly aware of how precious, fragile and short life is. One only needs to look at the rising number of chronic diseases, sleeping problems, rising obesity, heightened stress levels, low self-esteem, lack of confidence, self-love and sense of purpose, to name but a few. The medical aesthetics and integrated health and wellness industry is rapidly growing as people are actively seeking solutions to live a more balanced and fulfilled life. Canvas Aesthetics is a wellness centre that offers a large range of non-invasive and minimally invasive treatments for men and women. We are passionate about making a difference in people's lives and offer integrated solutions for Skin, Body and Mind through our state-of-the-art treatments/solutions and collaboration with like-minded health and wellness professionals in a safe and welcoming environment. Our aim is to work together collectively to move the holistic wellness barometer for all. Our services include Skin Care Specialists and Cosmetologists, Non-Invasive Aesthetics Treatments (Face & Body), Aesthetics Doctor, Registered Dietitian and DNA Practitioner, Life Coach, Lash and Permanent Makeup Technician and alternative treatments such as Ozone and Presso therapy. COME CELEBRATE WITH US! Canvas Aesthetics was established in Benoni on 5 September 2016, and we are proudly celebrating our 7 birthday. We will be showcasing our services and brands in a fun, interactive and educational manner so that you can discover how we can help you be a healthy version of yourself. JOIN THE PARTY! When? 16 September Time? 09:00 to 13:00 Where? Canvas Aesthetics Wellness Centre, No 7 5 Avenue, Northmead Why? Free access Interactive, informative and fun day Products will be available on sale Treatment packages will be sold at a discount AND … R70 000 in PRIZES, PRIZES and more PRIZES up for grabs! Some of the demos and activities happening on the day:

Mega clothing and textile distribution centre in Cape Town set to be completed in November

Cape Town - The City of Cape Town's economic growth department is celebrating the near completion of a clothing and textile distribution centre for Truworths International Limited — the largest in the Western Cape. Economic growth Mayco member James Vos announced the news on Tuesday after visiting the site at King Air Industria near Cape Town International Airport. He said the economic project showcased the City's progressiveness in terms of pushing for the establishment and migration of lucrative developments in Cape Town. "Our mission to make the metro the easiest place in Africa to do business is paying off. In fact, according to a recent FNB report on commercial property owners' motivations for development in a particular region, one of the most commonly cited reasons to relocate was the provision of reliable services," Vos said. The international distribution centre is a joint venture between King Air Industria and Truworths and is expected to be completed in November. King Air Industria is the development company of the industrial park, a joint venture between Atterbury Property and Old Mutual Property, according to the City. The facility will include a warehouse of 50 000m² and an office of 3 000m², totalling 53 000m², the equivalent of five-and-a-half rugby fields. About 750 tons of steel were used in the construction, equal to the weight of 125 African elephants. Atterbury Property Western Cape Developments head Gerrit van den Berg said: "We are very grateful for the support that we are receiving from the City of Cape Town. Our investment in King Air Industria and Truworths shows our commitment to contribute to the economy of this beautiful, well-run City." Vos said Cape Town was the ideal location for the distribution centre, as the metro was the historic home of the clothing and textile industry. "In 2023, retailers projected to have sourced 368 million garments from the South African industry, supporting over 60 000 formal manufacturing jobs. Through the City's part

Platinum, rail, clean energy make headlines

This week, Mining Weekly Editor Martin Creamer discusses the World Platinum Investment Council's forecast of the biggest platinum deficit on recordand significantly low above-ground stocks; African Rainbow Minerals executive chairperson Dr Patrice Motsepe stressing that the partnership between the mining industry and Transnet needs to produce results; and African Rainbow Minerals group taking steps to generate its own clean electricity. To watch Creamer Media's latest video reports, click here

Mega clothing and textile distribution centre in Cape Town set to be completed in November

Cape Town - The City of Cape Town's economic growth department is celebrating the near completion of a clothing and textile distribution centre for Truworths International Limited — the largest in the Western Cape. Economic growth Mayco member James Vos announced the news on Tuesday after visiting the site at King Air Industria near Cape Town International Airport. He said the economic project showcased the City's progressiveness in terms of pushing for the establishment and migration of lucrative developments in Cape Town. "Our mission to make the metro the easiest place in Africa to do business is paying off. In fact, according to a recent FNB report on commercial property owners' motivations for development in a particular region, one of the most commonly cited reasons to relocate was the provision of reliable services," Vos said. The international distribution centre is a joint venture between King Air Industria and Truworths and is expected to be completed in November. King Air Industria is the development company of the industrial park, a joint venture between Atterbury Property and Old Mutual Property, according to the City. The facility will include a warehouse of 50 000m² and an office of 3 000m², totalling 53 000m², the equivalent of five-and-a-half rugby fields. About 750 tons of steel were used in the construction, equal to the weight of 125 African elephants. Atterbury Property Western Cape Developments head Gerrit van den Berg said: "We are very grateful for the support that we are receiving from the City of Cape Town. Our investment in King Air Industria and Truworths shows our commitment to contribute to the economy of this beautiful, well-run City." Vos said Cape Town was the ideal location for the distribution centre, as the metro was the historic home of the clothing and textile industry. "In 2023, retailers projected to have sourced 368 million garments from the South African industry, supporting over 60 000 formal manufacturing jobs. Through the City's part

South African mines get a faster route to Mozambique port

South Africa's mining companies, losing out on billions of dollars in sales due to logistics bottlenecks, could soon have a quicker route to ports in neighboring Mozambique. The Logistics Co (TLC), indirectly owned by Old Mutual's African Infrastructure Investment Managers, plans to open a trucks-only crossing at Komatipoort, just north of South Africa's main Lebombo entry point into Mozambique. The project involves upgrading an existing service road along a railway line, and building a truck staging facility that will have customs and immigration offices on the outskirts of the town of Komatipoort, according to Hennie Jooste , head of operations at TLC. The company, which already operates a rail terminal on the Mozambican side of the border, could process as many as 500 trucks daily at the planned new crossing, Jooste said by phone. That may reduce pressure on the existing border post that can see 1,800 trucks arrive daily, forming queues that sometimes stretch for 30 kilometers (19 miles), he said. The company's main priority is to accommodate the 200 to 250 trucks TLC operates carrying magnetite, a type of iron ore, into Mozambique. The lorries will offload at the rail terminal, and then return empty through the existing border. The minerals will then travel by train to ports in Maputo Bay. South African producers of magnetite, chrome and coal have increasingly used the N4 highway through the Lebombo border to ship their minerals from the ports of Maputo and Matola as their own country's rail and port infrastructure have floundered. At the same time, Mozambique has been increasing its port and rail capacity. TLC plans to start construction around mid-October on the project, and complete it by May. It will cost about R50-million ($2.6 million) to build, Jooste said.

Business Unity South Africa (BUSA) Mourns the Passing of Retail Visionary, Raymond Ackerman

Business Unity South Africa (BUSA) notes with sadness the loss of one of South Africa's most iconic business figures, Mr. Raymond Ackerman. His remarkable legacy and resolute commitment to championing consumer rights, promoting inclusivity, and fostering an entrepreneurial spirit set a benchmark at that time. Throughout his life, Mr. Ackerman was a retail pioneer who challenged the inclusion of VAT on essential food items and reducing the cost of daily essentials, thus positioning himself as a true advocate for the South African consumer. His philanthropic endeavours speak volumes about his dedication to empowerment and upliftment. The Ackerman Family Trust's commendable support of education has resulted in the graduation of hundreds from diverse professional backgrounds, reaffirming his belief in the transformative power of education. Mr. Ackerman's remarkable journey in the South African business sector has left an indelible mark. His visionary leadership, unwavering commitment to ethical business practices, and loyal belief in the power of unity to drive South Africa forward have inspired countless individuals, both within and outside the business sector. BUSA CEO, Cas Coovadia said, "The loss of Mr. Ackerman is profoundly felt across the length and breadth of South Africa. His legacy is one of resilience, integrity, and dedication. Raymond Ackerman was a trailblazer in the truest sense. "We aim to honour him by continuing to drive business growth, unity, and prosperity in our beloved nation." BUSA extends its heartfelt condolences to the Ackerman family and to everyone whose life was touched by this remarkable man. We have lost a titan, but his legacy will continue to inspire and guide us for generations to come. Issued by Business Unity SA CEO Cas Coovadia Comment Guidelines

Winemaker's Dinner at The Jordan Restaurant with Marthinus Ferreira & Kaapzicht Wines

The Jordan Restaurant, under the expert management of renowned Chef Marthinus Ferreira, is your gateway to an evening of award-winning wines and delectable cuisine. Prepare to be swept off your feet as you embark on a gastronomic adventure like no other. The evening promises more than just a meal; it's an immersive experience. As you step into the elegant ambiance of The Jordan Restaurant, you'll be greeted by the tantalizing aromas wafting from the kitchen and the warm embrace of fellow wine and food enthusiasts. Meet the Maestro: Marthinus Ferreira With the changing of the guard, The Jordan Restaurant has entered an exciting new era under the guidance of Chef Marthinus Ferreira. A luminary in South Africa's culinary landscape, Marthinus brings his unique blend of gastronomy, inspired by childhood memories and international influences. Having honed his craft alongside culinary giants like Chef Gordon Ramsay and Chef Heston Blumenthal, Marthinus Ferreira is set to elevate The Jordan Restaurant's reputation to even greater heights. The Perfect Pairing The Winemaker's Dinner promises to be a showcase of culinary excellence and exceptional wine pairings. Danie, the host for the evening, will regale you with stories about the estate, the wines, and the intricate winemaking techniques that make Jordan Wines stand out in the region. As each course is expertly paired with Kaapzicht Wines, you'll discover the magic that happens when food and wine come together in perfect harmony.

Merafe, Glencore add another PGM plant to joint venture operations

JSE-listed chrome miner Merafe Resources says it will further improve and expand the Eastern Platinum Group Metal Plant it owns in joint venture (JV) with Glencore South Africa. The companies initially worked on a joint Western PGM Plant at the Kroondal mine, in the Bushveld Complex, which has been successful and profitable, resulting in the JV parties wishing to replicate the strategy on the eastern chrome mine operations. The Eastern PGM Plant's main purpose will be the treatment of PGM-bearing material relevant to the eastern chrome mine operations and it will, similar to the Western PGM Plant, be governed by the existing notarial pooling and sharing agreement between Merafe and Glencore. The total capital and costs relating to the expansion and improvement of the eastern plant attributable to Merafe is expected to be R117-million.

The Role of Virtual Numbers in Enhancing Your Business Presence

VoIP allows businesses to communicate seamlessly and cost-effectively. However, to take full advantage of VoIP, you need a virtual number, also known as an online phone number. In this article, we will explore the pivotal role of virtual numbers in enhancing your business presence, with a focus on this https://hottelecom.biz/ exceptional services. The Significance of Virtual Numbers for Businesses Virtual numbers, or online phone numbers, are not tied to a specific physical location. They operate by routing calls over the internet, offering remarkable flexibility and adaptability. Here’s why virtual numbers are indispensable for businesses: Establish a Local Presence Anywhere When you use virtual numbers, you gain access to a global marketplace. You can select virtual numbers from various countries, enabling you to establish a local presence even if your physical location is elsewhere. This is invaluable for businesses looking to expand their reach internationally. Enhance Privacy and Security Virtual numbers provide an added layer of privacy. By using a virtual number for public communication, you can keep your personal or business number confidential. This not only safeguards your privacy but also reduces the risk of unsolicited calls or spam. Cost-Efficiency Traditional phone services can be costly, especially for international calls. VoIP technology, combined with virtual numbers, offers significant cost savings. You can make international calls at a fraction of the cost of traditional phone services, making it a cost-effective choice for businesses of all sizes. Flexibility and Scalability Virtual numbers are highly flexible. You can effortlessly manage your virtual number settings, such as call forwarding and routing, through an online dashboard. As your business grows and evolves, you can easily scale your virtual number plan up or down to meet your evolving needs. Enhancing Customer Experience Virtual numbers also play a significant role in enhancing the customer experien

Exploring the Melodious Struggle of Souls and Consciousness: A captivating solo exhibition by Nigerian artist Raji Bamidele

August 29, Tuesday — Raji Bamidele, the Nigerian artist and 2019 Absa L'Atelier Ambassador, recently presented a solo exhibition titled "The Melodious Struggle of Souls and Consciousness" at the Absa Gallery. This exhibition immerses viewers in the profound depths of human existence. Bamidele's exhibition explores the complicated interplay between the human soul, awareness, and spirit via an enthralling variety of artworks, providing a challenging look at life's intricacies. Bamidele is inspired by the Yoruba culture and way of life for this exhibition. The Yoruba ethnic group, mostly found in Nigeria, Benin, and Togo, holds that the soul, awareness, and spirit are closely intertwined aspects of the human experience. The idea that the soul embodies the intellect, which reflects the heart, and the heart extends the soul and spirit is captured in Bamidele's artwork. The foundation for a deeper understanding of oneself and the world is found in this connectivity. Nigerian-born Raji Bamidele is a diverse self-taught artist. Despite his love of the arts, he felt compelled to conceal his aptitude throughout his years in primary school because art was thought of as a more frivolous endeavor than the other topics taught there. It required a lot of work to persuade his family to embrace his chosen path and passion for painting, as he spent a large amount of time polishing his skills at his Lagos-based studio. He eventually went on to attend secondary school in Lagos, Nigeria, the country's cultural and artistic center. Bamidele has received multiple honors for his multi-disciplinary style, including the 2015 Life in My City Art Festival (LIMCAF) Lagos Prize and the title of Best (Lagos Entry) Overall Artist. As part of the LIMCAF 2017, he also received the French Embassy Young Talents Award (Y.T.A. ), Prix de la Jeune Creation de L'Ambassade de France, and the Best Use of Multimedia Award. He was appointed as one of the 34th Absa L'Atelier Ambassadors in 2019, which was held in Cape Town in conju

Mega clothing and textile distribution centre in Cape Town set to be completed in November

Cape Town - The City of Cape Town's economic growth department is celebrating the near completion of a clothing and textile distribution centre for Truworths International Limited — the largest in the Western Cape. Economic growth Mayco member James Vos announced the news on Tuesday after visiting the site at King Air Industria near Cape Town International Airport. He said the economic project showcased the City's progressiveness in terms of pushing for the establishment and migration of lucrative developments in Cape Town. "Our mission to make the metro the easiest place in Africa to do business is paying off. In fact, according to a recent FNB report on commercial property owners' motivations for development in a particular region, one of the most commonly cited reasons to relocate was the provision of reliable services," Vos said. The international distribution centre is a joint venture between King Air Industria and Truworths and is expected to be completed in November. King Air Industria is the development company of the industrial park, a joint venture between Atterbury Property and Old Mutual Property, according to the City. The facility will include a warehouse of 50 000m² and an office of 3 000m², totalling 53 000m², the equivalent of five-and-a-half rugby fields. About 750 tons of steel were used in the construction, equal to the weight of 125 African elephants. Atterbury Property Western Cape Developments head Gerrit van den Berg said: "We are very grateful for the support that we are receiving from the City of Cape Town. Our investment in King Air Industria and Truworths shows our commitment to contribute to the economy of this beautiful, well-run City." Vos said Cape Town was the ideal location for the distribution centre, as the metro was the historic home of the clothing and textile industry. "In 2023, retailers projected to have sourced 368 million garments from the South African industry, supporting over 60 000 formal manufacturing jobs. Through the City's part

Markets retreat further as US data fans rate hike fears

WASHINGTON - Investors took fright on Thursday at a forecast-busting reading on the US services sector that revived speculation the Federal Reserve could lift interest rates again, compounding a spike in oil prices that has fanned fresh inflation fears. Wall Street dived and Treasury yields rose after the release of the Institute of Supply Management figures, which dealt a blow to hopes the US central bank had reached the end of its tightening cycle following a string of recent positive data. The reading put further upward pressure on the dollar, with the yen particularly in focus as it sat at its weakest point for 10 months -- when Japanese officials intervened in money markets last year to prop it up. After a rosy couple of weeks, the gloom that has characterised markets for much of the summer has returned as traders contemplate the possibility of more tightening and borrowing costs kept elevated for an extended period to tame inflation. Decision-makers at the Fed have given differing views on the best way forward, with some calling for more hikes and others suggesting rates are high enough. Boss Jerome Powell has asserted that all decisions will be made based on how the data stacks up over the coming months. While the economy and the jobs market have shown continued strength, there is a growing worry on trading floors that more than a year of increases -- and any more should they come -- could tip the United States into recession.

SASOL LIMITED - Dealings in securities by directors, prescribed officers and the company secretary

Dealings in securities by directors, prescribed officers and the company secretary Sasol Limited (Incorporated in the Republic of South Africa) (Registration number 1979/003231/06) Sasol Ordinary Share codes: JSE: SOL NYSE: SSL Sasol Ordinary ISIN codes: ZAE000006896 US8038663006 Sasol BEE Ordinary Share code: JSE: SOLBE1 Sasol BEE Ordinary ISIN code: ZAE000151817 (Sasol, the Company, Equity issuer) Sasol Financing Limited (Incorporated in the Republic of South Africa) (Registration number: 1998/019838/06) Company code: SFIE LEI: 378900A5BC68CC18C276 (Sasol Financing, the Company, Debt issuer) DEALINGS IN SECURITIES BY DIRECTORS AND PRESCRIBED OFFICERS OF SASOL LIMITED, THE COMPANY SECRETARY AND DIRECTORS OF MAJOR SUBSIDIARIES OF SASOL LIMITED In compliance with paragraphs 3.63 to 3.66 of the JSE Limited Listings Requirements (Listings Requirements), the following information is disclosed relating to dealings in securities of Sasol by the executive directors and prescribed officers of Sasol, its Company Secretary and directors of its major subsidiaries. The persons below have transacted in securities awarded and accepted in 2018 in terms of the rules of the long-term incentive (LTI) plan. The performance, against the Corporate Performance Targets, of the 2018 LTI award was assessed and reported at the first vesting date in 2021. The balance of the 2018 award was subject to an additional two-year service period which has now come to an end. Participants have the option to retain all shares; sell sufficient shares to cover the tax liability and retain the balance thereof; or, to sell the vested shares. The dealings are as set out below. Transaction date: 4 September 2023 Class of securities: Sasol ordinary shares Issue price per share: R0,00 Nature of transaction: Retention of vested shares off-market Nature and extent of interest: Direct beneficial Name Company and designation Number Price per Total value of of shares share the transaction (ZAR) (ZAR) F R Gr

SASOL LIMITED — Dealings in securities by directors, prescribed officers and the company secretary

7 September 2023 R248.24 Dealings in securities by directors, prescribed officers and the company secretary Sasol Limited (Incorporated in the Republic of South Africa) (Registration number 1979/003231/06) Sasol Ordinary Share codes: JSE: SOL NYSE: SSL Sasol Ordinary ISIN codes: ZAE000006896 US8038663006 Sasol BEE Ordinary Share code: JSE: SOLBE1 Sasol BEE Ordinary ISIN code: ZAE000151817 (Sasol, the Company, Equity issuer) Sasol Financing Limited (Incorporated in the Republic of South Africa) (Registration number: 1998/019838/06) Company code: SFIE LEI: 378900A5BC68CC18C276 (Sasol Financing, the Company, Debt issuer) DEALINGS IN SECURITIES BY DIRECTORS AND PRESCRIBED OFFICERS OF SASOL LIMITED, THE COMPANY SECRETARY AND DIRECTORS OF MAJOR SUBSIDIARIES OF SASOL LIMITED In compliance with paragraphs 3.63 to 3.66 of the JSE Limited Listings Requirements (Listings Requirements), the following information is disclosed relating to dealings in securities of Sasol by the executive directors and prescribed officers of Sasol, its Company Secretary and directors of its major subsidiaries. The persons below have transacted in securities awarded and accepted in 2018 in terms of the rules of the long-term incentive (LTI) plan. The performance, against the Corporate Performance Targets, of the 2018 LTI award was assessed and reported at the first vesting date in 2021. The balance of the 2018 award was subject to an additional two-year service period which has now come to an end. Participants have the option to retain all shares; sell sufficient shares to cover the tax liability and retain the balance thereof; or, to sell the vested shares. The dealings are as set out below. Transaction date: 4 September 2023 Class of securities: Sasol ordinary shares Issue price per share: R0,00 Nature of transaction: Retention of vested shares off-market Nature and extent of interest: Direct beneficial Name Company and designation Number Price per Total value of of shares share the trans

Pick n Pay stores pay tribute to founder Raymond Ackerman — PICTURE

As first reported by The South African website, South African businessman and retail giant Raymond Ackerman has died at the age of 92. As first reported by The South African website , South African businessman and retail giant Raymond Ackerman died on Wednesday, 6 September at the age of 92. Pick n Pay confirmed the tragic news in a X post on Thursday morning. The entrepreneur founded Pick n Pay in 1967 with his wife Wendy after buying four stores in Cape Town. On Thursday Pick n Pay stores throughout the country paid tribute to Ackerman. At the Constantia Village store in Cape Town, a table at the entrance greeted customers with pictures of Ackerman as well as candles and flowers. A book in which to leave a message was also available. Post your condolences Leave your best wishes by clicking on the comment tab below this article or by emailing info@thesouthafrican.com or sending a WhatsApp to You can also follow @TheSAnews on Twitter and The South African on Facebook for the latest news. Below, 10 things you may not have known about Raymond Ackerman 1. Raymond Ackerman was born on 10 March 1931. 2. He attended Bishops in Cape Town and the University of Cape Town (UCT) where he studied a B.Comm degree. 3. Following the initial purchase of those four stores from Jack Goldin, in the subsequent years the group grew to more than 2 000 stores across South Africa, Namibia, Botswana, Zambia, Nigeria, Eswatini and Lesotho. 4. Raymond Ackerman's father, Gus, founded Ackermans after World War 1. 5. Raymond Ackerman launched multiple battles against the government regarding petrol price cutting, but lost. 6. In 2004, he established the Raymond Ackerman Academy for Entrepreneurial Development in partnership with UCT and later the University of Johannesburg, which has produced hundreds of new business owners. 7. In 2010, Raymond and Wendy retired from the board of Pick n Pay Stores Limited and became honorary life presidents. 8. Ackerman was president and then the patron of the Old Diocesan Union.

Platinum deficit soars to largest on record on strong automotive, industrial demand

The World Platinum Investment Council (WPIC) said yesterday that it had revised the platinum deficit forecast for the full-year 2023 upwards to morethan 1 million ounces, the largest deficit on record, due to strong automotive and industrial demand growth and flat supply. This was in terms of both absolute ounces and as a percentage of annual demand. Total supply is expected to remain flat, aligned with the weak 2022 level of 7 224 ounces, down 31 ounces, while demand was expected to increase significantly by 27% to 8 230 ounces. The Council said the core drivers of platinum's expected 27% demand growth in 2023 — including strong growth in automotive and industrial demand — were clear to see in the second quarter and built upon foundations laid in the previous two quarters. Platinum automotive demand rose 19% year-on-year to 840 000 ounces in the second quarter of 2023, as the semiconductor shortage continued to ease, leading to a healthy uplift in vehicle production. More on this SA economic outlook remains bleak in spite of GDP hike in quarter African Rainbow MInerals reports decline in profits due to lower production, weaker commodity prices. Implats won't cut production due to fall in PGM prices Industrial platinum demand totalled 697 000 ounces in the second quarter of 2023, a 12% increase year-on-year and its highest level since the third quarter of 2021. "In particular, the chemical industry saw an 87% year-on-year increase this quarter thanks to higher demand for platinum-bearing catalysts from the paraxylene industry, which offset contractions in other areas of industrial demand," the Council said. WPIC CEO Trevor Raymond said these favourable conditions were expected to continue in 2023. "Looking beyond today's Platinum Quarterly, our research shows that automotive and industrial demand growth underpin total demand growth in 2024 and beyond. "This offers both short and long-term value incentives for investors, as well as protection from downside risks presented by inflatio

SanlamAllianz Provides Insurances and Financial Services in 27 African Markets - IT News Africa | Business Technology, Telec

SanlamAllianz Provides Insurances and Financial Services in 27 African Markets - IT News Africa | Business Technology, Telecoms and Startup News 2023/09/06 10:25:00 SanlamAllianz Provides Insurances and Financial Services in 27 African Markets - IT News Africa | Business Technology, Telecoms and Startup News Sanlam, Africa’s largest non-banking financial services provider, and Allianz, one of the world’s leading insurers and financial services... ITNewsAfrica Source ITNewsAfrica Sanlam, Africa’s largest non-banking financial services provider, and Allianz, one of the world’s leading insurers and financial services... Sanlam, Africa’s largest non-banking financial services provider, and Allianz, one of the world’s leading insurers and financial services providers are pleased to announce that they have received regulatory approvals for the joint venture that will... Sanlam, Africa’s largest non-banking financial services provider, and Allianz, one of the world’s leading insurers and financial services providers are pleased to announce that they have received regulatory approvals for the joint venture that will create the leading Pan-African non-banking financial services company with a presence in 27 countries in Africa. The joint venture will operate as SanlamAllianz. Broader Offering of Insurance Products Tailored to Their Needs SanlamAllianz’s ambition is to be among the top three players, in both market share and profitability, in the markets where the company will operate. The joint venture is expected to have a combined group equity value (GEV) of approximately R35 billion. Retail and corporate clients will benefit from a broader offering of insurance products tailored to their needs as well as best-in-class financial solutions.

SanlamAllianz Provides Insurances and Financial Services in 27 African Markets

SanlamAllianz Provides Insurances and Financial Services in 27 African Markets By Eva Sgroi -September 6, 2023 Sanlam, Africa’s largest non-banking financial services provider, and Allianz, one of the world’s leading insurers and financial services providers are pleased to announce that they have received regulatory approvals for the joint venture that will create the leading Pan-African non-banking financial services company with a presence in 27 countries in Africa. The joint venture will operate as SanlamAllianz. Broader Offering of Insurance Products Tailored to Their Needs SanlamAllianz’s ambition is to be among the top three players, in both market share and profitability, in the markets where the company will operate. The joint venture is expected to have a combined group equity value (GEV) of approximately R35 billion. Retail and corporate clients will benefit from a broader offering of insurance products tailored to their needs as well as best-in-class financial solutions. Products and services will be available in the markets where one or both companies currently operate. Namibia will be included at a later stage, while South Africa is excluded from the agreement. Creating Significant Value for Clients "We are confident that SanlamAllianz will create significant value for clients, shareholders and other stakeholders. The combined expertise and resources of our respective companies will enable us to provide innovative solutions and services to meet the ever-evolving needs of our clients on the African continent, stated Sanlam group’s chief executive officer, Mr Paul Hanratty. Unlocking the Potential of Multiple Fast Growing African Markets Mr Christopher Townsend, board member of Allianz SE, commented: "SanlamAllianz has the capability to gain leadership positions in all key markets in both general insurance and life segments. With this powerful partnership, we want to unlock the potential of multiple fast growing African markets and access

SanlamAllianz Provides Insurances and Financial Services in 27 African Markets - IT News Africa | Business Technology, Telec

SanlamAllianz Provides Insurances and Financial Services in 27 African Markets - IT News Africa | Business Technology, Telecoms and Startup News 2023/09/06 10:25:00 SanlamAllianz Provides Insurances and Financial Services in 27 African Markets - IT News Africa | Business Technology, Telecoms and Startup News Sanlam, Africa’s largest non-banking financial services provider, and Allianz, one of the world’s leading insurers and financial services... ITNewsAfrica Source ITNewsAfrica Sanlam, Africa’s largest non-banking financial services provider, and Allianz, one of the world’s leading insurers and financial services... Sanlam, Africa’s largest non-banking financial services provider, and Allianz, one of the world’s leading insurers and financial services providers are pleased to announce that they have received regulatory approvals for the joint venture that will... Sanlam, Africa’s largest non-banking financial services provider, and Allianz, one of the world’s leading insurers and financial services providers are pleased to announce that they have received regulatory approvals for the joint venture that will create the leading Pan-African non-banking financial services company with a presence in 27 countries in Africa. The joint venture will operate as SanlamAllianz. Broader Offering of Insurance Products Tailored to Their Needs SanlamAllianz’s ambition is to be among the top three players, in both market share and profitability, in the markets where the company will operate. The joint venture is expected to have a combined group equity value (GEV) of approximately R35 billion. Retail and corporate clients will benefit from a broader offering of insurance products tailored to their needs as well as best-in-class financial solutions.

INDEX CHANGE ADVICE — 20230918 SEPTEMBER 2023 RESPONSIBLE INVESTMENT REVIEW ICA

FTSE/JSE Responsible InvestmentSeptember 2023 Quarterly Review© FTSE International Limited 2023. All Rights ReservedFTSE/JSE Responsible Investment IndexInclusionsNo ChangesExclusionsSEDOL ISIN Company Name6040958 ZAE000049433 AVIBK9S758 ZAE000269890 Momentum Metropolitan Holdings6636421 ZAE000011953 Netcare6688068 ZAE000005443 Pick N Pay StoresBMP3858 ZAE000190252 Redefine Properties6777007 ZAE000006284 SappiFTSE/JSE Responsible Investment Top 30 IndexInclusionsSEDOL ISIN Company NameBBGB5W0 ZAE000179420 Growthpoint Prop LtdBFXG366 ZAE000259479 Pepkor Holdings LtdBJDS7M4 NL0013654783 ProsusExclusionsSEDOL ISIN Company NameBK9S758 ZAE000269890 Momentum Metropolitan Holdings6688068 ZAE000005443 Pick N Pay Stores6777007 ZAE000006284 SappiReserve ListSEDOL ISIN Company Name ESG Rating rankB0L6750 ZAE000070660 Sanlam Limited 5Date: 06-09-2023 05:30:00Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness ofthe information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,information disseminated through SENS.

South Africa: Dis-Chem Enforcement Notice Spotlights Why Companies Must Establish Operator Agreements To Comply With SA's PO

The Act protects personal information of individuals against harm which may occur as a result of criminal activity and compliance is therefore compulsory for all companies. Should your company be non-compliant with the Act, the Information Regulator who up until now had been permissive, will be hot on your trail.On August 31, 2023, Dis-Chem Pharmacies Ltd. (JSE: DCP) was issued with an enforcement notice by the Information Regulator due to the contravention of various sections of the Act. Should Dis-Chem remain non-compliant with the actions ordered, within 31 days of the notice being issued, the entity and/or responsible party would be issued with a fine of an amount not exceeding R10 million or be liable upon conviction to a prison sentence up to 10 years.In April or May 2022 Dis-Chem's third-party service provider, Grapevine Interactive, was the victim of a cyber-attack whereby an unauthorised party gained access to their records by which the hacker used a trial-and-error method to crack the password, login credentials and encryption keys. This resulted in approximately 3.6 million unauthorized records which had been accessed from the e-statement service database. Following the identification of the breach in security, Dis-Chem failed to notify the affected data subjects as required in terms of section 22 of the Act.Following the assessment by the Regulator, it was confirmed that Dis-Chem failed to:Identify the risk of using weak passwords and prevent the usage of such passwords;Put in place adequate measures to monitor and detect unlawful access to their environment;Enter into an operator agreement with Grapevine and ensure that Grapevine has adequate security measures in place to secure personal information in its possession. This agreement would have outlined processes of reporting to Dis-Chem in the event of a security compromise.Dis-Chem failed to ensure that adequate measures had been in place to prevent unlawful access and had not ensured that an operator agreement had been place

What are SEO Services for Small Business Successful Inaugural Plastics Portfolio Committee Meeting Convenes In Cape Town —

MyPR | Free Business Showcase | Paid for Adverts In today's digital age, having an online presence is no longer optional for small businesses. However, merely having a website or social media account is not enough. To truly stand out in the crowded digital marketplace, small businesses must invest in Search Engine Optimization (SEO). But what exactly are SEO services for small businesses, and why are they so crucial for growth? In this article, we'll delve into the specific SEO services that can benefit small businesses and explore why they are an essential investment for long-term success. Before diving into the specifics, it's crucial to understand why SEO is vital for small businesses. SEO helps improve a website's visibility on search engines like Google, Bing, and Yahoo. The higher your site ranks, the more likely it is that potential customers will find and visit it. For small businesses, this increased visibility can be a game-changer, driving more organic traffic, boosting sales, and enhancing brand recognition. One of the most effective SEO strategies for small businesses is Local SEO . This approach focuses on optimizing your online presence to attract more business from relevant local searches. Local SEO involves various techniques, such as optimizing your Google My Business listing, gathering customer reviews, and using local keywords. By targeting your immediate market, you can compete more effectively with larger companies and become a go-to option for local consumers. Many small business owners may feel overwhelmed by the complexities of SEO. That's where an SEO agency comes in. These agencies offer specialized expertise and can develop a comprehensive SEO strategy tailored to your business needs. They handle everything from keyword research and on-page optimization to link-building and content creation. By outsourcing these tasks to experts, you can focus on running your business while reaping the benefits of a well-executed SEO strategy. Every business is unique, and a one