Glencore, one of the world’s biggest mining companies, has reported a significant fall in its earnings during the first half of its financial year. This decline was mainly caused by weak coal prices and a drop in copper production. The company’s adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) decreased by 14%, falling to around $5.43 billion. At the same time, its debt levels increased by approximately $3.5 billion compared to the end of the previous year. The decline in copper output was due to a combination of factors such as planned mine sequencing, lower ore grades, water restrictions,…
Author: Staff Writer
The South African Multifamily Residential Rental Association (SAMRRA) has announced that Absa has joined as its newest member becoming the second of South Africa’s big banks to formally align with the country’s multifamily rental housing representative body. “This institutional partnership signals that multifamily housing is moving from emerging opportunity to mainstream investment,” says Palesa Mkhize, CEO of SAMRRA. “We are thrilled to welcome Absa as a member. With two of South Africa’s largest banks now at the table, we’re seeing the sector’s financial participation begin to align with its physical and operational maturity.” Absa’s membership represents a significant vote of confidence in…
OUTsurance’s Enterprise and Supplier Development (ESD) programme continues to drive growth and innovation for South Africa’s small and medium-sized enterprises (SMEs), with nine finalists from three active cohorts from the programme recently competing in a Shark Tank-style pitch event to win a share of R1 million. The OUTsurance Kwande ESD Programme, founded in 2019 and supported by small business development specialist Edge Growth, targets businesses within OUTsurance’s value chain, including panel beaters, towing companies, builders, plumbers, electricians, and other artisans and supports their growth through mentorship, funding, and strategic development. The top three winners of the OUTsurance Grant Pitch, which was held…
Engen proudly congratulates the 2025 cohort of the Engen Global Citizen Development Programme (EGCDP) for successfully completing the first phase of their transformative 12-month ICT journey. The milestone was celebrated during a Learners’ Project Presentation Day at the Blue Roof Life Space in Wentworth, Durban in late July. The event gave learners a platform to present the technical projects they developed during the classroom component of their training, showcasing their growing capabilities in Systems Development and Technical Support. Learners were recognised for their hard work, discipline, and dedication. With the theory portion of the programme now behind them, the learners…
BMW has announced that its new special edition car, the Speedtop, has sold out immediately after its reveal. Only 70 of these cars are being built, all of which were snapped up very quickly. The Speedtop is based on the company’s 8 Series and was shown off at Villa d’Este in May. Although it’s called a concept, BMW confirmed they will produce all 70 units. During a recent financial update, BMW’s CEO explained that the Speedtop was in high demand right from the start. While no official price has been shared, sources estimate it could cost around half a million…
South African retail giant Shoprite Holdings is continuing to reduce its presence across Africa, with plans to exit Ghana and Malawi. These latest moves mark the company’s sixth and seventh departures from African markets outside of its home country in the last four years. The decision is part of a strategic recalibration, with the company citing challenges such as currency volatility, economic policies, and lease agreements that have impacted profitability in these regions. The company has confirmed that a deal was made on 6 June for a subsidiary, Shoprite Malawi, to sell its five stores, though the agreement is still…
Telkom has started its financial year on a strong note, with group revenue increasing by 1.1% to R10.8 billion in the first quarter. The telecommunications company, listed on the JSE, published its trading update for the quarter that ended on 30 June. Key drivers of this growth were a 7.8% increase in mobile service revenue from Telkom Consumer and an 11.3% rise in fibre data revenue from Openserve. The company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose by 6.5% to R2.8 billion, a result of cost efficiencies and an improvement in the EBITDA margin. Telkom’s data-focused strategy has…
Spotify has announced it is raising its premium subscription prices in several markets across the Middle East, Africa, Europe, Latin America, and the Asia-Pacific region. Over the next month, affected subscribers will be notified by email that their monthly cost is increasing from €10,99 to €11,99. This decision follows a similar price increase last year in the United States, where the cost went from $10.99 to $11.99. The new hikes come after a recent earnings report where the company missed its revenue expectations, causing its stock price to fall by 11%. Following the announcement of the price increases, Spotify’s shares…
A jury in California has ruled that Meta violated state privacy laws in a class-action lawsuit. The case was brought by users of the period-tracking app, Flo, who alleged that the tech company covertly collected their private health data without their permission and used it for advertising purposes. The plaintiffs, who claimed to represent millions of Flo users, had accused Flo and Meta of gathering sensitive health information, such as period dates and fertility goals, directly from the app. They argued this was a violation of the California Invasion of Privacy Act. The lawsuit, originally filed in 2021, also included…
Jaguar Land Rover (JLR) has announced that PB Balaji will be its new chief executive officer, starting in November 2025. He will take over from Adrian Mardell, who is retiring after three years in the top job and a long career with the company. Balaji has been the chief financial officer for the parent company, Tata Motors, since November 2017. He brings 32 years of experience from the automotive and consumer goods sectors, having worked in finance and supply chain roles across various countries. The chairman of Tata, Natarajan Chandrasekaran, noted that Balaji has a close familiarity with JLR’s strategy…