Washington, D.C. – South Africa has submitted a revised framework proposal to the United States, focusing on expanding trade and investment relations between the two countries. This is according to the Minister of Trade, Industry and Competition, Parks Tau, who was part of the delegation that met with the U.S. Trade Representative (USTR) on Monday. The Minister addressed members of the media at the invitation of President Cyril Ramaphosa following high-level engagements held at the White House in Washington D.C. on Wednesday. Tau confirmed that the initial proposal was met with constructive feedback from the USTR, identifying key areas that required further…
Author: Staff Writer
South Africa has suspended imports of live poultry, eggs and fresh (including frozen) poultry meat from Brazil following an outbreak of highly pathogenic avian influenza (HPAI). The decision comes after a report from Brazil’s Ministry of Agriculture and Livestock, confirming an outbreak of highly pathogenic avian influenza (H5N1 – clade 2.3.4.4b) on 15 May 2025. The virus was detected in breeding chickens at an establishment located in the municipality of Montenegro, located in the state of Rio Grande do Sul. In a statement on Wednesday, the Department of Agriculture announced that no new import permits will be issued for the…
Pick n Pay has secured CEO Sean Summers’ leadership until May 2028, ensuring continuity as the retailer pushes forward with its turnaround strategy. Summers, who returned to the role last year, has been central to efforts to revive the struggling supermarket chain. The company also announced a key leadership transition, with James Formby, the current lead independent director and Boxer chair, set to replace Gareth Ackerman as group chair after the August AGM. Formby, a former Rand Merchant Bank CEO, has played a crucial role in Pick n Pay’s recapitalisation and restructuring efforts. Ackerman, who chaired the board for 15…
Investec has announced a record dividend for the third consecutive year, driven by strong financial performance. The bank’s operating profit exceeded £1 billion for the first time, marking a 7.8% increase compared to the previous year. Revenue also grew by 5%, supported by higher lending activity, new client acquisitions, and steady inflows into managed funds. Despite a slight dip in earnings per share and return on equity, the figures remained within the bank’s target range, demonstrating resilience in a competitive market. The lender’s success was partly due to lower funding costs in Southern Africa, which helped balance the impact of…
South Africa’s 2025 Budget, delivered by Finance Minister Enoch Godongwana on 21 May 2025, navigates a delicate balance between fostering economic growth and maintaining fiscal sustainability amid global and domestic challenges. The budget reflects a strategic response to a weaker economic outlook, with real GDP growth revised down to 1.4% for 2025 from 1.9% projected in March, driven by global trade tensions and domestic logistics constraints. Despite these headwinds, the budget prioritizes infrastructure, job creation, and social welfare while avoiding austerity. A key highlight is the decision to maintain the VAT rate at 15%, reversing a proposed increase after public…
The South African government has launched an exciting new initiative called the SA Tech Challenge 2025, offering a life-changing R1 million prize for the country’s most promising tech startups. This competition, run by the Department of Science, Technology and Innovation together with the CSIR, aims to uncover and support brilliant small and medium-sized tech businesses across six key sectors including fintech, health tech and green technology. What makes this different from other competitions is that winners won’t just get prize money – they’ll represent South Africa at the prestigious G20 Digital Innovation Alliance Summit in Cape Town this September, rubbing…
The Competition Commission has conditionally approved Canal+’s proposed acquisition of MultiChoice, marking a significant step forward in the French media giant’s R125-per-share buyout of Africa’s largest pay-TV operator. The approval comes with public-interest commitments designed to support historically disadvantaged businesses and small media enterprises in South Africa’s audiovisual sector. These conditions ensure continued funding for local entertainment and sports content, safeguarding opportunities for domestic content creators. MultiChoice confirmed the development, noting the proposed conditions align with broader economic transformation goals. The deal now moves to the Competition Tribunal for final consideration, where regulators will assess whether the commitments sufficiently address…
Sanlam and Tyme Bank have announced a joint venture to offer unsecured personal loans with built-in credit life insurance. The partnership will see Sanlam Personal Loans (SPL) transfer its lending operations to a new entity (JVCo), while Tyme Bank acquires a 50% stake for R31.5 million. Additionally, Tyme will purchase half of SPL’s existing R5 billion loan book for approximately R400 million. The collaboration aims to leverage Tyme Bank’s digital reach—with 11 million customers and 15,000 retail points—and Sanlam’s insurance expertise to create a competitive lending platform. The deal includes profit-sharing on credit life insurance, with Tyme Bank set to…
Southern Sun has reported strong annual earnings growth, driven by thriving performance in the Western Cape and Gauteng. The hospitality group’s adjusted headline earnings surged by 30% to R1 billion, while headline earnings per share (HEPS) jumped 33% to 74.8 cents. A 9% rise in total revenue to R6.6 billion was supported by higher room rates and increased occupancy, particularly after the successful refurbishment of key properties like the Southern Sun Cullinan and Sandton Towers. However, the group faced challenges in KwaZulu-Natal and Mozambique. Reduced event activity in Durban and political unrest in Maputo negatively impacted demand, though Umhlanga’s performance…
Financial services group Alexforbes has announced a strong rise in full-year earnings, with headline earnings per share (HEPS) from continuing operations expected to increase by 5% to 15%. The growth is driven by higher average assets under management, strong market performance, and increased client retention in its retirement and healthcare consulting divisions. The company also benefited from the consolidation of past acquisitions and higher-than-expected claims volumes linked to South Africa’s new two-pot retirement system. Despite these gains, Alexforbes faced rising expenses due to changes in property lease accounting, acquisition costs, and additional spending on implementing the two-pot system. However, operating…