South Africa’s non-agricultural sector added 12,000 jobs in the final quarter of 2024, pushing total employment to 10.64 million. This modest 0.1% increase was largely driven by gains in the trade, business services, transport, and electricity sectors. The trade industry contributed 42,000 new jobs, while business services added 22,000. However, employment declined in community services (-26,000), manufacturing (-13,000), construction (-13,000), and mining (-3,000). In addition to the employment gains, gross earnings paid to employees rose significantly, increasing by R59.1 billion to reach R1.03 trillion. The trade sector led this growth with an additional R13.6 billion in wages, followed by manufacturing…
Author: Staff Writer
Nissan has launched the new Navara PRO-4X Warrior, engineered by Australian partner Premcar, to tackle South Africa’s demanding off-road conditions. Designed for enhanced durability and performance, the Warrior is powered by a robust 2.5-litre DDTi diesel engine delivering 140kW and 450Nm of torque. This powerful engine, paired with a 7-speed automatic transmission and 4WD system, ensures superior towing capacity and strong performance in challenging environments. Its upgraded suspension, wider track, and 232mm ground clearance provide improved stability and control on rough terrains. The Warrior’s rugged design combines practicality with style. It features aggressive blacked-out elements, red accents, and distinctive Nissan…
Pepkor has announced plans to acquire several well-known retail brands from the privately owned Retailability group, further strengthening its presence in the adultwear and homeware markets. The deal will see Pepkor take over the Legit, Swagga, Style, and Boardmans brands, which collectively operate 462 stores across South Africa, Botswana, Lesotho, Namibia, and Eswatini. However, the acquisition excludes key Retailability brands such as Edgars, Edgars Beauty, Red Square, Kelso, and Keedo, which will remain under Retailability’s ownership. The move aligns with Pepkor’s ongoing strategy to expand its footprint in the adult fashion sector, where it has traditionally held a smaller market…
Chinese electric vehicle (EV) manufacturer BYD has achieved record-breaking revenue in 2024, surpassing rival Tesla for the first time. The company’s revenue reached 777.1 billion yuan ($107.2 billion), outpacing Tesla’s $97.7 billion for the same period. This 29% year-on-year increase exceeded Bloomberg’s forecast and marked a new milestone for the Shenzhen-based firm. BYD’s strong financial performance was supported by rapid sales growth, particularly in Europe where the company is aggressively expanding. BYD’s latest battery technology — the “Super e-Platform” — offers peak charging speeds of 1,000 kilowatts, allowing cars to gain a 470-kilometre range in just five minutes. This innovation…
Remgro has posted a notable increase in its interim earnings, with headline earnings rising by 38.7% for the six months ending December. This impressive growth was largely supported by stronger performances from key portfolio companies such as Rainbow Chicken, RCL Foods, Outsurance, and Mediclinic. The group’s headline earnings per share (HEPS) climbed to 672 cents, while earnings per share (EPS) saw a substantial 323.4% rise to 659 cents. Remgro also declared an interim dividend of 96 cents per share, reflecting its positive financial position. The group recorded a total profit of R3.658 billion, marking a strong turnaround from the previous…
The Industrial Development Corporation (IDC) has successfully raised R2.05 billion through its first-ever sustainability bond, surpassing its initial target of R1.5 billion. The bond attracted strong investor interest, closing with an order book of R3.46 billion. Issued across five-, seven-, 10-, and 12-year tenors, the strong demand for longer-term investments reflects market confidence in the IDC’s commitment to sustainable development. Proceeds from the bond will support projects aligned with the IDC’s Sustainable Finance Framework, which aims to expand South Africa’s industrial capacity while promoting environmental responsibility and social inclusivity. This initiative is part of the IDC’s broader ‘New Pathways for…
The Department of Trade, Industry and Competition (dtic) has announced plans to designate the Fetakgomo-Tubatse area in Limpopo as a Special Economic Zone (SEZ) and is inviting public comment on the proposal. The proposed SEZ will be situated in Steelpoort, within the Fetakgomo local municipality in the Sekhukhune district. It aims to become an industrial hub linked to the Limpopo platinum and chrome cluster, positioned between two major mining establishments — the Samancor and Lion Ferrochrome smelters — making it a strategic site for industrial growth. The SEZ is expected to focus on beneficiation of platinum group metals, chrome, and…
Sun International has announced that Ulrik Bengtsson will take over as CEO from 1 July 2025, following the early retirement of current CEO Anthony Leeming. Leeming, who joined Sun International in 1999 as group finance manager and became CFO in 2013, has led the company as CEO since February 2017. During his tenure, Leeming guided the group through significant challenges, including the Covid-19 pandemic. His leadership also oversaw the strengthening of the group’s balance sheet, optimisation of its asset portfolio, and the successful entry of Sun International into the online gaming sector. Bengtsson, a Swedish national with nearly two decades…
AdvTech has reported strong financial growth as student enrolments exceeded 100,000 for the first time. The education group saw a 16% increase in headline earnings per share (HEPS) to 202.2 cents for the year ending December 2024. Revenue grew by 8% to R8.52 billion, driven by higher enrolments and moderate fee increases. Operating profit rose 14% to R1.79 billion, while shareholders were rewarded with a full-year dividend of 101 cents per share, up from 87 cents the previous year. The company’s expansion across Africa has played a crucial role in this growth. AdvTech invested heavily to increase capacity in its…
The cannabis sector in South Africa has announced plans to take legal action against Health Minister Aaron Motsoaledi following his department’s recent ban on cannabis-infused food and drinks. The controversial regulations, published on 7 March, outlaw the sale, import, and manufacture of food products containing cannabis derivatives such as hemp, hemp seed oil, and hemp seed flour. This decision has triggered strong opposition from industry players who argue that the move is unscientific and economically damaging. The Cannabis Trade Association Africa (CTAA) described the ban as a significant setback for South Africa’s emerging cannabis and hemp industry. The CTAA, along…