Nedbank has issued a strong warning to its customers in South Africa about a surge in fraudulent activities. Scammers are exploiting the goodwill of South Africans through various tactics, including “vishing,” where they call individuals and trick them into revealing personal information like credit card numbers and bank details. They may also ask customers to transfer money to a “safe” account, which they control, or to make payments to secure accounts or reverse fake transactions. Nedbank emphasized that they will never ask customers to move money to other accounts, make payments for transaction reversals, or request Nedbank ID usernames, passwords,…
Author: Staff Writer
Pepkor, the parent company of Ackermans and PEP, faced shareholder resistance regarding its executive remuneration reports at its recent AGM. While the company’s overall remuneration policy narrowly passed, the implementation report failed to meet the required 75% approval threshold, receiving only 65.82% of votes in favour. This signifies shareholder concern about how the company’s pay policies are being carried out. Pepkor acknowledged the dissenting votes and stated they had engaged with a significant portion of shareholders prior to the AGM, valuing the feedback received. The company emphasized that the approval of the remuneration policy itself indicates general shareholder support for…
Botswana and De Beers have finalised a long-awaited 10-year diamond sales agreement, with a potential five-year extension. The deal revises the share of Botswana’s state-owned Okavango Diamond Company (ODC) in Debswana’s production, a 50-50 joint venture with De Beers. ODC’s share will reach 40% at the end of the 10-year period, down from the originally proposed 50%. However, during the potential five-year extension, ODC’s allocation could increase to 50%. In the first five years of the agreement, ODC will sell 30% of Debswana’s output, an increase from the previous 25%. Negotiations for this deal began in 2018, and while a provisional agreement…
Volvo Car South Africa is pleased to announce a new offer designed to make electric vehicle ownership even more convenient. As the leading EV brand in South Africa, Volvo will provide new electric vehicle owners with two years of free public charging, a GridCars wallbox with installation, and 10 GB of Vodacom data per month for three years. Two Years of Free Public ChargingNew Volvo electric vehicle owners will receive a charging voucher valued at R12,000. This voucher is linked to the GridCars charge card and is valid for 24 months. “South African motorists have shown they’re ready for electric motoring,…
The 2025 National Budget, initially scheduled for 19 February, was postponed amid what many are saying is a disagreement within the Government of National Unity (GNU) regarding various factors, including but not limited to proposed tax increases. This delay underscores the political complexity of aligning fiscal priorities within the coalition and represents a critical test for the GNU’s cohesion. Given South Africa’s economic and fiscal constraints, the budget’s stance on tax policy, infrastructure investment, and state-owned entity (SOE) support carries significant implications for investors and economic stability. What Has Transpired Between the October 2024 MTBPS and Now? Since the Medium-Term…
In a world that glorifies hustle culture, taking a genuine break has become a luxury. But Nestlé KitKat, the brand synonymous with breaks, is stepping in to change that narrative. With their latest stunt, The KitKat Break Space, the brand is not only doubling down on its “Have a Break, Have a KitKat” mantra but elevating it with a sensory-rich experience designed to remind South Africans what a real break feels like. Having taken place at Nelson Mandela Square from the 20th to the 23rd of February 2025, this offered South Africans a chance to break away from work or…
The SABC’s new media partner, Brandsphere Media, is under scrutiny as its director, Baldwin Dakile, faces an SIU investigation related to a decade-old tender. The SIU is trying to recover R25.9 million (previously R756 million) linked to an irregular tender awarded to Dakile’s former company, Media Corner, by the Department of Communications and Digital Technologies in 2012. This tender, intended for digital migration awareness, was later cancelled, and the SIU alleges “reckless and fraudulent” behaviour by Dakile. Despite the ongoing investigation, the SABC maintains it performed due diligence on Brandsphere before partnering with them. Brandsphere will handle sponsorships and advertising…
The Competition Commission has recommended that Google pay between R300 million and R500 million annually to South African news publishers to address the “value imbalance” between the money the tech giant makes from news content and what it shares with publishers. This recommendation comes after a 16-month inquiry into the Media and Digital Platforms Market. The report, though not final, aims to determine whether digital news distribution negatively impacts competition and the news media sector in South Africa. Google’s dominant position in the market has led to concerns about the imbalance in the revenue generated from news content. The Commission…
Online fast-fashion giant Shein is facing significant financial setbacks as it prepares for a planned listing on the London Stock Exchange. The company’s profit for 2024 dropped by nearly 40%, falling to $1 billion, adding to its challenges in the lead-up to the IPO. Despite a 19% increase in sales to $38 billion, the company’s profit figures were much lower than initially projected, with a target of $4.8 billion in profit and $45 billion in sales for the year. Shein’s performance has led to reports that the company is considering cutting its valuation for the London IPO, with estimates suggesting…
Harmony Gold Mining has reported the death of a worker at its Mponeng mine near Carletonville, following a fall of ground caused by an earth tremor. The incident took place on Thursday, and the company released a statement on Friday confirming the tragic loss of life. Mponeng, known as the world’s deepest mine, operates almost 3,900 meters below the surface. Following the event, Harmony informed all relevant authorities, and an investigation is underway, led by the Department of Mineral Resources & Energy. The company expressed deep regret over the fatality, emphasizing its commitment to safety. Group CEO, Beyers Nel, stated…