Sasol, the energy and chemicals giant, has reported a significant decline in earnings for the first half of its financial year, driven by a tough economic environment. The company’s revenue for the six months ending December dropped by 10% to R122.1 billion. This was mainly due to a 13% fall in the average rand per barrel price of Brent crude oil and reduced refining margins. A 5% decrease in sales volumes also contributed to the revenue drop. This decrease resulted from lower production levels and decreased market demand. The company’s adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) fell…
Author: Staff Writer
Tech headlines over the past few weeks have been dominated by DeepSeek AI, which recently launched its groundbreaking R1 model. What’s most remarkable? The reported development cost – just under $6 million. This announcement challenges the long-held belief that creating advanced AI models requires astronomical investment, shaking the foundation of the tech industry and causing a ripple effect on global markets. Companies like NVIDIA, heavily tied to the AI infrastructure boom, have already felt the impact with significant stock fluctuations. Commoditisation of AI training: faster than we thought While many anticipated the eventual commoditisation of AI training, few predicted it would…
Ithala CEO Dr. Thulani Vilakazi told the Standing Committee on Public Accounts (Scopa) on Thursday that the business’s struggles are largely due to the intervention of the Prudential Authority (PA) and the repayment administrator (RA). He revealed that he no longer has control over the operations, stating he can’t make decisions or sign anything without the RA’s approval. This has resulted in incomplete projects, unpaid service providers, and staff resignations. Ithala has faced severe restrictions under the PA’s oversight, with the PA stating that its intervention aims to protect Ithala’s 257,000 depositors. Despite these challenges, the KZN Department of Economic…
The rand surged to R18.32/$ on Friday morning, surpassing pre-budget levels and recovering losses following the rejection of South Africa’s national budget earlier in the week. The currency had briefly weakened to R18.59/$ after Finance Minister Enoch Godongwana’s budget proposal was delayed due to a dispute over a proposed VAT increase. Despite this uncertainty, market sentiment turned positive as the rand rebounded, supported by a struggling US dollar. Economist Casey Sprake of Anchor Capital highlighted that although markets generally dislike uncertainty, the budget delay might indicate increased accountability in South Africa’s political system. This could signal a move towards more…
President Cyril Ramaphosa reassured the public that the absence of key US officials, including Treasury Secretary Scott Bessent and Secretary of State Marco Rubio, from high-level G20 meetings should not be seen as a boycott of South Africa. This follows an ongoing diplomatic dispute between Washington and Pretoria, largely driven by tensions over South Africa’s land policies and other issues. Despite the absence of these top officials, Ramaphosa emphasized that the US remains a part of the G20 discussions and that these matters would be addressed diplomatically. Ramaphosa acknowledged that South Africa and the US may not always agree on…
In response to a reduction in US funding, China and South Korea have contributed $4 million to the Africa Centres for Disease Control and Prevention (Africa CDC). This financial support aims to address the immediate funding shortfall left by former President Donald Trump’s freeze on aid. Africa receives around 84% of its health funding from abroad, with the US previously committing $500 million to the Africa CDC. However, that commitment was recently lowered to $385 million, leaving the health body with a significant gap. To fill the void, Africa CDC is continuing its discussions with the US government, emphasizing the…
While 2030 may seem distant, the past five years have demonstrated the rapid pace of technological innovation. Kagiso Manoto, from Bizmod, says that IT organisations need to be preparing now for the skills they are going to require in the future to ensure business continuity and long-term success. “Over the past five years we have seen many companies left behind, unable to capitalise on breakthroughs like quantum computing, AI, IoT, augmented reality and serverless computing,” says Manoto. A forward-thinking talent management strategy is key to mitigating the risk of being unprepared for future skills demands. While predicting the future landscape is…
Ugandan opposition leader Kizza Besigye has been charged with treason for allegedly plotting to overthrow President Yoweri Museveni, who has been in power for nearly four decades. The charge carries the death penalty in Uganda. Besigye, 68, appeared in a Kampala magistrates court seated in a wheelchair after Uganda’s Supreme Court blocked his trial in a military tribunal. Besigye, his aide, and a military officer are accused of conspiring to remove Museveni from power. They were not allowed to enter a plea, as capital offenses can only be heard by the High Court. Besigye’s wife, Winnie Byanyima, posted video footage…
Dis-Chem has announced a 7.2% increase in group revenue for the five months ending January, reflecting a strong recovery in both its retail and wholesale segments. Retail revenue grew by 5.6%, bolstered by a 2.9% rise in like-for-like sales. The wholesale segment saw an even stronger performance, with revenue up 11.1%, driven by a 9.6% increase in sales to Dis-Chem’s own stores and an impressive 18.8% surge in sales to external wholesale customers, particularly independent pharmacies. The Local Choice (TLC) franchise network also contributed significantly, with a 19.5% revenue increase and the number of TLC stores growing from 200 to…
Moody’s Ratings has downgraded Nissan Motor’s credit rating to junk status, citing concerns over the company’s restructuring efforts, ageing product range, and global trade conditions. The downgrade reduces Nissan’s senior unsecured rating to Ba1 from Baa3, with a negative outlook. The ratings agency flagged risks in Nissan’s turnaround programme, which includes a plan to cut 9,000 jobs and reduce global manufacturing capacity by 20%. The company is struggling with weaker-than-expected performance in key markets like the US and China, which has led to a concerning outlook for its financial health. Moody’s predicts that Nissan’s free cash flow, which has turned…