MTN’s chairperson, Mcebisi Jonas, is once again the victim of a cyber scam, as fraudsters have been impersonating him on social media to spread misinformation. The telecommunications giant alerted the public that a fake account on X (formerly Twitter) was using Jonas’ name to mislead people. MTN clarified that Jonas does not have an official X account, distancing him from the content shared by the fraudsters. One of the posts even falsely addressed the national VAT debate, which had delayed the South African budget speech earlier this week. This incident follows a similar issue reported by the Independent Communications Authority…
Author: Staff Writer
Sibanye-Stillwater has reported a narrowed annual loss, thanks to a strong performance from its South African gold operations and the restructuring of underperforming assets. The company’s headline earnings reached R1.817 billion, compared to a loss the previous year. The net loss also significantly decreased to R5.71 billion from a massive R37.43 billion. This improvement translates to a loss of 258 cents per share, down from a loss of 1,334 cents per share. Sibanye highlighted the importance of its diversified portfolio, noting the substantial contribution from its SA gold operations. These mature mines, benefiting from high gold prices, delivered significantly improved…
Barloworld has reported a 1% revenue increase for the four months leading up to January 2025, driven by exceptional growth in its Mongolia operations. Revenue from Barloworld Mongolia surged by 80% due to strong product sales and aftermarket demand. The company highlighted that the challenging trading conditions in Southern Africa were offset by the expansionary environment in Mongolia, which is experiencing growth due to government infrastructure projects and mineral demand, primarily from China. Barloworld noted that the Southern African mining sector, excluding gold and copper-driven economies, remains constrained due to lower commodity prices. Despite this, the company expressed confidence in…
Anglo American has reported a significant loss of R58 billion for the year ending December, primarily due to R72 billion in impairments, including a substantial amount related to De Beers. Despite the loss, the company achieved its full-year production targets. Underlying earnings decreased by 15% to R161 billion, although the profit margin remained stable at 30%. Revenue also declined by 11% to R513 billion. Headline earnings per share dropped significantly, and the final dividend was reduced by a third. The financial results were mainly affected by lower prices for iron ore, platinum group metals (PGMs), and steelmaking coal, along with…
Ithala SOC Limited, a KwaZulu-Natal financial institution, is facing liquidation after operating illegally for an extended period without a banking licence. The Prudential Authority (PA), the regulator of banks, has taken action following Ithala’s repeated failures to comply with banking regulations. For over a decade, Ithala operated under temporary exemptions granted by the PA and the Minister of Finance. These exemptions allowed Ithala to conduct banking activities, including taking deposits, despite not meeting the requirements for a banking licence as stipulated in the Banks Act. These exemptions were conditional, requiring Ithala to obtain a licence, a condition it consistently failed…
Glencore, a global resources giant, has reported a massive annual loss due to plummeting energy prices. The company’s earnings fell by 138%, resulting in a loss of R29.9 billion. This is a significant decline from the R78.7 billion profit reported in 2023. The loss was largely due to the write-down of Glencore’s South African coal assets. The company said that lower forecast price assumptions had a significant impact on its coal operations. Energy markets have normalized in 2024, following severe disruptions and elevated market volatilities seen over 2022 and 2023. Despite the loss, Glencore’s CEO, Gary Nagle, said that the…
South Africa’s parliament has delayed presenting the annual budget, causing concerns about the country’s coalition government. The Speaker of Parliament, Thokozile Didiza, said that the parties in the executive couldn’t agree on the budget proposals. The delay has weakened the rand, which fell by as much as 1% against the US dollar. The yield on government bonds also increased. This is the first time a budget speech has been postponed since the end of apartheid in 1994. The government is considering increasing taxes, including a possible two-percentage-point increase in the VAT rate. The Democratic Alliance, the second-biggest party in the…
The High Court has dismissed a bid to block Vision Group’s acquisition of Tongaat Hulett. This means that the business rescue process of the sugar company can proceed without any immediate legal hurdles. RSG Group, a rival bidder, had lodged an urgent interdict against the process, arguing that Vision had failed to raise the necessary funds. However, the court ruled that RSG Group had failed to demonstrate grounds for urgency and did not satisfy the requirements for an interdict. The court ordered RSG Group to pay the costs of the application. The Vision acquisition involves paying R8.5 billion to creditors…
Recent progress made at the Johannesburg Stock Exchange (JSE) has signalled a renewed confidence in South Africa’s capital markets, highlighting the institution’s critical role in growing the economy. While market conditions have presented challenges, André de Lange, Director Corporate & Commercial from leading law firm Cliffe Dekker Hofmeyr (CDH) believes the JSE has demonstrated resilience through more accessible listings – an attractive prospect for companies looking to unlock value. De Lange points to a deal that recently moved the needle on this shift – the successful unbundling and listing of WeBuyCars. Nominated for Deal of the Year at this year’s…
When it comes to socio-economic development, 2025 is a year full of possibility for South Africa as it breaks new ground by taking on the presidency of the Group of Twenty (G20) forum. This is the first time that an African country has gained the G20 presidency and will host the annual summit, taking place in Johannesburg in November 2025. While chiefly an economic forum, the G20 focuses a powerful lens on situating global economics in social, developmental and environmental sustainability contexts. On the micro-level, this fusion of economic and social development is reflected in the country’s social entrepreneurs –…