Royal AM’s future appears increasingly precarious following a recent court ruling involving SARS. The Betway Premiership club is grappling with a staggering R40-million debt owed by owner Shawn Mkhize, creating significant financial instability that jeopardises the club’s very existence. Following a brief legal battle, the court has ruled that the club must be sold to meet its financial obligations. While a small number of staff returned to work after receiving overdue wages, many players remain reluctant to resume training. The looming threat of liquidation has created an atmosphere of uncertainty and anxiety among players and staff. In response to the…
Author: Staff Writer
Lexus has unveiled the LX 700h, the latest evolution of its flagship SUV, now available in a hybrid version for the first time. This marks a significant milestone, as all Lexus models now offer hybrid options, blending high performance with sustainable innovation. The LX 700h is designed to offer a luxurious driving experience while contributing to a carbon-neutral future. This SUV comes in three exciting grades: Overtrail, F SPORT, and VIP. The petrol variant features a powerful 3.5-litre V6 hybrid engine that produces an impressive 341 kW, making it the most powerful LX model yet. For those preferring diesel, the…
SEDFA is inviting cooperatives to apply for the Cooperative Development Support Programme (CDSP), with applications closing on 7 March 2025. This initiative aims to support cooperatives in growing and sustaining their businesses by enhancing product quality, production efficiency, and scaling operations. The programme offers funding for various interventions, including machinery, equipment, raw materials, and commercial vehicles essential for operations. Information technology investments are also eligible, provided they relate to the cooperative’s core functions. However, it is important to note that the programme does not cover the construction of brick-and-mortar structures. To qualify for the funding, cooperatives must meet specific requirements.…
Two former Transnet Property executives have agreed to repay millions of rands to Transnet after a three-year investigation by the Special Investigating Unit (SIU). Zakhele Thabo Lebelo and Phathutshedzo Mashamba were found guilty of receiving kickbacks related to tender deals. As part of the settlement agreement, Lebelo and Mashamba will forfeit their pension payouts and have multiple luxury properties sold to settle their debts. Lebelo received three luxury apartments in Rosebank worth between R3.8 million and R4.2 million, while Mashamba received around R2 million to purchase a property in Diepsloot. The SIU investigation found that Lebelo and Mashamba received bribes…
Shein, the online fast-fashion giant, is reportedly under significant pressure from its investors to reduce its valuation to approximately $30 billion ahead of its anticipated initial public offering (IPO) in London. This move comes as shareholders believe that a lower valuation could facilitate a smoother listing process. Previously, Shein was aiming for a valuation around $50 billion, which is already considerably less than its fundraising value of $66 billion achieved in 2023. The potential IPO was initially set for the first half of this year; however, regulatory approvals from both the UK and China are still pending. Recent developments have…
South African prosecutors have taken a significant step by freezing the assets of a Somalian citizen linked to Al-Shabaab, marking the first such action under the country’s updated anti-terrorism laws. This move comes as South Africa races to address concerns raised by the Financial Action Task Force (FATF), a global watchdog that placed the country on its grey list in 2021 for failing to effectively combat money laundering and terror financing. The government has claimed progress, stating it has addressed many of the 40 recommendations from the FATF’s 2021 evaluation. However, six key issues remain, including the need to demonstrate…
Quantum Foods, which owns the Nulaid brand, reported an impressive improvement in performance, with egg supply increasing by 70% compared to the same period last year. This boost came after the company recovered from South Africa’s worst bird flu outbreak in 2023 and 2024, which cost them R37 million. The company benefitted from high egg prices, no load shedding, and stable feed costs, which contributed to better trading conditions. Despite these gains, Quantum Foods remains cautious about the ongoing threat of bird flu, which continues to affect global poultry markets, including in the US, Europe, and North Africa. The government’s…
Anglo American Platinum (Amplats) has given its shareholders a massive R16.5 billion payout, including an ordinary dividend and a special cash dividend. This comes as the company prepares to split from the Anglo American group in June. Amplats’ profits fell by 40% to R8.4 billion due to lower metal prices and a stronger rand. However, the company still managed to declare a base dividend of R800 million and an additional cash dividend of R15.7 billion. According to Amplats CEO Craig Miller, returning the money to shareholders is a normal step before the company becomes independent. Amplats will retain R1.1 billion…
Talks between SpaceX and the South African government regarding the licensing of Starlink services have stalled due to tensions between the two parties. The disagreement started when Elon Musk questioned South Africa’s ownership laws, calling them “openly racist”. In response, President Cyril Ramaphosa’s spokesman said South Africa would not pursue an investment by Starlink at all costs. This led to SpaceX withdrawing from public hearings on the proposed new licensing framework for satellite services in South Africa. The main issue is South Africa’s requirement for at least 30% shareholding by historically disadvantaged groups. SpaceX argues that this rule prevents foreign…
Neal Froneman, the mastermind behind Sibanye-Stillwater’s transformation into a globally diverse mining conglomerate, has announced his retirement effective at the end of September 2025. Richard Stewart, currently serving as the chief regional officer for southern Africa, will step into the CEO role, according to a succinct statement from the company. Here’s a list of Froneman’s achievements and some of the challenges he faced: Achievements Setbacks Challenges Additional Details