Sibanye-Stillwater’s South African gold operations saw a significant boost in profits, driven by a surge in gold prices. The company reported an adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) of R1.35 billion for the third quarter, nearly tripling year-over-year, as global gold demand reached record highs. Gold prices in the quarter were up by 24% from the previous year, helping Sibanye offset challenges like lower production. Production was down by 9% due to a shaft closure at the Kloof mine, which impacted output. Additionally, lower production and a drop in sales pushed the company’s all-in sustaining costs up…
Author: Staff Writer
Get ready, South Africa! GAC Motor is thrilled to unveil an unparalleled lifetime engine warranty, a groundbreaking promise that ensures every driver enjoys a lifetime of serenity of mind on the road. Breaking the mould of traditional automotive warranties, GAC Motor’s Lifetime Engine Warranty is a game changer. With Salvador Caetano, GAC Motor South Africa is committed to delivering exceptional quality and unbeatable customer satisfaction. With a bold vision to emerge as a world-class enterprise, GAC Motor is all about high-quality products and services that earn the unwavering trust of South African consumers. This remarkable commitment not only cements the…
As the travel and tourism landscape resettles after the seismic shifts and disruptions caused by the pandemic, a new trend has emerged, signalling a new era of travel offerings geared specifically towards the luxury travel market. Concierge travel services are in growing demand globally and locally, with global luxury travel valued at $1.2 trillion in 2021 and projected to grow at a compound annual growth rate (CAGR) of 7.2% from 2021 to 2028. Lisa Sebogodi, a travel industry expert and MD of Batsumi Travel, explains, “We’ve noticed a significant change in what clients want. It’s no longer just about booking a five-star…
If it seems like no matter how much money you make, you feel financially insecure, or no matter how stretched you are, you still spend impulsively, then you may be experiencing money dysmorphia. René Basson, Head of Brand at Satrix, says, “This is an internet term, not a clinical one, but it describes a very real feeling of a rocky, warped relationship with one’s finances. Social media exacerbates feelings of inadequacy, making many people wonder why they can’t keep up. To grow in confidence about your financial journey, consider meeting with an adviser to establish an investment routine that suits you best.”…
Standard Chartered, a leading international cross-border bank, and British International Investment (BII), the UK’s development finance institution (DFI) and impact investor, announce the signing of a USD350 million risk participation agreement. This facility aims to bolster the trade finance needs of SMEs and corporates across Africa and South Asia and to boost economic growth in these regions. Since the initial agreement in 2013, Standard Chartered and British International Investment have enabled over USD10 billion in trade volumes in over 10 countries across Africa and South Asia including Kenya, Tanzania, Nigeria, Bangladesh, Pakistan and Nepal. In the past year, approximately USD450…
Nestlé KitKat, a brand synonymous with taking a break, has recently launched the ‘For Fun’s Sake News Show’, a refreshing digital content series that gives South Africans a lighthearted escape from their daily routine. In collaboration with some of the country’s most engaging content creators, this series reimagines the news format, delivering comedic takes on current events to provide audiences with an entertaining respite as they scroll through TikTok and Instagram. “The ‘For Fun’s Sake News Show’ aims to bring laughter to South Africans during a time when humour is the perfect antidote to a fast-paced, sometimes stressful world. The…
Samsung Electronics is facing significant setbacks. After reaching a high in July, Samsung’s shares have plunged by 32%, wiping out around R2.2 trillion ($122 billion) in market value. Concerns have arisen as the company falls behind South Korean rival SK Hynix in AI memory production and lags Taiwan’s TSMC in outsourced chip manufacturing. This has led many foreign investors, including Pictet Asset Management and Janus Henderson Investors, to offload R192 billion worth of shares since late July. Samsung’s challenges are compounded by delays in its new HBM chips, a key technology for AI, as SK Hynix and US-based Micron ramp…
Nigerian fintech startup Moniepoint has successfully raised $110 million (R1.9-billion) in Series C equity funding to enhance its digital banking services across Africa. Originally founded as TeamApt in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint serves over 10 million businesses and individuals, facilitating seamless payments and offering banking, credit, and business management tools. As Nigeria’s largest merchant acquirer, Moniepoint processes approximately $17 billion in transactions monthly and operates profitably. The recent funding round was led by Development Partners International’s African Development Partners (ADP) III fund, with participation from Google’s Africa Investment Fund, Verod Capital, and existing investor Lightrock. The…
Volkswagen is planning to close three factories in Germany and implement a 10% salary cut for all employees as part of a significant cost-cutting initiative. This move, described as unprecedented, will likely affect tens of thousands of jobs. The company aims to save around R70.9 billion through these measures amid rising production costs and fierce competition, particularly in the Chinese market. Workers’ representatives have expressed deep concern over the potential job losses, labeling the situation as a historic crisis for the automotive giant. Volkswagen employs over 120,000 people in Germany alone and has recently acknowledged serious operational challenges. While the…
Johannesburg has been selected to host the G20 Leaders Summit next year, beating out Cape Town and eThekwini for the prestigious event. The decision, confirmed by the Department of International Relations and Cooperation, was influenced by Johannesburg’s superior airport capacity and hotel accommodations. Scheduled for November 2025, the summit will welcome leaders from the world’s largest economies, accounting for about 85% of global GDP. An inter-ministerial committee conducted a thorough comparison of the three cities, evaluating factors like security and transport infrastructure. Cape Town’s mayor expressed disappointment over the decision but pledged to ensure successful ministerial meetings in the city.…