Balwin Properties, South Africa’s largest sectional title developer, has reported a dramatic decline in half-year earnings, attributed to high interest rates and pressure on selling prices. Headline earnings fell by 57% to R76.4 million for the six months ending August, with profit margins decreasing from 28% to 23%. Apartment sales also dropped 23%, totaling 640 units sold. Despite reducing operating costs by 7% and refraining from declaring an interim dividend, the market sentiment did not significantly boost the residential property sector. The CEO noted positive trends, including reduced load shedding and fuel price cuts, which encouraged buyers who had been…
Author: Staff Writer
Retail group TFG has successfully acquired the British fashion and lifestyle retailer White Stuff, marking a strategic step toward achieving critical mass in the UK market. The deal, finalized through TFG London, will be funded using the existing banking facilities of the UK division. Founded in 1985, White Stuff is known for its unique clothing and accessories for all ages. The brand operates 113 stores and 46 concessions within major retailers like John Lewis and Marks & Spencer. This acquisition is expected to increase TFG London’s turnover by nearly 50%, underscoring its potential for sustained growth. TFG’s CEO highlighted the…
Gold Fields has finalized its acquisition of Osisko Mining, fulfilling all conditions necessary for the transaction. This significant deal, initially announced in August, allows Gold Fields to gain complete ownership of the Windfall Project and its surrounding exploration area in Québec, Canada. The mining group paid C$1.93 billion (approximately R24.6 billion) for the project, net of cash settlements. Funding came from a combination of cash reserves and undrawn debt facilities, which included liquidity facilities totaling $750 million secured in October. The CEO of Gold Fields highlighted the rarity of high-quality deposits like Windfall, especially within a prestigious jurisdiction like Québec.…
The consequences of a car accident can be financially devastating for victims, particularly when the motorist faces exorbitant repairs or replacement costs. This can place an undue financial burden on owners and families who rely on their vehicles for livelihoods and daily errands. A staggering 45% of the clients surveyed by a global consulting firm, Deloitte, indicated that they were considering cancelling their motor insurance, while 17% said they were already driving without insurance. The increasing cost of insurance is detrimentally affecting consumer sentiment and behaviour. According to the South African Insurance Association (SAIA), about 65% of South African motorists…
Gerhard Nortjé’s rise to prominence as an IT business leader has been deeply rooted in retail and relationship-building. Now in his third year as Managing Director at redPanda Software, South Africa’s leading retail software partner, Nortjé reflects on his unique journey. Nortjé’s pathway into the tech world was paved by his retail experience—a shared passion at redPanda Software, which is dedicated to providing tailored solutions across various retail sectors. He began his career in retail, managing a branch and immersing himself in all aspects of the industry. “Many of my friends when I was young were playing games and taking…
Nissan South Africa’s production is set to decline to under 20,000 units this year, down from nearly 25,000 last year, but Managing Director Maciej Klenkiewicz assures that local assembly at the Rosslyn plant will continue. The reduction follows challenges stemming from the Russian invasion of Ukraine, which halted plans for a successor to the NP200 half-ton bakkie, a model that historically sold around 10,000 units annually. Klenkiewicz explained that the end of the NP200’s production was influenced by global events, resulting in significant losses that accounted for over 40% of their volume. The company previously reduced its workforce by 28%…
The path to the C-suite has always been competitive, and it is arguably tougher today due to the increased complexity of leadership. The command-and-control leadership model belongs to an outdated era. Today’s C-Suite teams contend with advanced and disruptive technologies, global economic uncertainties, evolving workforce expectations, and heightened scrutiny of leadership performance. Aspiring executives must now possess a broader set of higher-level skills and be prepared to navigate a rapidly changing business environment that demands adaptability, agility and inclusivity as they seek out exceptional opportunities for influence, innovation, and driving organisational success. So, how do you get yourself ready for…
Old Mutual has processed over 200,000 claims totaling R2.3 billion since the introduction of the two-pot retirement system on September 1, 2024. The group reported receiving 226,000 claims, with an impressive average of about 3,200 claims submitted daily via its WhatsApp channel. The two-pot system allows members to access one-third of their retirement savings annually, while the remaining two-thirds must be preserved for retirement. Since its launch, there has been a significant influx of claims from members eager to withdraw portions of their savings. According to the South African Revenue Service (SARS), R21 billion has been paid out in total…
Communications Minister Solly Malatsi has criticized government departments for failing to pay their television licence fees to the SABC, asserting that this negligence undermines public broadcasting in South Africa. In a statement, Malatsi revealed he has reached out to Deputy President Paul Mashatile, requesting urgent action to address the issue of outstanding payments from several government entities. “The SABC relies on TV licence fees as a key revenue source to fund its operations,” Malatsi emphasized, noting that national and provincial governments, along with municipalities, collectively owe the broadcaster more than R30 million in unpaid fees. In the 2023 financial year,…
Ford South Africa is set to thrill Mustang enthusiasts with a double launch: the seventh-generation Mustang GT and the all-new Dark Horse variant. The Dark Horse, priced at R1.5 million, comes in R200,000 higher than the standard GT, offering the most powerful normally aspirated engine in Mustang history. Equipped with a modified 5.0-litre V8, the Dark Horse generates 334 kW and 540 Nm of torque, surpassing the GT by 6 kW. While it’s been detuned for some markets, the US version boasts an impressive 372 kW. This powerhouse is paired with a 10-speed automatic transmission, sending power to the rear…