Volkswagen Group’s UK financial division is set to pay over $28 million to approximately 110,000 customers who faced difficulties with payments and inadequate support in recent years. Additionally, the UK’s Financial Conduct Authority (FCA) has imposed a $6.9 million fine on the automaker, bringing the total financial repercussions to $34.9 million. This payout follows an FCA investigation that revealed Volkswagen Finance’s poor handling of customers experiencing financial hardship. Reports indicated that the division was often unresponsive or uncooperative, with some customers facing unjustified fees during repossession processes. A notable case highlighted a customer who was informed he would need to…
Author: Staff Writer
Kenya has positioned itself at the forefront of Africa’s agri-tech and food startup scene, attracting significant capital for innovation in solar energy and precision agriculture. While foreign investment, particularly from the US and UK, accounts for 60% of the funding, Kenya, alongside Nigeria and South Africa, dominates the local investment landscape. According to Katapult Africa’s report, these three countries are leading in both the volume and total value of investments in climate and food technologies. Since 2014, over 800 investors have backed African innovators, with multiple investors often pooling for single deals. Venture capital remains the largest funding source, responsible…
The National Research Foundation (NRF) and Telkom have unveiled their collaborative Future Technologies (FutureTech) program, aimed at co-funding technology research grants and postgraduate projects. This initiative targets the enhancement of research and development within South African universities, promoting innovation in the ICT sector. NRF CEO Dr. Fulufhelo Nelwamondo expressed enthusiasm about the partnership, emphasizing its role in building science and technology capacity in South Africa. This collaboration aligns with NRF’s mandate and aims to ensure that the skills developed meet industry needs. Telkom views FutureTech as a continuation of its Centres of Excellence (CoE) program, which has supported tertiary institutions…
South African Airways (SAA) is expanding its collaboration with Turkish airline SunExpress by leasing four Boeing 737-800 aircraft, complete with cockpit and maintenance crew, for the peak summer season and extending into April 2025. This six-month agreement begins in November and includes the busy Easter holiday period. Building on a successful first year of partnership, SAA will double its leased fleet, enhancing capacity by adding an average of 20 daily flights, totaling 134 weekly flights across three routes. This move aims to improve connectivity and travel options during the high-demand holiday season. The partnership not only boosts SAA’s competitiveness in…
Shares in Clicks, a leading pharmaceutical retailer, surged over 3% on Thursday following a strong profit report and a dividend increase of more than 14%. For the year ending August 31, diluted headline earnings rose by 14.3%, resulting in a new dividend of 776 cents per share. Clicks experienced robust turnover growth of 9.2%, reaching R45.4 billion, driven by gains across its health and beauty segments. Notably, the company reported an 11.7% increase in retail turnover, aided by effective price management. The company expanded its store footprint, adding 51 new locations and growing its pharmacy network to 720. However, pharmacy…
Grindrod, a key player in port, terminals, and logistics, has agreed to sell various investments to African Bank for R500 million. This move is part of Grindrod’s strategy to divest from non-core assets and enhance its financial stability for future freight development projects. The sale includes mortgage bonds from its KwaZulu-Natal properties, a 19% stake in Trevally Group, and loans linked to the Royal Shaka Property Group. Pending regulatory approval, the funds will help restructure Grindrod’s balance sheet and support expansion plans in freight services. The company’s non-core assets primarily consist of its marine fuel trading business and a private…
Discovery has announced an increase in its minimum annual salary to R200,000, effective October, as part of its commitment to fair compensation and addressing wage disparities. This update was shared in the company’s 2024 annual report, released on Wednesday. The remuneration committee emphasized its focus on ensuring equitable pay while actively reviewing the differences between the highest and lowest earners within the organization. Group CEO Adrian Gore highlighted progress in enhancing diversity among senior management, with women and black individuals representing 45% and 39% of senior managers, respectively. The new minimum salary applies to all Discovery employees, except for those…
Cashbuild, the prominent building materials retailer, has announced a 5% increase in revenue for the first quarter of its 2025 financial year. The growth stems from a combination of performance from existing stores and the impact of newly opened locations. Revenue from the 315 stores operating before July 2023 rose by 4%, while the addition of six new stores contributed 1% to overall growth. Transactions increased by 3% compared to the previous year, with new stores adding less than 1%. Selling inflation stood at 1.4% as of the end of September. In terms of contributions to total sales, Cashbuild SA…
South Africa is on the verge of transforming its tourism landscape by relaxing visa regulations for visitors from India and China, aiming to tap into the potential of these two populous nations. Currently, tourists from many Western countries, such as the US and UK, enjoy visa-free access for short visits, while travelers from India and China must navigate a more complex authorization process, often deterring them. The Department of Home Affairs plans to roll out a “Trusted Tour Operators” system in January, allowing vetted operators to manage travel groups from these countries. This initiative is expected to streamline the visa…
The most sought-after resource every leader wants and needs, and that never seems like enough no matter how much of it you have, is time. For South Africa’s top finance leaders, finding ways to manage their time effectively is crucial to the success of their organisations, as well as finding balance, calm and fulfilment in their personal lives. You’ve got mail Most professionals can relate when it comes to identifying the biggest time wasters of the work day. Meetings that go on too long or that could have been an email are a major bug bear for most, but the…