South African financial services company, Prescient, has announced a deal with Lebashe Investment Group to boost black ownership of the company. The deal is expected to have a positive impact on Prescient’s business operations and financial performance, as well as on the broader financial services industry. The deal reflects a broader trend towards increasing black ownership and promoting transformation in the South African business sector.
Author: Staff Writer
The South African Revenue Service (SARS) has made changes to the tax filing season for individuals in South Africa, including an extension of the deadline for provisional taxpayers and changes to the penalty regime for non-compliance. Taxpayers are advised to be mindful of the changes and ensure that they have all the necessary documentation and information required for filing their tax returns. The changes are aimed at improving compliance and reducing the burden on taxpayers, and accurate and timely tax filing is emphasized as crucial to avoid penalties and interest charges. Read the full list of changes here. For more…
The chief operating officer of TikTok, Vanessa Pappas has resigned amid leadership changes at the company. Pappas had been serving as interim CEO of TikTok and played a key role in managing the company’s operations and navigating regulatory challenges in various countries. The resignation comes amid increasing scrutiny of TikTok’s data privacy practices and concerns about its potential impact on children and young people.
Avatar may potentially acquire 99c, which would position the company as one of the largest advertising agencies in South Africa and allow it to expand its service offerings and improve its competitive position. The advertising industry in South Africa has been impacted by ongoing economic challenges but is expected to rebound in the coming years driven by digital transformation and increasing demand for advertising services. The potential acquisition by Avatar is part of a broader trend toward consolidation in the South African advertising industry.
IHS Towers has decided to seek advice from JPMorgan amid concerns of a potential hostile takeover by MTN Group and Wendel. IHS Towers is one of the largest telecommunications infrastructure companies in Africa, with a network of over 33,000 towers across the continent. A potential takeover by MTN and Wendel would face regulatory hurdles in several African countries and is part of a broader trend towards consolidation in the African telecommunications industry.
Harmony Gold reported strong production and lower costs in its recent financial results, which are expected to boost the company’s growth.
De Beers had a decline in rough diamond sales for the fifth sales cycle of 2022, which can be attributed to ongoing economic uncertainty and volatility in the diamond industry. The company’s CEO has emphasized the need for De Beers to continue to adapt to changing market conditions and invest in digital transformation to improve its competitive position. Despite the decline in sales, the company remains optimistic about the long-term growth prospects for the diamond industry in China and India.
FirstRand has revised its GDP outlook for the country to -0.2% for 2022, down from its previous forecast of 1.6%, due to ongoing economic challenges facing the country, including high unemployment, low consumer confidence, and supply chain disruptions. The company’s CEO has emphasized the need for structural reforms to promote long-term growth, and the revised outlook is in line with other forecasts that predict a contraction in the South African economy in 2022.
Mr Price’s decline in profit and like-for-like sales for the year ended March 2022, which can be attributed to the ongoing economic challenges facing South Africa, as well as supply chain disruptions and inflationary pressures. The company’s CEO has emphasized the need for Mr Price to adapt to changing consumer behavior and preferences and invest in digital transformation to improve its competitive position.
Growthpoint Properties, one of South Africa’s largest property investment companies, is planning to launch a R250 million black empowerment scheme linked to corporate social investment (CSI).