ANNOUNCEMENTS
- Vodacom South Africa has announced job cuts as part of its restructuring efforts. The telecommunications company is streamlining its operations to improve efficiency and reduce costs amid market challenges. The job cuts come amidst increased competition and evolving consumer preferences in the telecom industry.
- Sun International’s Sun City resort, where R2 billion in capital expenditure has been invested in the past 10 years, delivered record earnings to contribute to the JSE-listed hotel, gaming and resort group’s strong financial performance in the year to December. Sun City delivered record adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) before management fees of R455 million in the year. And now the group plans to pump a further R530 million into the resort, which includes a R350 million upgrade of the Sun City Hotel.
- The Bill & Melinda Gates Medical Research Institute has launched the final stage of clinical trials to test a tuberculosis (TB) vaccine, which scientists hope will be the first new shot against the disease in more than a century.
- Nosiviwe Mapisa-Nqakula, the speaker of South Africa’s National Assembly, had her residence raided on Tuesday as part of a corruption investigation ordered by the National Prosecution Authority, parliament said. The raid at her house in Johannesburg’s eastern suburb of Bruma drew a call from the official opposition, the Democratic Alliance, for her to step down. Earlier this month the Sunday Times reported that she solicited bribes from a contractor while she was defense minister, citing the contractor.
ECONOMY
- Infrastructure SA identified 12 projects targeted for resolution in the current financial year, focusing on overcoming regulatory hurdles and accelerating implementation. The projects span various sectors, including energy, water, transport, and digital infrastructure, aiming to drive economic growth and address critical infrastructure challenges in South Africa.
EXECUTIVES
- Zenith Bank Plc has appointed Adaora Umeoji as the Group Managing Director effective June 2024. This makes her the first female GMD to lead the bank, where she currently serves as the deputy GMD. Umeoji’s appointment is however, subject to the approval of the Central Bank.
- Bytes Technology Group (BTG) has released an update on its investigation into former CEO Neil Murphy’s resignation following controversy surrounding his unauthorised and undisclosed trading of company shares. In an update to shareholders yesterday, the company revealed details of the circumstances around Murphy’s resignation, including that he also made some unauthorised share trades on behalf of his wife.
COMPANY RESULTS
- Sun International reports robust financial results, bolstered by Sun City’s performance. The renowned resort’s revenue surged by 44%, attributed to increased gaming activity and higher occupancy rates. Sun International’s overall performance reflects a positive trend, showcasing resilience and recovery in the hospitality and gaming sector despite ongoing challenges.
- Remgro’s headline earnings plummeted in the latest financial report. The South African investment holding company faced a significant decline due to weak economic conditions, impairments on its investments, and restructuring costs. This decline marked a challenging period for Remgro amid economic uncertainties and market volatility.
STARTUPS
- South African startup Planet42, a car subscription platform addressing transport inequality by putting cars in the hands of people who cannot access traditional bank credit, has raised R300 million in debt and equity funding from Standard Bank to help it continue to expand. Launched as CarGet in 2017, Planet42 partners with dealerships across South Africa to offer access to a personal car to its largely underbanked clientele.
- The Africa’s Business Heroes (ABH) Prize Competition has launched its sixth annual continent-wide search for 10 exceptional entrepreneurs who are striving to make a positive impact in their local communities. The application form can be accessed for free on ABH’s official website starting today. Applications for ABH 2024 are open from now until May 19, 2024. The top 50 finalists will be announced in July, followed by the announcement of the top 10 in September. The final winners will be unveiled at the Grand Finale in November.
MOTORING
- A group of Ferrari drivers filed a lawsuit against the luxury carmaker over alleged brake defects. The lawsuit claims that Ferrari was aware of the issue but failed to address it adequately, causing potential safety risks and financial losses for consumers.
- Review: The Mazda CX-60 3.3D Takumi offers a compelling SUV alternative with its powerful performance. The vehicle combines elegance with functionality, boasting advanced features and luxurious finishes. It represents Mazda’s commitment to delivering high-quality vehicles that meet the needs of discerning drivers.
- The new Toyota Hilux and Fortuner hybrids have been officially launched in South Africa, offering environmentally-friendly options for consumers. These vehicles feature hybrid powertrains that promise improved fuel efficiency and reduced emissions, catering to the growing demand for more sustainable transportation options. The pricing details have been revealed, making these hybrid models an enticing choice for eco-conscious drivers.
TECHNOLOGY
- Meta, formerly Facebook, proposed reducing monthly fees for Facebook and Instagram ads. The offer aimed to address concerns over its dominance in the digital advertising market and potential antitrust issues. Meta’s move followed regulatory scrutiny and competition challenges in the tech industry.
- The Competition Commission blocked the rollout of affordable fiber to poor communities in South Africa. This decision was made to prevent price discrimination and protect competition in the fiber broadband market. The commission argued that offering lower prices to certain areas could harm competition and lead to higher prices in other areas.
GLOBAL
- The Nigerian economy faced a significant setback due to network disruptions experienced by telecom giants MTN and Airtel. Damage to undersea cables along Africa’s western coast, including WACS, MainOne, SAT3, and ACE, caused the disruption. The disruption revealed the vulnerability of Nigeria’s digital economy and underscored the need for diversification and robust backup systems. Stakeholders called for accountability from MTN and government intervention to restore services and prevent future disruptions.
ESG
- Defy introduced a new line of solar-powered off-grid appliances, including refrigerators, freezers, and water heaters, catering to areas with unreliable electricity access. This initiative aims to provide sustainable solutions, reducing dependency on traditional power sources and enhancing energy efficiency in off-grid communities.