- BHP has acquired a stake in a Canadian copper mine and formed a joint venture to further develop the asset, advancing its copper ambitions. The move is part of BHP’s strategy to increase its exposure to copper, a key material in electric vehicle batteries. The joint venture will explore and develop the copper mine, with BHP holding a 50% stake. The acquisition and joint venture are subject to regulatory approvals.
- Shoprite has reported a 12% increase in annual sales, driven by growth in its supermarket and furniture divisions. The company’s sales rose to R154.4 billion, with its supermarket division accounting for the majority of sales. Shoprite’s furniture division also performed well, with sales increasing by 15%. The company’s growth was driven by its focus on offering affordable prices and improving customer service.
- Transnet has announced that reforms are advancing to enable third-party rail access, aiming to increase efficiency and competitiveness. The reforms will allow private companies to operate trains on Transnet’s rail network, increasing capacity and reducing costs. Transnet has already received expressions of interest from several companies. The reforms are part of the government’s plan to revitalise the rail industry and improve the economy.
- Glencore expects to announce a decision on the demerger of its coal and carbon steel businesses next week. The company has been considering spinning off its coal business due to increasing pressure from investors and regulators to reduce carbon emissions. Glencore’s coal business is one of the largest in the world, and the demerger could have significant implications for the industry.
- The South African Reserve Bank (SARB) is set to finish a R5.5 billion transfer to the Treasury soon. The transfer is part of the SARB’s plan to return excess profits to the government. The SARB has already transferred R2.5 billion to the Treasury and expects to complete the remaining transfer shortly. The transfer will help to boost the government’s finances and support economic growth.
- Volvo has launched a new limited-edition XC60 in South Africa, priced at R1.1 million. The new XC60 features a unique design and advanced technology, including a 2.0-liter turbocharged engine. Volvo has also introduced a range of safety features, including a 360-degree camera system and a blind-spot information system. The new XC60 is part of Volvo’s strategy to expand its presence in the South African market.
- Telkom has appointed Mpho McNamee as its new head of corporate affairs. Mokwana has extensive experience in corporate communications and stakeholder engagement. She will be responsible for leading Telkom’s corporate affairs strategy and managing the company’s reputation. Telkom has also announced the appointment of a new head of regulatory affairs.
- Uber has rejected a blanket ban on older cars, citing the need for a more nuanced approach to safety. The company has instead proposed a system that takes into account the condition and maintenance of vehicles. Uber has also offered to work with regulators to develop a more effective safety framework. The proposal comes after a recent accident involving an Uber driver.
- Africa has seen a 37% surge in cyber attacks, according to a report by Check Point. The report found that the majority of attacks were targeted at businesses, with the most common attacks being ransomware and phishing. Check Point has warned that the surge in attacks highlights the need for increased security measures.
- Insurers in Kenya are facing losses due to recent protests and floods. The losses are estimated to be in the billions of rand, with several insurers reporting significant claims. The protests and floods have highlighted the need for insurers to review their risk assessments and increase their coverage.
- Investors are seeing heightened risk in Kenya due to ongoing protests and political uncertainty. The protests have resulted in damage to property and disruption to businesses. Investors are warning that the uncertainty could impact Kenya’s economic growth and stability.
- Sixty-nine regional winners will compete for the Global Startup Awards African title, recognising innovative startups in the region. The winners were selected from over 1,000 entries and will compete in several categories, including best startup and best founder. The awards aim to promote entrepreneurship and innovation in Africa.
Mpho McNamee