Business In The News South Africa

‘I am not captured,’ insists South Africa’s Mineral Resources Minister

PARLIAMENT, October 18 – Mineral Resources Minister Mosebenzi Zwane on Wednesday again denied making any decision favouring the influential Gupta brothers, who are at the centre of state capture allegations, while at the same time not denying he’s met with members of the family and their associates. Zwane was answering questions by MPs sitting on […]

Business In The News South Africa

Clover appoints EY accountant, Frantz Scheepers, as new CFO

JOHANNESBURG, October 17 –  Dairy products group Clover Industries on Tuesday announced the appointment of chartered accountant Frantz Scheepers as the new chief financial officer (CFO) designate, effective 1 November, taking over from Elton Bosch. Clover said over the next two months, Scheepers will act as the CFO designate and work closely with Bosch to ensure a smooth […]

Business In The News South Africa

Airbnb injects $1million to boost community-led tourism projects in Africa

JOHANNESBURG, October 17 – Peer-to-peer property rental accommodation platform Airbnb on Tuesday announced that it will invest $1 million through 2020 to promote and support community-led tourism projects in Africa. Airbnb said this commitment is part of its vision to empower communities through home sharing and to promote people-to-people tourism that benefits local families and their […]

Business In The News South Africa

Workers down tools at SA plastic factory over harsh working conditions

JOHANNESBURG, October 17 – The National Union of Metalworkers of South Africa (Numsa) said on Tuesday that workers have embarked on a strike at Venk-Pac Plastics in Verulam, KwaZulu-Natal, to protest against working conditions at the plant. Venk-Pac provides complete plastic packaging solutions from its factories in South Africa. The firm, which currently employs over 200 […]

Business In The News South Africa

McKinsey admits errors in Eskom contracts, halts work with SOEs

JOHANNESBURG, October 17 – Global consultancy firm McKinsey & Company admitted on Tuesday that it made “several errors of judgment” in the way it handled contracts with South African power supplier, Eskom, adding that it was not careful enough about who it associated with when taking such contracts. Earlier this month Eskom demanded that McKinsey and Gupta-linked […]

Business In The News South Africa

Sibanye-Stillwater integration saves proposed closure of SA platinum mines

JOHANNESBURG, October 16 – Integrated producer Sibanye-Stillwater announced on Monday, that the closure of its Rustenburg and Aquarius conventional business units in South Africa has been averted following realisation of substantial synergies after their successful integration into the larger Sibanye-Stillwater group. Sibanye-Stillwater had previously indicated that approximately 200,000 ounces – 300,000 ounces of the 4E platinum […]

Business In The News South Africa

Greenbay makes R1.6billion bid for Group Five’s European assets

JOHANNESBURG, October 16 – JSE-listed Greenbay Properties on Monday confirmed its firm offer to buy a greater part of Group Five’s European assets and businesses for an aggregated cash consideration of R1.6 billion.   Group Five’s European assets and businesses comprises of concession stakes, Bulgarian assets and Intertoll Europe operations and maintenance contracts.   Greenbay invests in global direct and listed real estate as […]

Business In The News South Africa

Sanlam to buy Absa Consultants and Actuaries for R285million

JOHANNESBURG, October 16 – South African financial services group, Sanlam Life Insurance, on Monday entered into agreements to acquire 100 percent of the issued share capital of Absa Consultants and Actuaries (ACA) from Absa Financial Services for a consideration of R285 million.   ACA houses the entire employee benefits offering of the Absa Group and provides […]