Brian Joffe steps down as CEO of Long4Life

Johannesburg – South African corporate heavyweight Brian Joffe is set to step down as the CEO of Long4Life in February. Bidvest owes its growth, from a bakery into an industrial conglomerate, to Joffe. His second investment holding company Long4Life owns brands such as Sportsmans Warehouse, Outdoor Warehouse and the Sorbet franchise. He will not be […]

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Eskom investigating reasons behind recurring boiler tube leaks

Johannesburg – Eskom said that an investigation was under way to determine why the utility was overburdened by boiler tube leaks which contributed to power outages. The power utility called off Stage 2 power cuts at 5am on Thursday morning after the public had to contend with rolling blackouts for a week. It said that […]

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IMF revises South Africa’s growth outlook for 2021

Johannesburg – The International Monetary Fund has revised South Africa’s growth outlook upwards from 4% to 5% for this year. The latest forecast is good news for the country, which needs to show investors that the economy has growth potential. It follows an upward revision from the Reserve Bank last month when it said the […]

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MTN Uganda launches the country’s biggest IPO

MTN Uganda said yesterday it had set the price of its Initial Public Offering (IPO) for the sale of a 20% stake at 200 Ugandan shillings (R0.83) per share, as the East African nation’s biggest telecoms operator launched the country’s biggest IPO. “The MTN IPO is officially open,” said MTN Uganda chief executive Wim Vanhelleputte […]

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Eskom’s power breakdowns could stall anticipated economic rebound

Johannesburg – South Africa’s energy crisis may threaten an anticipated economic rebound in the fourth quarter of this year, just as prospects are expected to pick up on the back of the July unrest and lockdown restrictions. The power utility last week resumed its rolling blackouts, implementing a week of stage 2 scheduled power cuts […]

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It’s time for Cosatu to realise that they’ve lost their influence, says NEASA

Johannesburg – The National Employers Association of South Africa (Neasa) has criticised Cosatu, saying that its ability to impact the national discourse, had vanished entirely. The association said that more than 83% o staff reported for duty, ignoring a plea by the federation to stay home and withdraw their labour during its national strike on […]

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Retired Truworths International CEO raked in R30 million in bonuses in the past year

Johannesburg – Truworths International paid its chief executive officr of 30 years Michael Mark a total single figure remuneration of R44.34 million an increase from R17.3 million a year earlier as he enjoyed bumper long-and-short-term incentives, said the group in its 2021 integrated annual report released yesterday. Mark, who announced his retirement last year is […]

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Foschini Group plans to open 200 new stores to boost market share

Johannesburg – The Foschini Group (TFG) aims to open 200 new stores this year as part of its plan to gain market share. “We are not going to be opening them in Sandton, Canal Walk and the V&A Waterfront; there are enough stores there,” said group chief executive officer Anthony Thunstrom, saying there was opportunity […]

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MTN provides further details of IHS Towers US listing

Telecommunications infrastructure provider IHS Towers has commenced the marketing of its initial public offering (IPO) of 22 500 000 ordinary shares, MTN advised yesterday. It said 18 000 000 of the shares were being offered by IHS Towers, and 4 500 000 were being offered by certain selling shareholders, including MTN. The underwriters of the offering would have a 30-day option […]

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City of Joburg ‘in negotiations’ to take over Soweto power supply

Johannesburg – The City of Johannesburg is in negotiations to take over the supply of electricity to Soweto and other Johannesburg areas from Eskom in a move expected to bring relief for Soweto residents. They have been experiencing constant power cuts as the power utility tries to compel them to pay their bills. Soweto residents […]

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