Category: Business

Johannesburg – Telkom says it will enter the financial services sector by launching a life insurance business. Telkom Financial Services, which will initially only sell funeral insurance, seeks to address the needs of over 11 million South Africans who do not have bank accounts. The company says it will also use its network and extensive […]

Johannesburg – With the Covid-19 tourism relief scheme depleted, Tourism Minister Mmamoloko Kubayi-Ngubane on Thursday said that she was hoping that the R200-million loan guarantee scheme would assist qualifying businesses who had not received financial help. The tourism industry is battling to survive with businesses in distress and millions of jobs on the line as […]

Johannesburg – South Africa’s $4.3 billion (R70.9bn) loan from the International Monetary Fund (IMF) has been welcomed, although there are concerns about whether the country will be able to meet the debt obligations. The IMF on Monday approved the country’s request for emergency financial assistance under the Rapid Financing Instrument. President Cyril Ramaphosa announced in […]

Johannesburg – The South African currency benefited from a retreating greenback as a lack of local releases turned the attention to the two-day FOMC meeting which will conclude on Wednesday according to NKC Research. The FOMC is currently in the middle of a blackout period and is expected to reaffirm its very dovish forward guidance, […]

Johannesburg – Santam has set aside a R1billion relief fund for potential business interruption claims from its policy holders. The insurer said it was not pressured to establish the fund, but wanted to do the right thing in the light of likely claims arising from the Covid-19 interruptions, particularly for small businesses. Group Chief executive […]

Johannesburg – Vodacom Group is looking beyond virus-induced market turbulence and pressing ahead with asset as Chief Executive Officer Nick Read pushes to squeeze more out of company assets. The company said Friday the initial public offering for the tower unit is on track for early 2021 in Frankfurt, assuaging investors concerned that the pandemic […]

Johannesburg – The African Development Bank board has approved a R5 billion loan to the government of South Africa, as the country battles one of the largest Covid-19 case loads in the world. South Africa is the most affected country in Africa, and among the top five in the world in terms of confirmed cases, […]

Johannesburg – The road to establishing a new national carrier moved closer to fruition on Tuesday after creditors overwhelmingly approved SAA’s business rescue plan and the Department of Public Enterprises (DPE) names veteran executive Philip Saunders as the airline’s interim chief. The department said 86% of creditors backed the plan – 11% more than required […]

Johannesburg – The Nuclear Energy Company of SA (Necsa) seems to be getting back on its feet after the appointment of Dave Nicholls as chair earlier this year, following nearly two years of turmoil and repeated changes in directors and management. But Necsa subsidiary NTP –which operates the Safari nuclear reactor and is the group’s […]