DIRS.INFO The most relevant business & tech news

☆ Prosus & Naspers deny report they are in talks to sell Tencent stake
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Aly SongAMSTERDAM, Nov 1 (Reuters) - Technology investment firm Prosus NV (PRX.AS) and its South African parent Naspers (NPNJn.J) on Tuesday rejected as "untrue" a report that they are in talks to sell their large stake in Chinese software and gaming giant Tencent (0700.HK). In a pre-market statement, Amsterdam-based Prosus said an article in Asian Tech Press citing unnamed sources saying that Naspers was in talks with a group of investors led by CITIC of China to sell its entire Tencent stake was "speculative and untrue". Prosus holds a 28% stake in Tencent worth $70 billion at current prices. It has said it intends to sell the stake down gradually to fund a share repurchase program. "The Naspers Board and Prosus Board reiterate their continued confidence in Tencent's long term prospects and continue to believe that the share repurchase programme is in the best interests of Prosus, Naspers and their respective shareholders," they said in a statement.

☆ South Africa's new Zulu king officially recognised by government
▼ + stars: | 2022-10-29 | by ( ) www.reuters.com time to read: +2 min

[1/5] Supporters of new AmaZulu King Misuzulu kaZwelithini arrive ahead of the final ceremony of his coronation in Durban, South Africa, October 29, 2022. REUTERS/Rogan WardDURBAN, Oct 29 (Reuters) - Misuzulu, who has promised to unite his nation and protect tradition, was officially recognised as the AmaZulu King by the South African government on Saturday in the first Zulu coronation since 1971. Misuzulu kaZwelithini, 48, was crowned the king of South Africa's largest ethnic group in a customary celebration in August but required recognition from Ramaphosa to fully access government resources and support. Misuzulu's father, King Zwelithini, passed away in March 2021 after reining since 1971. King Misuzulu reigns over a divided royal family, with another faction, that includes some of his late father's wives and some of his siblings from the other palaces, recognising King Zwelithini's first-born son Prince Simakade as king.

☆ Designer Thebe Magugu brings South African fashion to global stage
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +1 min

[1/3] South African Luxury fashion designer, Thebe Magugu, who has showcased his designs in Paris and London, poses for a photograph during an interview with Reuters, at his studio in Johannesburg, South Africa, October 13, 2022. REUTERS/Taurai Maduna/File PhotoJOHANNESBURG, Oct 28 (Reuters) - Celebrated South African fashion designer Thebe Magugu hopes his success will inspire other young people on the continent. Magugu recently launched a new collection with global sportswear brand Adidas. His clothes have been worn by celebrities such as Rihanna and Miley Cyrus, and in 2019 he won the prestigious LVMH Prize for young designers. Reporting by Sisipho Skweyiya and Taurai Maduna Writing by Nellie Peyton Editing by Frances KerryOur Standards: The Thomson Reuters Trust Principles.

☆ South Africa's Telkom launches 5G network with Huawei
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +1 min

JOHANNESBURG, Oct 27 (Reuters) - South African telecoms operator Telkom (TKGJ.J) has launched its 5G high-speed internet network using technology from China's Huawei Technologies [RIC:RIC:HWT.UL], the companies said on Thursday. "The COVID pandemic has driven significant lifestyle changes for South Africans, due to work from home or school from home, online shopping and an 'always on' kind of culture," said Fortune Wang, Carrier Business Director for Huawei South Africa. "At launch Telkom will primarily focus on providing super fast 5G fixed wireless access solutions, as the demand for mobile 5G increases, we will supplement this with suitable mobile propositions," said Lunga Siyo, chief executive officer of Telkom Consumer and Business. Shunned in the global north due to security concerns, which Huawei has denied, the Chinese company dominates in Africa as a supplier of equipment to many telecoms operators. Reporting by Nqobile Dludla Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

☆ Medical Company Seeks $50 Million From Glencore Over Congolese Bribe
▼ + stars: | 2022-10-26 | by ( Dylan Tokar | ) www.wsj.com time to read: +2 min

A company founded by a South African husband and wife to provide medical care for Congolese miners asked a federal judge in Manhattan for $50 million in restitution for the harm it said it suffered from a bribery scheme involving Glencore PLC. Glencore, an Anglo-Swiss commodities company, in May agreed to pay about $1.2 billion to resolve long-running investigations by U.S., U.K. and Brazilian authorities into bribery and market-manipulation misconduct. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance. After a dispute over the appointment of a manager to oversee those contracts, Kamoto terminated the agreements, according to Crusader Health. The bribe, which was described in settlement documents between Glencore and the U.S. government, ultimately forced Crusader Health to shut down, the company said.

☆ South Africa will allow a Russian oligarch to moor his superyacht in Cape Town as it continues on epic global cruise avoiding Western sanctions
▼ + stars: | 2022-10-26 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

The yacht, owned by sanctioned billionaire Alexei Mordashov, is now headed to Cape Town, South Africa. Nord has now left the city state, and is sailing towards South Africa where it is expected to moor on November 9, Marine Traffic data shows. When it arrives in South Africa, it will be allowed to dock, despite outcry from some in the country. "South Africa has no legal obligation to abide by sanctions imposed by the US and EU," Vincent Magwenya, a spokesman for South African President Cyril Ramaphosa said, per the BBC. South Africa was among the 35 countries which abstained from a UN resolution in March which demanded the withdrawal of Russian troops from Ukraine.

☆ South African designer revives family history in new collection
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +1 min

JOHANNESBURG, Oct 25 (Reuters) - Thando Ntuli, a young designer who just unveiled her new collection at South African Fashion Week, hopes her clothes will convey a sense of home. Register now for FREE unlimited access to Reuters.com RegisterThe designer dedicated her Autumn/Winter 2023 collection to her mother and explored different roles women play in society. "I looked into the five personas that my mum represents: she's basically a giver, a nurturer, a lover, a fighter, and a leader," Ntuli told Reuters. This multitude of roles is reflected in different silhouettes and colours the designer used in her collection, which includes a dress with an image of Ntuli's mother printed on the front. Register now for FREE unlimited access to Reuters.com RegisterReporting by Catherine Schenk; Editing by Anait Miridzhanian and Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

☆ South Africa's Ramaphosa to give response to graft inquiry
▼ + stars: | 2022-10-23 | by ( ) www.reuters.com time to read: +1 min

CAPE TOWN, Oct 23 (Reuters) - South African president Cyril Ramaphosa on Sunday submits his response to recommendations from a state inquiry into alleged corruption during his predecessor's presidency. A judicial commission of inquiry was established to examine allegations of high-level graft during former president Jacob Zuma's nine years in power from 2009 to 2018. The inquiry found that Zuma had allowed businessmen close to him - brothers Atul, Ajay and Rajesh Gupta - to plunder state resources and influence policy, commonly known as 'state capture' in South Africa. Ramaphosa's written response has not been published, but a presidential statement said he is expected to address the nation on Sunday evening. Register now for FREE unlimited access to Reuters.com RegisterReporting by Wendell Roelf Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ EXCLUSIVE S.Africa's energy transition plan needs $46.5 bln, five times pledges - sources
▼ + stars: | 2022-10-21 | by ( Tim Cocks | ) www.reuters.com time to read: +4 min

Giant wind turbines dot the landscape at the Darling Wind Power national demonstration project near Cape Town July 17, 2009. The project is the country's first independent wind power producer and currently has four turbines, with plans for another six. South Africa is also seeking to become a hub for so-called green hydrogen and electric vehicle manufacturing -- both of which could attract significant private sector investment. Coal makes up four-fifths of South Africa's power generation, so turning state utility Eskom to renewables is a priority for the government. Moving South Africa's economy into greener energy will require vast funds in the longer term, with some analysts estimating at least $250 billion over the next three decades.

☆ Walmart doubles down on Africa despite a decade of frustration
▼ + stars: | 2022-10-21 | by ( Nqobile Dludla | ) www.reuters.com time to read: +8 min

A shopper pushes a trolley as she leaves a Builders Warehouse store owned by Walmart-led Massmart Holdings in South Africa, at Gleneagles, in the south of Johannesburg, South Africa, October 20, 2022. Instead, Massmart's units outside South Africa struggled with foreign exchange risk, tricky regulatory environments and macroeconomic volatility. Earlier this year, an internal Amazon.com Inc (AMZN.O) memo detailing its expansion plans, including a maiden foray onto the continent via South Africa, leaked to media. The pending battle with its global rival looms over Walmart's e-commerce strategy for Massmart, several shareholders told Reuters. While Walmart can now firmly set the direction at its South African unit, its track record outside the United States is spotty.

☆ South African financial regulator: crypto platforms must be licensed in 2023
▼ + stars: | 2022-10-20 | by ( Rachel Savage | ) www.reuters.com time to read: +2 min

A declaration on Wednesday that crypto assets are financial products does not mean that they are legal tender, Eugene Du Toit, head of the Financial Sector Conduct Authority's Regulatory Frameworks Department, said at a press conference. "We are not legitimising crypto assets," Du Toit said. "We are not giving credence to crypto assets." The FCSA deliberately referred to crypto assets rather than cryptocurrencies, as regulators do not believe the digital assets qualify as currencies, the regulator's head Unathi Kamlana said. Declaring that crypto assets are financial products will enable authorities to clamp down on scams and protect customers, whereas they previously had no power to do so, he said.

☆ South Africa's Telkom says bigger rival MTN has terminated buyout talks
▼ + stars: | 2022-10-19 | by ( Makiko Yamazaki | David Carnevali | ) www.reuters.com time to read: +1 min

JOHANNESBURG, Oct 19 (Reuters) - South African mobile operator Telkom (TKGJ.J) said on Wednesday bigger rival MTN Group (MTNJ.J) had terminated talks to buy the former in what would have created the country's biggest telecoms company. Telkom said it could not offer MTN assurances to enter into exclusive talks sought by the country's second biggest telecoms service provider. It withdrew the offer later only to come back last month with a revised offer asking Telkom to buy it out. "MTN terminated discussions... as Telkom was not in a position to provide MTN with assurances around exclusivity," Telkom said in a statement. The talks between Telkom and MTN were at an early stage and had not progressed to due diligence, Telkom said, adding that it had not received any binding offer from MTN.

☆ South Africa moves to regulate crypto assets
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

JOHANNESBURG, Oct 19 (Reuters) - South Africa's financial watchdog has classified cryptocurrency assets as financial products, a notice in the government gazette said on Wednesday, enabling them to be regulated. Regulations that the authorities have said they planned to introduce include applying foreign exchange controls and licensing crypto trading companies. Crypto assets are not issued by a central bank, but are capable of being traded, transferred or stored electronically. He added the SARB wanted regulation of crypto assets to prevent theft, money laundering and undermining of monetary policy because an ubiquitous cryptocurrency could weaken the authority of the central bank. He added the declaration would apply to crypto trading platforms, as well as those that provide advice or intermediary services for the buyers and sellers of digital financial assets.

The British government said on Tuesday it was taking steps to stop China trying to recruit serving and former British military pilots to train the Chinese armed forces. The BBC reported up to 30 former military pilots had gone to train China's People's Liberation Army. read moreAustralia's Defence Minister Richard Marles said he had asked the defence department to investigate claims that former Australian military pilots had also been recruited to join a South African flight school that operated in China. The requirements included having graduated from military test flight schools in the United States or Britain. TFASA also runs a flight school for Chinese airline pilots in South Africa as a joint venture with one of China's largest state-owned aeronautic companies, AVIC, according to its website.

☆ People of Ukraine awarded EU's Sakharov Prize For Freedom of Thought
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

BRUSSELS, Oct 19 (Reuters) - The European Parliament awarded the people of Ukraine on Wednesday its annual Prize for Freedom of Thought, in support of Ukraine's fight against Russia's invasion that started Feb. 24, which Russia calls a "special military operation". The award comes with prize money of 50,000 euros ($49,100) prize money, which will be granted to civil society representatives. The Sakharov Prize for Freedom of Thought, named after Soviet dissident Andrei Sakharov, has been awarded annually since 1988 to individuals and organizations defending human rights and fundamental freedoms. Other past winners include South African President Nelson Mandela, Pakistani education activist Malala Yousafzai and Belarus’ democratic opposition. Register now for FREE unlimited access to Reuters.com RegisterReporting by Charlotte Van Campenhout, Benoit Van OverstraetenOur Standards: The Thomson Reuters Trust Principles.

☆ Sasol, ArcelorMittal to jointly explore green hydrogen, carbon capture projects
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

Oct 18 (Reuters) - South African petrochemicals company Sasol (SOLJ.J) on Tuesday said it was partnering steelmaker ArcelorMittal South Africa (ACLJ.J) to explore carbon capture technology and steel production using green hydrogen. ArcelorMittal South Africa is Africa's biggest steel producer, with a significant carbon footprint. In a statement, Sasol said the two firms would jointly advance a green hydrogen and derivatives study on the Saldanha region's potential as an export hub for green hydrogen and derivatives, as well as green steel production. They will study the use of renewable electricity and green hydrogen to convert captured carbon from ArcelorMittal's Vanderbijlpark steel plant into sustainable fuels and chemicals, it said. "These studies are anchored by the local need for green hydrogen and sustainable products, cementing Sasol as the leading contributor to the development of southern Africa's green hydrogen economy," said Priscillah Mabelane, Executive Vice President for Energy.

☆ Zambia in touch with China and other creditors, finance minister says
▼ + stars: | 2022-10-15 | by ( ) www.reuters.com time to read: +2 min

Zambia's Minister of Finance Situmbeko Musokotwane addresses participants during the Initial Public Offer launch of Zambia's Konkola Copper Mine in the capital Lusaka, November 17, 2010. REUTERS/Mackson Wasamunu/File PhotoJOHANNESBURG, Oct 15 (Reuters) - Zambia remains in touch with China and all its other creditors as it continues to negotiate a debt restructuring, finance minister Situmbeko Musokotwane said at an International Monetary Fund press conference on Saturday. Zambia secured a $1.3 billion, three-year loan from the IMF in September. It is now seeking a present value $6.3 billion debt reduction, or 49% of the external debt being restructured, a level some bondholders have said would be unacceptable. At the end of 2021, about a third of Zambia's $17.27 billion external debt was held by China, much of it for infrastructure projects.

☆ S.African unions reject Transnet's revised wage offer, continue strike
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +2 min

Transnet, which operates South Africa's freight rail and ports, said on Tuesday it had raised its wage offer to 4.5% from 3-4% previously, with additional 5.3% annual increases over the next two years. Register now for FREE unlimited access to Reuters.com Register"UNTU has rejected this offer and so has SATAWU. In a statement, SATAWU said it had received Transnet's latest offer "with great sadness" and that the strike would continue. Van Vuuren said the unions had tabled demands for an increase that would be related to South Africa's annual inflation rate, which was 7.6% in August. South Africa's government and leading business groups on Wednesday warned the ongoing strike would hurt Africa's most advanced economy.

☆ Elon Musk would get 'really angry' when employees at his first company Zip2 weren't still working at 9 o'clock at night, an ex-colleague told a BBC documentary
▼ + stars: | 2022-10-13 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +3 min

Elon Musk would get very angry when staff at his first company, Zip2, weren't working after 9 p.m.A former Zip2 worker, Jim Ambras, told a new BBC documentary that Musk's face "would turn red." The Elon Musk Story uses interviews with his family, friends, employees – and enemies – to explain his rise to become the world's richest man. It was bought by Compaq four years later to boost its AltaVista search engine and netted Elon and Kimbal $22 million and $15 million respectively, according to Ashley Vance's 2015 book "Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future." Branden Spikes, a systems engineer at Zip2 also interviewed for the documentary, described Musk as an "unusual fellow" who would work late and then sleep under his desk. Elon Musk's mother, Maye, who also appears in the BBC documentary, said that when he was young she would struggle to wake him up in the morning because he would stay up all night reading books.

☆ Difficult to tell if close to the end of the rate hiking cycle, South African Reserve Bank governor says
▼ + stars: | 2022-10-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDifficult to tell if close to the end of the rate hiking cycle, South African Reserve Bank governor saysLesetja Kganyago, Governor of the South African Reserve Bank, discusses the outlook for monetary policy over the coming months and power problems in the country.

Whether Mozambique and its allies can stamp out the insurgency altogether is a question that has global repercussions as countries hunt for new sources of liquefied natural gas (LNG). Mozambique has huge natural gas reserves which, if managed effectively, could transform its fortunes. With already more than 100 trillion cubic feet of proven offshore natural gas reserves, one industry insider likened its future potential equal to Russia – a natural gas giant. The Mozambican forces, as had happened multiple times in smaller towns, were unable to stop them. Fighting between the terrorist group and the Mozambican army and Rwandan Security forces has left its mark on the town.

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Rewards Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Intro Offer Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. $0 Rewards Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. $95 Rewards Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

☆ This entrepreneur started his company as a side hustle while working for Shopify. Now he's committed full-time to his beef jerky business, which generates about $30,000 in monthly sales.
▼ + stars: | 2022-09-25 | by ( Madeline Stone | ) www.businessinsider.com time to read: +4 min

Daniel Patricio started his online store, Bull and Cleaver, while working at Shopify. Daniel Patricio's Shopify store, Bull and Cleaver, generates about $30,000 a month in sales of biltong, a South African-style beef jerky. But the direct-to-consumer business has decidedly humble origins; it started as a side hustle while Patricio worked on the product team at Shopify. Patricio started his store in 2015, a couple of years into his eight-year tenure at Shopify. "This is an amazing product," Patricio said.

☆ African Global Citizen patrons urge world to consider continent's giving power
▼ + stars: | 2022-09-24 | by ( Cooper Inveen | ) www.reuters.com time to read: +2 min

The Accra leg of Global Citizen's annual music festival, held simultaneously with another concert in New York City, wasn't your average show. "People need to know that it's not always about giving to Africa: Africa can give, and we can have fun too." It has also spurred the establishment of an "Africa Prosperity Fund", a $1 billion development funding pledge compiled solely by African governments and launched jointly by the governments of Ghana and South Africa. "I think Ghana symbolizes so much about what is achievable," said Michael Sheldrick, Global Citizen's co-founder. Danai Guria, a star of the 2018 movie "Black Panther", called on people to consider the power and potential of African women.

☆ Desmond Tutu's daughter barred from funeral role over gay marriage
▼ + stars: | 2022-09-23 | by ( Associated Press | ) www.nbcnews.com time to read: +1 min

The daughter of Archbishop Desmond Tutu has been barred from officiating at a funeral in a church in England because she is married to a woman, the BBC reported Friday. Mpho Tutu van Furth, who is an ordained Anglican priest in the U.S., had been asked to oversee the funeral of her godfather, Martin Kenyon. The BBC reported that the Church of England had ruled she could not lead the service in a church. The Church of England allows its clergy to be in same-sex unions only if they are celibate. Kenyon, who died Sept. 7 at the age of 92, was a long-time friend of Desmond Tutu.

Search resuls for: "South African"

25 mentions found