South Africa News Archives - Page 18 of 72

10Mar

By Africa BusinessNo Comments

South Africa News

Prohibited transactions raise substantial competition or public interest concerns that cannot be remedied

By Angelo Tzarevski, Director Designate, Competition & Antitrust Practice, Baker McKenzie, Johannesburg On 22 February 2023, the South African Competition Tribunal issued an order prohibiting the proposed intermediate merger between Corruseal Group (Pty) Ltd (Corruseal) and Neopak Holdings (Pty) Ltd (Neopak). In their request for consideration to the Tribunal, Corruseal and Neopak sought to have the proposed merger unconditionally approved by the Tribunal or, alternatively, approved subject to conditions. The Tribunal’s order follows a hearing held in November and December 2022 and February 2023, during which several factual witnesses as well as economic experts testified before the Tribunal. The Tribunal noted that the reasons for its decision would be issued in due course. The tran...

South Africa: Two birds with one sunbeam – ESG windfall with the expanded renewable energy tax incentive

10Mar

By Africa BusinessNo Comments

Energy, South Africa News

South Africa: Two birds with one sunbeam – ESG windfall with the expanded renewable energy tax incentive

By Tsanga Mukumba, Associate, and Jordan Moonsamy, Candidate Attorney, and overseen by Kieran Whyte, Partner, Head of Projects, and Virusha Subban, Partner, Head of Tax, Johannesburg. The introduction of an augmented and accelerated capital expenditure deduction for the cost of constructing renewable energy infrastructure in South Africa is a boon for companies that have not yet reached their Environmental, Social and Governance (ESG) goals. It provides the opportunity to undertake reportable ESG initiatives and simultaneously enjoy a reduction in tax costs. Fully leveraging this opportunity will require a comprehensive understanding of the mechanics of amended incentives and the dynamics of ESG reporting. In the 2023 Budget Speech, the South African Minister of Finance, as part of the ...

6Mar

By Africa BusinessNo Comments

Business, South Africa News

The mine’s operating model – and why your people underpin it

By Arjen de Bruin, Managing Director at OIM Consulting In its simplest form, a company’s operating model can be described as a visualisation of its business strategy. The intent of the model is to provide a clear framework or blueprint for how this strategy is executed to deliver on the organisation’s goals. But who is responsible for carrying out the functions in your operating model; undoubtedly a multi-coloured, flowchart-heavy PowerPoint slide that you brandish about in boardroom meetings? Your people. So it stands to reason that no matter how beautifully articulated your operating model, it will not succeed if your people are unable to execute these functions. The link between faulty execution and strategy fall-down According to an article in the Harvard Business Review, almost 70...

8.7% of users encountered phishing attacks in Africa in 2022, global number of attacks exceeds 500 million

2Mar

By Africa BusinessNo Comments

Kenya News, South Africa News, Tech

8.7% of users encountered phishing attacks in Africa in 2022, global number of attacks exceeds 500 million

Kaspersky’s (www.Kaspersky.co.za) anti-phishing system prevented more than 500 million attempts at accessing fraudulent websites globally in 2022. This is twice more compared to 2021 figures. In Africa, 8.7% of individuals and corporate users were affected by phishing: attacks on their devices were detected and stopped. In South Africa, the share of users affected by phishing stands at 9.7%, followed by Kenya at 8.4% and Nigeria at 7%. Detailed information on the global situation with spam and phishing can be found in Kaspersky’s Spam and Phishing in 2022 (https://apo-opa.info/3Zc1idO) report. Although spam and phishing attacks are not necessarily complex from a technological standpoint, they rely on sophisticated social engineering tactics, making them highly dangerous to those who are n...

WeWork and SiSebenza Announce Franchise Partnership for WeWork South Africa

1Mar

By Africa BusinessNo Comments

Business, South Africa News

WeWork and SiSebenza Announce Franchise Partnership for WeWork South Africa

WeWork, the leading global flexible space provider, today announced a franchise partnership with SiSebenza, a pan-African real estate investor, giving SiSebenza the exclusive right to operate WeWork’s existing locations in South Africa. The deal also grants SiSebenza exclusive rights to grow and operate the WeWork franchise in Ghana, Kenya, Mauritius and Nigeria. The franchise partnership combines the strength of WeWork’s brand and product with SiSebenza’s proven local operating expertise. WeWork opened its first South Africa location in 2019 at WeWork The Link in Rosebank, Johannesburg, followed by WeWork 80 Strand in Cape Town and WeWork 155 West Street in Sandton, Johannesburg. WeWork has since seen strong demand from companies seeking flexible space solutions - this partnership will p...

Shopping for sustainability: online stores and e-commerce merchants answer growing consumer demand

28Feb

By Africa BusinessNo Comments

Business, South Africa News

Shopping for sustainability: online stores and e-commerce merchants answer growing consumer demand

While 92% of South Africans say sustainability is important to them, only 58% claim to live sustainably according to a 2022 study by global consumer insights agency InSites Consulting. It’s clear South Africans want to make a change; they just don’t know where to start. That’s where online retailers and e-commerce merchants come in, says Steffen Burrows, CURBON co-founder and director. The ‘sustainability paradox’, or the gap between acknowledgment (92% importance score) and action (42% not living sustainably), should be treated by brands as an opportunity. Since 86% of consumers believe that companies have a duty to take care of the planet, merchants and e-commerce businesses can help consumers overcome barriers to adopting more sustainable habits in their daily lives. This means makin...

MultiChoice Africa Accelerator Programme set to boost prosperity of African small and medium-sized businesses (SMME)

28Feb

By Africa BusinessNo Comments

Angola News, Ethiopia News, Ghana News, Kenya News, Nigeria News, Republic of Côte d'Ivoire (Ivory Coast), Senegal News, South Africa News, Startups, Zambia News

MultiChoice Africa Accelerator Programme set to boost prosperity of African small and medium-sized businesses (SMME)

MultiChoice shortlists 11 start-ups to pitch for international funding and take their small businesses to the next level At a time when unemployment challenges and economic instability are high, small and medium-sized businesses (SMMEs) are proving to be the engines of economic growth and job creation throughout the African continent. In recognition of the critical role SMMEs play, MultiChoice launched the MultiChoice Africa Accelerator programme which trained 29 businesses across 9 African countries in key entrepreneurial skills. As the second leg of the programme, a panel of experts has selected 11 of the most promising small businesses and invited them to pitch to prospective international investors in Dubai. “There’s no denying the impact African SMMEs have on job creation and econ...

Modernising and regulating SA’s payments industry

28Feb

By Africa BusinessNo Comments

Fintech, South Africa News

Modernising and regulating SA’s payments industry

In the second half of 2022, the South African Reserve Bank (SARB) announced it has its sights set on stricter regulations for the South African payments ecosystem “to ensure financial stability in a world of increasingly innovative and disruptive technology”. Though some new fintech players winced at the thought, it is a necessary move if South Africa wants to keep up with international trends, notes Andrew Springate, CEO of tech and financial gateway service provider PAYM8. Fintechs and Virtual banks are increasingly grabbing a larger share of market space, but often taking on more risk than traditional banks due to their ability to scale up rapidly, says the International Monetary Fund. “Though stricter regulation might it more difficult for new players to enter the market, payments mus...

Strategies for water efficiency and continuity in South Africa

27Feb

By Africa BusinessNo Comments

South Africa News

Strategies for water efficiency and continuity in South Africa

Loadshedding in South Africa has become the norm and will continue for at least two more years but another problem has arisen due to these prolonged blackouts and that is an interruption in water supply. When the stages of loadshedding are higher (stage 6 and 8) and there is no electricity for four hours or more the critical pipelines and water pump systems are interrupted. The reservoirs rely on a continuous flow of pumped water and when there is a prolonged period of no electricity at one time, as in 4 hours or more, the continuous flow is interrupted and the reservoirs are not able to fill up quickly enough. The worst affected areas are the high lying areas as their water needs to be pumped up hill. Gauteng is a case in point due to the high elevation difference between the Vaal dam ...

How South African small businesses and traders can up their game for financial success

25Feb

By Africa BusinessNo Comments

South Africa News

How South African small businesses and traders can up their game for financial success

The better financially educated business owners are, the stronger the foundation of their business will be. Financial literacy has been proven to not only affect both saving and investment behaviour, but also debt management and borrowing practices. Financially savvy traders and SMEs are more likely to accumulate wealth, get better returns on investments, and cover emergency expenses. On the other hand, financial illiteracy is associated with more indebtedness, costly lending practices, and higher transaction costs and fees. Zunaid Miya, MD of Local fintech company Hello Pay, gives these tips to set your small business up for success: Stay on trend: Technology is advancing rapidly in all fields and finance is no different. For small businesses and informal traders, who often lack ac...