Author: Gugu Lourie

A new BMW Group Vision Vehicle provides a first glimpse of the Neue Klasse as an SAV: The BMW Vision Neue Klasse X brings the aesthetics, technology, sustainability, and philosophy of the Neue Klasse to the Sports Activity Vehicles sector. The first fully-electric raised derivative on the new architecture will go into series production at Plant Debrecen (Hungary) in 2025. “Together with the BMW Vision Neue Klasse, the BMW Vision Neue Klasse X showcases the breadth of our future BMW model line-up. The Neue Klasse reflects the variety of all the models that customers want today and in the future…

The Financial Sector Conduct Authority (FSCA) has imposed a hefty R475 million administrative fine on Markus Jooste, the former CEO of Steinhoff, for breaching the Financial Markets Act (FMA) in connection to his disclosure of Steinhoff International’s financial status. Following an earlier determination by the FSCA that Markus Jooste violated the FMA and was subject to a R20 million penalty under the Financial Sector Act, the decision and penalty imposed by the FSCA were affirmed by the Financial Services Tribunal. “The investigation found that Jooste and Dirk Schreiber made or published false, misleading, or deceptive statements about Steinhoff International Holdings…

The brakes are being tapped in the used car market in South Africa. In February 2024, sales declined by 1% year-on-year and by 8% month-on-month. While the brakes are far from being slammed, a slight decline in this sector is evident. According to data released by AutoTrader, 28,658 used cars were sold during the month of love. This compares to 28,894 in February 2023 and 30,996 in January 2024. Turning to new vehicle sales, naamsa | The Automotive Business Council reports that the February 2024 new passenger car market – at 28,857 units – registered a decline of 925 cars,…

Co-founders of Inflection Mustafa Suleyman and Karén Simonyan are joining Microsoft to form a new organization called Microsoft AI, focused on advancing Copilot and our other consumer AI products and research. In June 2023, Inflection revealed securing $1.3 billion in funding to develop its vision of ‘more personalised AI,’ with Microsoft as the primary investor. “Today we are also announcing that two of our three co-founders, Mustafa and Karén, will be leaving Inflection to start Microsoft AI, a new division at Microsoft that will bring together their consumer AI efforts, as well as Copilot, Bing and Edge,” Inflection wrote in…

After school, many kids seek solace in TikTok after a day of classes. As a parent one might ask, what could be more exciting and engaging? For Gareth, my son, it was the brand new Volvo XC90 T8 that he saw, for the first time, when he got home from school on Monday. Forget TikTok, homework, and mother’s homemade scrumptious lunch, the only thing on Gareth’s mind was riding in the passenger seat of the Volvo XC90 T8. Not wanting to disappoint the boy, I grabbed the car keys and unlocked the doors. Smiling, Gareth settled into the passenger’s seat.…

Tyme Global, which is owned by Patrice Motsepe,today announced that GoTyme Bank was pursuing the acquisition of a Philippines-based payroll lender so that it can access salaried employees and utilise its low-cost deposit base to drive efficiencies. In October 2022, Motsepe’s Tyme launched GoTyme Bank in the Philippines. In August, GoTyme reached the 1-million customer mark, just a few months before its first anniversary on October 20. The bank now has 2 million customers. GoTyme Bank is expected to reach profitability in quarter four, 2025. The third country, Vietnam is currently in the contracting stages with country partners. During…

Sam Ngumeni has been named the CEO of Woolworths Food, effective from July 1, 2024, succeeding Zyda Rylands, who is set to retire at the end of August 2024. Rylands’ retirement was initially announced on August 3, 2021. Woolworths expressed gratitude to Zyda for her nearly three decades of dedication to the Woolworths Group and her instrumental role in establishing Woolworths Foods as a leading food retailer. As part of Woolworths’ strategic succession plan, Sam Ngumeni, currently serving as the Group Chief Operating Officer, will assume the role of CEO of Woolworths Foods. Ngumeni brings over 28 years of experience…

The Financial Sector Conduct Authority (FSCA) wants to tell you about something important. There’s a person named Jacobus Stephanus Geldenhuis who’s been up to no good. The FSCA has been talking about this since October 2022 and even more recently in December 2023. Here’s the deal: Geldenhuis and a company called Classic Financial Services did some bad stuff. They broke laws that are meant to keep your money safe. They pretended to be a bank and tricked people into giving them money. Instead of investing it properly, they used it for themselves, like in a Ponzi scheme. As a result,…

The Department of Mineral Resources and Energy (DMRE) anticipates presenting a Gas Master Plan to Cabinet this month, aiming to tackle the country’s gas supply challenges. DMRE Minister Gwede Mantashe, speaking at the Africa Energy Indaba in Cape Town, confirmed this initiative. Recent media coverage has raised concerns about South Africa potentially depleting its natural gas reserves by 2026, a scenario that could profoundly impact employment and manufacturing sectors. “We have noted concerns regarding the current and future gas supply in the South African market due to commercial disputes between Sasol and its customers. Our understanding is, that this is…

A 32-year-old Swati national employed as a petrol attendant is set to stand trial at the Middelburg Specialised Commercial Crime Court on Tuesday, March 5, 2024, accused of contravening the Cybercrime Act 19/2020. The individual was apprehended by the Hawks Middelburg-based Serious Commercial Crime Investigation on Monday, March 4, 2024, at Ultra City N4 Middelburg. Following an internal audit by ABSA/FNB bank card investigators, suspicions arose regarding a skimming device potentially being used by petrol attendants at the garage. This information prompted an investigation by the Hawks in collaboration with bank investigators, resulting in a search and seizure operation. The…