Author: Staff Writer

The construction industry hasn’t changed in centuries and is ultimately still laying bricks and building buildings. Construction giant Stefanutti Stocks has not only been able to transform the face of their IT department as an early adopter of the cloud but has also managed to face work from home disruptions without missing a beat with the migration of their VMware cloud environment from Europe to South Africa. Stefanutti Stocks is a major listed player in the South African and Sub-Saharan African construction market. It employs 7,500 people and earns billions in annual revenue with projects running from Cape Town to…

The new Samsung Galaxy device is available for purchase through Telkom’s online channel and in stores across the country on FreeME Plans from 10 July 2021. Qualifying customers for the deal include; new and existing Telkom Mobile and Business subscribers as well as Prepaid and Post-paid subscribers. The Samsung Galaxy A22 offers exceptional value for money as the successor to the Galaxy A21. First off, it features an immersive display and versatile camera which are bound to catch the eye. This world-class smartphone also gives users the opportunity to experience next-generation performance, demonstrating Samsung’s commitment to providing accessible devices without…

Vantage Capital, Africa’s largest mezzanine fund manager, announced today the successful first close on its fourth mezzanine fund. With $207 million or R2.9 billion of commitments from European and US-based commercial investors as well as development finance institutions (DFIs), including IFC, CDC Group and SIFEM, Vantage Mezzanine Fund IV is on track to reach its target total fund size of $350 million. The fund will provide mid-sized African businesses with flexible capital that will enhance job creation and facilitate much-needed economic opportunities and growth – especially necessary for post-Covid-19 recovery. “Vantage is proud of the continued support received from its…

There is no doubt that South Africa currently faces a massive power challenge, with load shedding a disruptive reality that all but a few off-grid citizens have to deal with. At the same time, it’s growing increasingly clear that the country needs to drastically reduce its carbon emissions. According to The Global Carbon Atlas, South Africa is the 12th biggest emitter of greenhouse gases on the planet and the biggest in Africa. There is a strong and urgent need to accelerate the growth of renewable energy across the region to ensure sufficient, affordable, reliable energy supply for individuals, businesses, and…

The European antitrust authorities announced Thursday it has fined Daimler, BMW and VW nearly $1 billion or R14 billion for colluding on technical development in the area of nitrogen oxide cleaning. The European Commission said in a statement it has imposed a fine of € 875 189 000. Daimler was not fined, as it revealed the existence of the cartel to the Commission. All parties acknowledged their involvement in the cartel and agreed to settle the case. “The five-car manufacturers Daimler, BMW, Volkswagen, Audi and Porsche possessed the technology to reduce harmful emissions beyond what was legally required under EU…

The Nigerian Federal Inland Revenue Service (FIRS) has engaged some commercial banks as agents to freeze and recover N1.8 trillion or R63 billion from accounts of MultiChoice Nigeria Limited And MultiChoice Africa. The companies are owned by South African-based MultiChoice Group. The Nigerian Premium Times reported that the FIRS explained that the decision to appoint the banks as agents and to freeze the accounts was as a result of the groups’ continued refusal to grant FIRS access to their servers for audit. The publication said FIRS further noted that the level of non-compliance by Multi-Choice Africa (MCA), the parent Company…

Lexus has eclipsed the major milestone of two million global sales of electrified vehicles at the end of the first quarter of 2021. The company said this reflects its commitment to the reduction of CO2 emissions across a significant number of luxury segments and a clear indication that like sister-brand Toyota, Lexus is firmly on the path to carbon-neutrality. This commitment will continue with confirmation that Lexus International will reveal the first Lexus plug-in hybrid electric vehicle (PHEV) in 2021, and the first Lexus battery electric vehicle (BEV) on a dedicated platform in 2022. By 2025, Lexus International will debut…

We have received several queries from readers on what are the criteria for eligibility to access a R150 million set aside by the Mineworkers Investment Company to invest in black-owned innovative, high growth businesses in South Africa. We have generated from MIC Khulisani Ventures, a R150 million early-stage investment vehicle, website a quick overview highlighting the eligibility criteria. MIC Khulisani Ventures will be investing in businesses that are established, and ready to expand their market footprint through business development, increased team capacity and continued development of products and services. For more read: Mineworkers Investment Company Sets Aside R150 Million To Invest…

Founders Factory Africa (FFA), a venture development company based in Johannesburg, South Africa, has announced a move to fund three new pan-African startups. The Covid-19 pandemic has had wide-reaching health and economic impact across Africa and FFA has identified a more urgent need to empower individuals and communities by transforming the start-up economy across the continent. Working with its corporate investors Standard Bank Group and Netcare, FFA announced that they will be welcoming Wazi (Kenya), Asaak (Uganda), and Revix (South Africa) to join their portfolio of more than 25 companies. All three startups have developed product offerings targeted at the…

Mineworkers Investment Company (MIC) today announced the launch of MIC Khulisani Ventures, a R150 million early-stage investment vehicle targeting black-owned innovative, high growth businesses in South Africa. MIC Khulisani Ventures will invest in promising high-growth potential companies across all sectors, with the exception of primary agriculture and primary extractive industries. The focus is innovation, namely innovative products or services that disrupt traditional markets, improve efficiencies or respond creatively to existing problems in South Africa. “We are thrilled to be introducing a unique offering to a broad-set of black-owned innovative ventures with exponential growth potential,” MIC CEO, Mary Bomela said. “MIC…