Opinion GARY MOORE: Small business minister’s subsidies would promote corruption, inefficiency The removal of undue legislative restrictions on small enterprise will enable them to grow more freely 16 July 2022 - 08:03 Gary Moore Stella Ndabeni-Abrahams. Picture: GCIS The small business development minister Stella Ndabeni-Abrahams intends to gazette a Small Enterprise Development Masterplan as policy for small-enterprise support, as envisaged in the 1996 National Small Enterprise Act.
The Act defines a small enterprise as an owner-managed business entity that is carried on in any of 11 identified economic sectors and has such number of employees and annual turnover as to categorise it in its sector as a micro, small or medium enterprise. The masterplan refers to micro, small, and medium enterprises collectively as SMMEs.
The intended masterplan proposes some things that are unnecessary, and some things the National Small Enterprise Act does not authorise. The masterplan laments that there is “low uptake” of the SMME definition in the National Small Enterprise Act, and that “stakeholders are reluctant to align”. The masterplan complains that many statutes and government departments use different definitions of a “small business” or “small enterprise”.
Thus, the masterplan observes that the Income Tax Act, the Co-operatives Act and the Broad-Based Black Economic Empowerment Act all use differing definitions. It notes that the SA Revenue Service, department of trade, industry & competition and Statistics SA use varying definitions to track and monitor SMMEs.
The masterplan asserts that it is necessary that statutes and government departments should all apply the National Small Enterprise Act’s definition of SMMEs for “contributions to tax revenue collection” and to provide “a deeper, richer understanding of the wide spectrum of factors relevant to operating a business, across geographical locations and sectors.”
But the Act does not authorise the minister to exercise powers that go beyond support, development and promotion of SMMEs. The minister acts beyond her powers in urging other ministers and departments to apply the Act’s SMME definition to aid “contributions to tax revenue collection” or to merely provide “a deeper, richer understanding” of factors relevant to operating businesses.
It is beyond her powers to urge other ministers to apply the Act’s SMME definition in statutes they administer, which though they might touch on small businesses are for the most part aimed at objects other than promoting small businesses.
The minister also wants departments to use her uniform definition to “target enterprises for support” and for “targeting of incentives”. However, she really cannot afford to subsidise small business. The masterplan admits to budgetary constraints.
Even if the minister could afford to subsidise anyone who presented themselves as being small businesses, any such subsidies would likely be unavoidably selective and unfair, promote corruption and fraud, and foster waste by permitting the inefficient to undermine efficient producers.
The minister should focus on identifying the types of legislation that have an adverse effect on small enterprise as defined in the National Small Enterprise Act, and on issuing guidelines for organs of state that administer legislation of the types so identified about how they might amend their legislation to reduce its legislative burden on small enterprises.
The Act authorises the minister, by notice in the Government Gazette, to identify types of legislation that may have an effect on small enterprise, and to publish guidelines about assessment and review of the effect of existing legislation on small enterprise.
The masterplan anticipates this and already identifies types of legislation that have an adverse effect on small enterprise, giving some indication about how such legislation might be assessed and reviewed.
Thus, the masterplan states that the National Treasury estimates that compliance costs represent a significant percentage of turnover for enterprises at the lower end of the scale, whereas this is disproportionally inverted for business at the upper end. Heavy compliance burdens to business are a symptom of an inability to critically analyse and assess the consequences (intended and unintended) of the impact of laws on business.
The masterplan observes that SA’s rigid labour laws have come under increasing scrutiny over the years by both the domestic and international community. Particularly, collective bargaining wage agreements made between big business and labour and then being extended to nonparties (small businesses). Even though exemptions do apply in some cases, they are often reported to be difficult to apply for and cumbersome to administer. Mandatory wage increases do not consider the unique characteristics of small firms and the viability of small businesses to survive and compete with their larger counterparts.
According to the masterplan, overarching all support efforts is the requirement for an enabling environment that is supportive of investment and conducive to growing business in SA. An enabling environment for SMMEs to develop and grow implies that laws are scrutinised and assessed to measure their appropriateness and intended and unintended effects on SMMEs — the “Think Small First” principle.
The masterplan maintains that this requires continual review of laws to ensure they are targeted and proportional to the problem identified, have the smallest possible effect on small enterprise, were assessed for alternatives to legislation, and do not cost society more than the benefit accruing from the intervention. Emphasis should be given to assessing the impact of laws about business licensing, taxation, employment and land zonings that restrict uses of land.
The masterplan states that reports (which should be written, presumably, by the department of small business development) should then be sent to the competent departments about the impact of those laws on small business, with recommendations for reform.
It is evident from these and other observations in the masterplan that the minister is in possession of sufficient material to enable her to exercise her powers under the Act to identify the types of legislation that have an adverse effect on small enterprise as defined in the Act, and to issue guidelines for organs of state that administer legislation of the types so identified that assess the effect of that legislation on small enterprise and recommend how those organs of state might amend their legislation to reduce its legislative burden on small enterprises.
The removal of these undue legislative restrictions on small enterprise will enable them to grow more freely, to hire more employees, and to contribute generally to economic growth.
• Moore, a practising attorney in Johannesburg for 30 years, is a senior consultant at the Free Market Foundation. He writes in his personal capacity. This is the second article in a three-part series.

Business Day

GARY MOORE: Small business minister’s subsidies would promote corruption, inefficiency

Nicholas Bostic, a 25-year-old Lafayette, Indiana, man, pulled a 6-year-old girl out of a home engulfed in flames. Lafayette Police Department Nicholas Bostic, 25, was driving when he noticed a house catch fire in Lafayette, Indiana. He stopped and ran inside to find four people asleep and helped them evacuate. Bostic went back in the house fully engulfed in flames after he learned a 6-year-old was still inside. For more stories visit Business Insider. Nicholas Bostic, a 25-year-old man from Lafayette, Indiana, is being recognized as a local hero for his quick-thinking actions that saved five children on Monday, including a 6-year-old girl, who by then was stuck in a house engulfed in flames and filled with a "black lagoon" of smoke, according to the Lafayette Police Department.
"If it wasn't for Nick's actions, these children would not be alive today," Chief Richard Doyle of the Lafayette Fire Department told Insider.
In dramatic footage posted on Instagram by the Lafayette Police Department, firefighters can be seen hastily preparing to head inside the burning house after they learned a 6-year-old was still inside. But before they could make a rescue attempt, Bostic emerged from the back of the home, visibly exhausted, with a crying girl in his arms.
A post shared by Lafayette Police (IN) (@lafayetteinpd)
Police called his actions "heroic" in a press release and said that Bostic would be honored at a local baseball game.
"His selflessness during this incident is inspiring, and he has impressed many with his courage, tenacity, and steadfast calmness in the face of such perilous danger," police wrote.
Bostic's involvement was happenstance.
According to police, he was driving by the house around 12:26 a.m. local time, when Bostic noticed a small fire. Chief Doyle said the fire was limited to the front porch when his department received the first call from a neighbor.
"He immediately stopped in the roadway, threw his car in reverse, turned around, and pull into the driveway," Lafayette Police Department wrote in a press release.
Authorities said that Bostic could not call 911, so he instead immediately rushed to the back of the home to go inside. Around 12:30 a.m., a neighbor across the street called in the fire.
When inside, Bostic yelled and heard no response, making him initially think that everyone was evacuated. But the 25-year-old took no chances, police said, and investigated further.
When he went upstairs, Bostic found four children from the ages one to 18, asleep, according to Doyle.
But his rescue effort was not over. After learning that a 6-year-old girl was stuck inside, Bostic rushed back into the house that by now "was fully involved" in the fire, Doyle said.
"Our engine's house was just a few blocks away but fires can increase very rapidly," he said. Bostic started his search upstairs but could not find the child. When he tried to go back downstairs, he was confronted with a "'black lagoon' of smoke," making him think it would be impossible to go down, police wrote.
Bostic then moved to a window upstairs to leave the house until he heard a child's cry downstairs.
"He knew he was there to get that child out, and even though the fire and smoke downstairs frightened him, he would not quit," police wrote. Bostic wrapped his shirt around his mouth and nose and went downstairs essentially blind.
"He described it as so black that he couldn't even see anything in front of him, and the heat from the fire made it seem as if he was walking into an oven," police said.
Bostic crawled his way to the sound of crying and found the young girl.
Due to the pitch-black smoke, he could not quickly find the back door out of the house. Bostic was forced to go upstairs and exit through a second-story window, authorities wrote.
"In his haste, the child's leg became enabled in the pull cord to the blinds," police said. "Nicholas recognized that he was rushing and calmed himself down. He untangled the string and jumped from the window ensuring he landed on the side where he was not holding the child."
Bodycam footage shows Bostic clearly out of breath and exhausted. He suffered from severe smoke inhalation and broke his arm, Doyle said. A GoFundMe page has been set up by his cousin.
The source of the fire is under investigation, but it appears to have been an accident, according to Doyle. The fire chief could not speak on where the children's parents were at the time.
"I've been on the job 39 years and we have had a number of situations where bystanders and civilians saved people's lives," Doyle said. "But this is at the top of that scale."
First responders typically discourage people from running inside a burning home. But in this case, Bostic's actions saved lives and it exemplified how people should always be prepared to respond to emergency situations and have an early-warning system such as a smoke detector, Doyle said.
As emergency personnel treated Bostic, the man could be heard in the video asking: "Please tell me that baby's ok."
The girl experienced minor injuries, Doyle said, and was released from the hospital quickly.
"You did good, dude," one first responder said.
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Business Insider South Africa

WATCH | Man rescues 6-year-old girl out of a home fully engulfed in flames, 'black lagoon' of smoke | Businessinsider

South Africa’s power utility, Eskom, has not been able to provide a steady electricity supply for several years now. At the start of the 2022 winter the utility warned the public to expect up to 100 days with rolling power outages.
At the end of June there was at times a 6,000 MW shortfall in electricity supply, which corresponds to about 20% of the evening peak demand.
While there is consensus that new electricity generating plants are urgently needed to minimise power outages, there are radically differing views on how this is best achieved.
The official electricity plan approved three years ago is already out of date. Its implementation is furthermore two years behind schedule.
One widely promoted view is that increasing electricity generating capacity requires grand scale new renewable energy developments.
In 2020 the electricity generated from renewables amounted to a mere 10.5% of the South African national total. This will have grown to about 11.5% as more plants have been completed.
The country’s power generation is still dominated by coal. And it’s lagging far behind the global trend towards clean energy.
Most people associate renewable energy exclusively with wind and solar energy, but it includes all technologies that don’t process non-replaceable fossil fuels. Fossils include coal, oil, gas and minerals (for example the uranium used in nuclear energy).
Hydropower stations, which extract electricity from the downhill flow of water, are a renewable energy source. This is the major source of electricity in water rich countries like Norway, but only a limited option in drier climates. When water needs to be retained in dams during times of drought then no electricity production is possible.
As South Africa is drought-prone, a major increase in local hydropower generation (currently at 3% of the total) is not feasible.
Other renewable energy technologies like geothermal and tidal power generation work in select localities that are not common in South Africa.
This leaves wind and solar. These sources currently make up about 8% of South Africa’s energy mix.
Wind and solar power
Wind and solar power are very attractive because:
- South Africa has some of the best solar and wind resources in the world. Solar and wind plants already produce electricity very effectively in many cloudier and less windy environments than South Africa.
- Solar and wind plants can be built in less than two years. But the pre-construction processes – bidding, approvals and such – stretch completion times by at least another year.
- Running costs are very low as there are effectively no fuel purchases. Prices of solar and wind technology have dropped very sharply in the past 10 years. The cost – including building and other expenses – of solar and wind electricity is now well below the corresponding expenses for electricity from gas, nuclear and even coal.
- Their extremely low carbon emissions mitigate global warming and makes solar and wind energy attractive for investors.
Solar and wind power however have obvious drawbacks. The main one is that their operational capacity entirely depends on the weather. Furthermore, solar energy production is linked to the day-night cycle, with maximum efficiency around noon. This doesn’t coincide with the electricity demand peaks in the early morning and early evening.
Could renewable energy dominate?
The ideal of a national electricity generation network without greenhouse gas emitting coal, gas plants and radioactive waste generating nuclear plants has practically already been achieved in a number of medium-sized countries such as Costa Rica, Iceland and Paraguay. But these mainly rely on hydropower.
Several larger countries, such as Germany, now generate over half of their electricity from renewables. More countries are setting road-maps to achieve 100% renewable electricity.
In theory, with South Africa’s wind and solar resources superior to other countries with 100% renewable electricity ambitions, this should be a relatively easy target to reach. But other countries are often grid connected to neighbours with significant power production. This means they can draw on these when weather conditions are unfavourable.
That is why a renewable electricity system can’t become the dominant power source in South Africa until electricity storage technologies become practical and economical.
A target of 50% electricity from renewables is however perfectly feasible. It’s the minimum that the country should aspire to. Even the 2019 electricity plan projected this would happen by 2050.
Renewable energy in South Africa
Considering the climatic advantage, the fraction of electricity generated from renewable energy technologies is surprisingly low. Despite this small fraction, there is significant hostility to renewable developments in some quarters. Some sectors have interests in maintaining the coal-dominated status quo.
In assessing the contribution of renewable energy sources to the electricity supply it’s important to distinguish between power (the rate at which it is produced at any particular moment) and energy (the total produced over an extended time period).
In view of the variability of the wind strength and the intermittence of sunlight, these technologies only occasionally produce power at top capacity. In typical South African conditions a 100 MW solar or wind plant only generates about a third of the energy of a functioning 100 MW coal plant.
Thus the recently announced construction of an additional 2,600 MW of wind and solar farms will effectively only produce electricity equivalent to about 900 MW averaged over a day — this equates to only about 15% of the worst power shortfalls experienced to date.
Overcoming the present 6,000 MW power shortages therefore requires approximately 15,000 MW of new solar and wind plants.
The continuing deterioration in the efficiency of the large coal power plants means that the actual need for new renewable generating capacity in the next five years is closer to 20,000 MW. In the current electricity plan, this scale of renewable energy developments was projected over a time span of 10 years.
There is now an increasing recognition that the energy crisis must be treated as such. A speedy renewable energy boom is the only way to escape the downward spiral in power cuts in the medium term.
President Cyril Ramaphosa’s announcement that drastic steps are imminent to combat the electricity crisis are likely to amount to a major drive towards more renewables. This will not unduly place the South African electricity supply at the mercy of the weather or developments in storage technology, as the contribution of electricity from coal would still amount to around 60%.
Hartmut Winkler, Professor of Physics, University of Johannesburg
This article is republished from The Conversation under a Creative Commons license. Read the original article.

MyBroadband

How much solar and wind power South Africa needs to avoid Stage 6 load-shedding

Four days of blood sweat and tears, from young stars across the country, came to an end as the finals of the Telkom Netball Championships took centre stage and new champions were crowned on Friday, 15 July 2022.
In the first final, it was the undefeated Dr KK A that took on Cape Winelands in the U-19 Division. Dr KK A once again displayed their talent and made it very difficult for their opponents.
Cape Winelands fought hard but could not get past the defence of their opponents, which resulted in Dr KK A winning 40-10 to be crowned the 2022 Champions in the U-19 Division. Tshwane defeated Mangaung 32-27 to claim third place.
In the U-18 Division finals it was the fiery Cedars from the Western Cape that took on Delta of Gauteng for top honours. Delta, having lost just one of their matches coming into the finals, gave Cedars a mighty fight for the championship title. It was a hard fought battle between two teams that were determined to outclass the other for provincial pride, but it was Cedars that went over the finish line as champions defeating Delta 41-31. Willows, also from the Western Cape, defeated fellow Western Cape team, Oaks 38-17 for third place honours.
The U-17 finals saw Delta of Gauteng take on Jaguars of the Free State. Delta went into the final round on an unbeaten streak, with Jaguars losing one match during the tournament. Both teams displayed talent and determination as they fought for the title, however Delta proved to be clinical of the two, winning 35-23.
Results: Telkom Netball Championships on Friday, 15 July 2022
U-19 Division:
Final
Dr KK A 40-10 Cape Winelands
3rd/4th Playoff:
Tshwane 32-27 Manguang
U-18 Division
Final
Cedars 41-31 Delta
3rd/4th Playoff:
Oaks 17-38 Willows
U-17 Division:
Final
Jaguars 23-35 Delta
Results: Telkom Netball Championships on Thursday, 14 July 2022
U-19 Division A
Semi Final: Dr KK A 51-21 Tshwane A
Semi-final: Mangaung 22-24 Cape Winelands
Position 5/6: eThekwini 38-31 Johannesburg A
U-19 B1 A
NMB 44-26 Vembe
Tshwane 47-29 uMgungundlovu
Sedibeng 25-43 Cape Town
Gert Sibande 23-34 Lejweleputswa
U-19 B1 B
Eden 24-37 Dr KK B
Joe Gqabi 20-42 Nkangala A
Waterberg 22-23 Fezile Dabi
King Cetshwayo 56-22 Waterberg
Ekurhuleni A 36-21 Pixley A
U-19 B1
Semi-final: NMB 38-21 Dr KK B
Semi-final: Ekurhuleni A 30-43 Tshwane B
Position 17/18: Amajuba 36-22 Fezile Dabi
Position 15/16: Joe Gqabi vs Gert Sibande (Joe Gqabi forfeited match)
Position 13/14: Waterberg 12-34 Vembe
Position 11/12: Nkangala 28-20 Lejweleputswa
Position 9/10: Sedibeng 29-33 Pixley A
Position 7/8: King Cetshwayo 50-31 uMgungundlovu
Position 5/6: Cape Town 33-30 Eden
Position 3/4: Ekurhuleni A 30-16 Dr KK B
Final: NMB 22-32 Tshwane B
U-19 B2
Semi-final: Johannesburg B 43-14 Sarah Baartman
Semi-final: Capricorn 33-28 Sekhukhune
Position 3 /4: Sarah Baartman 20-30 Sekhukhune
Position 5/6: West Rand 27-41 Ekurhuleni B
Position 7/8: Nkangala B 23-35 Mopani
Position 11/12: Bojanala 17-32 NMM
Position 9/10: Thabo Mafutsanyani vs uThukela (uThukela Forfeited match)
Final NMB 22-32 Tshwane B
U-19 B2 B
Mopani 26-30 Ekurhuleni B
uThukela 25-25 NMM
U-17 A
Cheetahs 31-26 Rubies
Bakwena 34-13 Ikhala
U-17 B
Mopani 21-54 Jaguars
Cedars 46-25 Gamma
U-17 C
Morula 26-27 Lynx
Impala 32-35 Willows
U-17
Play-off D: Ndlovu 45-41 Willows
Play-off E: Jaguars 40-32 Oaks
Play-off F: Delta 45-41 Namibia
Play-off G: Ndlovu 27-31 Jaguars
U-18 A
Willows 58-23 Mooka
Lynx 26-34 Mopani
Cedars 54-30 Jaguars
U-18 B
Delta 40-20 Cheetahs
Iqhude 35-32 Sharks
Impala 24-48 Rubies
Oaks 24-24 Ndlovu
U-18
Play-off C: Cedars 46-19 Oaks
Play-off D: Delta 41-28 Willows
Results: Telkom Netball Championships on Wednesday, 13 July 2022
U-19 Division A
DR KK A 37-11 Cape Winelands
Mangaung 32-17 Zululand
Johannesburg A 31-52 Tshwane A
Cape Winelands 45-12 Ethekwini
Mangaung 36-13 Johannesburg A
DR KK A 54-16 Tshwane A
Zululand 22-39 eThekwini
U-19 Division B1 A
NMB 58-22 Amajuba
Gert Sibande 19-51 uMgungudlovu
Lewjeleputswa 40-35 uMgungundlovu
Sedibeng 31-24 Vembe
Amajuba 22-52 Tshwane B
Cape Town 31-35 NMB
Tshwane B 52-29 Sedibeng
Amajuba 31-41 Vembe
U-19 Division B1 B
Joe Gqabi 12-59 King Cetswayo
Ekurhuleni A 47-12 Fezile Dabi
Waterberg 17-30 DR KK B
Eden 45-31 Pixley A
Nkangala A 31-26 Fezile Dabi
Ekurhuleni A 42-29 King Cetswayo
Eden 56-34 Nkangala A
U-19 Division B2 A
Bonajala 10-32 Thabo Mafutsanyani
U-19 Division B2 B
Mopani 26-28 Sarah Baartman
uThukela 16-46 Ehurhuleni B
Capricorn 39-13 Sarah Baartman
uThukela 34-8 Pixley B
NMM 15-49 Ehurhuleni B
U-18 Division A
Jaguars 38-37 Gamma
Lynx 39-33 Ikhala
Mooka 37-43 Mopani
Cedars 37-22 Willows
Diamonds 11-39 Mooka
Jaguars 54-27 Lynx
Willows 25-26 Gamma
Diamonds 3-57 Cedars
Jaguars 42-24 Ikhala
Lynx 34-44 Gamma
Willows 34-31 Mopani
Jaguars 42-24 Ikhala
U-18 Divison B
Rubies 24-47 Sharks
Oaks 38-15 Cheetahs
Ndlovu 42-25 Impala
Cheetahs 17-33 Sharks
Rubies 18-35 Oaks
Delta 39-34 Iqhude
Sharks 50-19 Impala
Iqhude 32-34 Ndlovu
Rubies 28-37 Cheetahs
Oaks 28-28 Delta
U-17 Division A
Lambda 43-24 Ikhala
Cheetahs 32-41 Sharks
Lambda 39-37 Sharks
Ikhala 22-40 Cheetahs
Rubies 16-50 Oaks
Sharks 24-29 Bakwena
Lambda 33-36 Ndlovu
U-17 Division B
Nyathi 27-29 Iqhude
Mooka 27-42 Namibia
Cedars 37-42 Jaguars
Namibia 45-30 Gamma
Mooka 35-16 Mopani
U-17 Division C
Dolphins 26-38 Morula
Diamonds 22-35 Delta
Dolphins 20-26 Willows
Diamonds 22-27 Lynx
Dolphins 12-54 Delta
Photo 1 Caption: Four days of blood sweat and tears, from young stars across the country, came to an end as the finals of the Telkom Netball Championships took centre stage and new champions were crowned on Friday, 15 July 2022. Photo: Netball SA (Twitter)

gsport4girls

Telkom Netball Champions Crowned in Spectacular Fashion

We are witnessing a turn of fortunes in women’s football and the gsport Newsroom is here for it. This change is very evident at the ongoing Africa Women’s Cup of Nations where we’ve seen so many milestones and achievements by so many teams; one such team is the evolvement of the hosts of the showpiece, Morocco.
The Atlas Lionesses became the second team, after Zambia, to not only progress to the semi-finals of the WAFCON but also qualify for their maiden FIFA Women’s World Cup in Australia and New Zealand. This after defeating Botswana 2-1 in Rabat.
This milestone did not come easy for the Moroccan side as many intentional changes had to be made for it all to be possible. In 2019, following the launch of a Women’s league, the Moroccan Federation started a campaign with the aim to license a 1000 women coaches as well as 90 000 active footballers by 2024. This national strategy has a primary goal of tripling the number of women and girls playing football.
With the inception of this development plan, the Royal Moroccan Football Federation (FRMF), and National Women’s Football League (LNFF) announced that the players in the women’s senior team must all have professional contracts.
“When there are careers and livelihoods in female football, more commitment can be made by former players, coaches, and referees who genuinely care about its growth and development,” Kelly Lindsey, FRMF’s women’s football director said.
This progressive plan also included the establishment of a national under-17 championship and regional championships for youth categories across the country. The agreement also aims to support the management of clubs on an administrative and financial level by the National Technical Directorate and the Financial Department of the FRMF.
With Morocco having now sealed their ticket to New Zealand and Australia next year, it is becoming clear as day that when conscious and purposeful moves are made towards the advancement of women’s sport such can be the results.
Before now, Morocco had only twice appeared at the women’s version of the Africa Cup of Nations in 1998 and 2000, exiting at the group stages both times.
Photo 1 Caption: gsport’s Lonwabo Nkohla takes a look at the evolvement of the Moroccan women’s national football team since the inception of their development plan in 2019, as they qualify for their maiden FIFA Women’s World Cup. Photo: CAF Women (Twitter)

Deliberate Investments in Women’s Football Pay Off For The Atlas Lionesses

Although Massmart-owned Makro is holding its own against Takealot’s prices, its sister company, Game, is still lagging behind.
Massmart is currently the second-largest online retailer in South Africa and is aggressively competing with Takealot.
Game revamped its online store in May to give customers a better shopping experience, including features like live parcel tracking and online returns.
However, while comparing products, we noticed that Game’s website does not list model numbers for many laptops, making it difficult to compare prices with other retailers.
The specifications for some products were also inconsistent.
For example, on Game’s website, the “ASUS Intel Core i3 Laptop X540” listing’s description shows that it is an X543.
MyBroadband compared the product prices for ten in-stock tech items at Takealot and Game and found that Takealot had lower prices for all but one.
Game does offer to beat the price of any retailer offering a product at lower prices. MyBroadband tested this service previously, and it worked like a charm.
The Sony WH-CH510 Bluetooth on-ear headphones were R799 from both online stores.
The most significant price difference was for the LG 55-inch UP7500 4K TV — Takealot is selling it for R9,999 while buying it from Game costs R10,999.
If you get Samsung’s 2.1ch HW-A550 soundbar from Takealot, it will set you back R3,699, while Game sells it for R4,499.
Takealot also offers the Samsung Galaxy A23 for R3,849, netting you an extra R750 compared to Game’s R4,499 price.
Huawei’s Band 6 smartwatch is R1,299 from Takealot — R400 less than Game’s R1,699 offering.
Even if you disregard the current sale on Takealot dropping the Logitech C270 webcam to R399, the pre-sale price is still R100 cheaper than Game’s R749 price.
The rest of the products we compared only had minor price differences ranging between R200 and R100, with the Xbox Series Wireless controller coming in only R30 cheaper on Takealot.
|Takealot vs Game tech pricing comparison|
|Product||Takealot||Game|
|LG 55-inch UP7500 4K TV||R9,999||R10,999|
|Sony Bluetooth On-Ear Headphones with NFC (low stock)||R799||R799|
|LG XBOOM Go PL2 Portable Bluetooth Speaker||R899||R999|
|Xbox Series X 1 TB (Low stock)||R11,899||R11,999|
|Logitech C270 Webcam||R399||R749|
|Samsung Galaxy A23 Black||R3,849||R4,599|
|Samsung 2.1ch HW-A550 Soundbar (low stock)||R3,699||R4,499|
|Western Digital Elements Portable 2 TB hard drive||R1,199||R1,399|
|Huawei Band 6 – Graphite Black||R1,299||R1,699|
|Xbox Series Wireless Controller – Robot White||R1,369||R1,399|
|Total||R35,410||R39,140|

Game vs Takealot — tech prices compared

Russian President Vladimir Putin meets with Saudi Crown Prince Mohammed bin Salman in Riyadh, Saudi Arabia, on October 14, 2019. Alexey Nikolsky/Getty Images Saudi Arabia more than doubled its imports of Russian oil in the second quarter, Reuters says. The move allowed the Kingdom to free up their own exports. The increase comes as US President Biden's Saudi trip is unlikely to yield a deal on oil. For more stories, go to www.BusinessInsider.co.za . The world's largest oil producer stepped up imports of Russian oil in the second quarter despite sanctions aimed at choking Moscow's energy flows, Reuters said.
Saudi Arabia imported 647,000 tonnes of Russian oil from April to June, according to data reviewed by Reuters. Saudi Arabia took possession of the oil from Russian and Estonian ports, and has thus far imported 320,000 more barrels from Russia compared to 2021 levels.
The Kingdom's increased willingness to grow its reliance on Russian oil is at odds with global powers which are trying to condemn the Kremlin and cut off its exports in response to its invasion of Ukraine in February.
Reports say that US President Biden's trip to Saudi Arabia isn't likely to yield a deal on oil, further straining price pressures in the US despite 20-straight days of decline prices at the pump.
The imports also allow the Kingdom to free up their own oil exports to reap in profits from the record-high prices on the international market. Some of the Russian fuel made its way to Saudi Arabia through Egypt, accounting for some of the 110,000 barrels per day imported from Egypt in June. Meanwhile, Egypt imported 70,000 barrels per day from Russia in June, Reuters said.
Saudi Arabia uses oil for its power grid, especially important during scorching summer months. Many large cities in the Kingdom stretch far from natural gas fields, making their dependence on oil even stronger. Saudi Arabia typically runs through 600,000 barrels per day during the summer and roughly 300,000 barrels per day during the winter.
Go to the Business Insider front page for more stories.

News24 World

Businessinsider.co.za | Saudi Arabia more than doubled Russian oil imports in the second quarter, freeing up its own crude for export

I try to attend as many conferences as I can. Attending conferences is one of the things that help me grow professionally. In some of these conferences, I am a speaker, and in some, an attendee. Conferences help me expand my network and I get to learn a lot.
Last week's conference, the Youth Entrepreneurship Expo at Wits University, organized by Young African Entrepreneurs Institute, was one of the most important conferences I have attended in recent times.
In this Expo, I was tasked to facilitate a discussion on access to funding for South Africa’s emerging entrepreneurs.
It was a great honour to speak to people who drive business lending in the country. To understand the fundamental challenges they face as lenders, and as people who work closely with entrepreneurs. The discussion also enlightened me on the challenges faced by entrepreneurs in South Africa.
My takeaway from the conference was that South Africa’s fundamental challenge on entrepreneurship is not money.
The challenges are at the foundation of our society: entrepreneurial education, financial discipline, innovation, culture. These are the fundamentals that if we were to get them right, our country would be set on a prosperous course.

Toward an entrepreneurial South Africa

JAUNDICED EYE
If the African National Congress is finally shown the door by the electorate, will it exit voluntarily? The indications are not promising.
The consensus scenario punted by political commentators is that in the 2024 general election the ANC will lose power nationally. At the provincial level, at a minimum, Gauteng will join Western Cape in sending the ANC packing.
If the ANC were to retain power it would have to strike a coalition deal, most likely with the fascistic black nationalists of the Economic Freedom Fighters. There is also a rosy variation of this scenario that has the “good” ANC splitting off and forming a coalition national government with the likes of the Democratic Alliance, the Inkatha Freedom Party, and minnows like ActionSA and the Patriotic Front.
But post-colonial African history is not on the side of the optimists, needless to say. Nor is the post-1994 South African experience.
When Cape Town and the Western Cape fell to the opposition, in 2006 and 2009, the ANC tried a variety of underhand stratagems to regain power. These were relatively mild and amateurish, probably because these apparently aberrational developments weren’t that threatening to the ANC.

Will the ANC walk if given out?

Markets MARKET WRAP: JSE firms as positive economic data, corporate news lift sentiment Despite the day’s gains. the JSE all share lost 4.74% this week, with the rand falling 1.7% B L Premium 15 July 2022 - 19:30 Lindiwe Tsobo
The JSE tracked its firmer global peers on Friday, while the rand strengthened along with other emerging market currencies as investors digested local corporate news, positive US company earnings and strong sales data for June, which helped ease this week’s sell-off.
Despite the day’s gains. the JSE all share lost 4.74% this week, with the rand falling 1.7% as worse-than-expected US inflation data solidified prospects that the Federal Reserve would need to hike interest rates more aggressively than initially expected, spiking fears of a recession...
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MARKET WRAP: JSE firms as positive economic data, corporate news lift sentiment

News Lufthansa returns to profit Airline is benefiting from surging travel demand 15 July 2022 - 18:38 Siddharth Philip and Benedikt Kammel FILE PHOTO: Lufthansa logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/DADO RUVIC/ILLUSTRATOR/FILE PHOTO Deutsche Lufthansa returned to profitability in the second quarter, benefiting from surging travel demand that’s overwhelmed airlines and airports across Europe and has forced many to raise fares and limit seat availability.
The stock gained as much as 9% after the German airline said revenue more than doubled to €8.5bn (R147bn), while adjusted earnings before interest are expected to come in between €350m and €400m, far exceeding the €218m estimate by analysts.
“The result of the passenger airlines improved mainly due to a strong rise in yields and a significant increase in loads,” Lufthansa said in a preliminary earnings release. Seat occupancy was particularly high in premium classes, and the cargo operation was another bright spot, it said. The company is due to report full numbers on August 4.
The aviation industry is bouncing back from the depths of the coronavirus pandemic that forced the likes of Lufthansa into a government bailout and caused huge losses across airlines. But as passengers rush to board planes again for business trips and their summer vacation, they’re confronted with chaotic scenes at airports that often lack sufficient staffing to manage the surge. In response, airlines have cancelled flights and thinned out capacity to help manage the flow, often at short notice.
Lufthansa said last week said it will only offer seats in its most expensive booking class for the month of July. That move raised the price of even the cheapest return flights between London and Frankfurt to €1,000. Lufthansa has scrapped almost 6,000 summer flights.
Airport capacity
Fraport, the operator of the Frankfurt airport that is Lufthansa’s biggest hub, said on Friday that it’s asked the government for permission to cut hourly take-offs and landings at the airport to 88 from 96 to help stabilise operations.
The step is subject to approval by Germany’s finance ministry, according to Maria Linden, a spokesperson for Fraport. There’s no indication yet when the reduced capacity will take effect, she said. Lufthansa said in a separate release that it supports the measure, which is said will come into effect next week.
A number of Europe’s biggest airports have announced curbs on capacity in recent weeks, including London’s main Heathrow and Gatwick hubs as well as Amsterdam’s Schiphol.
Lufthansa traded at €6.1 as of 4.43pm in Frankfurt. Today’s gain cuts the loss on the stock to about 1% this year, making it the best-performing European aviation stock in the 30-member Bloomberg World Airlines Index.
More stories like this are available on bloomberg.com
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Lufthansa returns to profit

Companies / Healthcare Adcock Ingram’s share price shoots up on profit news The pharmaceutical manufacturer said in a trading statement it expects headline earnings per share to increase by at least 20% year on year B L Premium 15 July 2022 - 18:29 Nico Gous
Adcock Ingram’s share price shot up after it announced it is expecting a bump in headline earnings.
The pharmaceutical manufacturer said in a trading statement on Friday it expects headline earnings per share to increase by 80.9c, or at least a 20% year on year, for its year ended June. ..
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Adcock Ingram’s share price shoots up on profit news

Companies / Energy Renergen says subscription deal with Canadian miner Ivanhoe has lapsed Ivanhoe picked up a 4.35% stake in Renergen in March and had options to increase it to as much as 55%, but this deal has now lapsed B L Premium 15 July 2022 - 18:19 Karl Gernetzky
Emerging natural gas and helium producer Renergen says Canadian group Ivanhoe Mines is no longer in a position to pick up a controlling stake in it after a 120-day period to fulfil conditions, such as regulatory approvals and due diligence, lapsed.
Renergen announced a R200m initial equity raise in March that gave Ivanhoe a 4.35% stake, with options to then bulk this up to 25%, and then 55% through subscribing for additional shares...
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Renergen says subscription deal with Canadian miner Ivanhoe has lapsed

World / Europe Briton dies in detention in breakaway east Ukraine region The death of Paul Urey, 45, was confirmed by a British charity which described him as a humanitarian worker and denied he had any military background. 15 July 2022 - 18:17 Jake Cordell and Elizabeth Piper A woman walks through the rubble after a missile stuck a shopping mall in Sloviansk, Ukraine, July 3 2022. Picture: SCOTT OLSEN/GETTY IMAGES A Briton who was detained by Russian-backed separatists in Ukraine and accused of being a mercenary has died, an official in the self-proclaimed Donetsk People’s Republic (DPR) said on Friday.
The death of Paul Urey, 45, was confirmed by a British charity which described him as a humanitarian worker and denied he had any military background.
Urey was captured in southeast Ukraine in late April while attempting to help a woman who had been given permission to travel to Britain leave Russian-controlled territory, said Presidium Network, a charity which had advised him on safety.
He was stopped at a checkpoint, detained and charged with “mercenary activities” by separatists in the DPR, a breakaway entity which is recognised only by Russia, Syria and North Korea.
Presidium Network said Britain’s Foreign Office had informed Urey’s family of his death. A spokesperson for the Foreign Office told Reuters it was “urgently seeking clarification from the Russian government on media reports that a British aid worker has died in Ukraine.”
Asked about Urey, a spokesperson for Prime Minister Boris Johnson said: “They’re clearly alarming reports and our thoughts are with his family and friends.”
Daria Morozova, who has the title of human rights ombudsman in the DPR, said on social media that Urey had been suffering from diabetes and respiratory, kidney and cardiovascular issues.
“On our part, despite the severity of the alleged crime, Paul Urey was provided with appropriate medical assistance. However, given the diagnoses and stress, he passed away on July 10,” she said.
Urey and another Briton, Dylan Healy, were detained at a checkpoint controlled by separatist forces in late April.
‘Political pawns’
The co-founder of the Presidium Network, who was in touch with Urey before he was detained, said Urey had diabetes which needed to be treated with insulin injections.
“Without insulin and proper care, his life would have been in danger anyway,” Dominik Byrne told Reuters.
Britain’s Foreign Office and the Red Cross were able to carry out remote welfare checks on Urey by phone while he was in captivity, but nobody beyond his captors had been in physical contact with him since late April, Byrne said.
There was no evidence Urey had a military background and that there was “no way” he was anywhere near “mercenary activities,” as DPR officials allege, he added.
“They are really using these personnel as political pawns in this conflict — which is disgraceful,” Byrne said of the Russian-backed separatists.
Two other Britons and a Moroccan man who were captured while fighting for Ukraine have been sentenced to death in the DPR for mercenary activities.
Two Americans are also being held in the DPR and have not yet been charged. Their families say the separatists are trying to secure a prisoner exchange and push the US into official communications with the Russian proxies, something which could be seen as de facto recognition.
Urey’s family are now calling on the DPR to release his body back to Britain, Byrne said.
Reuters
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Briton dies in detention in breakaway east Ukraine region

World / Middle East Don’t expect boost in Saudi oil production right away, US warns US President Joe Biden is set to visit Saudi Arabia on Friday, in a move designed to reset the US’s relationship with the country 15 July 2022 - 17:40 Jarrett Renshaw, Maha El Dahan and Aziz El Yaakoubi REUTERS/AHMED JADALLAH Jeddah, Saudi Arabia — The US is not expecting Saudi Arabia to immediately boost oil production and is eyeing the outcome of the next Opec+ meeting on August 3, the US national security adviser said on Friday, lowering expectations as US President Joe Biden visits the country.
“I don't think you should expect a particular announcement here bilaterally because we believe any further action taken to ensure that there is sufficient energy to protect the health of the global economy, it will be done in the context of Opec+,” Jake Sullivan said.
Biden was set to land in Jeddah on Friday on a trip that is designed to reset the US relationship with the Saudi Arabia and during which energy supply, human rights and security co-operation are on the agenda.
Still, the US could secure a commitment that Opec will boost production in the months ahead in hopes that it will provide a signal to the market that supplies are coming if necessary.
Saudi Arabia, alongside the United Arab Emirates, holds the bulk of spare capacity within the Opec+ group. Biden is expected to have direct meetings with Saudi and UAE heads of state during his trip.
But the country has repeatedly indicated it would not act unilaterally.
Brent crude prices are trading at just under $100 a barrel, having hit a 14-year high of $139.13 in March, as investors weigh new Covid-19 lockdowns in top importer China and recession fears.
“Saudi Arabia prefers to manage the market through Opec and allied producers (Opec+), not through unilateral moves,” Ben Cahill, a senior fellow at the Center for Strategic and International Studies, wrote in a recent analyst note.
“Saudi energy minister Abdulaziz bin Salman has consistently emphasised the importance of Opec+ cohesion, including a central role for Russia,” he said.
Anwar Gargash, diplomatic adviser to UAE President Sheikh Mohammed bin Zayed, also said on Friday his country wanted a more stable oil market and that it would abide by Opec+ decisions.
“The UAE is very much pro supporting and following US discussions with Saudi Arabia on oil because we are part of the greater Opec group, Opec+, so we would very much like to see more stability in the market and ability to produce more and we are going to follow where the group will follow,” he said.
The US is eager to see Saudi Arabia and its Opec partners pump more oil to help bring down the high cost of gasoline and ease the highest US inflation in four decades.
“The decision to increase oil production is subject to several factors and considerations and does not depend on a US request,” Abdulaziz Sager, chair of the Riyadh-based Gulf Research Center, said.
“There are technical, political and economic complications related to that decision.”
Spare capacity within Opec is running low, with most producers pumping at maximum capacity. It is unclear how much extra Saudi Arabia could bring to the market and how quickly.
Biden said recently that he would not ask Saudi leaders directly to increase oil production. Instead, he would continue to make the case that all Gulf states should raise oil output, he said.
Opec+ decided last month to increase output targets by 648,000 barrels per day (bpd) in August, ending record production cuts that it brought at the height of the pandemic to counter collapsing demand.
Reuters
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Don’t expect boost in Saudi oil production right away, US warns

Victoria Beckham in 2022. Dominique Charriau/WireImage Victoria Beckham poked fun at her infamous diet in the first video shared to her TikTok account. In the clip, the model sits at a table while a server reveals a plate of fish and vegetables in front of her. "Tell me you're Posh without telling me you're posh," Beckham jokingly says in the video. For more stories, go to www.BusinessInsider.co.za . Victoria Beckham made a joke about her infamously strict diet in her first ever TikTok video, which she shared to the platform on Thursday.
"Tell me you're Posh, without telling me you're Posh. I'll go first," the model, formerly known as Posh Spice, says in the video. A waiter in a red suit then walks over to the table where Beckham is seated, and removes a cloche from a plate in front of her. As the video lingers on the shot of the meal — grilled fish and steamed vegetables — Beckham says, "I love it."
@victoriabeckham #StitchPosh ? original sound - Victoria Beckham The TikTok video is, of course, referencing the former Spice Girl's preferred diet of fish and vegetables, which her husband David previously said she's eaten every day for the past "25 years."
In an interview with Vogue Australia earlier this month, the fashion designer defended her meal choices from her husband.
"Talk about making me sound boring!" Beckham said in the interview, according to Huffington Post UK . "What he meant is that he's never met anyone who's more disciplined with the way that they eat."
According to the model, she "eats lots of healthy fat: fish, avocado, nuts, that sort of thing," and also regularly drinks alcohol, unless she has a "reason not to."
In February, David spoke about his wife's eating habits during an appearance on iHeart's " River Cafe Table 4 " podcast.
"I get quite emotional about food and wine. When I'm eating something great, I want everyone to try it," the 46-year-old former athlete told chef Ruthie Rogers.
He continued: "Unfortunately, I'm married to someone that has eaten the same thing for the last 25 years. Since I met Victoria, she only eats grilled fish, steamed vegetables. She will very rarely deviate away from there."
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Victoria Beckham jokes about her infamous 'boring' diet of steamed fish and vegetables in first TikTok video | Businessinsider

Companies / Retail & Consumer Richemont enjoys buoyant sales in the US and Europe Sales in China, however, plunged more than a third due to lockdown restrictions B L Premium 15 July 2022 - 17:34 Katharine Child
Luxury goods retail giant Richemont has reported double-digit sales growth in Europe and the US even as record inflation fuels global fears of recession.
Sales in China, however, plummeted more than a third due to lockdown restrictions...
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Richemont enjoys buoyant sales in the US and Europe

Companies Mexico’s FinTech Stori gains ‘unicorn’ status It’s the second Mexican start-up in 2022 to achieve a valuation of more than $1bn, giving it ‘unicorn’ status, after a $150m series C funding round 15 July 2022 - 17:32 Valentine Hilaire Picture: 123RF/RIDO Mexico City — FinTech Stori, which lends to many Mexicans who do not have bank accounts, became the second Mexican start-up in 2022 to achieve a valuation of more than $1bn (R17bn), giving it “unicorn” status, after a $150m series C funding round, the company said on Friday.
Stori reached a valuation of $1.2bn with the round, led by BAI Capital, Singapore’s GIC and GGV Capital. Lightspeed Venture Partners, General Catalyst, Vision Plus Capital, Goodwater Capital and Tresalia Capital also participated.
The fintech, the second to reach unicorn status this year after logistics start-up Nowports in May, also raised a round of $100m of debt.
“The funding will be used to reach more users of our credit card product in Mexico and expand our portfolio with financial education services,” Marlene Garayzar, Stori’s co-founder and first Mexican female leader of a unicorn, told Reuters.
She said credit card penetration in Mexico was about 12% when Stori began studying the market.
The start-up offers loans in a country where only 31% of the population have some type of credit, while most Mexicans with credit cards still tend to use charge cards provided by retailers, according to the country’s statistics agency.
“We talked to potential customers to see what they needed and most of them said access to credit, not just a card, since they wanted a way to start building their credit history and get access to credits in the market,” she said.
Stori, which provides loans of as little as 500 Mexican pesos ($24), accepts 99% of its applicants, trying to approve card requests within 10 minutes.
Garayzar said the firm, which has more than 1.4-million clients in Mexico, aims to reach 2-million by 2023. It also plans to expand elsewhere in Latin America next year, she said, without specifying which countries.
Reuters

Mexico’s FinTech Stori gains ‘unicorn’ status

Companies / Retail & Consumer Buka enters agreement to spend R140m on footwear group Buka Investments, formerly Imbalie Beauty, has agreed to buy the Socrati Footwear Group B L Premium 15 July 2022 - 17:12 Nico Gous
Buka Investments, formerly Imbalie Beauty, has agreed to buy the Socrati Footwear Group as it aims to become a premium fashion company and make “distinct” fashion retail brands accessible to customers.
Buka will pay the owners of Socrati Footwear Group, little-known marketing and advertising group B&B Media and the Moltera Group R140m in what is the “first step in achieving” its vision, the company said in a statement on Friday...
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Buka enters agreement to spend R140m on footwear group

World / Asia Sri Lanka’s Rajapaksa Gotabaya flees the country after finally being ousted His ally, Prime Minister Ranil Wickremesinghe, is now the interim president, although protesters want him gone too 15 July 2022 - 17:08 Uditha Jayasinghe, Alasdair Pal and Devjyot Ghoshal People visit the president’s house after President Gotabaya Rajapaksa fled, amid the country’s economic crisis, in Colombo, Sri Lanka, July 13 2022. Picture: REUTERS/ADNAN ABIDI Colombo — Sri Lanka's parliament accepted the resignation of President Gotabaya Rajapaksa on Friday after he fled the country, paving the way for legislators to start repairing the island’s shattered politics and resume efforts to ease its economic crisis.
After suffering from crippling shortages of petrol and diesel and runaway prices of basic items such as vegetables and bread for months under the rule of Rajapaksa and his brothers, Sri Lankans are now waiting for legislators to elect a new president on July 20.
Until then, Prime Minister Ranil Wickremesinghe will be the interim president although protesters want him gone too. His private residence was set ablaze by demonstrators last weekend and his office stormed this week.
Nevertheless, the ruling Sri Lanka Podujana Peramuna (SLPP) party on Friday nominated Wickremesinghe to take up the top job full-time.
“Ranil Wickremesinghe is not the change we have fought so hard for,” said Wimal Jayasuriya, a martial arts specialist who is on a hunger strike opposite the prime minister’s official residence, which was also ransacked by protesters.
“We will not allow him to be president. The SLPP parliamentarians should stand with the people and not allow Ranil Wickremesinghe to become president.”
The speaker of parliament, Mahinda Yapa Abeywardena, said legislators would “constitutionally appoint a new president”.
“It will happen quickly and successfully. I request everyone to support this process,” said Abeywardena, who received Rajapaksa's resignation the previous night.
Rajapaksa landed in Singapore on Thursday, having fled to the Maldives early on Wednesday on a military jet along with his wife and two security guards. Protesters occupied his home and office last weekend after surging past armed guards.
Sri Lanka's top court on Friday barred two of his brothers, former Prime Minister Mahinda Rajapaksa and former Finance Minister Basil Rajapaksa, from leaving the country without permission until July 28, according to anti-corruption group Transparency International Sri Lanka.
The group approached the court seeking “action against persons responsible for the current economic crisis”.
A lawyer for the brothers did not respond to calls from Reuters.
“We are so happy today that he resigned and we feel that when we, the people, come together, we can do everything,” said Arunanandan, a schoolteacher who had been camping at the main protest site opposite the presidential secretariat for the past three months.
“We are the real power in this country.”
Sri Lanka is a major tourist destination in the Indian Ocean and is well known for its tea industry and garment exports.
Speaker Abeywardena said he hoped to complete the process of selecting a new president within a week. Parliament would reconvene on Saturday and be notified formally of the vacancy at the top, with a vote for a new president set for July 20.
The Bar Association of Sri Lanka, an influential lawyers’ collective, called on parliament to ensure that the election of Rajapaksa's successor is held without delay.
The opposition’s presidential nominee is Sajith Premadasa, while the potential dark horse is senior legislator Dullas Alahapperuma.
Presidential powers
After he was sworn in by the chief justice as interim president, Wickremesinghe said he would follow the constitutional process and establish law and order in the South Asian country.
He also vowed to start moves to increase parliament’s powers and reduce those of the president, as demanded by protesters.
“This change can be completed by the new president once he is elected by parliament next week,” Wickremesinghe said.
Street protests over Sri Lanka’s economic meltdown simmered for months before boiling over last weekend when hundreds of thousands of people took over government buildings in Colombo, blaming the Rajapaksa family and allies for runaway inflation, shortages of basic goods, and corruption.
Serpentine queues outside fuel pumps have become common, while the government has closed schools and enforced work-from-home for office workers to conserve fuel.
The country of 22-million people has nearly run out of dollars for imports and has defaulted on foreign loans. Headline inflation hit 54.6% in June and the central bank has warned that it could rise to 70% in coming months.
Sri Lanka had begun preliminary discussions with the International Monetary Fund (IMF) about a potential bailout loan, but those have been interrupted by the latest government chaos.
IMF spokesperson Gerry Rice told reporters on Thursday that IMF staff were still in contact with technical-level government officials but hoped to resume high-level dialogue “as soon as possible”.
Sri Lanka has received aid and other support amounting to $3.8bn from neighbour India in 2022. It has also sought help from China, its fourth biggest lender.
Sri Lanka’s ambassador to China told Bloomberg Television that the country was in negotiations with Beijing for as much as $4bn in aid, and was confident of receiving it “at some point”.
Reuters
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Sri Lanka’s Rajapaksa Gotabaya flees the country after finally being ousted

JOHANNESBURG – The five best-read stories on BizNews.com Friday 15 July 2022
1. MUST READ: What a dispiriting experience teaching in SA has become
2. MTN in discussions to bring Telkom on board – again
3. SA’s on slippery slope towards a failed state, barring urgent action – report
4. South Africa’s reputation as a global leader in budget transparency is untarnished
5. Tongaat shareholder revolt – activist Woollam demands board resign; management be replaced; shares to keep trading

Politicsweb -  Daily news headlines

" MUST READ: What a dispiriting experience teaching in SA has become - BizNews

SACP: Political report to the 15th National Congress 2022

Companies BUSINESS WATCH WITH MICHAEL AVEY WATCH: The week in perspective Michael Avery is joined by Warwick Lucas and Raymond Parsons 15 July 2022 - 17:04 Michael Avery Picture: 123RF/gopixa The rand continued its slide against the dollar on Thursday, touching a level last seen in August 2020, while the JSE fell the most in a week as global recession fears intensified.
Asian stocks hit a two-year low on Friday and were heading for a weekly loss, while the dollar was set for its third week of gains as a fresh slew of rate hikes around the world deepened concerns about the outlook for global economic growth.
To put the week into perspective, Michael Avery is joined by Warwick Lucas, head of Galileo Securities, and Raymond Parsons, Professor in the School of Business and Governance at Northwest University.
Or listen to full audio
Content hosted by iono.fm Subscribe for free episodes: iono.fm | Apple Podcasts | Spotify | Pocket Casts | Player.fm
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WATCH: The week in perspective

South Africa is considering creating a second state-owned power company to compete with Eskom, reducing the risk of having a single entity supplying most of the nation’s power supply, President Cyril Ramaphosa said.
“If we look at other countries like China, it has a number of state-owned electricity generating companies that compete amongst themselves to bring prices down,” Ramaphosa said in a speech to a meeting of the South African Communist Party on Friday. “That is a future that we should begin to imagine.”
The nation’s energy supply has been patchy since 2005, with Eskom, struggling to keep pace with demand. Frequent outages have caused the economy to underperform by 40%, finance minister Enoch Godongwana said on Thursday. Its high-debt burden has also been a strain on the nation’s coffers. — S’thembile Cele, (c) 2022 Bloomberg LP

TechCentral

Ramaphosa sees second Eskom as solution to power crisis

Police Ministry assures the nation tavern mass shootings won’t go unpunished
11 July 2022
The arrest of two people in connection to the deadly tavern shooting in Pietermaritzburg in KwaZulu-Natal, is a first step of bringing to book all those who orchestrated one of the country's bloodiest weekends. This is the assurance the Police Ministry is giving to the nation following a briefing on the tavern mass shootings in Gauteng and KwaZulu Natal.
Police Minister, General Bheki Cele, and his deputy, Cassel Mathale, along with the senior management of the South African Police Service (SAPS) led by National Commissioner General Fannie Masemola on Monday, 11 July 2022, received a full report on the mass shootings that took place in Soweto and Katlehong in Ekurhuleni. In the Nomzamo Informal settlement in Orlando East, Soweto, 15 people were killed in a tavern when five gunmen gained entry into the establishment in the early hours of Sunday morning and shot at the unsuspecting patrons.
A total of 23 people were shot inside the Mdlalose tavern in Orlando East, 12 people were killed on the scene, three more people died in hospital and eight wounded patrons are still recovering in surgical wards in nearby hospitals. Police management have tasked an 11 member detective team to investigate the murders and maximum resources have been activated to find and apprehend the five suspects.
Following his visit to the Soweto crime scene, Minister Cele says the attacks on the taverns in the two provinces were more coincidental than coordinated.

Tavern mass shootings won’t go unpunished – Police Ministry

Enyobeni tavern owner and two others arrested
13 July 2022
The owner of Enyobeni tavern together with two employees were arrested over the weekend and on Tuesday 12 July 2022 respectively by a team of detectives working on Scenery Park incident during which 21 children died in the early hours of Sunday 26 June 2022 in East London.
The arrest of the 52-year-old suspect and two employees aged 33 and 34, follows after the Eastern Cape Liquor Board laid charges in Scenery Park Police Station for contravention of the Liquor Act. After the opening of the case by the Liquor Board, the investigators embarked on the investigation process which resulted to fines amounting to R2 000-00 being issued to each of the two tavern employees, whilst summons were served to the owner for his immediate arrest and appearance in the court of law.
Among others, the investigation also focused on alleged violation or contravention of the Eastern Cape Liquor Act by permitting or conniving for the selling or supplying of alcohol to children under the age of 18 and for selling or supplying alcohol to children under the age of 18.
The tavern owner is expected to appear in the East London Magistrate court on the 19 August 2022 to face the said charges. The two employees have been given an option of a fine in terms of the Liquor Act. Should they fail to pay the fine, they will be required to appear in the same court on the 19 August 2022.

Enyobeni tavern owner and two others arrested – SAPS

People wait in long queues for security at Heathrow Airport on June 1. Carl Court/Getty Images. The UK government has demanded airlines treat passengers properly as travel disruptions continue. Passengers should be provided essential information, the DfT and CAA wrote in a letter to airlines. Further legislative reforms will be considered if passengers are not appropriately treated, the letter said. For more stories go to www.BusinessInsider.co.za . The UK government has ordered airlines to put passengers first and treat them with decency amid the summer travel chaos.
Top officials of the Department for Transport (DfT) and the Civil Aviation Authority (CAA) wrote a joint letter to airlines, asking them to communicate with passengers properly and provide them with enough information. The Independent first reported the letter.
"We hope you would agree that we need to prioritise passengers and treat their needs sensitively as air travel recovers," they wrote in the letter. The officials said they want to make sure that passengers can easily access information about their rights if their flight is delayed or cancelled.
Airlines were ordered to contact passengers ahead of their flight to tell them about what they could expect during travel. The letter said this information should include recommended arrival times at the airport, what to do if luggage is lost or damaged, what to do if the flight is cancelled or delayed, and what passengers' rights for compensation are.
The officials wrote in the letter that these details should be the minimum amount of information airlines provide to passengers.
"If we consider that passengers are not being appropriately treated further legislative reforms will be considered," said the letter.
The DfT and CAA also asked airlines to ensure they have suitable resources at airports and call centres to help passengers.
Insider has reported on various accounts of passengers' luggage getting lost , connecting flights being cancelled in midair, and flights being delayed 10 times . The stories indicate the mayhem that is occurring in the aviation industry as staffing shortages cripple airlines' services.
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Airlines told by UK government to prioritise passengers and treat them sensitively amid travel chaos

Airlines told by UK government to prioritise passengers and treat them sensitively amid travel chaos | Businessinsider

AKANEME udadewabo womculi uKelly Khumalo, ngemva kokuhoxa kommeli u-Adv Malesela Teffo, ecaleni lokubulawa kukaSenzo Meyiwa.
UZandie Khumalo-Gumede, owelamana noKelly, ubhale kwi-Instagram wathi kubukeka lisekude ukuthi lixazululeke icala lokubulawa kukaMeyiwa, ngenxa yezigameko ezenzeka enkantolo lapho liqulwa khona.
“Kubukeka sengathi umuntu ngeke aluthole usuku lokuvela enkantolo ngoba abantu abaphathiswe icala sebephenduke isekisi (circus), sengithi angikusho nje lokhu lapha.”
Uqhube wathi okumphatha kabuhlungu ukuthi akubukeki lizoxazululwa maduze icala likaMeyiwa ngoba iNingizimu Afrika, ikholelwa kosomathuba abathandwa ngabantu abaningi njengalo obengummeli.
“Kubuhlungu kimi ngoba kusho ukuthi umndeni wakwaMeyiwa awusoze wabuthola ubulungiswa futhi kungizwisa ubuhlungu ngoba kusho ukuthi umndeni wami uyophila ngaphansi kwalelifu elimnyama kuze kube phakade,” kuqhuba uZandie.
Udadewabo kaKelly ubuze ukuthi ushonephi ufakazi okwathiwa wazibonela ngawakhe okwenzeka ngosuku lwesigameko. “Onobufakazi bokuthi uKelly wakhipha isibhamu manje uyahoxa ngoba useyitholile imizuzu emibili yodumo?”
Uqhube wathi abantu abaningi banesifiso sokuthola abakwaKhumalo benecala, futhi bakholelwa ekutheni “Sizokholwa futhi sisekele noma ngubani osho esifuna ukukuzwa.”
Uphethe ngokuthi “Le ndlela yokucabanga izoma endleleni yezobulungiswa. Le ndlela yokubuka umhubhe osetshenziswa wumphakathi ecaleni ivimbela ukuthi ubulungiswa busebenze. Kodwa qhubekani, asibizwa ngani enkantolo futhi asibuzwa ngani?”

Isolezwe section feed for All Content

Kasibizwa ngani enkantolo? kubuza uZandie

Life / Motoring Saudi wealth fund to become Aston Martin’s second-largest shareholder The investment secures a long-term future for a company which has gone bankrupt seven times 15 July 2022 - 15:42 Eva Mathews German carmaker Mercedes-Benz will own about 9.7% of Aston Martin after the capital raising. Picture: SUPPLIED Aston Martin's shares jumped 20% on Friday after the British luxury carmaker announced a capital raising that will see Saudi Arabia’s Public Investment Fund (PIF) become its second-largest shareholder with an almost 17% stake.
PIF’s £78m (R1.6bn) investment, together with a £575m (R11.7bn) rights issue, will allow the 109-year-old company to lower its debt and invest in new models.
PIF will own a 16.7% stake in Aston Martin and will be entitled to two board seats, behind the 18.3% holding chairman Lawrence Stroll's Yew Tree will have after the rights issue.
The sovereign wealth fund, which owns stakes in electric carmaker Lucid Motor s and British supercar group McLaren has been diversifying its oil-rich investment portfolio.
For Aston Martin, the preferred ride of fictional secret agent James Bond which has gone bankrupt seven times in its history, the investment means it can secure its long-term future.
Its current second-largest shareholder, German carmaker Mercedes-Benz will own about 9.7% after the capital raising.
“In 2020, I inherited a business in deep trouble that needed to be reset,” Stroll told reporters.
Covid-19 lockdowns and the disruption to global supply chains has slowed the company’s recovery, he added.
Half of the new capital will be used to repay debt that stood at £957m (R19.4bn) at the end of March.
The company also pushed back the date at which it will start producing cash from 2023 to 2024.
The carmaker said former owner Italian investment group Investindustrial and China's Geely had proposed up to £1.3bn (R26.4bn) in funds last week, which the board rejected.
The pair would have injected £203m (R4.1bn) for a stake, making them the largest shareholder.
Stroll said the proposal would have been highly dilutive to shareholders and believed it was a takeover offer in disguise.
Reuters

Saudi wealth fund to become Aston Martin’s second-largest shareholder

Memorandum of demand to the Department of Public Enterprises from members of NUMSA at Denel Metal Pressings
15 July 2022
Members of the National Union of Metalworkers of South Africa (NUMSA) from the Hlanganani region are gathered here to register their anger and disgust with the Department of Public Enterprises, for its relentless attacks against workers at Denel. Since lockdown was implemented, our members at Denel Pretoria Metal Pressings have experienced unending misery by officials in the DPE.
Denel is a viable business but it is being deliberately collapsed. It urgently needs to be re-capitalized so that it can survive. In addition, it seems clear that DPE is determined to crush Denel, and to crush workers and their families as well. The suffering of workers at Denel is well documented. We know of at least two cases of suicide which were reported in the media, as a consequence of the suffering that workers were exposed to, by this brutal department.
The minister, Pravin Gordhan, seems determined to collapse this entity, just like SAA, SA Express and Eskom. Once the entity has collapsed, it will be sold to capitalist cronies of the ANC leadership, just like in the case of SAA which was sold to the Takatso consortium, in dodgy deal, shrouded in secrecy.
Our glorious airline was sold for a mere R51! We are told that the days of State Capture are behind us, but it is clear that this is continuing under this Ramaphosa administration. This is why NUMSA has always said there is no difference between the Zuma faction of the ANC and the CR-17 faction of President Cyril Ramaphosa – they are two sides of the same corrupt coin. We want to make it clear that minister Pravin Gordhan is responsible for the shocking state of SOE’s. He is an SOE wrecking ball and we must state for the record that we will continue to fight for his removal, because he is the source of the crisis at all SOE’s.

Denel: Memorandum of demand to DPE – NUMSA

Hoërskool Jan Viljoen: FF Plus submits report to HRC with evidence that Lesufi is seeing racism ghosts
15 July 2022
The FF Plus today submitted a report to the Human Rights Commission (HRC) with evidence that the Gauteng MEC for Education, Panyaza Lesufi, exploited the incident that transpired at Hoërskool Jan Viljoen on 11 February 2022 to incite needless racial tension between black and white school communities.
On the 11th of February 2022, conflict initially arose between a few learners, but it soon grew into a schoolwide conflict between larger groups of learners.
Lesufi consequently requested the HRC to look into the matter. Directly afterwards, even before the investigation was underway, Lesufi started to accuse Afrikaans learners and communities of racism.
Despite Lesufi's decision to involve the HRC, he personally went to the school to address large groups of learners, parents and other bystanders on various occasions and made incriminating statements before the investigation had been finalised.

Hoërskool Jan Viljoen: Evidence Lesufi is seeing racism ghosts – Anton Alberts

World / Europe Russia ‘not interested’ in nationalising foreign enterprises, trade minister says Many Western and other foreign companies decided to quit Russia after it invaded Ukraine, while Moscow has been working on a law to allow the state to seize assets of firms that go 15 July 2022 - 15:35 Reuters Employees work on the assembly line of the Lada automobile plant in Izhevsk. Picture: REUTERS Moscow is not interested in nationalising foreign-owned enterprises operating in Russia, trade and industry minister Denis Manturov said on Friday, in comments likely to provide only limited reassurance to Western businesses.
Many Western and other foreign companies decided to quit Russia after it invaded Ukraine, while Moscow has been working on a law to allow the state to seize assets of firms that go.
“We are not interested in the nationalisation of enterprises or their removal, God forbid,” Manturov told parliament’s lower house, the State Duma.
But he thanked deputies for giving initial approval in May to a bill allowing the state to seize control of an enterprise in the event of a “sudden departure” by a foreign partner to save jobs and pay wages and taxes.
“This is also a message for our foreign partners to think about how and what decisions they will take for themselves. We want a comfortable, mutually beneficial working relationship,” said Manturov.
The draft law has not advanced through the Duma since passing its first of three readings in May.
After making his comments to the Duma, Manturov was confirmed by lawmakers as a new deputy prime minister, while retaining his ministerial post, in line with a decree that President Vladimir Putin issued on Tuesday.
The move boosts his influence on policy as Russia seeks to defend its economy against stringent Western sanctions.
Moscow has already taken steps towards nationalising some foreign-held assets, including Putin’s order on June 30 for the state to take full control of the Sakhalin-2 gas and oil project, a move that could force out Shell and Japan’s Mitsui and Mitsubishi.
Companies which have decided to leave have been wrestling with how to limit the financial impact, protect jobs of Russian staff and, in some cases, leave an option to return.
Western firms, including Nike and Cisco, have accelerated their departures in recent weeks amid speculation that new laws were imminent. The delay in passing the law on asset seizures has given foreign firms extra time.
“We always try to find a balance of interests. So far, there are no cases of 'slamming the door and leaving',” Manturov said.
Reuters

Russia ‘not interested’ in nationalising foreign enterprises, trade minister says

Student Funding: Now is not the time for socialist grandstanding, Minister Nzimande
15 July 2022
Note to Editors: Please find attached soundbite by Chantel King MP.
The long-awaited ministerial task team report on student funding has not been released to the Cabinet and the portfolio committee for comments and inputs, yet Higher Education Minister Blade Nzimande on the eve of him stepping down as the leader of the SACP is jumping the gun to pronounce that the National Student Financial Aid Scheme(NSFAS) will fund all poor and working-class students ahead of the report being released.
We are reminded of a similar stunt pulled by former President Jacob Zuma in 2016 ahead of the Higher Education Commission report. It is time that this long-awaited report be presented for public comment as soon as possible to avoid a looming crisis.
The financial sustainability of fee-free higher education over the last three years has been a serious concern. Contribution towards the NSFAS bursary in 2018 was R20.6 billion which grew to R49 billion (R10 billion additional funds added to cover the shortfall) for the 2022 academic year. In 2018, 522 176 applications were received and in 2022 more than 900 000 applications were received. This is an indication that it will not be possible to bail out NSFAS in future and therefore it is urgent to look at a more sustainable funding framework which will incorporate all students (missing- middle and post-graduates).

Minister Nzimande, now is not the time for socialist grandstanding – Chantel King

SIMPHIWE NGUBANE
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Uhambele lendawo wase edlulise amazwi enduduzo emindenini yabashonile kulesi sehlakalo asichaze ngokuthi sinesihluku esimbi.
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Kwabashonile kukhona nobekade engumsakazi wesiteshi somphakathi, i-Alex FM, uJoshua Mbatha. UCele usigxekile lesehlakalo wakhala ngokwanda kwezigameko ezinodlame zokubulawa kwabantu.

Kubulawe abayisikhombisa ngokudutshulwa epulazini

News Europe’s Big Oil mulls takeovers of renewable energy producers Shell, TotalEnergies and Equinor are among the companies that have evaluated the suitability of utilities 15 July 2022 - 15:23 Laura Hurst and Dinesh Nair Inland tanker Hillegersberg sails on the Rhine River past Mainz, Germany on July 14 2022. Picture: Alex Kraus/Bloomberg Europe’s oil and gas giants, flush with cash from soaring prices, are considering whether to turbocharge their transition to clean energy with multibillion-dollar acquisitions of major renewable energy producers.
Shell, TotalEnergies and Equinor are among the companies that have evaluated the suitability of European utilities for takeovers, according to people familiar with the matter. Potential targets include some of the region’s largest wind and solar producers such as Iberdrola, Orsted, and SSE Renewables.
Internal deliberations such as these have happened before without resulting in any deals, largely because the potential targets have been so expensive. But the surge in oil majors’ profits in the last six months could mean a major takeover is now within reach, the people said, asking not to be named because the information is private.
“These companies have plenty of cash now and much stronger balance sheets,” said Christyan Malek, global head of energy strategy at JP Morgan. “There is a build versus buy discussion happening within the core of Big Oil and their renewables businesses right now.”
In the words of BP CEO Bernard Looney, the oil and gas industry has become a “cash machine”. Even after a drop of more than 10% this month due to recession fears, Brent crude is still trading near $100 a barrel and refining profits are sky high.
That means the cash will continue to roll in. Analysts expect Shell to post even higher second-quarter profits than the record $9.13bn it earned in the first three months of the year. TotalEnergies and BP are also expected to benefit from high refining margins as well as oil and gas prices.
Historically, cash flow on this scale would have been the trigger for Big Oil to pour money into large fossil fuel projects. But Europe’s majors have committed to pivoting away from their core business into renewables and low-carbon fuels.
Extremely expensive
So far, the industry has taken an incremental approach, expanding its clean energy portfolios project by project. Shell plans to build Europe’s largest green hydrogen plant, BP is investing in a large renewables hub in Australia, and TotalEnergies recently joined an Indian conglomerate that will invest as much as $50bn over the next 10 years in wind, solar and hydrogen.
That was all these companies could afford when they first made their net-zero pledges during the depths of the Covid-19 energy price slump. BP and Shell had just made deep cuts to their dividends. TotalEnergies was in a stronger financial position, but CEO Patrick Pouyanne effectively ruled out any big clean-energy deals because the companies were “extremely expensive”.
That’s still the view of some people in the industry.
“I do not see a supermajor and superutility or superrenewable combination”, said Banco Santander analyst Jason Kenney. To generate real value companies would be better off developing their own large-scale renewables projects “and building out a portfolio organically.”
At the height of the coronavirus pandemic, the market capitalization of Iberdrola, a Spanish utility with a heavy focus on renewable energy, overtook BP and TotalEnergies. This year, the petroleum giants are back on top after Russia’s invasion of Ukraine drove a stunning rally in oil and gas prices. Meanwhile, actions by central banks to counter that inflationary surge are making life harder for renewables developers.
“Better balance sheets — coupled with a tougher rates environment — provide an attractive backdrop for the international oil companies to further consolidate in this space and help address the issue of scale,” Citigroup analysts including Alastair Syme wrote in a note.
Shell has looked at Iberdrola and Orsted as possible targets, according to people with knowledge of the matter. Shell and Equinor have both considered the potential of buying SSE’s renewables unit, the people said. Last year, TotalEnergies explored a takeover of EDP-Energias de Portugal, but ultimately abandoned the idea, according to people with knowledge of the matter.
Accelerate push
Shell wasn’t immediately able to comment on the matter. TotalEnergies didn’t reply to an email seeking comment. Equinor declined to comment.
These internal discussions have been entirely preliminary and so far there’s no sign that any of the potential buyers are ready to pounce, one person said. Investment banks continue to pitch several other transformative acquisition opportunities to the oil majors, which would accelerate their push into renewables, the people said.
The takeover of a major clean energy producer by a big oil company wouldn’t necessarily mean the world hits it emissions targets any quicker, but could help the buyer leapfrog its peers in the race to adapt to a low-carbon future.
“It makes sense for them to buy assets rather than build them,”said JPMorgan’s Malek. “It’s simpler to buy, expedite your gigawatt targets, thereby allowing you to decarbonize.”
Bloomberg News. More stories like this are available on bloomberg.com

Europe’s Big Oil mulls takeovers of renewable energy producers

Companies Wells Fargo profit slumps as mortgage lending business comes under pressure The fourth-largest US lender reported a profit of $3.1bn, or 74c per share, for the quarter ended June, compared with $6bn, or $1.38 per share, a year earlier 15 July 2022 - 15:17 NOOR ZAINAB HUSSAIN , Niket Nishant and Elizabeth Dilts Marshall Picture: BLOOMBERG/MARK KAUZLARICH Wells Fargo on Friday reported a second-quarter profit that nearly halved as the bank set aside more funds to cover potential loan losses, while its mortgage lending business came under pressure from higher interest rates.
The company said provision for soured loans was $580m in the quarter and home loans fell 53% from a year earlier.
Well Fargo's loan loss provision for the latest period included a $235m increase in the allowance for credit losses due to loan growth. Last year, the bank had released $1.26bn of reserves, helping offset a decline in its mortgage lending business.
US banks including JPMorgan and Wells Fargo have cut mortgage staff in recent months as the industry downsizes from a surge in demand during the pandemic.
Wells Fargo said it cut its non-interest expenses by 3% due to lower revenue-related compensation in its home lending division.
“We do expect credit losses to increase from these incredibly low levels, but we have yet to see any meaningful deterioration in either our consumer or commercial portfolios,” CEO Charlie Scharf said in a statement.
Wells Fargo shares fell nearly 3% in premarket trading.
The fourth-largest US bank has been in the regulators’ penalty box since 2016 for governance and oversight lapses related to a series of sales and other scandals.
It remains under the Federal Reserve’s $1.95-trillion asset cap, which has curtailed loan and deposit growth that Wells Fargo needs to boost interest income and cover costs.
The fourth-largest US lender reported a profit of $3.1bn , or 74c per share, for the quarter ended June 30, compared with $6bn, or $1.38 per share, a year earlier.
Home lending weakness
Wells Fargo’s average loans rose to $926.6bn from $854.7bn a year earlier, even as the lender saw a fall in demand for mortgage refinancing and originations.
On Thursday, JPMorgan reported a 26% decline in home loan revenue from the year-ago quarter, predominantly driven by less lending.
Wells Fargo executives have said they plan to scale back the mortgage business.
Overall, non-interest expenses fell to $12.9bn from $13.3bn a year earlier.
The bank said its non-interest expenses in the consumer banking and lending unit fell 3% on “lower revenue-related compensation in home lending.”
Now approaching his third year as the bank’s top boss, Scharf has been battling to accomplish what his two predecessors failed to do: steer the bank in the right direction after it spent billions on litigation and remediation expenses.
Scharf's turnaround plan relies on cutting $10bn in costs annually, scaling back the lender’s huge mortgage business and growing its investment bank, which he has called a $1bn opportunity.
Other consumer loans faired better at Wells Fargo. Credit card was up 7% on higher loan balances, while auto was up 5% and personal lending was up 7%, from a year earlier.
Wells Fargo’s total revenue fell to $17.03bn from $20.3bn a year earlier.
Net interest income increased 16%, the bank said.
Reuters
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Wells Fargo profit slumps as mortgage lending business comes under pressure

The Google campus in 2020. (Photo by Alex Tai/SOPA Images/LightRocket via Getty Images)
Google says it will "work constructively" with South Africa's Competition Commission. More specifically, it will answer questions that the commission has. Provisional recommendations the Competition Commission released this week call for Google to change how search results are presented. The body also floated the idea of changing Android and iPhones' reliance on Google's search. For more stories go to www.BusinessInsider.co.za . Google says it will "work constructively" with South Africa's Competition Commission – albeit to "answer their questions", rather than make changes to how it presents search results in South Africa.
The Competition Commission this week released preliminary findings in a massive, long-running inquiry into the state of competition online, covering everything from property sales to food delivery.
Concerned about the ability of small businesses and black companies to compete online, that inquiry gave Google specific design instructions on how it should present search results, and raised the idea of demanding changes to Android smartphones.
See also on Fin24 | Google Search must change in SA, stricter rules needed for online sellers, inquiry finds In response, Google has stressed that it is good for competition, and faces competition.
"Our products increase choice and expand competition," the company said in a statement. "They level the playing field for small businesses everywhere — enabling them to sell their products, find customers, reduce their costs and, in difficult times, get back on their feet. The competition Google faces is always increasing: there are more ways than ever that people can find information, from specialized sites for travel and shopping, or from other search engines, social media and elsewhere."
It made no mention of a legal challenge if the report is made final in its current form, an option Business Insider South Africa understands other internet players are exploring.
The Commission wants Google to downgrade the position it gives to paid advertising in search results, a line of business worth more than $13 billion per month globally , or – but most likely, it says, also – better distinguish between ads and organic search by way of design elements such as shading and borders.
The draft recommendations include specific design directions, saying Google must include "a large, bold and unambiguous 'ADVERT' label in the middle above the impression" when it serves ads within search results, along with a helpful illustration.
(Online Intermediation Platforms Market Inquiry)
It believes this kind of intervention will cost Google revenue.
"These remedial actions are likely to aid in reducing the efficacy and price of ads, lowering costs to platforms and aiding smaller platforms which benefit from elevating organic results too," read provisional recommendations .
It wants the same remedies applied to specialist Google services such as Maps, Flights, and Shopping.
Concerned with the dominance of Google search, the inquiry also recommend an "end to the default arrangements for Google Search on iOS and Android devices sold in South Africa".
That would potentially require the special reconfiguration of just about every smartphone sold in South Africa.
 

News South Africa

Businessinsider.co.za | Google says it’ll ‘work constructively’ with SA competition authorities that want search changes

News More than 500 female passengers sue Uber for sexual assault Women were kidnapped, battered, raped, falsely imprisoned, stalked, and harassed in rides, according to a filed complaint 15 July 2022 - 14:58 Prarthana Prakash Picture: BLOOMBERG Uber Technologies could be sued by more than 500 women across the US who claim to have been assaulted by drivers.
A complaint filed on Wednesday by Slater Slater Schulman in San Francisco, alleges women were “kidnapped, sexually assaulted, sexually battered, raped, falsely imprisoned, stalked, harassed or otherwise attacked” in their rides. It claims Uber has known about the sexual misconduct by some of the drivers, including rape, since 2014. The law firm said it has about 550 clients with claims against Uber and is actively investigating at least 150 more cases.
Uber has long struggled to handle complaints of misconduct on the ride-sharing app. Just two weeks ago, the company released its second safety report that showed it received 3,824 reports of the five most severe categories of sexual assault in 2019 and 2020, ranging from “non-consensual kissing of a nonsexual body part” to “nonconsensual sexual penetration”, or rape.
“While the company has acknowledged this crisis of sexual assault in recent years, its actual response has been slow and inadequate, with horrific consequences,” said Adam Slater, a partner at Slater Slater Schulman. “There is so much more that Uber can be doing to protect riders: adding cameras to deter assaults, performing more robust background checks on drivers, creating a warning system when drivers don’t stay on a path to a destination.”
Uber has faced several lawsuits against it from women alleging sexual assault by drivers. In 2018, it agreed to settle a class action case brought by two women who claim they were taken advantage of by drivers after they had consumed alcohol. Uber has faced similar complaints in countries beyond the US. Uber’s licence was revoked in London twice in three years over concerns that it wasn’t adequately verifying drivers’ identities.
Uber has long defended itself by asserting that it can’t be held responsible for behaviour of its drivers, who aren’t employees but rather are contractors. In its recent safety report, Uber said it conducts elaborate background checks of drivers before and during their time with the company.
“Sexual assault is a horrific crime and we take every single report seriously,” Uber said in a statement. “There is nothing more important than safety, which is why Uber has built new safety features, established survivor-centric policies, and been more transparent about serious incidents. While we can’t comment on pending litigation, we will continue to keep safety at the heart of our work.”
Bloomberg News. More stories like this are available on bloomberg.com
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News Netflix in huge marketing push to promote new $200m film The streaming service is orchestrating one of its biggest promotional pushes ever ahead of the July 22 streaming debut of ‘The Gray Man’ — a spy thriller starring Ryan Gosling 15 July 2022 - 14:51 Lucas Shaw Picture: BLOOMBERG Netflix is trying a new approach in marketing its next big film: telling people it’s coming out.
The streaming service is orchestrating one of its biggest promotional pushes ever ahead of the July 22 streaming debut of “The Gray Man,” a spy thriller starring Ryan Gosling. The campaign includes billboards in several cities, as well as TV advertising spots during major sporting events.
The campaign is a test for the world’s most-popular paid video service, which hasn’t historically prioritised marketing titles before their release. Executives at Netflix and creators of shows have been pushing the company’s leadership to increase the marketing budgets for its movies and TV shows. Major movie studios spend tens of millions of dollars on marketing campaigns ahead of big releases to drive ticket sales on opening weekend. TV networks do the same so a show can grab a large audience upon its debut.
Netflix spent more than $2.5bn (R43bn) last year on marketing, but it has never invested as much per title as its peers in Hollywood. It saves money by not spending so much on marketing up front, which would cost billions of dollars more, given that it releases hundreds of titles a year. The company has relied on its algorithm to serve the right show to the right viewer, and then spends money to amplify a project that’s already popular.
Netflix has been re-evaluating its strategy, especially after a subscriber loss caused its stock to fall more than 70% this year. The company’s growth has slowed to a crawl in some of the biggest countries in the world at the same time that services such as HBO Max, Disney+ and Hulu have eaten into its share of the streaming market.
Netflix plans to introduce a cheaper, advertising-supported version of its service later this year, and just this week selected Microsoft to handle the advertising sales and technology. The company hopes that will entice price-conscious consumers to sign up for Netflix.
Increased competition has also made it harder for Netflix titles to stand out from the crowd. The company wants to make fewer, but better, movies. It restructured its marketing department earlier this year, not long after hiring a new chief marketing officer, Marian Dicus. Netflix has cycled through three CMOs in the last few years.
Netflix has ramped up its marketing spend over time and staged large pre-release marketing campaigns for new seasons of hit TV shows such as “Stranger Things,” “Ozark” and “Bridgerton.” It bought national TV spots last month for “Hustle,” a basketball drama starring Adam Sandler, as well as “The Sea Beast,” an animated film.
Marketing budgets for movies have started to rise along with production budgets and star power. Netflix spent upwards of $100m to produce “Red Notice,” an action comedy starring The Rock, Ryan Reynolds and Gal Gadot, and “The Adam Project,” which also starred Reynolds. The talent deals on “Red Notice” alone cost more than $50m, according to reports.
“The Gray Man” is one of Netflix’s most-expensive bets yet with a reported production budget of $200m. Gosling stars as an assassin for the Central Intelligence Agency who becomes a target after he uncovers dark secrets about the organisation. Chris Evans, Ana de Armas, Wagner Moura and Rege-Jean Page also star in the movie, which is produced and directed by Joe and Anthony Russo, the filmmakers of several major Marvel movies.
When spending that kind of money on casts that famous, Netflix wants to make sure people know the title is coming out. It can’t spend $150m on a movie that nobody sees. The talent also wants to know the service is supporting the project. Dicus, as well as co-CEOs Ted Sarandos and Reed Hastings, have all signed off on spending more to boost new titles.
Executives at Netflix have also pushed for the company to release its movies in theatres , believing that will generate additional money and awareness. Theatres won’t show the movies unless Netflix commits to spend money on marketing and an exclusive theatrical release of at least a few weeks.
Hastings and Sarandos remain sceptical of the benefit of movie theatres. “The Gray Man” will appear in cinemas for just a week before it’s available on the service, and it won’t be in most of the major chains.
Netflix shut down a block of Hollywood Boulevard on Wednesday night for a premiere of the movie at the TCL Chinese Theatre, a 95-year-old venue in the heart of Hollywood. The event had the feel of a classic movie premiere, as stars traipsed down a lengthy red carpet and guests snacked on fried chicken and doughnuts. After the showing, they ventured to an after party at the nearby Hollywood Roosevelt hotel, site of the very first Academy Awards.
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David Nabarro at launch EAT-Lancet Commission Report on Food, Planet, Health at United Nations Headquarters on February 5, 2019. Photo by Lev Radin/Pacific Press/LightRocket via Getty Images A WHO official said Covid-19 has become "too clever for us" and can evade protection. David Nabarro told Sky News that people should still take precautions against the virus. Daily new Covid-19 cases around the world have steadily climbed since early June. For more stories go to www.BusinessInsider.co.za . Covid-19 has become "too clever for us" and can break through protection, a World Health Organization official said, warning that precautions still matter to fight the virus.
WHO special envoy David Nabarro told Sky News on Thursday that the reason for a surge in new Covid-19 cases globally is because the virus "changed yet again, and it's become too clever for us."
"This virus is capable of constantly evolving and changing," he told the outlet. "It can break past our immune defenses, and that's why the numbers are going up."
Nabarro told Sky that taking precautions against the virus, like ensuring people are up to date on their Covid-19 vaccination shots, is still important to keep others safe.
"My advice to everyone is please, this virus hasn't gone away, it's not killing so many people, but it is really unpleasant, especially if you get long Covid," he said. "Even though we don't like it, we have to go on respecting this virus."
According to data from the WHO , global daily new Covid-19 cases have slowly climbed since early June — driven mainly by Europe. Data from Johns Hopkins Coronavirus Resource Center shows that for the week ending on July 10, there were over 6.25 million global Covid-19 cases.
The increase in June marked the end of a months-long slide after cases peaked in January when the original Omicron variant ran rampant. Global deaths, meanwhile, climbed to over 12,000 for the week ending on July 10 — though still a figure significantly lower than in previous years of the pandemic.
The US has also seen a steady rise in cases and is averaging over 124,000 a day, according to the latest data from the Centers for Disease Control and Prevention.
Driving the surge in cases is the Omicron variant BA.5, which can evade defenses against previous virus variants, Insider's Hilary Brueck previously reported .
People infected in prior Covid-19 waves "really don't have a lot of good protection" against BA.5, Dr Anthony Fauci said on Tuesday.
Fauci added: "Variants will continue to emerge if the virus circulates globally and in this county. We should not let it disrupt our lives, but we cannot deny that it is a reality that we need to deal with."
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Covid-19 has become 'too clever for us' and can 'break past' our protection, WHO official says | Businessinsider

Gatwick Airport had to close some of its toilets and restaurants on Thursday. Dan Kitwood/Getty Images Gatwick had to close some of its toilets and restaurants on Thursday because of a burst water pipe. The airport gave out bottled water to passengers and brought in water tankers. Gatwick's issue came amid a summer of travel chaos with staff shortages and surging passenger numbers. For more stories go to www.BusinessInsider.co.za . A burst pipe meant that London's Gatwick Airport had to close some of its toilets and restaurants on Thursday, compounding existing travel chaos .
One Twitter user said that there were "no toilet facilities open on the food court level and large queues at the few that are open," while another said that some restaurants weren't serving food.
Some Twitter users shared photos of signs at the airport which read: "Only limited toilets available due to a local water supply issue."
Gatwick said on Friday morning that the problem had been resolved and that it was "operating normally."
"Toilets were limited but still available in both terminals and the majority of restaurants remained open for the entire day," a Gatwick spokesperson told Insider. "Contrary to some reports, at no point did Gatwick 'run out of water.'"
"Bottled water was also made available to passengers throughout," the spokesperson added. The airport told Sussex Live that it brought water tankers on site.
The spokesperson told Insider that the airport had been affected by an issue with local supplier SES Water between around 08:30 and 17h00 "which led to lower water pressure than normal across the airport."
SES Water said that the problem was down to a burst water main, which the BBC reported left 100 properties without water access and 1,200 with low pressure in the areas of Horley, Surrey and Crawley, West Sussex.
"Water supplies have returned to normal," SES Water told Insider on Friday morning. "We would like to take this opportunity to apologise to anyone affected by the incident yesterday and thank them for their patience and understanding."
The water access issues at Gatwick came amid mounting travel chaos at airports worldwide. Airlines have delayed and canceled thousands of flights this summer because of technical glitches, bad weather, and a combination of understaffing and soaring demand for travel. Customers have complained about huge lines for check-in , lost luggage , and problems accessing customer services .
According to flight-tracking site FlightAware , 42% of flights to Gatwick on Thursday were delayed. Twitter users said on Thursday and Friday that they didn't have to wait long for security, though the airport is advising passengers to arrive "as soon as check-in opens for their flight."
Gatwick, located around 30 miles south of London, is one of the UK's busiest airports. Nearly 3.1 million passengers flew to or from the airport in May, according to data from UK's Civil Aviation Authority.
Gatwick is one of the airports that has introduced a flight cap on amid understaffing. It said that some companies based at the airport were operating with a "severe lack of staff resources" that could lead to poor service, including long lines, delays, and last-minute cancellations.
"This action will then allow airlines to fly and manage more predictable and reliable flight programmes," the airport said.
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Businessinsider.co.za | Travel chaos increased when a burst pipe at Gatwick caused water crisis in toilets and restaurants

National SA to unveil solutions to power crisis within days, Ramaphosa says President to lead a team of ministers and officials to one of Eskom’s troubled power stations, to have talks with workers, trade unions and managers 15 July 2022 - 14:39 Alexander Winning President Cyril Ramaphosa. Picture: SUNDAY TIMES/SEBABATSO MOSAMO The government will within days announce new ways to address the country’s worst power crisis yet, President Cyril Ramaphosa said on Friday.
Addressing a South African Communist Party (SACP) conference, Ramaphosa said the government needed to “use every available means and remove every regulatory obstacle to bring extra electricity onto the grid as soon as possible”.
“In the coming days we will be announcing additional measures that we need to take to address the current electricity crisis,” Ramaphosa said. The SACP is an ally of the governing ANC party that Ramaphosa leads.
SA has experienced intermittent power cuts by struggling state utility Eskom for more than a decade, but this year the outages are expected to reach a record level.
Late last month Eskom started implementing what are known as “Stage 6" power cuts for only the second time in its history, blaming a strike over pay for hampering efforts to bring malfunctioning power units back online.
Eskom has since agreed a salary deal with workers and the level of power cuts has been lowered, but opposition parties and a business lobby group have called for an urgent intervention.
The power cuts have piled pressure on small businesses and households recovering from the impact of the Covid-19 pandemic and grappling with inflation at a five-year high.
Ramaphosa added at the SACP conference that he would on Saturday lead a team of ministers and officials to one of Eskom’s troubled power stations, to have talks with workers, trade unions and managers.
Explaining why the country needed to move further away from a monopoly model of electricity supply, he said: “When Eskom fails, the country is thrown into darkness as we are now.”
Reuters

SA to unveil solutions to power crisis within days, Ramaphosa says

Committee for Section 194 Enquiry will not be derailed and its work dragged out
14 July 2022
The Committee for Section 194 Enquiry today agreed that it will not be derailed or delayed unnecessarily during its enquiry in Public Protector Adv Busisiwe Mkhwebane’s fitness to hold office.
The committee further agreed that it works within the rules of the National Assembly and will by all means attempt to fulfill the mandate given to it, within the timeframe set out in its terms of reference.
This follows an address in the morning from Adv Dali Mpofu (SC) on behalf of Adv Mkhwebane in which he stated that, given the wide scope of the enquiry, he does not believe the committee will be able to finish its work by September 2022, as intended. “If this process is going to be fair and cover the ground, it will not finish in September. There is vast ground to cover.” Some court cases took up to four years to finalise, he pointed out.
Some committee members considered this a possible delaying tactic in order to drag the process out until the end of Adv Mkhwebane’s term of office. Adv Mpofu took offence to this suggestion, saying it was false and without any evidence. He further indicated that he will contend that efforts were made to contact Mr Johann van Loggerenberg, a witness and former South African Revenue Service (SARS) employee, during the investigation into the so-called intelligence unit in SARS, but Adv Mkhwebane was informed he was not traceable.

PP: Committee will not be derailed and its work dragged out

Treasury on 2021 Open Budget Index Survey
South Africa has come second in transparency globally, with Georgia overtaking both South Africa and New Zealand to claim the first spot in the 2021 Open Budget Index, conducted among 120 countries by the International Budget Partnership (IBP) through an Open Budget Survey. IBP is the world’s only independent, comparative measure of budget transparency, participation, and oversight.
In 2021, South Africa took a surprise slip into second place. Nonetheless, South Africa still maintains its reputation as a global leader since it continues to strengthen its commitment to a transparent budget system. The global transparency average is 45 out of 100, while South Africa scores the second best with 86 out of 100, a score which reflects South Africa’s commitment to transparency.
In public participation category, South Africa scores 19 out of 100 which National Treasury recognises is low, even though it is better than the global average of 14. Steps are already being taken following the last OBI survey results, like South Africa participating in the Fiscal Openness Accelerator (FOA) pilot project - in partnership with IBP and Global Initiative for Fiscal Transparency (GIFT)- to further strengthen public participation in the budget process. The pilot is in its second and final year and the objective is to improve the approach will be to solicit inputs from the public, in pursuance of improving public participation in the budget process.
In the final category, oversight, South Africa has an overall score of 81 out 100. South Africa scores 72 out of 100 on legislative oversight and 100 on audit oversight. Of 120 countries, only 41 countries have adequate oversight. This continues to reflect South Africa’s commitment to enhancing its budget process and fostering public participation as enacted in the South African Constitution.
The OBI survey provides a comprehensive review of South Africa’s budget process. Citizens are encouraged to use the information published in budget documents for effective analysis and research internationalbudget.org/open-budget-survey.
Issued by National Treasury, 15 July 2022

SA takes second place in the 2021 Open Budget Index Survey – Treasury

A rooibos tea farm worker with a bag of cut rooibos tea during the harvest. (Image: Getty Images) The Khoi and San communities have received the first tranche of funds amounting to R12.2 million from the rooibos industry. The funds were paid as part of an agreement signed in 2019, which recognises the San people as the rightful knowledge holders of the rooibos species. The agreement benefits the communities from the industry's profits annually through a levy of 1.5% of the farm gate price of rooibos. For more stories go to www.BusinessInsider.co.za . The rooibos industry's first cycle of funds paid to the San and Khoi communities is a milestone in fostering collaboration in the rooibos industry, the Department of Forestry, Fisheries and the Environment (DFFE) said this week.
South Africa's rooibos industry disbursed R12.2 million from a year's worth of farmgate purchases of rooibos to the South African San Council and the National Khoisan Council as part of a 2019 access and benefit-sharing (ABS) agreement.
The agreement will see all volumes of rooibos sold levied through a single process with a benefit-sharing levy of 1.5% of the farm gate price of rooibos paid out into a trust annually, estimated at R12 million a year. The funds will be generated from the farmgate price of the industry's ten processors.
Almost three years ago, the San communities together, with rooibos industry stakeholders, signed the Honeybush Rooibos and Honeybush Traditional Knowledge Benefit Sharing Agreement. The current payout, however, relates only to the rooibos benefit sharing agreement, the DFFE said in a statement.
"The money received by the Department has been shared equally between the two respective communities with the Khoi-Khoi Peoples Biodiversity and Rooibos Trust and the Andries Steenkamp Access Benefit-Sharing trust each receiving R6 138 961. 25," it said.
Minister of the DFFE, Barbara Creecy, said the payout was a significant measure of the work done by the Department, its sister entities, and other relevant stakeholders in implementing the pilot phase of the agreement.
"We recognise that innovative solutions are required to address the fair and equitable sharing of benefits derived from the utilisation of genetic resources and the traditional knowledge associated with its use," she said.
"Amongst these are partnerships between industry and communities to ensure that our national and international biodiversity commitments are met," Creecy said.
The department said the Andries Steenkamp Benefit-Sharing Trust will share the benefits with the San communities to assist them in protecting their traditional knowledge and related biodiversity.
It said that the two councils are also finalising processes and procedures for distributing the funds across the Khoi-Khoi and San communities.
"The funds received will also be used to protect their cultural heritage, to advance education and development within the community, and to improve their livelihoods with respect, honesty, fairness, and care. Community structures are to be assisted to develop governance structures before the benefit is shared," the DFFE said.
The Khoi-Khoi Biodiversity Trust is also developing a comprehensive plan to distribute the funds equitably, which will be guided by a set of principles and policies.
To access the funds, communities will be required to submit formal business plans to the trust's CEO.
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R12 million to San, Khoi people bodes well for collaboration in rooibos sector: Forestry dept | Businessinsider

1 x LG Plasma TV 1 x boardroom table + 10 x black leather chairs 4 x office tables + 4 x filing cabinets 8 x grey couches 1 x Kevlinator bar fridge
The union had estimated it would be able to recoup between R600,000 and R700,000 from these assets but managed winning bids totalling R1.7 million on the day.
Some of the Volkswagen Polos auctioned off received winning bids of more than R120,000.
There was also a single-cab Hilux bakkie auctioned at more than R160,000, while the winning bid for an old Toyota Venture was R79,000. The boardroom table and its chairs went for R16,000. “Sad day”
Solidarity defence and aerospace sector coordinator Derik Mans said the union would decide how to distribute the R1.7 million amongst its members next week.
“It’s a sad day. We definitely did not want to continue with any auction processes,” Mans stated.
“We really hoped that the shareholder, and by extension, the Denel board, settle these items before it came to an auction.”
Mans told MyBroadband that although some people had called for the auctioning of weapons and military equipment to get more money, some of these could not legally be auctioned to the public as they were tied to national key point legislation.
Mans said that Solidarity was hoping that Denel would “come to the party”, but it was not holding its breath with the entity’s board under the leadership of Gloria Serobe. Solidarity chief executive Dirk Hermann (left) and Solidarity defence and aerospace sector coordinator Derik Mans (right)
However, Mans praised Denel restructuring officer Riaz Saloojee for trying to reach an amicable solution.
Salojee returned to the company at the start of June 2022 after he was forced out as CEO in 2015 by close associates of the Gupta family.
During his years at the head of the once-revered arms and vehicle manufacturer, he oversaw Denel’s order book growing to more than R40 billion.
Denel also received clean audits from the Auditor-General while Salojee was CEO.
“We place a lot of trust [in], and we commend Riaz Saloojee, who was attempting to broker a deal during the week to stop these auctions,” Mans said.
“But we do believe his hands will be tied behind his back if he needs to continue to work under the current board.” Riaz Saloojee, former Denel CEO
According to the Zondo Commission of Inquiry findings, Denel was one of the companies worst hit by corruption under state capture by the Gupta family and their associates.
Earlier this week, MyBroadband learnt that the company had even failed to provide employees with IRP5 income certificates to complete their tax obligations.
Solidarity previously also said that most Denel divisions had not paid employees’ tax to Sars, despite deducting it from their salaries.
The entity owes around R636 million in salaries, including employees who are not members of Solidarity. 

Denel disaster — Vehicles and office furniture auctioned off to pay salaries

First Lady of Ukraine, Olena Zelenska. Gints Ivuskans/AFP/Getty Images Twenty-two people died after a Russian missile strike on Vinnytsia, Ukraine, on Thursday. Among them was Liza Dmitrieva, a four-year-old girl with Down's Syndrome. Ukraine's first lady said she recognised the girl from a Christmas video they previously made together. For more stories go to www.BusinessInsider.co.za . Ukraine's first lady, Olena Zelenska , said she personally knew the four-year-old girl who was killed by a Russian missile strike on Thursday.
Liza Dmitrieva, who had Down's Syndrome, was among at least 22 people who died in the attack in the Ukrainian city of Vinnytsia on Thursday, Ukraine's defence ministry said .
Hours before the deadly strike, the girl's mother, Iryna Dmitrieva, had posted a video of her daughter pushing a pink pram, the ministry said.
After the attack, the State Emergency Service of Ukraine published a graphic photo appearing to show a child wearing the same clothes next to the same pram.
During the russian terrorist attack on Vinnytsia on July 14, a little girl named Lisa died from the explosion. Her mother Iryna was taken to the hospital with her leg torn off. Irynaâ€™s page on social media captures last minutes of her daughterâ€™s life. pic.twitter.com/bJWz2h8eIJ
— Defence of Ukraine (@DefenceU) July 14, 2022 Zelenska, the wife of Ukrainian President Volodymyr Zelenskyy, tweeted that she recognised the girl from a Christmas video she once made to celebrate the holidays.
"Today we were horrified to see a photo of an overturned baby carriage from Vinnytsia. And then, reading the news, I realised that I knew this girl," Zelenska said on Thursday.
"We met while recording a video for Christmas holidays. The little girl managed to paint with dye not only herself, her dress, but also all the other children, me, the cameramen and the director just in half an hour ... Look at her, alive, please."
Zelenska also shared a video where she can be seen painting Christmas ornaments with Dmitrieva and other children. It is unclear when this video was taken.
— (@ZelenskaUA) July 14, 2022 In his nightly address on Thursday, Zelenskyy also mentioned the girl's death and called the Vinnytsia attack "an open act of terrorism."
"A girl is among the dead today in Vinnytsia, she was four years old, her name was Liza. The child was four years old!" he said.
"Russia ended the girl's life just at the time when a conference on Russian war crimes was taking place in the Netherlands, in The Hague," he said. "Can you think of any other terrorist organisation that would allow itself such audacity? To kill just at the moment when its previous crimes are the subject of international discussion."
Screengrab from surveillance footage shows people taking cover as a missile strikes Vinnytsia, Ukraine, on July 14, 2022. @StratcomCentre via Twitter/via Reuters The attack on Thursday occurred far from the war's front lines and at a time when the streets were full of people, The Guardian reported . The New York Times reported that Vinnytsia was hundreds of miles away from where the fighting was.
Surveillance footage of the attack, published by Sky News, showed people falling to the ground and ducking for cover as the missile strikes.
Dmitrieva's mother survived, but was taken to the hospital with her leg torn off, Ukraine's defence ministry said.
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Ukraine's first lady says she knew the 4-year-old girl who was pictured dead after a Russian missile | Businessinsider

Aerosols from the January Tongan eruption likely turned the sky pink in Antarctica. This photo shows the Scott station. Antarctica's sky turned pink and purple last week, a stunning photo shows. The change is due to particles released by a volcano eruption at the start of the year. The blast on Tonga has been affecting skies in other countries too. For more stories go to www.BusinessInsider.co.za . Antarctica's skies turned a spectacular pink colour recently, likely because of aerosols released into the atmosphere by the an underwater volcano eruption from the start of the year.
Stuart Shaw, a science technician working at New Zealand's Antarctica Scott Base for the winter, uploaded a picture to Instagram on July 7 .
"Believe it or not, I haven't edited these colours either, they are pretty much as we saw them," Shaw said, per The Guardian. "It's incredible."
The Scott base and the Tongan volcano are shown on this map. The odd colour is formed by particles in the atmosphere which can travel vast distances and for long periods after a volcano blast.
A press release for New Zealand's National Institute of Water and Atmospheric Research (NIWA) explained the phenomenon.
"Stratospheric aerosols can circulate the globe for months after a volcanic eruption, scattering and bending light as the sun dips or rises below the horizon, creating a glow in the sky with hues of pink, blue, purple, and violet," it said.
The institute tracked the aerosols above the Scott station on July 7 and found that they were abundant in skies, as can be seen in the graphic below.
This LIDAR detection above the Scott base shows that on July 7, 2022, there was an abundance of aerosols in the sky above the clouds, per NIWA. Nava Fedaeff, NIWA The Hunga Tonga Hunga Ha'apai underwater volcano erupted on January 15 , about 20 miles from land.
The eruption shot up the highest ash plume ever recorded by satellites.
It erupted with around 10 megatons of force . It created a vast ash cloud and a tsunami that devastated nearby Tongan villages . At least three people were killed.
Satellites captured images of an umbrella cloud generated by the underwater eruption of the Hunga Tonga-Hunga Ha'apai volcano on January 15, 2022. NASA/NOAA Aerosols from volcanic eruptions can linger in the sky for about two years, during which they spread out and practically cover the globe, as per NASA . They reflect sunlight back into space, creating odd colours.
The peculiar colour of the sky seen in twilight is known as the "afterglow" and is quite common after a volcanic eruption, per the experts in New Zealand.
The picture shows Vince's cross on Hut point, erected in remembrance of George Vince, the first person known to have died in Antarctica. Stuart Shaw/Fly on the Wall Images The colour and intensity depend on "the amount of haze and cloudiness along the path of light reaching the stratosphere," their press release said.
People have reported seeing purple and pink skies in New Zealand and Australia over the past month, The Guardian previously reported .
 

Businessinsider.co.za | Amazing photo shows Antarctica bathed in pink light after a volcano spewed particles in atmosphere

World / Europe EU to sue Hungary over LGBT law European Commission also institutes a second lawsuit over Budapest rejecting Klubradio’s air waves application 15 July 2022 - 13:41 Gabriela Baczynska and Charlotte Campenhout Hungarian Prime Minister Viktor Orban sits in Parliament in Budapest, Hungary on May 16, 2022. File Picture: REUTERS/BERNADETT SZABO Brussels — The European Commission decided on Friday to sue Hungary over an anti-LGBT law and its refusal to renew the license of Klubradio, a broadcaster critical of the government, in the latest clash over values that risks damaging the EU’s cohesion.
The two lawsuits add to a long list of increasingly bitter standoffs between Hungary’s nationalist Prime Minister Viktor Orban and the liberal core of the EU over human rights and democratic standards.
“The European Commission today decided to refer Hungary to the Court of Justice of the EU over a Hungarian law which discriminates against people on the basis of their sexual orientation and gender identity,” said the EU’s executive.
It also sent a second lawsuit to the Luxembourg-based court over Budapest rejecting Klubradio’s air waves application.
“We address attacks to independent media via all the tools that we have,” said European Commissioner for Values and Transparency Vera Jourova.
Klubradio, whose guests often criticise government policies and which now only broadcasts online, was forced off air more than a year ago.
A government spokesperson said at that time that there was no issue with media freedom in Hungary and that it was not true that the government had shut the station down.
The other case relates to a law Hungary enacted last year banning the use of materials seen as promoting homosexuality and gender change in schools.
Touted as protecting children by the government of Orban, who presents himself as a defender of traditional family Catholic values, it was criticised by human rights groups and international watchdogs as discriminating against LGBT people and labelled a “disgrace” by European Commission president Ursula von der Leyen.
The EU executive has withheld billions in aid to Hungary over disputes related to gay rights, as well as the independence of its media and courts.
Separately on Friday, the Brussels-based EU executive started legal action against Hungary for discriminatory fuel pricing against vehicles with foreign licence plates.
Reuters

EU to sue Hungary over LGBT law

World / Europe European fires lead to evacuations as intense heatwave causes death Nearly 240 people died in Portugal between July 7 and July 13 due to the heatwave, the country’s health authority said 15 July 2022 - 13:32 Catarina Demony and Kylie MacLellan Picture: 123RF Leiria, Portugal/London — Hundreds more people were evacuated from their homes as wildfires blistered land in France, Spain and Portugal on Friday, and officials in Europe issued health warnings for the heatwave in coming days.
More than 1,000 firefighters, supported by water-bomber aircraft, have battled since Tuesday to control two blazes in southwestern France that have been fanned by scorching heat, tinderbox conditions and strong winds.
While temperatures dipped a little in Portugal, they were still expected to top 40°C in some places, with five districts on red alert for extreme weather and more than 1,000 firefighters tackling 13 wildfires, authorities said.
In Spain, the environment ministry said it was helping tackle 17 wildfires across the country.
Officials are worried about the effects on people's health and on healthcare systems already challenged by the Covid-19 pandemic as the searing heat hits the continent, with warnings issued for worse to come in Britain in particular.
The World Meteorological Organization said on Friday the heatwave would trap atmospheric pollutants, degrading the air quality, especially in towns and cities.
“The stable and stagnant atmosphere acts as a lid to trap atmospheric pollutants, including particulate matter,” Lorenzo Labrador, WMO scientific officer, told a Geneva media briefing.
“These result in a degradation of air quality and adverse health effects, particularly for vulnerable people."
From July 7-13, Portugal registered 238 excess deaths due to the heatwave, the country's DGS health authority said.
“In this specific case, the excess can be attributed to the heatwave. In the last few days we have had very high, extreme temperatures ... and for a very long period," DGS chief Graça Freitas told Lusa news agency.
Health minister Marta Temido said on Thursday the health system faced a “particularly worrying” week due to the heatwave and said some hospitals were overwhelmed.
UK warning
Britain’s weather forecaster issued its first red “extreme heat" warning for parts of England on Monday and Tuesday, when temperatures are forecast to reach record highs.
“Exceptional, perhaps record-breaking temperatures are likely early next week," Met Office chief meteorologist Paul Gundersen said.
“Nights are also likely to be exceptionally warm, especially in urban areas," he said. “This is likely to lead to widespread impacts on people and infrastructure."
The highest recorded temperature in Britain was 38.7°C recorded in Cambridge on July 25 2019.
Hannah Cloke, climate expert at Britain's University of Reading, said the heatwave showed climate change was here and there was an urgent need to adapt.
“We are seeing these problems now and they are going to get worse. We need to do something now," she said. “It's harder to cope with these types of temperatures in the UK because we're just not used to them.”
In Portugal, the highest temperature on Thursday was recorded in the northern town of Pinhao at 47°C, just below the record.
In France’s southwestern Gironde region, 11,300 people have been evacuated since the wildfires broke out around Dune du Pilat and Landiras. About 7,350ha of land have been burnt, and authorities have said the fires have not yet been stabilised.
In Spain, the wildfires that have been burning in parts of Extremadura, which borders Portugal, and the central Castille and Leon region forced the evacuation of four more small villages late on Thursday and on Friday.
The flames are now threatening a 16th century monastery and a national park. Several hundred people have been evacuated since the fires started.
In Catalonia in the northeast, authorities suspended camping and sporting activities around 275 towns and villages to prevent fire risks, and restricted farm work involving machinery.
Areas of Galicia and Extremadura remained on extreme alert for temperatures expected to touch 44°C.
Reuters
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European fires lead to evacuations as intense heatwave causes death

DA debate on economic impact of theft and vandalism of public infrastructure set for 1 September
15 July 2022
Note to Editors: Please find attached soundbite by Mat Cuthbert MP.
The DA is excited to announce that our debate of national importance on the economic impact of theft and vandalism of public infrastructure will take place on 1 September 2022.
South Africa’s economy continues to suffer with devastating effects on the citizens. Theft and vandalism of public infrastructure costs State-owned enterprises (SOEs) R7 billion each year, and results in R187 billion in economic losses to our country.
We need a whole-of-society approach – something the DA continues to successfully implement where we govern through Community Infrastructure Protection Patrols involving the Metro Police, councillors, neighbourhood and community watches, and Community Policing Forums (CPFs).

Debate on impact of vandalism of public infrastructure – Mat Cuthbert

MTN makes a big play. (Photo by Gallo Images/Papi Morake) A second chance for MTN
For its part, the merger of MTN and Telkom would also see MTN transition into a powerful fibre operator.
MTN has been out muscled by Vodacom in SA – it has 34,5 million subscribers in the country compared to Vodacom's 45,7 million – but will now get a significant edge if it gets control over Telkom's 165,900 km of fibre, which is six times larger than Vumatel’s.
The challenge for both these deals, however, is getting to past the Competition Commission, which in 2019 accused both MTN and Vodacom of having "significant market power" which they then used to drive up data costs.
A cunning plan
Cull says, looking at how the Vodacom/CIVH deal is designed, it was meant to get around the accusation that it would give more power to Vodacom.
Under the proposed deal, the fibre assets of both companies would be housed in a separate business, and not see a change to CIVH’s "open-access" business model.
Open-access is where the operator of a network allows smaller companies to transmit data across without being discriminated against.
This is important for relatively new entrants like Rain, which depends on open-access networks to not giving larger telecom player preferential treatment over them, resulting in the smaller players not being able to compete when it came to quality of service.
Though it's evident how the Vodacom/CIVH merger will be structured, how the MTN and Telkom deal will look is still unclear.
For now, both parties seem rather cautious, saying: "Discussions are at an early stage and there is no certainty that the transaction will be consummated."
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After years of flirting, Telkom and MTN announcing they were in merger talks was almost inevitable | Businessinsider

DA clarifies its position on a ring-fenced State of Disaster on Eskom and the electricity sector
15 July 2022
Please find attached a soundbite by Ghaleb Cachalia MP
As the nation waits to hear the planned measures by President Cyril Ramaphosa’s government to address the energy crisis, it is important that the DA corrects a growing but misleading narrative that the party is in support of a state of emergency declaration.
This is completely false and at odds with every piece of communication that we have issued on the electricity crisis. To be clear, the DA will be the first to reject any step taken by Ramaphosa to declare a state of emergency on the energy crisis.
A state of emergency exceeds the bounds of reasonableness and will be too extreme a step to take in response to a crisis that is largely concentrated on administrative red tape and stonewalling from Minister Gwede Mantashe.

DA’s position on a ring-fenced State of Disaster on Eskom – Ghaleb Cachalia

South Africa is considering more than doubling the amount private power producers can generate without requiring a licence in a bid to reduce blackouts that are hobbling the economy, people with knowledge of the matter said.
President Cyril Ramaphosa is racing to make an announcement as soon as Sunday, the people said, asking not to be identified as the matter isn’t public. South Africa last year removed a licence requirement for private investors to build their own power plants of up to 100MW under a plan to reduce excessive bureaucracy and add generation capacity.
Ramaphosa, who faces party elections in December, is under pressure to end rationing of electricity that’s plagued the economy for more than a decade. Still, the new measures are unlikely to alleviate the power shortfall soon. A litany of woes, including breakdowns at its coal-fired plants and labour strife, prompted Eskom to cut 6GW of supply — enough to light up four million South African homes — during the latest crisis.
The measures will include “emergency procurement of new capacity, emergency maintenance and ramping up of maintenance”, finance minister Enoch Godongwana said in an interview with Bloomberg Television in Bali, without giving details of the government plan. “It’s been a challenge.”
Red tape is one of the biggest hurdles for private power producers in South Africa. For instance, setting up a 140MW wind project requires about 60 permits, each of which can take from three months to three years to be approved, according to Niveshen Govender, CEO of the South African Wind Energy Association.
To reduce those bureaucratic delays, government is also considering easing regulations at agencies including the National Energy Regulator of South Africa, one of the people said.
This won’t be the first time South Africa will announce urgent plans to fix its energy crisis.
Stage 6
The stage-6 load-shedding, which began last month, led to the worst blackouts in the nation since 2019. Following that crisis, government pledged to fix Eskom’s woes and announced an emergency power programme.
Electricity has yet to be generated under the plan and at least one company — Karpowership, the world’s biggest supplier of floating gas-fired power plants — is mired in legal cases and has blasted government agencies for the stalled project. Failure to boost electricity generation resulted in South Africa enduring 77 days of blackouts this year.
One of the ways to boost generation is by “accelerating private sector generation deployment through easing of regulatory and legislative red tape and incentives, such as tax reforms,” the Energy Intensive Users Group, which accounts for 40% of power consumption, said in an e-mailed response to questions. The group’s members include miner Anglo American and commodities trader Glencore.
Ramaphosa is still discussing the measures with his cabinet and the final plans may change, the people said.
“Every option that will result into the addition of more megawatts into the grid is on the table and being given serious consideration,” said Vincent Magwenya, spokesman for the presidency.
The new measures will be announced “in the coming days”, Ramaphosa said in a speech to a meeting of the South African Communist Party on Friday.
“The severe economic and social impact of load shedding means that we have to use every available means and remove every regulatory obstacle to bring extra electricity on to the grid as soon as possible,” he said.
The National Planning Commission outlined a rapid expansion of 10GW of new generation capacity and 5GW of storage in response to the latest crisis. It also called for the removal of the 100MW ceiling.
Last year’s move to allow private producers to ramp up capacity has seen companies register for more than 400MW of capacity. — Loni Prinsloo, Amogelang Mbatha and Paul Burkhardt, (c) 2022 Bloomberg LP

New measures to solve energy crisis – Ramaphosa to speak

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x iLanga ft. Podcast And Chill [pic.twitter.com/I4IZBQorfV] [July 15, 2022]

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Opinion NONHLANHLA MTSHALI: Discrimination and legal developments in SA labour and employment law Compliance with the law will be essential, since those businesses that choose not to comply are likely to face stiff fines 15 July 2022 - 13:01 Nonhlanhla Mtshali Picture: 123RF/PHONLAWAT CHAICHEEVINLIKIT This year has once again placed xenophobia under the spotlight. Xenophobic attacks across SA have cost many lives, displaced scores of people who now live in fear, and left businesses reeling. While the focus has been on business infrastructure that has been damaged, insufficient attention has been paid to how businesses conduct their affairs.
In a recent judgment the high court in Cape Town addressed the issue of discriminatory preferences by business, arising from a legal battle between international money transfer servicer Mukuru and the department of employment & labour.
Mukuru had a number of positions it wanted to fill, and advertised saying it preferred to hire employees who were fluent in the indigenous languages of Zimbabwe and Malawi, among others. The company’s argument in court was that this was necessary because the business is focused on the needs of foreigners from elsewhere on the continent who are living in SA, and it was imperative that Mukuru be in a position to service its clients in their native languages.
Mukuru maintained that South African employees would not be able to either communicate efficiently or relate to its customers on a cultural or ethnic basis. It advised the court that despite a diligent search, it had been unable to find suitably qualified SA citizens or permanent residents who could fill the various vacancies.
The pertinent question the court was required to answer was whether the lack of proficiency in the languages referred to made SA citizens or permanent residents unsuitable to occupy the positions available at Mukuru.
SA law permits fair discrimination but prohibits unfair discrimination. Section 6 of the Employment Equity Act specifically prohibits unfair discrimination directly or indirectly on grounds including race, ethnic or social origin, culture and language.
In addition, section 9(4) of the constitution provides that “no person may unfairly discriminate directly or indirectly against anyone on one or more grounds, including race, gender, sex, pregnancy, marital status, ethnic or social origin, colour, sexual orientation, age, disability, religion, conscience, belief, culture, language and birth.”
In coming to its judgment the Cape high court determined that the employees Mukuru sought to hire largely performed the function of receiving money from remitters for purposes of sending it to people they nominated in the designated country, on a form issued by Mukuru. Mukuru maintained that it needed to appoint foreign nationals from Zimbabwe and Malawi in particular because they spoke the languages used in those countries.
However, the court ruled that this requirement amounted to unfair discrimination, as there was insufficient operational justification furnished by Mukuru showing that this was an essential component of the services it provided.
Where the department alleged unfair discrimination the onus was on Mukuru to prove that the discrimination was in fact fair (as provided for in section 11 of the Employment Equity Act). It was unable to do so, and the exclusion of SA citizens therefore constituted unfair discrimination on grounds which included race, ethnic or social origin, culture, language and birth.
Where to from here? Companies need to be heedful of business preferences that unfairly discriminate. Consulting a legal expert may be of assistance in understanding what is or may be a business preference that unfairly discriminates, especially since SA’s employment and labour law is complex and dynamic.
For example, although the period for public comment on the draft National Labour Migration Policy & Employment Services Amendment Bill has closed, it proposes some important changes to the law. These include:
Better regulation of the employment of foreign nationals in SA, in a manner consistent with the objects of the Employment Services Act, the Immigration Act and the Refugees Act. On the subject of foreign nationals the bill also grants the employment & labour minister the authority to specify a maximum quota for the employment of foreign nationals by employers in any sector. The bill introduces the notion Supported Employment Enterprises, a national government component contemplated in section 7A of the Public Service Act as an entity within the department to promote work and employment opportunities for persons with disabilities. It also recognises digital labour platforms. For purposes of the bill, a digital labour platform is said to be any person who provides work or services in the republic online . Finally , the bill grants the labour court the authority to impose a fine not exceeding R100,000 when there is a contravention. The proposed bill could play a crucial role in better regulating SA’s employment and labour laws and helping avoid incidents of xenophobia. It is a clear indication of the direction SA employment and labour law is moving in. Going forward, compliance with the law will be essential, since those businesses that choose not to comply are likely to face stiff fines.
• Mtshali, an attorney, is founder of The Legal Affair.

NONHLANHLA MTSHALI: Discrimination and legal developments in SA labour and employment law

Markets Selling eases slightly in global markets on comment by US Fed Recession fears have been fanned further by data showing a sharp second-quarter slowdown in China 15 July 2022 - 12:59 Sujata Rao and Tom Westbrook Picture: 123RF/DANIIL PESHKOV London — World stocks attempted a move higher on Friday after four days of losses caused by mounting fears of economic downturn, even though the growth concerns were fanned further by data showing a sharp slowdown in China.
Markets enjoyed some relief from selling after two Fed policymakers on Thursday hosed down bets on an aggressive 100 basis-point (bps) interest rate rise later in July.
But they did not dispel fears that central bank’s drive to get on top of galloping inflation would wallop the global economy.
Recession fears were fanned further by data showing a sharp second-quarter slowdown in China, reflecting the colossal hit from widespread Covid-19 lockdowns. Annualised 0.4% growth was the worst since at least 1992, excluding early-2020 when the Covid-19 pandemic erupted.
The data sent Chinese shares 1.7% lower and dragged an Asian ex-Japan index to two-year lows, while signs of property sector stress weighed on Hong Kong-listed developers.
“The recession angle is becoming stronger, backed by data showing things are cracking underneath the surface,” Salman Ahmed, global head of macro at Fidelity International.
He was referring to weakening economic data almost everywhere, contrasting with high inflation and tight labour markets.
“We moved rapidly from a stagflationary set-up to more of a recession-dominated one, and very strong inflation is adding to fears that the Fed will need to do more front-loaded tightening.”
Bets had grown the Federal Reserve could raise rates by a full percentage point later in July, following US data showing a 9.1% inflation print. But Fed governor Christopher Waller and St Louis Fed president James Bullard, generally considered policy hawks, said on Thursday they favoured a 75 bps move.
Markets still assign about a 45% chance to a bigger increase, but the comments eased a Wall Street sell-off and futures tip a flat to firmer opening for New York on Friday .
A pan-European equity index rose 0.7%, helped also by news Italy’s president had rejected Prime Minister Mario Draghi’s resignation. Italian shares bounced 0.9%, though they remain 5% lower on the week.
Signs from companies’ second-quarter earnings, meanwhile, are not so far encouraging; a raft of European firms posted downbeat results on Friday, following Thursday's below-forecast figures from big US banks.
Bonds and oil
The Chinese data sent iron ore prices down 9.1%, while Brent crude futures fell $1 to $94.8 a barrel
Australia’s mining index touched a nine-month low, weighed further by a warning from Rio Tinto of labour shortages.
Bonds remained in demand, with US treasury yields falling aboutnd three bps across the curve. Two-year yields held around 17 bps above the 10-year segment, the so-called curve inversion that often presages recession.
Moves were even sharper in Europe, due to Italian political turmoil but also as money markets dialled back some bets on European Central Bank policy tightening by the end of 2022.
German 10-year yields fell 11 bps to 1.071%, the lowest since May 31.
Italy’s borrowing costs slipped after jumping on Thursday about 20 bps but its yield premium over Germany was at the highest in a month.
Mizuho rates strategist Peter McCallum said the latest developments put Italy in “a no-man's land”, with no clarity on whether a new confidence vote might be scheduled.
“Until then we have uncertainty, essentially.”
The euro was flat, recovering slightly from two-decade lows of about $0.9952, having slid 1.5% this week and having hit parity against the greenback for the first time in 20 years.
The yen, meanwhile, hurtled towards ¥140/$, and last traded at ¥138.8, and the dollar index eased a touch.
US retail sales data later on Friday will show how consumers are reacting to rate rises and signs of softer growth.
Reuters
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Selling eases slightly in global markets on comment by US Fed

We are bombarded by thousands of messages telling us how bad things are.
And you can’t take away the fact that inflation is rising, the economy is crawling on its knees, energy prices, including electricity and petrol, have rocketed, and finding a job is almost impossible.
Yet, in poor economic times there are those who score.
When the ill winds start to blow, the wise ones knuckle down. They get rid of debt. They see that their finances are in order. They stop unnecessary spending.
Simply put, they reduce spending and save the money in the right places where there is some safe harbour until things improve.
We’ve seen many small businesses go to the wall.
But even those small business owners who have had to close their doors get up again and try something new.
People want to save money in this economy. I know of a business that sells coffee at lower prices than the rest of the market. A Brazilian woman told me that the coffee is as good as anything in San Paolo. The owners of this business started in the recession.
Other people can’t afford to buy properties so in this market they are renting. If you have property, it’s a good investment in these times.
If you are in retail, and your lease is about to expire, perhaps it’s a good time to rethink the location of your store. Several local business owners I know have I got out of shopping centers and found less expensive premises just down the road.
Bulk buying where consumers can save is also growing. The main area seems to be food. A new chain of bulk foods has started in my area and is offering unbelievable specials on meat, dairy and frozen products. Their entry into the market was well timed.
Some razor sharp business people go for buying up acids at lower prices with seller is trying to raise income. We are seeing this happening in property, machinery and household goods. Just yesterday someone I know called to ask where he could get a humidifier repaired. He’s going to auctions, finding bargains and even if they are not in workable condition, fixing them up and reselling them.
His wife accompanied him on one of the auctions, bought a decorative panel for R200, cleaned it up and sold it on the next auction for R1400.
Something that one person considers worthless may be considered valuable by someone else. As the saying goes, “One person is trash is another persons treasure”.
There are many other ways to find opportunities and perhaps the greatest one is to think about investing in yourself. In these times, isn’t it perhaps a good time to learn a new skill, take a new course, start a hobby that will pay off in the long term.
Ultimately, it’s about economic survival. You have to do what you have to do in times like this. We all know the strongest survive. Being positive and having an opportunity mindset can assist small businesses through rough times.
PS: If you enjoyed this article, and are struggling with your business communication such as writing business proposals, sales emails and business presentations, I can help. I’ve had many years in the business. Ghost writing for CEOs. Copywriting for vitamin supplement businesses. Writing news releases. Blog posts for small businesses. Business proposals for multi-million new ventures. Contact me. You’ll be pleasantly surprised at how affordable it is. You’ll love the impact it has for your business. Check my credentials on ideaaccelerator.co.za.

New ideas. Personal and business growth. Inspiration

Six opportunities in a down economy

The Council of the Independent Communications Authority of South Africa (Icasa) has announced the appointment of Dr Charley Lewis as its acting chairperson.
Lewis’ appointment is effective from 16 July 2022 to 3 April 2023, or until a chairperson is appointed in terms of the Icasa Act.
“The appointment of Councillor Lewis comes as Icasa bids farewell to its outgoing chairperson, Dr Keabetswe Modimoeng, whose last day in office is today,” the regulator stated.
It noted that the Icasa Act provides for an acting chair, stating: “in the absence of the Chairperson, the remaining Councillors must, from their number, elect an acting Chairperson, who, while he or she acts, may perform all the functions of the Chairperson”.
Icasa said Lewis has extensive experience across the field of ICT sector policy and regulation, ranging from telecommunications to broadcasting.
“His knowledge and expertise cover a wide array of key areas including universal access and service, consumer protection, statistics collation and analysis, spectrum management, and the 4th industrial revolution,” Icasa said.
“The Authority looks forward to working with Dr Lewis in his role as the acting chairperson.”

Icasa council elects acting chair

Eskom has announced that it will only implement Stage 2 load-shedding between 16:00 and 24:00 on Saturday and Sunday, adding that Stage 2 load-shedding would likely be implemented at the same time throughout the week.
The power utility initially planned to implement Stage 1 load-shedding between 07:00 and 16:00 on Saturday. The Sunday schedule remains unchanged.
“Load-shedding will be implemented at Stage 2 only during the evening peak at 16:00 to 22:00 on both Saturday and Sunday,” Eskom said.
“It is anticipated that Stage 2 load-shedding will also be implemented during the evening peak of 16:00 to 22:00 throughout next week.”
The power utility said it would announce any changes as may be necessary.
The load-shedding schedule for the week is as follows:
- Friday, 15 July 2022, 05:00-24:00 — Stage 3
- Saturday, 16 July 2022, 16:00-22:00 — Stage 2
- Sunday, 17 July 2022, 16:00-22:00 — Stage 2
- Monday, 18 July 2022, 16:00-24:00 — Stage 2
- Tuesday, 19 July 2022, 16:00-24:00 — Stage 2
- Wednesday, 20 July 2022, 16:00-24:00 — Stage 2
- Thursday, 21 July 2022, 16:00-24:00 — Stage 2
- Friday, 22 July 2022, 16:00-24:00 — Stage 2

Eskom load-shedding update for the weekend

The final teams for women’s cricket and netball have been named to represent Team SA at the 2022 Commonwealth Games to be held in Birmingham from 28 July to 8 August.
Sune Luus captains a 15-strong women’s T20 team, with Chloe Tryon the vice-captain. It is an experienced group and includes Marizanne Kapp, widely regarded as the world’s leading all-round women’s cricketer. There are also two wicketkeepers in the final 15, Trisha Chetty and Sinalo Jafta.
Team SA’s netballers are captained by the experienced Bongi Msomi and they also have a strong squad of 12 that will be competing for the medals.
Team SA are in Group A at the Games, alongside Australia, Jamaica, Scotland, Wales and Barbados. Group B consists of New Zealand, England, Malawi, Uganda, Trinidad & Tobago and Northern Ireland.
The top two countries from each group will qualify for the netball semi-finals, which will be held on 6 August, with the medals matches on 7 August.
Women’s cricket is making its debut at the Commonwealth Games and will be in a T20 format. The men previously played a 50-overs format at the 1998 Games in Kuala Lumpur, where South Africa won the gold medal, beating Australia in the final.
Team SA’s women are in Group B where their opponents are New Zealand, England and Sri Lanka. The women open their campaign on 30 July with a match against New Zealand, followed by games against England (2 August) and Sri Lanka (4 August), at Edgbaston.
The top two countries from the group will progress to the semi-finals. Group A consists of Australia, India, Pakistan and Barbados. The semi-finals will be staged on 6 August with the medal matches on 7 August.
South Africa are ranked No5 in the world in the women’s T20 format, with Australia at No1, followed by England (No2), New Zealand (No3) and India (No4). They will warm-up for the Commonwealth Games with a three-match T20 series against England from 21-25 July.
Cricket T20
Anneke Bosch, Trisha Chetty, Nadine de Klerk, Lara Goodall, Sinalo Jafta, Marizanne Kapp, Ayabonga Khaka, Maria Masabata Klaas, Sune Luus (capt), Nonkululeko Mlaba, Tumi Sekhukhune, Shabnim Ismail, Chloe Tryon, Mignon van der Merwe (Du Preez), Laura Wolvaardt
Netball
Khanyisa Chawane, Izette Griesel, Phumza Maweni, Tshinakaho Mdau, Bongiwe Msomi, Lenize Potgieter, Lefebre Rademan, Nicola Smith, Elmeré van der Berg, Shadine van der Merwe, Ine-Marí Venter, Zanele Vimbela
Photo 1 Caption: The final teams for women’s cricket and netball have been named to represent Team SA at the 2022 Commonwealth Games to be held in Birmingham from 28 July to 8 August. Photo: Netball SA (Twitter)
With editing by gsport

Final Team SA Cricket and Netball Squads Announced for Commonwealth Games

This year, Naledi Mashishi and Shandukani Mulaudzi were named in the Mail & Guardian’s Top 200 Young South Africans – an honorary title given to young South Africans pioneers in their respective fields, while Onke Ngucka was honoured with the 2022 Sikuvile Award for upcoming/rising journalist of the year.
Naledi Mashishi (27)
Naledi Mashishi, a finalist in the Sunday Times 2022 Literary Awards completed her Journalism Honours Degree at Wits Journalism in 2018 and interned at Reuters the following year. She was recognised in the Arts and Entertainment category of the M&G200 Young South Africans for her work as a fact-checker at Africa Check especially during the Covid-19 pandemic when misinformation was rife.
She also effectively made use of Twitter thread to debunk common myths making the rounds during Covid-19.
In 2021 she was named by Democracy Works Foundation as an African woman promoting democracy in her country.
In the same year, she wrote and published her debut novel, “Invisible Strings” which tells the story of a young African woman, who develops otherworldly powers, and her attempts to overcome the different challenges from her past and present. The book has landed Mashishi a Sunday Times on the longlist for the 2022 Sunday Times Literary Awards.
Mashishi plans to continue working as a researcher at Africa Check and write another book by 30. She also intends to do her Master’s in Global Health Policy.
At the core of her work, Mashishi ensures that accurate news is delivered to audiences to help them make informed decisions about their lives. She also believes that journalists need to make an effort to understand science and health issues, especially before reporting on them.
“The role of the media has become more important than ever with the amount of misinformation that’s out there. It’s super important that journalists get it right and get it right the first time,” she said.
Shandukani Mulaudzi (32)
Shandukani Mulaudzi completed her Journalism Honours Degree at Wits in 2013. At the time, she was the student journalist of the year and court reporter of the year. She went on to secure a place at Columbia University, where she finished in the top 15% of her class.
Mulaudzi was selected in the Arts and Entertainment Category of the M&G200 Young South Africans, not just for her work in media but for her recent venture into the art space.
She runs Studio Nxumalo Contemporary, a visual arts curation studio which seeks to empower and recognise African artists in the country. She believes that talented black artists lack access to the art spaces due to a lack of funding and other structural issues, and she seeks to tackle those problems through her studio. She is also the communications officer at Mozilla Foundation, an internet rights NPO.
“I’ve done so much since graduating and I love how Wits prepared me to pivot in between different spaces,” she said.
Mulaudzi got into journalism while doing her undergraduate BComm degree at Rhodes University, first as a DJ and music manager at Rhodes Music Radio (the campus radio station), and later as an intern at Sunday World.
Thereafter, she worked at YOU Magazine, Finweek, City Press and Huffington Post, covering a range of topics.
“While there [City Press] I covered amazing politics stories with Sithembile Cele, arts stories under Charles Blignaut’s leadership and also broke the PTA girls racism stories which opened up a can of worms regarding all sorts of other racism at former model c schools and even at black schools”.
Following her stint at City Press, she worked at Huffington Post South Africa as an engagement editor.
“I was doing amazing work – my favourite story was about the Decolonised National Anthem but my most successful stories were 1. A personal essay I wrote about sexual violence in South Africa. It was “The First Time I Saw A Penis I Didn’t Want To” and then a story I wrote about Yvonne Orji which I wrote at HuffPost in the week I got suspended.”
She later freelanced at The Big Debate, Power FM, and Inside Education and worked as a content producer and in communications in a number of different spaces.
Working in the field for a number of years, Mulaudzi says journalism has become a toxic space, and mental health issues need to be taken seriously.
“What makes the media one of the most toxic spaces however is that while we want to talk truth to power we allow things like The City Press 6, The HuffPost Ghost and now The New Frame 31 to happen without holding ANYONE accountable. It’s dangerous. Young journalists are alcoholics, at Akeso, or leaving the industry entirely because journalism is TOXIC (sic)And this is not a South African problem – it is a global problem.”
Onke Ngucka (26)
Onke Ngucka was named upcoming journalist /rising star of the year at the Sikuvile Journalism Awards 2022 – sponsored by Standard Bank and hosted by the South African National Editors’ Forum in Johannesburg on 26 June 2022.
Ngucka completed her Journalism Honours Degree at Wits Journalism in 2018 and now works at the Daily Maverick where she focuses on climate and environmental issues. Before this, she interned at Reuters for a year, spending half of it as a financial and general news reporter and the other half as a producer for Reuters TV.
“It was such an incredible time, slightly overwhelming because Reuters is international and I think coming from a very local newsroom – in terms of it being a community paper [The Wits Vuvuzela] it was a big jump but it was also very interesting to see how all of the skills that I learnt in a very small newsroom and from a community newspaper were very applicable in an international newsroom and to an international audience.”
In 2021 Ngucka took up a fellowship which was a partnership between the Rosa Lux Foundation and the Young African Journalism Accelerator Programme on climate justice. In November 2021 she was awarded a Climate Tracker Fellowship to cover COP26 in Glasgow, Scotland.
Ngucka also went to Kenya to report on the United Nations environmental assembly where the first legally binding plastic ban was adopted. She plans to focus on climate and environmental stories and do more stories that have an impact and are more human-centred to put that face on the climate crisis.
To aspiring journalists, she says join the industry if you genuinely want to make a contribution to South Africa, especially noting the struggles the country is facing right now.
Mashishi, Mulaudzi and Ngucka join a long list of Wits Journalism alumni who have been awarded and recognised for their contributions to the South African media landscape and the country as a whole.

Journalism.co.za

The Wits Centre for Journalism Celebrates Alumni

[December 2020 fuel price may drop.]
Fiat presents the Sanitizing Glove Box
Fiat presents the Sanitizing Glove Box: an innovative and remarkable piece of technology which helps increase the hygiene of the surfaces of personal objects. To showcase how easy it is to operate, the brand has made two new online videos which explain, in perfect Fiat style, the importance of sanitising our everyday objects so we can fully experience the joy, lightheartedness, well-being and care of the Italian dolce vita.
Article by: Fiat on QuickPic
The “Touch” video stars a hand which comes into contact with unclean objects—like a shopping cart, ATM keyboards, subway escalators—and then grabs a smartphone. These kinds of actions take place every day and often conceal insidious bacteria. However, the Sanitizing Glove Box is here to help. All one need to do is put their smartphone in the glove box and start the sanitizing procedure.
In the second video, entitled “Washing machine”, the same hand puts a wallet, set of keys, sunglasses and cellphone into a washing machine. Once the machine is turned on, the sound of the objects banging around becomes more and more annoying. In an ironic tone, the claim states “There is a better way to sanitize your items” referring to the Sanitizing Glove Box.
Both videos were made by the agency Prodigious and directed by Giovanni Battista Bacilieri. The soundtrack was produced by the composers Flavio Ibba and Stefano Switala and publishing by Red Rose Productions.
Available on the New (500)??? and the New 500 “La Prima by Bocelli”, the Sanitizing Glove Box contains a built-in UV-C ray lamp in the glove box and helps increase the hygiene of the surface of smartphones, keys and other small objects. All you need to do is place them in the glove box, close it and turn on the system by pressing a button on the central console. An external blue light and a sound will inform you when the three-minute hygienization cycle has been completed.
Fiat has always fostered technology that is, first and foremost, simple and people-friendly. It pursues the idea of “tech it easy”, and complicated instruction manuals are not needed to understand its devices. After all, the Italian brand’s main mission for over 120 years has been to offer innovative technological solutions which are easy-to-use and capable of satisfying the modern needs of everyday driving, as well as protecting people and the environment.

The Car Market South Africa

Fiat presents the Sanitizing Glove Box

When chatbots first arrived on the customer service scene, many thought they could be used to replace human agents. Their ability to talk and learn made us believe that they could perform the role of a virtual agent, resolving more customer queries unassisted.
Ryan Falkenberg, CEO of Clevva
Well, we all know that has not happened. On the whole, chatbots have been a major letdown. Aside from their inability to understand most requests, their capability to do anything helpful remains frustratingly limited.
Most chatbots are what are known as info bots or Question Answer Machines. They are effectively smart librarians, skilled at predicting an answer to a customer’s question.
Unfortunately, the relevance of their answer is dependent on the quality of the knowledge base they have access to. And in the case of most companies, this knowledge base is not very granular. As a result, most answers tend to be generic, even if your question is very specific, and you end up having to speak to a human agent anyway.
As chatbot technology has improved, many have learned to perform basic requests e.g. top up my airtime by R50. These transaction bots are useful when the requests are simple and clear. They struggle as soon as you are not sure, and need advice. This is the case for most service queries, issues and complaints.
As a result, most service conversations that start with a chatbot end with a human agent. Very few can be automated straight through.
Fortunately this has changed with the introduction of service bots. These digital service experts are capable of rich service engagements that result in known queries, issues and complaints being resolved without having to involve a human agent.
Service bots aren’t simple digital assistants that wait for a clear instruction before trying to perform a required action. They are intelligent digital advisors that help you clarify your request, assess your situation, analyse your needs and diagnose the root causes of your problem before recommending a solution or taking action.
This means customer service teams can now assign different work to different agents. They can allocate significant volumes of tier 1 and 2 queries to their virtual agent team. These queries get resolved via multiple digital channels, such as the website, mobile app, WhatsApp and email channels. The human agent team gets assigned tier 3 queries, as well as any queries that demand greater levels of empathy; where culture and language are important; where humour helps build human connections; and where value is sought from the human experience, not just the resulting answer.
This changes how call centres hire and train human agents as you aren’t looking for tier 1 skills capable of performing basic triage on customer queries. Your virtual agents can handle that. You’ll instead look to hire agents with more in depth skills – both in how they handle customers with different personalities, cultures and languages; and the level of expertise in your particular product or service. It likewise means you can focus on training your existing teams on delivering more sophisticated service to more complicated queries.
Using service bots to perform the role of virtual agents will also reduce your total cost to serve, while improving the quality of the resulting customer experience. Customers will get more done digitally, and will only ask to be connected to a human agent when they need the human touch. These engagements will be more valuable and more impactful. They will also drive up customer loyalty.
Service bots allow customer service teams to realise the vision of a virtual agent capable of resolving queries, just like a human agent. As a result, human agents are increasingly being liberated to build more meaningful customer relationships, and to re-humanise the customer engagements that really matter. Related 

IT-Online

Virtual agents form an integrated part of the customer service team

With cyberattacks growing in size and complexity — and underwriters more closely scrutinising their cyber risk exposures — it’s vital that businesses invest in robust cybersecurity controls.
“As many of us have seen in recent years, cyberattacks just continue to increase. They’re fueled by these more sophisticated and persistent attackers, particularly ransomware attacks alone have increased by just a staggering 150% year-over-year and it’s become very commonplace for us to read and hear about multimillion-dollar ransom payment demands,” says Spiros Fatouros, Marsh Africa CEO.
“At Marsh, one of the things we’ve done is we’ve tried to find and hone in on the main cyber controls that the underwriters have been focused on, and we’ve landed on 12 key cyber hygiene controls. And we believe that companies should really prioritise these and we’ve even narrowed it further down to the top five.”
The five key cyber hygiene controls are:
* Multifactor authentication (MFA). Hackers today have access to technology able to break user passwords, even ones considered strong — especially when users reuse passwords across multiple sites, which occurs frequently. Organizations should bolster their security through MFA, which requires at least two pieces of evidence (factors) to prove the user’s identity.
* Endpoint detection and response (EDR). It’s important for companies to have up-to-date information about the security posture of any devices employees use to receive corporate information, whether it’s a laptop, desktop, or mobile device. The monitoring software will watch for any suspicious or irregular activities. EDR also facilitates rapid incident response across an organization’s environment.
* Secured, encrypted, and tested backups. Increased ransomware activity underscores the need for organizations to have a robust backup strategy for their critical data and applications.
* Privileged access management (PAM). Users should be required to use higher security login credentials to access administrator or privileged accounts. And, special users — such as IT, network, or database administrators — should only be allowed to carry out specific tasks through their privileged access.
* Email filtering and web security. Email and web browsing platforms are full of pitfalls and need to be controlled to avoid threat actors gaining an initial foothold into your network. Organizations should block access to any web pages that are deemed inappropriate and those that may contain malware.

Marsh warns to invest in robust cybersecurity controls

Companies / Financial Services Standard Bank to re-hire unvaccinated staff it fired The bank's spectacular U-turn on mandatory Covid-19 vaccination comes after union threats to challenge the now-repealed policy B L Premium 15 July 2022 - 11:51 Garth Theunissen
Standard Bank wants to re-hire staff it fired for refusing to comply with its now scrapped mandatory Covid-19 vaccination policy, a workplace health and safety regime it repealed earlier this week after union threats to challenge the policy in court.
Africa’s biggest lender by assets has also stopped all workplace incapacity hearings for unvaccinated staff, who are now being welcomed back to work, the bank said in a statement on Friday. Unvaccinated employees are also no longer required to undergo PCR or rapid antigen tests before they can access Standard Bank premises. ..
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Standard Bank to re-hire unvaccinated staff it fired

AMATHEMBA eNingizim uAfrika, abekwe kuzime wezwe uLalela Mswane, wemncintiswaneni wozime bamazwe ahlukene ohlelwa yiNowa Scena, ePoland.
ULalela onguMiss South Africa, namhlanje uzoba ngomunye wozime abazobanga isicoco sikaMiss Supranational eStrzelecki Park Amphitheater, eNowy Sacz, ePoland. Kubukeka enethuba lokumuka nesicoco ngoba ungomunye wozime abawu-10, abangene ohlwini lozime emkhakheni ovotelwa ngabalandeli iSuprafan.
NgoLwesibili ebusuku udonse amehlo abaningi ngendlela enzengayo emcimbini obuwendlalela uMiss Supranational. Izakhamizi zakuleli zihlabeke umxhwele kanti nabakwamanye amazwe ezinkundleni zokuxhumana bathathekile ngendlela enze ngayo kulo mcimbi. ULalela ungene ngomsiko wasolwandle we-thabooty kaThandoThabethe, kwancane indawo. Emuva kwalokho ungene ngomsiko welebuli yomntakabani iWillet Designs Couture.
ULalela akawuvali umlomo ngakubona ezinkundleni zokuxhumana abantu belokhu bemgqugquzele njalo nokumethemba ukuthi uzobuya naso lesi sicoco.
"Ngibonga wonke umuntu ngothando namazwi okungeseka njengoba ngiqedela lolu hambo," kusho uLalela.
Nonyaka kumenyezelwe ukuthi isicoco sikaMiss Supranational, senziwe wungoti wezobucwebe uRicardoPatraca.
UMiss Supranational wanyakenye ongumsiki wengqephu uChanique Rabe waseNamibia, kulindeleke ukuthi adlulisele isicoco kozodla umhlanganiso. Ozime baphambilini okunguZozibini Tunzi noShudufhadzo Musida, bakhombise ukumeseka uLalela, ekhasini le-Instagram.

Uthwelwe ngeqoma uLalela kowozime bamazwe ePoland

Engaged employees are more passionate about their work and proactively contribute towards improving a business and its reputation.
In fact, a study from global analytics and advice firm Gallup confirms the strong link between high employee engagement and better business outcomes – across industry and company size – whether in good economic times or bad.
“The contact centre has become instrumental in its contribution to improving the overall experience of customers – both external and internal – to an organisation,” says Shawn Gradwell, solutions architect at eNetworks, a Datacentrix company. “And cloud technologies are delivering significant value in this area, specifically for internal customers, by helping to improve employee engagement levels through improved collaboration between team members, important for social interaction and team cohesion.
The right tools
Cloud-based contact centre technologies are helping to improve employee engagement in several ways. “Having the right tools in place is an important consideration for better employee engagement,” Gradwell explains. “Cloud solutions can capacitate contact centre employees by allowing them to work effectively from home or from anywhere, maintaining their status as part of the team and keeping them engaged by using technology systems they are motivated to operate.
User friendly interface and workflow automation
Next-generation cloud-based contact centre services create efficiencies that support employees in their work by delivering the service in an easy to use and understandable application that is available on their computers or mobile phones. Customised workflows can be integrated automatically into existing ERP, CRM and ITSM systems, thereby reducing duplication, manual tasks and errors.
Reliable, real-time information
“Another key consideration is the fact that the analytical power and speed of the cloud is unparalleled and has increased the depth of the reporting and visibility across contact centre services. Not only does this empower employees, but real-time statistics bring about greater accountability to the team. Reliable data improves and opens communication in teams, which enhances teamwork and builds trust.”
Access to data-driven insights and trends
“Furthermore, cloud technologies deliver live data feeds and complete data-driven insights, enabling management to adapt their business strategies based on trends identified. This also provides managers with an opportunity to stay on top of their teams’ performance and to identify areas for improvement.”
Employee coaching
Gradwell goes on to advise that cloud technologies allow for employee coaching opportunities too. “Artificial intelligence (AI) generates a sentiment score on calls made to the service desk. The nature of customer comments in phone calls, text messages, emails, and chat sessions can be properly assessed and used as coaching opportunities for staff to be better kitted to handle various service call situations. Recordings are kept and transcribed automatically to support training initiatives.”
Tailored mentoring and recognition
“Supervisors can also provide tailored mentoring to individuals when analysing and comparing scores against the floor’s average. These scores mean that supervisors are more geared to recognise employee performance and express staff appreciation more regularly.”
Improved management
Modern cloud contact centre technologies offer users an easy-to-use, intuitive, experience-focused user interface that enables managers and supervisors to change call flows, routing and configuring text-to-speech IVR messages quickly and immediately, without any intervention from IT support or delays while a ticket is queued to an engineer. This permits supervisors to take decisions quickly to improve the performance of the team in each unique situation.
“Consistent employee engagement improves the physical and mental wellbeing of employees,” Gradwell says. “A well implemented cloud contact centre solution supports employee wellbeing by allowing team leaders to engage more regularly and more meaningfully with employees, from addressing concerns timeously, through changing behaviour, to recognising and rewarding employee performance and more.”

Cloud-based contact centre technologies can improve employee engagement

CompTIA has announced the worldwide release of a new CompTIA Linux+ certification exam, the market’s only job-focused Linux certification covering the latest foundational skills demanded by hiring managers.
The new CompTIA Linux+ exam validates the skills technology professionals need to secure the enterprise, power the cloud and keep today’s tech systems running.
“As organisations opt for Linux-based solutions to automate and orchestrate critical processes to scale and improve operations,” says Teresa Sears, vice-president for certification product management at CompTIA. “This creates a demand for technology professionals with the ability and skill to manage, secure, optimize and troubleshoot enterprise-level Linux systems. We are addressing this demand through greater emphasis in the new exam on how Linux powers the cloud.”
The exam covers tasks associated with all major distributions of Linux, including configuration and management of Linux systems; operation of on premise and cloud-based distributions; containerization and automation; and scripting. With these skills established as a foundation, CompTIA Linux+ certified professionals are prepared for advanced vendor- and distributor-specific knowledge.
US employers posted more than 570 000 job openings requiring Linux skills in the 12 months between June 2021 and May 2022, according to CompTIA’s analysis of data from Emsi Burning Glass. About one-half of the positions advertised were in the in the 0-2 years or 3-5 years of experience range.
Employers that rely on CompTIA Linux+ for their technology staffs include organizations in aerospace and defense, aviation, government, health care, insurance, IT consulting, technology and other industries.
CompTIA Linux+ stands apart from other credentials because it is job-focused and addresses the foundational skills sought by hiring managers. Unlike other certifications, the CompTIA Linux+ exam includes performance-based and multiple-choice questions to identify the employees who can do the job.
“For the individual IT pro, becoming CompTIA Linux+ certified opens doors to new career pathways in areas such as cybersecurity, the cloud and DevOps, all of which rely on Linux,” Sears says.
CompTIA also announced that a comprehensive selection of learning content for the new CompTIA Linux+ exam is also available. These resources include:
- CompTIA CertMaster Learn, a comprehensive, self-paced eLearning environment that uses videos, assessment and performance-based questions to prepare candidates for the CompTIA certification exam.
- CompTIA CertMaster Labs, which help learners gain hands-on experience configuring a wide range of technologies in a self-paced, pre-configured browser-based environment in order to prepare for practical aspects of CompTIA certification exams.
- CompTIA CertMaster Practice, an adaptive knowledge assessment tool that determines what a learner has already mastered and what they still need to learn to improve confidence and increase retention before a CompTIA certification exam.
- Books and other Official CompTIA Content designed to help the learner learn and master the material for their certification exam. Self-paced CompTIA study guides are clearly written, structured and flexible so the learner can study at any pace.

CompTIA offers new Linux+ certification exam

KONKE kumi ngomumo ngomcimbi womjaho wamahhashi, iDundeeJuly, ozoba seDundee Sports Ground ngoMgqibelo.
Kulindeleke abaculi nosaziwayo abahlukene kulo mcimbi osunedumela.
Abaculi, okukhona kubo u-AKA, Sjava, Sun-El noPrince Kaybee, abalingisi bomdlalo iThe Wife, uKwenzo Ngcobo, Bonko Khoza noMondli Makhoba, osaziwayo uNicole Nyaba, umsakaziweMetro FM, uTbo Touch, ngabanye balabo abazobonakala etendeni okuyilona elizobe lidlisa kulo mcimbi, iDundee July Experience.
Umnikazi walo, uVezokuhle Nala, uveze ukuthi amatende asemile, bamatasa balungisa nesiteji okuzobe kusina kudedelana khona abazobe benandisa. Uthe sebekulindele ukwamukela abazohambela lo mcimbi.
“Sifuna ukujabulisa abantubaseDundee, nabazobe besivakashele bephuma ezifundazweni ezahlukene, ngokuthi sibalethele osaziwayo abakade befisa ukubabona eduzane ngakho unyaka nonyaka senza konke okusemandleni ukunyusa izinga lomcimbi,” kusho uNala.
Uthe amathikithi eVVIP asephelile,sekukhona aweVIP nawo abakhethe ukunyusa isibalo sawo ngenxa yokuthengwa ubuthaphuthaphu yize etholakala ngoR700.
Kulo mcimbi kungenwa mahhala kodwa ukungena etendeni elizobeli nosaziwayo kuyakhokhelwa.

Ubumnandi buzobuzwa kwiDundee July

President Cyril Ramaphosa has said that one of the government’s solutions to South Africa’s load-shedding problem is introducing another state-owned power utility to compete with Eskom.
He also emphasised that rumours that the government was planning to sell the utility to a private company are false, adding that it has embarked on a complete overhaul of South Africa’s SOEs.
“We are not trying to privatise these State Owned Enterprises. We are trying to modernise them to be competitive,” Ramaphosa said during a South African Communist Party Conference.
“Eskom has not only been in a state of distress for the past 15 years. It is no longer suited for the current technology and economy.”
Using the example of China — which has several state-owned power utilities — he added that competition between the companies could also help to lower electricity prices.
“If we look at other countries like China, for instance, it has a number of state-owned electricity generating companies that even compete amongst themselves to bring prices down,” Ramaphosa stated.
“That is a future that I think we should begin to imagine.”
The fact that South Africa only has one power utility poses a massive risk to the country, said Ramaphosa. If it were to fail, there would be no alternative.
“For much of its history, this model that we have pursued has worked, but we are today witnessing the great risks associated with placing sole responsibility for electricity generation in one company,” said Ramaphosa.
He added that he agreed with energy minister Gwede Mantashe’s idea that a second state-owned power utility could solve the issue.
“That is why when comrade Gwede [Mantashe] flighted the idea of ‘why not a second one which can be owned by the government?’, I said that’s not a bad idea.”
The president said he would announce further interventions to bring new generating capacity to the grid in the coming days.
Ramaphosa, on Monday, 11 July 2022, promised he would reveal a comprehensive set of actions to address the issue of South Africa’s rotational power cuts.
He said he had been working with ministers and senior officials to develop ways to accelerate efforts to improve South Africa’s power supply.
The news came after South Africa was plunged into all-day load-shedding for several weeks, including Stage 6 power cuts during evening peaks.
Eskom blamed the deterioration of its system’s stability on an unprotected strike and intimidation campaign some unionised workers embarked on after it declared a deadlock in wage negotiations.
“The message is clear: this is no time for business as usual. We need to act boldly to make load-shedding a thing of the past,” Ramaphosa said.
“What the past two weeks have demonstrated is that we need to do more and do so with the utmost urgency.”
“There is no reason why a country like ours — with the skills, capabilities and resources we have at our disposal — should have to endure a shortage of electricity,” Ramaphosa added.
Earlier this year, public enterprises minister Pravin Gordhan proposed a plan for South Africa’s SOEs — including Eskom, Transnet, Denel, and Prasa — to be housed under a single holding company.
He explained that he agreed with Ramaphosa’s sentiment that SOEs play a vital role in South Africa’s economy, adding that the presidential SOE council had recommended that government adopts a centralised shareholder model for its commercial state-owned companies.
“This would separate the state’s ownership functions from its policy-making and regulatory functions, minimise the scope for political interference, introduce greater professionalism, and manage the state’s assets in a way that protects shareholder value,” Gordhan said.
He added that the plan was for the changes to take place before the end of Ramaphosa’s current presidential term.

Ramaphosa says a second Eskom to compete with Eskom “not a bad idea”

IronTree has entered a strategic partnership with Sendmarc, the South African cybersecurity email protection and compliance experts, and now the largest email security platform of its kind on the continent.
Both companies have attracted attention for their cybersecurity solutions, with Sendmarc receiving two rounds of funding, first from Kalon Venture Partners, and then Endeavour South Africa 2021, while IronTree was acquired by Metrofile in December of last year.
The strategic partnership agreement means IronTree’s team will complete a tailored training programme to achieve certification and actively pursue an exploding DMARC software market which is expected to grow at 55,5% CAGR in terms of revenue, and a global market forecast to reach $463,5-million by 2025, according to a 360 Research Report published in September 2021. With almost 4,3-billion people using email, and 300-billion emails sent every day, 96% of phishing attacks arrive by email, and 94% of malware attacks occur via email. In summary, email fraud has crippled and embarrassed many businesses.
Sendmarc mitigates a flaw in email design that lets a criminal insert any sender’s address in a forged email, a tactic now widely exploited by criminals. To combat this, two million companies have adopted the global security standard for email, DMARC, which was established a few years ago by a consortium of the world’s largest technology companies to create a global protocol that will end the impersonation problem.
The authors, adopters and enforcers of this standard include Google, Microsoft, Apple, PayPal, Facebook, The US Dept. of Homeland Security, the EU government and many others. This is now stated as global best practice and all domain owners must become compliant to protect the world from phishing and spoofing attacks.
“Brands need to stop email fakery and ensure their brand can be trusted. Sendmarc secures and safeguards email, making sure that only the real thing is received, and by that, we mean any e-mail received is assured to come from the real sender. No one can impersonate you. Sendmarc is helping make the internet safer for everyone and restoring user trust, by helping make the inbox a safer place,” explains Sacha Matulovich, the company’s co-founder and chief strategy officer.
“No matter who you are, be it an individual, business or even government, it is not difficult to get impersonated or ‘spoofed’. However, there’s no reason for this vulnerability to be left unattended, considering the risk to reputation, employees, clients and partners. Organisations need to check, double-check and triple-check they have the right cybersecurity partner, one that evolves with the threats and stays ahead of a sharp and unpredictable risk curve,” explains David Lees, co-founder of IronTree.
“With thousands of clients processing more than 400 million emails per month and servicing 35 JSE-listed companies, Sendmarc is a perfect fit for IronTree. We are aligned in our view of utilising the finest technology and delivering premium service. We want to be available to as many businesses as possible and work with a network of partners who can bring a superior product, with a guarantee, to clients,” he says.
The IronTree SecureIT cybersecurity suite has positioned the company as the experts in virtual private hosting (VPS), backup and disaster recovery, cybercrime and ransomware prevention, and, of great relevance this year, a company’s level of compliance with the Protection of Personal Information Act (POPIA). With Sendmarc, the company bolsters its services, closing the net further on cybercrime.

IronTree partners with Sendmarc to tackle email impersonation

News Pinterest shares jump on report of activist investor Elliott Management stake acquisition Elliott has built a stake of more than 9%, making it the company’s biggest investor, the Wall Street Journal reported 15 July 2022 - 11:39 Kurt Wagner Picture: BLOOMBERG Pinterest shares jumped more than 15% in premarket trading after the Wall Street Journal reported that activist investor Elliott Management has acquired a stake in the struggling social-media company.
Elliott has built a stake of more than 9%, making it the company’s biggest investor, the newspaper reported on Thursday, citing unidentified people familiar with the matter. The shareholder has engaged in discussions with Pinterest management, though the nature of those talks wasn’t clear, the Journal said.
The news follows a shake-up at Pinterest last month, when co-founder and CEO Ben Silbermann handed the reins to Google and PayPal veteran Bill Ready. The San Francisco-based company, which lets users create virtual scrapbooks, has been trying to expand further into e-commerce.
The company also fielded a takeover approach by PayPal last year, but the digital-payment company said in October that it wasn’t going to pursue such a deal.
The shares fell 4.6% to $17.56 in New York on Thursday and have declined 52% this year.
“Pinterest’s turnaround strategy may get help from the Elliott stake, as most social media platforms remain challenged by weak digital-ad spending. We believe comparisons could ease in the second half, and partnerships with e-commerce providers could spark a revival in top-line growth,” says Mandeep Singh, Bloomberg Intelligence senior technology industry analyst
Pinterest had enjoyed a surge in growth during the early days of Covid-19, when locked-down consumers turned to the service. But like other pandemic darlings such as Peloton Technology , Pinterest suffered a slowdown in recent months. Its shares are down in a steeper drop than broader technology indexes.
It’s not the first time Elliott has targeted a well-known technology company in recent years. The firm took a $1.4bn (R24bn) stake in eBay in early 2019, and CEO Devin Wenig stepped down later that year.
Elliott then accumulated a stake of more than $1bn (R17.2bn) in Twitter, a holding that was made public in early 2020. Twitter CEO Jack Dorsey kept his job for another 20 months, but Elliott’s presence led to aggressive revenue and user growth goals. The company was still struggling to meet those targets by the time Elon Musk showed up with a takeover offer this year — a deal that’s now unravelling.
People familiar with the situation have said they believe Dorsey left his job at Twitter in part because he was worn down by Elliott’s pressure.
More stories like this are available on bloomberg.com

Pinterest shares jump on report of activist investor Elliott Management stake acquisition

Obscure Technologies has announced the formation of a strategic alliance with trust intelligence vendor OneTrust.
Obscure Technologies will now offer the following OneTrust product and solution stack: Professional Services, DataGovernance; Governance Risk and Compliance (GRC); PreferenceChoice and Privacy, to the South African market.
Obscure Technologies is a company comprised of cyber security experts specialising in brokering best of breed security solutions into the African market. Fielding one of the most highly skilled and certified cyber security teams of any cyber security company in South Africa, Obscure Technologies has become a formidable player in the African market.
OneTrust’s technology platform – connects privacy, GRC, ethics and environmental, social and governance (ESG) teams, data, and processes so companies, big and small, can collaborate and put trust at the centre of their operations and culture.
Darryl Barnes, senior partner specialist at OneTrust, notes the global corporation helps customers to adopt better privacy practices so they can be trusted with customer data and deliver more valuable user experiences.
“We help organisations and supply chains to be resilient in the face of cyber threats, global crises, and natural disasters so they always remain in a ‘business as usual’ state and with confidence,” says Barnes.
“Obscure Technologies is an organisation comprised of highly skilled specialists who will deliver OneTrust’s solutions and the valuable business advantages associated with them, to the South African market,” Barnes adds.
Obscure Technologies’ vendor manager, Kellen van Rooyen notes that businesses lacking, or losing, trust often experience a substantial negative financial impact. “For example, recent data from Deloitte found that three $10-billion companies lost between 20 and 56 percent of their value when stakeholder trust was lost. Trusted companies, however, outperform the S&P 500 by 30% to 50%. These weighty statistics are just an indicator of the potential value Obscure Technologies can deliver to both our current and future customers through the addition of OneTrust to our portfolio,” says van Rooyen.
OneTrust connects data, teams, and processes for seamless collaboration—transforming trust from an abstract concept into competitive advantage and moving organisations from siloed compliance initiatives to coordinated trust intelligence.
OneTrust solutions power privacy and data governance, GRC, ethics, and ESG programmes. They deliver regulatory compliance, proactive risk management, and trusted data use across organisations. The co-ordinated trust platform provides compliance solutions across global regulations and frameworks.
Justin Lee, MD of Obscrure Technologies, says this a significant development for the company as it expands its solutions portfolio to the trust intelligence market. “In May this year OneTrust launched the world’s first trust intelligence platform designed to build and demonstrate stakeholder trust. This provides businesses with visibility, action, and automation across trust domains yielding insights across privacy, risk, ethics, and ESG programmes, so companies can build trust initiatives that are transparent and verifiable for their customers,” concludes Lee.

Obscure Technologies adds OneTrust to its portfolio

South Africa’s largest integrated energy and chemical company, Sasol, has launched a customer rewards programme that’ll award users that sign up with points. Where have we seen this before? Oh right, literally everywhere else. Thanks for joining the conversation, Sasol.
Customers can redeem Sasol’s points against their fuel purchases or for a garage pie and a Red Bull at 2 AM, depending on how your night went, at a participating Sasol retail convenience centre.
Another loyalty card to fatten your wallet
Sasol’s vice president of marketing, Palesa Mokaba, said that its rewards programme aims to “…excite its customers with a personalised experience as well as new and differentiated offers.”
Your guess is as good as ours as to what those ‘differentiated offers’ will look like. Perhaps it just means a different choccy will be on special each week. It also says it’ll include digital offerings for loyal customers, who definitely aren’t just stopping at the nearest petrol station.
This does mean collecting another loyalty card, unless you live in 2022 and keep your cards on your smartphone.
It seems Sasol’s points are valued at a cent each. For the launch period, 14 April – 30 June 2022, customers who swipe their rewards cards will receive 30 whole points per litre of fuel purchased. Wow.
The company doesn’t say so outright but the number of points you get from fuel purchases will decrease after the launch period. But if you want those points you need to register for the programme. First, you’ll need a card, which you can get at any Sasol garage. Then you register by scanning the QR code on your card, or by heading to the Sasol rewards website. It’s also possible to register via WhatsApp on 0860 355 444.
As easy as it is to make fun of yet another rewards program, this one might actually be useful if the price of petrol continues its upward trend. Or you’ll put the card in your wallet and promptly forget about it forever. Either is a possible outcome.


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World / Asia South Korea repatriates 200 North Koreans, forcibly deports two fishermen The rare data from the ministry in charge of inter-Korea affairs emerged after prosecutors reopened an investigation into the fishermen’s case 15 July 2022 - 11:36 Hyonhee Shin Yoon Suk-yeol. Picture: BLOOMBERG Seoul — South Korea has repatriated nearly 200 North Koreans who came to the South via the sea border since 2010, but two fishermen sent back in 2019 were deported against their will, data from Seoul’s Unification Ministry showed on Friday.
The rare data from the ministry in charge of inter-Korea affairs emerged after prosecutors reopened an investigation into the fishermen’s case amid a public outcry over the previous government of President Moon Jae-in’s handling of their constitutional and human rights.
It showed that a total of 276 North Koreans had arrived in the South on 67 occasions since 2010, whether they went adrift at sea or were detained after violating the border. Of them, 194 returned home while 82 defected to the South, and only the two fishermen were listed as “expelled.”
South Korean authorities usually question all North Koreans detained or found in the South about how and why they crossed the border, and repatriate anyone who wishes to go back.
Officials who served under Moon said the fishermen did not deserve South Korean protection and resettlement support, calling them “grotesque criminals” who had killed 16 other crewmen in a fight aboard a ship before crossing the border.
But legal experts and human rights specialists condemned the deportation, saying the Moon administration violated the men’s rights by sidestepping an obligation for its justice system to deal with them.
The country’s constitution defines all North Koreans as South Korean citizens.
President Yoon Suk-yeol’s office on Wednesday criticised the decision as a potential “crime against humanity,” after the Unification Ministry unveiled photos of the two fishermen being forcibly dragged across the border, with their hands tied and eyes covered.
Prosecutors have imposed a travel ban on two former intelligence chiefs involved in the case, the JoongAng Ilbo newspaper reported on Friday.
“The government has no right to decide the fishermen are criminals as they were not prosecuted nor found guilty by the South Korean judiciary,” Jhe Seong-ho, a professor at Chung-Ang University’s law school, told a seminar hosted by defector-turned-lawmaker Tae Young-ho.
Reuters

South Korea repatriates 200 North Koreans, forcibly deports two fishermen

MTN is in talks to acquire Telkom SA, but details of the negotiations are still unknown.
The two companies have issued a cautionary statement that reads: “MTN and Telkom SA have entered into discussions in relation to MTN acquiring the entire issued share capital of Telkom in return for shares or a combination of cash and shares in MTN.
“Discussions are at an early stage and there is no certainty that the transaction will be consummated.”
Telkom is a state-owned company, and the national telecommunications carrier, although MTN’s operations are more extensive.
Both companies shares rose on the news.

MTN in Telkom acquisition talks

Just 27% of supply chain leaders have conducted a climate change risk assessment to identify their most critical supply chain risks, according to a survey by Gartner.
The survey among 320 supply chain leaders in December 2021 and January 2022 found that 18% of respondents conduct both risk assessments and scenario planning.
“The effects of climate change are hard to predict, but it is possible to model the risks and opportunities that might occur,” says Heather Wheatley, senior director analyst with the Gartner Supply Chain practice. “Chief supply chain officers (CSCOs) regularly assess various risks and opportunities as part of normal business – this must be done for climate change as well.”
According to the survey, 44% of respondents have a general sense of potential climate change risks based on previous events. This means they understand that climate change risks are materialising, but those risks are not methodically identified or quantified. However, the past is not a good predictor of future climate change events, as the severity and impact of events will escalate.
“Scenario planning is a crucial part of the process, as it highlights key elements of a possible future and helps draw attention to the key factors that will drive future developments. For example, in a future that includes raw material scarcity and trade uncertainty, organizations that rely on more resilient inputs such as drought resistant crops can gain a competitive advantage,” Wheatley says.
Lack of Foresight and Long-Term Decision Making Biggest Challenge for Climate Adaptation
Climate adaptation must be included in investment decisions. For example, if building a new manufacturing plant, design considerations should be made for future climate change threats such as heat waves or water shortages.
However, the need for financial investment can deter action. The top barriers to planning for climate change in the supply chain include a focus on short-term decision making (57%) and an inability to link the cause and investment to benefits (57%).
“Investments in climate adaptation require a certain level of foresight. An increasingly popular tool is the shadow carbon price, which applies a notional cost to greenhouse gas emissions, effectively translating a future risk into a present-day operational cost that attracts the attention of business leaders,” Wheatley says.
Use of Technology to Assess Climate Change Risk Still in Infancy Stages
Only 19% of surveyed companies are using digital technology to help understand climate change risks. Of those organizations that are using technology, 85% are utilizing predictive analysis. Examples of tools that could be used include geospatial analysis, drones and artificial intelligence (AI) capabilities such as ecological simulations.
Many organisations are also partnering with external consultants to help model scenarios.
“For those organisations that are not using digital technology, it is unclear what information is being used to help model scenarios and to identify and assess risks. CSCOs should ensure that this blind spot is not overlooked,” Wheatley concludes.

Not many supply chain leaders have looked at climate change

Microsoft will only release major updates to the Windows client every three years, while launching small new features for the OS more frequently.
That is according to Windows Central senior editor, Zac Bowden, who has built up a reputation for accurately reporting insider developments regarding Microsoft’s plans for Windows in the past few years.
Sources at the company have told Bowden that Microsoft is shifting to a new engineering schedule, which will see it return to a more conventional three-year release cycle.
This comes only months after Microsoft announced it was moving from a bi-annual to a yearly release plan for new Windows versions.
The next major update for Windows 11, codenamed Sun Valley 3, will now only be rolled out in 2024, instead of 2023.
Fortunately, those eager for new features won’t have to wait that long.
According to Bowden, Microsoft intends to ship new features to the in-market version of Windows, currently Windows 11, up to four times a year, starting in 2023.
Internally dubbed “Moments”, these updates will pack a handful of features that have been tested by users in the Windows Insider Programme and are ready for official availability.
Previously, product teams had to wait for the yearly release of the new client version to roll out new features.
Bowden was upbeat about Microsoft’s revamped approach to Windows updates, which have been the subject of much scrutiny from users in recent years.
“Overall, these changes to the Windows roadmap are significant and will allow Microsoft to do big-bang new releases of the Windows client every few years like it has in the past, while also keeping the in-market version of Windows current with new features and changes that roll out to users on a regular and frequent basis,” he stated.

Microsoft makes big changes to Windows updates — Report

National Denel protesters head to public enterprises department over unpaid salaries Denel, which has been struggling to pay debtors and employees, was allocated R3bn to cover interest payments on debt in the February budget 15 July 2022 - 11:25 Shonisani Tshikalange Denel. Picture: THULANI MBELE. The National Union of Metalworkers of SA (Numsa) will march to the department of public enterprises on Friday. It says workers at Denel’s Pretoria Metal Pressings (PMP) have not been paid for the past three months.
Numsa spokesperson Phakamile Hlubi-Majola said among demands are that full payment of outstanding salaries be made.
Hlubi-Majola said workers had not been paid for April, May and June, and fear they will not be paid at the end of July.
Denel, which was hollowed out by state capture and has been struggling to pay employees and debtors, was allocated R3bn to cover interest payments on debt in the February budget.
In February, the Johannesburg labour court ordered the entity to pay R90m in salaries outstanding since April 2020 within 10 days. When no payments were made, Solidarity obtained warrants of execution to attach some of the arms manufacturer’s assets, as well as money in two Denel bank accounts.
Solidarity is holding the first of several auctions of Denel assets on Friday.
“This auction covers only a small part of our claim ... more auctions will follow until we finally obtain the full amount,” said Helgard Cronjé, deputy general secretary of the public sector at Solidarity.
According to the union, some Denel employees have had to make do with only partial and sometimes no salaries for more than two years.
“Denel has taken away far too much from our members. It is unacceptable that ordinary workers have to sacrifice their livelihoods simply because of the indecision and negligence of the company’s shareholder, the state. This is intolerable and steps must be taken against this,” Cronjé said.
“The message is now clear: if Denel does not want to pay, then we will get our members their due through the seizure and auctioning of Denel’s assets.”
TimesLIVE

Denel protesters head to public enterprises department over unpaid salaries

Samsung recorded fewer smartphone and TV sales in the second quarter (Q2) of 2022, but its growth was sustained primarily due to increased demand for memory chips, according to a ZDNet report.
The tech giant expects revenue of 77 trillion won (R1 trillion) and an operating profit of 14 trillion won (R181 billion) in the year’s second quarter.
If its predictions are correct, this represents an increase of 21% and 11.4% in revenue and operating profit, respectively.
Analysts forecast that the company’s chip manufacturing division would perform well during the quarter, which, combined with a favourable exchange rate, contributed to the growth.
According to ZDNet, the high demand for memory chips for servers, as seen during the second half of 2021 and the first quarter of 2022, is likely to have continued during Q2 of 2022.
However, analysts also said the company’s smartphone and TV sales will likely have declined due to rising inflation and decreased demand.
Counterpoint Research reported that global smartphone shipments declined by 10% to 96 million between May 2021 and 2022.
It explained that supply chain woes and decreased demand had contributed to the significant decline.
Samsung is expected to release its full earnings report towards the end of July.

Samsung’s declining smartphone and TV sales saved by chips

SIKHULU isililo ngokubulawa kukaJoshua Mbatha obengumsakazi nomqophi womculo esiteshini somphakathi eGoli, i-Alex FM.
UJoshua, obedume ngelikaDJ Jorontinah, nozakwabo ababili bavinjezelwe yizinswelaboya ezintathu bephuma emsebenzini ngoLwesine ebusuku zibagebenga.
Ngokusho kuka-Isaac Mangena, ongusihlalo walesi walesi siteshi, umsakazi wabo wubesendleleni eya khaya ngesikhathi bevinjezelwa emgwaqweni u-7th Selbourne.
“Babanjwe inkunzi bathathelwa amaselula nezicathulo ngaphambi kokuba badutshulwe,” kusho yena.
UMbatha udutshulwe esifubeni. Uphuthunyiswe emtholampilo iMasakhane okuyilapho eshone ekhona ngo-9 ebusuku.
Kwenzeka lokhu nje, lesi siteshi sisanda kutakulwa yinhlangano esiza umphakathi ngemuva kokuthi salinyalelwa yimpahla yokusebenza ngezibhelu zangoJulayi nyakenye.
Ukuphawula kwabantu ezinkundleni zokuxhumana:
Bongani Magwaza: Kwase kuvuka le ngoma kaBhekuzulu Luthuli, umphefumulo wakhe uphumule ngoxolo! "Hulumeni ake sikhuleme len daba iyangidida 🎼🎸 waqeda intambo wavulela isibhamu, wavulela utshwala, wavulela ucansi nemali yeqolo angifuni nokuvula owami umlomo ngase kuthiwe sengithe. Mina ngikhalela umntanami ozokhula kabi umhlaba usunje. Mina ngikhalela umntanami ozokhula kabi 🎹 leli zwe lobuswa wobani uma seliyinhlakanhlaka linje nje. Iyazika inqanawe, iyazika inqanawe.
Mpha Mpumabedelile Dumakude: Lukhulu luyeza luyanyelela ngalezi zibhamu. Sengathi leyo mngcele kumele ivalwe ngempela inkankani nenkani lidle owangakubo umsundu.
Thembi Gloria: Sakhipha abelungu sithi banobandlululu kodwa manje sibulalana sodwa singabantu abamnyama.
Philani Methembe Khushwayo: Kukhona okushaya amanzi ngokubulawa kwabantu. Azovela amaqiniso maduze, le nto ihambisana nepolitiki nokuhlukunyezwa kwabantu bangaphandle.

Kukhalwa ngokwanda kodlame kubulawa owe-Alex FM

Google has announced that ChromeOS Flex — its operating system suitable for most hardware — is now freely available after having been in early access since February 2022.
The tech giant said the operating system runs smoothly and stably on “over 400” devices, including Apple Macs and PCs from Dell and HP.
“Thanks to everyone who has participated in our early access program, we’ve been able to significantly improve the product in many areas while continuously certifying devices to run ChromeOS Flex,” Google said.
It’s also possible to install ChromeOS Flex on a system not certified by Google, provided it meets the minimum requirements.
However, the tech giant added that it could not guarantee that certain functions would work on non-certified devices.
Even in the case of certified devices, Google said some functions are not guaranteed to work on every model. These include:
- Bluetooth
- Touchscreen capabilities
- Automatic screen rotation
- Keyboard shortcuts and function keys
- SD card slots
There are also several features and ports — including fingerprint readers, optical drivers, IR webcams, proprietary connectors, stylus input, and Thunderbolt functionality — that Google said it hasn’t tested or isn’t supported by ChromeOS Flex at all.
ChromeOS Flex is free to download to a USB drive, allowing you to install it on a Mac or Windows PC.
A complete guide detailing how to install the operating system is available here.

Google makes ChromeOS for old Macs and PCs freely available

Nvidia has reduced the prices of its high-end GeForce RTX 30 series cards by between $100 and $500.
VideoCardz was the first to report that the company planned to slash its manufacturer’s suggested retail price (MSRP) on the three top-end cards in the range.
According to Tom’s Hardware, Nvidia has now proceeded, making the following changes to the MSRP:
- GeForce RTX 3090 Ti — $1,499, down $500 from $1,999
- GeForce RTX 3090 — $1,299, down $200 from $1,499
- GeForce RTX 3080 Ti — $1,099, down $100 from $
It is understood that the company is slashing prices to get rid of current-generation inventory ahead of its RTX 40 range launch in the coming months.
The MSRP reductions should further reduce graphics card prices, which have already dropped in recent weeks due to the big cryptocurrency crash.
Miners have flooded online marketplaces with used cards and are showing little interest in buying new cards because mining has become less profitable at the current cryptocurrency prices.
The changes have also been evident in the South African market.
The lower-end RTX 3060 now starts at R6,999 on Evetech for the Palit version and R7,199 from Wootware for the Galax model.
That compares very well with Nvidia’s MSRP of $329 (about R5,666) for the RTX 3060, especially considering shipping, taxes, and a profit margin have to be factored in.
At the higher end, the same MSI RTX 3090 model, which cost R41,999 at launch from Evetech, is now priced at R32,999.
Good news about RTX 40 prices
There also appears to be some early good news for the prices of Nvidia’s upcoming RTX 40 series graphics cards.
Nvidia reportedly ordered 5-nanometre wafers for their graphics cards from chip foundry TSMC based on demand before the crypto winter hit.
While the company wanted to cut its order numbers, TSMC has reportedly refused to do so.
Instead, it has only proposed the shipment be pushed back by a quarter or two or that Nvidia find alternative companies to take up the wafers.
The latter seems highly unlikely, but there are several reports that Nvidia is postponing the RTX 40 launch for several months.
With Nvidia’s board partners already buying less RTX 30 stock from the company, it could sit with an oversupply of cards once the RTX 40 lands.
That could mean gamers might get RTX 40 cards for a steal soon after launch — if another crypto bull market doesn’t hit.

Nvidia slashes RTX 30 prices

World / Asia Sri Lanka’s parliament accepts Rajapaksa resignation Prime minister Ranil Wickremesinghe to act as interim president 15 July 2022 - 11:01 Uditha Jayasinghe and Alasdair Pal People dance as they celebrate the resignation of Sri Lankan President Gotabaya Rajapaksa at a protest site, amid the country’s economic crisis, in Colombo, Sri Lanka, on July 14 2022. REUTERS/ADNAN ABIDI Colombo — The speaker of Sri Lanka’s parliament formally accepted President Gotabaya Rajapaksa’s resignation on Friday after he fled to Singapore to escape a popular uprising brought about by his country's worst economic crisis in seven decades.
“From this point, we will move to constitutionally appoint a new president,” the speaker, Mahinda Yapa Abeywardena, told reporters. “It will happen quickly and successfully. I request everyone to support this process.”
Rajapaksa landed in Singapore on Thursday, having fled to the Maldives early on Wednesday on a military jet along with his wife and two security guards. Protesters stormed his residence and office last Saturday.
“We are so happy today that he resigned and we feel that when we, the people, come together, we can do everything,” said Arunanandan, a schoolteacher who had been camping at the main protest site opposite the presidential secretariat for the past three months. “We are the real power in this country.”
The news of Rajapaksa’s resignation, first sent by an email to the speaker before a hard copy was delivered, triggered jubilation in Sri Lanka’s main city Colombo late on Thursday.
Crowds set off firecrackers, shouted slogans and danced ecstatically at the Gota Go Gama protest site, named mockingly after Rajapaksa’s first name.
Abeywardena said he hoped to complete the process of selecting a new president in seven days and that parliament will reconvene on Saturday. The agenda for the weekend meeting will be decided on Friday, and voting for the next president in parliament was scheduled for July 20.
Prime Minister Ranil Wickremesinghe will act as the interim president and he is also the first choice of the ruling party to take over full time, though no decision has been taken. The opposition’s nominee is Sajith Premadasa, while the potential dark horse is senior legislator Dullas Alahapperuma.
Street protests against Sri Lanka's economic crisis have simmered for months and came to a head last weekend when hundreds of thousands of people took over government buildings in Colombo, blaming the Rajapaksa family and allies for runaway inflation, shortages of basic goods, and corruption.
Serpentine queues outside fuel pumps have become common, while the government has closed schools and enforced work-from-home for office workers to conserve fuel. The country of 22-million has nearly run out of dollars for imports and defaulted on foreign loans.
Headline inflation hit 54.6% last month and the central bank has warned that it could rise to 70% in coming months.
Sri Lanka had begun preliminary discussions with the International Monetary Fund about a potential bailout loan, but these have been interrupted by the latest government chaos.
IMF spokesperson Gerry Rice told reporters on Thursday that staff were still in contact with technical-level government officials but hoped to resume high-level dialogue “as soon as possible”.
Reuters

BusinessLIVE

Sri Lanka’s parliament accepts Rajapaksa resignation

All-rounder Nadine de Klerk insists the Momentum Proteas are capable of way more than what they displayed in the opening encounter against England and will be focused on upping the ante in the second One-Day International (ODI) at the Bristol County Ground on Friday, 15 July 2022.
The second day-night clash gets underway from 14h00 local time (15h00 SAST) and will be shown live on SuperSport Cricket (Ch. 212) as South Africa look to claw back from 1-0 down in the series after a five-wicket defeat in the first ODI earlier this week.
De Klerk believes the team will no doubt produce a much improved performance after a disappointing series-opener in Northampton and states every player trained with an increased determination and creativity going into the next game.
“It definitely wasn’t our best performance. We had a look at the game and we knew we were far off.” de Klerk began.
“We just need to play positive cricket. We all know that we are much better than what we showed a few days ago, so it is just about being positive and backing ourselves, and just going out there and give it our best shot.
“The girls have been training really well, trying a few different options against certain bowlers, so I definitely think it is going to be a much better game tomorrow. The girls will go out there and play with much better intensity and show a lot more aggressive batting, and taking the bowlers on a little bit more,” she added.
Despite a disappointing outing on Monday, de Klerk along with fellow all-rounder, Chloé Tryon were a part of the few positives that could be taken from the game by South Africa. Tryon smashed an exhilarating 88 off 73 balls, including 10 fours and three sixes in a 97-run, sixth-wicket partnership with de Klerk, who contributed with a 53-ball 38 before the all-action youngster followed that up with figures of 2 / 44 with ball in hand.
Since being part of the 2022 ICC Women’s Cricket World Cup as a traveling reserve earlier this year, de Klerk has received more playing opportunities, particularly in the Ireland series where she played all one of the matches in the two respective T20 International and ODI three-match series hosted in Dublin.
On her increased game time in recent months, de Klerk said: “It is just about waiting for your opportunity and whenever you do get your chance, it just to make the best of it,” the 22-year-old commented.
“As a team we have a lot of support from the coaching staff and the players, and our captain as well so I just think it’s about working really hard behind the scenes, putting in all the hard work and when your opportunity comes, just to make the best use of it.
“I have been lucky enough to get a few opportunities in these last couple of months so it is just about having a lot of fun, really backing yourself and just play the best cricket you possibly can and keeping it very simple,” she added.
The upcoming contest in Bristol brings forth not-so-good memories for the Proteas Women, as it was at the same venue where England denied South Africa a maiden World Cup final appearance after inflicting a two-wicket defeat with two balls remaining before the home side went onto lift the trophy in 2017. Prior to that match, the two sides were also involved in a high-scoring affair earlier in the competition, with both sides scoring more than 300 runs.
On the conditions this time around, de Klerk commented: “I think it is going to be a really good wicket. The field looks really good as well, quick outfield as well. I think it is going to be a high-scoring game as well. It is just about going out there and summing up the conditions as quickly as we can and be nice and aggressive, and play some positive cricket,” she said.
In some team news, fast bowler Shabnim Ismail has completed her recovery from a calf strain and is available for selection, while Masabata Klaas and all-rounder Delmi Tucker have also been added to the squad.
Momentum Proteas Squad for England Tour – ODIs:
Anneke Bosch (Senwes Dragons)
Trisha Chetty (Hollywoodbets KZN Coastal)
Nadine de Klerk (Six Gun Grill Western Province)
Lara Goodall (Six Gun Grill Western Province)
Shabnim Ismail (Hollywoodbets KZN Coastal)
Sinalo Jafta (Six Gun Grill Western Province)
Marizanne Kapp (Eastern Province)
Masabata Klaas (Senwes Dragons)
Ayabonga Khaka (Imperial Lions)
Suné Luus (Titans Ladies)
Nonkululeko Mlaba (Hollywoodbets KZN Coastal)
Tumi Sekhukhune (Imperial Lions)
Andrie Steyn (Six Gun Grill Western Province)
Chloé Tryon (Hollywoodbets KZN Coastal)
Delmi Tucker (Six Gun Grill Western Province)
Laura Wolvaardt (Six Gun Grill Western Province)
Momentum Proteas Tour to England Itinerary:
Warm-Up Match – Tuesday, 21 June – Thursday, 23 June @ 11h00 local time – Three-Day – South Africa vs England A (Arundel CC, Arundel)
Only Test – Monday, 27 June – Thursday June 30 @ 11h00 local time – Once-off Test – England vs South Africa (Cooper Associates County Ground, Taunton)
Warm-Up Matches – Monday, 04 July @ 14h00 local time – T20 – South Africa vs England A (Cheltenham CC, Cheltenham)
Thursday, 07 July @ 11h00 local time – 50-over – South Africa vs England A (Cheltenham CC, Cheltenham)
One-Day International Series – Monday, 11 July @ 14h00 local time – 1st ODI – England vs South Africa (The County Ground, Northampton)
Friday, 15 July @ 14h00 local time – 2nd ODI – England vs South Africa (Bristol County Ground, Bristol)
Monday, 18 July @ 14h00 local time – 3rd ODI – England vs South Africa (The Uptonsteel County Ground, Leicester)
T20 Series – Thursday, 21 July @ 19h00 local time – 1st T20 – England vs South Africa (The Cloudfm County Ground, Chelmsford)
Saturday, 23 July @ 14h30 local time – 2nd T20 – England vs South Africa (Blackfinch New Road, Worcester)
Monday, 25 July @ 18h30 local time – 3rd T20 – England vs South Africa (The Incora County Ground, Derby)
Photo 1 Caption: All-rounder Nadine de Klerk insists the Momentum Proteas are capable of way more than what they displayed in the opening encounter against England and will be focused on upping the ante in the second One-Day International (ODI) at the Bristol County Ground on Friday, 15 July 2022. Photo: Nadine de Klerk (Instagram)
With editing by gsport

De Klerk: We All Know That We Are Much Better Than What We Showed

World War in Ukraine overshadows G20 talks Indonesia calls for members to talk less about politics and deliver more technical decisions and concrete action 15 July 2022 - 10:32 Fransiska Nangoy, Stefanno Sulaiman and Andrea Shalal Indonesia finance minister Sri Mulyani Indrawati and US treasury secretary Janet Yellen at the G20 finance ministers and central bank governors meeting in Nusa Dua, Bali, Indonesia, on July 15 2022. Picture: REUTERS/MADE NAGI Nusa Dua — Group of 20 (G20) finance leaders meeting in Bali must make progress tackling the global economic threats sparked by Russia’s war in Ukraine or the humanitarian consequences would be catastrophic, host Indonesia said on Friday.
Some Western ministers blasted Russian officials attending the talks, with US treasury secretary Janet Yellen saying Russia’s “brutal and unjust war” was solely responsible for the economic crisis the world now faced.
Finance leaders from the G20 major economies are meeting on the resort island, as host Indonesia tries to find common ground in a group frayed by the Ukraine war and rising economic pressures from soaring inflation.
Russia’s invasion of Ukraine, which the Kremlin calls a “special military operation”, has overshadowed recent G20 meetings, including last week’s gathering of foreign ministers.
Indonesian finance minister Sri Mulyani Indrawati said the world had high hopes the group could find a solution to the threat of war, rising commodity prices and the spillover effects on the ability of low-income countries to repay debt.
“We are acutely aware that the cost of our failure to work together is more than we can afford. The humanitarian consequences for the world, and especially for many low income countries would be catastrophic,” she said.
G20 members include Western countries that have imposed sanctions on Russia and accuse it of war crimes in Ukraine — which Moscow denies — as well as nations such as China, India and SA, which have been more muted in their responses.
Sri Mulyani called for G20 members to talk less about politics and “build bridges between each other” to deliver more technical decisions and concrete action.
Yellen said Russian finance officials at the meeting shared responsibility for the “horrific consequences” of the war.
“By starting this war, Russia is solely responsible for negative spillovers to the global economy, particularly higher commodity prices,” she said.
Russian deputy finance minister Timur Maksimov was attending the meetings in Bali, while Russian finance minister Anton Siluanov was participating virtually at the time, a source familiar with the matter said.
Maksimov addressed the gathering and there was no walk out by other leaders, the source said.
Western countries have repeatedly said there cannot be “business as usual” at the G20 meetings due to Russia's presence.
Canadian finance minister Chrystia Freeland told Russian officials that she held them personally responsible for “war crimes” committed during Russia’s war, a Western official told Reuters.
Freeland, whose maternal grandparents were born in Ukraine, told the opening G20 session that the war was the “single biggest threat to the global economy right now,” the official said.
Russian foreign minister Sergei Lavrov walked out of one session of a G20 meeting with his counterparts in Bali last week, after what he called “frenzied criticism” of his country over the war.
That meeting ended without a communique nor any announcements of agreements.
Yellen said one of her key objectives was to push G20 creditors, including China, to finalise debt relief for countries in debt distress.
Reuters

War in Ukraine overshadows G20 talks

Companies / Mining Implats again pushes back timing on RBPlat acquisition amid Northam intervention The precious metals group now expects its offer to close on September 16, having guided August 5 previously B L Premium 15 July 2022 - 10:28 Karl Gernetzky
Impala Platinum has pushed back the timing on its proposed acquisition of a controlling stake in Royal Bafokeng Platinum (RBPlat) for a second time following an intervention by Northam in competition proceedings.
Implats said in a statement on Friday it now expects its offer to close on September 16, having guided August 5 previously, and June 17 before that...
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Implats again pushes back timing on RBPlat acquisition amid Northam intervention

Jupiter and its moon Europa (left), are seen through the James Webb Space Telescope's NIRCam instrument. NASA, ESA, CSA, and B. Holler and J. Stansberry (STScI) NASA released new images of Jupiter from its groundbreaking James Webb Space Telescope Thursday. The infrared images are so clear that you can see Jupiter's thin rings and some of its moons. Scientists are surprised that JWST can see so clearly, so soon. For more stories visit Business Insider. NASA has cast its most powerful infrared eye on Jupiter with a new set of images from the James Webb Space Telescope (JWST).
The new observatory, orbiting the sun about 1 million miles from Earth, proved it can peer more than 13 billion light-years across the universe this week, when NASA released its first full-color images. They show countless galaxies, stars, and clouds of dust in the distant universe.
JWST can image closer, more familiar objects, too. On Thursday, NASA released a series of new JWST images showing Jupiter in stunning detail. Alongside the gas giant are its moons Europa, Thebe, and Metis. Scientists think Europa has a saltwater ocean, deep below its thick ice crust, which could harbor alien life.
Even Jupiter's thin rings are visible in some of the new images. The rings are made of dust particles hurled into space when micrometeoroids crash into nearby moons. Nobody knew they existed until the Voyager spacecraft passed Jupiter in 1979, looked back, and saw the rings silhouetted against the sun.
Jupiter and its moons seen through the James Webb Space Telescope's NIRCam instrument short-wavelength filter (left) and long-wavelength filter (right). NASA, ESA, CSA, and B. Holler and J. Stansberry (STScI) Europa's shadow appears just to the left of Jupiter's famous Great Red Spot, an anticyclone large enough to swallow Earth. The storm is white in this picture, because of how scientists processed the infrared data the telescope beamed back.
"I couldn't believe that we saw everything so clearly, and how bright they were," Stefanie Milam, a planetary scientist on NASA's JWST team, said in a blog post revealing the images. "It's really exciting to think of the capability and opportunity that we have for observing these kinds of objects in our solar system."
Jupiter and its moons and rings, as captured by JWST in short infrared wavelengths (left) and long infrared wavelengths (right). NASA, ESA, CSA, and B. Holler and J. Stansberry (STScI) JWST captured the new images using its Near Infrared Camera (NIRCam) filter. The images that clearly show the bands of Jupiter's atmosphere were captured using a filter for short wavelengths of light. Others, like the above image showing Jupiter as a ball of bright white light, went through a filter for long wavelengths.
To make sure the telescope can find and track stars in the background of bright objects like Jupiter, NASA focused the telescope on a distant star as Jupiter moved past. That resulted in the below animation of Jupiter and Europa zipping by.
Jupiter and its moon Europa are seen in this animation made from three images taken through the NIRCam instrument short-wavelength filter. NASA, ESA, CSA, and B. Holler and J. Stansberry (STScI) "Combined with the deep field images released the other day, these images of Jupiter demonstrate the full grasp of what Webb can observe, from the faintest, most distant observable galaxies to planets in our own cosmic backyard that you can see with the naked eye from your actual backyard," Bryan Holler, a scientist at the Space Telescope Science Institute in Baltimore, who helped plan these observations, said in a statement .
Jupiter and some of its moons are seen through NIRCam’s 3.23 micron filter. NASA, ESA, CSA, and B. Holler and J. Stansberry (STScI) This is just the beginning of JWST casting its eye across our solar system. NASA plans for the telescope to study all the outer planets — from Mars outward — along with many of their moons. That includes Europa. In the coming years, JWST might be able to analyze light from water plumes shooting out of Europa's underground ocean, through its ice crust, and into space. That data could tell scientists about the composition of that ocean.
"I think that's just one of the coolest things that we'll be able to do with this telescope in the solar system," Milam said.
 

Businessinsider.co.za | NASA's James Webb Space Telescope imaged Jupiter's rings and moons, in white-hot infrared

The MTN logo obscuring the Telkom logo News analysis
MTN wants to buy Telkom. The two listed companies simultaneously disclosed "early stage" discussions on Friday morning. MTN is about twice Telkom's size, measured in South African subscribers – and about 15 times Telkom's size measured in market cap. MTN says it may pay in a combination of shares and cash. The companies' relative profit margins help show why that is possible. For more stories go to www.BusinessInsider.co.za . MTN is planning to buy Telkom.
On Friday morning, the two JSE-listed companies released simultaneous and largely identical notices to shareholders of "early stage" discussions. They provided almost no details other than that MTN was interested in a complete buyout of Telkom, and that is was looking at a deal either in shares or through a combination of cash and shares.
The market seemed smitten with that idea, despite the complexity and dangers of such a massive merger. A couple of hours after the cautionary notices were issued, MTN shares were up about about 4% – and Telkom shares were up not much under 30%.
See also | After years of flirting, Telkom and MTN announcing they were in merger talks was almost inevitable Here is how MTN and Telkom compare, and why the relative newcomer MTN can afford to buy out Telkom.
Age MTN: 28 years
Telkom (mobile): 28 years (sort of)
If you count from the date of creation of the companies in their current form, Telkom is three years older than MTN, having been formed in 1991, while MTN started up in 1994.
But when it comes to cellphone operations, which is just about all that counts, they started at the same time, in 1994, with Telkom playing a big role in setting up Vodacom.
What is now Telkom's mobile division, having started life as 8ta, was launched in 2010, after Telkom sold out of Vodacom in 2008. Thanks to aggressive pricing , underwritten by Telkom's overall financial muscle and legacy network, its second mobile business grew quickly.
Telkom's legacy network goes back a lot further than that, though. The company was created in a split of the Department of Posts and Telecommunications, which could trace its history back right to the introduction of the first phones in South Africa in 1878 .
Cellphone subscribers MTN: 35 million (in South Africa)
Telkom: 17 million
Both companies most recently disclosed their numbers until the end of March, making for a fairly direct comparison, although how telecommunications companies measure active subscribers can differ.
As a rough guide, though, you can think of MTN as double the size of Telkom in terms of cellphone subscribers.
That is not counting MTN's operations elsewhere on the continent, which takes it to more than 276 million, or Telkom's other lines of business, most notably the half-million or so subscribers it has on fixed-broadband services.
Market capitalisation MTN: R254 billion
Telkom: R17 billion
MTN is a relative newcomer compared to Telkom, which can trace its roots back to the first telephones used in South Africa. But MTN is just about 15 times larger than Telkom – in part because investors have a lot more faith in its ability to keep growing.
MTN is trading at a price to earnings ratio (a measure of how much buyers are willing to pay for a share relative to how much money the company is currently making) above 13, while Telkom's P:E ratio is below 6.
Average revenue per customer (arpu) MTN: R93 (in South Africa)
Telkom: R90
Telecoms companies use the average amount of money they make from each customer as a key metric.
Those numbers aren't too different between the two companies, if you exclude MTN's other operations; elsewhere in Africa it makes between a little and a great deal less per customer.
The numbers widen a lot if you look just at their postpaid customers; MTN makes about R268 from every contract subscriber, while Telkom makes R212, a difference of about 20%. On prepaid services, which the bulk of both of their customers use, the difference is closer to 5%, at R70 for MTN and R66 for Telkom.

MTN wants to buy Telkom. Here’s how they compare, and why MTN can afford to.

MTN wants to buy Telkom. Here’s how they compare, and why MTN can afford to. | Businessinsider

BAZOKHALELWA ngamasongo kaSigonyela abantu abasolwa ngokuqotha abanye embonini yamatekisi ezifundeni oGwini naseHarry Gwala lapho sekubulawe abantu abangu-24 nonyaka.
Lokhu kuvele emhlanganweni kaNgqongqoshe wamaPhoyisa, uMnuz Bheki Cele nososeshini bamatekisi abangu-18 eGamalakhe, ePort Shepstone izolo.
UCele uthe kuzobunjwa ithimba elizophenyisisa ngezehlakalo zobugebengu embonini yamatekisi futhi umthetho uzobabopha okumele baboshwe.
Uma kukhona oshonile kumele kuboshwe umuntu. Sizophoqana ukuthi sisebenzisane uma kukhona abangazimisele ukusebenza naleli thimba,” kusho uCele.
Uthe uhlelo lwabo abazolwethula emuva kwamasonto amabili luzocacisa nokuthi wobani okumele baboshwe, kuhlanganisa nabadla imizila.
Weluleke osomatekisi ukuthi abaqondise izindlela zabo ngoba kungenjalo bazoqondiswa ngenkani.
Ukhale ngokuthi igcwele imali imboni yamatekisi futhi igcwele izintandane nabafelokazi.
“Le mali esembonini ingasetshenziselwa ukuthi nithenge amagaraji, amabhasi ngisho nebhanoyi lenu futhi niphile kamnandi nemindeni yenu. Kodwa nimosha imali, niqashelana izinkabi, onogada futhi niyangcwaba ngale mali,” kusho uCele.
Uthe ekuhambeni kwesikhathi umuntu kuzomele achaze ngomnotho anawo nokuthi uyithathephi imali yokuthenga itekisi ngoba enye yayo iphuma ekubanjweni kwezimoto ezithwala imali.
Uthe imboni yamatekisi igcwele igazi. Ubuze nokuthi iyiswaphi imali eqoqwa wososeshini? Uthe ithimba abazolakha lihlanganisa abamatekisi, ezomthetho, uhulumeni nabaqoqi bentela, iSars.
Usihlalo weSantaco KwaZulu-Natal, uMnuz Boy Zondi, ubonge uCele ngokubalalela wasondela kubona uma bemcela ukuthi azobalekelela ukunqanda isihlava sokubulawa kwabantu embonini yamatekisi.
UCele ubephelezelwa nguMnuz Jomo Sibiya oyibamba likaNgqongqoshe wezokuThutha, ukuPhepha nokuXhumana koMphakathi eKZN noKhomishana wamaPhoyisa esifundazweni, uLieutenant General Nhlanhla Mkhwanazi.
UMkhwanazi uthe uma kungaxoxwa kunqandwe lezi zehlakalo manje, kuyophela unyaka sekushone inqwaba yabantu.

UCele usongela izinkabi eziqotha abasematekisini

The airline appeared to blame Heathrow for not preparing for summer flight demand. Getty images Emirates is refusing to limit ticket sales for flights out of London's Heathrow airport. In a statement on Thursday, the airline called demands to limit passengers "unreasonable". On Tuesday, Heathrow capped daily passenger numbers and asked airlines to reduce ticket sales. For more stories visit Business Insider. Emirates is refusing to reduce the number of tickets it sells for flights to and from Heathrow despite the London airport's plea for airlines to cut capacity to reduce travel disruption.
"Until further notice, Emirates plans to operate as scheduled to and from LHR," the airline said in a statement on Thursday.
On Tuesday, Heathrow CEO John Holland-Kaye announced a cap to limit the number of passengers handled daily at 100,000 until 11 September , and urged airlines to stop selling tickets to limit the impact of cancellations and delays on customers.
Emirates said it rejected the "entirely unreasonable and unacceptable" demands because it was impossible to rebook all those passengers potentially affected over the coming weeks.
"Moving some of our passenger operations to other UK airports at such short notice is also not realistic. Ensuring ground readiness to handle and turnaround a widebody long-haul aircraft with 500 passengers onboard is not as simple as finding a parking spot at a mall," the statement said.
Heathrow, like many airports globally, has suffered long queues and baggage mountains as the aviation industry struggles to cope with peak summer travel demand and staff shortages in the wake of the pandemic.
Airlines have already cancelled thousands of flights this summer as a result. Tuesday's cap followed an earlier request by Heathrow for carriers to cancel flights on June 30 over concerns that it didn't have the capacity to safely handle the anticipated number of passengers.
Emirates, which runs six daily flights from the hub, blamed Heathrow for the disruption, claiming the airport's management had not prepared for the rebound in travel demand. As a result it faced an "airmageddon situation due to their incompetence and non-action, they are pushing the entire burden – of costs and the scramble to sort the mess - to airlines and travellers."
A spokesperson for Heathrow said the airport had no choice but to impose the capacity cap after airlines failed to come up with clear plans on how to address their resourcing challenges.
"It would be disappointing if instead of working together, any airline would want to put profit ahead of a safe and reliable passenger journey," the spokesperson said.
The spokesperson told Insider that ACL, which is responsible for landing slots at airports, is working with airlines to ensure that the cap is proportionate.
Emirates did not immediately respond to Insider's request for further comment.
It's not the only airline to criticize the introduction of the passenger cap, which was introduced with just 36 hours notice.
Virgin Atlantic's chief operating officer, Corneel Koster, told the Press Association: "We can't give up on summer." He said the airline is concerned that Heathrow's plan is "not targeted enough" at addressing the bottlenecks.
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