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  • Annual manufacturing production shows 1.3% increase for August

    11 October 2018 12:37 PM 25

    South Africa's manufacturing production grew by 1.3% in August 2018 compared with August 2017, Stats SA announced on Thursday. On a month-on-month basis between July and August manufacturing production remained almost changed, showing a slight increase of 0.1%. The largest contributors to the year-on-year increase were in the subsections of food and beverages

  • Mboweni steps down from Discovery board

    11 October 2018 7:48 AM 38

    Tito Mboweni has stepped down from the board of Discovery following his appointment as finance minister, it has been announced. Discovery [JSE:DSY] said in a brief statement on Thursday morning that Mboweni had tendered his resignation as a non-executive director from the board of the company and various subsidiaries, including Discovery Bank, with immediate

  • 16 government departments are financially vulnerable

    10 October 2018 5:35 PM 30

    Sixteen of government's departments are in a financially vulnerable position, the Auditor General has warned. The financial health of government departments and some state-owned enterprises came under the spotlight at a briefing on Wednesday to the Standing Committee on Public Accounts and Appropriations. The Auditor General (AG) of South Africa informed

  • WATCH: Google reveals new Pixel phone, speaker to chase Apple, Amazon

    09 October 2018 8:39 PM 25

    Google showed off a pair of new Pixel phones, a tablet computer and a speaker with a screen in a deluge of new products aimed at competing with the latest gadgets from big technology rivals. The Pixel 3 and Pixel 3 XL phones offer significant upgrades to prior models by adding a nearly edge-to-edge screen on the larger model, more display area on both phones

  • Jonas said to decline Finance Minister post

    09 October 2018 11:02 AM 25

    Mcebisi Jonas declined an offer from President Cyril Ramaphosa to become finance minister in place of embattled Nhlanhla Nene, according to three people familiar with the matter. Jonas, a former deputy finance minister, was offered the post on Monday, according to the sources, who spoke on condition of anonymity because they aren’t authorised to comment

  • Hootsuite looks to sell for at least $750 Million

    07 October 2018 12:13 PM 33

    Hootsuite, a Canadian startup that builds software to help marketers use social media, is said to be for sale. The Vancouver-based company, which has been an anchor of that city’s tech scene for years, has hired Goldman Sachs Group to explore a sale at a valuation of at least $750 million, a person familiar with the deal said. The company could still

  • Steinhoff subsidiary files for bankruptcy in the US

    05 October 2018 12:31 PM 28

    Steinhoff announced on Friday afternoon that its US subsidiary Mattress Firm was filing for bankruptcy. In a statement to shareholders, Steinhoff said the US's largest mattress dealership was filing for voluntary Chapter 11 bankruptcy in the US Bankruptcy Court for the District of Delaware. "Mattress Firm is continuing to serve customers as usual at stores

  • Underperforming economy impacts electricity demand

    04 October 2018 7:00 PM 35

    A "lacklustre" economic environment has meant electricity generation decreased in August, while consumption moderated from the previous month's reading, an economist has said. Statistics South Africa (Stats SA) on Thursday issued data on SA's electricity generation and consumption. According to the data, electricity generated in August 2018 contracted

  • Steinhoff bondholders said to offer loan as part of bankruptcy filing

    04 October 2018 4:00 PM 36

    A group of Steinhoff International Holdings [JSE:SNH] bondholders may inject about $300m (about R4.4bn) into the retailer’s troubled US bedding unit Mattress Firm as part of a bankruptcy filing, according to people familiar with the matter. The range offered for the loan may be as low as $250m (about R3.7bn) or more than $350m (about R5.2bn), according

  • JUST IN: Suspended SARS boss Tom Moyane's disciplinary hearing to be postponed

    04 October 2018 2:18 PM 36

    Suspended SARS commissioner Tom Moyane's disciplinary has been postponed. The ruling was made by Advocate Azhar Bham, chairperson of the disciplinary inquiry into the former head of the tax agency. The hearing resumed on Thursday at the Arbitration Foundation of South Africa's offices in Sandton. He set out that it was "fair and just" to grant the postponement