South Africa’s FSCA slaps Banxso with R2bn penalty after major regulatory breaches
The Johannesburg-based online trading firm and two of its directors — Harel Adam Sekler and Warwick David Sneider — were jointly and severally fined R2 billion.
Business
South African retailer SPAR exits international market after R5bn loss
Despite the international losses, SPAR’s core operations in Southern Africa have shown resilience. Revenue from continuing operations increased by 1.6% to R132.4 billion.
PwC South Africa names Anastacia Tshesane as next CEO
Tshesane has been with PwC for over 19 years and brings extensive experience in auditing across financial services, consumer markets, and industrial products and services.
Mining, trade drive South Africa’s 0.5% GDP growth
Growth was driven mainly by the mining and quarrying sector, which rose by 2.3% on the back of higher production in platinum group metals, manganese ore, and coal.
South Africa is considering a 20% tax to curb online gambling
Treasury estimates that, under current levels of activity, the new tax could generate over R10 billion in additional revenue annually for the national government.
Transnet reaches R600m settlement with Nedbank amid ongoing state-capture recovery efforts
The dispute was linked to contracts and financial arrangements concluded during the period of alleged state capture under former president Jacob Zuma.
Eskom turnaround gains momentum as S&P lifts credit ratings
Eskom said it plans to strengthen its long-term sustainability and energy security efforts to support South Africa’s growth and the wider sub-Saharan region.
Tanzania revives long-delayed $10 billion Bagamoyo Port
The Bagamoyo port forms part of a larger special economic zone that is expected to include industrial parks, logistics facilities, and integrated transport infrastructure.
Zimbabwe’s Kingdom Hotel set for revival after US$30M acquisition by UAE investor
The Kingdom Hotel, a 294-room landmark overlooking the Zambezi and a short distance from Victoria Falls, shut its doors in early 2023 following a lengthy lease impasse with former operator.
South Africa ends G20 presidency with review calling for slimmer, stronger forum
Through the review, South Africa positions the G20 for a more disciplined and agile second cycle of presidencies.