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Bolt Drivers Strikes Against the Company’s Introduction of its ‘Bolt Go product’

Bolt Drivers Strikes Against the Company’s Introduction of its ‘Bolt Go product’

A strike by some South African drivers of the Bolt e-hailing service continued on Tuesday. There has been discontent among Bolt drivers since July, when the company first introduced its Bolt Go product, with fares that are 20% cheaper than standard rates. Drivers protested against the product, and launched a strike in response at the time. The...

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Finance Minister Tito Mboweni asked for Extension to table Medium Term Budget on 28 October

Finance Minister Tito Mboweni asked for Extension to table Medium Term Budget on 28 October

Finance Minister Tito Mboweni has requested an alternate date of Wednesday, 28 October to table the 2020 Medium Term Budget Policy Statement. The tabling of the budget is scheduled for 21 October. In his correspondence to the Speaker, Mboweni highlights the recent complex decisions taken by Cabinet in respect of the 2020/21 adjusted estimates. He...

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French Media House Firm buys 6.5% Stake in MultiChoice

French Media House Firm buys 6.5% Stake in MultiChoice

French media company Groupe Canal+ SA has acquired 6.5% of MultiChoice Group’s total ordinary shares. MultiChoice disclosed this news on Monday morning but noted that it is permitted to reduce the voting rights of shares owned by foreign entities. “Shareholders should take note that, pursuant to a provision of the MultiChoice memorandum of incorporation, MultiChoice...

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Ster-Kinekor Appoints Motheo Matsau as a New Acting CEO

Ster-Kinekor Appoints Motheo Matsau as a New Acting CEO

Ster-Kinekor Theatres has announced the appointment of Motheo Matsau as its new acting CEO. Matsau, who was appointed as Deputy CEO in September 2019, will take over the reins effective 1 November 2020 from Ryan Williams, who has served as CEO from January 2018. Matsau has been with the company since May 2016 and was...

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Biz Headlines: Christo Wiese resigns as Shoprite chair after 41 years & Two women take CEO, CFO positions at Spur + More

Biz Headlines: Christo Wiese resigns as Shoprite chair after 41 years & Two women take CEO, CFO positions at Spur + More

Two women take CEO, CFO positions at Spur Val Nichas has been appointed as the new CEO of the Spur Corporation, which also owns Panarottis, John Dory’s, RocoMamas and Hussar Grill. Nichas was formerly the managing executive for quick service restaurants at Famous Brands, which owns Steers, Debonairs Pizza, Wimpy, Mugg & Bean, Fishaways and...

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Today’s Biz Headlines: Capitec Profit Decline, SAA Rescue Package & PPC Reports Strong Gains

Today’s Biz Headlines: Capitec Profit Decline, SAA Rescue Package & PPC Reports Strong Gains

Capitec profit slumps 78%, but client income has recovered Capitec’s headline profit fell by 78% to R650 million in the six months to end-August. The group impaired R5.8 billion for bad debts, and rescheduled payments for R7.5 million in loans. “Banking clients’ income was negatively impacted by the lockdown and decreased by 25% in April 2020...

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Today’s Biz Headlines: Mzansi lost more than 2m jobs in lockdown, ArcelorMittal on Recovery Plan & Big cut in diesel Prices Expected

Today’s Biz Headlines: Mzansi lost more than 2m jobs in lockdown, ArcelorMittal on Recovery Plan & Big cut in diesel Prices Expected

More than 2 million jobs lost in lockdown South Africa shed 2.2 million jobs during the second quarter, according to Statistics South Africa. While the employment figures reflected the largest decline in employment between the second and first quarter since 2008, Stats SA on Tuesday said unemployment fell substantially as well, decreasing by 2.8 million...

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Decentralizing Traditional Finance: Bridging CeFi and DeFi

Decentralizing Traditional Finance: Bridging CeFi and DeFi

CeFi and DeFi Explained With Bitcoin’s 10th birthday come and gone, developers and entrepreneurs are now looking to take a bigger bite out of the banking industry. Over the last 10-years, the crypto market has been largely aligned with the global banking system in the form of centralized financial services. In fact, only a handful of decentralized exchanges have existed...