Driver's Licence : local driver’s license

Drive Globally: South African Licenses Valid in 34 Countries

Lifestyle, News /
  • Global Driving Access: South African driver’s licenses are recognized in 34 countries worldwide, allowing travelers to navigate foreign roads without the need for additional permits or licenses in many cases.
  • Varied Agreement Terms: The agreements between South Africa and these countries differ in duration and requirements, with some nations offering unrestricted use of South African licenses while others impose time limits or necessitate an International Driving Permit (IDP) after a certain period.
  • Visa-Free Travel Synergy: Many of the countries that recognize South African driver’s licenses also offer visa-free entry to South African citizens, facilitating seamless travel experiences and encouraging cross-border tourism and business activities.

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South African State Companies

South African State Companies Drain Billions with Negligible Returns

Government, News /
  • Government Investment Discrepancy: South African State-Owned Enterprises (SOEs) have absorbed a significant amount of government investments since 2019, totaling R282.5 billion, but have yielded only R1 million in dividends, highlighting a vast disparity between investment and return.
  • Eskom Dominance and Financial Strain: Eskom, receiving the largest portion of government funds at R234.6 billion, faces substantial financial strain exacerbated by outstanding municipal debt amounting to R74.5 billion, posing significant revenue challenges.
  • Call for Oversight and Accountability: The revelation of negligible returns on investments in SOEs underscores the urgent need for robust mechanisms of oversight and governance to prevent further financial hemorrhaging and ensure the responsible allocation of taxpayer funds.

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GoSolr's Ambitious Investment

GoSolr, Backed by Billionaire Patrice Motsepe, to Revolutionize Solar Rentals

Energy, News /
  • GoSolr’s Ambitious Investment: Backed by billionaire Patrice Motsepe and Standard Bank Group, GoSolr plans to invest R10 billion in rolling out a groundbreaking model of renting solar panels and batteries to South African homes, aiming to alleviate the nation’s chronic blackouts and soaring electricity prices.
  • Scaling Solar Generation Capacity: With a goal to install 500 megawatts of solar-generation capacity within four years, GoSolr seeks to capitalize on the growing demand for renewable energy solutions in South Africa, leveraging its substantial investment and financing to become a key player in the country’s renewable energy sector.
  • Democratizing Solar Access: GoSolr’s subscription service targets approximately 2.2 million households earning more than R360,000 per year, offering an affordable alternative to traditional rent-to-buy models and self-installed solar systems. By making solar energy accessible and affordable, GoSolr aims to drive widespread adoption of clean, renewable power while reducing dependence on the national grid.

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Canal+ Boosts Stake in MultiChoice Group Limited, Acquiring Over 42% of Shares

Business News, Capital Markets, Finance News, Investing News /
  • Canal+ acquires shares in MultiChoice Group Limited, increasing its stake to approximately 42.47% of issued shares.
  • Legal and regulatory compliance ensured throughout the acquisition process, with disclosures made to the Takeover Regulation Panel (TRP).
  • US shareholders advised to consider legal and tax implications, seek guidance from professional advisors regarding Canal+’s acquisitions.

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CFO Departure Shakes Sasol: Rossouw Resigns, Transition Plan Initiated

Business News, Capital Markets, Finance News, Investing News, Stock Market /
  • Resignation of CFO: Mr. Hanré Rossouw steps down as Sasol Limited’s Chief Financial Officer and executive director by October 31, 2024.
  • Acknowledgment and Transition: Sasol acknowledges Mr. Rossouw’s contributions and plans a structured transition period for the new CFO.
  • Market Implications: Investors monitor Sasol’s financial performance and leadership changes, anticipating market reactions amidst the CFO resignation.

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"Transnet Reports Progress

Transnet’s Progress Falls Short of Targets Despite Revenue Growth

Government, News /
  • Transnet’s Improvements: The article highlights Transnet’s recent uptick in railway and port volumes, along with increased revenue, signaling progress in the company’s recovery efforts.
  • Shortfall in Targets: Despite the improvements, Transnet falls slightly short of its self-set recovery goals, with figures approximately 1-2% below expectations, reflecting ongoing challenges.
  • Emphasis on Reform and Private Sector Involvement: Transnet’s recovery plan focuses on structural reforms, particularly in rail and port operations, with an emphasis on attracting private sector participation to enhance efficiency and financial performance.

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Petrol Price Hike

South Africans Hit by Hefty Fuel Tax Increase Impact

Energy, News /
  • Tax Burden at the Pump: South Africans face a significant increase in fuel costs due to a combination of new fuel price hikes and ongoing tax increases. Taxes now make up a substantial portion of the retail price of petrol, with motorists paying an average of R320 in taxes every time they fill up.
  • Monthly Tax Contributions: Analysis of Discovery Bank’s data reveals the monthly tax contributions of South African drivers, highlighting the financial strain faced by households. Popular car models’ tax contributions per 100km traveled underscore the impact on everyday consumers.
  • Price Adjustments and Factors: The Department of Energy’s latest fuel price adjustments show increases in petrol prices and decreases in diesel prices, influenced by international petroleum costs and fluctuations in the rand/dollar exchange rate. Inland and coastal price differentials further compound the financial strain on consumers.

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Frontier Transport Holdings Limited Welcomes Nqobani Mkhwanazi as Independent Non-Executive Director

Business News, Capital Markets, Finance News, Investing News, Stock Market /
  • Frontier Transport Holdings Limited appointed Mrs. Nqobani Mkhwanazi as an independent non-executive director.
  • Mrs. Mkhwanazi brings extensive experience in finance, property development, and investment management to her new role.
  • The appointment is expected to strengthen governance practices, drive strategic initiatives, and contribute to company growth.

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Dies at 97

Father of Black Business, Dr. Samuel Motsuenyane, Dies at 97

Business News, News /
  • Dr. Samuel Motsuenyane, renowned as the “Father of Black Business,” passed away at the age of 97, leaving behind a profound impact on South Africa’s business landscape.
  • His legacy includes co-founding the National African Federated Chamber of Commerce and Industry (Nafcoc) in 1964, and spearheading the establishment of African Bank in 1975 to address the financial barriers faced by Black individuals.
  • Dr. Motsuenyane’s contributions extended beyond business, encompassing roles in politics and diplomacy, earning accolades from across the nation, including tributes from President Cyril Ramaphosa, who highlighted his enduring influence on South Africa’s socio-economic fabric.

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Gold Fields Limited Secures $1.6 Billion credit

Gold Fields Limited Announces CFO Retirement and Leadership Transition

Business News, Capital Markets, Finance News, Investing News, Stock Market /
  • Gold Fields Limited announced the retirement of CFO Mr. Paul Andy Schmidt, effective from April 30, 2024.
  • Mr. Alex Dall appointed as Interim CFO starting May 1, 2024, ensuring a smooth transition in leadership.
  • The process to appoint a permanent CFO is in its final stages, with an announcement expected soon.

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