IOL Business News – Independent Online

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Independent Online, popularly known as , is one of South Africa’s leading news and information websites bringing millions of readers breaking news and updates on Politics, Current Affairs, Business, Lifestyle, Entertainment, Travel, Sport, Motoring and Technology.

IOL also hosts the digital offerings of some of the country’s most prominent newspapers including The Star and Pretoria News in Gauteng, The Cape Times and Cape Argus in the Western Cape and The Mercury and Daily News in KwaZulu-Natal as well as national business publications Business Report and Personal Finance.

  • As South Africa finds itself in one of the worst energy crisis in recent history, with ailing power utility Eskom enforcing stage 6 load shedding on the country twice in the past two months, there have been calls for alternative energy supplies. Due to the accelerated energy transition announced recently by government, its push for sector industrialisation will be led by increased local manufacturing, with a projected target of well over 55% for government procurement by the end of this decade. !function(e,t,r){let n;if(e.getElementById(r))return;const a=e.getElementsByTagName("script")[0];n=e.createElement("script"),n.id=r,n.defer=!0,n.src="https://playback.oovvuu.media/player/v1.js",a.parentNode.insertBefore(n,a)}(document,0,"oovvuu-player-sdk");“To achieve this, government’s support through policy, smooth procurement and investment will be the key enabler,” the […]
  • Sabinet introduces an integrated solution for streamlined access to Financial Regulatory Instruments as issued by the South African Reserve Bank (SARB) and the Financial Sector Conduct Authority (FSCA).Sabinet has launched a great new service to simplify regulatory compliance for the Finance Sector. This service offers easy access to Regulatory Instruments, as issued by the South African Reserve Bank and the Financial Sector Conduct Authority. Subscribers will now enjoy easy access to consolidated and up-to-date Financial Regulatory Instruments that include Guidelines, standards, and directives, as well as a weekly newsletter with all updates and amendments. The subscription also includes an HTML […]
  • National Treasury has added controversial consultancy company Bain & Co to its database of restricted suppliers. The Treasury said the reason for the restriction was that the company was engaged in corrupt and fraudulent practices in competing for a South African Revenue Services (Sars) contract. Bain and Co has been restricted from tendering for public sector contracts from September 5, 2022 to September 4, 2032, effectively a 10-year ban. In August this year, the UK suspended the firm from participating in public sector work for at least three years. House of Lords member Peter Hain had said he wanted the […]
  • Johannesburg – Load shedding has hit the funeral parlour industry very hard, as business owners battle to keep bodies from decaying. To ensure the preservation of human remains, cold storage facilities need to be kept at temperatures of below minus five degrees Celsius.As with most businesses, load shedding has had a negative impact on the daily operations of funeral parlours as the intermittent blackouts continue to plague South Africa.One of the core functions of a funeral parlour is the cold storage of human remains of the deceased in order to preserve the body until such time it is ready to […]
  • When Chase Sithole was faced with the daunting reality of unemployment, he decided to start a laundry business rather than sit and wait for a job. His bet paid off as he has worked with international sports teams and even the Springboks!This unique journey started when the 28-year-old had just returned to South Africa from China, where he was teaching English, and had to grapple with the job crisis that affects a startling 66.5% of the youth.The Pietermaritzburg native has an honours degree in drama and performance studies from the University of KwaZulu, but had to put his teaching career […]
  • South Africa cannot count on future economic growth to solve the country’s unskilled and semi-skilled unemployment problem as it predicts the unemployment rate could reach 40% by 2030, according to PwC South Africa's Africa Economic Outlook report for 2022, released yesterday.This downside economic scenario by PwC is alarming given that, in South Africa, the unemployment rate measures the number of people actively looking for a job as a percentage of the labour force. South Africa's unemployment rate was at 33.9% in quarter two of 2022.PwC notes: “This exclusion of millions of adults from partaking in the country’s economic life is […]
  • With the 2023 university applications already being wrapped up and institutions preparing to accept tens of thousands of new students in a matter of months, cyber security readiness on campus is vital, according to Doros Hadjizenonos, a regional director Southern Africa, Fortinet.First year students are gearing up for university life with an array of networked technologies, while administrators and faculty are preparing to onboard and manage these new students.!function(e,t,r){let n;if(e.getElementById(r))return;const a=e.getElementsByTagName("script")[0];n=e.createElement("script"),n.id=r,n.defer=!0,n.src="https://playback.oovvuu.media/player/v1.js",a.parentNode.insertBefore(n,a)}(document,0,"oovvuu-player-sdk");Make no mistake, South African education systems are in the line of fire, just like other countries. According to SNG Grant Thornton, a South African member firm of Grant Thornton […]
  • The local tourism industry is truly on a path to recovery as income from tourist accommodation continues to increase though it was still falling short of pre-Covid numbers.Data from Statistics South Africa (Stats SA) on Wednesday showed that the total income for the tourist accommodation industry increased by 191.6% in July compared to the same month last year.!function(e,t,r){let n;if(e.getElementById(r))return;const a=e.getElementsByTagName("script")[0];n=e.createElement("script"),n.id=r,n.defer=!0,n.src="https://playback.oovvuu.media/player/v1.js",a.parentNode.insertBefore(n,a)}(document,0,"oovvuu-player-sdk");Stats SA said that income derived from the tourist accommodation sector rose sharply year-on-year on base effects, intensified by the riots and unrest that took place during July 2021.Tourism activity was severely affected by the political unrest that took place in […]
  • Local stocks plunged to the lowest in more than one-year yesterday as another wave of volatility fuelled a risk sell-off sentiment in the markets on the back of a looming recession in Europe.This as the Bank of England was forced to step in with a £60 billion (R1.1 trillion) buy-up of UK government debt to prevent “material risk” to UK financial stability and stop a potential mass collapse of pension funds.!function(e,t,r){let n;if(e.getElementById(r))return;const a=e.getElementsByTagName("script")[0];n=e.createElement("script"),n.id=r,n.defer=!0,n.src="https://playback.oovvuu.media/player/v1.js",a.parentNode.insertBefore(n,a)}(document,0,"oovvuu-player-sdk");The JSE All Share Index fell by more than 2% during early trade yesterday to 62 294 index points, its lowest since January 2021, and down from a […]
  • Ascendis Health, the drugs maker forced to restructure due to a debt crisis and shareholder revolt, managed to improve its operating loss of continuing operations by 32% to – R317 million in the year to June 30.“We are extremely excited about the new financial year after the many changes and shifts over the past 12 months,” chairperson Harry Smit said in a telephone interview.He said much of the impact of the changes would only be reflected in the new financial year’s results, and that the businesses that the group has been left with “have good bases that we can build […]
  • Tongaat Hulett, which has been suspended on the JSE due to financial difficulties from too much debt of about R6.3 billion, said yesterday that the date to submit to shareholders a restructuring plan to ensure the long-term sustainability of the company had been extended to October 14, 2022 from September 30, 2022.“Management and the board of directors need to review alternatives and design and agree on a plan that will provide an optimum solution for all stakeholders involved,” a statement said yesterday.Louisa Stephens, an independent non-executive director, had been appointed acting chair of the audit and compliance committee, from October […]
  • Truworths International is beefing up its management team at a time the team at the South African fashion retailer needs to spice up its growth trajectory.It said yesterday that it had appointed Sarah Proudfoot and Emanuel (Mannie) Cristaudo as the group’s joint deputy CEOs with effect from October 1.The share price slid 3.1% to R51.58. The share is down 30.09% over three years.In September 2020, shareholders were advised that Michael Mark planned to retire at the November 2022 AGM. A group-wide senior executive succession plan was implemented to ensure a smooth transition in a number of senior management positions, including […]
  • By Devan MoonsamyJohannesburg – Being a business owner comes with its challenges on an ordinary day, but on days when the power is out every few hours, those challenges can become impossible to cope with.!function(e,t,r){let n;if(e.getElementById(r))return;const a=e.getElementsByTagName("script")[0];n=e.createElement("script"),n.id=r,n.defer=!0,n.src="https://playback.oovvuu.media/player/v1.js",a.parentNode.insertBefore(n,a)}(document,0,"oovvuu-player-sdk");Small business owners are the ones facing the worst of the load shedding which has plagued us these past few weeks. The fluctuating levels from stage 5 to 3 and so on, have made it impossible to plan the workday with a minimum of disruption.!function(e,t,r){let n;if(e.getElementById(r))return;const a=e.getElementsByTagName("script")[0];n=e.createElement("script"),n.id=r,n.defer=!0,n.src="https://playback.oovvuu.media/player/v1.js",a.parentNode.insertBefore(n,a)}(document,0,"oovvuu-player-sdk");Besides the power cuts impacting productivity, it is also causing supplier delays, as well as disruptions to the […]
  • Orion Minerals said on Tuesday that though the past year was challenging, and despite ongoing challenges associated with the Covid-19 pandemic, it had taken major steps toward realising its vision of becoming a substantial diversified base metals producer.This was at an extremely opportune time in the demand cycle for future-facing metals.In its annual report released on Tuesday, Orion said it continued with its strategy of building and becoming a new-generation Australian-South African mining company focused on the development of its portfolio of advanced “green” metals projects in South Africa’s Northern Cape province.“This includes our 70%-owned development-ready and fully permitted Prieska […]
  • Stor-Age, South Africa’s leading and largest self-storage property fund, continued to deliver a robust operating performance for the first five months of its 2023 financial year, as well as the 12-month trading period ending August 31, 2022.Across the portfolio of 85 trading properties in South Africa and the UK, Stor-Age delivered growth in occupied space of 57 600m² year-on-year. Increases in the average rental rate of 6.7% were achieved in South Africa and 10.8% in the UK.In South Africa, total occupied space, including new developments and acquired trading properties, increased by 28 700m².. The growth in closing occupancy includes 9 […]
  • International leisure tourism could take time to recover due to the slowing global economy amid elevated inflation and tightening monetary policy, according to Absa Research.This is as tourism is recovering in South Africa after the wrecking ball of Covid-19 national shut-downs that disrupted the airline sector.Absa said that although overseas tourist arrivals were five times larger on a year-on-year basis in July, the recovery from the pandemic shock was incomplete as arrivals were about half of what they were in quarter four of 2019, the pre-pandemic period.!function(e,t,r){let n;if(e.getElementById(r))return;const a=e.getElementsByTagName("script")[0];n=e.createElement("script"),n.id=r,n.defer=!0,n.src="https://playback.oovvuu.media/player/v1.js",a.parentNode.insertBefore(n,a)}(document,0,"oovvuu-player-sdk");This week, Statistics South Africa (Stats SA) reported that in July, 2 […]
  • Old Mutual said on Wednesday that they welcomed further clarity announced by National Treasury regarding the proposed new two-pot pension system- entailing the establishment of an accessible portion of retirement savings – and the speed at which the government is moving on the issue.This is according to Blessing Utete, Managing Executive of Old Mutual Corporate Consultants, who was responding to National Treasury’s draft response on the 2022 Draft Revenue Laws Amendment Bill, which was presented to Parliament on Tuesday, 20 September.“We are happy to see that National Treasury has seriously considered the commentary submitted by all stakeholders through the process […]
  • The Airlines Association of Southern Africa (AASA) has said it has taken note, with grave concern, of the imposition of jet fuel rations at Cape Town International Airport. These restrictions are now likely to result in disruptions to airline schedules and possibly cancelled flights at a time when the industry and the economy can ill afford it.AASA said on Wednesday, “We appreciate the efforts being made by the Airports Company South Africa to manage fuel stocks at the Cape Town International airport. However, the escalation of jet fuel rations throws into sharp focus South Africa’s vulnerability because of its reliance […]
  • In the wake of the coronavirus pandemic, technology is proving to be pivotal to business recovery as organisations seek to restore revenue.Global market intelligence firm IDC predicts that businesses recovery will have five clear stages. In a recent interview with with ZDNet, IDC President Crawford Del Prete defined the five stages of the pandemic as: crisis, slowdown, recession, investment and finally, recovery.Del Prete explains that organisational responses will match these phases.The first phase was all about maintaining business continuity, with organisations transitioning to remote working as governments across the globe announced lockdown measures. Role of IT services on the journey to pandemic recovery by IDC via ZDNet. Now organisations are moving out of crisis mode, into focusing on ROI and cost optimisation. With […]
  • Many businesses chose to use hyperconverged infrastructure (HCI) because they needed technology that made it easier to manage their virtual desktops, apps and data remotely. The promise was that HCI would make it easy to scale both infrastructure performance and storage capacity, flexing to meet organisational needs without wasting any resources—that it would be cheaper, simpler and more efficient.Conventional HCI isn’t making things simpler, or cheaperThe reality is that the first generation of HCI often forces an unacceptable trade-off between performance and simplicity. Behind its breakthrough ease-of-use are architectural limitations that can’t support business-critical apps and mixed workloads without adding risk. Businesses […]