IOL Business News – Independent Online

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.

  • The tax year-end of 2022/2023 is February 28 and is fast approaching, and now is the best time to take advantage of tax-efficient retirement and savings products.Head of actuarial and product at PSG Wealth, Jan van der Merwe, shares key insights into the features of retirement annuities, tax-free savings accounts and how to get the most out of them.What are retirement annuities and tax-free saving accounts?Retirement annuity (RA) products are designed specifically to focus on savings for retirement. Although not designed specifically for retirement, tax-free savings accounts (TFSAs) have unique tax-related features that can be leveraged to supplement retirement savings. […]
  • Looking for a job is an emotionally and financially taxing process, coupled with this is the added aspect of having to deal with rejection left, right and centre. With the country’s high unemployment rate, some job seekers throw in the towel because of this seemingly impossible task of finding employment.Nthabiseng Thinane, 23, faced the same plight that befalls millions of young people in South Africa, but she did not give up. Instead, she pushed on and eventually found a job after four years of unemployment. In 2022 she became a receptionist for an industrial machinery manufacturing company based in Pretoria.When […]
  • South African share and bond markets remained strong last week despite the increase in the repo rate by the Monetary Policy Committee (MPC) and the continuous load shedding, which has started to take a toll on the economy. The rand exchange rate held its ground despite a more dovish outlook by the MPC as it increased the repo rate by only 0.25%. The rand lost only 12 cents against the dollar since the rate announcement and ended Friday at R17.21 against the dollar.Commodity prices, especially precious metal prices, remain strong as the gold price trades higher than $1 920 an […]
  • Trade unions have called the latest interest rate hike by the South African Reserve Bank (SARB) a “callous decision” that will further impoverish cash-strapped workers as the cost of borrowing rises.The SARB last week decided to hike its benchmark lending rate for the eight consecutive time, but this time by 25 basis points from 7% to 7.25% per annum in a bid to tame elevated consumer prices.This rate hike means the cost of borrowing has increased by a cumulative 375 basis points since the normalisation of policy rates began in November 2021.Trade union UASA’s spokesperson, Abigail Moyo, said workers would […]
  • While food prices will increase at the till as load shedding knocks the agriculture sector, it is not clear to what extent, according to according to Theo Boshoff, the CEO of the Agricultural Business Chamber (Agbiz).Load-shedding is placing pressure on the agricultural industry directly through additional costs incurred to run generators. This applies both to primary production, but also in the value chain for cold storage, dairies, processing, among others.In an interview on Friday, he said “The extent to which this will be passed onto the consumer is not clear. Actual food prices will also be influenced by whether or […]
  • Eskom appears to be left with no one at the wheel to steer South Africa out of the ongoing energy crisis after a meeting between Members of Parliament (MPs) and the utility’s board and senior management at Megawatt Park to seek answers for rolling blackouts collapsed following an early departure of outgoing CEO André de Ruyter.Three parliamentary portfolio committees were left seething on Friday after De Ruyter and Chief Operations Officer, Jan Oberlhozer, asked to be excused from the crucial meeting on account of another meeting they had to attend with Eskom’s lender, the World Bank.MPs said De Ruyter and […]
  • The country’s energy action plan continues to be implemented in earnest, Minister in the Presidency Mondli Gungubele said in a statement yesterday.He said work was underway to improve the performance of power stations to reduce load shedding and government was driving work to bring more capacity onto the grid as quickly as possible.“Progress has been made in several areas since the adoption of the Energy Action Plan. Some of the successes thus far include: relaxation of some requirements that will enable quicker procurement and the removal of licensing requirements for generation projects to enable private investment,” he said.As part of […]
  • By Ken Smith Thanks to the ground-breaking work of Dr Darren Stevens, we now have a significant new contribution to psychology: metacognition for adults.Dr Darren Stevens is a leading expert in adult development and lifelong learning. He is known for his work on Vertical Development and the Theory of Constructed Development (CDT), an innovative framework for adult development and a more sustainable approach to leadership development.Dr Stevens' work focuses on developing cognitive abilities and understanding one's thinking structure. His levels of awareness (Awareness Quotient) and levels of cognitive development (Thinking Quotient) provide a framework for understanding how individuals think and […]
  • The dreaded “Januworry” comes around once a year, and it’s not only a long month for consumers, it’s equally tough on small and medium enterprises (SMEs). Many small businesses get off to a shaky start at the beginning of the year, but with a bit of careful planning, you can make sure you find your feet and hit the ground running as 2023 gets into full swing.Understand how macroeconomic factors affect your customersSME owners are experts on their businesses – they understand the ins and outs of cash flow management, seasonal sales movements and what their business’ biggest challenges are. […]
  • The far-reaching effects of Eskom’s rolling power cuts have brought about serious concerns regarding food security as South Africa’s agriculture industry has been put under severe strain.As economists and unions bemoan the higher input costs farmers face, the unstable power flow has put the entire chain in the industry in a vulnerable position. Ross Stratford, the director of Stratford Farms in KwaZulu Natal, recently disposed of 11 000 litres of milk at his dairy farm after it spoilt due to load shedding. He shed more light on the wider effects power cuts is having on the industry. !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");“Without […]
  • As one who has dealt and continues to deal with evidence, and has been immersed in development communication, I had to think about what was going on in the mind of Premier Sbu Ndebele of KwaZulu-Natal (KZN) when he launched a development language that decades later echoed on the tongues of citizens.This, when many a slogan, including our most revered Reconstruction and Development Programme, remains a distant memory.!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");After repeated attempts by KZN Premier Senzo Mcunu requesting that I, as the then Statistician General, conduct a survey looking at the views and satisfaction of citizens, Mcunu finally had his […]
  • Johannesburg – A haircut to some people may seem like a mundane grooming experience that must be endured to maintain a neat appearance, but to the men wielding the hair clippers it’s an art and an expression of their skill and creativity.Now the founder of the popular barbershop franchise, Legends Barbershop is allowing unemployed youth to learn how to be barbers and ultimately run their own businesses.In an effort to give back and empower the youth, Sheldon Tatchell has launched the Legends Training and Development Centre in Johannesburg, where aspirant barbers can hone their skills and learn important life skills […]
  • If you have just matriculated and want ways easy to make money, you’re in the right place. Here are some ways you can make money:Become a translatorWith 11 official languages, South Africa is linguistically rich. If you are a polyglot (someone who knows and can use several different languages fluently), this is the side hustle for you. A translator is a person whose job is translating writing or speech from one language to another.The average rate for a translator is R98.26 per hour. Write CVs With the country’s youth unemployment rate at 66.5%, job seekers want people who can create […]
  • Many young people wish for a large inheritance from their parents that will set them up for life, while the latter strive to leave behind inheritable assets for their offspring.But what if a child simply refuses to inherit? One such case is that of Devanshi Sanghvi, an Indian girl who allegedly turned away her parents' diamond empire fortune, said to be worth $61 million (about R1.05 billion).According to “The Times of India”, the 8-year-old decided that her life’s path diverged from wealth, opulence and luxury. It is reported that Sanghvi chose to become a sanyasi, a Hindu nun.The unique youngster is […]
  • Apple won its biggest quarterly market share in China, outrunning covid disruptions and a global economic slowdown.The Cupertino, Calif., company accounted for nearly 24% of China's smartphone sales in the last three months of 2022, according to Counterpoint Research data. It topped all manufacturers in the quarter, for the first time becoming the second-biggest seller in the country on an annualized basis, the researchers said. The iPhone maker suffered shipment declines from the previous year, but they were smaller than those of domestic rivals such as Vivo, Oppo and Xiaomi.The global smartphone market has been hurting from an economic slowdown […]
  • South Africa’s ailing power utility, Eskom, said on Friday that there are no plans to retrench employees at the state owned entity. This comes after trade union Solidarity said on Thursday that Eskom, wants to get rid of another 500 white males by 2025, mainly persons who are responsible for maintenance work.Eskom said in a statement that it wishes to reassure the public that there are neither plans nor decisions to retrench any employees, whatever their gender or race. “Retrenchments in South Africa are regulated by Section 189 (3) of the Labour Relations Act of 1995, with strict requirements on […]
  • Private security company, the Phangela Group has announced the appointment of Toks van der Linde as its new Group Chief Revenue Officer. Toks will be responsible for driving the group’s growth into new markets and further expanding its existing ones.Toks, a household name following his career playing for the Springboks, Western Province and the Stormers, and success as a TV personality and sports broadcaster, brings significant private sector experience to his new role at the Phangela Group. “Having worked in various roles in the corporate sector his skills set include experience in customer service, business development, marketing and marketing strategy […]
  • Alarm bells have been sounded for South Africa’s most credit-stressed consumers, following this week’s interest rate hike by the South African Reserve Bank (SARB). This is according to Eighty20, a consumer strategy, analytics and research company that releases a quarterly Credit Stress Report in collaboration with Xpert Decision Systems (XDS) that provides insight into South African credit behaviour. Eighty20’s ENS segmentation groups all South African adults into one of eight segments and 46 sub-segments. The Q3 report outlined some worrying trends in the four most credit active segments which make up 85% of all credit active South Africans and 99.6% […]
  • Earlier this week, one of South Africa’s biggest retailers, Checkers, ran adverts in British and Australian newspapers to remind expats of their offerings. Checkers said it ran two adverts in “The London Evening Standard” and “The Sydney Herald”. “We want to remind the many South Africans living in both the United Kingdom and Australia that our country is a great place to live, and Checkers makes living here even better,” said Mike Middleton, Checkers chief marketing officer. Checkers said the grass was not always greener on the other side of the ocean. The adverts highlighted how much cheaper it is […]
  • With its announcement that it would be reinstating former president Donald Trump's Facebook and Instagram accounts, Meta warned that it could take a stronger stance against world leaders who post content that exacerbates civil unrest or breaks its rules.The social media giant is expanding the range of interventions that it can deploy to fight dangerous rhetoric from Trump and other public figures – with new measures to decrease the visibility of provocative posts."We are moving into a chapter that [we] are going to be looking at this in a more nuanced way [than] whether … to leave it up or […]