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Financial Services

Capitec lodges opposition to reckless-lending charges

Capitec CEO Gerrie Fourie

Provider of unsecured loans says it is not a payday lender, adds it is confident it can win against Summit Financial Partners, but is worried about reputational damage

Financial Services

Standard Bank chiefs grilled about Guptas

Standard Bank joint CEO Sim Tshabalala. Picture: MARTIN RHODES

Shareholders at the bank’s lively AGM zero in on contradictions involving the Guptas, executive pay, fines, and losses

Industrials

Renergen shares climb more than 7% after it releases inaugural results

Renergen CEO Stefano Marani (left) and Afrox managing director Schalk Venter (right) signing the deal on Thursday that commercialises SA’s first onshore helium and natural gas field in the Free State.  Picture: SUPPLIED

Alternative energy company says it did not generate any revenue in the reporting period, but started earning income in May

Industrials

Mpact raided in collusion inquiry

Picture: THINKSTOCK

Mpact holds up its good corporate governance record after Competition Commission officials raid its premises

Transport & Tourism

Uber to favour ownership qualifiers

A taxi passes by an advertisement for the Uber car and ride-sharing service.  Picture: REUTERS

Ride-hailing service Uber is to give preference to individuals acting as proxy drivers who now own their own car

Transport & Tourism

Gautrain’s 48 new coaches to ease rush-hour squeeze

Gautrain. Picture: FREDDY MAVUNDA

The Gautrain has already reached passenger levels predicted for 2020 on rising peak-hour demand

Retail & Consumer

Fabulous growth in Foschini turnover

Picture: FOSCHINI

Foschini Group grows turnover by double digits as cash-rich shoppers help the diversified retailer overcome tough conditions at home

Americas

Outed billionaire to fund legal battle

Peter Thiel.  Picture: REUTERS

Silicon Valley billionaire Peter Thiel confirmed he is funding a legal battle against Gawker Media, which ‘outed’ him nearly a decade ago

Retail & Consumer

Famous Brands to buy Lamberts Bay

Kevin Hedderwick. Picture: FINANCIAL MAIL

Value of deal fell below JSE’s threshold for "categorised transaction", will be settled in cash, according to both companies

Europe

Telecom Italia dangles big carrot for CEO

Flavio Cattaneo. Picture: BLOOMBERG

Shareholders approve bonus of €40m for CEO, Flavio Cattaneo, which he’ll receive if successful in turnaround for Italy’s biggest phone company

Retail & Consumer

CPI rise hits Massmart sales

A Game store, operated by Massmart, in Rosebank, Johannesburg. Picture: SUNDAY TIMES

Massmart CEO Guy Hayward expects SA’s drought-driven food price inflation to accelerate further before it starts to slow towards the end of 2016

Opinion

COMPANY COMMENT: Astoria; Pivotal Fund

Picture: THINKSTOCK

Astoria positions for bigger things to come, while attractive Pivotal Fund may yet face a bumpy ride

DRIVEN:  A logo on the windscreen identifies a US member of Uber.  Picture: REUTERS/ROBERT GALBRAITH

NEWS ANALYSIS: Car makers rush to do deals with ride-hail drivers

Car makers now recognise they may turn ride-hailing services and car-sharing companies into steady customers for all sorts of vehicles, write Joseph White and Paul Lienert

Property

Vukile expects rerating on assets growth

Picture: THINKSTOCK

‘We believe Vukile owns a very high quality portfolio of retail assets, and that this is set to improve even further. We feel that we will then be rerated and trade at a better yield,’ says CEO

Property

Texton buys two property portfolios from Blend worth more than R860m

Flats on the bank of the River Thames on Wapping High Street in London. Picture: BLOOMBERG

The deal allows Texton to improve the overall quality of its portfolio while diversifying beyond SA into the UK, Texton says

Companies

Controversial report on Auction Alliance out in Business Day

WHAT’S YOUR OFFER: Auction Alliance founder and former CEO Rael Levitt Picture:MARTIN RHODES

Business Day is publishing the report on Auction Alliance for a number of reasons, but does not warrant the report’s accuracy and has found it wanting in some minor ways

Financial Services

Sygnia’s first-half net profit soars nearly 20%

Picture: THINKSTOCK

The small-cap company, which provides investment management and administration solutions, became an instant hit when it debuted on the JSE last year

Financial Services

Standard Bank on the case after Japanese criminals used bank cards for fraud

Standard Bank joint CEO Ben Kruger. Picture: ROBERT TSHABALALA/FINANCIAL MAIL

Standard Bank joint-CEO Ben Kruger says cards are prone to being used in fraud, especially if based only on magnetic strip technology, as is the case in Japan

Telecoms & Technology

Funder in Makate’s ‘please call me’ case asks Vodacom to delay payment

Nkosana  Makate at the Constitutional Court in Braamfontein, Johannesburg. Picture: FREDDY MAVUNDA

Sterling Rand, who found backers for Kenneth Makate’s case, has told Vodacom to withhold at least 50% of any settlement, in case Sterling is excluded from the deal

Industrials

Mpact’s share price falls after Competition Commission raid

BEST PRACTICE: Competition Commission head Tembinkosi Bonakele says that regulation can be used by the state to tackle excessive pricing. Picture: PETER MOGAKI

Commission press release confirms raid on premises of both MPact and New Era Packaging as part of investigation into allegations of collusion

Property

Vukile’s goal to be top quality retail fund on track

Picture: THINKSTOCK

Vukile Property Fund nearly 70% comprised of retail property assets and if deal with Synergy Income Fund completed, will soon be 90% invested in retail assets

Opinion

Firms need to fight graft with intent

Picture: THINKSTOCK

Corruption Watch says comprehensive anticorruption programmes can shield companies from the pervasive scourge


International companies


Asia-Pacific

Tencent surges to record on speculation of Shenzhen stock link

Picture: REUTERS

Chinese gaming and messaging giant Tencent soars to record in Hong Kong as investors speculate potential link with Shenzhen exchange will spur it higher

Americas

Google claims a victory in copyright battle with Oracle over Java software

IN THE SPOTLIGHT: Google executive chairman Eric Schmidt speaks at the Google Big Tent event in London on Wednesday. Picture: REUTERS

A jury upheld claims by Google that its use of Oracle’s Java development platform to create Android was protected under the fair-use provision of copyright law

Europe

Telecom Italia dangles big carrot for CEO

Flavio Cattaneo. Picture: BLOOMBERG

Shareholders approve bonus of €40m for CEO, Flavio Cattaneo, which he’ll receive if successful in turnaround for Italy’s biggest phone company

Peter Thiel.  Picture: REUTERS

Outed billionaire to fund legal battle

Silicon Valley billionaire Peter Thiel confirmed he is funding a legal battle against Gawker Media, which ‘outed’ him nearly a decade ago

Americas

Digital ads a clue to AT&T’s Yahoo bid

INTO THE FRAY: US wireless service provider AT&T has emerged as a bidder for Yahoo assets, pitting it against Verizon Communications. Picture: REUTERS/SHANNON STAPLETON

AT&T emerges alongside Verizon and several other bidders interested in Yahoo with an eye on its advertising technology

Picture: THINKSTOCK

NEWS ANALYSIS: Mutual insurers do better than listed counterparts

Data show over eight years publicly traded insurers’ share of the $4-trillion market has shrunk compared with mutual companies, writes Katherine Chiglinsky

Financial Services

Abil emerges from business rescue with cash remaining

John Evans. Picture: SUPPLIED

Suspended JSE listing has settled its debts in full and can proceed with operations, as business rescue practitioners stay on to safeguard assets

Americas

Apple explores charging stations for electric vehicles

Picture: AFP PHOTO/TIMOTHY A CLARY

Property owners reluctant to install charging stations before electric vehicles hit road en masse, while drivers wary of buying vehicles until stations widely available

Retail & Consumer

Famous Brands is acquiring Lamberts Bay Foods

Kevin Hedderwick. Picture: FINANCIAL MAIL

Acquisition will boost food group’s capability and capacity across logistics and manufacturing supply chain operations

Retail & Consumer

Massmart to open 13 more stores this year, as group sales grow

Makro store in Midrand, Johannesburg. Picture: SOWETAN/ANTONIO MUCHAVE

Massmart CEO Guy Hayward says stores that have been opened in SA since January 2015 have contributed 1,300 permanent and 5,000 temporary or indirect jobs

Financial Services

Standard Bank issues statement ahead of AGM

Standard Bank. Picture: MARTIN RHODES

Expense growth is higher than income growth for Standard Bank, amid economic conditions that remain challenging

Opinion

Business must do more to spread benefits

Not enough is said of how the private sector can further the goals of inclusive growth

Asia-Pacific

Takata will restructure, seek cash amid air-bag recalls

ROCKY ROAD: Technician Edward Bonilla holds a recalled Takata air bag inflator after he removed it from a Honda Pilo. Picture: REUTERS

Takata hires investment bankers to seek cash infusion and negotiate with auto makers over ballooning costs it faces for rupture-prone air bags linked to 11 deaths

Asia-Pacific

Takata in bail-out talks after safety recall

A technician holds a recalled Takata air bag inflator. Picture: REUTERS

Takata enters bailout talks with potential investors include private equity firm KKR after recall over air bag malfunction cripples company

Retail & Consumer

Quantum Foods survives drought with small decline in profit

A farm worker sits on a water tank as he supplies his livestock with water at a farm outside Utrecht, a small town in the northwest of KwaZulu-Natal. Picture: REUTERS/SIPHIWE SIBEKO

Overall group revenue increased, with growth in SA offsetting a 24.2% dive in revenue from its rest of Africa operations

Transport & Tourism

Hoteliers upbeat on revival of SA tourism

Tourism Minister Derek Hanekom. Picture: SOWETAN

South Africa's tourism minister says most of the challenges that led to the sector contracting in 2015 are largely gone

Media & Advertising

Holding company of e.tv falls into loss

HCI CEO Johnny Copelyn says tight rules are hampering the group’s expansion. Picture:  SUPPLIED

Free-to-air TV station manages to recover its market share, although this comes at price of considerable investment in local programming

Industrials

Construction company Esor returns to profit

Bernie Krone, chairman of Esor. Picture: FINANCIAL MAIL

Esor makes aftertax profit from previous year’s loss, while revenue declines slightly due to delays in awarding contract

Retail & Consumer

Casino rivals in Cape Town licence battle

Picture: REUTERS/BOBBY YIP

Tsogo Sun and Sun International at starting blocks as lucrative new casino licence nears

Healthcare

Mediclinic grows its revenue, but profit plummets

Picture: THINKSTOCK

The group has grown to 73 hospitals and 45 clinics around the world

Retail & Consumer

Starbucks gives Taste reason to cheer

Starbucks, Rosebank. Picture: SUPPLIED

Company says the launch of the first two Starbucks stores has exceeded its wildest expectations

JSE Sens

Standard Bank

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Grindrod Grindrod AGM
Capitec Capitec AGM
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