Cape Times 2022-01-13

Dieketseng Maleke dieketseng.maleke@inl.co.za CAPITEC Bank’s share price took an almost 3 percent nosedive yesterday morning after it announced that its co-founder, chief financial officer and financial director, André du Plessis, would step down after 22 years with the group. After the news at 7.30am, the share hit a low of R210.021, recovering later in the day to close at R216.176. The digital bank, which boasts 15 million clients, said Du Plessis would retire effectively in June. Grant Hardy, currently the group services financial head at Capitec, will succeed Du Plessis in July. Du Plessis was part of a team that guided the firm to successfully challenge the traditional Big Four, Standard Bank, FNB, Nedbank and Absa. The digital bank has the most expensive listed shares in the banking…

Siphelele Dludla siphelele.dludla@inl.co.za SOUTH Africa’s economy will rebound to pre-pandemic levels this year as the increased Covid-19 vaccination rate and declining number of new cases continue to support a robust economic activity. This was the view of the World Bank, which issued its Global Economic Prospects Report January 2022 yesterday. The report showed that South Africa’s gross domestic product growth for 2021 was expected to pick up more than a full percentage point above the World Bank’s June projections. The World Bank said growth in South Africa was estimated at 4.6 percent in 2021, reflecting a strong rebound in mining, manufacturing and services sectors. It said South Africa’s economy was, however, projected to grow by 2.1 percent in 2022 and 1.5 percent in 2023, reflecting low base…

Siphelele Dludla siphelele.dludla@inl.co.za IS IT TIME for the South African government to end the National State of Disaster which was declared at the onset of the Covid-19 pandemic on March 15, 2020? This is a question on the lips of some captains of industry as the Minister of Co-operative Governance and Traditional Affairs, Dr Nkosazana Dlamini Zuma, is set to announce whether this will lapse or be extended on Saturday, January 15. The National State of Disaster has been renewed every month on the 15th since March 2020, restricting the number of people who can gather indoors or outdoors, imposing a curfew and costing businesses millions of rand in the process. The business sector said that it is ready to do away with all restrictions following the lifting of…

GLOBALLY, the Ocean Economy is becoming more significant within the policy and economic realm as land-based resources near their peak extraction. Worryingly, South Africa’s government has a hazy comprehension of this resource. A resource such as this, if responsibly managed, could resolve many of the pressing issues facing humanity today, especially in a provincial setting like the Eastern Cape. Nelson Mandela University commissioned an Ocean Strategic Road Map highlighting 59 projects, their establishment values, contribution to gross domestic product (GDP), and potential for creating jobs. By 2038, this represents 140 percent of the Eastern Cape’s anticipated ocean economy GDP and 69 percent of the opportunity for employment. There is no denying that the ocean serves as a source of trade, transport, energy, food, tourism, recreation, and many other…

Edward West edward.west@inl.co.za GO LIFE INTERNATIONAL, the Mauritius and JSE AltX-listed investment holding company, said yesterday that its headline loss per share for the nine months to end-November 2021 came to 0.005 US cents (0.078 SA cents) per share, but that it is restructuring and working on recapitalisation plans. The loss per share came to 0.006 US cents at the same time a year before. No revenue was disclosed. The com- pany fully impaired its subsidiaries during the year ended February 29, 2020. “The company has been through some tough times over the last two years. The board has dealt with many challenges and the asset base has been completely eroded,” the company said. New management had been secured as well as some interim funding. “However, as communicated in…

Dieketseng Maleke dieketseng.maleke@inl.co.za TELECOMS company MTN SA has announced two strategic appointments in its group in an effort to ensure continuous customer growth as it continues to bolster its management team. Michele Gamberini has been selected as its new chief technology and information officer (CTIO) effective from February 1. Megan Nicholas has also been appointed as the managing director for MTN Supersonic, the network provider’s fibre and broadband internet service provider, effective from January 1. Gamberini gained 25 years of work experience at Telecom Italia where his position was Global Group CTIO. “Having worked in Italy, Spain, Greece and supported Brazilian technological choices, Gamberini had the unique experience of preparing the network evolution ahead of the 2004 Olympic Games in Athens. He holds a Master’s degree in electronics engineering,”…