Star 2023-06-29

SnapStore Pro places full-service banking in the hands of SA entrepreneurs STANDARD Bank's commitment to supporting South African entrepreneurs by showing up with the right tools at the moments that matter is demonstrated by its ongoing partnership with SnapScan in providing innovative fintech solutions that drive business growth. Ten years ago, Standard Bank’s partnership with Cape Town-based innovator SnapScan put phone-enabled QR code payments into the hands of South Africans. To also help businesses remain relevant as transaction technologies change and payment methods increase, “we’re happy to announce that we’ve extended our fintech partnership with SnapScan in the creation of SnapStore Pro, a point-of-sale machine combining card and gadget pay acceptance with our existing QR offering,” says Jenine Zachar, the head of Enterprise Banking at Standard Bank. Allowing the customers…

Depending on effective implementation of proposed Eskom debt relief plan SOUTH Africa’s electricity crisis could improve markedly from next year if the government effectively implements the proposed Eskom debt relief plan and workers are upskilled with green skills. These were the conclusions of two separate reports released yesterday about South Africa’s three-pronged approach to tackle the energy crisis and the changing labour market in a transitioning economy. Moody’s Investor Services commen- ted about the government’s proposal to take over R254 billion of Eskom’s unsustainable debt over three years from the National Treasury. The government also wants Eskom to write off the municipal debt – the principal debt, interest and penalties – over three years, subject to the municipalities complying with a number of conditions in a bid to prevent…

TRADE union Solidarity has scored a major victory against the government’s implementation of the proposed race-based employment equity legislation. The government and the Solidarity yesterday signed an “amicable” Settlement Agreement on the Employment Equity (EE) and Affirmative Action ending a nine-month mediation process. Tension about Employment Equity came to a head last year when Dis-Chem pharmacies issued a moratorium on external appointments and internal promotions of white workers in a bid to achieve employment equity targets. Solidarity had referred a dispute to the International Labour Organisation (ILO) regarding the government’s proposed amendments to the Employment Equity Act after President Cyril Ramaphosa earlier this year signed the Amendment Bill. The union felt that the amended law granted too much power to the Minister of Employment and Labour, saying it undermined the…

PROPERTY price growth remains resili- ent in the lower end of the market while early data shows significant declines in property values above R5.5 million, the latest FNB Property Barometer showed. FNB senior economist Siphamandla Mkhwanazi said yesterday they expect house price growth should slow to around 2% this year from 3.5% in 2022, with risks skewed to the downside. “So far, price reaction to weakening consumer fundamentals has been stronger than expected in the upper end of the market, although financial pressures are more pronounced among lower-income households,” he said. The FNB House Price Index's annual growth decreased in May, averaging 1.9% year-on-year, down from 2.1% in April. He said elevated living costs and higher borrowing and debt-servicing costs continue to erode affordability, particularly among lower-income groups. The…

THE CONGRESS of South African Trade Unions (Cosatu) has slated Thursday next week as a day of a national strike to press demands for a variety of issues affecting the welfare of workers. The Federation confirmed that the strike would be held in all nine provinces with various activities taking place per province with the delivery of petitions to Government Establishments, private businesses including mining houses, Municipal Offices, Premiers’ offices, the South African Reserve Bank (SARB) and Parliament, amongst others. Speaking to Business Report, Cosatu spokesperson Matthew Parks said the socio-economic protests were to press home issues that had been raised before including the high unemployment rate, loadshedding, attacks on national infrastructure including that of Eskom and Transnet, unpaid salaries by some municipalities and employers undermining collective agreements for workers…

PICK N PAY announced yesterday that it had concluded a deal to acquire 100% of the business operations of the Tomis group of companies for R340 million. In a statement, the group will acquire 100% of the Tomis business operations, and this will be split into an upfront cash consideration of R323m, and a fixed capped deferred price of R17m payable on the third anniversary of the transaction. “Tomis’ managing director, Laurie Terblanche, is to remain with the group,” it said. According to the group, the acquisition remains subject to several conditions precedent, including the relevant regulatory approvals, Competition Commission, and others. The group said the acquisition was not a categorised transaction for the JSE listing requirements and, therefore, shareholder approval was not required. Established in 1993,…