Star 2024-06-18

AFRICA Data Centres, a business of the Cassava Technologies group, has unlocked funding that will allow them to expand data centre capacity and meet the growing demand for cloud computing services in South Africa. This was facilitated through a bespoke financing solution arranged by RMB. The financing agreement demon- strates the strong financial position of Africa Data Centres and its commitment to invest- ing in the digital transformation of South Africa. Hardy Pemhiwa, president and Group CEO of Cassava Technologies, said this funding was a significant milestone in the growth of Africa Data Centres. “It underscores our commitment to growth and our confidence in the future of the South African data centre market,” Pem- hiwa said. “The additional funding will allow us to support the digital transfor- mation…

VODACOM says it has no intention of raising prices for fibre connection or cutting out other telecoms companies should its proposed deal with Dark Fibre Africa and Vumatel, to create the country’s largest fibre network, be approved. The three companies aim to establish a company, called Maziv, in a multibillion rand deal, with Vodacom holding a 30% to 40% stake in return for a R6 billion investment. The Competition Commission has opposed the tie up, arguing it was anticompetitive as Vodacom would have a material interest in the company, allowing it to increase prices and refuse other operators access to the network. Addressing the Competition Tribunal on Friday, Vodacom Group CEO Shameel Joosub said Vodacom had no interest in increasing access costs nor limiting competition, as well as slowing…

AYO TECHNOLOGY Solutions (AYO) has appointed its board member, advocate Ngoako Ramatlhodi as interim independent non-executive chairperson with effect from June 12, 2024, the company said on Friday. Ramatlhodi, a professional businessman, and advocate with more than 30 years’ business experience, joined the board of the JSE-listed ICT investment group as an independent non-executive director on March 7, 2018. He previously served as the premier of Limpopo and held the positions of Minister of Public Services and Mineral Resources, and Deputy Minister of Correctional Services. He was also a member of Parliament. Ramatlhodi is a founding member and the first chairperson of the University of the North Arts and Drama Association and chairperson of the central cultural committee. He lectured in public international law at the University of the North…

THE BUSINESS community, particularly the property industry, has expressed hope that the formation of a Government of National Unity (GNU) in South Africa will bring stability to volatile financial markets and incentivise the SA Reserve Bank (SARB) to cut interest rates. This comes as the country’s two biggest political parties, the ANC and the DA, on Friday announced that they had agreed to form a GNU together with other smaller parties, the IFP and the PA, after the May 29 election had no decisive winner. The formation of the GNU saw Presi- dent Cyril Ramaphosa being re-elected in Parliament, with former Minister of Agriculture Thoko Didiza appointed as Speaker of Parliament and Dr Annelie Lotriet of the DA elected as Deputy Speaker. The financial markets had been on tenterhooks for…

S&P GLOBAL Ratings has warned that earnings for South African insurances companies were likely to be pressured this year, following extreme weather events that left a trail of destruction in the Eastern Cape and KwaZulu-Natal provinces earlier this month. This comes as the National Disaster Management Centre has classified the severe weather events in the Eastern Cape and KwaZulu-Natal as a “national disaster”, after floods and a tornado ripped through the provinces. Earlier this month, heavy rains accompanied by strong winds resulted in severe flooding in most parts of the Eastern Cape, displacing more than 2 500 people, especially in the Nelson Mandela Bay and Buffalo City metros, while a tornado ripped through Tongaat in Durban a few days later, leaving 12 people dead and more than 7…

ESKOM Group CEO, Dan Marokane, is confident that the utility will be able to lead the looming electricity free market through its people and innovative strategies, including debt recovery and adapting to the required new technologies. This comes as Eskom pivots a new terrain following passing of the Electricity Regulation Bill last month, establishing a State-owned Transmission System Operator that will operate the national transmission grid and create an open-market platform to enable competitive trading of electricity, ending Eskom’s 100-year monopoly. Since taking office 100 days ago, Marokane has prioritised staff motivation, piloted partnering with municipalities over the R74 billion overdue arrears, legitimising illegal connections, and getting fair value for disposed assets, including the Eskom Finance Company (EFC), which is expected to unlock cash reserves when a deal is…