Star 2025-03-07

The Occupational Lung Disease Working Group, representing six major mining companies involved in a landmark class action settlement from 2018, has welcomed the announcement from the Tshiamiso Trust that benefit payments to former and current miners, as well as their dependents, have exceeded R2 billion. This achievement marks a critical turning point for the thousands affected by silicosis and tuberculosis (TB) linked to occupational hazards within the mining sector. The Tshiamiso Trust was instituted to implement the 2018 class action settlement, involving African Rainbow Minerals, Anglo American SA, AngloGold Ashanti, Gold Fields, Harmony Gold, and Sibanye-Stillwater. The Trust is charged with administering compensation to eligible mineworkers suffering from silicosis or work-related TB, as well as their dependents. The Working Group on Thursday expressed pride in seeing the settlement’s terms actively…

FirstRand CEO Mary Vilakazi has warned that geopolitical tensions in the form of import tariff increases in many countries, led by the US, may lead to higher global inflation and prevent interest rates from being cut further in South Africa later this year. Vilakazi was interviewed Thursday at the release of the financial services group’s financial results for the six months to December 31. Just this week the US imposed a 25% tariff on its imports from Mexico and Canada and it doubled tariffs on some Chinese goods to 20%. Vilakazi said higher tariffs have the impact of raising consumer prices, and may lead to higher global inflation this year, which might also impact prices in South Africa. “We had penciled in two interest rate cuts this year, but the…

Thousands of youth to be trained in AI skills, machine learning, and cybersecurity siphelele.dludla@inl.co.za Microsoft has unveiled a significant plan for further investment of more than R5 billion in South Africa to train thousands of unemployed youth in AI skills and AI start-ups, signalling a new chapter of technological innovation and economic progress for the nation. The global software giant has already dedicated considerable resources into supporting black-owned companies pioneering 4IR technologies and plans to train one million South Africans in AI skills, machine learning and cybersecurity by 2026. Over the past five years alone, Microsoft has invested significantly in cloud, in data centres, in agriculture and in the digital transformation of government services. Brad Smith, Vice chair and president of Microsoft, on Thursday outlined the multifaceted nature of this…

Some €6.5 billion – or R125bn – flowed through Steinhoff's books between 2009 and 2017 when the lid was on what is South Africa’s biggest corporate scandal to date was blown. This information is contained in a PwC investigation into the company, which Business Report secured through a Promotion of Access to Information Act application. Overall, eight companies are listed in the report as having been used by Steinhoff to artificially inflate its revenue. PwC stated that this income was recorded by the now defunct company for the financial years between 2009 and 2017. Then external auditors, Deloitte, raised issues with Steinhoff’s accounting practices in 2017, which resulted in Steinhoff losing 97% of its market capitalisation between August 2017 and March 2019 as investors reacted to the news. PwC explained…

Luno, a prominent South African cryptocurrency exchange operating in 40 countries, has urged the National Treasury to enact regulatory changes to classify digital assets as onshore assets when held on local licensed platforms. These reforms are seen as critical to unlocking significant economic growth and generating much-needed revenue for the country’s fiscal health. Historically, South Africa was a frontrunner in the cryptocurrency domain, but it now risks lagging behind as other countries embrace digital currencies as a recognised asset class for both institutional and individual investors. The crux of Luno’s appeal to Finance Minister Enoch Godongwana revolves around the critical need to classify digital assets as onshore assets when held on local licensed platforms, paving the way for enhanced investment opportunities. Currently, digital currencies are not designated as either offshore…

South Africa now stands at a pivotal moment - our sovereignty, economic future, and international standing hang in the balance. The choices we make today will not only define our role in the world but will shape the destiny of generations to come. A Shifting World The world is shifting. Power is shifting. Donald Trump is now the US president, and the US Senate and Congress (both houses) are now controlled by the Republican Party, commonly referred to as the Grand Old Party. South Africa, President Cyril Ramaphosa, and the ANC are caught in the storm. As global alliances realign, the question we must ask is this: will we remain sovereign in our decisions, or will we be forced into making decisions not necessarily aligned with our historic relationship with…