Star 2025-06-18

Nischal Mewalall has announced his decision to step down as CEO of the South African Banking Risk Information Centre (SABRIC) after five years at the helm. His departure comes as he looks to pursue personal aspirations, a move met with gratitude from the board, employees, and stakeholders for his indelible impact on the organisation. Mewalall on Tuesday expressed his gratitude for the opportunity to lead SABRIC, saying it has been an incredible privilege. "I am proud of what we have achieved together, transforming the organisation, driving digital innovation, and fortifying South Africa's defences against fraud," he said. "I leave with confidence in SABRIC's continued success and extend my heartfelt thanks to the Board, our dedicated team, and our partners for their unwavering support." SABRIC is formed by the four major…

Eastern Platinum (Eastplats) said it had detected a cybersecurity incident affecting its internal IT systems on May 27, 2025. Eastplats is a platinum group metals (PGM) and chrome producer with assets located along South Africa’s Bushveld Complex, the world’s largest known PGM resource. Upon detection, Eastplats took immediate containment measures to protect its network and data, it said. Eastplats has since been working with cybersecurity experts to thoroughly investigate the incident's scope and undertake necessary remedial action. "Importantly, Eastplats' business operations have continued without disruption," it said. However, certain files related to its internal affairs were disclosed without authorisation by third parties on a restricted part of the internet. Eastplats said it is actively reviewing these files to ensure ongoing compliance with its legal obligations and to safeguard its commercial…

South Africa's markets faced a turbulent day on Tuesday as they traded on the backfoot, grappling with the ongoing hostilities in the Middle East and uncertainty surrounding the US Federal Open Markets Committee’s (FOMC) upcoming decision on interest rates. The JSE All Share Index fell 0.7% to 94 695 by 4pm while the rand was weak and traded above the R18.80-mark against the US dollar after reaching R17.70/$1 as the severe escalation in the conflict in the Middle East has increased market risk aversion. Stocks such as Karooooo, Assura and Harmony Gold saw the most declines, falling 4.55%, 4% and 3.3%, respectively. However, the marked US dollar weakness of the second quarter continued to persist amid heightened volatility. The escalation of conflict in the region reached new peaks following a…

Merlog Foods has called on the Department of Agriculture to allow the importation of Mechanically Deboned Meat (MDM) from regions in Brazil unaffected by the recent avian influenza outbreak. This request comes on the heels of the department signing an import agreement with the United States, a move hailed by many industry stakeholders as a crucial step towards enhancing food security in the country. MDM is widely used in lower-cost protein products required by millions of South Africans for food security such as Vienna sausages and polony, and Brazil is South Africa’s primary source of MDM. Georg Southey, manager of Merlog Foods, recently expressed his appreciation for the Department's year-long arrangement with the US that facilitates a responsive trade mechanism in the wake of bird flu outbreaks. “This agreement, which…

crisis as rescue practitioners prepare exit Uncertainty surrounds the funding of about R7 billion needed to recapitalise both the South African Post Office (SAPO) and the Post Bank after National Treasury firmly ruled itself out as an option. This comes as the SAPO Business Rescue Practitioners prepare to exit the process, leaving the entity with a R1.7bn paper profit. During a briefing to Parliament's Portfolio Committee on Digital Technologies and Communications on Tueaday, SAPO's Group acting CEO, Fathima Gany, expressed the urgency of the situation. Gany said SAPO required R3.8bn to efficiently run its extensive network of 657 branches while integrating necessary digitisation capabilities. "The magic number is R3.8bn. It could be anything else, unfortunately the fiscus doesn't have the ability to give us that and we have to appreciate…

I was astounded to see news last week of Transnet’s capitulation to union strike threats, agreeing to give workers 6% pay rises in each of the next three years. This agreement represents a failure of leadership on both sides – militant unions holding the country hostage with strike threats, and management caving to their demands without a fight. While South African businesses slash costs and workers face retrenchments, Transnet workers will get pay rises that are double the inflation rate, funded by taxpayers already struggling to make ends meet. Inflation is running at 2.7% and the economy is expected to only grow 1.4% this year. The news came days after National Treasury had agreed to give Transnet additional guarantees to enable it to manage its huge debt pile. In the…