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In March 2024, a staggering 45.5% of young South Africans aged 15-34 years were reported to be jobless, according to Statistics South Africa. To drive meaningful change and reduce this crisis-level figure, both the private and public sectors have to come together and intensify their efforts to create more jobs. Shaun Lamont, Managing Director of …
In the ever-evolving landscape of real estate and asset management, obtaining accurate valuations has become a critical aspect for investors, businesses, and property owners. Whether it is for land, buildings, agricultural farms, or specialised technical assets, professional valuation services provide essential insights and financial clarity. This article delves into the significance of engaging a valuation …
Eastern Cape government to ensure faster service delivery
Eastern Cape Premier Oscar Mabuyane has assured the people of the province that the provincial government will do more, better and faster, to ensure that it delivers on its 2024 manifesto commitments.
Announcing the province’s new Members of the Executive Council on Friday, Mabuyane said: “I wish to inform the people of our province that we have reconfigured government departments by separating Finance and the Department of Economic Development Environmental Affairs, and Tourism.
He explained that the reconfiguration was done to ensure that economic development matters receive special attention to build an economy that creates new jobs.
“We want to ensure that special focus is paid to retaining and attracting new investments into our province. After all, it is the investors that will create the much-needed jobs in our province,” Mabuyane said.
He announced that the Departments of Public Works and Human Settlements have been combined.
“These two departments are mainly about the built environment which is critical for the development of our province and communities. It makes sense to place the under one Executing Authority for seamless planning and execution of projects,” the Premier said.
Mabuyane announced the Members of the Executive Council as follows:
• MEC for Finance is Mlungisi Mvoko
• MEC for Education is Fundile Gade
• MEC for Health is Ntandokazi Capa
• MEC for Cooperative Governance and Traditional Affairs is Zolile Williams
• MEC for Economic Development, Environmental Affairs, and Tourism is Nonkqubela Peters
• MEC for Sport, Recreation, Arts and Culture is Sibulele Ngongo
• MEC for Social Development is Bukiwe Fanta
• MEC for Public Works and Human Settlements is Mani-Lusithi
• MEC for Transport and Community Safety is Xolile Nqatha
• MEC for Agriculture is Nonceba Kontsiwe
Mabuyane said the MECs would be heading stable portfolios with experienced HODs, established CEOs of public entities and highly skilled employees.
“They will be supported by their administrative teams to build on the progress of the past five years.” – SAnews.gov.za
Edwin
Fri, 06/21/2024 - 11:56
SADC urged to invest in rail infrastructure
The Passenger Rail Agency of South Africa (PRASA) Chief Executive Officer Hishaan Emeran has called on the railway transport sector in the Southern African Development Community (SADC) region to continue to invest in the development, upgrade and maintenance of rail infrastructure.
“The introduction of modern rolling stock will boost efficiencies and help divert traffic from the roads. We need to collaborate to solve shared challenges because rail transport provides both an efficient and the most affordable mode of transport for passengers and goods,” Emeran said on Thursday in Cape Town.
He made these comments during his acceptance speech as the newly elected President of the Southern African Railways Association (SARA), which is an organisation dedicated to promoting and enhancing rail transport services across the SADC region.
The President committed to acquainting himself with the state of rail in the SARA region by visiting as many of the member countries as possible in an endeavour to address challenges in the sector.
“With our collective commitment to making the railway industry the preferred means of transportation for goods, services, and people - we also acknowledge that the region’s railway transport sector has not been without challenges.
“The efficiencies of our rail networks have been compromised by inadequate, in some cases obsolete and poorly maintained rail infrastructure and rolling stock,” Emeran said.
He said the region is at the centre of efforts to promote regional trade and harness sustainable regional economic growth.
“We are at a critical point in our region’s history, at the intersection of opportunity and preparedness and as SARA we have to be ready to play our role in supporting sustainable social and economic growth of our region by delivering robust rail services,” Emeran said. – SAnews.gov.za
nosihle
Fri, 06/21/2024 - 14:23
Nigeria-SA relations critical for Africa’s success
President Cyril Ramaphosa has emphasised that understanding and partnership between South Africa and Nigeria is critical for the success of the African continent.
The President was speaking following a bilateral meeting between him and his Nigerian counterpart, President Bola Tinubu in Tshwane, on the back of the Presidential Inauguration held on Wednesday.
“[F]or me what matters most is to be able to have very good economic links with Nigeria. The two countries – South Africa and Nigeria – are very important in our continent and when the two countries work together, which we are, and we do things together, it benefits Africa.
“It is the two countries that are among the pillars of our continent and I’m particularly pleased that we support each other internationally in various fora, the UN [and other] multi-lateral institutions. Nigeria and South Africa are essentially joined at the hip and we want to engender good economic and trade relations between our two countries to address the challenges that our two countries face,” President Ramaphosa said.
On the domestic front, the President said the African continent has received South Africa’s Government of National Unity positively.
“We’ve set up a Government of National Unity and I’m particularly pleased that the African continent has responded very positively to the news that we will continue stabilising politics of our country. But more importantly, through the Government of National Unity, we’re setting a very strong foundation for economic growth and to be able to attract investments,” he said.
Tinubu – who attended the inauguration held on Wednesday – said discussions between the two heads of government mainly related to the economy.
“I’m here to congratulate my brother for putting together a very impressive outing – particularly for the Government of National Unity to stabilise the politics. That is coming at a very challenging time for the rest of us in Africa to really come up with collaborative economics that will help our downtrodden and vulnerable people,” said President Tinubu.
Wednesday’s inauguration which saw Ramaphosa inaugurated for a second term in office, follows on the 29 May 2024, National and Provincial Elections. The results of the elections produced no outright majority winner, requiring the leaders of different formations to work together in taking the country forward.
READ | GNU to advance the interest of all South Africans
– SAnews.gov.za
NeoB
Thu, 06/20/2024 - 13:13
When it comes to women’s health, access to comprehensive and compassionate care is essential. Whether you are seeking routine wellness check-ups, contraceptives, or more specialised services, it is crucial to find a clinic that prioritises your needs. In South Africa, various facilities, including abortion clinics and wellness clinics, provide a wide range of services to …
The global market for platinum group metals (PGMs) – which include platinum, palladium, rhodium, iridium, osmium and ruthenium – will record a 4.47% increase between now and 2029, according to market research firm Mordor Intelligence. In part, market growth will come from growing demand for PGMs in green technologies, including hydrogen energy technologies, in turn generating opportunities across Africa's mining and hydrogen value chains.
The Critical Minerals Africa (CMA) Summit, taking place on November 6-7 in Cape Town, will unpack the nexus between PGMs and green hydrogen and their evolving role within the African and global energy transition. The continent is home to the world's largest PGM reserves, with South Africa alone possessing over 80% of global resources and Zimbabwe also holding substantial reserves. These metals play a vital role in fuel cell technology, enabling the production of electricity from hydrogen and oxygen. As African countries – including Namibia, South Africa, Mauritania and Egypt – intensify their green hydrogen activities, long-term PGM demand is expected to grow substantially, powering a wide range of applications from hydrogen fuel cell vehicles to stationary power generation to industrial processes.
Africa's Green Hydrogen Potential
The African continent holds substantial potential for green hydrogen production given its abundance of co-located renewable resources. According to the European Investment Bank, Africa has the potential to produce 50 million tons of green hydrogen per annum by 2035, which could help meet power, transportation and industrial energy needs, decarbonize heavy-polluting industries, as well as be used for global export.
Namibia represents a pioneer of green hydrogen on the continent, having secured billions in investment for green hydrogen projects from various investors, including the USAID, the Development Bank of Southern Africa and Japanese investment firm ITOCHU. Green energy firm Hyphen Hydrogen Energy is implementing a $10-billion project, with the capacity to produce 350,000 metric tons per year using 7 GW of renewable energy and 3 GW of hydrogen electrolyzers. Last May, Belgian port operator Antwerp Bruges partnered with the Namibian Ports Authority to develop a EUR 250-million hydrogen and ammonia storage facility at Walvis Bay Port to facilitate the transport of hydrogen to regional and global markets.
Realizing the potential of green hydrogen to drive regional energy security, South African tourism, trade and investment agency Wesgro signed an agreement last month with the Northern Cape Economic Development, Trade and Investment Promotion Agency, Namibia's Environmental Investment Fund and infrastructure company Gasunie and Climate Fund Managers. The agreement paves the way for the parties to assess the feasibility of developing a green hydrogen corridor connecting the Western Cape and Northern Cape provinces of South Africa with Lüderitz in Namibia.
Furthermore, green energy companies Hive Energy UK and Genesis Eco-Energy are developing a R105 billion green hydrogen and ammonia project in the Coega Special Economic Zone in the Eastern Cape province of South Africa. The project will add 14,400 MW of electricity to the grid and produce 900,000 tons of green ammonia for export to global markets, increasing the country's export revenue. South Africa has also established a $1-billion fund in partnership with the Netherlands, aimed at accelerating the deployment of green hydrogen projects to feed growing demand in Europe.
Private and public sector entities in South Africa are demonstrating the potential for synergy between PGMs and green hydrogen, specifically in hydrogen fuel cell vehicles. Last October, mining firm Anglo American entered into a partnership with automotive firm BMW South Africa and international energy firm Sasol to develop South Africa's PGMs and green hydrogen value chains. Anglo American will provide PGMs used in hydrogen fuel-cell vehicles, while Sasol will provide the green hydrogen and BMW the vehicles.
As global demand for green hydrogen rises due to carbon emission reduction policies and growing energy needs, a parallel surge in PGMs demand is also anticipated. Given that Africa is home to the overwhelming majority of these critical minerals, CMA 2024 will explore the latest policies, projects and developments ensuring that the continent capitalizes on green hydrogen as a key growth driver.
Organized by Energy Capital & Power, CMA is the largest gathering of critical mineral stakeholders in Africa. Taking place from November 6 – 7 in Cape Town, the event positions Africa as the primary investment destination for critical minerals. This year's edition takes place under the theme Innovate, Enact, Invest in African Critical Minerals to Sustain Global Growth, connecting African mining projects and regulators with global investors and stakeholders to untap the full potential of the continent's raw materials. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com.
Distributed by APO Group on behalf of Energy Capital & Power.
Government of national unity provides opportunity to improve lives of citizens
Gender activist, Dr Lesley Ann Foster, has expressed hope that the government of national unity will provide an opportunity for political parties to collaborate in addressing South Africa’s unemployment, slow economic growth and inequalities.
“This is a very significant moment. I feel quite emotional about it…We have had so much negativity and so many challenges that we have been facing that this gives us a ray of hope for change that will take us forward as a country,” Foster told SAnews on Wednesday at the Union Buildings.
Foster who is the founder and executive director of non-governmental organisation (NGO) Masimanyane Women's Rights International made these remarks ahead of the inauguration of President-elect Cyril Ramaphosa in Pretoria.
“We are excited about the possibility that this new administration [brings]. The most important thing about the government of national unity is that it is not about a particular party but about national unity. How do we bring all these people together to bring about progress and development? The most critical thing is about what can take the country forward,” she said.
Foster said the presence of dignitaries at the inauguration signifies that the international community honours and respects South Africa.
“They are coming to pay their respects to our new President and that is very significant for us that they are here to say we stand with you; we support you.”
With the inauguration representing the beginning of the seventh administration, Foster called for government to address corruption, unemployment and gender inequality.
“Government needs to deal decisively with corruption. They also need to work on the economic policies and look at how they can create jobs, particularly for the youth and the unemployed of our country; there is so many of them.
“I work in the gender sector. We have a huge challenge to address gender-based violence in this country. We have had very strong political commitments from President Ramaphosa in his previous administration. We are praying that it will happen again.”
She added that she was part of a collective of women that have written a statement to all political parties requesting that they address gender equality issues in this administration.
“We want them to address gender equality. We want the National Council on Gender-Based Violence and Femicide to be put in place. We want issues on empowerment and our status in society to be addressed
“South African women still have very low status, even though they has been massive progress, we still have low status. They need to address that because until we are an equal society, poverty is going to be the big issue.
“We have a big problem around poverty, food insecurity and water insecurity. They have to address those issues very decisively because we are sitting on a smouldering peg and we can have an explosion at any time from the youth because they are dissatisfied,” Foster said.
This year’s inauguration coincides with South Africa’s celebration of 30 years of freedom and democracy.
READ | SA marks Inauguration Day
The 27th of April 2024 marked 30 years since the advent of democracy in South Africa. This day marked a historic milestone in South Africa, as all adults were allowed to cast their votes, for the first time, in a free and fair democratic election. –SAnews.gov.za
nosihle
Wed, 06/19/2024 - 09:16
20 June marks South Africa’s Earth Overshoot Day – the day when our consumption of ecological resources exceeds the planet’s capacity to regenerate them for that year. Jako Volschenk, Associate Professor in Strategy and Sustainability at Stellenbosch Business School emphasises the critical imbalance between our demand and nature’s capacity. “Earth Overshoot Day is a wake-up …
Government of National Unity: A moment of profound significance
19 June 2024 is by no means an ordinary day in the collective landscape of South Africa. With President Cyril Ramaphosa having taken his Oath of Office, marking the start of the seventh administration, the country is now firmly in the fold of the creation of a Government of National Unity.
The recently concluded 29 May National and Provincial Elections, while having been conducted in a manner that has been deemed free and fair by the South African Human Rights Commission, among others, demonstrated the maturity of South Africa's democracy since its early steps in 1994. Even though the outcomes of the first democratic election made clear the resounding message of the masses, who had long battled for the right of political and societal agency, a Government of National Unity was formed to help the fragile populace to navigate the treacherous waters of a nation that was new to inclusivity.
While this year's General Election results produced no outright majority winner, the requirement for leaders of different formations to work together is not too unsimilar to what the country had to do to find its way at the inception of democracy. Today, leaders are required to carve a new path, one where cooperation amongst parties with different views have come together, and continue to do so, united in the single purpose of providing citizens with services that are aimed at improving their quality of life and building a sense of national solidarity.
Addressing the public in his inaugural speech, and essentially the world at large who had been following developments in the country, President Ramaphosa on Wednesday said the formation of the Government of National Unity is a moment of profound significance.
“It is the beginning of a new era,” President Ramaphosa said at the Union Buildings in Pretoria.
He said the Government of National Unity requires a common mission, which is anchored in safeguarding national unity, peace, stability, inclusive economic growth, non-racialism and non-sexism.
“Through the ballots that they have cast, the people of South Africa have made plain their expectation that the leaders of our country should work together."
President Ramaphosa said the people of South Africa have directed their representatives to put aside animosity and dissent, to abandon narrow interests and to pursue together only that which benefits the nation.
“As leaders, as political parties, we are called upon to work in partnership towards a growing economy, better jobs, safer communities and a government that works for its people.”
President Ramaphosa said from across the political spectrum, parties have answered that call.
“Understanding that no party can govern alone and make laws alone, these parties have agreed to work in partnership, to employ their talents for the good of the country and the progress of its people.
“Together, they have resolved to establish a government of national unity to pursue a common programme of fundamental and lasting change.
“As the leaders of this country came together in a Government of National Unity 30 years ago to forge a common future and build a united nation, the parties in the government of national unity of today have agreed to work together to address the most pressing challenges before our nation,” President Ramaphosa said.
President Ramaphosa said the parties have adopted a Statement of Intent, in which they have committed to pursue rapid, inclusive and sustainable economic growth, to create a more just society by tackling poverty, to safeguard the rights of workers, to stabilise government and to build state capacity and to pursue a foreign policy based on human rights, solidarity and peace.
“As South Africans, we must each do what we can to achieve this mission. We will invite all parties, civil society, labour, business and other formations to a National Dialogue on the critical challenges facing the nation,” the President said.
President Ramaphosa said the parties have made a commitment to invest in South Africa’s people through quality education and health care, to address crime and corruption, to strengthen social cohesion and build a united nation and the will of the people shall be done without any doubt or question.
“The voters of South Africa did not give any single party the full mandate to govern our country alone.
“We will seek, as we have done at so many important moments in our history, to forge a social compact to realise the aspirations of our National Development Plan.
“As individuals, as families, as communities and in our many formations, let us draw on our every strength to turn our dream for a better South African into reality,” President Ramaphosa said. – SAnews.gov.za
Edwin
Wed, 06/19/2024 - 13:43
Opinion may be “extreme, unjust, unbalanced, exaggerated and prejudiced” but it must be “honestly-held … without malice, on a matter of public interest on facts that are true”.
In today’s fast-paced business environment, the management of facilities is a critical component for the smooth operation of any organization. From office buildings and factories to hospitals and schools, effective facilities management ensures that these spaces are safe, efficient, and conducive to productivity. Facilities management software is transforming how businesses in South Africa handle this …
Introduction Vaping, https://www.downtownvapoury.co.za, has become a popular alternative to traditional smoking, offering a modern twist to nicotine consumption that many find appealing. The sleek design of vape devices, the wide array of flavours, and the perceived health benefits compared to smoking have contributed to its rising popularity. However, despite its prevalence, many people remain unaware …
Youth challenges to remain key under government of national unity – Mashatile
Deputy President Paul Mashatile has thrown his weight behind President-elect Cyril Ramaphosa, saying he is confident that under his leadership in the government of national unity, South Africa will continue to address the challenges facing the youth.
“In this regard, we will in the next five years, focus on creating jobs and building an inclusive and growing economy. We will equally focus on implementing a programme focused on skilling youth with the skills of the future,” he said on Sunday.
Mashatile was speaking at the 48th anniversary of Youth Day at Old Peter Mokaba Stadium in Polokwane, Limpopo.
The annual event recollects the sacrifices of South Africa’s youth in the fight for democracy, an event immortalised by the Soweto Uprising of 16 June 1976.
“Our young people must have work opportunities,” Mashatile told the gathering.
The Deputy President believes that the recent General Elections have once again demonstrated the country’s dedication to the values and principles of democracy through fair, free fair elections.
He told the people who had filled the marquee that through their vote, they had spoken and given political parties a clear message after no party won an outright majority.
“You want us as political leaders to put our differences aside and work together to build our country and address the challenges affecting our people. We are determined to put our differences aside and use our collective strength, skills and experience to create the South Africa that the fallen heroes of the 1976 uprising fought for.”
He stated that young people make up more than two-thirds of the population, making them the biggest community in South Africa. “Therefore, we cannot move forward without them, without the youth of our country.”
He cited the National Development Plan (NDP), which places youth at the heart of the country’s development. He said their participation was critical to meeting growth targets.
The Deputy President also highlighted the importance of involving young people in South Africa’s developmental initiatives to address challenges such as poverty, social inequality, poor mental health and high levels of unemployment.
Youth programmes
He acknowledged the challenges facing the National Student Financial Aid Scheme (NSFAS) and assured youngsters that they will ensure the scheme is administered efficiently.
He believes that NSFAS remains a critical vehicle that supports students from poor and working-class families, with over 70% of university and more than 90% of Technical Vocational Education and Training (TVET) college students benefiting from the scheme.
“We must work together, the private sector, government and civil society must work together to address these challenges.”
The Deputy President also emphasised the need for a whole-of-society approach to provide young people with better access to quality education, basic skills, and employment opportunities, especially those who live in rural areas.
Despite the country’s challenging financial circumstances, he said the State continues to invest in youth human capital development, with more than R31. 8 billion pumped into basic education in 2023 and R130.1 billion for post-secondary education training in 2022.
He touched on government’s efforts to create opportunities for youth through programmes such as the National Youth Development Agency and Enterprise Development Programme.
“As the government, we want to see more young people actively involved in the economy and participating in decisions that affect their lives.
“This time around, young people have a government that cares for, prioritises their needs, and wants to see them succeed, unlike the government of 1976.”
Government’s comprehensive approach to reducing youth unemployment, he said, includes formal education, internships, and assistance for youth entrepreneurship through the Presidential Youth Employment Intervention.
“Without the employment of young people, growth cannot occur. I am confident that the seventh administration will continue with efforts to position young people as essential drivers and beneficiaries of economic transformation.”
The Deputy also took the time to pay tribute to the fallen heroes and saluted the brave youth who fought for liberation.
“As we traverse the economic challenges, we urge the youth to adopt the same attitude as Hector Peterson, Mbuyisa Makhubo, Tsietsi Mashinini, and all the youth of 1976, whose sacrifices gave birth to our political freedom. Their efforts have set us on the right path towards a South Africa that is non-racial, non-sexist and democratic.”
Newly elected Limpopo Premier, Dr Phophi Ramathuba, has urged the youth to tackle the social ills that they are facing and grab every opportunity that comes their way.
She highlighted the need for innovative approaches, such as technology integration and equal access to quality education for all.
Ramathuba stressed the importance of addressing the current education system’s inequalities and limitations to ensure a brighter future for South Africa. – SAnews.gov.za
Gabisile
Sun, 06/16/2024 - 16:41
South Africa, June 2024, Nepoworx, in collaboration with Harambee Youth Unemployment Accelerator, announces the launch of their first iteration of the Youth Work Readiness Programme in solar installations for 120 young South Africans. This initiative invites 100 youth aged 18 and 35 who are not in employment, education, or training (NEET). Additionally, a further 20 …
SevenC, a leading IT infrastructure and network service provider striving to identify and make available the best possible ICT strategies for its clients’ unique needs, examines critical aspects of digital transformation, IT security, and how to budget for IT success effectively. “Digital transformation is the process of integrating digital technology into all aspects of your …
Johannesburg, South Africa – The much-anticipated SA Podcast and Music Festival is set to debut at the Red Roman Shed in Emperors Palace, bringing together major media powerhouses for a one-of-a-kind event focused on the development and empowerment of content creators. Festival organizer Nicolas Regisford remarks, “The opportunity to collaborate with SABC and Arena Holdings …
Parliament ready for National Assembly sitting
Secretary to Parliament, Xolile George, has described the first sittings of the National Assembly (NA) and the National Council of Provinces (NCOP) as a reflection of the electoral mandate of the people of South Africa, as expressed in the recent elections.
“The people have spoken. They have chosen a Parliament that will represent them, as freely elected representatives as reflected in the preamble of the Constitution, to champion their causes, and serve their interests for the next five years,” he said on Thursday.
George held a media briefing on Thursday as Parliament gears up to host the first sittings of the two Houses of Parliament scheduled for Friday and Saturday.
Tomorrow’s proceedings will also see Members of Parliament (MPs) electing a President who will form the seventh administration to govern the nation.
“Over the past months, the administration of Parliament has undertaken extensive preparatory work to ensure a seamless transition from the sixth term to the seventh term of Parliament. This has been a pivotal moment for us as a nation, involving a delicate constitutional process that has not been without its challenges.”
He touched on the challenges they have had to overcome such as court challenges to ensure the success of these important inaugural sittings of the two Houses of Parliament.
“This collective effort underscores our commitment to upholding the democratic principles underpinning our Constitution and ensuring that the will of the people is effectively translated into action.
“With each step in this constitutional process having been meticulously followed and adhered to, we now stand at the cusp of yet another critical milestone in the history of our constitutional democracy.”
George explained that it was the Chief Justice Raymond Zondo’s responsibility to determine the dates for the first sittings of both Houses to preside over these sittings.
“Chief Justice Raymond Zondo has diligently complied with these constitutional obligations, ensuring that the two Houses of Parliament hold their first sittings within the prescribed 14-day period as mandated by the Constitution.”
The Secretary announced that the inaugural sittings will take place at the Cape Town International Convention Centre (CTICC).
Parliamentary process
The Chief Justice will open the session and preside over the swearing-in of all the permanent delegates appointed by their respective provinces.
“This will follow the first sittings of the provincial legislatures to elect permanent and non-permanent delegates to the NCOP.
“After presiding over the swearing-in of the 54 designated permanent delegates, the Chief Justice will also chair the election of the Chairperson of the Council.”
Once elected, the new Chairperson will take over the proceedings and preside over the election of the Deputy Chairpersons.
Following the swearing-in ceremony, Chief Justice Zondo will also preside over the election of the Speaker of the NA and then he or she will take over the proceedings and preside over the election of the Deputy Speaker.
“These elections are crucial for the proper constitution of the National Assembly, as they ensure the leadership structure is in place to guide the House’s functions and duties.”
Once the Speaker and Deputy Speaker are elected, George explained that the NA will then be constitutionally competent to proceed with electing a Member of the Assembly to be inaugurated as the President.
“This is a crucial process, as it sets the stage for the formation of the new administration that will govern the country. Once elected, the person ceases to be a Member of Parliament.”
George has assured citizens that all necessary voting infrastructure has been meticulously prepared to ensure a smooth and secure election process.
This includes the setup of voting booths for privacy, the provision of ballot boxes for the collection of votes, the preparation of the voters’ roll to verify eligible voters, and the availability of safety boxes for the secure safekeeping of ballot papers.
“We are fully prepared for the first sittings ... Our comprehensive preparations ensure that every aspect of these inaugural sessions, from logistical arrangements to security measures, have been meticulously planned and implemented.
“We are confident that the proceedings will unfold smoothly and effectively, marking the successful commencement of the 7th democratic Parliament,” said George. – SAnews.gov.za
Gabisile
Thu, 06/13/2024 - 15:37
Shoprite Group opens pathways to job opportunities for unemployed youth This Youth Month, the Shoprite Group is calling on unemployed and unskilled South Africans, aged 18 to 34, to apply for specialist training and education programmes to increase their employability in the retail sector. A staggering 45,5% of South African youth grapple with the reality …
June 2024 , Cape Town, South Africa -Since late 2022, Gumtree SA has been entirely SA-owned for the first time. “Becoming locally-owned, hosted and controlled has been a significant strategic boost for Gumtree South Africa (SA)”, says Marcus Badach, Chief of Staff at Gumtree South Africa. “This localisation and the resultant agility have made a …
MultiChoice Group (www.MultiChoice.com/) demonstrated resilient operational performance for the year ended March 2024 (FY24), delivering a 26% trading profit margin in South Africa, while increasing trading profit in the Rest of Africa by 48%, despite very challenging macro-economic conditions. Clear strategic milestones were reached, with the group successfully launching Showmax 2.0, SuperSportBet and Moment, all of which are now revenue-generating and supporting the group's future growth prospects.
Download document: https://apo-opa.co/4cj3eXQ
“Four years after setting out a clear strategy of building Africa's entertainment platform of choice and investing in services to support a broader ecosystem, our three core segments are now fully operational: video entertainment, interactive entertainment and fintech. Our focus now shifts to building on these solid foundations to drive growth in these new areas, and on further enhancing business efficiency across our operations.
While we are not alone in feeling the challenges of a weak consumer environment, I am proud of the speed and effectiveness of the team in implementing strategic actions to retain customers, safeguard cash generation and drive costs savings which surpassed our targets. It is the strength of this team, the quality of the underlying business and the clarity of our strategy which underpins my confidence in delivering on our potential,” said Calvo Mawela, MultiChoice Group CEO.
Some key points for the past financial year:
MultiChoice is by far the largest producer of original content on the African continent. In FY24, the group again produced over 6 500 hours of local content and its local content library now has more than 84,000 hours of content, a 12% increase YoY.
The highlight for the year was Shaka Ilembe, which launched on Mzansi Magic in June to become Africa's biggest TV series. Filmed entirely on location in South Africa, it was created through the skills and contributions of over 8 000 people. The premiere episode attracted over four million viewers and was the top-performing show with an audience share of over 45% in its time slot.
Other content highlights of the year was Reyka (season 2), Devil's Peak and White Lies on linear (co-produced with Fremantle, Canal +, Abacus Distribution and BBC Studios-owned Lookout Point) and Spinners, Original Sin: My Son The Killer, and Catch Me a Killer, on streaming. Across Africa, the group launched 3 new proprietary channels - in Ethiopia (Maaddii Abol), Uganda (Pearl Magic Loko) and Mozambique (Maningue Magic Kool) while also producing content in Africa's 4th most spoken language, Oromo.
SuperSport broadcast 34 490 live events during the year – arguably more live sport than any other broadcaster in the world. Highlights included the Rugby World Cup in France, the Cricket World Cup in India, a second SA20 season in South Africa, AFCON, FIFA Women's World Cup in New Zealand and Australia, as well as the Netball World Cup in Cape Town.
SuperSport Schools more than doubled its registered user base during the year. The fast-growing platform displayed more than 49 000 hours of live programming across 43 different sports codes, covering 900 school sport festivals and events, featuring more than 1 100 schools, and over 14 500 teams.
SEGMENTAL REVIEW
South Africa Pay-TV (MultiChoice South Africa)
Due to a strong focus on retention initiatives, the decline in active subscribers in South Africa was limited to 5%, despite the challenging environment. The base now stands at 7.6 million households. Power outages experienced on 275 days of the year further discouraged potential subscribers without backup power.
Although the Premium bouquet is trending toward a stable base given the targeted retention efforts, the premium customer tier (which includes the Premium and Compact Plus bouquets) declined by 8%. The mid-market Compact base, which is most exposed to the macro-economic challenges, was down 9%, while the mass-market tier was 2% lower due to pressure in the Family base, the impact of loadshedding, and reduced decoder subsidies.
A consequent 3% decline in subscription revenues and softer advertising income weighed on the segment's total revenues (-2% to ZAR33.6bn), but was partially offset by strong traction from new revenue streams, especially the insurance business (NMSIS) which reported a 35% increase in premium revenue to almost ZAR1bn. Several interventions to reduce costs enabled the SA business to achieve a trading margin of over 26%.
Rest of Africa Pay-TV (MultiChoice Africa)
The business in the Rest of Africa faced the toughest macro-economic conditions in its core markets with high, double-digit inflation and extreme depreciation of local currencies, (especially in Nigeria, Angola, Kenya and Zambia) which impacted USD revenues by 32%.
The active subscriber base declined to 8.1m, but effective retention efforts contributed to an improved subscriber mix.
Due to the challenging market dynamics, the short-term focus of this business shifted from subscriber growth to safeguard profitability and cash flows. Several cost-saving initiatives were implemented, including scaling back significantly on decoder subsidies (-46% YoY or ZAR1.3bn), and reducing SG&A costs by ZAR500m. These interventions enabled the Rest of Africa business to increase trading profit by 48% YoY to ZAR1.3bn.
Sub-Saharan Africa SVOD (Showmax)
FY24 was a pivotal year for Showmax as it relaunched across 44 markets in sub-Saharan Africa on Peacock's world-class platform, which is 4K/HDR and ATMOS ready. Almost 100% of the eligible customer base was migrated to the new Showmax platform, and 88% of those migrated had reactivated their accounts in the seven weeks to year-end.
Alongside local content from M-Net, Mzansi Magic, Africa Magic and Maisha Magic, Showmax ramped up its local content, releasing 59 original movies and series in SA, Nigeria, Kenya and Ghana (FY23: 48). Popular shows that drove viewership included Tracking Thabo Bester, Koek, The Mommy Club, Youngins, Red Ink, Adulting, Outlaws and Real Housewives of Durban in South Africa, Cheta'm, Real Housewives of Lagos, Dead Serious, Wura and Flawsome in Nigeria, and Single Kiasi and Second Family in Kenya.
Showmax revenues for the year grew by 22% (+22% organic) to ZAR1.0bn, while trading losses increased to ZAR2.6bn. These losses came in below the expected range of ZAR3-4.0bn. As noted before, due to the partnership agreement signed in 2023, 30% of Showmax's funding requirements is contributed by Comcast.
Technology (Irdeto)
Irdeto's strong execution, enabled it to become the market leader in managed security services for video with a 22% market share. It also saw significant success in combatting piracy, taking down some 30 000 streaming piracy services during the year. Revenue increased by 17% (7% organic) driven by external customers across video entertainment, gaming and connected transport, with some additional uplift from a weaker ZAR against the USD. Disciplined cost management supported a 23% trading margin.
Irdeto shipped its first keyless solutions to leading customers, including one of the largest fleet operators in the US market. This resulted in a revenue increase of 119% YoY in the connected transport division, with revenue from new services now representing a combined 35.7% of total revenues.
Sports betting and interactive entertainment (KingMakers)
KingMakers reported strong growth in the online business in Nigeria, with monthly active users up 37% YoY and online gross gaming revenues up 26% YoY in constant currency. New products were also launched, including BetKing Casino and BetKing FootballGO, a virtual football sportsbook service.
Revenue of USD147m was affected by the weak Naira, while the business reported a positive EBITDA of USD2m. At the end of its December year-end the business had a retained cash balance USD113m to fully fund its growth initiatives.
KingMakers launched the SuperSportBet business in South Africa in January 2024. Its pre-game shows and live feed integration with SuperPicks, as well as the Playbook preview show were key drivers of uptake, further supported by SuperSportBet becoming the official betting partner of local soccer clubs, Kaizer Chiefs and Orlando Pirates.
Fin-tech (Moment)
After being founded during FY23, Moment officially launched in FY24. The business played a vital role in the Showmax relaunch stepping up to fill a critical payments gap. In January this year, Moment also began processing MultiChoice's payments for DStv, reaching a milestone of processing USD85m in payments in early March 2024.
To-date, Moment has processed local and cross-border card payments in 44 Showmax markets and is already accounting for more than 20% of Group's payment volumes. It also joined real-time payment networks in 18 countries, including South Africa, and is currently piloting instant payment and account activation for DStv.
The business raised an additional USD22m of funding, with MultiChoice contributing USD8m. As a result, Moment is now valued at USD82m and MultiChoice owns a 26% stake.
FUTURE PROSPECTS
The linear video-entertainment business remains the mainstay of the group's operations and provides a valuable base from which to expand its service offerings. The new streaming, interactive entertainment, fintech and connectivity services are having a positive impact on the business, and more importantly, on the lives of its customers. Going forward, the group will focus its efforts on scaling Showmax, Moment, SuperSportBet, as well as on driving growth in insurance (NMSIS), DStv Internet and DStv Stream.
To counter the challenges around an uncertain economic recovery globally and across the group's operating footprint, the group will continue to drive business efficiency and cost optimisation, with an increased cost savings target of ZAR2bn.
Not only should this mitigate the ongoing impact of currency volatility and consumer weakness on performance, but together with the company's strategic plans to continue adapting its platforms to cater to customers' evolving needs, it positions the group well to prosper once currencies stabilize and economies rebound.
Distributed by APO Group on behalf of MultiChoice Group.
MultiChoice Group Contact Details:
Litlhare Moteetee
Senior Manager: Corporate Communications
Litlhare.Moteetee@Multichoice.co.za
Meloy Horn, Head of Investor Relations
Mobile: +27 82 772 7123
meloy.horn@multichoice.com
About MultiChoice Group:
MultiChoice Group (MCG), listed on the Johannesburg Stock Exchange (JSE), is a leading provider of entertainment and related consumer services, with an expanding ecosystem, underpinned by scalable technologies, and a track record now spanning almost 40 years. MCG provides video entertainment products and services through its linear and streaming platforms to 23.5m households across 50 countries on the African continent and continues to grow by producing and acquiring the best local, sport and international content and offering tiered subscription packages and aggregated streaming services to its customer base. MCG's superior technology capabilities enables it to continue innovating around distribution, digital and payment solutions and content security to offer the best customer experience across the continent. Reaching up to 100 million individuals on a daily basis, the MultiChoice Group is using its scale and distribution to expand its platform to include sports betting and interactive entertainment, fin-tech services, household services (focused on internet connectivity and emergency response services) and ed-tech. Irdeto, MCG's technology business, provides platform cybersecurity services which protect over 6bn devices and applications globally for some of the world's best media and technology brands, as well as clients in the connected industries sector.
11 June 2024 – Set to become South Africa’s biggest culinary extravaganza, the Mzansi Food & Drink Show will rock the Kyalami International Convention Centre from 15 to 17 June 2024. The brainchild of RX Africa, the company behind some of the country’s premiere events, including Decorex, Comic Con Africa, Africa Travel Week and FAME …
Pandor believes BRICS has opportunity to shape a 'refreshed' global order
The world is at a crucial turning point, requiring decisive leadership and innovative ideas, and BRICS has a unique opportunity to influence a refreshed global order.
This is according to International Relations and Cooperation Minister, Dr Naledi Pandor, who spoke in Russia on Tuesday.
“The BRICS bloc is a legitimate voice of the global South regarding global governance reform. We also remain a critical player in global agenda setting for economic, political and social cooperation,” Pandor said.
The Foreign Ministers from the expanded BRICS (Brazil, Russia, India, China and South Africa) group of nations met for a two-day meeting focused on current international relations, global governance reform and conflict resolution.
The meeting, chaired by Russian Foreign Minister Sergey Lavrov, is the first since the bloc expanded in 2023 to include Egypt, Iran, the United Arab Emirates, Saudi Arabia and Ethiopia.
The Minister believes that the expansion of BRICS is evidence of the bloc’s growing importance and the critical role of cooperation in collectively promoting the shared interests and values of emerging and developing countries.
“It also signals our hunger for a body in the globe that embraces progressive ideals and seeks to alter the current nature of international relations to a more inclusive, equitable and development-oriented world.”
She told her colleagues that the “current complex divided global environment” demands that BRICS continue to advocate for multilateralism to play a critical role in fostering stability and cooperation in times of significant geopolitical uncertainty.
“Therefore, for our collective, multilateralism remains the only solution to successfully address global challenges such as poverty, inequality, underdevelopment, climate change, migration, disease, human trafficking, terrorism, and hunger, and to ensure an environment of sustainable peace and continuous development.
“I am convinced that our mutually beneficial cooperation through BRICS uplifts communities instead of increasing their vulnerability,” she added.
The Minister said it is evident that the world is currently falling short of achieving the development goals outlined in the 2030 Agenda for Sustainable Development.
This, she said, was due to increased economic risk for the most vulnerable and persistent low growth for those with the greatest need.
“We have to urgently accelerate our collective action to achieve the 2030 Agenda for Sustainable Development.”
South Africa, Pandor stressed, is committed to a successful Summit of the Future.
“We are convinced that it could support efforts that bridge the development divide and provide new solutions to tomorrow’s challenges.
“We believe the summit presents an opportunity to revitalise the multilateral system and fulfil our promises to reform the current system of global governance to make it more representative and inclusive for everyone,” Pandor said. – SAnews.gov.za
Gabisile
Tue, 06/11/2024 - 13:07
The mine has the king’s blessing but no environmental authorisation