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In the dynamic world of business, managing cash flow is akin to steering a ship through ever-changing seas. A sustainable cash flow budget is not just a financial document; it’s a strategic roadmap guiding your business through fiscal uncertainties and opportunities alike. The Art of Crafting a Sustainable Cash Flow Budget 1. Conduct a Thorough …
As digital transformation continues to accelerate, it is evident that the fintech sector is not just responding to current demands, it is also anticipating the future needs of businesses and consumers alike. With the emergence of decentralised platforms to the integration of financial services into everyday consumer experiences, each year brings significant milestones in the …
Survey shows decrease in those living with HIV in SA
A new survey has found that the percentage of people living with the HIV virus in South Africa has decreased from 14% in 2017 to 12.7% in 2022.
This translates, according to the latest data, to about 7.8 million people living with HIV in South Africa in 2022 compared to 7.9 million in 2017.
This key finding is contained in the sixth South African National HIV Prevalence, Incidence, and Behaviour (SABSSM VI) survey released on Monday by the Human Sciences Research Council (HSRC).
The survey highlights the progress toward ending HIV in South Africa, which remains the epicentre of the HIV endemic in the world.
The HSRC’s Divisional Executive of the Public Health, Societies, and Belonging Division, Professor Khangelani Zuma, said several factors contribute to HIV prevalence.
“These factors include fewer people getting infected with HIV, more children born HIV-negative, AIDS-related mortality, and people aging and dying from natural causes,” Zuma, who is also the survey’s principal investigator explained.
In addition, he said the increase in the population of the birth of HIV-negative babies would also increase the denominator of HIV-negative people in the country.
“The epidemic curve also shows an aging population of people living with HIV who are living longer as the epidemic stabilises,” he added.
In addition, the 2022 survey shows significant progress toward the Joint United Nations Programme on HIV and AIDS (UNAIDS) 95-95-95 targets.
UNAIDS envisions that by 2025, 95% of all people living with HIV have to be aware of their HIV status, 95% of those aware of their status to be on antiretroviral treatment (ART), and 95% of those on treatment to achieve viral load suppression.
Meanwhile, the survey indicated that among those aged 15 and older living with HIV in South Africa in 2022, 90% were aware of their status, 91% of those aware of their status were on ART and 94% of those on ART were virally suppressed.
“This is an improvement compared to 2017 when the UNAIDS target was 90-90-90 but South Africa achieved 85%-71%-87%.”
This is attributed to the change in treatment guidelines in 2016, which made provision for treatment to be given to everyone requiring HIV treatment immediately regardless of their clinical status, which previously needed to include a CD4 count below 500 cells/mm3.
The data also revealed that 81% of people aged 15 and older living with HIV were virally suppressed in 2022 compared to 62% in 2017.
Viral suppression, the HSRC noted, was higher (83%) among women when compared to men (79%) and lower (70%) among younger adults aged 15 to 24.
The lowest percentage of viral load suppression (66%) was among men aged between 25 and 34.
According to the survey, half of all young men aged between 15 and 24 were medically circumcised compared to 43% in 2017.
“This is an important achievement as studies have shown that male circumcision can reduce the risk of heterosexual HIV transmission by approximately 60%.”
Gaps
While the research indicates that progress has been made, the survey also shows gaps that remain in addressing the HIV epidemic in South Africa.
The impact of the HIV epidemic in South Africa is unequal across geographic regions and populations, particularly affecting black Africans, women, and young people.
HIV prevalence varied geographically, ranging from 8% in the Western Cape to 22% in KwaZulu-Natal among the 15-year-olds and older.
Furthermore, HIV prevalence was nearly twice as high among women (20%) compared to men (12%).
By race, HIV prevalence was the highest among black Africans (20%), followed by Coloureds (5%), and lowest among Whites and Indians/Asians (1% each).
“The most pronounced differences in HIV prevalence by sex were seen among younger populations, which calls for focused interventions,” Zuma explained.
Among females, HIV prevalence was highest in ages 35 to 39 to years at 34.2%, whereas among males, HIV prevalence was highest in ages 45 to 49 years at 27.1%.
Compared to males, HIV prevalence was approximately two-fold higher in females aged 15 to 19 (5.7% versus 3.1%), and 20 to 24 years (8% versus 4%), and three-fold higher in females aged 25 to 29 (19.5% versus 6.3%).
SABSSM VI is a large cross-sectional, population-based household survey conducted from January 2022 to April 2023.
The survey marks 20 years, with the first survey commissioned and funded by former President Nelson Mandela through his Foundation in 2001. – SAnews.gov.za
Gabisile
Mon, 11/27/2023 - 13:33
President Ramaphosa opens Dr Pixley Ka Isaka Seme Memorial Hospital
The opening of the Dr Pixley Ka Isaka Seme Memorial Hospital is a reflection of government’s commitment to advancing the call of the Freedom Charter.
The Charter calls for free medical care and hospitalisation to be provided for all and for the health of women and children to be prioritised.
President Cyril Ramaphosa said this at the official opening of the Dr Pixley Ka Isaka Seme Memorial Hospital in Kwa-Mashu, KwaZulu-Natal, on Friday.
“This facility has been built in response to the growing pressing healthcare needs of the approximately 1.5 million residents of Kwa-Mashu, Inanda, Ntuzuma and the surrounding communities in northern Durban.
“It will relieve pressure on the Mahatma Gandhi Memorial Hospital and Addington Hospital, and will cater for inpatients at a regional level, with referrals from surrounding district level facilities,” he said.
The President highlighted that data from the Census 2022 points not just to a growing population, but confirms that the vast majority of South Africans rely on the public sector to meet their healthcare needs.
Another report published this month by Statistics South Africa (Stats SA) furthermore points to the growing healthcare burden of non-communicable diseases such as cardiovascular diseases, diabetes, chronic lower respiratory diseases, cancers and others.
“With more people living with non-communicable diseases, it is essential that healthcare systems respond accordingly at a primary healthcare level, particularly with regards to regular screening to ensure timely diagnosis and treatment. This facility will play a critical role in this regard,” he said.
He added that it is pleasing to note that the hospital has an active primary healthcare outreach programme that is bringing much-needed healthcare services closer to the people.
Services
The commissioning of the hospital was implemented in a phased approach from August 2021. First radiology was commissioned, followed by optometry and dermatology, and the migration of Internal Medicine from Mahatma Gandhi Memorial Hospital.
In January this year, the Emergency Department commenced with providing services. Currently all emergency cases in the north of eThekwini are taken directly from the scene, from primary healthcare centers, community healthcare centers and district hospitals.
The facility offers an impressive range of services including critical care, dental, physiotherapy, occupational therapy, psychological services, dietetics, audiology, social work and many more.
The hospital also has a strong academic and research component and is one of the centers for postgraduate medical training, as well as providing rotation for final year medical students from the University of KwaZulu-Natal.
This hospital is also the first government hospital in the province to adopt an insourced model in components such as security, cleaning, laundry and food services.
With respect to human resources, out of the approved hospital establishment of 1 513, a total of 1 383 posts have already been filled as of end September 2023. The construction of the facility itself supported job creation and small business development.
The President said he had no doubt that the hospital will improve the health outcomes of all the communities it serves.
“We have no doubt that the people of this community and of this province know that we are [a] government that prioritises the needs of all, but especially of society’s most vulnerable.”
President Ramaphosa further said he was honoured to be present at the official opening of the hospital and that there can be no more befitting a name for this facility than that of the great Dr. Pixley Ka Isaka Seme.
He lauded him as a man who was the moving spirit behind the formation of the African National Congress, the oldest liberation movement in the African continent.
“He was a committed Pan-Africanist and a humanist, who famously spoke of a brighter day rising upon Africa; and of an Africa whose sons and daughters who would one day walk in the light of progress, freedom and equality.
Healthcare for all
President Ramaphosa added that the hospital stands as a testament to government’s commitment to ensure that the right to life, the right to quality healthcare, and the right to equality will never be qualified, or determined on the basis of where you live, or how much or little you have.
As the country will mark 30 years of democracy next year, the President said it will be a time to reflect on how far we have come in realising the aspirations of the Freedom Charter, the Constitution with its Bill of Rights, and the National Development Plan.
“That we are a country that is able to provide quality healthcare services, free, to the population can certainly be counted as amongst our greatest achievements.
“That we are moving ahead with the introduction of National Health Insurance that will further democratise access to healthcare services, is something of which we can be proud,” the President said. – SAnews.gov.za
DikelediM
Fri, 11/24/2023 - 14:21
Repo rate remains unchanged at 8.25%
The Reserve Bank’s Monetary Policy Committee (MPC) has decided to keep the repurchase rate at its current level of 8.25%.
Addressing a media briefing at the last MPC media briefing of the year, the bank’s Governor Lesetja Kganyago said the decision was unanimous.
“Electricity prices continue to present clear inflation risks, and with logistics constraints, are likely to have broader effects on the cost of doing business and the cost of living. Given uncertain fuel and food price inflation, considerable risk still attaches to the forecast for average salaries.
“Serious upside risks to the inflation outlook remain. In light of these risks, the Committee remains vigilant and stands ready to act should risks begin to materialise,” the Governor said on Thursday.
Market-based expectations for inflation in 2023 are currently 5.8%, while near-term break-even rates have dipped to 4.3%.
He said medium and longer-term market expectations for inflation remain elevated.
“The September survey of the Bureau for Economic Research shows average inflation expectations lower at 6.1% for 2023. The Committee, however, would prefer to see expectations anchored at the mid-point of the inflation target band,” the Governor said.
He said that at the current repurchase rate level, policy is restrictive, consistent with the inflation outlook and elevated inflation expectations.
SARB’s forecast for global growth in 2023 is broadly unchanged at 2.7% (from 2.6%), and 2.6% in 2024.
“Decisions will continue to be data dependent and sensitive to the balance of risks to the outlook. The inflation and repo rate projections from the updated Quarterly Projection Model (QPM) remain a broad policy guide, changing from meeting to meeting in response to new data and risks.”
Kganyago said the policy stance aims to anchor inflation expectations more firmly around the midpoint of the target band [of between 3 and 6%] and to increase confidence of attaining the inflation target sustainably over time.
With South Africa’s inflation rate remaining sensitive to shocks, the MPC will seek to look through temporary price shocks and focus on potential second round effects and the risks of de-anchoring inflation expectations.
“Guiding inflation back towards the mid-point of the target band reduces the economic costs of high inflation and will achieve lower interest rates in the future. Since early 2020, the Committee has recommended additional means of lowering inflation that are within the reach of the public sector, including achieving a prudent public debt level, increasing the supply of energy, keeping administered price inflation low and real wage growth in line with productivity gains.
“Such steps would strengthen monetary policy effectiveness and its transmission to the broader economy,” he said.
While volatile in recent weeks, oil prices have increased over the year and commodity export prices have moderated further.
“South Africa’s external financing needs will increase as the current account deficit expands from a forecasted 1.3% of GDP this year (from 2.0%), to 2.6% of GDP in 2024 and to 3.5% of GDP in 2025. The smaller deficit this year is the result of significantly better than expected trade outcomes in the third quarter.
“The rand weakened over the past year, depreciating by about 9.5% against the US dollar. The lack of sustained economic growth and dependence on commodities is reflected in the high volatility of the currency in response to global risk-on and risk-off episodes,” Kganyago said. –SAnews.gov.za
nosihle
Thu, 11/23/2023 - 15:49
Jobless rate has not dropped below 20% since 2000
The impact of crime on South Africa's economic prospects is high and broad-based, according to a World Bank report released today. The report aims to contribute to a better understanding of the impact of crime on South Africa's economic growth.
The research is intended to support the government in the design and implementation of policies to combat and mitigate the costs of crime on the economy and society. This aligns with the government's objectives to initiate reforms aimed at enhancing the fight against crime, as outlined by South Africa's President Cyril Ramaphosa, in the 2023 State of the Nation Address.
The fourteenth edition of the South Africa Economic Update, entitled Safety First: The Economic Cost of Crime in South Africa estimates that crime costs the economy at least 10 percent of Gross Domestic Product (GDP) annually, in terms of stolen property; protection costs – encompassing security and insurance; and missed economic opportunities. The report investigates the economic impact of high crime rates on households, businesses, and the public sector, focusing on economically motivated crimes. The study is informed by official statistics from South Africa, and as well as data recognized in international sources.
"With this new edition of the Economic Update, the World Bank aims to contribute to the policy debate and support the government's action to reduce the incidence of crime, by quantifying its economic impact. This comes at a time when South Africa needs to address structural constraints that have locked the economy in a low growth-low employment trajectory,” says Marie Francoise Marie-Nelly, World Bank Country Director for South Africa, Eswatini, Botswana, Lesotho, and Namibia.
The prevalence of crime in South Africa remains a pressing concern, particularly due to high rates of violent offenses. With a consistent ranking among the top five countries globally for homicide rates, addressing this issue is crucial. Domestic organized crime is also increasing, including theft of key infrastructure networks.
The economy is on a low growth–low employment trajectory, with persistent poverty. Real growth in the gross domestic product (GDP) has been trending downward since the global financial crisis (2008–09), and GDP per capita has contracted on average since 2015. Socioeconomic outcomes have been weak, with high unemployment, poverty, and inequality. Structural constraints, especially the deepening electricity crisis and the transport bottlenecks, have exacerbated these problems. Medium-term prospects are weak, with real GDP growth estimated at 0.7 percent in 2023 and projected to average 1.5 percent annually over 2024-2026. Unemployment and poverty are projected to remain elevated. In this context, confronting the problem of crime and its socioeconomic costs is critical.
Government has put fighting crime at the forefront of its policy priorities. This study underscores the need for multi-faceted actions. Addressing crime is complex and requires long-term efforts, but past experiences in South Africa and abroad suggest that targeted, well-designed, and implemented policies can be prioritized for effective crime reduction over the short and medium term. Such policies and measures include law enforcement measures, regulatory reforms, and targeted violence prevention interventions. These are consistent with the government's current priorities. The report also highlights that sustainably reducing crime requires addressing root causes linked to socioeconomic challenges, including poverty and unemployment.
Distributed by APO Group on behalf of The World Bank Group.
Expectant moms urged to access antenatal care early
The Department of Health has urged all pregnant women to access antenatal care as early as possible and to follow a healthy lifestyle including avoiding smoking, drinking alcohol or using illegal drugs during pregnancy.
This, according to the department, will reduce the risk of preterm labour and premature birth, which is the leading cause of death in children under the age of five.
November is World Prematurity Month, a global movement to raise awareness of premature birth and the devastating impact it can have on families.
The department, in collaboration with various stakeholders, will host a hybrid event on Wednesday as part of sustained efforts to end preventable preterm births by ensuring pregnant women have full-term pregnancies and healthy babies.
Statistics show that about 15 million or one in 10 children babies globally are born preterm each year.
In South Africa, the department said an average of 15% or one in seven babies of all births are born prematurely annually.
Approximately 84 000 preterm infants are born in South Africa each year and 10% of premature infants are at increased risk of death and various other complications including respiratory, neurological and eye morbidities compared with full-term infants.
Pre-term is defined as babies born alive before 37 weeks of pregnancy are completed.
There are sub-categories of preterm birth, based on gestational age, and these include extreme cases of infants born less than 28 weeks and very pre-term of 28 to less than 32 weeks.
“It is recommended that pregnant women should attend all antenatal care visits or appointments throughout their pregnancy periods to enable the health professionals to monitor and assess the state of health of both the mother and unborn child to identify early signs and symptoms of manageable and life-threatening complications,” the department said.
These, according to the department, include pre-eclampsia, urinary tract infections and gestational diabetes.
The data shows that South Africa ranks 24th out of 184 countries with a high number of newborn deaths around the world due to complications from preterm birth.
The department, working with various stakeholders has developed strategies, programmes and other interventions to effectively manage complications and prevent avoidable deaths linked to prematurity in the country as part of a broader under-five child mortality prevention plan.
These comprise award-winning MomConnect – a cellphone-based technology with over 4.5 million subscribers, developed to create a platform to support pregnant women with health promotion messages translated into official languages to improve their health and that of their infants.
The other intervention is an early childhood development radio campaign called Side-by-Side, which reaches about 5.7 million audiences weekly through 11 SABC African language radio stations and social media platforms.
The recommendations as outlined in the Saving Mothers and Babies reports, include guidance on the management of conditions such as hypertensive disorders of pregnancy and infections, as well as management of preterm delivery for the mother-baby pair.
“The country will continue to implement programmes and initiatives to protect children against vaccine-preventable diseases including improvement of the Integrated Management of Childhood Illnesses (IMCI) services.”
Meanwhile, the country made a declaration of exclusive breastfeeding for all mothers including those living with HIV to exclusively breastfeed their babies for six months and to continue breastfeeding for at least 24 months.
Although the under-five mortality rate has declined from 74.7 per 1 000 live births in 2002 to 30.7 per 1000 live births in 2022, and infant mortality from 55.2 per 1 000 live births to in 2002 and 24.3, the department believes more still needs to be done to ensure that children reach their full potential in the country.
“The department has also intensified sexual reproductive health to improve access to effective contraception methods to reduce unintended pregnancies, unsafe abortions, and reproductive health complications, especially amongst girls and young women.” – SAnews.gov.za
Gabisile
Wed, 11/22/2023 - 09:33
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Stay ahead of the game using PPI to maximise savings this Black Friday Even though there is a continuous narrative that South African consumers are facing a tough economic environment, and that discretionary spending is under pressure, annual Black Friday sales are steadily increasing. First National Bank’s (FNB) statistics show that its cardholders spent nearly …
Details are still sketchy and the plan will not be publicly circulated
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SA Connect project forges ahead
The government-driven SA Connect broadband connectivity project is going full steam ahead, with a report on Phase two of the project considered by Cabinet.
This is according to Minister in the Presidency Khumbudzo Ntshavheni who was addressing the media on the outcomes of the recently held Cabinet meeting.
“On progress with Phase 2 of the project, Cabinet was pleased that 1 000 households were connected with broadband and that 1 000 community Wi-Fi hotspots are planned to be installed by December 2023.
“In addition, the project has rolled out infrastructure for internet connectivity that allows households to access internet at cheaper rates. For R249 per month, a subscribing household has unlimited access to robust internet, with cheaper data costs as low as R5 for one gig per day,” she said.
Ntshavheni explained that the SA Connect project aims to “to bridge the digital divide by connecting households and government institutions and provide Wi-Fi access to communities across the country”.
“It is estimated that the project will also contribute to economic participation through provision of 4 505 semi-skilled and 169 skilled employment opportunities, and will support over 75 small to medium-sized companies.
“In addition, high demand spectrum will be provided to more than 18 000 schools, 943 libraries, 5 731 health facilities and 8 241 Tribal authorities over the next months through the social obligations to telecommunications companies.
“It is anticipated that the project will deliver connectivity to more than five million households and 32 000 community Wi-Fi hotspots across the country over the next 36 months,” Ntshavheni said.
On broadcasting digital migration, Ntshavheni said Cabinet noted the progress made in migrating from analogue to digital.
“As of 23 July 2023, all 123 analogue transmitters above 694 MHz were switched off in the remaining four provinces namely; the Eastern Cape, KwaZulu-Natal, the Western Cape and Gauteng. This will free up the spectrum needed for mobile broadband, and other information and communications technology related needs.
“Cabinet was briefed that the Minister of Communications and Digital Technologies had determined December 2024 as the final date for switch off of all analogue broadcasting services, and that progress is on to meet the set target date,” Ntshavheni said. – SAnews.gov.za
NeoB
Mon, 11/20/2023 - 13:47
In the realm of international investing, one aspect that often goes unnoticed but can significantly impact returns is foreign withholding tax. Investors across the globe face the challenge of reclaiming excess withholding tax on foreign dividends, interest, and royalties. Understanding this process and the services available can be crucial in maximising investment returns. Understanding …
KZN Premier attributes employment increase to concerted efforts
KwaZulu-Natal Premier, Nomusa Dube-Ncube, has attributed the marked increase in employment figures and the fall of the unemployment rate in the province to government’s targeted interventions, practical programmes and meaningful collaboration.
This follows Statistics South Africa’s (StatsSA) latest Quarterly Labour Force Survey (QLFS) data, which showed a significant improvement in employment numbers in the province.
According to the QLFS findings for the third quarter, KwaZulu-Natal recorded the largest employment increase, while the unemployment rate has fallen by 1.6% in the third quarter of 2023.
According to the survey, the number of employed persons increased in eight provinces between quarter two and three in 2023. Large employment increases were recorded in KwaZulu-Natal (up by 152 000), Limpopo, North West and Mpumalanga.
Dube-Ncube said the data provides valuable insights into the current state of the labour market in the country, and is a welcome development on Quarter 2 of 2023 in which the province also recorded growth.
“This is good news and the fruit of efforts of the entire provincial government working with business and other social partners to address unemployment. We remain committed to working together with labour, business and the local and international investment community to drive economic growth which is necessary to address unemployment and poverty,” Dube-Ncube said.
Dube-Ncube pointed to the S’thesha Waya-Waya stimulus initiative as just one of the programmes rolled out to create jobs through various entities of the state.
She said youth unemployment continues to be a concern, and the province will continue to address this issue, through targeted programs and policies that empower young people with skills and opportunities needed to enter the workforce.
“This includes the disbursement of the Youth Empowerment Fund through which we allocate R90 million to youth-owned entities. Another R100 million window of this fund will open soon to benefit more youth-owned entities.
“We recently launched our Planting Season and through Operation Vula, we are opening economic opportunities to youth, women, military veterans and those with disabilities to take part in the economy.”
The Premier also highlighted that through public private partnerships, the provincial government has been able to create opportunities in various sectors, including maritime and aviation sectors.
“Further, our drive is to penetrate the digital economy through the Broadband Rollout in the province. The 4IR Commission is fast tracking the Provincial Connected Smart Province plan which aims to create more jobs for young people in the digital space.
“We see the Quarterly Labour Survey as a reliable indicator to understand the dynamics of the labour market. We will continue to engage with StatsSA, labour, business and stakeholders especially the private sector to continue to contribute to initiatives aimed at improving employment prospects for all South Africans,” the Premier said. – SAnews.gov.za
GabiK
Fri, 11/17/2023 - 11:01
MEC for Human Settlements promises to fast-track assistance
Paul Terna Gbahabo is a research consultant and a PhD graduate in Development Finance at Stellenbosch Business School. Africa, a continent of immense potential, stands at a critical juncture. The call for an industrial revolution is not merely a suggestion but an economic imperative. Africa desperately needs an industrial revolution. Though daunting, it is not …
The City of Cape Town’s own data shows it is releasing more sewage than it is allowed
Ransomware attacks are a global concern, with a shocking 40% increase in both frequency and severity over the last year. “South Africans are at significant risk due to the increasing use of Ransomware-as-a-Service (RaaS),” warns Anna Collard, SVP Content Strategy & Evangelist at KnowBe4 AFRICA (www.KnowBe4.com). Using RaaS also increased by 40% (https://apo-opa.co/49Bynp3) over the last year. Threat actors now sell their sophisticated ransomware solutions and services, keeping up to 80% of the profits.
Ransomware attacks are rapidly posing a greater threat due to the availability of RaaS solutions on the dark web. These solutions can be purchased at varying prices, ranging from less than $100 to thousands of dollars. The ease of access to these kits, coupled with the fact that they often come with customer support, allows attackers to quickly set up and execute multiple ransomware attacks with little to no technical skill.
This accessibility to RaaS solutions has led to the evolution of ransomware, with cybercriminals focusing on enhancing its sophistication and capabilities. The aim is to create a product that is highly effective and profitable, catering to the demands of potential buyers in the cybercriminal market. They readily select their ransomware from a shopping list, pay the creators, and go. This represents the epitome of commodity attacks — a matter of utmost concern, especially for South Africa.
“One of the key factors contributing to South Africa's vulnerability to these types of attacks is the widespread use of English,” explains Collard. “Attackers often need to negotiate with their victims, which means they need to speak a common language. It is difficult to negotiate with someone whose culture and language you do not understand. As a result, Western countries are more frequently targeted because of a higher percentage of threat actors originating from Europe. South Africa, with its strong English speaking business culture, advanced digital infrastructure, and thriving financial services ecosystem, is consequently at risk of being targeted by these attacks.”
In South Africa, both the private and public sectors rely significantly on digital infrastructure for their critical operations. Companies are prioritising digitalisation efforts to maintain their competitiveness in the local and global markets. This strategic investment in digital technologies has proven invaluable, enabling companies to navigate through the challenges posed by the pandemic and fostering remarkable innovation. In fact, South Africa was recognised as the most innovative country in Africa in 2022 (https://apo-opa.co/3SJXgJ8). However, this increased reliance on digital platforms has also exposed the country and its companies to vulnerabilities and risks.
“North America was the primary ransomware target for a long time but there has been a downward trend because the government has come down hard on these criminal organisations,” says Collard. “They have the resources, law enforcement, and probably the budgets to clamp down on cybercrime syndicates that South Africa does not. In short, countries like the United States have become more responsive to threats and so the bad actors are turning to countries that do not have these resources or systems in place.”
When we combine this significant change in targeting, as highlighted in the recent Cy-Xplorer 2023 report by Orange Cyberdefense (https://apo-opa.co/3R2aboD), with the swiftly evolving RaaS market, it is obvious why South African organisations need to stop and pay attention to the rising ransomware threat. It has been commoditised and simplified, turned into a solution as easy to use and implement as an app for a smartphone. Plug, play, steal.
“RaaS presents a very real and constantly evolving challenge to cybersecurity specialists and organisations,” concludes Collard. “The methods of attack, the approaches, the level of sophistication—it is very easy for anyone to be caught out. End users must remain vigilant to ensure that they do not become the reason a company falls victim to ransomware, and companies must continually train and remind employees of the risks to prevent complacency.”
User awareness is critical. If people can recognise threats, they will not click on links or make mistakes. If people are aware of how easy it is to be fooled by fake emails and sites, they will be cautious with their passwords and their information. If companies constantly reinforce these messages, they are protecting their data, their people and their systems from an onslaught of RaaS threats that are only set to get even better and more prevalent in the future.
Distributed by APO Group on behalf of KnowBe4.
South Africa, the United Arab Emirates, Egypt and Saudi Arabia are doing the most to combat climate change in the Middle East and Africa, according to a new report that compares government and business sustainability policies, investment and actions.
Download document: (https://apo-opa.co/49FTzKm)
The Middle East and Africa Environmental Sustainability Scorecard (https://apo-opa.co/49Bcfeq), released Thursday, is ta detailed examination of country performance in environmental sustainability outcomes, government policies, and corporate practices in the two regions.
The report concludes that the 17 countries covered “are relative ‘late comers' to global sustainable development but at the same time represent regions that are rapidly stepping-up their sustainability strategies, programs and investments.”
The report was commissioned by Agility (www.Agility.com), a global supply chain services company based in Kuwait. It was compiled by Horizon Group (www.Horizon-Group.ch), a Geneva-based firm that specializes in research and analysis for governments, international organizations, and leading businesses worldwide.
South Africa is among the leaders in four of six pillar categories. It is 2nd in Sustainable Energy & Transport; 5th in Energy Transition; 2nd in Environmental Ecosystems; and 2nd in Circularity. Among African countries, South Africa is 3rd in Green Investment & Technology behind Morocco and Egypt.
Among the factors driving South Africa's performance: a national Biofuel Industrial Strategy; formal code of corporate governance; ESG reporting requirements and transparency and accountability standards for companies listed on the Johannesburg Stock Exchange; a World Bank energy transition partnership to decommission a coal-fired power plant and replace the power supply with renewable energy and batteries; and steps to protect habitat and cut pollution.
Egypt ranks 3rd overall in the scorecard. It is 5th in Green Investment & Technology; 7th in Sustainable Infrastructure & Transport; 5th in Governance & Reporting; 3rd in Environmental Ecosystems; and 1st in Circularity, which measures resource use and waste management.
A food security and African displacement launched by Egypt contributed to its ranking, along with its participation in a Qatar-led carbon credit program.
Other top performers in Africa: Morocco is 3rd in Green Investment & Technology and 3rd in Governance & Reporting; Rwanda and Kenya are 5th and 6th in Sustainable Infrastructure & Transport.
African countries dominate the energy transition, mainly on the strength of their green transport and energy conservation efforts. Uganda, Nigeria, Rwanda, Kenya, South Africa, Ghana, Tanzania, Mozambique, Cote d'Ivoire, Egypt and Morocco are Nos. 1 through 11 in Energy Transition.The scorecard uses 48 performance and progress indicators to compare countries. The indicators include data, regulatory frameworks, policy assessments, incentives and corporate practices across six pillar areas: green investment and technology; sustainable infrastructure and transport; governance and reporting; energy transition; environmental ecosystems; and circularity. To capture corporate practices and progress, Horizon surveyed 647 business executives in the 17 countries.
Overall, 1 through 17, here's how the countries rank: South Africa, UAE, Egypt, Saudi Arabia, Rwanda, Kenya, Uganda, Ghana, Morocco, Qatar, Tanzania, Nigeria, Bahrain, Kuwait, Cote d'Ivoire, Oman, Mozambique.
Key Findings
• Business isn't paying attention to COP. Eighty-two percent of African businesses and 49% of Middle East businesses are not aware of the UN-led COP process that nations are using to push and measure efforts to tackle climate change. Few companies use COP to set their sustainability targets.
• Climate change is hurting businesses. Ninety-seven percent of companies say their business has been affected by climate change, and 49% say climate change has caused “severe damage” or has a “significant and growing” impact on them.
• Governments are leading as businesses play catch up. When it comes to climate action, governments are outpacing the private sector in both the Middle East and Africa.
• No one size fits all. Different countries have different sustainability priorities based on income, economic strengths, energy dependency, and other factors. High-income, energy-producing Gulf countries generally invest more in sustainable infrastructure and ecosystems. African economies perform best in energy conservation and consumption.
• Green investment is expensive. High- and middle-income countries are investing the most: Qatar, UAE, Morocco and Saudi Arabia.
• Africa is focused on green transport. African countries topped the scorecard in the move to non-fossil fuels for transport. Hydrocarbon producing Gulf countries are focused more on green buildings. For Gulf countries, the transition to cleaner energy is complicated by energy-intensive national priorities: the desire to boost manufacturing and the need for desalinated water.
• Waste management, consumption are tied to wealth. High-income countries are doing more to manage waste sustainably. Poorer ones do more to constrain consumption. Overall Egypt, South Africa, Bahrain and UAE perform best in “circularity” – cutting waste, encouraging recycling and sustainable production, and lowering consumption.
Agility was recently named the No. 3 Middle East “Sustainability Leader” for Transport & Logistics by Forbes Middle East. Vice Chairman Tarek Sultan said the company's strategy and investment decisions are increasingly shaped by the urgency of the climate fight.
“As a supply chain operator and investor in the Middle East and Africa, we want to know what governments and businesses are prioritizing, and where they're putting resources in the climate change battle,” Sultan said. “We want to know who we can partner with in green infrastructure and transport, alternative fuels, and supply chain services that reduce environmental impact without sacrificing performance.”
Horizon, which compiled the scorecard report for Agility, said its intent was to look “beyond the selective characteristics of the Middle East being fossil fuel-dependent with high greenhouse gas emissions per capita, and African countries being low emitters of greenhouse gases but taking relatively little action on the environment.”
The scorecard report comes on the eve of COP28, the UN-led global climate change conference convening from Nov. 30 to Dec. 12 in Dubai. Its findings amplify those in a World Economic Forum (WEF) report (https://apo-opa.co/3MKvh8d), issued in October, on decarbonization and energy transition in the Middle East and North Africa.
The WEF report concluded that “MENA countries trail behind comparable regions in terms of their sustainability progress. While local governments have pledged in the past 24 months to bring 60% of MENA's emissions under the net zero ambition, businesses overall have yet to follow suit and bridge the gap with comparable global markets –12% have set up a net zero target and 6% have established a roadmap to reach net zero.”
Distributed by APO Group on behalf of Agility.
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About Agility:
Agility (www.Agility.com) is a global leader in supply chain services, infrastructure, and innovation with 45,000+ employees across six continents. A multi-business operator and investor, Agility specializes in growing and scaling operating businesses. Agility's companies include the world's largest aviation services company (Menzies Aviation); a global fuel logistics business (Tristar); a leading logistics parks developer and operator across the Middle East, South Asia, and Africa (Agility Logistics Parks); and a commercial real-estate company developing a mega-mall in the UAE (UPAC). Other Agility companies offer customs digitization services, remote-site infrastructure services, defense and government services, and ecommerce-enablement and digital logistics. Agility invests in supply chain innovation, sustainability, and resilience, and has minority holdings in a growing portfolio of listed and non-listed companies.
“We are a diverse group of South African Jews who are dismayed by the situation that is unfolding in Israel and Palestine”
South Africa, 15 November 2023 – The debate around blockchain technology and the future is almost as old as blockchain itself. Ever since this innovative technology first emerged, it became abundantly clear that its potential goes far beyond merely supporting cryptocurrencies. It has the power to revolutionise the way people conduct financial transactions, and as …
Check Point® Software Technologies Ltd. (https://www.CheckPoint.com/), a global leader in cybersecurity solutions, has released its Global Threat Index for October 2023, unveiling an alarming trend in cyber threats. The Remote Access Trojan (RAT) NJRat has dramatically risen from sixth to second place, with a particular focus on targeting government agencies and organizations in the Middle East and Africa. This escalation in cyber threats has been particularly severe in Africa, with Mauritius ranking 6th, Nigeria 11th, Morocco 15th, and Kenya 25th in terms of being targeted and attacked. South Africa follows, ranking 55th globally.
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In addition, the report highlights the expanding reach of the sophisticated RAT AgentTesla, driven by a new and complex mal-spam campaign using corrupted email attachments. The education sector continues to be the prime target, underscoring the ongoing vulnerability of this industry to cyber attacks.
Last month, AgentTesla was found being disseminated through archive files that contained a malicious Microsoft Compiled HTML Help (.CHM) extension. These files, disguised as typical order and shipment documents, were distributed via emails with .GZ or .zip attachments, tricking recipients into downloading the malware. Once installed, AgentTesla exhibits a range of harmful capabilities, including keylogging, capturing clipboard data, accessing file systems, and secretly transmitting stolen data to a Command and Control (C&C) server.
"We cannot overlook the sophisticated tactics used by hackers to distribute malware, such as impersonating trusted brands or using malicious email attachments,” said Rudi van Rooyen, Sales Engineer at Check Point Software. “As we enter the busy shopping season in November, it's crucial to stay alert. Cybercriminals are taking advantage of the increased online shopping activity, and no region, including Africa, is immune to these threats."
CPR also revealed that “Zyxel ZyWALL Command Injection (CVE-2023-28771)” was the most exploited vulnerability, impacting 42% of organizations globally, followed by “Command Injection Over HTTP” which impacts 42% of organizations worldwide. “Web Servers Malicious URL Directory Traversal” was the third most used vulnerability, with a global impact of 42%.
Top malware families and their impact in Africa
*The arrows relate to the change in rank compared to the previous month.
Formbook was the most prevalent malware last month with an impact of 3% worldwide organizations, followed by NJRat with a global impact of 2%, and Remcos with a global impact of 2%.
1. ↔ Formbook – Formbook is an Infostealer targeting the Windows OS and was first detected in 2016. It is marketed as Malware as a Service (MaaS) in underground hacking forums for its strong evasion techniques and relatively low price. FormBook harvests credentials from various web browsers, collects screenshots, monitors and logs keystrokes, and can download and execute files according to orders from its C&C. Its impact in Kenya and Nigeria is significant at 16.9% and 9.2% respectively, while impact in South Africa is lower at 3%.
2. ↑ NJRat – NJRat is a remote accesses Trojan, targeting mainly government agencies and organizations in the Middle East. The Trojan has first emerged in 2012 and has multiple capabilities: capturing keystrokes, accessing the victim's camera, stealing credentials stored in browsers, uploading and downloading files, performing process and file manipulations, and viewing the victim's desktop. NJRat infects victims via phishing attacks and drive-by downloads, and propagates through infected USB keys or networked drives, with the support of Command & Control server software. NJRat's impact in South Africa is just above 2% while Morrocco is at 8%.
3. ↓ Remcos – Remcos is a RAT that first appeared in the wild in 2016. Remcos distributes itself through malicious Microsoft Office documents, which are attached to SPAM emails, and is designed to bypass Microsoft Windows UAC security and execute malware with high-level privileges. While its presence globally is concerning, Remcos has not made a a significant appearance in Africa.
Top Attacked Industries in Africa
Last month Education/Research remained in first place as the most attacked industry globally, followed by Communications and Government/Military. However, in Africa the top industries that came under attack are:
1. Communications
2. ISP/MSP
3. Finance and Banking
4. Government and Military
Top exploited vulnerabilities
Last month, “Zyxel ZyWALL Command Injection (CVE-2023-28771)” was the most exploited vulnerability, impacting 42% of organizations globally, followed by “Command Injection Over HTTP” which impacts 42% of organizations worldwide. “Web Servers Malicious URL Directory Traversal” was the third most used vulnerability, with a global impact of 42%.
1. ↑ Zyxel ZyWALL Command Injection (CVE-2023-28771) - A command injection vulnerability exists in Zyxel ZyWALL. Successful exploitation of this vulnerability would allow remote attackers to execute arbitrary OS commands in the affected system.
2. ↔ Command Injection Over HTTP (CVE-2021-43936, CVE-2022-24086) - A command Injection over HTTP vulnerability has been reported. A remote attacker can exploit this issue by sending a specially crafted request to the victim. Successful exploitation would allow an attacker to execute arbitrary code on the target machine.
3. ↓ Web Servers Malicious URL Directory Traversal (CVE-2010-4598,CVE-2011-2474,CVE-2014-0130,CVE-2014-0780,CVE-2015-0666,CVE-2015-4068,CVE-2015-7254,CVE-2016-4523,CVE-2016-8530,CVE-2017-11512,CVE-2018-3948,CVE-2018-3949,CVE-2019-18952,CVE-2020-5410,CVE-2020-8260) - There exists a directory traversal vulnerability on different web servers. The vulnerability is due to an input validation error in a web server that does not properly sanitize the URL for the directory traversal patterns. Successful exploitation allows unauthenticated remote attackers to disclose or access arbitrary files on the vulnerable server.
Top Mobile Malwares
Last month Anubis remained in first place as the most prevalent Mobile malware, followed by AhMyth and Hiddad.
1. Anubis – Anubis is a banking Trojan malware designed for Android mobile phones. Since it was initially detected, it has gained additional functions including Remote Access Trojan (RAT) functionality, keylogger, audio recording capabilities and various ransomware features. It has been detected on hundreds of different applications available in the Google Store.
2. AhMyth - AhMyth is a Remote Access Trojan (RAT) discovered in 2017. It is distributed through Android apps that can be found on app stores and various websites. When a user installs one of these infected apps, the malware can collect sensitive information from the device and perform actions such as keylogging, taking screenshots, sending SMS messages, and activating the camera, which is usually used to steal sensitive information.
3. Hiddad - Hiddad is an Android malware which repackages legitimate apps and then releases them to a third-party store. Its main function is to display ads, but it can also gain access to key security details built into the OS.
Check Point's Global Threat Impact Index and its ThreatCloud Map are powered by Check Point's ThreatCloud (https://threatmap.CheckPoint.com/) intelligence. ThreatCloud provides real-time threat intelligence derived from hundreds of millions of sensors worldwide, over networks, endpoints and mobiles. The intelligence is enriched with AI-based engines and exclusive research data from Check Point Research, the intelligence and research arm of Check Point Software Technologies.
The complete list of the top ten malware families in October can be found on the Check Point blog.
Distributed by APO Group on behalf of Check Point Software Technologies Ltd..
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Check Point Research provides leading cyber threat intelligence to Check Point Software customers and the greater intelligence community. The research team collects and analyzes global cyber-attack data stored on ThreatCloud to keep hackers at bay, while ensuring all Check Point products are updated with the latest protections. The research team consists of over 100 analysts and researchers cooperating with other security vendors, law enforcement and various CERTs.
About Check Point Software Technologies Ltd.:
Check Point Software Technologies Ltd. (www.CheckPoint.com) is a leading provider of cybersecurity solutions to corporate enterprises and governments globally. Check Point Infinity's portfolio of solutions protects enterprises and public organizations from 5th generation cyberattacks with an industry leading catch rate of malware, ransomware and other threats. Infinity comprises four core pillars delivering uncompromised security and threat prevention across enterprise environments: Check Point Harmony, for remote users; Check Point CloudGuard, to automatically secure clouds; and Check Point Quantum, to protect network perimeters and datacentres, all controlled by the industry's most comprehensive, intuitive unified security management; Check Point Horizon, a prevention-first security operations suite. Check Point protects over 100,000 organizations of all sizes.
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