by Kelebogile Matlou Some of South Africa’s biggest banks will finally face legal action in February 2026, as a R60 billion class action lawsuit heads to court nearly a decade after it was first filed. Hundrands of former homeowners are taking legal steps against Absa, Nedbank, Standard Bank, and FirstRand, alongside the National Credit Regulator,…
by Kelebogile Matlou On Monday, Nestlé announced a R124 million investment to expand its cereal manufacturing facility in Harare, Zimbabwe. The investment is aimed at boosting local production capacity by over 35% and supporting domestic and regional markets including Zambia, Malawi, and Mozambique. This expansion forms part of Nestlé’s long-term Africa for Africa strategy, which…
by Kelebogile Matlou The Prudential Authority a regulator under the South African Reserve Bank (SARB), announced administrative sanctions against HBZ Bank Limited, Citibank South Africa, and the Bank of Taiwan South Africa (BOTSA). The sanctions follow compliance inspections conducted in 2022, revealing that the banks failed to adhere to key requirements of the Financial Intelligence…
by Kelebogile Matlou The National Treasury on Monday said the government has signed a R26 Development Policy Loan (DPL) from the World Bank. “DPLs are robust, flexible and quick-disbursing financing instruments that help countries achieve development results by supporting a program of policy and institutional reforms provided through general budget financing.” This agreement reinforces the…
by Kelebogile Matlou Johannesburg residents have been given some relief after power utilities Eskom and City Power reached an agreement to resolve their long-running “electricity debt dispute”. Earlier this year, Eskom had threatened to cut electricity supply to the City of Johannesburg and City Power over an unpaid bill of R4.9 billion, along with R1.4…
by Kelebogile Matlou The Department of Home Affairs will be launching a new upgraded verification system for the National Population Register (NPR), but companies running real-time checksshould prepare to cough up. The DHA has provided the service known as the online verification system (OVS) to third parties that connects them to the NPR since 2013….
by Kelebogile Matlou image: Business Tech Toyota’s insurer, Tokio Marine & Nichido Fire Insurance, is taking legal action against several government bodies, claiming they failed to protect the Prospecton Industrial Area from the devastating April 2022 floods. The insurer is suing for R6.5 billion, covering R4.5 billion for repair work and R2 billion for business…
by Kelebogile Matlou South African municipalities spent 27.4% of their total running costs on salaries in the last quarter of the 2024/25 financial year, according to a National Treasury report. But salary spending actually dropped by 0.9% compared to earlier budgets despite inflation rising by 3.6%. This means R1.5 billion less was spent on salaries,…
by Kelebogile Matlou The Department of Agriculture has announced that it will partially lift the ban on the import of poultry products from Brazil, which should help the country avoid a major threat to its food security. South Africa imposed a ban on poultry imports from the South American country in May, following an avian…
by Kelebogile Matlou Kaizer Chiefs midfielder Gaston Sirino is facing a serious legal and financial crisis after reportedly failing to pay R6.1 million in personal income tax. The South African Revenue Service (SARS) has taken firm steps against the Uruguayan footballer, escalating the matter to the Johannesburg High Court following his apparent failure to respond…
