Sibanye-Stillwater seals R1.45 billion deal to buy U.S-based Metallix
Sibanye-Stillwater, one of the world's largest platinum producers explained that the acquisition will complement its existing US recycling operations.
Metallix produces recycled precious metals, including gold, silver and platinum group metals from industrial wasre streams in North Carolina.
Speaking to Stephen Grootes on The Money Show, Peter Major, director of mining at Modern Corporate Solutions says the move aims to boost Sibanye-Stillwater's U.S recycling operations by adding a long-established precious metals recycler to its portfolio.
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IOL News
7 hours ago
- IOL News
US tech titan earnings rise on AI as economy roils
AI. Global leaders have entered the AI race. Image: File Image: IOL Tech giants Amazon, Apple, Meta and Microsoft this week eclipsed earnings expectations, cashing in on artificial intelligence (AI) while navigating economic waters roiled by US tariffs. "Massive results seen by Microsoft and Meta further validate the use cases and unprecedented spending trajectory for the AI Revolution on both the enterprise and consumer fronts," Wedbush tech analyst Dan Ives said in a note to investors. "We have barely scratched the surface of this 4th Industrial Revolution now playing out around the world led by the Big Tech stalwarts such as Nvidia, Microsoft, Palantir, Meta, Alphabet, and Amazon," Ives added. Amazon reported a 35 percent jump in quarterly profits as the e-commerce giant said major investments in AI technology are paying off. "Our conviction that AI will change every customer experience is starting to play out," said Chief Executive Andy Jassy, pointing to the company's expanded Alexa+ service and new AI shopping agents. But the Seattle-based company's profit outlook for the current quarter came in lower than hoped for, with investors worried that the cost of AI was weighing on the bottom line. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ This was despite a stellar second quarter that exceeded analyst expectations, much like it did for its AI-focused rivals Google, Microsoft and Meta, which posted bumper results for the period. Amazon's net sales climbed 13 percent, signaling that the company was so far surviving impacts of the high-tariff trade policy under US President Donald Trump. Amazon Web Services (AWS), the company's world-leading cloud computing division, led the charge with sales jumping 17.5 percent to $30.9 billion. Its strong performance reflects surging demand for cloud infrastructure to power AI applications, a trend that has benefited major cloud providers as companies race to adopt generative AI technologies. $4 trillion club Shares of Microsoft spiked Thursday following blowout quarterly results, lifting the tech giant into the previously unprecedented $4 trillion club along with Nvidia, another AI standout. The landmark valuation is the latest sign of growing bullishness about an AI investment boom that market watchers believe is still in the early stages -- even as companies like Microsoft plan $100 billion or more in annual capital spending to add new capacity. "Cloud and AI is the driving force of business transformation across every industry and sector," said Microsoft CEO Satya Nadella. At the heart of the results was a stunning surge in Azure, the company's cloud computing platform, which is getting "supercharged" with AI, said Angelo Zino, technology analyst at CFRA Research. Zino attributed "just about all of" Microsoft's recent climb in valuation to AI. Superintelligence? Meta reported robust second-quarter financial results Wednesday, with revenue jumping 22 percent year-over-year as the social media giant continues investing heavily in artificial intelligence. "We've had a strong quarter both in terms of our business and community," said CEO Mark Zuckerberg. "I'm excited to build personal superintelligence for everyone in the world." Zuckerberg has embarked on a major AI spending spree, poaching top researchers with expensive pay packages from rivals like OpenAI and Apple as he builds a team to pursue what he calls AI superintelligence. Hours before the earnings report, Zuckerberg insisted that the attainment of superintelligence -- technology that would theoretically be more powerful than the human brain -- is now "in sight." Meanwhile Apple, which is seen as lagging in the AI race, beat expectations with earnings driven by strong iPhone sales despite US tariffs costing the company $800 million in the recently-ended quarter. Apple expects Trump's tariffs to cost the iPhone maker $1.1 billion in the current quarter. "The results show that Apple's iPhone strategy is working to offset the impact of looming challenges with AI development timelines, tariff pressures, and Google's antitrust issues," said Emarketer tech analyst Jacob Bourne.
IOL News
9 hours ago
- IOL News
Cape Town City running out of road in bid to reverse relegation after Gallants ruling
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Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ However, Gallants pleaded guilty and escaped with just a R200,000 fine. It marked yet another door slammed shut for City. Earlier, newly promoted Orbit College insisted they had big ambitions and were not entertaining selling their status. The same was said by Richards Bay, who turned down a massive offer of R72 million. 'I've got someone I won't mention by name who sent me a message saying there's a desperate club looking to buy into the top flight,' Richards Bay boss Sfiso Jomo Biyela said earlier last month, according to FARPost. 'They stated that they put up R60 million. They told me if I sign, the money can kick in just the next day. And they also put R12 million or R15 million – it'll be up to me if I take the status in the NFD. 'Think about it – it's R72 million. I asked them if they knew what a legacy meant. I said to them, legacy is priceless – there's no value you can table here. Try elsewhere.' Currently, TS Galaxy's financial woes could give City their last chance of staying up. TS Galaxy find themselves in a tight financial corner, which could force the Mpumalanga outfit to sell their status. Tim Sukazi's side, who finished fifth in the league last season, won't be able to strengthen their squad ahead of the new campaign due to a transfer ban. 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Owner Tim Sukazi could well be tempted to sell the club, opening the door for John Comitis and Cape Town City's bid to stay in the top flight. For now, City's only hope lies in another club's misfortune – a harsh reminder of how brutal survival in South African football can be. IOL Sport Get your news on the go, click here to join the IOL News WhatsApp channel.
The Citizen
13 hours ago
- The Citizen
Tata Motors to make SA comeback after 8-year passenger vehicle pause
In a surprise development, Indian auto giant Tata has announced its return to South Africa next month after quietly ending its passenger vehicle operations eight years ago, The Citizen reports. 'New' Tata Still present via its truck and bus division, the Mumbai-based brand has provided no details of its planned product range, though a hint has been provided by the official event invitation. Its current line-up comprises two A- and B-segment hatchbacks — the Tiago and its sedan sibling, the Tigor — and the Altroz. It also fields two B-segment SUVs, the Punch and Nexon, plus two C-segment SUVs: The Harrier and Safari. On Safari According to the mentioned document, the Safari appears set to be one of the products Tata will launch with, as the original had been a quiet presence in the local market more than two decades ago. A radical departure from its predecessor, the current second-generation Safari made its world debut four years ago and received a mid-life facelift two years back. Drawing on Tata's ownership of JLR, the Safari rides on the same D8 platform as the Land Rover Discovery Sport and Range Rover Evoque, with dimensions of 4 668mm in overall length, a wheelbase of 2 741mm, width of 1 922mm and height of 1 795mm. Offered only with front-wheel drive — unlike the original body-on-frame version that had part-time four-wheel drive — the Safari comes standard with seven seats or, optionally, six, featuring ventilated captain's chairs in the second row. Boot space, depending on configuration, ranges from 211L with all seven seats up, to 1 550L with the second and third rows folded flat. Available in five trim levels — Smart, Pure, limited-edition Stealth, Adventure and flagship Accomplished — the Safari uses Tata's Kryotec 2.0-litre turbo diesel engine based on Fiat's earlier Multijet design as part of a long-standing licensing agreement. Developing 125kW/350Nm, the engine is paired either with a six-speed manual gearbox or a six-speed torque converter automatic. Depending on the trim, the Safari features 16-inch steel or 19-inch alloy wheels, a six-speaker or upgraded 10-speaker JBL sound system, dual-zone climate control, ventilated and electric front seats, LED headlights, push-button start, a panoramic sunroof, rain-sensing wipers, a wireless smartphone charger, rear window blinds, a hands-free electric tailgate and ambient lighting. Standard features also include Type-A and Type-C USB ports, a 10.25-inch digital instrument cluster, and a choice between a 10.25-inch or 12.3-inch infotainment display, both with wireless Apple CarPlay, Android Auto and voice recognition. Safety and tech On the safety front, the Safari boasts: Tyre pressure monitor 360-degree surround-view camera Seven airbags Front and rear parking sensors Hill Descent Control Rollover Mitigation Hill Hold Assist Driver Attention Alert Tata also includes 21 additional advanced safety systems, a drive mode selector with Eco, City and Sport modes, and a terrain selector with Normal, Wet and Rough settings. Pricing and outlook Priced from ₹1 549 900 to ₹2 724 990 — roughly R320 481 to R563 461 before taxes — the Safari is likely to headline Tata's local line-up, although exact details remain unconfirmed. Other likely options At the lower end of the range, the Punch, which has been a runaway success since debuting two years ago, could serve as Tata's entry-level model locally, possibly alongside the Altroz, which premiered in 2020. Another contender is the coupe-styled Curvv, launched last year as Tata's newest offering in its global portfolio. More clarity is expected next month.
