Latest news with #Langa
The Citizen
27-05-2025
- Business
- The Citizen
Barloworld extends investigation into Russian subsidiary
Around potential export control violations. Vostochnaya Technica's operations have been 'significantly reduced by sanctions and the prolonged geopolitical environment', largely because its market in the area 'has shrunk'. Picture: iStock An independent investigation into potential export control violations by JSE-listed Barloworld related to sales of certain goods to its Russian subsidiary Vostochnaya Technica (VT) has been further extended to September 2025. The investigation was launched in 2024, with Barloworld informing shareholders that it submitted an initial notification of voluntary self-disclosure to a US Commerce Department agency, the Bureau of Industry and Security (BIS), on 5 September 2024 regarding the potential export control violations the company was investigating. Barloworld Group CEO Dominic Sewela said on Monday the company was disappointed to learn last year of the potential export control breach in its VT division and the investigation is ongoing. 'As announced this morning [Monday], BIS has granted a further extension from 2 June to 2 September, and we will keep you updated as we progress with that investigation.' ALSO READ: 'Complex' investigation Barloworld head of legal Sandile Langa said the extension is purely a function of the complexity of the investigation. Langa said the investigation is being conducted by an independent forensic firm, which is working under the guidance of US legal counsel that had requested the company apply for the further extension on the basis of where 'we are in the progress of the investigation'. 'You must appreciate that the US authorities are not likely to have agreed to this further extension unless they were satisfied that the company was taking all the correct steps in the investigation,' he said. Langa's comments were made during a briefing on Barloworld's interim financial results for the six months to 31 March 2025. Barloworld is still the subject of a proposed buyout by a consortium led by Saudi Arabia's Zahid Group, which if successful will result in Barloworld delisting from the JSE. Sewela said Barloworld's VT business has been significantly reduced by sanctions and the prolonged geopolitical environment, largely because the addressable market has shrunk in that area. 'At the current rate, we expect our operations in VT to trade towards break-even levels and to remain self-sufficient.' Sewela said VT is close to break-even but the business is basically selling parts, which are not impacted by export control, and therefore the discipline is that you are able to sell these parts. He said Barloworld is embarking on initiatives to try and make sure it does not lose its people in VT but stressed 'it is difficult to sell labour in a smaller addressable market'. 'Therefore, I'm not saying we will always remain profitable and hence we are giving guidance that as soon as we dip below that level, we will unfortunately be forced to take people out [of the business]. 'The business is self-sufficient in terms of funding and there is more cash in that business than I would like us to have given – you can't take the cash out,' he said. ALSO READ: Questions over new Barloworld's strategy Interim results Barloworld on Monday reported that group revenue declined by 5.8% to R18.1 billion in the six months to 31 March 2025, driven by a 36.8% decrease in revenue at VT and a 6% decline in Barloworld Equipment Southern Africa. Operating profit from core trading activities improved by 1.3% to R1.48 billion from R1.46 billion, with the group operating margin deteriorating to 8.8% from 9.7%. Excluding VT, the operating margin expanded by 0.3% to 8.8% from 8.5%. Headline earnings per share slumped by 20.5% to 423 cents from 532 cents, largely because of the expected decrease in VT's trading activities from the impact of continuing sanctions in Russia. Normalised headline earnings per share, which excludes VT, remained flat at 356 cents. An interim dividend per share of 120 cents was declared, which is 42.8% lower than the interim dividend of 210 cents declared in the previous corresponding period. ALSO READ: Barloworld CEO accused of conflict in potential buyout by Saudi-led consortium Operating environment Sewela said 2025 has been typified by volatility, uncertainty, complexity and ambiguity, with the world changing faster than ever in terms of economic shifts, global politics and climate changes. 'In such a dynamic environment, businesses such as ours, especially those in cyclical industries, need to look beyond short-term gains and prepare for long term resilient strategies,' he said. Sewela said the trading conditions Barloworld operated in during the period were indicative of the market entering a lower cycle where commodity prices are subdued. He said Barloworld's Southern African mining clients remain cautious about investment and are preferring to rent equipment from the group than to buy while the recovery in the construction sector is still in progress. Sewela added that in Zambia, the copper mines in particular, have been spared by favourable copper prices. He said Barloworld's equipment business in Mongolia continued to grow but at a slower pace. Sewela said the 2024 optimisation actions at Ingrain are yielding the desired benefits, resulting in a lower fixed cost base and improved operating efficiencies. He said Ingrain generated stable revenue, with lower overall volumes offset by inflationary price increases. Turning to the outlook for the group, Sewela said the future effects of tariffs on Barloworld's business remain uncertain and the group is actively assessing the medium to long term implications of these tariffs. 'That said, we have consistently demonstrated our ability to successfully navigate volatility in the past by leveraging our key endowments and having a firm grip on what we can control,' he said. ALSO READ: Now labour dept questions employment equity at Truworths, TFG and Barloworld Buyout update The initial buyout offer by the Newco via a scheme of arrangement was overwhelmingly rejected at a general meeting in February this year, triggering a standby offer that, among other things, is subject to at least 90% of eligible shareholders accepting the offer. However, Newco has the right to waive the 90% threshold and proceed to acquire less shares from shareholders who have accepted the standby offer, with any decision on the waiving of the threshold extended and now expected by no later than 30 June 2025. The Public Investment Corporation, which owns 22% of Barloworld's ordinary shares, in April this year announced that it had accepted the standby offer. This article was republished from Moneyweb. Read the original here.
IOL News
15-05-2025
- Business
- IOL News
Essential tips for first-time home buyers in South Africa
Discover essential advice for first-time home buyers in South Africa, including tips on property inspections, insurance coverage, and avoiding common pitfalls. Image: Gieves Anderson First-time buyers now make up nearly half of home-loan applications in South Africa. While the average age has crept up from 34 to 36 over the past decade, many are still young professionals without dependants – some even buying to rent. Most new homeowners purchase properties priced between R700,000 and R1.5 million. No nasty surprises When buying a home for the first time, you need to remember the risks involved. You don't want to move in and then discover something major, like damp or structural cracks, that was simply masked with a fresh coat of paint. To avoid this, get the necessary certificates and building plans from the previous owner before the sale goes through. Make sure you get the compliance certificates, including rates, electrical and gas certificates, as well as approved building plans for any additions that have been done to the house. If you're not sure what to look out for, some companies offer inspections for new homeowners. Get the right level of cover In terms of insurance, you want to get the right level of cover at the right price. The best quote is not always the cheapest quote. Speak to your broker to understand what the cover is that you're getting, what excesses you'll need to pay if you claim, as well as limits and extensions. Two kinds of insurance are available to property owners: buildings insurance and contents insurance. Building insurance covers the structure of your house, while contents insurance covers the belongings inside your home. It's a good idea to get both. Don't under- or over-insure A common mistake for new homeowners is not insuring your property adequately. Make sure that you insure your home at the replacement value and not the market value. Market value is what you'd get if you sold your home, based on factors like location, demand, and nearby amenities. Replacement value is what it would cost to rebuild from scratch, including demolition, municipal fees, and construction. Insuring your home at market value can mean paying too much – or worse, being underinsured if disaster strikes. It's also always a good idea to communicate with your insurer if you make any changes to the house. Whether you add a solar geyser, water-storage tank, or build a loft, your insurer needs to know about it. Review your policy annually and speak to your broker if there are any changes to your home. Remember, your broker is there to act in your best interests. With the right checks and balances in place, you don't have to worry. Buying a home is a huge achievement, but protecting it is just as important. With the right guidance and cover, you can enjoy peace of mind in your new space. * Langa is the head of strategic accounts at Old Mutual Insure. PERSONAL FINANCE
The Citizen
08-05-2025
- Entertainment
- The Citizen
Langa Mavuso on holding the fort for R&B and being awarded for it
Mavuso was nominated for the Metro FM awards and the Urban Music Awards (UMAs) for Best R&B but only won the latter. Singer songwriter Langa Mavuso spoke to The Citizen about holding the flag high for the R&B genre. Picture: langamav/Instagram Being nominated at two different awards ceremonies for the same category is enough proof of an artist's relevance and place in the industry, especially in a genre considered dying in the country. 'It's always a good feeling when you are recognised and celebrated for your efforts. Music has been a great love of mine, and to be given the honour to say that I'm doing it well feels good,' R&B singer Langa Mavuso told The Citizen. Mavuso was nominated for the Metro FM awards and the Urban Music Awards (UMAs) but only won the latter. The UMAs, which celebrated South Africa's finest musical talents, were hosted at the Heartfelt Arena in Pretoria on Sunday evening. Some of the night's winners included Uncle Waffles, named the Best DJ, Dlala Thukzin, awarded the Best producer, and the spiritual ensemble Soweto Gospel Choir, named the Best Gospel Act. ALSO READ: K.O finally gets his Metro FM award in his home province Holding the fort for R&B Mavuso's name is among the first mentioned when South African R&B is discussed. 'It's been beautiful to watch the resurgence of the genre in South Africa,' said Mavuso. Mavuso's debut album Langa was released in 2020, and since then, he has grown in stature with every note he belts out. Before that, he released what could be described as a modern R&B classic in Sunday Blues in 2017. 'When I first came onto the scene about eight years ago, many questioned whether there was a market for R&B, and we've soldiered through the years,' he says. 'We've seen a beautiful newfound appreciation of this kind of music, and I'm grateful to be a part of it.' ALSO READ: South Africans make their presence felt at the Met Gala in New York Dabbling with Amapiano In the past few days, Mavuso has been teasing a collaboration with Amapiano producer and DJ Yumbs. The collaboration will see the crooner singing over Yumbs' Amapiano beats. 'Yumbs is an incredible producer and also an alum from my high school. So when he called for a collaboration, it peaked my interest a lot,' shares the Lost Love singer. Mavuso says he had fun creating the song Wena. Explaining the meaning of the song, Mavuso said it was about yearning. '[The] song expresses yearning and missing someone you love. We get to experience a live performance of that song released this Thursday on Yumbs' YouTube channel.' NOW READ: Katy Perry missed the Met Gala, but AI stole the spotlight!
Deccan Herald
05-05-2025
- Business
- Deccan Herald
Journalist Mahesh Langa coerced victims with media influence: ED
The prosecution complaint, accessed by DH, has details about attachment of a commercial property worth Rs70 lakh which, the agency claimed, Langa purchased with proceeds of crime in the name of his wife, Kajal.
NDTV
22-04-2025
- NDTV
Probe Agency ED Files Complaint Against Journalist Mahesh Langa In Laundering Case
Ahmedabad: The Enforcement Directorate (ED), Ahmedabad Zonal Office, has filed a prosecution complaint against journalist Mahesh Prabhudan Langa under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The complaint was submitted before the Special Court (PMLA), Ahmedabad, on April 17. The court took cognisance of the matter on the same day. The ED shared this information through a press statement issued on Monday. The ED initiated a money laundering investigation based on an FIR lodged at the Detection of Crime Branch (DCB) police station, Ahmedabad City. The FIR accused Mr Langa of cheating and criminal breach of trust. In addition to this, another FIR was filed against him by the Satellite Police Station, Ahmedabad, for extortion. Following these developments, Mr Langa was arrested under Section 19 of the PMLA by the ED and is currently in judicial custody. The ED's investigation has revealed that Mr Langa allegedly misused his position and media connections to extort money from individuals. According to the agency, he threatened to publish defamatory news articles about the complainants unless they paid him large sums of money. This alleged form of media manipulation formed the basis of his extortion tactics, resulting in financial losses amounting to several lakhs of rupees for multiple individuals, the ED said. Further investigation led the ED to establish a money trail linked to the proceeds of crime allegedly generated by Mr Langa, the agency said in the statement. On April 9, the agency issued a provisional attachment order to seize assets believed to have been acquired through illicit means. The attached asset includes an immovable property -- an office space located in Ahmedabad, Gujarat. The case has drawn significant public and media attention, especially given Mr Langa's role as a journalist associated with a national publication.
