Latest news with #R5.6
The South African
3 days ago
- Entertainment
- The South African
Taylor Swift reclaims her music masters in landmark deal
Taylor Swift, after years of public battles, heartbreak, and determination, now finally owns her first six albums. This move is a masterclass in standing up for your rights, regardless of how powerful your opponents are. 'All of the music I've ever made now belongs to me,' Taylor announced. 'I've been bursting into tears of joy… ever since I found out this is happening.' The saga began in 2019. Scooter Braun, a music mogul, bought Taylor's former record label, Big Machine, according to the BBC . With it, he got the rights to her first six albums. Imagine working for years, only to see someone else reap the rewards of your creations. Taylor called out Braun for 'incessant, manipulative bullying.' She felt betrayed. 'After 20 years of people dangling the carrot in front of me and then yanking it away, I almost gave up hope that it could ever happen,' she wrote. But she never gave up. In music, whoever owns the master recording controls how the songs are used. Want your hit in a movie, advert, or video game? The master owner decides. Taylor always kept her publishing rights, but without the masters, she couldn't call the shots. 'I do want my music to live on… but I only want that if I own it,' she told Billboard. The price for freedom wasn't small. When Big Machine first sold, the catalogue fetched $300 million (about R5.6 billion). Rumours swirled that Taylor paid up to $1 billion (over R18.7 billion), but insiders say that's too high. Still, it's a staggering sum—proof that music is big business. Taylor Swift didn't just sit back. She fought back. She started re-recording her old albums, releasing 'Taylor's Versions' packed with bonus tracks. Fans loved them. 'The success of the Eras tour is why I was able to buy back my music,' she said. That tour raked in over $2 billion (about R37.5 billion) in ticket sales. This victory is a beacon for artists everywhere, including in South Africa. 'Every time a new artist tells me they negotiated to own their master recordings. I'm reminded of how important it was for all of this to happen,' Taylor said. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
The South African
5 days ago
- Business
- The South African
Billions allocated to rescue Johannesburg's infrastructure
The City of Johannesburg has committed over R13 billion in multi-year funding to stabilise struggling municipal entities, improve service delivery, and support long-term economic growth. Finance MMC Margaret Arnolds revealed the allocations during the city's 2025/26 budget speech on Wednesday, pledging to move Johannesburg 'from planning to progress.' Johannesburg's municipal entities are under significant strain. Years of underinvestment, ageing infrastructure, and revenue shortfalls have created essential services backlogs. Furthermore, Arnolds said the new budget responds to that challenge, reflecting a 'statement of intent' from the city and its residents. 'This budget was built through public dialogue, regional forums, and sectoral engagements,' she said. 'And in every hall, every meeting, every township, the message was clear: We want a city that works.' City Power, which owes Eskom over R1 billion, will receive R4.6 billion over the next three years. The allocation aims to help stabilise the city's power grid. 'This infrastructure will not only support economic continuity, but also enhance household financial stability,' said Arnolds. In addition, Johannesburg Water will receive the largest allocation, R5.6 billion, to address a R27 billion infrastructure backlog and reduce water losses. 'Through intentionally increasing infrastructure investment, the city will begin to claw back on water losses that eat away at resources that could potentially be available to re-invest in infrastructure for the future,' Arnolds noted. The water utility loses over R2 billion annually due to leaks and illegal connections and is owed nearly R500 million by government departments and state-owned entities. Furthermore, the Johannesburg Roads Agency (JRA) has been allocated R2.8 billion, with R400 million earmarked for expanding stormwater infrastructure in flood-prone areas like Orange Farm and Ivory Park. The goal is to boost urban resilience and improve access between townships and economic hubs. 'These investments are part of the broader spatial transformation agenda, creating inclusive, walkable neighbourhoods and connecting marginalised communities to the city economy,' said Arnolds. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
IOL News
30-04-2025
- Business
- IOL News
This South African businessman lost R5. 6 billion thanks to Trump's tariff tirade
While some have benefitted, a South African businessman's finances has taken a major hit thanks to US President Donald Trump's implementation of tariffs. Image: Se-Anne Rall/IOL Along with the millions of people around the world, former De Beers chairman Nicky Oppenheimer has lost billions of dollars in a year that markets slumped following US President Donald Trump's imposition of massive tariffs earlier this month. Oppenheimer, who is the world's 241st richest man according to Bloomberg's Billionaire Index, has seen his wealth drop $300 million this year as of Wednesday morning. While that's only a decline of 2.6%, it translates into R5.6 billion. This is almost 0.75% of South Africa's gross domestic product. South Africa's total National Budget for the 2025/26 financial year is R2.59 trillion, while the value of the economy is R7.5 trillion. As of the middle of April, Oppenheimer had 'only' lost $150m – R2.8bn at Wednesday's exchange rate of R18.53 to the greenback. His current worth is $11.2 billion, or R207bn. Former De Beers chairman Nicky Oppenheimer has lost billions of dollars in a year that markets slumped following US President Donald Trump's imposition of massive tariffs earlier this month. Image: Dumisani Sibeko 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 ✕ Oppenheimer, according to Bloomberg's research, earned $5.2bn in cash in 2012 when he sold his family's 40% stake in De Beers to Anglo American. His investments are located around the globe and include those in South Africa, Asia, America and Europe. The S&P500, a major US stock index, has declined 5.79% year-to-date following steep losses triggered shortly after April began, when former U.S. President Donald Trump declared significant tariffs on imported goods. Similarly, the Nasdaq – tech-heavy exchange – has fallen nearly 10% since the start of the year, with its sharpest downturn also occurring after Trump's April 2 'Liberation Day' tariff announcement.
IOL News
25-04-2025
- Business
- IOL News
Remgro is freezing hiring and offering early retirements at Mediclinic as it shifts towards AI to boost efficiency
Mediclinic's share price rose 6.6 percent yesterday after it said it could realise R5.6 billion from the offer by Australian firm Ramsay Property Group to acquire Mediclinic's 29.9 percent stake in the UK's Spire Healthcare Group. Photo: Simphiwe Mbokazi African News Agency (ANA) Remgro has reportedly introduced a hiring freeze and early retirement offers at Mediclinic as part of efforts to streamline operations and integrate AI to boost efficiency. The decision was confirmed during Remgro's 2025 Capital Markets Day, according to MyBroadband. Mediclinic's Chief Operating Officer, Bertrand Levrat, explained that the measures aim to reduce administrative costs across the group. Mediclinic stated that these cost-cutting measures are expected to result in savings of up to R2 billion by 2027. However, the company clarified that the hiring freeze will not affect frontline staff, including nurses and doctors. 'For SA-based corporate office personnel and shared services staff, we have offered an early retirement package. These will enable us to reduce the administrative costs of the group,' Levrat said. According to Daily Maverick, the group stressed that no specific directive has been given for AI to replace full-time employees. 'This transformation includes the realignment of our corporate office structures, reinforcing our ability to support our facilities in providing exceptional care to our patients,' Levrat added. 'This evolution will strengthen our organisation and ensure we remain competitive, sustainable, and best positioned to meet the needs of our patients, clients, and stakeholders.' Mediclinic is one of the country's largest private hospital groups, employing more than 15,000 people across Southern Africa, with a significant proportion of employees based in South Africa. The move could exacerbate the country's high unemployment rate. According to the latest data from Statistics South Africa, the unemployment rate stood at 31.9% in the fourth quarter of 2024. Young people are particularly affected, with those aged 15-24 facing the highest unemployment rate at 59.6%. The unemployment rate for those aged 25-34 is 39.4%, contributing to an overall youth unemployment rate of 45.5%. IOL previously reported last month that Blade Nzimande, Minister of Science, Technology and Innovation, addressed both the opportunities and risks posed by AI, particularly in a country grappling with high unemployment. The minister also called for deliberate policy interventions to ensure technology serves social justice, inclusivity, and equality. "Major advances in science and technology have been transforming many aspects of the global economy and bringing with it huge disruptions in labour markets," Nzimande said. IOL Business
The Citizen
22-04-2025
- Business
- The Citizen
Less jobs and money: How much you'll earn if you join the PYEP
Here's what positions are available and who qualifies Desperate young people looking for work through the Presidential Youth Employment Initiative's Basic Education Employment Initiative will have to contend with fewer positions and lower pay this year, the department has confirmed. The fifth phase of the programme will start on 1 June 2025 and end in November. It will be a 6-month programme. The project aims to stimulate economic recovery and reduce youth unemployment by providing young people with meaningful job opportunities. It also focuses on alleviating poverty, supporting livelihoods, and creating pathways into other forms of work, among others. Stipend to be allocated And while these are great goals, fewer people will be able to benefit from the programme this year. The Department of Basic Education told Parliament on Tuesday that the job created in phase five are 50 000 lesser than what was produced in phase four. They are being funded by the Unemployment Insurance Fund (UIF) and the National Treasury. Of the jobs set to be created, the majority of those funded by the UIF were in KZN (35 336), followed by Gauteng (28 005). Northern Cape recorded the lowest number (3 744) of jobs. KZN will also get the lion's share of positions funded by National Treasury (10 322), again followed by Gauteng (8 181). The Northern Cape will get 1 094. The biggest barrier to implementation thus far has been drawing up training plans, with only the Western Cape being ready. ALSO READ: Teachers forced to live in abandoned, dilapidated school building Positions include education assistants and general school assistants. Education assistants can work as Curriculum Assistants, ICT/eCadres, Reading Champions, Care and Support Assistants, Laboratory Assistants, and Workshop Assistants General school assistants can work as an Infrastructure Maintenance (Handyman) or a Sport Enrichment Assistant (SEA) How much will you earn? While the monthly stipend went up in the first three phases, it remained the same in 2023. It has now decreased from R4 081.44 to R4 000. Those in the programme will have to pay a 1% UIF contribution but will also get R30 a month for data. The lower stipend may have something to do with overall funding for the programme being reduced from R6.4 billion to R5.6 billion. Who qualifies for the programme? The minimum requirements include: Youth who were in previous phases, however, meeting the below criteria, qualify to apply Youth at age 18 – 34 years (18 or above when applying, or 34 turning 35 on or before 31 March 2026) Both EAs and GSAs at a school for LSEN between the ages 18 and 39, turning 40 on or before 31 March 2026, Youth residing 5km around the location of the school and 30 km from farm schools only One opportunity per household Meet requirements per category and sub-category applied for Youth, not in education, employment, or training (excluding distance or online student teachers). However, there is an exemption for youth studying teaching qualifications at distance and remote learning institutions. These should be prioritised, even if they are funded by the government (NSFAS or Funza Lushaka), to allow students to gain relevant teaching experience and minimise the need for induction when they complete their degree. Youth not receiving government grants for self (e.g. Grants such as R350 – candidates will be requested to cancel this in the month of confirmed appointment) Youth not receiving any other form of stipend, wage, or salary Youth not in a learnership Youth without a criminal record. Candidates will be expected to present their police clearance record when they come for an interview. Youth living with disability must provide a medical certificate confirming the nature of disability. Youth who have a valid South African Identity Book/Card Below is the specific requirements for each position
