Latest news with #R78
The South African
12 hours ago
- Business
- The South African
Pros and cons of digital transformation in the developing world
Across the world, digital technologies are reshaping how people live, work and connect. From artificial intelligence (AI) to high-speed internet and digital platforms, this transformation offers great potential for economic growth and social progress. However, with that promise comes a critical challenge: ensuring that the digital future is equitable, sustainable and inclusive. Emerging technologies have already started driving significant gains and AI alone could add as much as $4.4 trillion (R78 trillion) annually to the global economy, according to the World Economic Forum's Future of Jobs Report . Digital tools are helping small businesses tap into global markets, while fintech services and online platforms are enabling entrepreneurs to reach customers and capital more easily than ever. For micro, small and medium enterprises, the digital economy offers unprecedented opportunities for job creation and innovation – if they have access to skills training, financing, and reliable internet. In developing countries, digital infrastructure is offering a chance to surge ahead of traditional development paths. E-learning and e-commerce are opening doors in rural and under-served communities, creating new paths to prosperity and participation in the global economy. Internet access remains an issue However, the digital divide remains a concern. Over 2.6 billion people still lack internet access and many face barriers due to cost, lack of digital literacy and infrastructure challenges. This inequity leaves a lot of people without access to essential services, education and economic opportunities – threatening to widen rather than close global disparities. Additionally, the benefits of digitalisation are not evenly distributed. While some workers and industries gain from automation and AI, others face job displacement. Estimates suggest that AI-driven automation could create 11 million jobs globally while displacing nine million, with uneven impacts across regions and sectors. To manage this transition responsibly, governments, businesses and civil society must invest in education and social protections. Ensuring that the digital economy is dynamic and fair requires a concerted effort to build inclusive digital infrastructure and policy frameworks. As the world accelerates into a digital future, the choices made today will determine whether this transformation serves as a bridge to shared prosperity – or becomes a barrier that deepens existing divides. 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.
TimesLIVE
28-05-2025
- Automotive
- TimesLIVE
Nissan plans $7bn funding, including loan backed by UK government
Japan's struggling Nissan is considering raising more than ¥1-trillion (R125,794,820,900) from debt and asset sales which would include a syndicated loan guaranteed by the UK government, Bloomberg News said on Wednesday. The country's third-biggest carmaker plans to issue as much as ¥630bn (R78,291,108) worth of convertible securities and bonds, including high-yielding US dollar and euro notes, Bloomberg News said, citing documents it had seen. Nissan is also considering taking out a £1bn (R24,260,850,000) syndicated loan guaranteed by UK Export Finance, the report said. The report said Nissan is also looking at selling part of the stakes it holds in French carmaker and long-standing alliance partner Renault and in battery maker AESC Group, and plants in SA and Mexico. Representatives for Nissan and UK Export Finance did not respond to a request for comment. Bloomberg News cited sources as saying Nissan's board did not appear to have approved the funding proposal yet, leaving it unclear whether it would happen. The proposal was also slated to include the rollover of some debt, the report said. Earlier this month, the company presented a sweeping cost-cutting plan under which it plans to reduce its workforce by around 15% and cut car plants to 10 from 17 globally. Sources told Reuters this month Nissan is considering plans to shut two car assembly plants in Japan and overseas factories, including in Mexico, and stop production in SA as part of its cost-cutting plan. Nissan's shares rose more than 4% after the report but they gave up most of the gains and were last trading up 0.6%.
The Star
07-05-2025
- The Star
Sebokeng's R78m driving licence testing centre in ruins despite R9.4m spent on securing it
Masabata Mkwananzi | Published 16 minutes ago R9.4 million blown on security — yet the Sebokeng Driving Licence Testing Centre ( DLTC) is a wreck. The vandalised, abandoned site has become a symbol of wasteful spending and failed oversight. This information was revealed by Gauteng MEC for Cooperative Governance and Traditional Affairs (COGTA), Jacob Mamabolo, who confirmed that a total of R9,420,295.68 has been spent on securing the Sebokeng DLTC since 1 June 2019, in response to questions tabled by the Democratic Alliance (DA) in the Gauteng Provincial Legislature (GPL). From 2019 to 2025, over R9.4 million was spent on security for the site, with annual amounts of R966,000 in 2019/2020 R1,102,290 2020/2021 R1,088,858.16 2021/2022 R2,053,800 2022/2023 R2,063,400 2023/2024 R2,145,947.52 2024/2025 Despite this hefty expenditure, the facility remains in a state of ruin, vandalised and non-operational. During a visit to the site, The Star encountered security personnel who were unwilling to speak in detail. Still, it came to our attention that they were operating on a shift basis to safeguard the premises. 'We can't say much, but yes, we take turns — there's a day shift and a night shift to ensure the place is secure,' one guard briefly stated. The building stands as a stark symbol of neglect — its walls are defaced, the ceiling is crumbling, and doors hang broken from their hinges. Discarded construction equipment litters the site, now overtaken by waist-high, overgrown grass that adds to the sense of abandonment. The Star has since obtained legislative correspondence revealing ongoing communication between the Democratic Alliance and both the Department of Infrastructure Development and COGTA concerning the condition and future of the testing station. The document reveals that five security companies were contracted to guard the construction site. However, the DA has raised concerns about the legitimacy of some of these companies in actually providing security services, specifically mentioning Action Sound Trading and Projects, Maile Consulting, and Matetsa Construction. The five contracted companies are Maraba Security Services, Action Sound Trading and Projects, Maile Consulting, Matetsa Construction, and Red Hawks Army Protection Projects. Kingsol Chabalala, the DA's constituency head for Emfuleni North, criticised the situation, calling it a travesty. 'It is unacceptable that this project, which has already cost taxpayers over R78 million, has been abandoned and left to deteriorate, while residents are forced to commute or walk long distances to access DLTC services,' he stated. He added that it is equally absurd that millions of rands are being wasted on security companies that fail to deliver the promised services. He also stated that he would be requesting a clear timeline for the project's completion. 'The Sebokeng DLTC is another example of the Department of Infrastructure Development's (DID) failure to complete projects on time and within budget. 'The DA will write to MEC Mamabolo to provide timelines to ensure this project is completed within the stipulated additional budget,' he added Theo Nkonki, spokesperson for Gauteng MEC for Infrastructure Development and Cooperative Governance and Traditional Affairs, Jacob Mamabolo, said that Sebokeng DLTC had already been vandalised before the deployment of security personnel. 'Furthermore, there was no formal handover of the site to the security team by either the Project Manager or the contractor. As a result, the site was found to be unsecured and unattended.' When asked how the Department justifies the R9.4 million spent on security despite the facility's deteriorating condition, Nkonki said: 'Security Management deploys personnel upon request from departments such as Property Management, the Health Branch, Education, and the STARS Branch. The appointed security service providers are paid in accordance with PSIRA rates. The DLTC has been under the protection of various security companies from 2019 to date, as detailed in the table below.' Despite the vandalised state of the site, Nkonki maintained that Security Management has not recorded any security breaches since the facility's inception. As the chaos at the Sebokeng DLTC unfolded, the Gauteng Department of Transport distanced itself from the project, referring inquiries to the Road Traffic Management Corporation (RTMC), which confirmed it had no involvement. The Sebokeng DLTC, meant to open in 2021, now stands as a monument to government failure, with construction dating back to 2015 and nearly R80 million spent on a facility left to rot. The Star [email protected]
Zawya
08-04-2025
- Business
- Zawya
Old Mutual takes $39mln hit on sale of Tanzania, Nigeria businesses
South Africa's financial services conglomerate Old Mutual Plc posted a combined loss of R724 million ($39.23 million) from the sale of its businesses in Tanzania and Nigeria last year, as it restructured its operations outside South Africa to strengthen its growth plan on the continent. Disclosures in its latest audited financial statements for 2024 show that the sale of the Tanzanian business resulted in losses of R78 million ($4.23 million), while the Nigerian unit lost R646 million ($35 million). Consequently, the group's return to shareholders from investments outside South Africa— Old Mutual Africa regions— fell by 23 percent to R819 million ($44.38 million) last year, driven by lower investment returns in East and West Africa and the exit from the Nigerian and Tanzanian markets during the year, the company says. Old Mutual Holdings Plc entered into an agreement in January 2024 to sell its 60 percent shareholding in UAP Insurance Tanzania Ltd to Strategic Ventures Company Ltd. The shares, comprising 137,400 ordinary shares and 100 percent of the preference shares, were initially owned by UAP Africa Ltd, a subsidiary of Old Mutual Holdings Plc. Old Mutual Holdings Ltd took effective control of UAP Holdings Ltd in 2015 by acquiring 37.33 percent of the total issued ordinary shares in UAP Holdings Ltd from AfricInvest Fund II Ltd, AfricInvest Financial Sector Fund, Aureos Africa Fund Llc and Swedfund International Aktiebolag. Old Mutual Holdings, together with Old Mutual Life Assurance Company (South Africa) Ltd, owned 60.66 percent of the issued ordinary shares of UAP Holdings. UAP Insurance Tanzania was a short-term insurance business acquired in 2015 as part of the group's East African growth plan. According to the parent company, the review of its East and West African operations has allowed it to focus on markets where it believes it can achieve strong growth. Returns on investmentIn East Africa, for instance, shareholder investment returns declined by 65 percent to R77 million ($4.17 million), largely due to the impact of currency movements on foreign-denominated assets and the disposal of the Tanzanian business. Shareholder assets in the East Africa region consist largely of investments in property and interest-bearing assets, with the Kenyan portfolio being the largest. In Kenya, property assets returned 7.1 percent to investors, outperforming inflation for the year due to resilient occupancy rates, while the bond portfolio returned 18.4 percent, underperforming the benchmark. In West Africa, Old Mutual's investment returns dropped by 67 percent to R22 million ($1.19 million) for the year due to the disposal of the Nigerian business in June 2024 and the Ghanaian cedi depreciation of 17 percent against the South African rand. In Ghana, bonds comprise the bulk of shareholder-invested assets and returned significantly lower returns in 2024 compared to the prior year. In addition, investment property returns were also lower than in 2023. Last year, the Johannesburg Stock Exchange (JSE)-listed group said it would abandon its investments in government bonds as part of a strategic decision to protect its African businesses from sovereign risks and shore up its clients' investment returns. The group says investment in government securities is likely to trigger a sovereign crisis that will reduce its customers' investment returns and fuel concerns over value-for-money in some portfolios.'We are reducing our exposure in long-dated government papers with elevated sovereign risk, pausing the development of guaranteed products and responsibly and systematically reducing government bond exposure in our African markets,' the group says. In East Africa, the group's Life APE sales decreased by 12 percent to R440 million ($23.84 million) due to lower adviser productivity and fewer corporate schemes onboarded in Kenya, coupled with a lower contribution from the corporate business in Uganda following the enforcement of the cash and carry regulations. The group says that new business value and new business margin in East Africa were also lower than in the prior year due to changes in assumptions to better anticipate the level and allocation of expenses in the business. Life APE is a standardised measure of the volume of new life insurance business written by the businesses in the life and savings line of businessOld Mutual's gross written premiums in East Africa increased by one percent to R3,887 million ($210.63 million) in 2024 following good renewals in both the medical and general insurance businesses in Kenya, largely offset by the non-repeat of a large sale which occurred in the prior year in Uganda. The net underwriting margin improved by 160 basis points to negative 1.6 percent due to lower expenses, which were partially offset by an adverse claims experience in the medical book across the region. Old Mutual is a pan-African financial services group that offers a broad spectrum of financial solutions to retail and corporate customers across key market segments in 12 countries, including Uganda, South Sudan, Rwanda and the Democratic Republic of Congo.
