The logo of multinational retail holding company, Steinhoff. The Pretoria Specialised Commercial Crime Court has sentenced former Steinhoff Auditor, Hein Odendaal to four years imprisonment or a R2 million fine. Odendaal, who turned himself in to the Hawks last year, entered into a plea agreement regarding his role in the multi-billion-rand scandal. The court found…
A general view of a production line of a car manufacturer. South Africa’s manufacturing sector has started the year on a weaker footing, with production slipping 0.7% year-on-year in January. The decline was due to sharp contractions in the wood, paper, publishing and printing industry as well as the basic iron, steel and machinery division….
Global oil prices have risen to around $85 a barrel in recent months. Oil prices rose sharply on Thursday as Iran stepped up attacks on oil and transport facilities across the Middle East, fuelling concerns of a prolonged conflict and potential disruptions to oil flows through the Strait of Hormuz. Brent futures climbed $5.95, or…
A view of Cape Town International Airport. South African travellers are likely to soon face significantly higher flight prices after jet fuel costs increased by approximately 70% at two of South Africa’s three major airports. Cape Town International Airport and King Shaka International Airport in Durban have both raised the cost of Jet A1 fuel…
Flysafair plane takes off at an airport. Domestic airline FlySafair has announced that it will introduce a temporary fuel surcharge on ticket prices as oil prices rise due to the conflict in the Middle East. The surcharge will come into effect on Wednesday and will apply only to flights departing on or before the 12…
Bank notes. Opposition parties in the Mpumalanga Legislature have expressed different views about the Budget Speech delivered by the provincial MEC for Finance, Bonakele Majuba. Some have welcomed the budget allocation, but others are concerned that sometimes funds are not used appropriately. Speaking on behalf of the official opposition party, uMkhonto weSizwe, Benon Nxumayo, says,…
Smoke rising from an Eskom power station The Department of Electricity and Energy says Eskom’s financial position remains solvent. Senior officials from the department briefed Parliament’s Portfolio Committee on among others, the third quarter financial performance for 2025/26 of entities it oversees. The department’s Deputy Director-General for Energy Enterprises Dr Kubeshnie Bhugwandin added that liquidity…
Model of Oil barrels are seen in front of rising stock graph in this illustration, July 24, 2022. Shares in Asia fell broadly on Thursday, as oil prices leapt 9% to above $100 a barrel on reports of more ships being hit in Gulf waters and the closure of oil terminals – a jump that…
Qatar Energy Shell, the world’s largest liquefied natural gas trader, has declared force majeure on LNG cargoes it buys from QatarEnergy and sells to its clients worldwide, three sources told Reuters on Wednesday. Qatar, the world’s second-largest exporter of LNG, announced a production halt at its 77 million tons per annum (mtpa) facility last week…
The war has disrupted key shipping routes through the Strait of Hormuz European shares declined on Wednesday as investors weighed the economic fallout from the 12-day Middle East war and digested a slate of mixed corporate updates. The pan-European benchmark STOXX 600 fell 1% to 600 points by 0927 GMT with most major sectors in…
