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Cape TownLight Cloud3ºC/8ºC
JohannesburgLight Rain Shower14ºC/20ºC
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Port ElizabethLight Cloud17ºC/25ºC
BloemfonteinSunny Intervals14ºC/23ºC
KimberleySunny16ºC/26ºC
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Wednesday, 20th June 2018

South Africa News Headlines

Fin24.com | The tide may be turning for SA construction sector
After showing little to no growth for 10 years, compelling value in the building and construction sector is attracting the attentions of seasoned global peers and institutional investors.

Unions reject Eskom's 4.7% increase
JOHANNESBURG - Following the new 4.7% increase tabled by Eskom yesterday, unions today rejected the offer and tabled a new offer to the power utility, however, the amount has not been disclosed. It is believed that Eskom will respond to the new offer put forward by unions on Thursday this week. This comes after Public Enterprises Minister Pravin Gordhan on Friday urged Eskom to abandon its stance not to offer a salary increase. Eskom withdrew its zero percent offer following its meeting with Gordhan and trade unions National Union of Mineworkers (NUM), the National Union of Metalworkers of SA (Numsa) and Solidarity, according to Eskom spokesperson Khulu Phasiwe.  Eskom can sell electricity from coal for 42 cents per kWh. Eskom pays IPPs R1,88 per kWh. The #IPPs are destroying Eskoms share. As NUMSA, NUM_Media & Solidarity we are united in fighting against this project NUMSA (@Numsa_Media) June 20, 2018 WATCH: Unions respond to #Eskom's 4.7% wage increase. Courtesy #DStv403 pic.twitter.com/oZnLVzv1Dk eNCA (@eNCA) June 19, 2018 Yesterday, according to Reuters, Eskom spokesman Khulu Phasiwe said, We cannot go into details for now. What weve done is make an offer to the unions and whether they accept it or not is a different matter.Have you read: Eskom tables new 4.7% wage offer- BUSINESS REPORT ONLINE

Ecsponent buys stake in Truth Digital
JOHANNESBURG - JSE-listed financial services group Ecsponent has announced that it has acquired a 49percent stake in Truth Digital Group, a digital marketing group, for an undisclosed amount. Truth Digital Group is owned by entrepreneur and businessperson Shaka Sisulu, a grandson of struggle icon Walter Sisulu. Ecsponent chief executive Terence Gregory said that the acquisition was in line with the groups growth strategy. Gregory described Truth Digital as a perfect fit for Ecsponent. Truth Digital is a 100percent black-owned digital media group, with an African growth agenda, and under Sisulus leadership adds a team with a wealth of experience and a perfect fit for the group, Gregory said. Truth Digital was established as an investment vehicle through which Sisulu aimed to create the largest diverse and dynamic black-owned digital marketing group on the continent. Its subsidiaries include Plum, iKGB Media Information Service (iKGB), Return on Innovation Proprietary (Roi) and Retroviral. Sisulu said he was looking forward to a long and rewarding relationship with Ecsponent. Their confidence in Truth Digital Group and support brings me a step closer to realising my vision of creating the largest, diverse and dynamic black-owned digital marketing group on the African continent, Sisulu said. Ecsponent holds a range of listed and private equity investments that have a medium-to-long-term investment horizon. The group helps investee companies to develop and profitably commercialise technology that has global applications and offers cost-effective market solutions. The group has subsidiaries and footprints across South Africa, Botswana, Swaziland and Zambia. It creates wealth by investing in companies that offer a range of niche financial services in South Africa and Africa by offering innovative investment services, credit solutions and enterprise development initiatives that improve financial inclusion for SMEs. Ecsponent has been on an acquisition drive to strengthen its footprint in the region and overseas. In February, the group bought an additional stake in Frankfurt-listed financial technology company MyBucks. Yesterday, the group said it had concluded a transaction to dispose its subsidiary, Roi, to iKGB Media as a going concern for a total consideration of R7.3million. Gregory said that the Truth Digital investment tallied with the companys commitment to source specialists in niche business areas outside of its core financial services expertise and investing in minority stakes in these businesses. Target companies are well managed, self-sufficient and provide a balance in the groups short-term and long-term asset base, Gregory said. He said that the transaction supported Ecsponent's strategic vision and also consolidated the groups exposure to the digital marketing sector, while providing attractive prospects in a rapidly expanding market. Ecsponent's shares closed unchanged at 49c on the JSE yesterday. - BUSINESS REPORT 

Sport24.co.za | Ronaldo winner sends Morocco crashing out of SWC
Morocco became the first nation to be knocked out of the 2018 Soccer World Cup after suffering defeat against Portugal.

Sport24.co.za | Germany World Camp camp angry at Ozil criticism
Germany have hit out at "under the belt" criticism of Mesut Ozil as the under-fire holders attempt to get their World Cup campaign back on track.

Sport24.co.za | Belgian GP at Spa-Francorchamps extended to 2021
The Belgian Grand Prix will remain on the F1 calendar until at least 2021 after Formula One and the Spa GP signed an extension.

Sport24.co.za | Ronaldo scores winner, enters record books
Cristiano Ronaldo is the now the all-time top-scoring European player in international football after scoring against Morocco.

Sport24.co.za | Hamilton: Desire to win title greater than ever
Lewis Hamilton has spoken about his motivations ahead of the French Grand Prix this weekend.

Sport24.co.za | Bird in engine caused Saudi plane to malfunction - airline
Russias Rossiya airline revealed that a bird is the likely reason behind one of the plane's engine to malfunction during Saudi Arabia's teams flight.

Sport24.co.za | WRAP: SWC 2018 - Group phase
A comprehensive wrap of all the fixtures, kick-off times, results and match reports from the group stage of the 2018 Soccer World Cup in Russia.