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M23 rebels in Congo’s eastern borderlands set to increase illegal mining revenues, fueled by coltan and gold trade. Rebels, allegedly backed by Rwanda, entered Goma city, raising fears of regional conflict. Congo, a top producer of tantalum and cobalt, home to significant coltan and gold deposits.
The Companies Second Amendment Act 17 of 2024, effective from December 27, 2024, amends director and officer liability provisions, extending the period for delinquency claims. The changes aim to address issues highlighted by the Zondo commission and enhance accountability among directors. Businesses are advised to conduct due diligence on directors and implement measures to prevent delinquency. Legal experts recommend gathering evidence, removing delinquent directors, and seeking legal advice when pursuing delinquency applications.
South Africa plans to enhance ID cards and passports with advanced biometric technology to prevent fraud and manipulation. Minister Schreiber aims to eliminate human discretion in the issuance process, integrating facial recognition and fingerprint authentication. These upgrades will align with global digital trends and enhance security measures, similar to those in the banking industry.
Ithala SOC has R300 million ring-fenced in the provincial revenue fund for securing deposits, as per the South African Reserve Bank’s Prudential Authority. Legal disputes have frozen the bank’s operations, risking 400 jobs and affecting thousands of clients. The bank seeks a transferee to continue operations, crucial for KwaZulu-Natal’s economy. Liquidation is opposed, with claims of solvency and liquidity.
Johannesburg faces widespread complaints of traffic light outages due to technical faults and budget reductions. The Johannesburg Roads Agency’s efforts have improved the situation, with remote monitoring systems detecting faults early. Power supply issues also contribute to the problem.
Shoprite reports strong sales growth, taking full control of Checkers Sixty60 deliveries. Sales increased by 9.6% to R128.6 billion in the six months ending 29 December 2024. Supermarkets RSA contributed 83.7% to group sales, with a 10.4% growth. Like-for-like sales grew by 6% during the period.
Investors question tech and AI valuations as DeepSeek’s advances challenge US dominance. Nvidia’s market cap plunges, impacting global tech stocks. US stock futures stabilize, dollar rises, and Asian tech shares decline. Yen and Swiss franc strengthen, US bonds rise, oil prices fall. Market uncertainty persists amid concerns over DeepSeek’s cost-effective AI solutions. Major tech companies and markets experience significant losses.
Putco Bus is investigating an arson attack at four depots in Mpumalanga, where 45 buses were destroyed. Assailants ambushed security officers at the Moloto depot, setting buses on fire and opening fire. Two employees were injured. Officials will inspect the site for updates. Spokesperson Lindokuhle Xulu stated that a total of 47 buses were burned across the affected depots.
Business Leadership South Africa CEO Busiswe Mavuso praised Team SA for impressing delegates at the World Economic Forum. International investors have changed their outlook on South Africa, with a shift in sentiment from concerns over load shedding and the 2024 National Election to interest in the country’s achievements and growth ambitions. President Cyril Rampahosa highlighted South Africa’s commitment to sustainable development and reforms to attract investors.
Janusz Walus, who murdered SACP leader Chris Hani in 1993, expressed no remorse in an eNCA interview. He described the killing as necessary to prevent a takeover, stating he would do it again if circumstances were the same.
