Finance minister Tito Mboweni said national treasury has no plans to boost income tax, corporate tax or VAT even as the coronavirus decimates the nation’s finances.
South African banks face the steepest earnings slump in half a century – with some posting losses – as measures to curb the coronavirus drag the economy deeper into recession.
TechCentral editor Duncan McLeod is joined by Africa Data Centres CEO Stephane Duproz for a discussion on the company’s recent acquisition of Standard Bank’s Samrand data centre.
Standard Bank has rolled out major changes to its smartphone banking app in an effort to keep customers out of its branches.
Africa Data Centres is acquiring Standard Bank’s giant data centre facility in Samrand, north of Johannesburg, for an undisclosed sum. The transaction is subject to the approval of the competition authorities.
Vodacom is suing Absa for losses of at least R1.2-billion it claims it incurred due to an alleged unauthorised payment from the operator’s accounts to Tanzania’s tax agency last year. It’s also demanding R4.3-billion under a guarantee signed between the parties.
The banking group spent R7.5-billion on IT licences, maintenance and related costs in the 2019 financial year, up 17%, due to the weaker rand and costs associated with its move to the cloud.
Standard Bank will soon begin moving its operational SAP banking systems onto the Microsoft Azure cloud platform as it looks to create what it calls an “always-on bank”.
A R1-billion smart electronics factory in East London, Yekani Manufacturing, is seeking business rescue in an effort to avoid being liquidated, according to a newspaper report on Wednesday.
A major electronics manufacturing facility in East London, which until recently made decoders for MultiChoice, faces possible liquidation after it reportedly failed to make repayments on a R200-million loan.
