Company news in Brief
Huawei's SA workforce is now majority local, from 90% foreign two years ago
In two years, Huawei transitioned from having 90% of its employee base in South Africa as foreign nationals to employing mostly local people, according to statistics supplied by Employment and Labour Minister Nomakhosazana Meth.
As of March 2024, 56% of Huawei's staff contingent in SA consists of local people, while 44% are foreign nationals, according to data supplied by Meth in response to a question from African Transformation Movement MP Thandiswa Marawu.
The department took Huawei to court in February 2022, claiming that the Chinese-headquartered tech giant violated local employment equity policies by failing to meet local employment quotas.
A month later, the parties jointly announced an out-of-court settlement as the Department accepted Huawei's employment equity plan, which aimed to increase the representation of South Africans to above 50% within three years.
Huawei has a wide-ranging presence in South Africa. While the company is well-known for the devices it sells, Huawei also has cloud, 5G, and sustainable energy operations in the country. Huawei told News24 that it had 300 enterprise clients, ranging from mining companies to railway networks.
"Huawei sees itself as a partner in South Africa's digital transformation, bringing the very latest and most innovative technologies to the country and its people," the company said.
-FIN24-
Pepsi distributor and soft drink producer BevCo announces aims for big push into township economy
The Beverage Company (BevCo), which distributes PepsiCo products locally and produces the Refreshhh and Super C energy beverages, plans to have its brands in 30% of spaza shops within three years.
Steven Oliver, head of trade marketing at BevCo, told News24 this was part of the company's "ongoing commitment to expanding accessibility and growing our presence in local communities".
While Oliver said it was difficult to estimate exactly how big the spaza shop market in SA is, BevCo products were probably present in about 6% to 10% of them, with a major runway for growth.
While soft drinks were not viewed as necessities, they were seen as staples on the South African grocery list, offering opportunities for growth, he said.
To this end, BevCo, which also produces Coo-ee and JiVE, said its "route to market expansion project" would see it partnering with The Brand & Beverage Company (TBBC) to deploy a team of 100 dedicated sales representatives "focused on reaching thousands of spaza shops" in key regions such as KwaZulu-Natal, the Eastern Cape and the Western Cape.
BevCo CEO Pieter Spies said in a statement accompanying the announcement of the initiative that the informal trade sector was the backbone of SA's economy, with the township economy, which is estimated to be valued at about R900 billion, representing a significant portion of this segment.
-FIN24-
Investec opens Dubai office as it eyes wealthy expats, increased Gulf interest in SA
Specialist bank and wealth manager Investec has announced the opening of its office in Dubai, eyeing both its sizable and wealthy expatriate community as well as increased interest by Gulf countries in SA.
Investec, which primarily focuses on SA and the UK, sees the new office as a gateway to the $3 trillion (R52 trillion) in private wealth that lies within an hour's flight from the most populous city in the United Arab Emirates (UAE). There are also over an estimated 150 000 to 200 000 South African expats in the city, it says, where over 90% of the population are foreign.
Investec is looking to be closer to its clients, saying that it while new office is more than just a representative office, it doesn't have a full banking or wealth management licences. It is currently serving as a hub, to for example connect it to its bank in Switzerland, though the group also operates in the US, Ireland, Channel Islands, Mauritius as well as India.
Darryn Solomon, senior executive officer of the Investec Dubai operation, told News24 on Wednesday that in the past 12 years he's been visiting the region he's seen a growing influx of South Africans, but the group is following corporates as well, many of whom are attracted by the regulations and tax breaks on offer. Dubai has also introduced a "golden visa", allowing for residency of up to 10 years.
-FIN24-
Embraer says South Africa in talks for purchase of C-390 aircraft
South Africa has advanced in talks for a potential purchase of Embraer's C-390 Millennium, the Brazilian planemaker said on Wednesday, after showcasing the military cargo aircraft in the African nation for the second time.
The company voiced optimism about clinching a sale as South African authorities said they were advancing in the "necessary steps for the selection of the much needed" aircraft for its National Defense Force, according to a statement.
Embraer did not detail how many planes could be sold or at which stage the process was.
A potential deal would represent the first C-390 sale to an African country. The plane has so far been tapped by developer Brazil as well as Portugal, Hungary, the Czech Republic, Austria, the Netherlands and South Korea.
The multi-mission aircraft, which competes with Lockheed Martin's C-130, "is perfectly suited to replace the legacy aircraft currently in service with South Africa," Embraer said.
The Brazilian company presented the C-390 to President Cyril Ramaphosa and Defense Minister Angie Motshekga at the Africa Aerospace and Defence exhibition held earlier this month at the Waterkloof Air Force Base, it said.
Brazil and South Africa are both members of the BRICS group of major emerging economies.
-REUTERS-
Kenya's Safaricom raises $117 mln with local sustainability-linked loan
Kenya's biggest telecoms operator Safaricom has raised 15 billion shillings ($116.73 million) via the second tranche of a sustainability-linked loan from a consortium of local banks, it said on Tuesday.
The company, which is part-owned by South Africa's Vodacom and Britain's Vodafone started the sustainability-linked loan program last year when it raised a similar amount in the first tranche.
The cash will be used for investments like the conversion of its transmission sites to renewable energy instead of expensive diesel.
"This deal helps to accelerate the advancement of our sustainability agenda," Safaricom's CEO Peter Ndegwa in a statement.
The four participating banks in the transaction are KCB, ABSA, Standard Chartered Kenya and Stanbic, Safaricom said, adding that Standard Chartered acted as the lead arranger and bookrunner.
In two years, Huawei transitioned from having 90% of its employee base in South Africa as foreign nationals to employing mostly local people, according to statistics supplied by Employment and Labour Minister Nomakhosazana Meth.
As of March 2024, 56% of Huawei's staff contingent in SA consists of local people, while 44% are foreign nationals, according to data supplied by Meth in response to a question from African Transformation Movement MP Thandiswa Marawu.
The department took Huawei to court in February 2022, claiming that the Chinese-headquartered tech giant violated local employment equity policies by failing to meet local employment quotas.
A month later, the parties jointly announced an out-of-court settlement as the Department accepted Huawei's employment equity plan, which aimed to increase the representation of South Africans to above 50% within three years.
Huawei has a wide-ranging presence in South Africa. While the company is well-known for the devices it sells, Huawei also has cloud, 5G, and sustainable energy operations in the country. Huawei told News24 that it had 300 enterprise clients, ranging from mining companies to railway networks.
"Huawei sees itself as a partner in South Africa's digital transformation, bringing the very latest and most innovative technologies to the country and its people," the company said.
-FIN24-
Pepsi distributor and soft drink producer BevCo announces aims for big push into township economy
The Beverage Company (BevCo), which distributes PepsiCo products locally and produces the Refreshhh and Super C energy beverages, plans to have its brands in 30% of spaza shops within three years.
Steven Oliver, head of trade marketing at BevCo, told News24 this was part of the company's "ongoing commitment to expanding accessibility and growing our presence in local communities".
While Oliver said it was difficult to estimate exactly how big the spaza shop market in SA is, BevCo products were probably present in about 6% to 10% of them, with a major runway for growth.
While soft drinks were not viewed as necessities, they were seen as staples on the South African grocery list, offering opportunities for growth, he said.
To this end, BevCo, which also produces Coo-ee and JiVE, said its "route to market expansion project" would see it partnering with The Brand & Beverage Company (TBBC) to deploy a team of 100 dedicated sales representatives "focused on reaching thousands of spaza shops" in key regions such as KwaZulu-Natal, the Eastern Cape and the Western Cape.
BevCo CEO Pieter Spies said in a statement accompanying the announcement of the initiative that the informal trade sector was the backbone of SA's economy, with the township economy, which is estimated to be valued at about R900 billion, representing a significant portion of this segment.
-FIN24-
Investec opens Dubai office as it eyes wealthy expats, increased Gulf interest in SA
Specialist bank and wealth manager Investec has announced the opening of its office in Dubai, eyeing both its sizable and wealthy expatriate community as well as increased interest by Gulf countries in SA.
Investec, which primarily focuses on SA and the UK, sees the new office as a gateway to the $3 trillion (R52 trillion) in private wealth that lies within an hour's flight from the most populous city in the United Arab Emirates (UAE). There are also over an estimated 150 000 to 200 000 South African expats in the city, it says, where over 90% of the population are foreign.
Investec is looking to be closer to its clients, saying that it while new office is more than just a representative office, it doesn't have a full banking or wealth management licences. It is currently serving as a hub, to for example connect it to its bank in Switzerland, though the group also operates in the US, Ireland, Channel Islands, Mauritius as well as India.
Darryn Solomon, senior executive officer of the Investec Dubai operation, told News24 on Wednesday that in the past 12 years he's been visiting the region he's seen a growing influx of South Africans, but the group is following corporates as well, many of whom are attracted by the regulations and tax breaks on offer. Dubai has also introduced a "golden visa", allowing for residency of up to 10 years.
-FIN24-
Embraer says South Africa in talks for purchase of C-390 aircraft
South Africa has advanced in talks for a potential purchase of Embraer's C-390 Millennium, the Brazilian planemaker said on Wednesday, after showcasing the military cargo aircraft in the African nation for the second time.
The company voiced optimism about clinching a sale as South African authorities said they were advancing in the "necessary steps for the selection of the much needed" aircraft for its National Defense Force, according to a statement.
Embraer did not detail how many planes could be sold or at which stage the process was.
A potential deal would represent the first C-390 sale to an African country. The plane has so far been tapped by developer Brazil as well as Portugal, Hungary, the Czech Republic, Austria, the Netherlands and South Korea.
The multi-mission aircraft, which competes with Lockheed Martin's C-130, "is perfectly suited to replace the legacy aircraft currently in service with South Africa," Embraer said.
The Brazilian company presented the C-390 to President Cyril Ramaphosa and Defense Minister Angie Motshekga at the Africa Aerospace and Defence exhibition held earlier this month at the Waterkloof Air Force Base, it said.
Brazil and South Africa are both members of the BRICS group of major emerging economies.
-REUTERS-
Kenya's Safaricom raises $117 mln with local sustainability-linked loan
Kenya's biggest telecoms operator Safaricom has raised 15 billion shillings ($116.73 million) via the second tranche of a sustainability-linked loan from a consortium of local banks, it said on Tuesday.
The company, which is part-owned by South Africa's Vodacom and Britain's Vodafone started the sustainability-linked loan program last year when it raised a similar amount in the first tranche.
The cash will be used for investments like the conversion of its transmission sites to renewable energy instead of expensive diesel.
"This deal helps to accelerate the advancement of our sustainability agenda," Safaricom's CEO Peter Ndegwa in a statement.
The four participating banks in the transaction are KCB, ABSA, Standard Chartered Kenya and Stanbic, Safaricom said, adding that Standard Chartered acted as the lead arranger and bookrunner.
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