As we get into the month, we have witnessed significant changes, advancements, and newsworthy events concerning businesses in South Africa. In this article, we will be highlighting the top 5 business news stories making waves in South Africa this month.
1. Naspers to List Prosus and Cons
Naspers, the most valuable company in Africa, is planning to list its global consumer internet investments under a new entity called Prosus. The purpose of this move is to unlock value in its international assets. The new company will consist of assets such as its 31% stake in Tencent, Delivery Hero, Mail.ru and several others.
2. Ford Invests in South Africa
Ford has announced plans to invest R15.8 billion ($1.05 billion) in its South African manufacturing operations. The investment, which will span the next five years, will be used to modernize the factory in Pretoria and increase its annual installed capacity from 168,000 to 200,000 units.
3. Zara Accused of Exploiting Workers
Zara, a popular clothing company, has been accused of exploiting workers in its South African supply chain. A report by the country’s Sunday Times found that factory workers who produced clothes for the company were paid as little as R3.30 ($0.22) an hour, which is less than a tenth of the minimum wage. Zara has since apologized and said it would ensure that workers were paid fairly.
4. Bidvest Feeds Hope in South African Schools
Bidvest, a multinational services, trading and distribution company, has partnered with Rise Against Hunger to provide food parcels to schools in some of South Africa’s poorest communities. Through this initiative, about 170,000 children across South Africa will receive food parcels every weekday.
5. The Coronation Large Cap Fund Outperforms
The Coronation Large Cap Fund has outperformed the benchmark over the past five years. The fund, which is one of the largest in South Africa, has achieved a return of 10.4% per year over the five-year period, compared to the benchmark average of 7.7% per year.
In conclusion, the above highlights the top 5 business news stories of this month in South Africa. From Naspers prospect to list Prosus, Ford’s investment plans, Zara’s exploitation allegations, Bidvest’s school feeding initiative to The Coronation Large Cap Fund’s performance prospect. These stories are the talk of the town this month, and we can only wait and see how they will shape the future of the economy.
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