COMPANY NEWS IN BRIEF
Musk considers charging X monthly feeElon Musk has suggested charging all users of his social media platform X, which would be the biggest shake-up since he took over the site then known as Twitter last October, but experts say he might struggle to get users on board.
During a talk with Israeli Prime Minister Benjamin Netanyahu on Monday, Musk said that introducing a "small monthly payment" for X was the only way to combat the legions of automated accounts, known as bots, that plague the site.
But X users united in dismay at the plan, suggesting it could finally put an end to the site, and analysts questioned the logic of a move that would make the platform even less appealing to advertisers.
"I imagine that a large number of people won't go through the hassle of adding payment details, regardless of how small the price is," said Simon Kemp, founder of online advisory firm Kepios.
Musk bought Twitter for US$44 billion but has since admitted its value has plunged after he gutted its workforce and allowed right-wing conspiracy theorists back on the site, sending advertisers fleeing.
Musk said in July the platform had lost roughly half its advertising revenue, though a month earlier he had claimed that almost all advertisers had returned and that 90 percent of bots had been removed. X did not respond to AFP's request for details on the plan to charge users.-Fin24
Aspen inks deal with Novo Nordisk
Africa's largest drug maker Aspen Pharmacare has signed an agreement with Danish healthcare firm Novo Nordisk to establish SA's first production of human insulin.
Novo Nordisk's drugs currently reach more than 500 000 diabetes patients on the continent, but the agreement is aimed at ensuring more than 16 million vials will be manufactured at Aspen's sterile facility in Gqeberha - enough to cover the yearly needs of 1 million patients. The intention is then to ramp up production to cover over 4 million diabetes patients in 2026.
Human insulin, which regulates blood sugar levels, is made synthetically in a lab using modified bacteria, in contrast to insulin taken from the pancreases of animals.
Aspen has invested R6 billion in building these facilities and related technologies, and the production of insulin will use sterile infrastructure - including some utilised for Covid-19 vaccine production. The healthcare firm said in a statement it would deploy approximately 250 people for this production, while the collaboration will also reduce the transport-related carbon footprint of the medication by 68%.
Aspen executive Stephen Saad said the insulin manufacturing would retain critical skills and develop new talent on the continent, as well as endorse Africa's role in the regional and global supply chain.
"Aspen has a clear objective and focus to capacitate Africa and give quality affordable access to critical medicines from sites based in Africa that are also capable of exporting to global markets," said Saad.-Fin24
BankservAfrica names new CEO
BankservAfrica, the continent’s largest automated payments clearing house, has appointed Stephen Linnell as its new CEO.
Linnell, who was previously the chief operating officer and chief information officer for Global Markets at Rand Merchant Bank (RMB), starts in his new role with effect from 1 October 2023. He takes over from Roshan Moonsamy, BankservAfrica’s CFO, who had acted as interim CEO since April 2023 following the departure of Jan Pilbauer.
"Stephen’s credentials as a dynamic executive across a wide range of disciplines is impeccable," said Teddy Daka, who chairs BankservAfrica’s board of directors. "His passion for the development of financial market infrastructure is evident and we are confident of Stephen’s expertise and ability to lead BankservAfrica in its journey towards the envisioned platform future state."
Linnell has a wealth of experience in the financial services sector having previously worked at Accenture and Barclays while also serving on the boards of the JSE and Strate prior to his more than 10 years at RMB. His LinkedIn profile shows he holds a Bachelor of Commerce from UCT with majors in economics and computer information systems.
"It is a great privilege to become part of a brand that, for five decades, has been at the forefront of driving efficiency and fostering payment interoperability within the financial ecosystem," said Linnell.-Fin24
Zeder inks R550 million deal
Agribusiness-focused investment holding group Zeder said on Monday it has agreed to sell most of fruit farmer and marketer Capespan to agriculture-focused investment firm Agrarius.
Capespan comprises two divisions, namely the sales and marketing division, with a global footprint in sourcing and marketing fruit, and the primary agriculture farming division, which is mainly SA and Namibia-based and consists of several primary production units.
Capespan produces grapes, citrus and pome fruit as well as the Novo fruit packhouse operation situated in Paarl and the agreement excludes the pome farming unit - or apples and pears.
Zeder holds about 93% of Capespan, and as of the end of February, Zeder’s interest in Capespan, including the pome unit, was valued at about R1.05 billion.
Valued at about R2.6 billion on the JSE, Zeder - part of the PSG Group stable founded by Jannie Mouton - has been steadily disposing of businesses. It has been looking to unlock value for shareholders, and like many investment holding companies, its shares have traded at a discount of about a third to their underlying value.
In March 2022, the company sold disposal of its interest in transport-services business The Logistics Group (TLG) for R1.57 billion; a month later it unbundled its 42.2% stake in KAL Group, previously known as Kaap Agri, to shareholders. –Fin24
TymeBank rolls out medical insurance
TymeBank has partnered with Patrice Motsepe-backed National HealthCare Group to offer an affordable primary healthcare insurance solution for third-party beneficiaries, such as domestic workers, for as little as R139 per month.
National HealthCare is a fully accredited healthcare administrator and managed care organisation focused on providing South Africans with access to affordable healthcare services via a network of more than 12 000 doctors, pharmacies and other providers.
Its shareholders include ARC Health, which is owned by African Rainbow Capital Investments, an investment vehicle founded by Motsepe.
"Given these stark economic realities, it is easy to understand why domestic workers, like millions of other South Africans, struggle to afford private healthcare," said Nuno da Silva, managing executive for insurance at TymeBank in a statement.
"While this facility is available to anyone wishing to purchase healthcare insurance for someone else, it represents an ideal opportunity for employers to provide their domestic workers with access to quality private primary healthcare nationwide. Historically, employers have found it costly and, therefore, nearly impossible to provide these essential benefits for their workers."-Fin24