Company News in Brief
Big changes coming to DStv StreamMultiChoice will soon begin rolling out updates to its DStv Stream platform, including the ability to rewind live television channels by up to 24 hours.
The software updates, which will be available starting from 12 November, include a new feature called “Cloud PVR” that allows subscribers to save live shows to watch later, with recordings available for 30 days. The updates will be rolled out gradually, with web users getting the new software first, followed by those on iOS, Android and other platforms.
“With Watch from Start and Cloud PVR, we’re giving viewers more control over their viewing experience,” said MultiChoice South Africa Marc Jury in a statement.
“We know customers want the freedom to enjoy content on their schedule, and these new features bring the flexibility of streaming to the live TV experience.”
The 24-hour Watch from Start functionality will only be available on some channels, including a variety of SuperSport channels, M-Net, Mzansi Magic and KykNet. –NewsCentral Media
Transnet scrambles with equipment delivery as peak fruit exports loom
Transnet has said it will be "a lot more ready" for deciduous fruit season at Cape Town Port next year, with rubber-tyred gantries and ship-to-shore cranes only set to arrive in December 2025.
As the peak export season approaches next month, Transnet says it has added 75 pieces of equipment to the port and a new booking system to assist with vessel and truck congestion, delays, and cargo loading and offloading. This is after the export season had a disastrous start last year, leading to delays and billions of rands worth of losses for producers and farmers.
However, Transnet COO Solly Letsoalo said that while port operations have stabilised ahead of the season, it can take up to 24 months for equipment orders to be completed and parts to be installed. Speaking at a briefing at the port on Monday, Letsoalo said: "By the end of next year, the majority of the equipment will be installed. By next season in 2025, we will have a lot of newer equipment and the right amount of equipment to handle the exports. The season after this one will be much better."
The Cape Town Port handles 80% of deciduous fruit exports per season from December to April and more than half of the country's entire agricultural exports. Industry bodies said that productivity at the port had hit "rock bottom" in the 2023/24 fruit export season, leading to a 60% decline in exports for some fruit.
Exports also faced long truck queues, increased vessel waiting times, frequent equipment breakdowns caused by a lack of equipment maintenance, and adverse weather conditions. –FIN24
Exec pay: Shoprite forced to engage unhappy shareholders
Investors holding more than a quarter of Shoprite shares opposed its executive pay, requiring SA's largest retailer to address dissenting shareholders' concerns.
This comes as Shoprite reported last month that its CEO Pieter Engelbrecht's total pay package for the past financial year was R83.272 million, a nearly R20-million increase compared to the previous year. The pay package included deferred incentives that will only vest in two years.
Excluding this incentive, Engelbrecht's total pay in 2024 was R68.523 million, including prior share awards and other short-term incentive targets. This equated to a 6.6% — or R3.857 million — increase on the R64.66 million he received in the previous year.
His basic salary was R18.863 million the past year, from R17.7 million in the previous year – also a 6.6% increase.
Last week, holders of more than a quarter of Truworths voting rights – including its largest shareholder, the Public Investment Corporation, voted against its remuneration policy's implementation report, even as the actual remuneration policy vote made it past the 75% threshold. –FIN24
IMF reaches staff agreement with Zambia for $185.5 million disbursement
The International Monetary Fund said on Monday that it reached a staff-level agreement for the fourth review of Zambia's loan program that would release about $185.5 million to Lusaka upon approval by the IMF's management and its executive board.
The agreement was announced after an IMF mission to Zambia from October 2 to 15, followed by subsequent discussions at IMF and World Bank annual meetings in Washington, the Fund said in a statement.
The IMF said Zambia's economy has been hit hard by drought, with reduced agricultural output and electricity shortages impacting economic activity widely. It forecast Zambia's 2024 real GDP growth at 1.2%, down from a 2.3% forecast in June. Inflation accelerated to 15.7% in October, driven by food prices and currency depreciation, well above a target band of 6-8%. –REUTERS
Airbus defends free trade amid growing tariff jitters
European plane maker Airbus defended free trade on Tuesday as the aerospace industry faces a growing cluster of economic tensions.
The CEO of the plane maker's China operations said Airbus was "very much pro free trade" and its presence there was a showcase of good cooperation between Beijing and Europe.
Trade ties between the European Union and China have been marred by a dispute over electric vehicles, while Airbus also faces a potential new transatlantic rift after Donald Trump won U.S. elections with a pledge to impose widespread tariffs.
Asked whether Airbus was worried about the possibility of tariffs arising from intensifying trade tensions between China and Europe, Airbus China CEO George Xu said the European group saw free trade as vital for global prosperity.
"We’re looking forward to seeing if there is some progress in these discussions," he said, referring to ongoing talks between Beijing and Brussels over a European Union move to slap tariffs on Chinese-made electric vehicles.
"We are not afraid of competition and we want to focus our resources to develop the China market and develop partnerships with Chinese partners."
Airbus has overtaken Boeing as a supplier to Chinese airlines during a trade rift between Washington and Beijing that began during Donald Trump's first term.
The two plane giants were embroiled in an 18-month trade war over aircraft subsidies between the EU and the U.S. involving mutual tariffs that spilled over to other sectors such as food and luxury goods before a five-year truce was declared in 2021. –REUTERS