Latest news with #R68
IOL News
3 days ago
- Business
- IOL News
Swatch profits plunge on weak China sales
Swatch Group said on Thursday that weak sales in China wiped out growth elsewhere. Image: File Swatch Group said on Thursday that weak sales in China wiped out growth elsewhere in the first half of the year for the world's top watch company, leaving it barely profitable. Net sales fell 11.2% to Sf3.1 billion (R68 billion), while net profit plunged 88% to Sf17 million. "The decline in sales is exclusively attributable to China," the company said, adding that sales in other regions reached record levels set in 2023 and 2024. "As feared, another half-year with a lot of sand in the gears", said Patrik Schwendimann, analyst at the Zurich Kantonalbank, in a market commentary. Shares in the group were nonetheless trading up 0.8% at Sf138.25 late morning as the Swiss Performance Index added 0.7%t. Besides its eponymous Swatch watches, the company owns high-end brands such as Omega, Longines and Tissot, and like other luxury firms the demand of Chinese consumers for Western goods has made it a top market. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad Loading But Swatch said the region's share in total sales have fallen from a third to just under a quarter as China's economy has struggled, with a real estate crisis hampering consumption by many households. Sales to Chinese wholesalers fell by 30% during the first half of the year and were down by 15% in Swatch's retail stores. Sagging consumer demand in Hong Kong, Macao and Southeast Asia also had a negative effect, the firm added. But Swatch said it has seen the first signs of improvement in China and expects an improved market environment in the second half of the year. Meanwhile, first half sales growth reached double digits in North America, India, Turkey, Middle East and Australia. "The US, Japan and India continue to have great growth potential," it said, adding it expects utilisation of its production capacity to rise in the second half of the year thanks to new product launches. AFP
The Citizen
05-07-2025
- Business
- The Citizen
Limpopo mayor threatens construction mafia after stalled projects
Maila said the 'construction mafia' was costing the South African government and construction industry millions of rands through disruptions and extortion. Disruptions and blockages of construction sites by the so-called construction mafias cost the South African economy more than R68 billion before the Covid-19 pandemic. This was revealed by the mayor of the Fetakgomo Tubatse Local Municipality, Eddy Shebeshebe Maila, on Thursday. Maila was speaking during the handover of two service providers for an 8km road construction project in Praktiseer Township, outside the mining-rich town of Burgersfort in Limpopo. The handover was held at a glittering ceremony at Madikiloshe Malepe Sports Ground on Thursday, with more than 1 000 people waiting with anticipation to get jobs at the project. Mafia costing construction industry millions Maila said the 'construction mafia' was costing the South African government and construction industry millions of rands through disruptions and extortion. These criminal syndicates, he said, disrupt projects, demand a percentage of the contract value, and resort to violence and sabotage, hindering the delivery of South African infrastructure. 'But I can assure you, these crooks have no place to operate their business in my municipality. 'I know your modus operandi, and I am watching you like a hawk. Here is not a playground. It is either you cooperate or you go straight behind bars in jail, where you belong,' Maila told the jovial crowd that clapped hands each time he spoke. No mafias, but projects stalled According to the mayor, several projects in Limpopo have stalled due to construction mafias that have halted them, either by fair means or foul. 'We are going to appoint a project steering committee and two community liaison officers for these projects. These are the people that are going to work hand in glove with the ward councillors, the engineers and our contractors' 'Community business forums are welcome, but they must know their boundaries. Their job is not to hijack this project. 'It serves as a mediator between the business community and the municipality. They must, therefore, not interfere with the day-to-day running of this project. 'If they dare try me, they will rue the day we crossed paths,' promised Maila. ALSO READ: Suspected construction mafia extortionists arrested in Joburg CBD Gender disparity Maila also urged councillors and contractors of the project to consider gender parity when employing people. 'In South Africa, women make up just more than 10% of the construction workforce, a statistic that is mirrored in many other countries around the world. 'This disparity is often attributed to a lack of access to education and training opportunities, and a persistent cultural bias that views construction as a 'man's job',' said Maila. Maila said his municipality will monitor the recruitment processes at the project from inception and ensure local women with the necessary skills and documentation are given a stake in sub-contracting. 'They have the skills and the qualifications to show. We must not brush them aside. We must make sure they are employed on a 50/50 basis. 'The writing is on the wall; when we employ women, we feed the nation. That is why women should be taken seriously, and that is why we should allow them to take leadership positions in the workplace and in business,' Maila told the contractors. Residents speak out The Citizen spoke to a few residents at the meeting after Maila's address. 'We are happy that under his tutelage, women are taken seriously. We have been brushed aside before, and are saying enough is enough. 'We also want to play leadership roles in the construction business. Construction work has long been stereotypically associated with a male-dominated space, but now things are changing. 'We are 50/50,' resident Francinah Mohale said. Collen Nkoana said the community was ready to help the mayor fight construction mafias. 'Working hand in glove with the police, we can not go wrong. 'We are going to fight with everything we have until the last drop of our blood to make sure that this project gets up to its practical completion in a 12-month record time.' NOW READ: 'Construction mafia' are genuine guys
IOL News
04-06-2025
- Business
- IOL News
Third time's the charm: Godongwana's 2025 budget finally approved
Minister of Finance, Enoch Godongwana's 2025 National Budget has finally been approved following the adoption of the fiscal framework that is the backbone of the budget. Image: Independent Newspapers Minister of Finance, Enoch Godongwana's 2025 National Budget has finally been approved following the adoption of the fiscal framework that is the backbone of the budget. This was Godongwana's third attempt to get the National Budget passed after an outcry over two proposals to increase VAT. During a joint meeting with Standing Committee on Finance, and the Select Committee on Finance, Members of Parliament adopted the document that establishes economic policy and revenue projections and sets the overall limits for government spending. The process, which took three hours on Wednesday, was not without its issues, with some members arguing that the process was flawed and that not everyone was able to make their voice heard. Insults also flew, with one member saying that her peers should 'learn to read'. In presenting the May 21 National Budget, Godongwana said there were no austerity measures, although government spending was held back. The fuel levy as well as sin taxes were increased. The budget invests over R1 trillion in critical infrastructure to lift economic growth prospects and improve access to basic services, Godongwana said on May 21. He added that this would be done without compromising the fiscal strategy of sustainable public finances. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading Government has achieved its balancing act by reducing additional spending over the medium term by R68 bilion after facing a R75bn revenue hole as VAT was not being increased. In May, Godongwana added that the government would continue to pay large amounts to service debt, which would amount to more than R1.3 trillion over the next three years. 'Put differently, this means in 2025/26 alone we are spending around R1.2bn per day to service our debt,' he said. IOL
IOL News
04-06-2025
- Business
- IOL News
PowerBall winner claims R68 million jackpot, changing their life forever
The winner has claimed the R68 million PowerBall. Image: File A PowerBall player has claimed a staggering R68 million jackpot, following a series of rollovers. The winner, who remains anonymous, is expected to experience life-changing opportunities as they embark on a new journey. The winning ticket was purchased through a banking app for Draw 1617 on Friday, May 23, with a R45 wager using the Quick Pick selection method. This significant win follows 12 consecutive rollovers, after a R110 million jackpot was won on April 8 by a healthcare worker. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ The previous winner expressed her desire to buy a home for herself and her children, sharing her relief from being overworked and her excitement about taking time off to vacation with her children for the first time. She said she also wanted to secure her children's future education. "While the R68 million winner has chosen to keep their story private, we have no doubt that this extraordinary win will bring joy, security, and life-changing possibilities to their world. "As the latest winner begins their new journey, we at Ithuba are thrilled to have played a part in making their dreams a reality. We're excited to continue creating life-changing experiences for National Lottery game participants,' said Charmaine Mabuza, the CEO of Ithuba. THE POST
The South African
27-05-2025
- Business
- The South African
PowerBall jackpot winner used Absa banking app to win R68 million
ITHUBA, operators of the National Lottery in South Africa, have announce that one participant has won the PowerBall jackpot of over R68 million. The winning ticket was purchased through the Absa banking app for Draw 1617 on Friday, 23 May 2025, with a R45 wager using the Quick Pick selection method. The winner is expected – hopefully – to contact ITHUBA to commence the claiming process any time now, as winners who play via banking platforms are notified of their winnings by the bank. The winning numbers were 1, 17, 18, 27, 49 and the Powerball itself was 15. The exact amount won was R68 123 103. ITHUBA CEO, Charmaine Mabuza, said: 'R68 million is a significant amount of money, truly life changing. The winner will be supported at every step, with complimentary trauma counselling and expert financial advice offered to them to help them navigate their new reality successfully. 'To help winner's enjoy lasting benefits from their winnings, ITHUBA offers access to certified financial experts who provide valuable financial insights for winners of R50 000 and above.' Mabuza added, 'Our objective is to empower winners to make informed decisions and secure their financial future, ultimately changing their lives forever through their winnings.' All winners have 365 days from the draw date to claim their winnings, and all National Lottery winnings are tax-free. Participants can check their tickets at retail stores or online through the National Lottery website or social media pages as there are more winners in other divisions. Players must be 18 years or older. Play responsibly. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
