Tag: foreign exchange

MultiChoice has released interim results for the six months ended September 2021. The big news of course is that sport is back on TV. You can only watch so many Come Dine With Me reruns before craving a bit of Springbok or Protea action. Events like Euro and the Tokyo Olympics added to an action-packed period.

In light of recent developments on the sides of both the South Africa Revenue Service (SARS) and the South African Reserve Bank (SARB), the regulatory burden for the cross-border flow of funds, resulting from transactions concluded between South African residents and foreign parties, has been significantly eased.

The Naspers Board is immensely proud of what our people achieved during the past year. They managed the pandemic, delivered powerful revenue growth and lifted profitability. Foundations were laid for future growth. The year ended 31 March 2021 (FY21) was an extraordinary period.

The constantly fluctuating foreign exchange or forex is the marketplace where global currencies are traded and is the largest financial market in the world. With daily transactions crossing over $6.6 trillion, it provides a crucial function for the global trade to take place.

MultiChoice Group (MCG, or the group), Africa’s leading video entertainment company, delivered resilient financial results for the six months ended 30 September 2020 (1H FY21). The group added 1.2m 90-day active subscribers year-on-year (YoY), to close the period on 20.1m households, exceeding the 20m subscriber milestone for the first time. The customer base is split between 11.4m households (57%) in the Rest of Africa (RoA) and 8.7m (43%) in South Africa.

On 5 November, the JSE Limited (JSE) announced amendments to its Listings Requirements to strengthen the regulation of primary listings and secondary listings. The amendments follow an extensive consultation process with the market and the public that kicked off in September 2018 after the JSE released a consultation paper (Paper) on "possible regulatory responses to recent events surrounding listed issuers and trading in their shares" (click here to read the e-alert on the Paper).

"Significant amounts of lost revenue and foreign exchange earnings to the state due to trade misinvoicing (underinvoicing and overinvoicing) have devastating implications for African countries - most of which are commodity dependent,” says Prof Charles Adjasi, head of the Development Finance programmes of the University of Stellenbosch Business School (USB).

In PwC’s 20th annual survey of CEOs worldwide, 38% (2016:35%) are very confident about their company’s growth prospects in the next 12 months while...