Today's edition
Screen Savers
Good morning. Today is a lesson in what you switch on and what you switch off. DStv just posted its best month for sign-ups in a decade and still made its neatest money by pulling the plug on Showmax, South Africa's entire gas-import plan is stuck waiting for the government to flip one long-overdue switch, and the great AI rally suddenly got cold feet. Plenty of on-and-off decisions to weigh up today. Let's get into it.
MARKETS
OFF AND RUNNING
DStv just posted its best subscriber month in a decade under new owner Canal+
MultiChoice, the group behind DStv, has handed in its first set of results under French owner Canal+, and the numbers finally point up. Across its markets, Canal+ signed up new subscribers 40% faster than a year earlier, and June was DStv's best month for new sign-ups in South Africa in a decade. Group revenue jumped 40% to €4.3 billion, and MultiChoice's own operating profit rose 160% to €143 million, helped by €120 million of savings from merging the two businesses. Chief executive Maxime Saada won't call it a turnaround yet, but after years of shedding customers, the picture is finally brightening.
What turned around:
- Subscribers: up 8.4% to 41.2 million group-wide, with June DStv's best sign-up month in SA in a decade.
- Profit: MultiChoice's core operating profit rose 160% to €143 million, on €120 million of merger savings.
- The Showmax twist: shutting the streaming service in April triggered a R914 million tax credit, leaving a net gain of about R285 million.
A bumper football year filled a lot of those seats, so the real test is keeping viewers once the final whistle blows.
PIPE DREAMS
South Africa's gas-import plan is stuck waiting on one overdue government decision
South Africa has talked for years about importing natural gas to help keep the lights on, and Standard Bank's gas lead Paul Eardley-Taylor says the whole plan now hangs on one overdue call: naming the companies allowed to build the first gas-fired power plants. Four bids worth about 2,800MW came in by May, beating the 2,000MW target, but the government's power-buying office still hasn't chosen. He reckons the first wave of plants, terminals and pipelines could need around $7.5 billion, and with Mozambican supply drying up and Sasol set to stop selling gas by 2030, he warns that if the winners aren't named, “the whole thing falls over.”
BAGEL BITE
Which mammal has the densest fur of any living mammal?
A. Beaver
B. Sea otter
C. Polar bear
DOING THE ROUNDS
The AI trade just lost its nerve. World stocks slid to a one-month low as investors dumped chipmakers, spooked by Chinese competition and the mounting cost of the AI boom. South Korea's market dived more than 10% and tripped its emergency circuit breaker, while memory giants SK Hynix and Samsung shed over 12%. Even the JSE felt it, with Sasol and Glencore down almost 4%. Full story →
Harmony is betting big on copper. South Africa's largest gold miner has locked in new multi-currency loans worth roughly R20 billion, spanning US$500 million, A$500 million and R7 billion, to refinance old debt, cut its borrowing costs and fund its growing Australian copper business. Lenders piled in: the deal drew about 93% participation and pledges worth roughly three times what Harmony asked for. Full story →
Cheaper groceries are denting Boxer's growth. The discount retailer, spun out of Pick n Pay in 2024, grew turnover 7.2% in the 20 weeks to 19 July, down from 10.9%, as staples like maize meal, rice and flour fell by double digits. Sales at established stores rose just 2.2%. Even so, Boxer opened 19 new stores in the period and is targeting dozens more this year, betting the slowdown reverses. Full story →
Your GP, your scan and your surgery just moved under one roof. Growthpoint, one of SA's biggest property companies, has opened a R100 million healthcare village in Rosebank, built with health provider Epione. It packs GPs, specialists, diagnostics, a pharmacy and a 20-bed day hospital into one building, so patients stop bouncing between providers for a consult, a scan and treatment. It's the first of a planned network the pair want to roll out across South Africa and, eventually, the rest of Africa. Full story →
WEATHER
BAGEL GAMES
Have you got what it takes to win today’s Wordle? Play here →
THE ANSWER
As for the Bagel Bite, the answer is: B. Sea otter
Sea otters have the densest fur of any living mammal, with up to one million hairs packed into a single square inch. Unlike most marine mammals, they do not have a thick layer of insulating blubber. Instead, their two layered coat traps air close to the skin, helping keep the inner fur dry and protecting them from cold ocean water. They spend hours grooming each day because dirty or tangled fur cannot trap air effectively. Sea otters are also skilled tool users, often cracking shellfish against rocks and sometimes storing food or a favourite rock in loose skin pockets beneath their forearms.
That's your Thursday wrap. Enjoyed it? Forward it on — a friend can subscribe in a click. Written by the Business Bagel crew.
