Three South African Law Firms Join Black-Ownership Rules Review
Three more South African law firms joined a legal challenge to review stricter policies around Black ownership and representation in these practices.
Bowmans, Webber Wentzel and Werksmans 'have intervened in support of legal proceedings' initiated by Norton Rose Fulbright LLP to revisit the new broad-based Black economic empowerment legal sector code of good practice introduced by Trade Minister Parks Tau in September 2024, the firms said in a statement Tuesday.
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Business Wire
34 minutes ago
- Business Wire
Naspers Accelerates Growth and Profitability, With 18X Improvement in Ecommerce Adjusted EBIT
CAPE TOWN, South Africa--(BUSINESS WIRE)--Naspers Limited (Naspers) (JSE: NPN) delivered a strong performance during a transformative year, as we build the leading lifestyle ecommerce company in Latin America, Europe and India, driven by AI and innovation. Ecommerce revenue growth of 21%, to US$7.0bn. Adjusted EBIT increased 18 times to US$430m. iFood aEBIT grew 178%, OLX aEBIT up 61% and eMAG achieved profitability. Free cash flow improved by US$263m, excluding Tencent. US$7.8bn 1 invested to strengthen our regional ecosystems and expand our portfolio of AI-native startups. Buybacks returned over US$50bn 2, driving 15% NAV per share accretion. Fabricio Bloisi, Group CEO, Prosus and Naspers said: 'Naspers is rapidly transforming into an operating technology company, focused on lifestyle ecommerce, and powered by innovation and collaboration. This past year, we announced two significant deals to strengthen our regional ecosystems. We completed the acquisition of Despegar in May 2025 and are already integrating its products into iFood's Clube membership. We are making good progress with the purchase of Just Eat which will create a new AI-powered tech champion in Europe. 'I believe that truly great companies are shaped by their culture. Through 'The Prosus Way', we've implemented a cultural model that empowers our teams to deliver exceptional customer experiences through discipline, innovation and adopting an AI-first mindset. In the face of unprecedented technological disruption, we are now more connected and innovative than ever before. I'm confident that our enhanced culture and ecosystem approach will fuel our journey to create the next US$100bn in value.' Nico Marais, Group CFO, Prosus and Naspers, commented: 'The Group has delivered a strong financial performance over the past year, with topline growth in our operating businesses at double the rate of our peers. Ecommerce profitability has improved meaningfully from US$24m in FY24, to aEBIT of US$430m. We expect this momentum to continue, and to add at least the same level of incremental aEBIT in FY26. Free cash flow excluding the Tencent dividend improved by US$263m. As our financial position strengthens, we're able to share more with our shareholders, and have proposed a 100% increase in the Prosus dividend, to €0.20. The Group's disciplined capital allocation and strong balance sheet positions us well to execute on our ecosystem strategy.' Phuthi Mahanyele-Dabengwa, South Africa CEO and Executive Director, Naspers, commented: 'Our South African businesses have delivered strong results while making everyday life simpler, more connected, and more accessible. I'm proud of the progress we've made in building digital platforms that meet local needs, support small businesses, and create new digital career pathways. This is evident in the continued growth of the Takealot Group, which has grown GMV 26-fold over the past nine years to become South Africa's leading ecommerce platform. It's also evident in our two leading classifieds platforms — Property24 and AutoTrader — which continue to serve millions of users with trusted, market-leading services. As South Africa continues its journey of economic renewal, Naspers remains a committed long-term partner in building a more inclusive, innovative digital economy.' Peer-leading growth and accelerating profitability across Ecommerce portfolio Food Delivery: iFood delivers world-class performance, exceeding growth and profitability targets and drives innovation and ecosystem expansion iFood delivered strong top line growth, with Gross Merchandise Value (GMV) up 32%, orders up 29% and revenue increasing 30%. iFood's core food delivery business grew aEBIT by 71% to US$306m, improving aEBIT margin to 27%; performance driven by higher ad revenues, increased order frequency and retention driven by iFood's Clube loyalty programme, and investments in its merchant platform. iFood's growth initiatives grew revenue by 34%, driven by strong performance in its groceries marketplace and credit businesses. Overall, iFood achieved a record profit, with aEBIT of US$226m, up 178%. Delivery Hero grew GMV by 8% for FY24, with revenue up 24%, boosting profitability to an adjusted EBITDA of €693m (from €254m in FY23). From January to December 2024, Swiggy grew Gross Order Value (GOV) by 29%, while adjusted EBITDA losses reduced to US$182m, from US$261m in the prior year. In Q125, Swiggy delivered GOV growth of 40% year-on-year, and quick commerce GOV growth of 101% year-on-year, with 316 new dark stores added in the quarter. 3 All growth percentages shown here are in local currency terms, excluding the impact of acquisitions and disposals (M&A), unless otherwise stated. 4 Nominal basis Expand Classifieds – OLX Group: Strong performance, with a significant jump in profitability and expanding margins OLX consolidated revenue grew 18%, with standout performances by motors and real estate verticals. Motors and real estate grew revenue 24% and 23% respectively, through improved monetisation, innovative product development and new trust-building initiatives within motors, and product enhancements within real estate. aEBIT accelerated by 61% to US$270m, with aEBIT margin up 10pp, to 35%. Payments & Fintech – PayU: Strong topline growth and improving profitability, despite challenging market conditions India payments TPV 5 increased by 17%, and revenues by 14%; aEBIT loss of US$12m reflects increased competition, resulting in lower take rates. India payments achieved breakeven in H2. India credit grew its loan book by 19% and revenues by 63%; aEBIT loss of US$32m impacted by higher costs and increased consumer loan book losses. Iyzico grew revenues 87% to US$288m, while aEBIT of US$18m at a margin of 6% reflected rising interest rates and investments in strategic growth initiatives. GPO revenues up 23% to US$340m, with aEBIT of US$12m; sale of GPO's LatAm and Africa operations completed in March 2025, while GPO Europe sale is ongoing. Overall, PayU's aEBIT losses improved by >100% to US$11m. Etail: eMAG achieved overall profitability target for FY25 and Takealot grew strongly, cementing its leadership position through innovation and customer focus. eMAG grew strongly with GMV up 9%, and revenue up 12% to US$2.5bn. eMAG aEBIT improved by US$40m to US$14m; includes one-off costs in Hungary in H1. eMAG improved performance due to good growth in Romanian etail, and emerging logistics and grocery businesses. Takealot Group grew GMV by 13% and revenue by 15%, driven by investments in logistics, enhanced customer offerings and the TakealotMore subscription service. orders increased 15%, GMV up 13% and revenues grew 17%, with growth underpinned by expansion in emerging product categories. Mr D: Revenue grew 8%, with an 81% increase in groceries GMV and an improved aEBIT of US$4m, despite tough trading conditions. Please note: Group results are shown on a consolidated basis from continuing operations, which reflect all majority owned and managed businesses. All OLX Autos business units are classified as discontinued operations, in line with IFRS disclosures. All growth percentages shown here are in local currency terms, excluding the impact of acquisitions and disposals (M&A), unless otherwise stated. Growth percentages shown here for all non-financial key performance indicators compare FY25 to FY24. Expand For full details of the Group's results, please visit 5 Total Payment Volume Expand About Naspers Established in 1915, Naspers has transformed itself to become a global technology company and one of the largest technology investors in the world. Through Prosus, the group is building the world's leading lifestyle ecommerce brands, across Europe, India and Latin America, unlocking an AI-first world for our 2 billion customers. Prosus has its primary listing on Euronext Amsterdam, and a secondary listing on the Johannesburg Stock Exchange and Naspers is the majority owner of Prosus. In South Africa, Naspers is one of the foremost investors in the technology sector and is committed to building its internet and ecommerce companies. These include Takealot, Mr D Food, Autotrader, Property24 and PayU, in addition to Media24, South Africa's leading print and digital media business. Naspers has a primary listing on the Johannesburg Stock Exchange ( and a secondary listing on the A2X Exchange ( in South Africa and a level 1 American Depository Receipt (ADR) programme which trades on an over-the-counter basis in the US. For more information, please visit Naspers Labs In 2019, Naspers Labs, a youth development programme designed to transform and launch South Africa's unemployed youth into economic activity, was launched. Naspers Labs focuses on digital skills and training, enabling young people to pursue tech careers.
Black America Web
3 hours ago
- Black America Web
The Disrespect: Trump Disregards Juneteenth, Says US Has ‘Too Many Non-Working Holidays'
Source: MANDEL NGAN / Getty Black MAGA, y'all alright? Donald Trump has once again shown us who he is, the most un-American, unproductive, and unapologetically divisive figure ever elected to the highest office in the land, who has the audacity to complain about 'non-working' holidays—namely, Juneteenth. On Thursday (Jun 19), as Black Americans celebrated Juneteenth, commemorating the end of chattel slavery in the United States, Trump didn't issue a statement, attend an event, or offer even a hollow gesture of recognition. Instead, he took to his communication platform, Truth Social, to complain that America has 'too many non-working holidays,' intentionally ignoring one of the most historically significant dates for our community. 'Too many non-working holidays in America. It is costing our Country $BILLIONS OF DOLLARS to keep all of these businesses closed,' Trump said Thursday on Truth Social without explicitly mentioning Juneteenth. Allow me to say the quiet part out loud: This wasn't an oversight; it was an intentional and calculated decision to disrespect. While Trump spent the holiday doing nothing, former President Joe Biden spent the day honoring Juneteenth at the exact site where Union soldiers arrived in 1865 to inform more than 250,000 enslaved people of their freedom, Reedy Chapel AME Church in Galveston, Texas. It's a stark contrast moment that shows the difference between honoring American history and actively trying to erase it. According to the White House, Trump had initially planned to sign a proclamation recognizing Juneteenth, but that plan was quietly scrapped without explanation after White House press secretary Karoline Leavitt claimed the administration was 'working 24/7' before dismissing the need for a Juneteenth proclamation altogether. 'I'm not tracking his signature on a proclamation today,' she said. 'I know this is a federal holiday.' What's more disrespectful is that this is the same administration that uses Black people as props while refusing to protect Black life or recognize Black history. Whether it's photo ops with Black pastors, staged roundtables with cherry-picked community 'leaders,' lying on us with fake stats, or parading out HUD Secretary Scott Turner for cover, Trump's playbook is always the same: surround yourself with Black faces while ignoring Black voices. And let's talk directly to the 30% of Black voters who proudly say they support Trump. This is what you're co-signing—a man who weaponizes the Black struggle when it suits his narrative and ignores it when it requires decorum. Trump claims to have 'made Juneteenth famous' in 2020, as if generations of Black Americans haven't been celebrating the day with parades, cookouts, and sacred remembrance for over a century, only to pretend a few years later that it doesn't matter—and that's the bigger issue. Trump's rejection of Juneteenth isn't just disrespectful; it's part of a much larger and more dangerous pattern by an elderly man who's waging war on DEI initiatives, rewriting curriculum to exclude critical race theory, and gutting federal protections for Black workers. And let's not forget, Trump had no problem announcing two new holidays, Victory Days for both world wars — including one that already exists as Veterans Day, but Juneteenth is suddenly too costly, because it's too Black. It's clear that Trump's disregard for Juneteenth is not about the number of holidays, but instead about denying the truth of America's past to protect the illusion of its innocence and solidifying to his base that acknowledging Black liberation is optional. Deepak Sarma, inaugural distinguished scholar in the public humanities at Case Western Reserve University, told HuffPost that Trump's reversal on Juneteenth this year shows that his political strategies embrace 'cruelty,' and that he employed a 'bait-and-switch' in an attempt to woo Black supporters; noting that Trump is 'appealing only to his MAGA constituents, many of whom were covert, and now are overt, racists,' and he has discarded the concerns of his Black supporters. 'This is consistent with his Machiavellian political philosophy, which embraces deception, cruelty, and immorality to achieve his selfish goals,' Sarma told the publication. '[Rejecting] DEI, embracing pro-life, utilizing ICE, are all ways to cater to MAGA voters.' Since the beginning of his second term, Trump has done more to dismantle Black progress than almost any president in modern history. From banning DEI programs to banning books about Black history, his record speaks louder than his silence ever could. So yes, Trump's refusal to acknowledge Juneteenth is disrespectful; it's also entirely on brand, serving as a reminder that his presidency is built on white grievance, historical revisionism, and the suppression of truth. SEE ALSO: Thanks To Donald Trump, The American Dream Is Dead Donald Trump, Executive Overreach, And Project 2025's Blueprint SEE ALSO The Disrespect: Trump Disregards Juneteenth, Says US Has 'Too Many Non-Working Holidays' was originally published on Black America Web Featured Video CLOSE
San Francisco Chronicle
6 hours ago
- San Francisco Chronicle
Photos: S.F. Juneteenth Parade a joyful celebration of Black freedom and heritage
The third annual San Francisco Juneteenth Parade enlivened Market Street on Sunday with an array of floats and performers, united by the theme of Black pride. A dozen block parties were in full swing through the duration of the parade, from the Embarcadero to Civic Center. The parties featured children's activities, a car show, games, giveaways, line dancing, musical performances and dances. San Francisco's parade was one of many events around the Bay Area this month celebrating Juneteenth, the day in 1865 when slaves in Galveston, Texas, learned of their emancipation more than two years earlier. President Joe Biden declared June 19 a federal holiday four years ago, though his successor, President Donald Trump, did not sign a proclamation celebrating Juneteenth this year. Trump, who has sought to end diversity, equity and inclusion policies nationwide, has said the U.S. has 'too many non-working holidays' and that they harm the economy. Regardless, the mood was celebratory and upbeat Thursday during the Hella Juneteenth Festival at the Oakland Museum of California, where hundreds of people enjoyed live music, food and drinks while acknowledging the added significance of the holiday this year under Trump. Last weekend, San Francisco's Fillmore neighborhood celebrated Juneteenth with a party spanning eight blocks featuring performers, vendors, games and a fashion show.
