1. The Public Investment Corporation - which manages civil servant pensions - has suspended its head of listed investments, Fidelis Madavo, after a probe into the corporation's controversial investment in AYO Technology Solutions. The PIC gave AYO R4.3 billion before its listing in late 2017, despiteconcerns that it was overvalued.
2. The nightmare continues in the retail sector. Massmart - owner of Game and Makro - lost a massive fifth of its value after a trading update, which showed that sales in the past year only gained 2.9% - while its product prices actually fell 0.2% in that time.
3. Shoprite also issued a trading update yesterday, which showed flat sales for the six months to end-December. In South Africa, sales were up only 2.6%. Its share price initially tanked, but then recovered. Clicks reported a 7.8% increase in its sales.
4. MTN has paid $53 million to settle a money transfer dispute with Nigeria’s central bank, the bank said yesterday. Meanwhile, Uganda has deported two MTN execs, accusing them of planning to compromise national security.
5. The turmoil in Zimbabwe continues, with uniformed soldiers assaulting people, even after the president denounced violence by security forces as "unacceptable."
Reported by Mary Hanbury
The name of a company is one of the most important ways to set a good first impression for the customer. It needs to be catchy, memorable, and uncomplicated, which often means companies keep them short and snappy.
In some cases, companies will even invent what seems like an entirely new language around their brand name. Think Google, Venmo, and Twitter, for example. For some, there might be a crazy backstory behind the origins of their name.
For this reason, we decided to put together a list of 24 well-known brands and find out how their founders came up with their often-kooky names.
Find out more below:
The inventor of Pepsi, Caleb Davis Bradham, originally wanted to be a doctor, but a family crisis meant that he left medical school and became a pharmacist instead, according to the company website.
His original invention, known as "Brad's Drink," was made from a mix of sugar, water, caramel, lemon oil, and nutmeg. Three years later, Bradham renamed his drink, which he believed aided digestion, to "Pepsi-Cola," taken from the word dyspepsia, meaning indigestion.
Google's name emerged from a brainstorming session at Stanford University. Founder Larry Page was coming up with ideas for a massive data-index website with other graduate students, Business Insider reported.
One of the suggestions was "googolplex" one of the largest describable numbers. The name "Google" came about after one of the students accidentally spelled it wrong. Page then registered his company with this name.
Raymond Kroc, the founder of McDonald's, was a milkshake machine salesman when he first met brothers Dick and Mac McDonald, who ran a burger restaurant in San Bernardino, California.
The McDonald brothers bought several of his Kroc's Multimixers and he was so impressed by their burger restaurant that he became their agent and set up franchises around the US, Money reported. Years later, he bought rights to the McDonald's name.
If you, like me, thought Adidas stood for "All Day I Dream About Soccer," you're wrong. It turns out the athletics-apparel brand is named after its founder, Adolf Dassler, who started making sport shoes when he came back from serving in World War I, according to the LA Times. The name combines his nickname, Adi, and the first three letters of his last name.
Hans Wilsdorf, the founder of Rolex, wanted a brand name that could be said in any language, Business Insider reported.
"I tried combining the letters of the alphabet in every possible way," said Wilsdorf, according to Rolex. "This gave me some hundred names, but none of them felt quite right. One morning, while riding on the upper deck of a horse-drawn omnibus along Cheapside in the City of London, a genie whispered 'Rolex' in my ear."
Zara founder Amancio Ortega originally named his company after the 1964 film "Zorba the Greek." But this didn't last long.
The first store, which opened in La Coruña in 1975, happened to be two blocks down from a bar called Zorba, The New York Times reported. Ortega had already made the mold for the letters of his sign when the bar owner told him that it was too confusing for them to have the same name.
In the end, Ortega ended up rearranging the letters to make the closest word he could come up with - hence Zara, according to The New York Times.
IKEA isn't a Swedish word that you don't understand.
In an interview with The Seattle Times, Starbucks cofounder Gordon Bowker told the story of how they arrived at the name. At first, they were going through a list of words beginning with "st" because they thought those were powerful.
"Somebody somehow came up with an old mining map of the Cascades and Mount Rainier, and there was an old mining town called Starbo," he said. "As soon as I saw Starbo, I, of course, jumped to Melville's first mate [named Starbuck] in 'Moby-Dick.'"
Soylent - that meal-replacement drink that's a Silicon Valley favorite - got its name from the science-fiction novel "Make Room! Make Room!" which is about how population growth depletes the world's natural resources. In the book, soylent is a blend of soybeans and lentils.
The first Gap store opened in 1969 with the goal of selling good jeans. The name referred to the generation gap between adults and kids.
Reuben Mattus, a Jewish immigrant from Poland, named his ice-cream company Häagen-Dazs as a way to pay tribute to Denmark, according to an interview with the Jewish news publication Tablet Magazine. But the name doesn't actually mean anything.
"The only country which saved the Jews during World War II was Denmark, so I put together a totally fictitious Danish name and had it registered," Mattus said. "Häagen-Dazs doesn't mean anything. [But] it would attract attention, especially with the umlaut."
Nike was founded in 1964 as Blue Ribbon Sports, and it didn't take on its current name until 1971.
Co-founders Bill Bowerman -a track-and-field coach - and Phil Knight, a middle-distance runner from Portland, had wanted to make the name "Dimension 6" originally. In fact, it was Nike's first employee, Jeff Johnson who came up with the name.
When Amazon first launched in 1995, founder Jeff Bezos had a different idea for his brand name.
Bezos wanted to call his online bookstore Cadabra, according to Brad Stone's book about the company. But Amazon's first lawyer, Todd Tarbert, managed to convince him that the name sounded too similar to "Cadaver."
Bezos is also said to have favored the name Relentless, and if you visit Relentless.com today, you'll be redirected to Amazon's website, Business Insider reported.
Bezos finally settled on Amazon, named after the largest river in the world, and incorporated an image of the river in the company's first logo.
Agrochemical company Monsanto was founded in 1901 by John F. Queeny. He named the business after his wife, Olga Monsanto Queeny.
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