Business

The Company Brief: Fast takes on today’s big business moves

Vernon Pillay|Published

Spotify's Co-founder and CEO Daniel Ek attends a live recording panel at Acquired, a technology podcast, at the Chase Center in San Francisco, California, U.S., September 10, 2024.

Image: REUTERS/Laure Andrillon

Wake up to the shifts shaping the future.

From boardroom shakeups and billion-dollar bets to the latest tech breakthroughs rewriting the rules, The Company Brief is your front-row seat to the stories moving markets and mindsets.

We cut through the noise so you can stay ahead of the curve, one bold business move at a time.

These are the major stories you should not miss: 

 

Exxon Mobil eyes South Africa as a top LNG destination

Exxon Mobil is eyeing projects in South Africa, which it views as a top destination for liquefied natural gas (LNG), a senior gas executive said at an African energy conference in Cape Town. 

Eskom sees dramatic decline in load shedding as turnaround gains momentum

Eskom has slashed its load-shedding days from 84 days in the first eight months of the year down to just 17. The utility said it’s achieved an Energy Availability Factor of 70%, the threshold it set in its recovery plan. On many days, it even exceeds that mark. The turnaround is anchored in a “back to basics” strategy: rigorous maintenance, direct engagement with original-equipment manufacturers, tighter spare parts management, and disciplined adherence to maintenance schedules. 

Big Tech slashes costs to fuel AI ambition

Giants like Amazon and Meta are cutting staff and trimming budgets in non-core areas to reallocate capital toward AI development and infrastructure. Amazon is pushing every team to hunt for savings while simultaneously innovating, “cut costs to fund new ideas.  Meta has cut thousands of weaker performers but continues to pour resources into machine learning and AI hiring. 

Spotify founder Ek to step down as CEO to focus on long-term strategy

Spotify founder-CEO Daniel Ek will step down to become executive chairman in January, the Swedish streaming company said as it adopts a new co-CEO structure in its strategy to fend off rivals and shore up its profit margin. Billionaire Ek, who built Spotify into a rare global consumer technology leader from the region, will step back from day-to-day business as the company charts out its plan to keep ahead of music offerings from YouTube, Apple and Amazon.

Discovery to hike top, low-end medical aid plans by 7.9% in 2026

 

Discovery Health Medical Scheme is instituting contribution increases of up to 7.9% for 2026, with the weighted average rise pegged at 7.2%. The steepest increases will hit plans such as Executive, Comprehensive, Coastal, and KeyCare.  For many other plans (Priority, Saver, Core), the bump will be 6.9%. One notable exception: the Active Smart plan sees 0% increase.

 

FAST COMPANY