Transcript

Good day, and welcome to Just a Moment News. I’m Erika, and today is August 8th, 2023. Let’s dive into today’s headlines.

In Cape Town, taxi-related violence has escalated, leading to tense negotiations between the city and the South African National Taxi Council (Santaco). Cape Town Mayor Geordin Hill-Lewis has criticized the taxi industry for reneging on previously agreed terms and causing further violence. The Golden Arrow Bus Services (GABS) had to obtain a court interdict after its buses were targeted. The city has since obtained an interdict against Santaco’s strike, preventing blockade of public roads and interference with transport depots. Despite Santaco distancing itself from the violent incidents, the city has held firm, arresting 44 people for public violence and shutting down 27 schools due to the unrest. Further discussions with Transport Minister Sindisiwe Chikunga are set to take place…

Moving on, popular YouTuber and entrepreneur MrBeast, also known as Jimmy Donaldson, is facing a $100 million lawsuit filed by Virtual Dining Concepts (VDC), the company handling his virtual burger chain, MrBeast Burger. The lawsuit claims Donaldson didn’t fulfill his contractual obligations, including promotional work, public support, and making negative statements about the brand. This follows Donaldson’s own lawsuit against VDC, citing quality control issues. The dispute revolves around MrBeast Burger, a virtual restaurant operating through “ghost kitchens.” Since its inception in 2020, the brand has expanded to 1,700 restaurants. Donaldson has also ventured into other businesses, such as a snack line called Feastables…

In the world of digital currency, PayPal has announced the introduction of a stablecoin called PayPal USD (PYUSD). The stablecoin, issued by Paxos Trust Company, is backed by U.S. dollar deposits and other cash equivalents. It is designed to streamline payments and transfers and will gradually be made available to U.S. customers. They will be able to use PYUSD for person-to-person payments, purchases, and conversions to and from other supported cryptocurrencies. PayPal emphasizes its commitment to responsible innovation and compliance, despite past controversies surrounding stablecoins. Paxos will provide regular reports and third-party attestations regarding the assets backing PYUSD. However, PayPal’s shares saw a 7% drop in extended trading after missing its projected quarterly operating margin…

South African restaurant group Spur has reported an 83% surge in full-year profits. The increase is attributed to an increased preference for dining out amid frequent load shedding in the country. Spur owns various chains, including RocoMamas, Hussar Grill, Panarottis, and John Dory’s. Franchised restaurant sales climbed almost a quarter, with an uptick in patronage from both the top and low ends of the market. However, the middle-income segment venues experienced more moderate performance, reflecting economic pressure on the middle class. Despite challenges such as rising interest rates and inflation, Spur outperformed in its core steakhouse brand and premium specialty restaurants. The company’s marketing efforts also led to a 13% rise in foot traffic…

Now let’s take a look at some entertainment news. Streaming platforms and cinemas have exciting offerings this month. Showmax premiered “1960,” a fictional film depicting South Africa’s past, on August 3rd. The classic struggle film “Sarafina!” will be re-released in cinemas starting August 11th. Showmax also has “Moonage Daydream,” a celebration of David Bowie’s creative journey, available from August 4th. Apple TV+ will be streaming “Wanted: The Escape of Carlos Ghosn,” a true crime series featuring the Nissan CEO turned fugitive, from August 25th. Netflix premieres “Painkiller,” a miniseries about the origins of the opioid crisis in America, on August 10th. These are just a few highlights from the extensive list of films and series coming this month…

In tech news, Meta Platforms’ CEO Mark Zuckerberg has announced two new features coming to the Threads application within the next few weeks. The search feature and a desktop/web version are highly anticipated and expected to attract more power users. Threads initially had an impressive start with 100 million sign-ups four days after its release. However, user retention rates have been dwindling, and some users have expressed frustration about the app feeling underdeveloped without these key features…

That’s all for today’s headlines. Thank you for joining us on Just a Moment News. I’m Erika, and we’ll see you next time.

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