SA Business

South Africa's rand steady shielded by trade deal optimism

07/12 South Africa's rand was barely changed in late trade on Friday, with fresh optimism over Sino-U.S. trade talks helping the currency to weather stronger employment numbers from the United States.  Full story

South Africa's power cuts may last the weekend if rain persists

06/12 Many South Africans could be without electricity this weekend if rain continues, state power utility Eskom said on Friday, after announcing it would cut up to 4,000 megawatts (MW) of power. . .  Full story

South African Airways to restructure under 'business rescue'

06/12 South African Airways (SAA) said on Friday it has applied to enter 'business rescue', a form of bankruptcy protection it hopes will save the cash-strapped state carrier from collapse.. . .  Full story

South Africa's Eskom tells customers about more power cuts

06/12 South Africa's struggling state power utility Eskom said on Friday it would cut up to 4,000 megawatts (MW) of power from the national grid on a rotational basis from 2 p.m.. . .  Full story

South Africa's net foreign reserves fall to $44.4 bln in Nov

06/12 South Africa's net foreign reserves fell to $44.415 billion in November from $44.606 billion in October, Reserve Bank data on Friday showed.. . .  Full story

South Africa's rand flat in subdued early trade

06/12 South Africa's rand was little changed in early trade on Friday, as investors awaited employment figures from the United States to gauge the likely direction for interest rates.. . .  Full story

South African regulator tells Vodacom, MTN to cut data prices

03/12 South Africa's Vodacom and MTN could face prosecution if they do not agree to cut data prices in the next two months, the country's competition watchdog said on Monday.. . .  Full story

South African rand dips before GDP data

03/12 South Africa's rand dipped on Tuesday, ahead of gross domestic product (GDP) data that is expected to show a dismal third-quarter performance.. . .  Full story

South African Airways lost over $700 mln in past 2 years - documents

03/12 Struggling state-owned airline South African Airways (SAA) lost more than 10.4 billion rand ($700 million) in the past two financial years, documents sent to lawmakers and seen by Reuters showed.. . .  Full story

South African economy contracts 0.6% in third quarter

03/12 South Africa's economy shrank for second time in three quarters this year, data showed on Tuesday, as productive sectors fell across the board and companies slashed inventories, amplifying the chances of. . .  Full story

South Africa regulator tells Vodacom, MTN to lower data prices

02/12 South Africa's Vodacom Group and MTN Group could face prosecution if they do not agree with the Competition Commission in the next two months to lower data prices, the watchdog said. . .  Full story

South Africa's Absa PMI slips to 47.7 in November

02/12 South Africa's seasonally adjusted Absa Purchasing Managers' Index (PMI) fell further into contraction territory in November as business activity and new sales orders slowed, the survey showed on Monday.. . .  Full story

South Africa's rand flat ahead of GDP figures

02/12 South Africa's rand was flat in early trade on Monday ahead of third quarter growth data expected to show Africa's most developed economy barely expanded.. . .  Full story

South African Airways in talks over funding for shake-up

02/12 South African Airways (SAA) and lenders have had "intense discussions" to secure funds for the cash-strapped carrier's operational and structural transition, the country's public enterprises ministry said on Sunday.. . .  Full story

South African Airways shunned by insurers as financial doubts grow

30/11 Two big travel insurance companies in South Africa have stopped covering tickets issued by South African Airways (SAA) against insolvency as doubts grow about whether the struggling state-owned airline can survive.. . .  Full story

Norwegian bank DNB's shares drop 6% on Namibia investigation

30/11 Shares in Norwegian bank DNB plunged more than 6% on Friday after the country's white-collar crime unit launched an investigation into its handling of payments to Namibia from Iceland's biggest fishing. . .  Full story

South African rand firms but remains range-bound, stocks fall

29/11 South Africa's rand firmed against the dollar on Friday, but the currency was stuck in a range as investors sought clarity on whether a new U.S. law backing Hong Kong protesters. . .  Full story

South African trade surplus shrinks in October

29/11 South Africa's trade surplus narrowed to 3.09 billion rand ($210 million) in October from a revised 4.53 billion rand surplus in September , data from the revenue service showed on Friday.. . .  Full story

South Africa's Telkom says Cell C has rejected takeover offer

29/11 South African telecoms company Telkom SA said on Friday its takeover bid for Cell C had been rejected, a move that comes after its larger but troubled rival expanded a roaming. . .  Full story

South Africa's Eskom makes interim profit on higher tariffs

29/11 South Africa's struggling state power firm Eskom made a 1.3 billion rand ($88 million) profit in the six months to the end of September thanks to higher tariffs during the winter. . .  Full story

Jumia shuts Tanzania e-commerce business in portfolio review

28/11 Online retailer Jumia Technologies, dubbed "the Amazon of Africa," said on Thursday it had shut its e-commerce business in Tanzania in a review of its portfolio.. . .  Full story

South Africa's rand steady, stocks fall as investors eye trade developments

28/11 South Africa's rand steadied on Thursday as investors assessed the impact of U.S. backing for protesters in Hong Kong on its trade negotiations with China, while stocks fell.. . .  Full story

Growth in loans, credit cards poses risk to S.Africa's economy – central bank

28/11 An acceleration in the growth of riskier, unsecured lending in South Africa threatens the stability of the finance sector, the central bank said on Thursday.. . .  Full story

South Africa's struggling Eskom makes surprise interim profit

28/11 South Africa's struggling state power firm Eskom made a surprise 1.3 billion rand ($88.39 million) profit from April to end September, roughly double the amount made in the same period. . .  Full story

Billion-dollar LNG project in southern Mozambique expected in 2020

28/11 A final investment decision on a $3.15 billion liquefied natural gas (LNG) project near Mozambique's capital will be taken around the middle of 2020, France's Total and its partners in the. . .  Full story

South Africa's Vodacom CFO to step down

28/11 South African mobile operator Vodacom Group said on Thursday its Chief Financial Officer Till Streichert will leave the company in June 2020 to pursue an external opportunity.. . .  Full story

South African government says working to ensure SAA's survival

27/11 South Africa's public enterprises ministry said on Wednesday it was working with struggling state airline South African Airways (SAA) to ensure that it could continue to operate.. . .  Full story

Fastjet looks to sell Zimbabwe business in effort to survive till 2021

27/11 Fastjet Plc said on Wednesday it is in talks to sell its Zimbabwean operations to a consortium led by its biggest shareholder Solenta Aviation for $8 million, a deal which could. . .  Full story

South African owner of Virgin Active, New Look to raise equity to deal with debts

27/11 Virgin Active and New Look owner Brait said it plans to raise up to 5.6 billion rand ($381 million) via a rights issue and other measures to tackle its high debts,. . .  Full story

South Africa business confidence improves after two years - Survey

27/11 South Africa's business confidence improved for the first time in two years, a survey showed on Wednesday, owing to a recovery in residential activity and on expectation of a good shopping. . .  Full story

Botswana's GDP to slow to 3.5% in 2019 - IMF

27/11 Botswana's economic growth will slow to about 3.5% in 2019 from 4.5% in 2018, before speeding up to around 4.2% in 2020 if the southern African nation can shake-off the effects. . .  Full story

South Africa's Woolworths posts 2.2% rise in 20-week sales

27/11 South African retailer Woolworths Holdings Ltd reported a 2.2% rise in group sales for the 20 weeks ended Nov. 11, as strong performance in its home market offset weakness at its. . .  Full story

South Africa's rand dips as U.S.-China trade deal uncertainty lingers

27/11 South Africa's rand inched lower in early trade on Wednesday, tracking its emerging market peers in Asia as continued uncertainty about the outcome of U.S.-China trade talks kept big bets at. . .  Full story

South African farmers expected to harvest slightly more maize than previous estimate

26/11 South Africa's 2018/2019 maize crop is expected to be slightly higher than the previous estimate, boosted by higher yellow maize yields in the Free State and Mpumalanga provinces, the Crop Estimates. . .  Full story

S.Africa's Checkers supermarket promises to deliver groceries in an hour

26/11 South African supermarket chain Checkers, owned by Shoprite Holdings, is looking to grab a larger share of the growing online shopping market by pioneering a new one-hour grocery delivery service named. . .  Full story

South Africa at risk if economic reforms don't materialise fast - IMF

26/11 South Africa faces a prolonged period of weak economic growth marked by rising unemployment, inequality and greater credit-rating risk if the government does not act fast to implement reforms, the International. . .  Full story

Vedanta warns it may have to process ore outside South Africa

26/11 Vedanta, one of South Africa's biggest international investors, will process its zinc ore elsewhere unless the country can fix its power problems, the CEO of Vedanta unit Vedanta Zinc International said.. . .  Full story

South Africa's Omnia Holdings swings into interim profit

26/11 South African chemicals and fertiliser maker Omnia Holdings reported a half-year profit on Tuesday boosted by its mining division, despite difficult trading conditions in its agricultural business.. . .  Full story

South African rand clings to gains despite slowdown worries

26/11 South Africa's rand firmed on Tuesday, defying a stronger U.S. dollar and a warning from the International Monetary Fund (IMF) about the country's worsening fiscal position as investors continued to see. . .  Full story

South Africa's RBPlat concludes five-year wage deal with unions

25/11 South African mining company Royal Bafokeng Platinum said on Monday it had agreed to a five-year wage deal with its biggest trade union the National Union of Mineworkers (NUM).. . .  Full story

South Africa's big supermarkets told to drop exclusivity clauses in mall leases

25/11 South Africa's biggest supermarket chains could be forced to drop exclusivity clauses in shopping mall leases if they fail to do so voluntarily, the country's competition watchdog said in findings from. . .  Full story

South Africa blocks arms sales to Saudi and UAE in inspection row

25/11 South Africa is blocking arms sales to countries including Saudi Arabia and the UAE in an inspections dispute, endangering billions of dollars of business and thousands of jobs in its struggling. . .  Full story

South Africa's rand rises on S&P ratings reprieve

25/11 South Africa's rand firmed in early trade on Monday, as traders continued to chase the high yield offered by local assets after S&P Global Ratings decided to downgrade the country's credit. . .  Full story

South Africa's Pepkor to close loss-making Zimbabwe business

25/11 South African retailer Pepkor Holdings said on Monday it will exit Zimbabwe after an economic crisis in the country hurt its performance.. . .  Full story

S&P downgrades South Africa's outlook to negative

23/11 S&P Global on Friday downgraded its outlook for South Africa's credit rating to negative, citing weak pace of economic growth, mounting government debt burden and liabilities related to the country's. . .  Full story

South African Airways inks deal to end eight-day strike

22/11 South African Airways (SAA) signed a wage deal with trade unions on Friday to end an eight-day strike that brought the cash-strapped state airline to the brink of collapse.. . .  Full story

First-half profit at S.Africa's Naspers almost halves

22/11 South African e-commerce giant Naspers reported a 48% slump in half-year profit on Friday, at the better end of its guidance range after a previously-flagged drop in gains on investments at. . .  Full story

South African Airways wage dispute with striking unions resolved -commission

22/11 South African Airways has resolved a dispute over wages with two unions which have been on strike since Nov. 15, the Commission for Conciliation, Mediation and Arbitration, which mediated talks between. . .  Full story

Bond fund exodus from S.Africa well underway as credit rating teeters

22/11 South Africa's struggle to safeguard its last investment grade credit rating has failed to convince the most credit-sensitive global investors and many active fund managers have already voted with their feet.. . .  Full story

South African rand steady as U.S.-China trade uncertainty lingers

22/11 South African rand steadied against the dollar on Friday, as investors in currency markets globally sought concrete evidence of headway in the Sino-U.S. trade negotiations.. . .  Full story

Tiger Brands' annual earnings drop 17% on tepid recovery at meat unit

22/11 South Africa's Tiger Brands posted a 17% drop in its annual earnings on Friday, dented by ongoing margin compression across the grains portfolio, lower sales in export markets and slower-than-anticipated recovery. . .  Full story

S.Africa keeps rates on hold as inflation risks balanced

21/11 South Africa's central bank kept its repo rate unchanged at 6.5% in a close decision on Thursday, saying it wanted to see inflation expectations closer to the midpoint of its target. . .  Full story

Unions in wage talks with distressed South African Airways

21/11 Two trade unions at state-owned South African Airways (SAA) said they would continue talks with the airline on Thursday aimed at ending a week long strike over wages and job cuts. . .  Full story