SA Business

South Africa rand weakens against rebounding greenback, stocks rise

21/09 South Africa's rand reversed earlier gains to fall 1 percent as the dollar firmed, with the local currency trimming gains partly caused by a raft of measures meant to revive the economy announced by President Cyril Ramaphosa.  Full story

Potential buyer ditches plan to acquire Bidcorp's UK logistics business

21/09 International food distributor Bid Corporation Ltd (Bidcorp) said on Friday the prospective buyer for its UK logistics business is no longer interested in buying it, citing internal reasons.. . .  Full story

South Africa rhino poaching drops sharply but hundreds still being killed

21/09 Over 500 rhinos were poached for their horns in South Africa in the first eight months of 2018, a 26 percent fall from 691 in the same period last year, the. . .  Full story

S.Africa's Life Healthcare not ruling out return to India after Max disposal

21/09 South African private hospital group Life Healthcare has said it is not ruling out a return to India after selling the firm's entire stake in Max Healthcare, in an effort to. . .  Full story

South Africa's Ramaphosa outlines stimulus plan for ailing economy

21/09 South Africa's president announced a multi-billion-dollar stimulus programme on Friday, earmarking funds for job creation and infrastructure development as he seeks to make good on a pledge to revive the country's. . .  Full story

South Africa's NUM union signs wage deal with AngloGold

21/09 South Africa's National Union of Mineworkers (NUM) signed a three-year wage deal with AngloGold Ashanti on Friday, inking the same agreement that other unions reached with the company earlier in the. . .  Full story

South Africa's Clicks CEO to retire, names insider as successor

21/09 South Africa health and beauty retailer Clicks Group said on Friday its Chief Executive Officer David Kneale was retiring and will be succeeded by insider Vikesh Ramsunder.. . .  Full story

South African central bank holds repo rate in tight call

20/09 South Africa's central bank left its benchmark repo rate at 6.5 percent on Thursday, with the bank's governor striking a more hawkish note than at the last rate meeting in July.. . .  Full story

South African rand firms on rate hold, dollar weakness; stocks up

20/09 South Africa's rand firmed to a three-week high against the dollar on Thursday after the central bank left its benchmark repo rate unchanged and the U.S. currency slipped to its lowest. . .  Full story

PL Group final results December 2017

20/09 Revenue amounted to R81.1 million (2016: R31.8 million), while operating loss came to R27.1 million (2016: R10.2 million). Net loss for the period was recorded at R26.5 million (2016: R9.2 million).. . .  Full story

South Africa's ruling party urges central bank to help poor

20/09 South Africa's ruling party on Thursday called on the central bank to help lift economic growth and help the poor, an hour after interest rates were left on hold.. . .  Full story

South Africa's cabinet approves new mining charter

20/09 South Africa's cabinet approved a long-delayed mining charter that sets out requirements for black ownership levels and backed the withdrawal of a mining bill after industry opposition, a minister said on. . .  Full story

South Africa's Pick n Pay sees jump in HY profits

20/09 South African retailer Pick n Pay said on Thursday that it expects its half-year diluted headline earnings per share to increase by up to 85 percent largely due to cost savings. . .  Full story

Major African central banks expected to hold rates steady

20/09 Africa's major central banks are likely to leave interest rates unchanged in the coming days, responding to challenges at home rather than coping with an emerging-market currency crisis, Reuters polls. . .  Full story

MTN shares rise after Nigeria says reviewing information to resolve $8.1 bln dispute

20/09 Shares in South Africa's MTN rose 5 percent on Thursday, after Nigeria's central bank said on Wednesday that it was reviewing information provided by the telecoms firm and four banks over. . .  Full story

Nigeria's central bank says reviewing information to resolve $8.1 bln MTN repatriation

20/09 Nigeria's central bank is reviewing information provided by MTN and four banks accused of helping the South African telecoms company to illegally repatriate $8.1 billion, with a view to reaching an. . .  Full story

South Africa's rand firms on positive consumer inflation data

19/09 South Africa's rand gained more than 1 percent on Wednesday after better than expected inflation data cooled bets the central bank would raise lending rates at its meeting on Thursday.. . .  Full story

Remgro final results June 2018

19/09 Sales from continuing operations grew to R31.1 billion (R27.6 billion) whilst trading profit jumped to R1.3 billion (R760 million). Net profit for the year from total operations attributable to equity holders. . .  Full story

Life Healthcare to sell stake in Indian JV for $293 million

19/09 South African private hospital group Life Healthcare said on Wednesday it will sell its entire 49.7 percent stake in Max Healthcare to a global investment firm for 4.3 billion rand ($293. . .  Full story

Naspers frees cash-rich Multichoice to take on Netflix & co

19/09 South African media and e-commerce group Naspers' plan to spin off Multichoice, Africa's biggest pay-TV business by subscribers, will free up cash for the unit to compete with fast-growing Netflix and. . .  Full story

Johannesburg stock exchange looks to tighten listing rules

19/09 The Johannesburg Stock Exchange (JSE) wants to increase the minimum capital amount required for a primary listing and is considering stricter rules on secondary listings as it seeks to improve corporate. . .  Full story

South Africa's Sasol, union begin talks to end strike

19/09 South Africa's mainly white union Solidarity and Sasol said on Wednesday they would begin negotiations overseen by a labour tribunal to try to end a strike by the union over a. . .  Full story

South Africa's CPI slows to 4.9 pct year/year in August

19/09 South Africa's headline consumer inflation slowed to 4.9 percent year-on-year in August from 5.1 percent in July, data from Statistics South Africa showed on Wednesday.. . .  Full story

Pan-Af final results June 2018

19/09 Revenue for the year decreased to GBP108.5 million (2017: GBP125.1 million), mining profit dropped to GBP23.9 million (2017: GBP43.2 million), loss attributable to owners of the parent came in at GBP93.3. . .  Full story

South Africa's rand gains as dollar falters, stocks flat

18/09 South Africa's rand gained on Tuesday as broad dollar weakness supported investor appetite for riskier assets after Washington imposed additional tariffs on Chinese imports and Beijing retaliated, escalating a trade dispute. . .  Full story

Master Plastics interim results August 2018

18/09 Revenue for the interim period increased to R243.6 million (2017: R236 million), gross profit grew to R52.6 million (2017: R52.5 million) and profit from operations decreased to R14.9 million (2017: R20.7. . .  Full story

South African utility Eskom delays completion of new strategy

18/09 South African power firm Eskom said on Tuesday it had delayed the date on which its new long-term strategy would be completed, potentially unsettling investors anxious for clues as to how. . .  Full story

Sibanye-Stillwater, Lonmin still committed to merger after competition watchdog decision

18/09 Precious metals producer Sibanye-Stillwater said on Tuesday it remained fully committed to a takeover of platinum miner Lonmin after South Africa's competition watchdog imposed conditions on the deal.. . .  Full story

Comair final results June 2018

18/09 Revenue for the year rose to R6.5 billion (R6.1 billion) whilst profit from operations jumped to R670.6 million (R637.8 million). Profit attributable to owners shot up to R324.5 million (R296 million).. . .  Full story

Uganda to renew MTN Group's telecoms operating licence

18/09 Uganda will renew the operating licence of the local unit of South African telecom company MTN Group, the state-run Uganda Media Centre said on Tuesday.. . .  Full story

Naspers' OLX unit to invest in Webuycars

18/09 OLX Group, a unit of South African e-commerce giant Naspers, said on Tuesday it would invest 1.4 billion rand ($94 million)in used car buying service Webuycars.. . .  Full story

South African fintech JUMO to expand in Asia with Goldman Sachs backing

18/09 South Africa-based financial technology firm JUMO plans to expand in high-growth Asian markets after securing the backing of Goldman Sachs in an equity funding round, the company's chief executive said.. . .  Full story

Ecsponent final results June 2018

18/09 Ecsponent changed their year end to June, therefore there are no comparable figures. Revenue for the year came in at R467 million, operating profit was R412.4 million, profit attributable to owners. . .  Full story

Petra Diamonds' core profit climbs, CEO to step down

18/09 Petra Diamonds on Monday reported a jump in full-year adjusted core earnings due to a rise in production at its continuing mines and said its chief executive would step down.. . .  Full story

South Africa's rand firms on dollar tariff slip, stocks down

17/09 South Africa's rand firmed on Monday, as a dollar rally fuelled by signs of higher lending rates in the United States was undermined by the latest salvo in a tit-for-tat trade. . .  Full story

South Africa's competition watchdog imposes conditions on Sibanye-Lonmin deal

17/09 South Africa's competition watchdog on Monday approved the takeover of platinum producer Lonmin by Sibanye-Stillwater but imposed conditions to limit job losses.. . .  Full story

Rolfes final results June 2018

17/09 Revenue for the year decreased to R1.422 billion (2017: R1.437 billion), gross profit lowered to R289.2 million (2017: R299.3 million), loss for the year attributable to owners of the parent plummeted. . .  Full story

South Africa's Naspers plans to spin off, list pay-TV unit

17/09 South African media and e-commerce giant Naspers plans to spin-off and separately list its pay-TV unit, it said on Monday.. . .  Full story

South African unions sign wage deal with AngloGold Ashanti

17/09 Three South African unions have signed a three-year wage deal with AngloGold Ashanti, potentially inching the country's gold industry a closer to ending a standoff over pay.. . .  Full story

Sasfin final results June 2018

17/09 Total income for the year increased to R1.219 billion (2017: R1.167 billion). Profit from operations lowered to R203.8 million (2017: R245.6 million). Profit attributable to equity holders of the Group decreased. . .  Full story

South Africa's AfriAg seeks UK medical cannabis producer license

17/09 AfriAg Global Plc has hired a law firm to help with the application process to become a licensed medical cannabis cultivator and producer in the UK, the South African haulier said. . .  Full story

Resgen final results June 2018

17/09 Revenue from continuing operations for the year increased to AUD218 million (2017: AUD182 million), loss from continuing operations widened to AUD10.3 million (2017: loss of AUD2 million), while headline loss per. . .  Full story

South Africa's Eskom has coal shortages at 10 power plants: spokesman

17/09 South African power utility Eskom said on Monday that it had less than 20 days of coal supplies at 10 of its 15 coal-fired power stations, posing a threat to national. . .  Full story

Nigeria fraud agency visits Standard Chartered's Lagos office

15/09 Officers from Nigeria's financial crime agency visited the Lagos office of Standard Chartered's Nigerian operations on Friday but left shortly afterwards, the bank said in a statement.. . .  Full story

South African rand enjoys strong week as Moody's turns more upbeat

14/09 The rand was on course for gains of more than 2 percent against the dollar this week, despite some profit-taking on Friday, after Moody's signalled it was unlikely to strip South. . .  Full story

Kibo interim results June 2018

14/09 No revenue was made for the interim period (GBP1 001) whilst operating loss was better at GBP1.3 million (loss of GBP2.4 million). Loss attributable to owners improved to GBP1.3 million (loss. . .  Full story

Investec asset management spin off plan lifts shares

14/09 Investec cheered investors on Friday with plans to spin off its asset management unit in a surprise restructuring ahead of the departure after four decades of the South African firm's founder. . .  Full story

S.Africa's Competition Tribunal approves Glencore's bid for Chevron assets

14/09 South Africa's Competition Tribunal on Thursday conditionally approved Glencore's proposed $973 million acquisition of Chevron Corp’s subsidiary in the country, all but scuppering a rival bid from China's Sinopec.. . .  Full story

Afro-C final results June 2018

14/09 Healthcare service revenue increased to R3 billion (2017: R2.7 billion) and Healthcare retail revenue rose to R1.2 billion (2017: R1.1 billion). Profit before depreciation and amortisation grew by 36.3% to. . .  Full story

Drugmaker Aspen sells baby milk business to dairy giant Lactalis

13/09 Aspen Pharmacare has agreed to sell its infant formula business to Lactalis for 12.9 billion rand ($865 million) to focus on core activities while the French buyer looks to revive its. . .  Full story

Moody's sees little chance of South Africa downgrade

13/09 Moody's said on Thursday there was little chance it would strip South Africa of its investment grade credit rating this year - giving some respite to President Cyril Ramaphosa after the. . .  Full story

South Africa's Implats CEO confident of funding during restructuring

13/09 South Africa's Impala Platinum (Implats) is confident of having adequate cash while restructuring its operations and cutting its workforce despite reporting a wider full-year loss on Thursday.. . .  Full story

South Africa's rand shines after Turkish rate hike, Moody's comments

13/09 South Africa's rand raced to its highest in over a week on Thursday, erasing all of the losses suffered after the economy slipped into recession, as a rate hike in Turkey. . .  Full story

South Africa committed to prudent fiscal policy - finance minister

13/09 South Africa is committed to a prudent fiscal policy aimed at stabilising its debt to GDP ratio, Finance Minister Nhlanhla Nene said on Thursday.. . .  Full story

South Africa's mining output fell 5.2 year/year in July

13/09 South Africa's total mining output fell 5.2 percent year-on-year in July, higher than the consensus figure of -2.9 percent, Statistics South Africa said on Thursday.. . .  Full story

Little chance of downgrade for South Africa: Moody's

13/09 South Africa's stable outlook on its credit rating means there is little chance of downgrade later this year, Moody's said on Thursday, but a commitment to fiscal consolidation at the October. . .  Full story

South Africa to raise interest rates soon despite recession

13/09 South Africa's Reserve Bank will leave interest rates unchanged at 6.50 percent next week, 25 of 26 analysts predicted in a Reuters poll, after recent data showing the economy unexpectedly slipped. . .  Full story

ARCInvest final results June 2018

13/09 ARCInvest released their maiden final results, therefore there are no comparatives. Fair value movements on the investment in the ARC Fund at FVTPL came in at R794.7 million, profit for the. . .  Full story

Implats final results June 2018

13/09 Revenue for the year decreased to R35.9 billion (2017: R36.8 billion). Gross profit was recorded at R1.6 billion (2017: loss of R529 million), loss from operations widened to R13.2 billion (2017:. . .  Full story

Aspen final results June 2018

13/09 Revenue for the year increased by 3% to R42.596 billion (2017: R41.213 billion), gross profit rose 9% to R21.605 billion (2017: R19.896 billion), operating profit climbed 11% to R9.237 billion (2017:. . .  Full story

South Africa to probe whether kickback was paid for SAP contract

12/09 South Africa's Special Investigating Unit (SIU) will investigate whether a kickback of more than 35 million rand ($2 million) was paid for a state contract with German software firm SAP, a. . .  Full story

South Africa's Clover triples FY profit, impairment hurts shares

12/09 Clover Industries' normalised annual profit more than tripled, the South African dairy company said on Wednesday, boosted by its exit from the milk business and a recovery from drought the previous. . .  Full story

Many parts of the world not ready for super fast 5G network - MTN's CEO

12/09 Many parts of the world are not ready for next-generation 5G network but would likely be ready to embrace the super-fast technology in the next few years from now, MTN's chief. . .  Full story

Kore interim results June 2018

12/09 The following are the company's maiden interim results therefore there are no comparatives. Loss for the period from continuing operations was recorded at USD4.6 million and basic loss per share was. . .  Full story

South Africa's business confidence index falls in August

12/09 South Africa's business confidence fell in August to 90.5 from 94.7 in July after activity was hit by a decline in merchandise export volumes, a weaker rand and higher inflation, a. . .  Full story

South Africa's iron ore railway to be shut down for annual maintenance

12/09 The main railway line along South Africa's iron ore corridor will be shut down for annual maintenance from 26 September to 2 October, state-owned freight logistics firm Transnet said on Wednesday.. . .  Full story

South Africa's Quantum Foods says FY profits to triple, shares jump

12/09 South Africa's Quantum Foods said on Wednesday it expects annual profits to triple on steady earnings from its eggs business and compensation for losses incurred from an Avian flu outbreak, sending. . .  Full story

S.Africa's rand weaker as emerging markets knocked by trade war fears

12/09 South Africa's rand weakened on Tuesday as emerging market currencies lost ground with further deterioration in United States and China trade relations subduing demand for risk assets.. . .  Full story

Clover final results June 2018

12/09 Revenue for the year decreased to R8.3 billion (2017: R10.1 billion) whilst gross profit increased to R3 billion (2017: R2.7 billion). Operating profit rose to R611 million (2017: R314.5 million). Loss. . .  Full story