SA Business

South Africa faces battle to rein in spending - Fitch

16h54 South Africa's plans to rein in government spending will be hard to implement due to low economic growth, ratings agency Fitch said on Tuesday, adding the country had a poor track record of delivering debt and spending cuts.  Full story

S.Africa consumer confidence crashes to 35-year low in second quarter - survey

11h23 South Africa's consumer confidence plunged to a 35-year low in the second quarter, moving deeper into the negative territory as the COVID-19 pandemic hammered the economy, a survey showed on Tuesday.. . .  Full story

South Africa's Massmart says 1,800 Game jobs at risk

11h21 South Africa retailer Massmart Holdings Ltd has started talks with unions to cut up to 1,800 jobs at the company's struggling Game stores as constrained spending and the new coronavirus weigh. . .  Full story

Kibali's $500 million will be cleared to leave Congo 'very soon' - Barrick CEO

10h11 Barrick Gold's Kibali gold mining joint venture in Democratic Republic of Congo will be able to get $500 million out of the country very soon, CEO Mark Bristow told Reuters on. . .  Full story

South Africa's net foreign reserves rose to $45.7 bln in June

09h56 South Africa's net foreign reserves rose to $45.738 billion in June from $45.531 billion in May, the Reserve Bank said on Tuesday.. . .  Full story

South African central bank reduces bond purchases to 5 bln rand in June

09h55 The South African central bank reduced its government bond purchases to 5 billion rand ($292.64 million) in June, half the monthly average, bringing its bond holdings to 35.9 billion rand, data. . .  Full story

South African rand slides as coronavirus infection rise dims outlook

09h54 South Africa's rand weakened in early trade on Tuesday as worries over surges in coronavirus infections reactivated investor concerns about the economic impact of the pandemic.. . .  Full story

S.Africa's Omnia swings to annual profit as turnaround bears fruit

09h52 South African chemicals and fertiliser maker Omnia Holdings swung into a full-year profit in the year to end March, it said on Tuesday, after restructuring measures helped strengthen its balance sheet. . .  Full story

South Africa rand up as risk appetite revives

06/07 South Africa's rand gained early on Monday, as the dollar was dragged down by a steady rise of coronavirus infections in the United States.. . .  Full story

Sasol gives up licence to seek offshore gas in Mozambique

05/07 South African petrochemicals giant Sasol Ltd has opted to give up its licence to explore for gas off the Mozambique coast, the company said on Sunday.. . .  Full story

Keep SMB's Congo coltan mine in supply chains, says mineral tracker

05/07 Insecurity around Société Minière de Bisunzu's (SMB) coltan mine in Democratic Republic of Congo could get worse if it is cut out of supply chains following a deadly grenade attack there,. . .  Full story

Congo mines minister to meet with firms on confinement moratorium

05/07 Democratic Republic of Congo mines minister Willy Kitobo Samsoni plans to meet with mining companies to agree a moratorium on confining workers to mine sites due to the coronavirus.. . .  Full story

Tsogo Sun to buy additional shares in Hospitality Property Fund

03/07 Tsogo Sun Hotels said on Friday it proposed to buy additional shares in real-estate investment trust Hospitality Property Fund as the fund was trading at a substantial discount to its net. . .  Full story

Land Bank default forces S.Africa's central bank into $200 mln bailout of state investment arm

03/07 South Africa's central bank has issued a 3.45 billion rand ($200 million) guarantee to bail out the Corporation for Public Deposits (CPD), a government investment arm hit by surging defaults at. . .  Full story

South Africa to investigate scrap metal shortage hurting industry

03/07 The South African government will investigate a shortage of scrap metals which is hurting the country's manufacturing and processing sectors, the trade ministry said on Friday.. . .  Full story

South Africa's Capitec forecasts 70% profit fall in blow to shares

03/07 Capitec Bank forecast a fall of at least 70% in first-half earnings on Friday due to a spike in bad loans from the coronavirus crisis, the first major South African lender. . .  Full story

Zimbabwe's Landela agrees to buy state-owned gold mines, seeks more assets

03/07 Zimbabwe's Landela Mining Venture has reached agreements to take over and revive four idle state-owned gold mines and is in talks to buy more assets from a privately-owned bullion producer, its. . .  Full story

Old Mutual makes acting CEO permanent, a year after sacking predecessor

03/07 Old Mutual said on Friday acting CEO Iain Williamson had been made permanent, ending a year of uncertainty over who will lead one of South Africa's biggest insurers.. . .  Full story

South Africa's National Treasury says "no further action" to bailout SAA airline

03/07 South Africa's National Treasury said on Friday there was "no further action" planned to bailout struggling national airline SAA except to settle guaranteed debt as attempts to revive the airline hang. . .  Full story

South African telecoms regulator moves to finalise spectrum licensing

03/07 South Africa's telecoms regulator ICASA said on Thursday it is preparing to issue an invitation to apply (ITA) for high demand spectrum and the Wireless Open Access Network (WOAN), a significant. . .  Full story

Deterioration in S.Africa's factory activity slows in June as lockdown eases -PMI

03/07 South African private sector activity shrank much less quickly in June, after a record pace of contraction the month before, as the easing of a nationwide lockdown to contain the coronavirus. . .  Full story

South African rand opens stronger after positive data

03/07 South Africa's rand opened stronger on Friday and was on course for gains of roughly 2% against the dollar this week, after the first current account surplus in 17 years and. . .  Full story

SAA administrators aim to publish revised plan on July 7

02/07 Administrators at South African Airways (SAA) aim to publish a revised restructuring plan on July 7 incorporating some ideas from committees representing the airline's creditors and employees, the administrators' spokeswoman said. . .  Full story

Coltan supply from SMB mine in Congo unaffected by clashes - mines minister

02/07 Activity at Societe Miniere de Bisunzu's (SMB) coltan mine in Congo's North Kivu province is continuing as normal and supply chains were not disrupted despite violent clashes last week, the region's. . .  Full story

Pandemic costs Africa travel, tourism almost $55 bln

02/07 African countries have lost almost $55 billion in travel and tourism revenues in three months due to the coronavirus pandemic, the African Union (AU) commissioner for infrastructure and energy said on. . .  Full story

CMA CGM drops port congestion surcharge for Cape Town

02/07 CMA CGM, the world's fourth-largest container shipping line, said on Thursday it was withdrawing with immediate effect a port congestion surcharge for Cape Town.. . .  Full story

South Africa records first current account surplus in 17 years

02/07 South Africa recorded its first current account surplus in 17 years in the first quarter of 2020 as the trade balance more than doubled, central bank data showed on Thursday.. . .  Full story

Production halted at Astron Energy's South African refinery after fire

02/07 A fire that broke out at Astron Energy's 100,000 barrel per day refinery in Cape Town in the early hours of Thursday morning has been contained but production has stopped, the. . .  Full story

South African rand firms against dollar before current account data

02/07 South Africa's rand was firmer against the U.S. dollar on Thursday as investors looked to current account data for clues about the health of Africa's most industrialised economy.. . .  Full story

Big S.African insurers face $232 mln in claims from 500 virus-hit firms

01/07 Virus-related claims from just over 500 small South African firms battling insurers who have rejected them are worth up to 4 billion rand ($232 million), the firm representing the businesses has. . .  Full story

Johannesburg exchange fines Tongaat over non-compliance

01/07 Johannesburg Stock Exchange (JSE) on Wednesday issued a public censure and a maximum fine of 7.5 million rand ($435,000) on sugar producer Tongaat Hulett Ltd due to non-compliance with its listing. . .  Full story

South Africa's rand edges firmer in tentative trade

01/07 South Africa's rand edged firmer early on Wednesday, shaking off data revealing the economy was already in contraction before the coronvirus lockdown as investors looked to pocket the local unit's. . .  Full story

Steinhoff faces legal claims of more than $10 billion

01/07 Steinhoff International, battling the fallout from a massive accounting fraud, faces legal claims amounting to more than 9 billion euros ($10.10 billion), the South African retailer's annual report showed on Wednesday.. . .  Full story

Easing lockdown lifts South Africa's Absa PMI in June

01/07 South Africa's seasonally-adjusted Absa Purchasing Managers' Index (PMI) expanded in June as an easing of coronavirus restrictions lifted business activity and sales.. . .  Full story

World agencies step in as pandemic poverty hits artisanal miners

30/06 From a $15 million World Bank fund to an experimental gold-buying project in Burkina Faso, development agencies are delivering financial aid to subsistence miners the COVID-19 pandemic has impoverished.. . .  Full story

South Africa's trade balance swings to a surplus in May

30/06 South Africa's trade balance swung to a surplus of 15.94 billion rand ($918.20 million) in May from a revised deficit of 35.95 billion rand in April, data from the revenue service. . .  Full story

South Africa's recession deepens in first quarter as mining plummets

30/06 South Africa's recession deepened in the first quarter of 2020, with official data on Tuesday showing that gross domestic product contracted 2% from the previous three months, led by declines in. . .  Full story

South Africa's first quarter expenditure on GDP down 2.3% q/q

30/06 South Africa's first-quarter expenditure on gross domestic product (GDP) contracted by 2.3% in quarter-on-quarter terms after contracting by 1.2% in the fourth quarter of last year, the statistics agency said on. . .  Full story

South African court sides with Eskom in clawback dispute

30/06 South Africa's High Court on Monday sided with Eskom in a dispute over the amounts energy regulator Nersa allowed the state utility to claw back from customers for electricity supplied in. . .  Full story

South Africa's Naspers posts 4.5% fall in full-year profit

30/06 South African media and e-commerce group Naspers on Monday reported a 4.5% drop in profit for the year to March 31, mainly as a result of investments to drive growth in. . .  Full story

South Africa's MTN allows customers to pay for online shopping using mobile money

30/06 South Africa's MTN is branching into the online shopping space by providing its customers with the option to pay for online purchases using mobile money payment instead of a bank card.. . .  Full story

South Africa credit growth slows to 6.35% year on year in May

30/06 Growth in private sector credit in South Africa in May slowed to 6.35% year on year from a revised 7.18% in April, central bank data showed on Tuesday.. . .  Full story

S.Africa's Barloworld sees drop in H1 earnings as pandemic hits demand

30/06 South Africa's Barloworld Ltd, said on Tuesday its interim earnings would fall by 32%, weighed down by constrained consumer demand and the impact of the coronavirus pandemic across its markets.. . .  Full story

South Africa rand dips ahead of GDP data as economic outlook darkens

30/06 South Africa's rand weakened in early trade on Tuesday ahead of a series of data releases, including first quarter economic growth figures, trade and budget balance, which are all expected to. . .  Full story

South African casinos switch slot machines back on, but hurdles remain

29/06 When Sun International's Times Square Casino in South Africa's administrative capital Pretoria opens its doors again on Monday, following a three-month shutdown, every second slot machine will be off and shields. . .  Full story

South African rand steadies, coronavirus concerns remain

29/06 The South African rand steadied against the U.S. dollar on Monday as the spread of the coronavirus at home and around the world dampened optimism over a swift economic recovery.. . .  Full story

"On our knees": Kenya's tourism revenue collapses

29/06 Kenya has lost 80 billion shillings ($752 million) so far in tourism revenue, about half of last year's total, due to the coronavirus crisis, its tourism minister said on Monday.. . .  Full story

Nissan to launch 7 models in Africa to pursue growth

29/06 Nissan Motor Co aims to launch seven new models in Africa over the next two years, company executives said on Monday, as the Japanese automaker seeks to focus on high-growth markets. . .  Full story

UK Export Finance set to back Total's $20 bln Mozambique LNG project - source

27/06 Britain's export credit agency UK Export Finance (UKEF) is set to back a $20 billion liquefied natural gas (LNG) project in Mozambique, a source with direct knowledge of the matter told. . .  Full story

Sasol to sell stakes in Mozambique pipeline, power plant - sources

26/06 Struggling petrochemicals producer Sasol has appointed advisers to sell its stakes in a power plant in Mozambique and a gas pipeline running from the country into South Africa, two sources familiar. . .  Full story

South Africa's Vodacom appoints Mdlalose as interim CFO

26/06 Vodacom Group executive director Sitho Mdlalose will be appointed interim group chief financial officer from July 1, the South African mobile operator said on Friday.. . .  Full story

Moody's says South Africa unlikely to stabilise debt by 2023

26/06 The South African government target to stabilise its ballooning debt by 2023 will be very difficult to achieve and unlikely, ratings agency Moody's said on Thursday.. . .  Full story