SA Business

South African Airways to pay Comair $78 mln to settle competition case

10h18 State-run South African Airways (SAA) will pay its rival Comair 1.1 billion rand ($78 million) to settle an anti-competition case, sending shares in the local aviation company soaring.  Full story

South Africa says has up to 60 tcf of offshore gas potential

15/02 South Africa, where oil major Total recently made a big offshore discovery, said on Friday it had potential gas resources of up to 60 trillion cubic feet in waters off its. . .  Full story

Resilient interim results December 2018

15/02 Revenue for the interim period lowered to R1.9 billion (R2.0 billion) whilst profit before net finance costs dipped to R814.1 million (R10.5 billion). Profit attributable to equity holders also took a. . .  Full story

Grand Parade to close Dunkin', Baskin Robbins in South Africa

15/02 South Africa's Grand Parade Investments Ltd said on Friday it had filed to close its Dunkin Donuts and Baskin Robbins franchises in the country due to poor performance and would instead. . .  Full story

South Africa's Eskom suspends power cuts but warns system vulnerable

15/02 South Africa's struggling state power firm Eskom suspended electricity cuts on Friday but said the power system remained vulnerable, after five days of rolling outages which weakened the rand and hurt. . .  Full story

S.Africa's Gold Fields FY profit slumps as production drops

15/02 South Africa's Gold Fields Ltd said on Friday its full-year profit slumped 73 percent, dented by a decline in bullion production led by its South Deep operations.. . .  Full story

S.Africa's rand heads for more than 3 pct weekly loss on power crisis

15/02 South Africa's rand was on course for a loss of more than 3 percent against the dollar this week, as five consecutive days of power cuts reminded investors about the fragility. . .  Full story

Gold Fields final results December 2018

15/02 Revenue for the year decreased to USD2.578 billion (2017: USD2.762 billion), loss for the year attributable to owners of the parent soared to USD348.2 million (2017: loss of USD18.7 million), while. . .  Full story

Sibanye-Stillwater may cut nearly 6,000 jobs in gold shake-up

14/02 Sibanye-Stillwater could cut nearly 6,000 jobs in a potential restructuring of the company's gold mining operations following losses at some of its mines last year.. . .  Full story

S.Africa's Ramaphosa says Eskom split will minimise risks to economy

14/02 South Africa's President Cyril Ramaphosa said on Thursday that his government's plan to split struggling state power firm Eskom into three entities would reduce risks to the economy by enabling better. . .  Full story

South Africa's Eskom extends power cuts, rand hits 6-week low

14/02 South Africa's Eskom imposed a fifth day of power blackouts on homes and businesses on Thursday, helping drive the rand currency to a six-week low as the cash-strapped utility struggles with. . .  Full story

Kenya's KenGen to raise funds from the market this year, eyes green bond

14/02 The Kenya Electricity Generating Company plans to raise funds from the market later this year and it may opt to issue the country's first green bond, its chief executive said.. . .  Full story

City Lodge interim results December 2018

14/02 Revenue for the interim period was 3% higher at R807.4 million (R787.1 million) whilst results from operating activities went down 10% to R231.5 million (R258.2 million). Profit for the period decreased. . .  Full story

South Africa's NUM union warns ANC over Eskom split plan

14/02 South Africa's National Union of Mineworkers (NUM) warned the ruling African National Congress (ANC) on Thursday not to take its members' votes for granted at a May election, as it expressed. . .  Full story

Huawei to build data centres in South Africa

14/02 China's Huawei will build two data centres in South Africa from March, it said, as part of plans to expand cloud services across Africa.. . .  Full story

SilverBridge interim results December 2018

14/02 Revenue for the interim period decreased to R45.7 million (2017: R47.5 million), operating loss came in at R1.7 million (2017: profit of R2.8 million), total comprehensive loss for the period was. . .  Full story

South Africa finance minister to trim deficit forecast on growth hopes

14/02 South Africa's Treasury head Tito Mboweni is likely to appease rating agencies and squeeze a tenth of a percentage point off his previous budget deficit forecast for next financial year, a. . .  Full story

Grit interim results December 2018

14/02 Revenue for the interim period increased to USD19.4 million (2017: USD15.3 million), profit from operations rose to USD7.3 million (2017: USD4.1 million), profit attributable to owners of the parent climbed to. . .  Full story

Famed Cullinan mine banks on big diamonds to drive down debt

14/02 The owner of one of the world's most famous diamond mines could be about a decade away from clearing its multi-million-dollar debts, in a sign of the struggles facing an industry. . .  Full story

South Africa's rand breaches $14 as Eskom sours outlook

14/02 South Africa's rand weakened past 14 per dollar on Thursday as power utility Eskom entered a fifth straight day of blackouts that have discouraged investors over the economy, days before the. . .  Full story

Lighthouse quarterly results December 2018

14/02 Property rental and related revenue for the quarter increased to EUR6.4 million (December 2017: EUR1.5 million) whilst loss for the period attributable to equity holders of the company came to EUR35.5. . .  Full story

South32 interim results December 2018

14/02 Revenue for the interim period grew to USD3.3 billion (USD3.0 billion) whilst loss narrowed to USD72 million (loss of USD100 million). However, profit attributable to equity holders rose to USD635. . .  Full story

Italtile interim results December 2018

14/02 Turnover for the interim period increased by 31% to R3.701 billion (2017: R2.831 billion), gross profit jumped 32% to R1.407 billion (2017: R1.066 billion), trading profit climbed 35% to R968 million. . .  Full story

South African rand slumps on Eskom fears, U.S. inflation

13/02 South Africa's rand sank more than 1 percent on Wednesday as concerns over state power firm Eskom were compounded by a firming dollar after a measure of U.S. inflation came in. . .  Full story

First unit at Sasol's Lake Charles chemical plant starts output

13/02 Sasol on Wednesday began production at the first of seven units at its giant Lake Charles chemical plant in the U.S, boosting shares in the South African petrochemical group.. . .  Full story

South Africa's Sapref to close for routine maintenance from May to July

13/02 South Africa's largest refinery, the 180,000 barrel per day Sapref plant in the east coast city of Durban will shutdown for routine maintenance from the last week of May until the. . .  Full story

South Africa's Vodacom, Telkom welcome ECA bill withdrawal

13/02 South African mobile network operators Vodacom and Telkom on Wednesday welcomed a government decision to withdraw a bill, which proposed taking back licensed spectrum from operators and forcing them to share. . .  Full story

Eskom faces collapse without bailout - S.Africa govt

13/02 South African power utility Eskom needs a cash injection by April to survive, the country's public enterprises department warned on Wednesday as the struggling state-owned firm cut electricity for a fourth. . .  Full story

S. Africa's retail sales slump in Dec after Black Friday boost

13/02 South Africa's retail sales slumped to their lowest in over a year in December after "Black Friday" discounts boosted the previous month, with sales by general dealers and of cosmetics and. . .  Full story

Emira interim results December 2018

13/02 Revenue grew to R878.6 million (R855.4 million) and operating profit decreased to R514.3 million (R519.4 million). Profit attributable to Emira shareholders decreased to R500.1 million (R529.2 million). In addition, headline earnings. . .  Full story

South Africa not planning to privatise Eskom after split - minister Gordhan

13/02 South Africa is not planning to privatise embattled power utility Eskom after the firm is split into three separate entities of generation, transmission and distribution, Public Enterprises Minister Pravin Gordhan said. . .  Full story

DRDGOLD interim results December 2018

13/02 The Group includes for the first time operating and financial information from the Company's Far West Gold Recoveries (FWGR) project. Construction on this project started in August 2018 and early commissioning. . .  Full story

Curro final results December 2018

13/02 Revenue for the year increased 19% to R2.496 billion (2017: R2.099 billion), earnings before interest, taxation, depreciation and amortisation ("EBITDA") jumped 33% to R627 million (2017: R473 million), profit attributable to. . .  Full story

UPartners interim results December 2018

12/02 Total income for the interim period decreased to GBP316 697 (2017: GBP339 214). Operating loss widened to GBP448 179 (2017: loss of GBP370 068). Loss for the period was recorded at. . .  Full story

South African rand recovers after power cuts fallout, stocks rise

12/02 The rand firmed on Tuesday, supported by rising risk appetite globally and recovering from a sharp selloff in the previous session when it was hit by a sudden escalation of controlled. . .  Full story

S.Africa's Sibanye-Stillwater may restructure loss-making gold shafts

12/02 South Africa's Sibanye-Stillwater said on Tuesday it was considering measures, including restructuring if alternative solutions could not be found to bring loss-making gold shafts back to profitability.. . .  Full story

Uganda calls on mobile money to cultivate new debt investors

12/02 Ugandans will be able to buy government securities through a mobile money platform in a move by the east African country to become less dependent on commercial banks and institutional investors. . .  Full story

South Africa's SPAR Group posts 8.2 pct rise in 17-week sales

12/02 South African retailer and wholesaler SPAR Group Ltd on Tuesday reported an 8.2 percent increase in 17-week sales, buoyed by its Southern Africa operations.. . .  Full story

South Africa's Eskom extends power cuts as crisis persists

12/02 South African power utility Eskom implemented major electricity cuts for a third straight day on Tuesday, as a shortage of generating capacity exposed the frailty of the struggling state-owned firm despite. . .  Full story

South Africa's manufacturing output up 0.1 pct y/y in December

12/02 South Africa's manufacturing output rose by 0.1 percent year on year in December, following a revised 1.3 increase in November, the statistics agency said on Tuesday.. . .  Full story

KAP interim results December 2018

12/02 Revenue for the interim period increased by 16% to R13.290 billion (2017: R11.478 billion), operating profit fell by 4% to R1.319 billion (2017: R1.378 billion), profit attributable to owners of the. . .  Full story

South Africa's Eskom aims to end power cuts by end of this week

12/02 South African state power firm Eskom aims to end power cuts by the end of this week and for now does not suspect sabotage is the cause of unplanned outages at. . .  Full story

South Africa's unemployment rate falls to 27.1 pct in Q4

12/02 South Africa's unemployment rate fell to 27.1 percent in the fourth quarter from 27.5 percent in the third quarter, official data showed on Tuesday.. . .  Full story

South Africa's Harmony Gold half-year profit slumps 94 pct

12/02 Harmony Gold's half-year profit plunged 94 percent due to higher costs, a weaker rand and higher depreciation costs related to its Hidden Valley operations, the South African miner said on Tuesday.. . .  Full story

South African oil firm PetroSA looks to plug Eskom's diesel gap

12/02 South Africa's state-owned oil company PetroSA is in talks with power firm Eskom to supply it with diesel to prevent further electricity cuts, PetroSA's acting chief executive said on Tuesday, as. . .  Full story

Harmony interim results December 2018

12/02 Revenue for the interim period went up to R13.8 billion (R9.9 billion) whilst gross profit was R870 million (R1.0 billion). Operating profit lowered to R166 million (R1.25 billion). Net profit attributable. . .  Full story

South African rand hits near 3-week low as Eskom steps up blackouts

11/02 South Africa's rand fell to its weakest in almost three weeks on Monday as state electricity firm Eskom stepped up controlled power cuts because of a shortage of generating capacity.. . .  Full story

South Africa's Gordhan meeting Eskom executives over power crisis

11/02 South Africa's Public Enterprises Minister Pravin Gordhan is meeting executives from state power firm Eskom on Monday to find solutions to the country's electricity crisis, Eskom spokesman Khulu Phasiwe told Reuters.. . .  Full story

Moody's says split plan does little to solve South Africa's Eskom financial woes

11/02 The South African government's plan to split struggling state power company Eskom into three entities does little to address the company's financial difficulties, credit ratings agency Moody's said in a research. . .  Full story

South Sudan to return to pre-war oil production levels by mid-2020: minister

11/02 South Sudan will return to producing more than 350,000 barrels of crude per day by the middle of 2020, up from current levels of just over 140,000 barrels per day (bpd). . .  Full story

South Africa's Eskom to cut power over shortage of generating capacity

11/02 South African state power utility Eskom said on Monday that it would implement controlled power cuts for a second day in a row because of a shortage of generating capacity.. . .  Full story

Marriott teams up with Kuwait Projects on St Regis resort in Morocco

09/02 United Real Estate Co., a unit of Kuwait Projects Co, and Marriott International said in a joint statement on Saturday that they had agreed to open a resort near Marrakech.. . .  Full story

Rand volatility rises as investors turn bearish after Ramaphosa speech

08/02 Investors on Friday raised their bets on a weaker South African rand as the options premium for buying currency jumped and implied volatility rose to its highest in a month, just. . .  Full story

South Africa's NUM union tells Ramaphosa to scrap Eskom split plan

08/02 South Africa's National Union of Mineworkers (NUM) on Friday urged President Cyril Ramaphosa to reconsider his plan to split state power firm Eskom into three separate entities, saying it would lead. . .  Full story

S.Africa's Harmony Gold expects drop in half-year earnings per share

08/02 South Africa's Harmony Gold said on Friday its earnings per share for the first half of the year could be up to 97 percent lower than this time last year.. . .  Full story

South Africa's Eskom bonds rise on Ramaphosa's pledge to split utility

08/02 Dollar-denominated bonds issued by South African state power firm Eskom rose across the curve on Friday, a day after President Cyril Ramaphosa pledged to split the utility and support its balance. . .  Full story

South Africa's rand hits 1-week low as firm dollar weighs

08/02 South Africa's rand weakened on Friday, as the currency along with other emerging markets were pressured by a stronger dollar.. . .  Full story

Net1UEPS interim results December 2018

08/02 Revenue for the interim period fell to USD223 million (2017: USD301 million), operating loss came in at USD42.2 million (2017: profit of USD41.3 million), net loss attributable to Net1UEPS was USD69.1. . .  Full story

ARB interim results December 2018

08/02 Revenue for the interim period increased by 1% to R1.357 billion (2017: R1.342 billion), gross profit climbed 2% to R318.8 million (2017: R312.5 million), operating profit fell by 15% to R91.6. . .  Full story

South Africa's Transnet in talks to construct coal line link to Botswana

07/02 South Africa's state owned logistics company Transnet said on Thursday it was in talks to construct a heavy haul railway line to export some of Botswana's 212 billion tonnes of coal. . .  Full story

Cannabis craze weeds out junior mining field

07/02 A boom in cannabis investment is siphoning capital away from mining and hitting junior miners hardest, forcing them to up their game and potentially improving the quality of projects in a. . .  Full story

Total's South Africa discovery could hold 1 bln barrels oil equivalent: CEO

07/02 French oil and gas major Total's South African offshore discovery could contain 1 billion barrels of total resources and is "probably quite big", Chief Executive Patrick Pouyanne said on Thursday.. . .  Full story

Brimstone reviewing buyout offer for S.Africa's Clover

07/02 South Africa's Brimstone Investment Corporation said it is reviewing its role in a proposed 4.8 billion rand ($353.38 million) buyout of dairy firm Clover Industries, after opposition from an anti-Israel boycott. . .  Full story

WeWork picks South Africa for first African foray

07/02 U.S. shared workspace provider WeWork plans to launch in South African later this year, it said on Thursday, a move that would mark the first African expansion for the $47 billion. . .  Full story

South Africa's net foreign reserves rise to $43.6 bln in January

07/02 South Africa's net foreign reserves rose to $43.589 billion in January from $43.09 billion in December, the Reserve Bank said on Thursday.. . .  Full story

S.Africa's Sibanye-Stillwater expects 2019 EBITDA to double, eyes gold acquisitions

07/02 Sibanye-Stillwater, whose workers have downed tools at its bullion operations, said on Wednesday it expects its EBITDA to double in 2019 paving the way for dividends and acquisitions in it's gold. . .  Full story

Nigerian court adjourns MTN case until Mar. 26

07/02 A judge has adjourned a Lagos court case between South African telecoms firm MTN Group and Nigeria's attorney general over a $2 billion tax demand until Mar. 26, the court said. . .  Full story

Staff picket HQ of South Africa's Eskom over potential job cuts

07/02 Several dozen employees of South African state power firm Eskom picketed the firm's headquarters on Wednesday protesting against potential job cuts and a proposal to split up the ailing company.. . .  Full story