SA Business

South Africa's rand slips as dollar rises, stocks up

23/09 South Africa's rand fell more than 1% on Wednesday as the dollar grinded higher, boosted by its renewed safe-haven appeal amid concerns about a second wave of coronavirus infections in Europe.. . .  Full story

South Africa set for wave of equity fundraising as banks shun risk

23/09 South Africa is set see a wave of equity fundraising as banks' capacity to lend is under strain from rising bad debts just as corporations are in need of funds to. . .  Full story

South Africa's rand retreats as 2nd wave fears dent risk demand

23/09 South Africa's rand fell early on Wednesday, giving back some of the gains from the previous session as demand for the U.S. dollar stepped up again, boosted by positive economic data. . .  Full story

Angola's Sonangol reports EBITDA of $4.8 billion in 2019 - statement

22/09 Angola's state oil company Sonangol reported EBITDA of just under $4.8 billion in the year to Dec. 31, it said in a statement on Tuesday, when it said it produced around. . .  Full story

South Africa's Edgars to be repositioned as mass market brand, says new owner

22/09 South African retailer Retailability Ltd plans to reposition Edgars as a mass market brand catering to fashion and beauty products and exit from its homeware division, its chief executive told Reuters. . .  Full story

Yields rise in weekly South African government bond auction

22/09 South Africa's government sold a total of 6.6 billion rand ($394.56 million) of its 2035 , 2040 and 2048 bonds on Tuesday. Yields rose compared with the previous auctions. R2035. . .  Full story

Angola negotiates $6.2 bln debt relief from creditors - IMF

22/09 Angola will receive $6.2 billion in debt relief over the next three years thanks to agreements lined up with three of its major creditors, the International Monetary Fund (IMF) said in. . .  Full story

South Africa's rand falls again on second wave infection fears

22/09 South Africa's rand weakened again early on Tuesday following a sharp plunge in the previous session when fears of a second wave of global cornavirus infections triggered a worldwide selloff of. . .  Full story

Sibanye-Stillwater looking to buy gold mines outside South Africa -CEO

21/09 Sibanye-Stillwater CEO Neal Froneman said on Monday he wanted to increase the mining company's exposure to gold, but added that it was a difficult time to do deals.. . .  Full story

Offshore investors net sellers of South African stocks, buy bonds

21/09 Offshore investors sold a net of 2.97 billion rand ($180.71 million) of South African stocks last week, and bought 1.68 billion rand in bonds, data from the Johannesburg Stock Exchange showed on Monday.. . .  Full story

AngloGold Ashanti reinstates trimmed 2020 output guidance

21/09 AngloGold Ashanti reinstated but trimmed its annual production guidance on Monday citing improved operating certainty including the expected conclusion of its sale of its South African assets.. . .  Full story

South Africa's rand firms again after stalled rally

21/09 South Africa's rand firmed slightly early on Monday, poised to resume last week's stalled rally as demand for emerging market currencies returned.. . .  Full story

Former execs of South Africa's Comair to buy out firm in restructuring

19/09 Former board members and executives of South Africa's Comair Ltd will buy out the airline in a restructuring process, the company said on Friday, clearing the way for the private carrier. . .  Full story

S.Africa shares succumb to profit-taking, rand edges off 6-mth best

18/09 South Africa's stock market corrected sharply during the week after a strong open on Monday as poor retail sales data and a host of bleak company outlooks added to the effects of weaker commodity. . .  Full story

South Africa commits $650 mln to airline SAA, administrator says

18/09 South Africa has pledged 10.5 billion rand ($650 million) to South African Airways (SAA), one of the administrators of the ailing state-owned airline said on Friday.. . .  Full story

Yields rise at South Africa inflation-linked bond auction

18/09 South Africa sold a total of 1.915 billion rand ($56.74 million) of its 2025, 2038 and 2050 inflation-linked bonds, central bank data showed on Friday. Yields rose compared with the previous. . .  Full story

Investec profit warning increases heat from investors

18/09 Investec warned on Friday that its profit could fall up to 63%, largely due to the coronavirus crisis, knocking its shares as some investors questioned the South African firm's structure.. . .  Full story

South Africa's rand steadies after hitting 6-month high

18/09 South Africa's rand was steady in early trading on Friday, after racing to its best in six months overnight after the central bank kept lending rates unchanged and as the dollar. . .  Full story

S.Africa's Investec flags up to 71% drop in interim profit

18/09 South Africa's Investec warned on Friday its half-year profits could fall by up to 71% citing the impact of the coronavirus crisis and some tax effects.. . .  Full story

SAA creditor meeting called after govt misses funding deadline

17/09 Administrators at struggling South African Airways (SAA) have called creditors to a meeting on Friday after the government missed a deadline to make funding available for a restructuring plan.. . .  Full story

South African rand firmer after central bank holds rates

17/09 South Africa's rand extended its recent rally to a new six-month peak on Thursday after the central bank kept lending rates unchanged.. . .  Full story

South Africa's Woolworths reviews strategy in bid to revive profit

17/09 Woolworths Holdings is reviewing its South African clothing business and the food division of Australian unit David Jones to respond to fashion trends and stem losses amid a slump in earnings,. . .  Full story

S.African central bank leaves repo rates unchanged in close decision

17/09 South Africa's central bank left interest rates unchanged for the first time this year in a split decision on Thursday, saying risks to economic growth and consumer inflation were balanced.. . .  Full story

South African government says still trying to source SAA funding

17/09 The South African government is continuing with efforts to locate funding sources for struggling South African Airways and is assessing proposals from several potential strategic equity partners, the Department of Public. . .  Full story

South African Airways administrators call Friday creditor meeting

17/09 Administrators at state-owned South African Airways (SAA) have called a creditor meeting for Friday as funding for the airline's restructuring has not been received as anticipated, the administrators said on Thursday.. . .  Full story

South Africa's rand weakens as Fed's upbeat economic view boosts dollar

17/09 South Africa's rand weakened early on Thursday, as the dollar firmed after the U.S. Federal Reserve painted a favourable economic recovery picture but stopped short of offering concrete signals on further. . .  Full story

Gold miner Pan African counts on gold price to maintain strong growth, says CEO

16/09 South African gold miner Pan African Resources could maintain its strong rate of profit growth and dividend payout in the current financial year if gold prices remain at current levels, its chief executive Cobus. . .  Full story

S. Africa's rand hits six-month high, stocks down after weak retail data

16/09 South Africa's rand rallied to a six-month high on Wednesday, shaking off poor retail sales data as expectations of continued lower rates in the United States fed risk demand globally.. . .  Full story

South Africa's retail sales down 9% year-on-year in July

16/09 South Africa's retail sales fell more than expected in July as the slump triggered by the strict coronavirus lockdown continued to weigh, data showed on Wednesday, with sales of general retailers and of food. . .  Full story

South Africa's retail sales down 9% year on year in July

16/09 South African retail sales fell 9% year on year in July following a revised 7.2% contraction in June, Statistics South Africa said on Wednesday.. . .  Full story

Shares in S.Africa's Discovery fall 3% as spending rises and profit falls

16/09 Shares in South Africa's Discovery fell 3% on Wednesday after the insurer said it had spent 2.2 billion rand ($134 million) on new initiatives despite a 94% full-year profit fall.. . .  Full story

South Africa's rand holds firmer, investors await Fed

16/09 South Africa's rand held firmer against the U.S. dollar early on Wednesday, with traders awaiting the outcome of the U.S. Federal Reserve policy meeting, while local focus was on retail sales.. . .  Full story

-Mozambique army condemns 'horrifying' shooting of naked woman at hands of fighters

15/09 The Mozambican army has condemned the apparent execution of a naked woman by men wearing military uniforms, shown in video footage, where she is beaten with a stick before being shot in the back. . .  Full story

South Africa's rand climbs 1%, PPC leads decliners on right issue

15/09 South Africa's rand climbed to a six-week best on Tuesday as demand for risk assets was lifted by renewed hopes for a COVID-19 vaccine and solid industrial and retail data from China.. . .  Full story

South African retailer TFG sees H1 profit falling 20%, shares down

15/09 South Africa's TFG expects its half-year profit to fall by 20% as sales declined due to store closures during COVID-19 lockdown restrictions, the retailer said on Tuesday as its shares were. . .  Full story

AstraZeneca resumes COVID-19 vaccine trials in South Africa, health dept says

15/09 AstraZeneca has resumed COVID-19 vaccine trials in South Africa, more than a week after tests were paused due to serious side effects in a participant in Britain, an official at the country's Department of Health. . .  Full story

Zimbabwe CPI slows to 761.02% year-on-year in August

15/09 Zimbabwe's consumer price inflation slowed to 761.02% year-on-year in August compared to 837.53% the previous month, the statistics agency said on Tuesday.. . .  Full story

Harmony Gold plans S.Africa cultural site protocols after Rio outcry

15/09 Harmony Gold Mining Co Ltd on Tuesday said it would establish protocols on cultural sites in South Africa as the fallout from Rio Tinto's destruction of Aboriginal rockshelters in Australia ripples. . .  Full story

Yields mostly lower in weekly South African government bond auction

15/09 South Africa's government sold a total of 6.6 billion rand ($398.05 million) of its 2032 , 2037 and 2048 bonds on Tuesday. Yields were mostly lower compared with the previous auctions.. . .  Full story

South Africa's rand gains on vaccine hopes; eyes on cenbank policy meetings

15/09 South Africa's rand firmed against the U.S. dollar early on Tuesday as renewed hopes for a COVID-19 vaccine lifted risk appetite, while investors awaited monetary policy directions from central banks this. . .  Full story

S.Africa's coronavirus loan scheme lags, hobbling govt relief package

15/09 South Africa's National Treasury plans no further easing of its coronavirus loan scheme criteria to stimulate uptake, it told Reuters, meaning almost a third of the government's 500 billion rand ($30. . .  Full story

AngloGold Ashanti says S. Africa gives "unconditional" approval for asset sale to Harmony

14/09 AngloGold Ashanti said on Monday that the South African government had given "unconditional" approval for the sale of its South African assets to Harmony Gold, indicating it may be able to delist from the Johannesburg. . .  Full story

TRESemmé hair ad angers South Africans still hurting from racist past

14/09 Sitting in a hair salon as a stylist braids her natural hair, Sana Sebone recalls a time in 2013 when she worked on a construction site and was told her dreadlocks were too long. . .  Full story

Harmony Gold completes purchase of AngloGold Ashanti's South Africa assets

14/09 Harmony Gold on Monday said its purchase of AngloGold Ashanti's South African assets has gone through and the transaction is scheduled to close on September 30, with Harmony taking control of. . .  Full story

World’s gold miners wary of production ramp-up despite price surge

14/09 The world's top gold miners are retrenching after COVID-19 related shutdowns despite record prices for the yellow metal, with cost-conscious executives prioritizing investor returns over production growth.. . .  Full story

Offshore investors net sellers of South African stocks, bonds

14/09 Offshore investors sold a net of 2.46 billion rand ($147.59 million) of South African stocks last week and 835 million rand in bonds, data from the Johannesburg Stock Exchange showed on Monday. STOCKS. . .  Full story

South Africa's rand firmer in early trade, eyes on central banks meetings

14/09 The South African rand firmed against a weaker dollar in early trade on Monday, with this week's focus firmly on central bank meetings at home as well as in the United. . .  Full story

South African economy to shrink by more than government's 7% forecast in 2020 -Mboweni

13/09 South Africa's economy will likely contract this year by more than the 7% previously forecast by the Treasury, Finance Minister Tito Mboweni said in an opinion piece published on Sunday.. . .  Full story

Risk appetite aids South Africa's rand recovery, stocks up

12/09 South Africa's rand gained on Friday, shaking-off negative news on the domestic economy from earlier in the week, with yield-hungry investors supporting demand for the currency.. . .  Full story

Gold Fields reviewing approvals given at Australian sites after Rio Tinto cave blast

11/09 Miner Gold Fields said on Friday it was reviewing the approvals given to each of its Australian sites after Rio Tinto destroyed historically significant Aboriginal rockshelters which led to the resignation of its chief executive.. . .  Full story

Unilever South Africa takes further steps after 'racist' TRESemmé advert

11/09 The South African unit of Unilever will set up an advisory board and a diversity committee after apologising for a hair care advert which it admitted was "racist", the consumer group said on Friday.. . .  Full story