SA Business

South Africa's rand firms after trade data, stocks rise

31/03 South Africa's rand firmed against the dollar on Tuesday as strong trade balance numbers lifted the pressure on a currency which had plunged a day earlier following a sovereign credit rating downgrade, while stocks also. . .  Full story

MTN moves ahead on Nigerian stake sale with markets in turmoil: Bloomberg

31/03 MTN Group may have to consider a phased sale to reduce its majority stake in its Nigerian business but still plans to proceed with the disposal, Bloomberg reported on Tuesday.. . .  Full story

MTN moves ahead on Nigerian stake sale with markets in turmoil - Bloomberg

31/03 MTN Group may have to consider a phased sale to reduce its majority stake in its Nigerian business but still plans to proceed with the disposal, Bloomberg reported on Tuesday.. . .  Full story

South Africa's trade balance swings to surplus in February

31/03 South Africa's trade balance recorded a surplus of 14.15 billion rand ($790.21 million) in February from a revised 2.72 billion rand deficit in January, data from the revenue service showed on. . .  Full story

South Africa lockdown squeezes global chrome supply

31/03 Samancor Chrome, one of the world's biggest ferrochrome producers, has declared force majeure because of South Africa's 21-day coronavirus lockdown, removing further supply from global chrome markets.. . .  Full story

South Africa probes hundreds of complaints of excessive pricing

31/03 South Africa's competition watchdog said on Tuesday it was investigating over 300 complaints against retailers and suppliers for charging excessive prices for essential products during the coronavirus outbreak.. . .  Full story

South Africa's Woolworths to close all Country Road stores in Australia amid coronavirus

31/03 South Africa's Woolworths Holdings has temporarily closed all Country Road Group stores in Australia for four weeks and will stand down 5,000 employees there who will not be paid during the period in a. . .  Full story

Yields fall in weekly South African government bond auction

31/03 South Africa's government sold a total of 4.53 billion rand ($252.49 million) of its 2026 , 2023 and 2030 bonds on Tuesday. Yields were lower compared with previous auctions. R186. . .  Full story

South Africa's Sasol warns possible coronavirus disruptions could hit full-year results

31/03 South African petrochemicals producer Sasol Ltd, the world's top producer of motor fuel from coal, said on Tuesday its full year results could be hit by potential disruptions to production, supply. . .  Full story

S.Africa's Sanlam appoints new CEO to take over in July

31/03 South African insurer Sanlam said on Tuesday that CEO Ian Kirk will be replaced by non-executive director Paul Hanratty in July.. . .  Full story

S.Africa's Sanlam appoints new CEO, to take over by July

31/03 South Africa's largest insurer Sanlam announced new faces to its top three jobs on Tuesday, naming non-executive director Paul Hanratty as new CEO from July to succeed Ian Kirk who said earlier this month he. . .  Full story

South Africa's Standard Bank withdraws guidance over coronavirus

31/03 Standard Bank on Tuesday withdrew its financial guidance citing uncertainty caused by the coronavirus which has forced South Africa into a 21-day lockdown expected to take a toll on an already. . .  Full story

South Africa's rand weaker before key data releases

31/03 South Africa's rand opened weaker on Tuesday, above 18.00 to the dollar, as pressure on emerging-market currencies added to the effects of Moody's downgrade of the country's credit to junk.. . .  Full story

South Africa's Harmony Gold sees lower gold production during 21-day lockdown

31/03 Harmony Gold Mining Company said on Tuesday that it expects limited gold production during the 21-day lockdown in South Africa in the wake of the fast-spreading coronavirus.. . .  Full story

Top platinum miners declare force majeure after coronavirus lockdown

30/03 The world's largest platinum producers Anglo American Platinum, Sibanye-Stillwater and Impala Platinum have declared force majeure on contracts after a three-week national lockdown forced operations to close.. . .  Full story

South African rand touches all-time low after Moody's pulls the plug

30/03 South Africa's rand hit an all-time low on Monday after ratings firm Moody's removed the country's last investment grade credit rating and downgraded it to "junk" status - although the selloff. . .  Full story

South Africa's Massmart says it has enough funding to weather lockdown

30/03 South African retailer Massmart said on Monday it was confident it had sufficient funding in place to weather a 21-day nationwide lockdown but said it was too soon to estimate the financial impact of the. . .  Full story

South African franchise restaurant chain Spur to defer interim dividend payment

30/03 South African franchise restaurant chain Spur Corporation said on Monday it will defer the payment of its 2020 interim dividend until Oct. 5, in order to preserve cash reserves during the. . .  Full story

Nigerian stocks drop to 8-year low after Buhari orders lockdown to fight coronavirus

30/03 Nigerian stocks fell to a new eight-year low on Monday after President Muhammadu Buhari ordered a lockdown of two of the country's biggest cities to stop the spread of coronavirus.. . .  Full story

South Africa's Netcare scraps 2020 outlook due to coronavirus

30/03 South Africa's Netcare has scrapped its 2020 outlook, suspended spending on projects and share buybacks, and may need to review its dividend policy due to the impact of coronavirus, the private. . .  Full story

Zimbabwe locks down to fight coronavirus amid economic crisis

30/03 Zimbabwe began a 21-day nationwide lockdown on Monday, following South Africa in implementing some of the world's toughest anti-coronavirus measures likely to hurt an economy already suffering hyperinflation and food shortages.. . .  Full story

S.Africa's big banks: Up to 20% of borrowers may not qualify for coronavirus relief

30/03 South Africa's biggest retail banks said around 15-20% of their borrowers may not qualify for coronavirus relief measures announced by the lenders last week, though more could be included if the government provided fiscal support.. . .  Full story

South African retailer TFG will suspend store rental payments due to lockdown

30/03 South African clothing and homeware retailer TFG said on Monday it will suspend store rental payments for April due to a country-wide coronavirus 21-day lockdown that has forced all its stores to temporarily close.. . .  Full story

Anglo American cancels rough-diamond sales event due to coronavirus lockdowns

30/03 Anglo American said on Monday its diamond unit De Beers Group will not hold its third sales event because of lockdowns in Botswana, South Africa and India, to contain the fast-spreading. . .  Full story

Anglo American Platinum declares force majeure on certain supplier contracts after coronavirus lockdown

30/03 Anglo American Platinum said on Monday it had declared force majeure on certain supplier contracts not considered essential as the bulk of its South African operations are temporally shut to comply with a three-week national. . .  Full story

Sibanye-Stillwater to declare force majeure on S.African platinum output

30/03 Platinum producer Sibanye-Stillwater said on Monday it would declare force majeure on supply contracts for platinum group metals after it temporarily closed its South African mines to comply with a three-week national lockdown.. . .  Full story

South Africa's credit growth in February rises to 5.09% year-on-year

30/03 Growth in private sector credit in South Africa in February quickened to 5.09% year-on-year from 5.01% in January, central bank data showed on Monday.. . .  Full story

Offshore investors net buyers of South African stocks, bonds

30/03 Offshore investors bought a net of 355 million rand ($19.77 million) of South African stocks last week and 5.02 billion rand in bonds, data from the Johannesburg Stock Exchange showed on Monday. STOCKS. . .  Full story

South Africa could seek IMF loan to fight coronavirus

30/03 South Africa has considered approaching the International Monetary Fund (IMF) and other institutions as a last resort for emergency funding to fight the coronavirus that has brought a national lockdown, the. . .  Full story

South Africa sees IMF loan to fight coronavirus as last resort

29/03 South Africa would only consider approaching international agencies such as the International Monetary Fund (IMF) for emergency funding as a last resort to help in the country's fight against the coronavirus, the finance minister. . .  Full story

South Africa announces tax relief for business hit by coronavirus

29/03 South Africa's National Treasury said on Sunday it was introducing a new tax subsidy of 500 rand ($28) per month for each worker to employers for the next four months to. . .  Full story

South Africa may approach the IMF for "health funding" -Mboweni

29/03 South Africa may approach the International Monetary Fund and World Bank for funding to fight the coronavirus that threatens to drag the country's economy deeper into recession, Finance Minister Tito Mboweni. . .  Full story

South African fuel prices to drop sharply in April

28/03 The retail price of petrol in South Africa will fall by as much as 12% from April 1, while the price of wholesale diesel will fall by around 9.5%, the energy. . .  Full story

S.African billionaire Motsepe donates $57 mln to fight coronavirus

28/03 South African billionaire businessman Patrice Motsepe said on Saturday his group of companies would donate 1 billion rand ($57 million) to help fight the coronavirus outbreak that has forced the country into total lockdown. . .  Full story

Moody's downgrade to 'junk' adds to South Africa pain

28/03 Moody's downgraded South Africa's sovereign credit rating to "junk" status on Friday, heaping more pain on an economy already in recession and now staring down the barrel of a steep contraction. . .  Full story

South Africa's Treasury says Moody's downgrade to add to market stress

28/03 South Africa's National Treasury said on Friday that Moody's sovereign downgrade to "junk" status would add to prevailing financial market stress but that it was difficult to say with certainty what the extent of the. . .  Full story

Moody's downgrades South Africa sovereign rating to "junk"

27/03 Ratings agency Moody's downgraded South Africa's sovereign credit rating to "junk" status on Friday, moving the rating down to 'Ba1' from 'Baa3' and maintaining a negative outlook.. . .  Full story

Africa's web of creditors complicates coronavirus debt relief

27/03 Africa is crying out for debt relief to weather a perfect storm of coronavirus, plummeting oil and commodity prices, mounting budget deficits and weaker currencies.. . .  Full story

S.Africa's first coronavirus deaths drive rand lower, focus on Moody's

27/03 South Africa's rand weakened more than 1% on Friday and stocks fell as the country reported its first two deaths from the coronavirus and a sharp jump in new infections just as a three-week. . .  Full story

S.Africa's AngloGold Ashanti cuts spending, suspends output guidance

27/03 South Africa's AngloGold Ashanti on Friday withdrew its production guidance and said it would conserve cash and cut non-essential spending after some operations were suspended due to coronavirus.. . .  Full story

South Africa tweaks rules for small-scale power producers

27/03 South Africa has eased regulations govening small-scale power producers as part of efforts to tackle the country's energy problems, but industry experts said the changes did not go far enough.. . .  Full story

S.Africa's AngloGold Ashanti implements cash saving measures, suspends production guidance

27/03 South Africa's AngloGold Ashanti's on Friday said it would conserve cash, prioritise capital spending, reduce non-essential spending and withdraw its production guidance as some operations are suspended due to coronavirus.. . .  Full story

South Africa's February budget surplus narrows year on year

27/03 South Africa's February budget surplus narrowed to 2.15 billion rand ($122.63 million) compared with a 10.86 billion rand surplus in the corresponding period of the previous year, Treasury data showed on Friday.. . .  Full story

South Africa's Transnet to cut transport of non-essential cargo during lockdown

27/03 South Africa's logistics firm Transnet said it would reduce transport services and non-essential cargo operations during a nationwide lockdown that began at midnight on Thursday to contain the coronavirus.. . .  Full story

S.African retailer Edcon says may seek bankruptcy protection after lockdown

27/03 South African non-food retailer Edcon will be unable to pay its suppliers while a countrywide coronavirus lockdown is in place and may need to seek protection from creditors, its CEO said.. . .  Full story

SAfrican retailer Edcon says may seek bankruptcy protection after lockdown

27/03 South African non-food retailer Edcon will be unable to pay its suppliers while a countrywide coronavirus lockdown is in place and may need to seek protection from creditors, its CEO said.. . .  Full story

Yields rise at South Africa inflation-linked bond auction

27/03 South Africa sold a total of 1.04 billion rand ($59.29 million) of its 2022, 2038 and 2050 inflation-linked bonds, central bank data showed on Friday. Yields rose compared with the previous. . .  Full story

South Africa's Mediclinic names former Lloyd's of London CEO as next chair

27/03 Mediclinic International Plc has appointed former chief executive of Lloyd's of London, Inga Beale, as an independent non-executive director and its next chairwoman, the company said on Friday.. . .  Full story

S.Africa's Amplats continues repairs on processing facilities despite lockdown

27/03 South Africa's Anglo American Platinum (Amplats) said on Friday repairs at its processing facilities would continue while operations its underground mines and smelter were curtailed due to a three-week lockdown over. . .  Full story

Anglo American expects South African lockdown to hit iron ore and coal

27/03 Anglo American expects output at its Kumba Iron Ore mine in South Africa to fall by up to 3 million tonnes in 2020 because of a 21-day lockdown and coal export. . .  Full story

Moody's to cut South Africa's sovereign credit rating to junk -economists

27/03 Moody's will cut South Africa's sovereign credit rating later on Friday as a recession deepened by the impact of coronavirus frustrates economic reform efforts aimed at reducing government debt, a Reuters. . .  Full story