SA Business

S.African stocks hit near 7-month highs, led by Richemont, miners

09h00 South African stocks rose to near seven-month highs on Friday, underpinned by gains in heavyweight Richemont and mining firms, while the rand fell against a broadly stronger dollar.  Full story

Iceland’s Samherji exiting Namibia following bribery scandal

15h33 Samherji, the Icelandic fishing company at the centre of Namibia's biggest corruption scandal, announced on Friday that it is withdrawing from the southwest African nation.. . .  Full story

S. African retailers TFG and Mr Price lure holiday shoppers with discounts

17/01 South African retailers The Foschini Group (TFG) and Mr Price Group reported healthy sales growth over the holiday season, with Black Friday discounts luring consumers into stores.. . .  Full story

South Africa's 3-month T-bill average yield falls to 6.84%

17/01 South Africa sold 1 billion rand ($69.55 million) of three-month Treasury bills, at an average yield of 6.84% compared to 7.12% last week, central bank data showed on Friday. The. . .  Full story

Yields mostly up at South Africa inflation-linked bond auction

17/01 South Africa sold a total of 1.040 billion rand ($72.31 million of its 2025, 2033 and 2046 inflation-linked bonds, central bank data showed on Friday. Yields were mostly higher compared with. . .  Full story

South Africa's rand edges up after surprise rate cut

17/01 South Africa's rand rose against the dollar early on Friday, a day after the central bank unexpectedly cut rates in an attempt to boost faltering economic growth.. . .  Full story

South Africa's rand firms on surprise rate cut

16/01 South Africa's rand inched up on Thursday after the central bank unexpectedly cut its main lending rate by 25 basis points to 6.25%, providing a stimulus to the flagging economy as it lowered its. . .  Full story

South Africa scours state coffers in bid to rescue SAA

16/01 South Africa is scrambling to secure extra funding to rescue South African Airways (SAA), which last month entered a form of bankruptcy protection in a last-ditch bid to save the state-owned. . .  Full story

South African central bank surprises with rate cut

16/01 South Africa's central bank unexpectedly cut its main lending rate by 25 basis points to 6.25% on Thursday, providing a stimulus to the flagging economy as it lowered its inflation forecasts. . .  Full story

Sibanye cuts fewer jobs than planned in Marikana restructuring

16/01 South African miner Sibanye-Stillwater said on Thursday it has concluded a consultation process that reduced the number of proposed job cuts as it restructures the loss-making Marikana operations it acquired last. . .  Full story

MTN Group appoints industry veteran Kyomukama as South Sudan CEO

16/01 South Africa's MTN Group said on Thursday it had appointed industry veteran Gordian Kyomukama as chief executive officer of MTN South Sudan, effective Jan. 21.. . .  Full story

South African Airways selling nine Airbus aircraft - tender document

16/01 South African Airways (SAA) has put up for sale nine of its Airbus aircraft, according to a tender document seeking proposals from interested buyers that was seen by Reuters on Thursday.. . .  Full story

South Africa trawling state coffers to land SAA airline rescue

16/01 South Africa is scrambling to find extra funding to rescue South African Airways (SAA), which last month entered a form of bankruptcy protection in an effort to save the state-owned company. . .  Full story

South Africa's Telkom could cut 3,000 jobs -letter to unions

16/01 South African telecoms company Telkom SA told unions on Wednesday it could cut up to 3,000 of more than 15,000 staff as it struggles with declining performance in fixed voice and. . .  Full story

South Africa's rand steady before mining data, interest rate decision

16/01 South Africa's rand held steady against the dollar early on Thursday, as investors awaited mining output data for further insight into how the economy performed in the final quarter of last. . .  Full story

Makgoba appointed interim chair at South Africa's Eskom

15/01 South Africa's Public Enterprises Ministry said on Wednesday that Malegapuru William Makgoba had been appointed interim chairman of struggling state-owned power utility Eskom, after the resignation of Jabu Mabuza last week.. . .  Full story

South Africa's rand firms on better-than-expected retail sales data

15/01 South Africa's rand firmed against the dollar on Wednesday as November retail sales rose more than expected, giving insight into how the economy performed in the final quarter of last year.. . .  Full story

Fashion retailer Truworths posts slight 26-week sales gain

15/01 Clothing retailer Truworths International reported a small increase in half-year sales on Wednesday, reflecting constrained spending in South Africa and Britain despite a boost from the key November-December period.. . .  Full story

South Africa's Eskom takes energy regulator to court over tariffs

15/01 South Africa's Eskom took a dispute with the energy regulator to court on Wednesday, demanding higher tariffs than those awarded last year which the state utility said threatened it with financial disaster.. . .  Full story

South Africa's Eskom in court over tariff dispute

15/01 South Africa's struggling state utility Eskom took a dispute with energy regulator Nersa to court on Wednesday, arguing that the regulator's three-year tariff decision last year was flawed and threatened the. . .  Full story

South Africa's retail sales up 2.6% year/year in November

15/01 South African retail sales rose 2.6% year-on-year in November following a revised 0.4% increase in October, Statistics South Africa said on Wednesday.. . .  Full story

South African nuclear firm Necsa's board members resign

15/01 The remaining board members at South African state nuclear company Necsa have resigned, the energy ministry said on Wednesday, adding it would prioritise new appointments to the board.. . .  Full story

South African state nuclear firm board resigns

15/01 The remaining board members at troubled South African state nuclear company Necsa have resigned, the energy ministry said on Wednesday, adding that officials would prioritise new appointments to the board.. . .  Full story

South Africa's rand firms ahead of retail sales data

15/01 South Africa's rand firmed against the dollar early on Wednesday, as investors awaited retail sales numbers, looking for clues on the health of the economy in the final quarter of last year.. . .  Full story

South Africa will embrace private power generation, Ramaphosa says

14/01 South Africa will embrace efforts by businesses to generate their own electricity, President Cyril Ramaphosa said on Tuesday, reacting to growing frustration at red tape throttling private power generation.. . .  Full story

S.Africa's Woolworths names U.S. fashion executive Roy Bagattini new CEO, shares jump

14/01 South Africa's Woolworths Holdings has appointed Levi Strauss executive Roy Bagattini as CEO, cheering investors keen for a fresh pair of hands to tackle the department chain's struggling Australian business.. . .  Full story

S. Africa's Woolworths names U.S. fashion executive Roy Bagattini new CEO, shares jump

14/01 South Africa's Woolworths Holdings has appointed Levi Strauss executive Roy Bagattini as CEO, cheering investors keen for a fresh pair of hands to tackle the department chain's struggling Australian business.. . .  Full story

Reprieve for S.Africa's Old Mutual as court rules against fired CEO

14/01 A South African High Court ruled on Tuesday that Old Mutual does not have to reinstate its sacked chief executive Peter Moyo, a shift in legal fortunes for the country's No.2. . .  Full story

Yields down in weekly South Africa government bond auction

14/01 South Africa's Treasury sold a total of 4.53 billion rand($313.97 million) worth of its 2032, 2037, and 2044 instruments on Tuesday. Yields fell compared with the previous auctions.. . .  Full story

South Africa's mining industry calls for action to end power crisis

14/01 South Africa's mining industry body on Monday urged the government to bring on stream new private sector power sources to ease the power crisis that has pushed the country to the. . .  Full story

South African rand soft ahead of data-packed week

13/01 South Africa's rand weakened against the dollar on Monday ahead of a central bank meeting later in the week and key economic data that investors will use to gauge how the economy is performing.. . .  Full story

MTN Nigeria rises 10% after $2 bln tax case withdrawn

13/01 MTN Nigeria shares rose 10% on Monday to their highest in two weeks after the country's attorney general withdrew a $2 billion tax demand against the South African telecoms firm.. . .  Full story

South Africa's Massmart could cut 1,440 jobs

13/01 South Africa's Massmart Holdings could cut up to 1,440 jobs under a plan to close some stores, the retailer said on Monday as it struggles to grow sales in a tough. . .  Full story

S.Africa's Massmart could cut 1,440 jobs

13/01 South Africa's Massmart Holdings could cut up to 1,440 jobs under a plan to close some stores, the retailer said on Monday as it struggles to grow sales in a tough economy.. . .  Full story

I'm a scapegoat: Angola's Isabel dos Santos decries corruption 'witch hunt'

13/01 Angolan billionaire and former first daughter Isabel Dos Santos decried a New Year's Eve court order to freeze her vast assets as a "witch hunt" engineered to weaken her father's influence and distract from. . .  Full story

South African rand firms ahead of U.S.-China trade deal signing

13/01 South Africa's rand strengthened against the dollar early on Monday as the imminent signing of the Sino-U.S. Phase 1 trade deal boosted risk appetite globally, though a power crunch that has. . .  Full story

Chairman of South Africa's Eskom quits after holiday power cuts

10/01 The chairman of struggling state-owned South African utility Eskom resigned on Friday after failing to avert power cuts over the Christmas and New Year public holidays.. . .  Full story

S.Africa's Eskom chair resigns after power cuts during holidays

10/01 The chairman of struggling South African state-owned utility Eskom, Jabu Mabuza, resigned on Friday after apologising for failing to halt power cuts over the Christmas and New Year public holidays, President. . .  Full story

South Africa's Eskom board chairman resigns - presidency

10/01 The chairman of struggling South African state power firm Eskom, Jabu Mabuza, resigned on Friday after apologising for failing to meet a commitment to avoid power cuts during the December and January holiday period, the. . .  Full story

South African rand weakens as power cuts weigh

10/01 South Africa's rand weakened against the dollar on Friday as power cuts weighed on the economy, while investors awaited a key interest rate decision from the central bank next week.. . .  Full story

Nigeria backs down in $2 bln dispute with telecoms giant MTN

10/01 Nigeria's attorney general has withdrawn a $2 billion tax demand against South African telecoms giant MTN Group, a closely watched case that critics said damaged Nigeria's appeal to foreign investors.. . .  Full story

South Africa's Reserve Bank to keep repo rate at 6.5% on Jan 16

10/01 South Africa's Reserve Bank will keep interest rates unchanged on Thursday as it awaits a February budget and a ratings review by Moody's due in the next few months, but will. . .  Full story

South Africa's 3-month T-bill average yield falls to 7.12%

10/01 South Africa sold 1 billion rand ($70.22 million) of three-month Treasury bills, at an average yield of 7.12% compared to 7.24% last week, central bank data showed on Friday. The. . .  Full story

Packaging firm Mondi's top boss to leave as industry battles costs

10/01 Paper and packaging firm Mondi Plc's chief executive officer Peter Oswald is stepping down after nearly three years in the role overseeing the company's shift to producing more cardboard packaging whilst battling rising industry costs.. . .  Full story

Yields mostly lower at South Africa inflation-linked bond auction

10/01 South Africa sold a total of 1.040 billion rand ($72.95 million) of its 2029, 2033 and 2046 inflation-linked bonds, central bank data showed on Friday. Yields were mostly down compared with. . .  Full story

Sibanye-Stillwater boosts stake in DRDGOLD to 50%

10/01 South African gold producer Sibanye-Stillwater has exercised an option to acquire an additional 12% interest in DRDGOLD, bringing its total stake to 50.1%, the smaller miner announced on Friday.. . .  Full story

South African rand weakens as power cuts, weak data weigh

10/01 South Africa's rand weakened against the dollar early on Friday as disappointing local factors like power cuts and weak data outweighed upbeat global sentiment buoyed by easing Middle East tensions.. . .  Full story

Kenya's tourism earnings, arrivals rise in 2019

10/01 Kenya's earnings from tourism rose 3.9% last year to 163.56 billion shillings ($1.61 billion), thanks to a slight increase in the number of visitors, its tourism minister said on Friday.. . .  Full story

Power cuts, weak data hold back South African rand

09/01 The South African rand weakened slightly against the dollar on Thursday, as power cuts, weak manufacturing data and a trimmed World Bank growth forecast weighed.. . .  Full story

South African power cuts to drag on into Friday

09/01 South Africa's troubled state utility Eskom said it would extend power cuts into Friday, with energy experts predicting that outages would have to be stepped up next week as more businesses. . .  Full story

South Africa's manufacturing down 3.6% year-on-year in November

09/01 South Africa's manufacturing output fell 3.6 year-on-year in November after contracting by 0.8% in October, the statistics agency said on Thursday.. . .  Full story

South African business confidence index edges up in December

09/01 South African business confidence improved slightly in December as imports rose and more building plans were passed, but extensive power cuts meant sentiment was still weak, a survey showed on Thursday.. . .  Full story

South African rand steadies ahead of manufacturing data

09/01 South Africa's rand steadied against the dollar early on Thursday, as investors awaited the latest manufacturing figures for clues on the health of the economy, amid a severe power crunch that. . .  Full story

South African Markets - Factors to watch on January 9

09/01 The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect South African markets on Thursday.. . .  Full story

South African rand edges up after Iran-U.S. fears abate

08/01 South Africa's rand regained ground against the dollar in late trade on Wednesday, as fears of an immediate escalation in a conflict between the United States and Iran receded and markets rolled back an. . .  Full story

South Africa's Absa PMI declines in December after power cuts

08/01 South Africa's seasonally-adjusted Absa Purchasing Managers' Index (PMI) fell deeper into a contraction in December, following a slump in new sales orders and business activity due to power cuts, the survey. . .  Full story

South African rand falls on Mideast conflict, power cuts

08/01 South Africa's rand fell against the dollar in early trade on Wednesday as risk appetite waned on news of Iranian missile strikes on bases hosting U.S. troops in Iraq, stoking fears. . .  Full story

South Africa's net foreign reserves rise to $44.897 bln in December

08/01 South Africa's net foreign reserves rose to $44.897 billion in December from $44.415 billion in November, Reserve Bank data showed on Wednesday.. . .  Full story

South Africa's struggling Eskom to cut power overnight

08/01 South African state power utility Eskom said on Tuesday it would implement power cuts from 1 a.m. to 6 a.m. local time on Wednesday (2300 GMT on Tuesday to 0400 GMT. . .  Full story

Kenyan retailer Nakumatt to close as creditors back liquidation

08/01 Creditors of Kenya's Nakumatt supermarket chain, once East Africa's biggest retailer, voted on Tuesday to wind it up after it was unable to pay debts following a failed rescue attempt.. . .  Full story