SA Business

Parts of South Africa's Edcon set for sale to Durban-based retailer

07/07 Parts of South African retail chain Edcon are likely to be sold to private equity-backed Retailability Ltd, administrators in charge of its restructuring said.. . .  Full story

Africa to rebound from pandemic slump in 2021 but damage done - AfDB

07/07 Africa is expected to partially rebound next year from a pandemic-induced economic slump, but it could still lose nearly a quarter of a trillion dollars in economic output in 2020 and 2021, the African Development. . .  Full story

South Africa faces battle to rein in spending - Fitch

07/07 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. . .  Full story

Africa's top publisher to close S.African publications, cut jobs

07/07 South African media and e-commerce group Naspers plans to lay off more than 500 employees and close a number of newspapers and magazines, including leading weekly tabloid the Sunday Sun, its print division Media24 said. . .  Full story

Yields rise in weekly South African government bond auction

07/07 South Africa's government sold a total of 6.6 billion rand ($384.37 million) of its 2026 , 2030 and 2048 bonds on Tuesday. Yields were higher compared with the previous auctions.. . .  Full story

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

07/07 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

07/07 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

07/07 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

07/07 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

07/07 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

07/07 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

07/07 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

African Markets - Factors to watch on July 7

07/07 The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday. - - - - - EVENTS: * Seychelles to. . .  Full story

South Africa rand up as risk appetite revives, stocks rise

06/07 South Africa's rand firmed on Monday, thanks to a broad recovery in risk appetite on growing expectations of a strong Chinese economic rebound.. . .  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

South African rand slips as COVID-19 and economic clouds gather

03/07 South Africa's rand weakened on Friday after two days of gains, weighed down by fears of a rebound in global COVID-19 infections and concerns about the local economy.. . .  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 3-month T-bill average yield falls to 4.02%

03/07 South Africa sold 1.4 billion rand ($82.25 million) of three-month Treasury bills at an average yield of 4.02%, compared to 4.06% in the previous week, central bank data showed on Friday.. . .  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

S.African rand firmer as current account surplus adds to global risk boost

02/07 South Africa's rand firmed on Thursday after the country recorded a surprise current account surplus and demand for emerging market currencies was boosted by strong jobs data in the United States that encouraged risk-taking.. . .  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

South African Markets - Factors to watch on July 2

02/07 The following scheduled economic indicators, debt and currency market moves may affect South African markets on Thursday.. . .  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

Actis-backed African education group acquires Nigerian university - CEO

01/07 A pan-African education group backed by global investment firm Actis has acquired its first university in Nigeria as it seeks to make inroads into Africa's largest economy, its chief executive told Reuters.. . .  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

South African Markets - Factors to watch on July 1

01/07 The following economic events, debt and currency market moves may affect South African markets on Wednesday.. . .  Full story

South Africa rand dips after GDP data, stocks up

30/06 South Africa's rand fell against the U.S. dollar on Tuesday as data showed the domestic recession deepened in the first quarter of this year - before the coronavirus pandemic hit the country and put. . .  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

MTN launches 5G network across major cities in South Africa

30/06 Mobile operator MTN Group launched its 5G network across major cities in South Africa on Tuesday, joining Vodacom Group and Rain in the race to expand fifth-generation technology in the country.. . .  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

Shipping firm CMA CGM to impose emergency surcharge at Cape Town port

30/06 CMA CGM, the world's fourth-largest container shipping line, will impose emergency congestion surcharges at Cape Town port in July due to disruptions caused by the coronavirus, it has told customers.. . .  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

S.Africa in talks with India's Macleods to set up HIV drug maker

30/06 South Africa is in partnership talks with India's Macleods Pharmaceuticals Ltd to set up a state-owned company to make and sell HIV drugs in the local market, industry officials said.. . .  Full story

Yields mostly down in weekly South African government bond auction

30/06 South Africa's government sold a total of 6.1 billion rand($351.97 million) of its 2026 , 2030 and 2035 bonds on Tuesday. Yields were mostly down compared with the previous auctions.. . .  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