SA Business

South African retailer Edcon in talks with landlords about reducing rentals

16/12 South African retailer Edcon is in talks with shopping mall owners about a two-year 41 percent rent reduction in exchange for a small stake in the company, the Sunday Times reported.  Full story

South Africa's Eskom evaluating bids for mortgage business

15/12 South Africa's cash-strapped power utility Eskom is evaluating bids for its mortgage lending business, a spokesman said on Friday, as the company works to shore up its balance sheet against a. . .  Full story

Labat final results August 2018

14/12 Revenue for the year grew to R73.3 million (2017: R52 million), gross profit increased to R14.4 million (2017: R11.4 million) and operating profit turned around to R23 000 (2017: operating. . .  Full story

Arms firm Denel's accounts littered with flaws - South Africa's Auditor General

14/12 Shoddy and incomplete accounting at South Africa's troubled state-run arms firm Denel left the country's Auditor General unable to make a judgement on the soundness of its most recent financial statements,. . .  Full story

Transfer of Eskom's debt to South African government credit neutral - Moody's

14/12 Power utility Eskom's request for government to take up 100 billion rand ($7 billion) of its debt could cause the country's overall debt ratio to jump two percentage points from the. . .  Full story

South Africa's AMCU union to remain on strike at Sibanye-Stillwater

14/12 The president of South Africa's Association of Mineworkers and Construction Union (AMCU) said on Friday that the union's Sibanye-Stillwater members remain on strike, disputing the miner's argument the action is now. . .  Full story

Chinese battery firm halts purchases of cobalt from Glencore - sources

14/12 Chinese battery firm GEM has stopped buying cobalt from Glencore as the price of the battery material crashed below that agreed in a three-year deal between the two companies, sources close. . .  Full story

South Africa's Aspen strikes distribution deal with U.S. drugmaker Mylan

14/12 Aspen Pharmacare has struck a deal with U.S. generics maker Mylan to distribute a portfolio of prescription and over-the-counter drugs in Australia and New Zealand.. . .  Full story

Aspen Pharmacare shares slump after revenue forecast disappoints

14/12 Shares in South Africa's Aspen Pharmacare fell more than 8 percent in early Friday trade a day after it forecast full-year revenue growth of between 1 percent and 4 percent in. . .  Full story

Namibia central bank revises down GDP forecasts, expects 2018 contraction

14/12 Namibia's central bank revised down its growth predictions for both 2018 and 2019 on Friday, and said it now expects the economy to contract by 0.2 percent in 2018.. . .  Full story

Foreign direct investment in South Africa down in Q3, portfolio flows up

14/12 South Africa's foreign direct investment inflows fell by nearly 3 billion rand ($209.6 million) in the third quarter, the central bank said on Friday in its quarterly bulletin, as foreign firms. . .  Full story

South African rand weaker in early trade

14/12 South Africa's rand weakened more than 1 percent early on Friday, in line with a rise in bond yields, as investor appetite for riskier assets dimmed ahead of an expected U.S.. . .  Full story

Sibanye-Stillwater extends wage agreement to striking gold workers

13/12 Sibanye-Stillwater said on Thursday it had extended a wage agreement to cover all of its South African gold workforce, potentially putting an end to a strike that has seen almost half. . .  Full story

MTN, Nigerian central bank dispute will be over "very soon" -regulator

13/12 The Nigerian telecoms regulator said on Thursday that an $8.1 billion dispute between South African telecoms group MTN and the Nigerian central bank "is being resolved and very soon it will. . .  Full story

South Africa's Group Five attracts interest in parts of business

13/12 Loss-making South African construction firm Group Five Ltd has received interest from a number of parties for various parts of its business as it explores selling some assets, it said on. . .  Full story

S.Africa's central bank to wait until May for next rate hike

13/12 The South African Reserve Bank will not raise interest rates again until May, according to a Reuters poll, taken after the central bank surprised many economists last month by adding 25. . .  Full story

South African rand firms in early trade

13/12 South Africa's rand strengthened early on Thursday, as signs of easing Sino-U.S. trade tensions and expectations that China will step up efforts soon to aid its cooling economy supported investor appetite. . .  Full story

Amplats expects 20 pct jump in full-year earnings

13/12 Anglo American Platinum on Thursday said it expects a 20 percent increase in full-year earnings, helped by an increase in the rand basket price and improved operational performance.. . .  Full story

Trans Hex interim results September 2018

13/12 Sales revenue increased to R136.2 million (2017: R40.1 million), gross loss came in at R37.1 million (2017: profit of R9 million), mining loss widened to R37.3 million (2017: loss of R25.7. . .  Full story

South Africa's rand firms as dollar slides, stocks jump

12/12 South Africa's rand firmed on Wednesday after the dollar fell as investors digested U.S. consumer price data that showed unchanged headline inflation, reinforcing speculation of fewer U.S. interest rate rises than. . .  Full story

Steinhoff shares jump after Pepkor Europe's trading update

12/12 Shares in Steinhoff rose more than 20 percent on Wednesday, on track for their biggest daily gain in nearly a month, after the company's Pepkor Europe business reported a jump in. . .  Full story

Gold production resumes at Randgold's Loulo mine in Mali

12/12 Production at Randgold's Loulo gold mine in Mali resumed on Wednesday after a week-long outage over a pay dispute, the head of the union said, warning of possible further industrial action.. . .  Full story

South Africa's retail sales up 2.2 percent year/year in October

12/12 South African retail sales rose 2.2 percent year-on-year in October after increasing at a revised year-on-year rate of 0.6 percent the previous month, the statistics office said on Wednesday.. . .  Full story

South African rand's volatility grows as economic risks gather

12/12 Implied volatility on South Africa's rand rose by its most since the last finance minister reshuffling in October, amid worries over the country's sovereign credit ratings, power supply interruptions and next. . .  Full story

Nigerian court adjourns MTN, central bank case until Jan. 22

12/12 A Nigerian judge adjourned on Wednesday a hearing over an $8.1 billion dispute between South African telecoms giant MTN and the central bank until Jan. 22.. . .  Full story

South Africa's consumer inflation rises to 5.2 pct year/year in November

12/12 South Africa's headline consumer inflation quickened slightly to 5.2 percent year-on-year in November, data from Statistics South Africa showed on Wednesday.. . .  Full story

Dry conditions threaten 2019 maize crop - Grain SA

12/12 Dry conditions in the main part of South Africa's maize belt have delayed crop plantings, threatening yields for the staple food and sending prices sharply higher, the farmers lobby group Grain. . .  Full story

Famous Brand's UK burger chain shuts 14 struggling stores

11/12 South Africa's Famous Brands said on Tuesday its UK-based unit Gourmet Burger Kitchen (GBK) has closed 14 out of 17 under-performing stores following the approval of a restructuring plan by creditors.. . .  Full story

eXtract final results August 2018

11/12 Revenue from discontinued operations came in at R999 million (R5.418 billion), operating loss was R230 million (operating profit of R305 million), loss for the period was recorded at R170 million (loss. . .  Full story

South Africa's manufacturing output jumps, boosting rand

11/12 South Africa's manufacturing output rose more than expected in October to its highest level since June 2016, data showed on Tuesday, lifting the rand as the economy showed further signs of. . .  Full story

Liquid Telecom gets $180 million from UK for pan-African fibre network

11/12 African fibre company Liquid Telecom has won a $180 million investment from British development finance agency CDC Group, which the firm said it will use to deliver high-speed broadband further into. . .  Full story

South Africa's rand rebounds

11/12 South Africa's rand opened firmer on Tuesday, clawing back the previous session's heavy losses, with investors buying the currency cheaper ahead of mining and manufacturing data and other economic data later. . .  Full story

AForbes interim results September 2018

11/12 Total revenue from continuing operations grew to R3.4 billion (R3.2 billion) whilst operating profit lowered to R57 million (R382 million). Loss for the period attributable to owners came to R50 million. . .  Full story

UK's Experian to buy Africa's Compuscan

10/12 Credit check firm Experian Plc has agreed to buy South African peer Compuscan for $262.78 million, bulking up its existing African operations and giving it a foothold in a handful of. . .  Full story

South Africa's MTN says still in talks with Nigerian authorities

10/12 South African telecoms firm MTN Group was still in talks with Nigerian authorities over an $8.1 billion dispute and a $2 billion tax demand in a bid to reach an agreement,. . .  Full story

South Africa needs to bail out Eskom, says former Eskom adviser Rothschild

10/12 The South African government needs to "bite the bullet" and bail out struggling state-run power firm Eskom, which has asked for 100 billion rand ($7 billion) in government support, the chief. . .  Full story

Greenbay final results September 2018

10/12 Property rental and related revenue for the year soared to EUR8.8 million (2017: EUR6 million ), profit for the year attributable to equity holders of the company came in at EUR41.6. . .  Full story

KPMG South Africa appeals for second chance after corruption scandals

10/12 The chairman of KPMG South Africa on Monday appealed for the firm to be seen as a changed business, following months of efforts to regain public trust after becoming embroiled in. . .  Full story

South African rand firmer as dollar slides on soft payrolls data

10/12 South Africa's rand firmed in early trade on Monday as the dollar dropped after soft U.S. payrolls data fuelled speculation that the Federal Reserve may stop raising interest rates after a. . .  Full story

DAWN interim results September 2018

07/12 Revenue for the interim period increased to R1.359 billion (2017: R1.717 billion), gross profit fell to R303.4 million (2017: R388.3 million), loss from continuing operations soared to R116.3 million (2017: loss. . .  Full story

PBT Group interim results September 2018

07/12 Total revenue from continuing operations for the period was R281 million (September 2017: R283.5 million) with profit before tax for continuing operations being R13.8 million (September 2017: R11.6 million). The total. . .  Full story

South Africa's Absa bank aims to lift lagging return on equity by 2021

07/12 South African lender Absa Group set out new targets to raise its return on equity (RoE) by around 4 percent by 2021, from levels currently among the lowest of South Africa's. . .  Full story

S. Africa's Distribution and Warehousing sees bigger loss

07/12 South Africa's Distribution and Warehousing Network Ltd said it expects to report a bigger first-half headline loss per share, as it battles tough trading conditions amid wider economic challenges.. . .  Full story

Vedanta's South African smelter plans not derailed by power constraints

07/12 Vedanta Zinc International, a unit of diversified miner Vedanta Resources, has not been deterred from investing in an energy intensive zinc smelter in South Africa despite regular power shortages in the. . .  Full story

South Africa's Nov net foreign reserves rise to $42.577 bln

07/12 South Africa's net foreign reserves rose to $42.577 billion in November from $42.194 billion in October, the Reserve Bank said on Friday.. . .  Full story

South African rand claws back lost ground in early trade

07/12 South Africa's rand steadied in early trade on Friday after tumbling more than 2 percent the previous session, weighed down by news that the country's current account deficit widened in the. . .  Full story

South Africa's Tiger Brands reopens meat plant after listeria outbreak

06/12 South African authorities have given food maker Tiger Brands permission to re-open a factory closed after the world's biggest listeria outbreak was traced to one of its facilities, the company said. . .  Full story

Fitch keeps South Africa's sovereign rating unchanged

06/12 Ratings firm Fitch on Thursday kept South Africa sub-investment grade credit rating steady at subinvestment and maintained its stable outlook, but warned that low growth and rising debt of state-owned firms. . .  Full story

South Africa's Eskom bonds slide on debt restructuring talk

06/12 South Africa's government is discussing restructuring the debt of state-run utility Eskom but will only give details of what it plans to do next year, Public Enterprises Minister Pravin Gordhan said. . .  Full story

Bank Windhoek becomes first commercial lender in southern Africa to issue green bond

06/12 Bank Windhoek has issued Namibia's first green bond to finance eligible green projects and assets, the lender announced on Thursday.. . .  Full story

South African business confidence index rises in November

06/12 South Africa's business confidence rose for a third consecutive month in November, boosted by higher export and import volumes and manufacturing output, a survey showed on Thursday.. . .  Full story

South Africa Q3 current account deficit widens as trade surplus narrows

06/12 South Africa's current account deficit widened slightly in the third quarter from the second quarter as Africa's most industrialised economy recorded a narrower quarterly trade surplus, the central bank said on. . .  Full story

Group Five shares plunge on $60 mln claim for Ghana power project

06/12 Shares in South African engineering company Group Five plunged more than 40 percent on Thursday after a customer's $60.5 million compensation claim relating to the unfinished Kpone power plant in Ghana.. . .  Full story

Steinhoff shares tumble after accounts, PwC probe delayed

06/12 A probe into accounting irregularities at Steinhoff International and the release of the retailer's restated results have been delayed, it said on Thursday, sending its shares down as much as 21. . .  Full story

South Africa's rand weakens on risk aversion

06/12 South Africa's rand weakened against the dollar in early trade on Thursday as fears of a fresh flare-up in tensions between the United States and China, and concerns about global growth. . .  Full story

South Africa's Eskom wants state to take on $7.2 bln of its debt

05/12 South Africa's struggling state-run power firm Eskom wants the government to take on 100 billion rand ($7.2 billion) of its debt to shore up its balance sheet, Eskom Chairman Jabu Mabuza. . .  Full story

S.Africa's average port tariffs to fall 6 pct next year - regulator

05/12 South Africa's Ports Regulator said its average tariffs for the 2019/20 financial year will decrease by 6.27 percent, although coal export charges will rise, a statement seen by Reuters on Wednesday. . .  Full story

S.Africa's private sector contracts at slower pace in Nov: PMI

05/12 South African private sector activity shrank again in November, albeit at a slower pace than the previous month, as firms cut inventories to their lowest level in more than four years,. . .  Full story

South Africa's rand weakens as trade worries sour risk appetite

05/12 South Africa's rand weakened against the dollar in early trade on Wednesday as worries that Washington and Beijing may not be able to clinch a substantive trade deal during their temporary. . .  Full story

South Africa emerges from recession as farming, manufacturing jump

04/12 Farms and factories dragged South Africa out of its first recession in almost a decade, data showed on Tuesday, as the economy grew by more than expected in the third quarter.. . .  Full story

South Africa's gross spending up 2.3 percent in third quarter

04/12 South Africa's real gross domestic expenditure expanded by 2.3 percent in the third quarter of 2018 after contracting by 0.7 percent in the second quarter, the statistics agency said on Tuesday.. . .  Full story

Nigerian court adjourns case between MTN and central bank to Dec. 12: judge

04/12 A Lagos judge on Tuesday adjourned a hearing in an $8.1 billion dispute between South African telecoms firm MTN Group and Nigeria's central bank until Dec. 12 after lawyers said they. . .  Full story

Digital newcomers out to disrupt South African banking

04/12 Armed with low-cost operating models, three South African digital banks are betting on aggressive pricing and data analytics to attract tech-savvy, price-conscious consumers when they launch next year in a rare. . .  Full story

South Africa's rand gains ahead of GDP data

04/12 South Africa's rand rose early on Tuesday ahead of economic growth data release for the third quarter ended September, amid renewed demand for risk assets as the United States and China. . .  Full story

South Africa's rand and stocks lifted by U.S.-China trade truce

03/12 South Africa's rand firmed more than 1 percent against a softer dollar on Monday, in line with emerging markets and a fall in bond yields, as a temporary trade truce agreement. . .  Full story