SA Business

South African rand slumps after Moody's warning, stocks tumble

15/08 South Africa's rand slumped on Wednesday as ratings agency Moody's warned that the pace of fiscal consolidation in Africa's most industrialised nation had slowed and retail sales data disappointed, underlining the fragility of the economy.  Full story

South Africa hikes sugar import duties to protect local industry

15/08 South Africa has raised import duties on sugar to $680 from $566 a tonne to protect the domestic industry against a surge in imports, the trade and industry minister said on. . .  Full story

South Africa's retail sales up 0.7 percent y/y in June

15/08 South African retail sales rose 0.7 percent year-on-year in June after increasing by 1.9 percent in May, the statistics office said on Wednesday.. . .  Full story

Emira final results June 2018

15/08 Revenue for the interim period was higher at R1.8 billion (R1.7 billion) whilst operating profit jumped to R1.1 billion (R985.1 million). Profit for the year rose to R848.6 million (R712.2 million).. . .  Full story

South Africa's VAT hike had muted inflation impact: cbank

15/08 A one percentage point rise in South Africa's value-added tax (VAT) in April has had a more muted impact on inflation than expected, the governor of the central bank told a. . .  Full story

S.Africa's 2018 growth to be "much lower" than initial forecasts: cbank

15/08 South Africa's economic growth this year will be "much lower" than initial expectations, the central bank said in a presentation to parliament on Wednesday, calling any recovery "weak and choppy".. . .  Full story

Eastplats interim results June 2018

15/08 Operating loss for the interim period narrowed to USD4.9 million (2017: USD5.4 million). Net loss for the period attributable to equity shareholders of the company widened to USD5.4 million (2017: USD4.7. . .  Full story

Gold Fields' CEO says South Deep lay-offs "last-gasp measure"

15/08 Gold Fields' plan to potentially cut up to almost 1,600 jobs at its struggling South Deep mine in South Africa is a "last-gasp measure", Chief Executive Nick Holland said on Wednesday.. . .  Full story

South Africa's rand rebounds as Turkey-led rout eases, stocks falter

14/08 South Africa's rand gained more than 2 percent on Tuesday, bouncing off a two-year low struck a day before, when investors dumped emerging market assets because of fears over the Turkish. . .  Full story

Lazard drafting plan to bolster balance sheet of S.Africa's Eskom: sources

14/08 South African state-owned power firm Eskom has hired financial adviser Lazard to draft a plan to shore up its balance sheet as it struggles to emerge from a financial crisis, two. . .  Full story

South Africa's Gold Fields plans to cut jobs in mine restructuring

14/08 South Africa's Gold Fields said on Tuesday it plans to cut costs and 1,100 jobs at its struggling South Deep mine, sending its shares down more than 12 percent.. . .  Full story

S.Africa’s Ramaphosa proposes new sovereign wealth fund: party officials

14/08 South African President Cyril Ramaphosa has proposed setting up a sovereign wealth fund to help boost economic growth, and his ruling African National Congress (ANC) backs the plan, two senior party. . .  Full story

Atlatsa interim results June 2018

14/08 Revenue for the interim period fell to CAD5.5 million (2017: CAD84.2 million), gross loss narrowed to CAD4.1 million (2017: loss of CAD27.6 million), operating loss lowered to CAD34.5 million (2017: loss. . .  Full story

KAP final rsults June 2018

14/08 Revenue for the year rose 16% to R23 billion (R19.8 billion). Operating profit before capital items went up 15% to R2.9 billion (R2.5 billion). Profit attributable to owners grew 15% to. . .  Full story

South Africa's mining output up 2.8 percent y/y in June

14/08 South Africa's total mining output rose 2.8 percent year-on-year in June, the country's statistics agency said on Tuesday.. . .  Full story

Capreg interim rsults June 2018

14/08 Revenue from continuing operations grew to GBP45.5 million (GBP43.9 million) whilst profit on ordinary activities before financing lowered to GBP12.9 million (GBP20.4 million). Profit for the period decreased to GBP6.7 million. . .  Full story

Curro interim results June 2018

14/08 Revenue for the interim period increased 18% to R1.242 billion (2017: R1.051 billion), earnings before interest, taxation, depreciation and amortisation ("EBITDA") jumped 31% to R335 million (2017: R255 million), profit attributable. . .  Full story

South Africa's central bank "nowhere near" intervention on rand - deputy governor

13/08 The South African Reserve Bank was surprised by the magnitude of the rand weakness early on Monday but forex market conditions where "nowhere near" requiring the bank to intervene, deputy governor. . .  Full story

Sappi shares fall more than 8 percent on lower Q3 profit

13/08 South African pulp and paper maker Sappi reported a 12 percent drop in quarterly profit on Monday as a rise in capital expenditure drove up depreciation costs, sending its share price. . .  Full story

South Africa's rand hits 2-year low, bonds tumble as Turkey rout spreads

13/08 South Africa's rand plunged to a 2-year low against the dollar in early trade on Monday and government bonds weakened sharply as a renewed rout in the Turkish lira spread to. . .  Full story

Sappi quarterly results June 2018

13/08 Sales for the quarter increased to USD1.4 billion (2017: USD1.3 billion). Gross profit grew to USD175 million (2017: USD171 million). Operating profit lowered to USD84 million (2017: USD90 million). Profit for. . .  Full story

Emerging market contagion back with a vengeance as Turkey pops

11/08 The plunge in the Turkish lira has set off a wave of selling across emerging market assets, reviving the spectre of contagion that has been the sector's Achilles heel for decades.. . .  Full story

Ethiopian Airlines frontrunner in tender for planned Nigerian airline-CEO

10/08 Ethiopian Airlines is the frontrunner to set up and manage a new national carrier for Nigeria, its chief executive said on Friday.. . .  Full story

Buffalo interim results June 2018

10/08 Revenue for the interim period increased to R394.8 million (2017: R325.9 million). Gross profit shot up to R100.9 million (2017: R7.9 million). Loss attributable to owners of the parent widened to. . .  Full story

Kenya’s Safaricom resists tariff cuts to avoid price war

10/08 Safaricom, Kenya's biggest telecoms operator, has no plans to reduce its call rates after rival Airtel cut its prices as it wants to avoid a price war, its chief executive officer. . .  Full story

South Africa's rand at six-week low as emerging market currencies slip

10/08 South Africa's rand slipped to six-week lows early on Friday and government bonds weakened sharply, as slides in the Russian rouble and Turkish lira combined with escalating global trade tensions to. . .  Full story

Uber rival Taxify bets on motorcycles and rickshaws in East Africa

09/08 Taxify, an Estonian ride-hailing company aiming to take on Uber in emerging markets, will invest millions of euros in East Africa in the next five years with a strategy focused on. . .  Full story

South Africa's Eskom reaches "in principle" wage deal with unions

09/08 South African power utility Eskom and trade unions reached an "in principle" wage deal, the company said late on Wednesday, potentially ending weeks of tense negotiations that have lead to power. . .  Full story

Sanctions make it harder for South Africa's MTN to repatriate Iran cash

08/08 MTN Group, Africa's biggest mobile operator, is sticking to its 2018 dividend target despite new U.S. sanctions making it harder to repatriate cash from its Iran joint venture, the company said. . .  Full story

Naspers creates new video on demand unit as Netflix rivalry heats up

08/08 Naspers' video entertainment division has created a new over-the-top (OTT) video unit to be headed by Niclas Ekdahl in a bid to counter stiff competition for video on demand from global. . .  Full story

Naspers' unit Multichoice concerned about Tanzania suspension notice

08/08 Multichoice, the unit of South Africa's Naspers, said on Wednesday it was concerned that Tanzania's telecommunications regulator planned to suspend its services over a matter that was pending at the Fair. . .  Full story

Astoria interim results June 2018

08/08 Company prospects The biggest driver for the Group's performance will be the direction of global developed equity markets. The Group also anticipates further cash calls from the cash portion ring-fenced in terms. . .  Full story

South Ocean interim results June 2018

08/08 Revenue for the interim period went up 33.5% to R831.3 million (R%622.6 million) whilst operating profit turned around to R14.5 million (loss of R14.6 million). Loss for the period improved by. . .  Full story

South Africa's business confidence index rises in July

08/08 South Africa's business confidence rose in July, with activity mainly supported by an increase in merchandise export volumes and retail sales as well as lower inflation, a survey showed on Wednesday.. . .  Full story

Uganda's Stanbic Bank pre-tax profit rises, sees credit growth

08/08 Stanbic Bank Uganda, owned by South Africa's Standard Bank Group, said on Wednesday its half-year profit before tax rose 4 percent, compared to the first six months of 2017, helped by. . .  Full story

South Africa's Murray & Roberts drops Aveng merger plan

08/08 South African construction company Murray & Roberts said on Wednesday that it had withdrawn plans for a potential merger with rival Aveng <AEGJ.J>, saying there was "limited potential" for the deal. . .  Full story

Quilter interim results June 2018

08/08 The following results are the company's maiden interim results and re therefore incomparable. Total revenue for the period was GBP857 million whilst profit for the period attributable to equity holders was. . .  Full story

Glencore interim results June 2018

08/08 Revenue for the interim period increased to USD108.6 billion (2017: USD100.3 billion), income for the period rose to USD2.6 billion (2017: USD2.2 billion), while headline earnings per share grew to USD20. . .  Full story

AB InBev to build new brewery in fast-growing Mozambique

08/08 Anheuser-Busch InBev, the world's biggest brewer, will start building a more than 2 million hectolitre a year brewery in Mozambique in the second half of next year, the company's Africa head. . .  Full story

Mozambique finalises block 5 oil deals with multinational firms

08/08 Mozambique's government on Tuesday approved contracts giving exclusive rights to energy companies to act on concessions awarded to them to explore for oil following four years of negotiations and delays that. . .  Full story

South Africa's Mpact H1 profits fall on challenging market conditions

08/08 South African paper and plastics packaging maker Mpact reported a 13 percent fall in half-year earnings on Wednesday in the face of challenging trading and market conditions.. . .  Full story

South Africa's rand firmer as dollar rally pauses

08/08 South Africa's rand firmed against the dollar early on Wednesday, extending its recovery into a second day as the greenback edged lower against a basket of currencies.. . .  Full story

Mpact interim results June 2018

08/08 Revenue for the interim period increased to R5 billion (2017: R4.8 billion). Operating profit was R164.2 million (2017: R169.1 million).Profit attributable to equity holders of Mpact lowered to R50.5 million (2017:. . .  Full story

MTN interim results June 2018

08/08 Revenue for the interim period decreased to R62.777 billion (2017: R64.815 billion), EBITDA dropped to R22.335 billion (2017: R24.781 billion), operating profit increased to R10.832 billion (2017: R10.407 billion), profit attributable. . .  Full story

Greenbay quarterly results June 2018

08/08 Net rental and related revenue decreased to EUR981 011 (June 2017: EUR1 million). Profit for the period attributable to equity holders of the company came to EUR82.7 million (June 2017: loss. . .  Full story

South African rand gains on stalled dollar rally, Turkish lira fall

07/08 South Africa's rand gained more than one percent on Tuesday, reversing the previous session's losses as the dollar rally paused and investors sought alternatives to the Turkish lira.. . .  Full story

Kenya's competition watchdog says no need for action on Safaricom

07/08 Kenya's competition watchdog expressed concern on Tuesday about the wider economic impact of lawmakers and the country's telecoms regulator taking a tough line on dominant operator Safaricom, saying no action was. . .  Full story

South Africa's June manufacturing output up 0.7 percent

07/08 South Africa's manufacturing output rose by 0.7 percent year-on-year in June, following a revised 2 percent expansion in May, the statistics agency said on Tuesday.. . .  Full story

South Africa's AMCU union warns of industrial action at Implats over job cuts

07/08 South Africa's AMCU union will embark on unspecified industrial action at Impala Platinum if talks with the company over its plans to cut a third of its workforce fail to stem. . .  Full story

South Africa's Nedbank H1 profit rises 26 percent

07/08 South African lender Nedbank reported a 26 percent jump in half-year profit on Tuesday, helped by a recovery in its west African associate, Ecobank.. . .  Full story

South Africa's net foreign reserves fall to $42.44 billion in July

07/08 South Africa's net foreign reserves fell slightly to $42.440 billion in July from $42.447 billion in June, the Reserve Bank said on Tuesday.. . .  Full story

Nedbank interim results June 2018

07/08 Net interest income went up 3.4% to R14.0 billion (R13.5 billion) whilst profit from operations was 3.8% higher at R9.1 billion (R8.8 billion). Profit attributable to ordinary shareholders jumped 27.0% to. . .  Full story

Nedbank-p interim results June 2018

07/08 Net interest income for the interim period increased by 1.7% to R12.678 billion (2017: R12.472 billion), operating income rose 0.4% to R20.803 billion (2017: R20.722 billion), while profit attributable to ordinary. . .  Full story

Safaricom CEO defends company's dominance as he returns to work

06/08 Kenya's dominant telecoms operator Safaricom does not hinder competition, its chief executive Bob Collymore told lawmakers on Monday as he returned to work after a nine-month absence for medical treatment.. . .  Full story

Interwaste interim results June 2018

06/08 Revenue for the interim period increased by 24% 595 million (2017: R480.7 million). Gross profit went up by 11% to R290.2 million (2017: R260.7 million). Results from operating activities rose by. . .  Full story

South Africa's Royal Bafokeng Platinum narrows H1 loss

06/08 South African platinum producer Royal Bafokeng Platinum said on Monday its half-year loss narrowed but was still weighed down by an impairment cost, care and maintenance costs and operational readiness costs. . .  Full story

South Africa's Absa H1 profit down 4 percent

06/08 South African lender Absa Group reported a 4 percent fall in half-year profit on Monday, weighed down by costs related to its separation from former parent Barclays.. . .  Full story

South Africa's rand softer, headwinds seen capping any rally

06/08 South Africa's rand was softer in early trade on Monday, with a range of headwinds seen keeping the currency on the backfoot.. . .  Full story