SA Business

South Africa's power cuts may last the weekend if rain persists

06/12 Many South Africans could be without electricity this weekend if rain continues, state power utility Eskom said on Friday, after announcing it would cut up to 4,000 megawatts (MW) of power as wet weather makes it difficult for power stations to use coal.  Full story

New mining waste dam rules should not be retroactive, says review chief

06/12 New global standards for mining waste dams should take into account the difficulties of making existing dams compliant, the chair of an independent panel of experts crafting the new rules said on Friday.. . .  Full story

South Africa's rand steady shielded by trade deal optimism

06/12 South Africa's rand was barely changed in late trade on Friday, with fresh optimism over Sino-U.S. trade talks helping the currency to weather stronger employment numbers from the United States.. . .  Full story

South African Airways to restructure under 'business rescue'

06/12 South African Airways (SAA) said on Friday it has applied to enter 'business rescue', a form of bankruptcy protection it hopes will save the cash-strapped state carrier from collapse.. . .  Full story

South Africa's Eskom tells customers about more power cuts

06/12 South Africa's struggling state power utility Eskom said on Friday it would cut up to 4,000 megawatts (MW) of power from the national grid on a rotational basis from 2 p.m.. . .  Full story

South Africa's 3-month T-bill average yield rises to 7.22%

06/12 South Africa sold 1.367 billion rand ($93 million) of three-month Treasury bills at an average yield of 7.22%, compared to 7.19% last week, central bank data showed on Friday. The. . .  Full story

Yields rise at oversubscribed South Africa inflation bond auction

06/12 South Africa sold a total of 720 billion rand ($49 billion), less than the 1.040 billion rand on offer, of its 2025, 2029 and 2046 inflation-linked bonds, central bank data showed on Friday.. . .  Full story

South Africa's net foreign reserves fall to $44.4 bln in Nov

06/12 South Africa's net foreign reserves fell to $44.415 billion in November from $44.606 billion in October, Reserve Bank data on Friday showed.. . .  Full story

South Africa's rand flat in subdued early trade

06/12 South Africa's rand was little changed in early trade on Friday, as investors awaited employment figures from the United States to gauge the likely direction for interest rates.. . .  Full story

African Markets - Factors to watch on Dec. 6

06/12 The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday. - - - - - GLOBAL MARKETS Asian stocks. . .  Full story

African Markets - Factors to watch on Dec. 4

04/12 The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday. - - - - - GLOBAL MARKETS Asian shares. . .  Full story

Lawyer says establishing Mugabe's assets will take a long time

03/12 The process of establishing the assets of the late Robert Mugabe will take some time, his lawyer said on Tuesday, casting doubt on a state media report that the former Zimbabwean leader left $10. . .  Full story

South African rand, stocks slide after GDP shrinks

03/12 South Africa's rand fell sharply on Tuesday after third quarter economic growth showed a surprise contraction, underlying the weak state of the economy and growing risk of credit downgrades.. . .  Full story

South Africa’s Taste Holdings loses second CEO this year as focus shifts to luxury

03/12 South African retail and quick service restaurants company Taste Holdings said on Tuesday its group chief executive Dylan Pienaar would step down with immediate effect, sending its shares lower.. . .  Full story

South African regulator tells Vodacom, MTN to cut data prices

03/12 South Africa's Vodacom and MTN could face prosecution if they do not agree to cut data prices in the next two months, the country's competition watchdog said on Monday.. . .  Full story

South African rand dips before GDP data

03/12 South Africa's rand dipped on Tuesday, ahead of gross domestic product (GDP) data that is expected to show a dismal third-quarter performance.. . .  Full story

South African Airways lost over $700 mln in past 2 years - documents

03/12 Struggling state-owned airline South African Airways (SAA) lost more than 10.4 billion rand ($700 million) in the past two financial years, documents sent to lawmakers and seen by Reuters showed.. . .  Full story

South African economy contracts 0.6% in third quarter

03/12 South Africa's economy shrank for second time in three quarters this year, data showed on Tuesday, as productive sectors fell across the board and companies slashed inventories, amplifying the chances of. . .  Full story

Yields rise in weekly South Africa government bond auction

03/12 South Africa's Treasury sold a total of 4.53 billion rand ($308 million) worth of its 2030 , 2035 and 2040 instruments on Tuesday. Yields were higher compared with the previous auctions.. . .  Full story

South Africa's Q3 expenditure on GDP down 0.3%

03/12 South Africa's expenditure on gross domestic product (GDP) shrank 0.3% in the third quarter after expanding 2.9% in the second three months of the year, the statistics agency said on Tuesday.. . .  Full story

South African Markets - Factors to watch on Dec 3

03/12 The following scheduled economic indicators, debt and currency market moves may affect South African markets on Tuesday.. . .  Full story

African Markets - Factors to watch on Dec. 3

03/12 The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday. - - - - - GLOBAL MARKETS Asian shares. . .  Full story

S.Africa's rand hits 5-week peak as U.S. manufacturing slip aids EM's

02/12 South Africa's rand powered to a 5-week best as a contraction in the U.S. manufacturing sector boosted bids for risk and emerging markets' currencies and fuelled bets the Federal Reserve would cut lending. . .  Full story

Vodacom says data price cuts affected by delayed spectrum allocation

02/12 South African telecoms group Vodacom said on Monday that the delayed allocation of spectrum had affected the rate at which it could reduce data prices, after the competition regulator told it and rival MTN to. . .  Full story

South Africa's MTN says wrong to blame operators for data costs

02/12 South African telecoms group MTN said on Monday it was wrong to lay the blame for the country's data costs with operators, after the competition regulator instructed MTN and rival Vodacom to lower data prices.. . .  Full story

South Africa regulator tells Vodacom, MTN to lower data prices

02/12 South Africa's Vodacom Group and MTN Group could face prosecution if they do not agree with the Competition Commission in the next two months to lower data prices, the watchdog said. . .  Full story

Offshore investors net sellers of South African stocks and bonds

02/12 Offshore investors sold a net 9.84 billion rand ($669 million) of South African stocks last week and 3.46 billion rand of bonds, data from the Johannesburg Stock Exchange showed on Monday. STOCKS. . .  Full story

South Africa's Absa PMI slips to 47.7 in November

02/12 South Africa's seasonally adjusted Absa Purchasing Managers' Index (PMI) fell further into contraction territory in November as business activity and new sales orders slowed, the survey showed on Monday.. . .  Full story

South Africa's rand flat ahead of GDP figures

02/12 South Africa's rand was flat in early trade on Monday ahead of third quarter growth data expected to show Africa's most developed economy barely expanded.. . .  Full story

South African Airways in talks over funding for shake-up

02/12 South African Airways (SAA) and lenders have had "intense discussions" to secure funds for the cash-strapped carrier's operational and structural transition, the country's public enterprises ministry said on Sunday.. . .  Full story

African Markets - Factors to watch on Dec. 2

02/12 The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday. - - - - - GLOBAL MARKETS Global shares. . .  Full story

South African Airways shunned by insurers as financial doubts grow

30/11 Two big travel insurance companies in South Africa have stopped covering tickets issued by South African Airways (SAA) against insolvency as doubts grow about whether the struggling state-owned airline can survive.. . .  Full story

Norwegian bank DNB's shares drop 6% on Namibia investigation

30/11 Shares in Norwegian bank DNB plunged more than 6% on Friday after the country's white-collar crime unit launched an investigation into its handling of payments to Namibia from Iceland's biggest fishing. . .  Full story

Namibian leader Geingob takes big lead in presidential election

29/11 President Hage Geingob took a commanding lead in Namibia's presidential election with roughly two-thirds of the votes counted following Wednesday's vote, official data showed on Friday.. . .  Full story

South African rand firms but remains range-bound, stocks fall

29/11 South Africa's rand firmed against the dollar on Friday, but the currency was stuck in a range as investors sought clarity on whether a new U.S. law backing Hong Kong protesters. . .  Full story

Investec expects 189 mln stg from asset management spin-off in March

29/11 Anglo-South African financial services group Investec expects to raise about 189 million pounds ($242 million) from the sale of around 10% of its asset management business, which will be renamed Ninety One when it. . .  Full story

South Africa's Hollard excludes SAA from insolvency coverage

29/11 South African insurer Hollard excluded struggling state airline South African Airways from its travel supplier insolvency coverage earlier this month, the managing director of the company that administers Hollard Travel Insurance told Reuters.. . .  Full story

South African trade surplus shrinks in October

29/11 South Africa's trade surplus narrowed to 3.09 billion rand ($210 million) in October from a revised 4.53 billion rand surplus in September , data from the revenue service showed on Friday.. . .  Full story

South Africa's Telkom says Cell C has rejected takeover offer

29/11 South African telecoms company Telkom SA said on Friday its takeover bid for Cell C had been rejected, a move that comes after its larger but troubled rival expanded a roaming. . .  Full story

S.Africa's Telkom says Cell C has rejected takeover offer

29/11 South African telecoms company Telkom SA said on Friday its takeover bid for Cell C had been rejected, a move that comes after its larger but troubled rival expanded a roaming agreement with African. . .  Full story

PwC probe finds certain executives at S.Africa's Tongaat overstated profits, assets

29/11 South Africa's Tongaat Hulett said on Friday a PwC probe found that certain senior executives had overstated profits and certain assets by using "undesirable accounting practices".. . .  Full story

South Africa's 3-month T-bill average yield rises to 7.19%

29/11 South Africa sold 1.418 billion rand ($96 million) of three-month Treasury bills at an average yield of 7.19%, compared to 7.14% last week, central bank data showed on Friday. The. . .  Full story

PwC probe finds executives at S.Africa's Tongaat overstated profits, assets

29/11 South Africa's Tongaat Hulett said on Friday a PwC probe found that certain senior executives had overstated profits and certain assets by using "undesirable accounting practices".. . .  Full story

S.Africa court rejects Zuma appeal to prevent corruption trial

29/11 A South African court on Friday rejected an appeal by former president Jacob Zuma that sought to prevent his prosecution on corruption charges over a $2 billion arms deal.. . .  Full story

UK Stocks-Factors to watch on Nov 29

29/11 Britain's FTSE 100 index is seen opening 21 points lower at 7,396 on Friday, according to financial bookmakers, with futures down 0.34% ahead of the cash market open.. . .  Full story

South Africa's Eskom makes interim profit on higher tariffs

29/11 South Africa's struggling state power firm Eskom made a 1.3 billion rand ($88 million) profit in the six months to the end of September thanks to higher tariffs during the winter. . .  Full story

Jumia shuts Tanzania e-commerce business in portfolio review

28/11 Online retailer Jumia Technologies, dubbed "the Amazon of Africa," said on Thursday it had shut its e-commerce business in Tanzania in a review of its portfolio.. . .  Full story

South Africa's rand steady, stocks fall as investors eye trade developments

28/11 South Africa's rand steadied on Thursday as investors assessed the impact of U.S. backing for protesters in Hong Kong on its trade negotiations with China, while stocks fell.. . .  Full story

Growth in loans, credit cards poses risk to S.Africa's economy – central bank

28/11 An acceleration in the growth of riskier, unsecured lending in South Africa threatens the stability of the finance sector, the central bank said on Thursday.. . .  Full story

South Africa's struggling Eskom makes surprise interim profit

28/11 South Africa's struggling state power firm Eskom made a surprise 1.3 billion rand ($88.39 million) profit from April to end September, roughly double the amount made in the same period. . .  Full story

Billion-dollar LNG project in southern Mozambique expected in 2020

28/11 A final investment decision on a $3.15 billion liquefied natural gas (LNG) project near Mozambique's capital will be taken around the middle of 2020, France's Total and its partners in the. . .  Full story

South Africa's Vodacom CFO to step down

28/11 South African mobile operator Vodacom Group said on Thursday its Chief Financial Officer Till Streichert will leave the company in June 2020 to pursue an external opportunity.. . .  Full story

South African government working to ensure SAA's survival

27/11 The South African government is working on "immediate actions" to ensure cash-strapped South African Airways' (SAA) survival, the public enterprises ministry said on Wednesday, warning the airline could not "continue as is".. . .  Full story

South Africa's rand firms on risk-on mood, stocks inch up

27/11 South Africa's rand firmed on Wednesday, tracking its emerging market peers after comments from U.S. President Donald Trump spurred hopes of a resolution to the trade dispute between the United States and China.. . .  Full story

South African government says working to ensure SAA's survival

27/11 South Africa's public enterprises ministry said on Wednesday it was working with struggling state airline South African Airways (SAA) to ensure that it could continue to operate.. . .  Full story

Fastjet looks to sell Zimbabwe business in effort to survive till 2021

27/11 Fastjet Plc said on Wednesday it is in talks to sell its Zimbabwean operations to a consortium led by its biggest shareholder Solenta Aviation for $8 million, a deal which could. . .  Full story

South African owner of Virgin Active, New Look to raise equity to deal with debts

27/11 Virgin Active and New Look owner Brait said it plans to raise up to 5.6 billion rand ($381 million) via a rights issue and other measures to tackle its high debts,. . .  Full story

South Africa business confidence improves after two years - Survey

27/11 South Africa's business confidence improved for the first time in two years, a survey showed on Wednesday, owing to a recovery in residential activity and on expectation of a good shopping. . .  Full story

Namibians vote in tight contest clouded by economic crisis

27/11 Namibians voted on Wednesday in what was expected to be the toughest contest yet for the party that has ruled for three decades of independence as the southern African country wrestles with an economic. . .  Full story

Namibia arrests former justice minister in fishing scandal

27/11 Namibia has arrested its former justice minister on suspicion of receiving kickbacks from Iceland's biggest fishing firm in a scandal that has cast a shadow over the ruling party as it faces its toughest. . .  Full story

Botswana's GDP to slow to 3.5% in 2019 - IMF

27/11 Botswana's economic growth will slow to about 3.5% in 2019 from 4.5% in 2018, before speeding up to around 4.2% in 2020 if the southern African nation can shake-off the effects. . .  Full story

South Africa's Woolworths posts 2.2% rise in 20-week sales

27/11 South African retailer Woolworths Holdings Ltd reported a 2.2% rise in group sales for the 20 weeks ended Nov. 11, as strong performance in its home market offset weakness at its. . .  Full story

South Africa's rand dips as U.S.-China trade deal uncertainty lingers

27/11 South Africa's rand inched lower in early trade on Wednesday, tracking its emerging market peers in Asia as continued uncertainty about the outcome of U.S.-China trade talks kept big bets at. . .  Full story