SA Business

New South African finance minister to keep policy direction intact - Moody's

16/10 Ratings agency Moody's said on Tuesday that it expected new South African Finance Minister Tito Mboweni to keep the government's broad policies intact in the medium-term budget speech due next week.  Full story

Botswana's bourse threatens to delist Choppies over results delay

16/10 Botswana's stock exchange said on Tuesday it could terminate Choppies Enterprises' listing over the failure by the budget retailer to publish financial results on time.. . .  Full story

PL Group interim results June 2018

16/10 Revenue was higher at R72.3 million (R28.8 million), operating loss came to R5.2 million (R3.2 million) and loss for the six months was recorded at R6.1 million (R2.2 million). Furthermore, headline. . .  Full story

South Africa's Treasury says recession, falling revenue hurt public finances

16/10 Falling revenues and a recession mean South Africa will struggle to finance the public services that form the largest part of its budget, the National Treasury said on Tuesday.. . .  Full story

PSG interim results August 2018

16/10 Income for the interim period rose to R4.2 billion (R3.2 billion). Profit for the period attributable to owners increased to R1.1 billion (R833 million). Furthermore, headline earnings per share grew to. . .  Full story

South Africa's rand steady as dollar struggles, stocks to open lower

16/10 South Africa's rand inched lower early on Tuesday due to profit-taking as the dollar regained some ground after sliding on poor retail sales data.. . .  Full story

S.Africa's Pick n Pay H1 profit jumps 19 pct as price cuts lure buyers

16/10 South African supermarket chain Pick n Pay Stores on Tuesday said half-year profit before tax jumped 19.1 percent as price cuts attracted more shoppers to its stores.. . .  Full story

Pick n Pay interim results August 2018

16/10 Turnover for the interim period increased to R41.2 billion (2017: R38.8 billion), gross profit rose to R7.7 billion (2017: R7.2 billion), trading profit soared to R631.8 million (2017: R399.1 million), profit. . .  Full story

South African rand rallies on Moody's, stocks track Asia lower

15/10 A decision by Moody's to delay its review on South Africa's sovereign debt buoyed the rand to its strongest in a week as it rallied for the third straight session against. . .  Full story

South Africa's power utility Eskom warns of load-shedding

15/10 South Africa's state-owned power utility Eskom warned of the risk of load-shedding on Monday night following power constraints due to maintenance and unplanned outages at several of its electricity-generating units.. . .  Full story

AH-Vest final results June 2018

15/10 Revenue for the year fell to R155.8 million (2017: R165.5 million), gross profit rose to R61.7 million (2017: R56.8 million), operating profit lowered to R3.6 million (2017: R4.5 million), profit for. . .  Full story

Go Life interim results August 2018

15/10 Revenue for the interim period shot up to USD1.3 million (2017: USD438 169). Profit from operations grew to USD487 199 (2017: USD157 975). Total comprehensive income for the period increased. . .  Full story

Famous Brands sees $60 mln impairment as UK burger business struggles

15/10 South African fast-food chain owner Famous Brands, which owns Wimpy, Steers and Debonairs pizza said on Monday it will take a pre-tax impairment charge of 874 million rand ($60 million), sending. . .  Full story

South Africa's Nedbank to buy back shares from minority shareholders

15/10 South Africa's Nedbank Group Ltd said on Monday it will buy back its stock from shareholders who hold less than 100 Nedbank shares as a result of a spin-off by its. . .  Full story

Kenya's Safaricom loses 1.6 pct users' market share in Q2

15/10 Kenya's Safaricom lost 1.6 percent of its telecom subscribers' market share in the quarter ended June, the industry regulator said, marking the third straight quarterly drop for the country's biggest operator.. . .  Full story

Steinhoff asks creditors for restructuring extension

15/10 South African retailer Steinhoff, has asked creditors for a one-month extension relating to its debt restructuring as it negotiates documents required to implement the plan, it said on Monday.. . .  Full story

Balwin interim results August 2018

15/10 Revenue for the interim period increased to R1.2 billion (R894.1 million) whilst gross profit increased to R325.6 million (R289.9 million). Operating profit grew to R246.4 million (R216.8 million). Profit for the. . .  Full story

Adcorp interim results August 2018

15/10 Revenue from continuing operations increased to R7.973 billion (2017: R7.750 billion) whilst gross profit lowered to R1.080 billion (2017: R1.136 billion). Operating profit shot up to R175.6 million (2017: R27.4 million).. . .  Full story

Accentuate final results June 2018

12/10 Revenue for the year lowered to R294.9 million (R295.1 million) whilst operating loss before finance costs widened to R23.5 million (loss of R16 000). Loss for the period worsened to R22.2. . .  Full story

South Africa's Exxaro looks to fill Eskom coal shortage

12/10 South African miner Exxaro Resources said on Friday it was looking to supply coal to state-owned power utility Eskom, which has been hit by supply shortages, posing a threat to the. . .  Full story

South African rand firmer ahead of Moody's rating decision

12/10 The South African rand firmed against the globally hobbled dollar early on Friday ahead of the country's credit review announcement by ratings agency Moody’s later in the day.. . .  Full story

S.Africa's Tiger Brands re-opens processing facility after listeria outbreak

12/10 Tiger Brands said on Friday it had re-opened a facility that was closed after South Africa's biggest food producer was implicated in the world's largest outbreak of listeria which killed more. . .  Full story

Atleaf interim results August 2018

11/10 Revenue for the interim period increased to GBP13.4 million (2017: GBP12.0 million) and operating income was higher at GBP10.6 million (2017: GBP10.4 million). Profit for the period grew to GBP7.8 million. . .  Full story

South African insurer Sanlam seals $1 billion deal for Morocco's SAHAM

11/10 South Africa's biggest insurer Sanlam has sealed a $1.1 billion deal to acquire the remaining 53.37 percent stake in Moroccan insurance firm SAHAM Finances after receiving regulatory approvals, it said on. . .  Full story

South Africa's August manufacturing output up 1.3 percent

11/10 South Africa's manufacturing output rose by 1.3 percent year-on-year in August, following a revised 2.8 percent expansion in July, the statistics agency said on Thursday.. . .  Full story

PSG Konsult interim results August 2018

11/10 Net written premium lowered to R440.5 million (R450.1 million) whilst total income grew to R2.3 billion (R2.1 billion). Profit attributable to owners jumped to R281.8 million (R239.4 million). In addition, headline. . .  Full story

Steinhoff's shares plunge after global rout, report on retailer's ex-CEO

11/10 Steinhoff's shares fell more than 9 percent on Thursday to a near two-month low after a global market rout and a report by Bloomberg saying the retailer's former CEO advised friends. . .  Full story

Packaging firm Mondi reports 30 pct rise in Q3 underlying profit

11/10 Packaging and paper group Mondi, reported a 30 percent increase in third-quarter underlying core profit, benefiting from higher average selling prices in some of its businesses.. . .  Full story

South Africa gets $35 bln in investment pledges towards $100 bln goal

11/10 South Africa has investment commitments of $35 billion as part of plans by President Cyril Ramaphosa to attract $100 billion over the next five years to revive the country's flagging economy,. . .  Full story

South African rand gains ground against softer dollar

11/10 The South African rand firmed against the dollar on Thursday after the greenback was jolted by the worst fall in U.S. stocks in nearly eight months.. . .  Full story

Equites interim results August 2018

11/10 Revenue for the period increased to R335.7 million (2017: R262.6 million). Operating profit before financing activities decreased to R241.8 million (2017: R498.1 million), profit attributable to the owners of the parent. . .  Full story

Vunani interim results August 2018

11/10 Revenue for the interim period increased to R233.7 million (2017: R160.1 million), results from operating activities rose to R40 million (2017: R22.3 million), profit from continuing operations attributable to equity holders. . .  Full story

South Africa's rand weakens, stocks hit three-month low

10/10 South Africa's rand weakened on Wednesday, giving back gains it made following Tito Mboweni's appointment as fiance minister, with investors banking profits ahead of a ratings decision on Friday.. . .  Full story

South Africa should seek damages from KPMG over bank graft: central bank probe

10/10 South Africa should seek damages from global auditor KPMG for the role it played in a corruption scandal that saw at least 1.9 billion rand ($130 million) stolen from local bank. . .  Full story

South African business confidence index rises in September

10/10 Business confidence in the South African economy rose in September, helped by higher export volumes, new vehicle sales and lower inflation, a survey showed on Wednesday.. . .  Full story

Newpark interim results August 2018

10/10 Revenue for the interim period decreased to R67 million (2017: R71.1 million), operating profit jumped to R62.7 million (2017: R46.4 million), profit for the period climbed to R41.1 million (2017: R24.5. . .  Full story

South Africa's rand, banking stocks rally as Mboweni named finance minister

09/10 South Africa's rand climbed to a session best on Tuesday after President Cyril Ramaphosa appointed former central bank governor Tito Mboweni as finance minister, a moved that soothed markets after days. . .  Full story

S.Africa dollar bonds trim losses after Mboweni appointed as finance minister

09/10 South Africa dollar-denominated debt trimmed losses across the curve on Tuesday after President Cyril Ramaphosa appointed former central bank governor Tito Mboweni as finance minister.. . .  Full story

Zeder interim results August 2018

09/10 Revenue for the interim period lowered to R3.4 billion (R4.4 billion) whilst gross profit increased to R648 million (R577 million). Total income rose to R564 million (R187 million). Profit attributable to. . .  Full story

Nigeria's cenbank head to meet MTN and banks over $8.1 bln repatriation row -sources

09/10 Nigeria's central bank governor is to meet representatives of telecommunications company MTN and banks on Tuesday to discuss a dispute over the repatriation of $8.1 billion, two sources with direct knowledge. . .  Full story

IMF lowers South Africa's economic growth forecasts, urges reforms

09/10 The International Monetary Fund on Tuesday cut South Africa's economic growth forecasts for this year and next, as it urged implementation of reforms to improve policy certainty and the efficiency of. . .  Full story

Workers strike at Heineken South Africa, firm says operations unaffected

09/10 Heineken South Africa said on Tuesday workers contracted to a company that provides it with logistics services were on strike at its Sedibeng Brewery but the work stoppage had caused minimal. . .  Full story

S.Africa's MTN shares fall 4 percent on uncertainty over Nigeria meeting

09/10 Shares in South Africa's MTN group weakened more than 4 percent on Tuesday on uncertainty over the outcome of a meeting between the telecommunications firm and Nigeria's central bank governor over. . .  Full story

South African state arms firm proposes severance packages, salary cuts: union

09/10 South African state arms firm Denel is holding talks with unions over voluntary severance packages, reduced working hours and salary cuts for some staff as it struggles to emerge from a. . .  Full story

South Africa's anti-graft body to investigate finance minister

09/10 South Africa's top anti-graft body said it would investigate whether the finance minister breached ethics guidelines over a state pension fund investment, piling pressure on Nhlanhla Nene as he faced questions. . .  Full story

Mozambique signs oil exploration agreements with Exxon, Rosneft

09/10 The Mozambican government said on Monday it had signed oil exploration agreements with U.S. energy firm Exxon Mobil and Russia's Rosneft.. . .  Full story

South Africa's rand slides over fin min crisis, stocks hit 6-month lows

08/10 South Africa's rand weakened more than one percent on Monday over a newspaper report that Finance Minister Nhlanhla Nene had asked President Cyril Ramaphosa to sack him rocked the currency.. . .  Full story

Strike halts some Toyota operations in South Africa

08/10 Toyota South Africa operations were halted on Monday at its Durban assembly plant and a Johannesburg warehouse because of a strike by the National Union of Metalworkers of South Africa (NUMSA),. . .  Full story

Lazard report on Eskom asset sale options due within days - Eskom chairman

08/10 Financial adviser Lazard will conclude its assessment of which assets South Africa's state-owned power firm Eskom can put up for sale in the next few days, Eskom's chairman Jabu Mabuza said. . .  Full story

S.Africa's Eskom won't need more government cash over next year: Minister

08/10 South African state-owned power firm Eskom does not require government cash injections over the next 12 months, the country's Public Enterprises Minister Pravin Gordhan said on Monday.. . .  Full story

South Africa's MTN shares up 2 percent on possibility of reduced repatriation demand

08/10 South Africa's MTN Group shares rose as much as 2.55 percent after the Nigerian central bank governor said on Sunday the bank may reduce the amount it has ordered the telecoms. . .  Full story

Nigeria central bank could alter demands in MTN dispute - governor

07/10 The Nigerian central bank may alter the amount it has ordered South African telecoms firm MTN to repatriate as part of a dispute, central bank governor Godwin Emefiele said on Sunday.. . .  Full story

Nigeria promotes growth plan to investors on New York roadshow

07/10 Nigerian government officials met with fund managers in New York last week on a non-deal roadshow held to update bondholders on the country's growth plan after getting out of recession, an. . .  Full story

Mali expects 2018 industrial gold output to rise 21 pct

05/10 Industrial gold production in Mali, Africa's third biggest producer, is still expected to rise almost 21 percent to 60 tonnes this year, a government official told Reuters on Friday, despite slightly. . .  Full story

Steinhoff's Mattress Firm files for Chapter 11 bankruptcy

05/10 Steinhoff's United States unit, Mattress Firm, has filed for voluntary Chapter 11 bankruptcy protection, its South African parent company said on Friday.. . .  Full story

MTN receives counterclaim from Nigeria's central bank: MTN lawyer

05/10 MTN has received a counterclaim from Nigeria's central bank to its request for an order to stop the bank forcing it to repatriate $8.1 billion it claims was illegally sent out. . .  Full story

South Africa's rand firms as dollar rally pauses, stocks down

05/10 South Africa's rand firmed against the dollar early on Friday as the dollar's rally paused, with investors waiting for monthly U.S. jobs data later in the day.. . .  Full story

South Africa's net foreign reserves fall to $42.23 bln in September

05/10 South Africa's net foreign reserves fell to $42.227 billion in September from $42.35 billion in August, the Reserve Bank said on Friday.. . .  Full story

Phumelela final results July 2018

05/10 Net income for the year was 1% higher at R1.563 billion (2017: R1.553 billion) and profit from operations dropped by 65% to R17.3 million (2017: R49 million). Profit attributable to. . .  Full story

South Africa's rand to steady from sell-off, hold firm

04/10 South Africa's rand is expected to tread a resilient and steady path over the next year in the face of global uncertainties and local budget and economic growth challenges, a Reuters. . .  Full story

South Africa's rand weakens after World Bank cuts growth forecast

04/10 South Africa's rand retreated early on Thursday after the World Bank cut its economic growth forecast and took a dim view of President Cyril Ramaphosa's stimulus plan.. . .  Full story

South Africa's Liberty begins consultations on possible job cuts

03/10 South African Insurer Liberty Holdings is considering job cuts as part of a wider restructuring of its business, the company said on Wednesday.. . .  Full story

South Africa's Exxaro eyes South32's coal assets, export quota - CEO

03/10 South African miner Exxaro is eyeing South32's local coal assets, which include an export quota, as it looks to increase its exports, Exxaro's chief executive told Reuters on Wednesday.. . .  Full story