SA Business

Credit Suisse says Mozambique liable for $622 mln loan at heart of bribery scandal

14h18 Credit Suisse has hit back against Mozambique in a case in Britain's High Court, arguing a government guarantee for a $622 million loan - part of a $2 billion debt scandal - is valid and that it is entitled to claim damages.  Full story

South African miner Samancor Chrome says may cut nearly 2,500 jobs

14h50 South African miner Samancor Chrome said it could cut close 2,500 jobs in response to weak chrome prices and power supply problems, according to a letter to unions seen by Reuters on Wednesday.. . .  Full story

South African Airways should be kept as national airline, ANC says

13h26 South African Airways (SAA) should be retained as a national airline but requires substantial restructuring, the governing African National Congress (ANC) party's Secretary General Ace Magashule said on Wednesday.. . .  Full story

Shares in South Africa's Shoprite rise on sales growth

12h33 Shoprite shares rose almost 5% on Wednesday after it reported robest sales growth driven by its core South African supermarkets business, even as a tough economy weighs on consumer finances.. . .  Full story

Shares in S.Africa's Shoprite rise on sales growth

12h25 Shoprite shares rose almost 5% on Wednesday after it reported robest sales growth driven by its core South African supermarkets business, even as a tough economy weighs on consumer finances.. . .  Full story

S.Africa's Naspers raises $1.66 bln via Prosus share sale

10h49 South Africa's Naspers Ltd said on Wednesday it sold around 1.5 billion euros ($1.66 billion) worth of shares in Prosus, the Amsterdam-listed subsidiary housing its internet empire.. . .  Full story

South Africa annual consumer inflation rises to 4% y/y in December

10h43 South Africa's headline consumer price inflation quickened to 4.0% year-on-year in December, from 3.6% in November, data from Statistics South Africa showed on Wednesday.. . .  Full story

South African rand stronger before inflation data

09h20 South Africa's rand was stronger early on Wednesday, before the release of inflation data expected to show a modest pickup in consumer prices.. . .  Full story

South African Markets - Factors to watch on Jan 22

07h24 The following scheduled economic indicators, debt and currency market moves may affect South African markets on Wednesday.. . .  Full story

African Markets - Factors to watch on January 22

06h48 The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday. - - - - - GLOBAL MARKETS Asian stock. . .  Full story

Spain's ACS withdraws from Inga 3 hydro project in Congo

21/01 Spain's ACS is withdrawing from the multi-billion-dollar Inga 3 hydroelectric project in Democratic Republic of Congo, the company said on Tuesday, dealing a further setback to plans to develop Africa's largest hydro plant.. . .  Full story

Gold Fields hires advisor to sell stake in Chilean gold project - sources

21/01 South African miner Gold Fields Ltd has hired investment bank RBC Capital Markets to explore the sale of a 30% stake in its gold project in northern Chile, two sources said.. . .  Full story

South African Airways cancels flights in fight for survival

21/01 South African Airways (SAA) has cancelled some domestic flights between its Johannesburg hub and Cape Town and Durban, and some international flights to Munich, the state airline said on Tuesday, as. . .  Full story

South African Airways cancels some flights to Munich to save cash

21/01 South African Airways said on Tuesday that it had cancelled some domestic flights between Johannesburg and Cape Town and Johannesburg and Durban, and some international flights from Johannesburg to Munich, to save cash.. . .  Full story

Yields fall in weekly South Africa government bond auction

21/01 South Africa's Treasury sold a total of 4.53 billion rand($311.50 million) worth of its 2026, 2032, and 2035 instruments on Tuesday. Yields fell compared with the previous auctions.. . .  Full story

Weak growth outlook keeps South African rand on back foot

21/01 South Africa's rand dipped early on Tuesday, as a weak economic outlook dented appetite for local assets.. . .  Full story

South African Markets - Factors to watch on Jan 21

21/01 The following economic events, debt and currency market moves may affect South African markets on Tuesday.. . .  Full story

African Markets - Factors to watch on January 21

21/01 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

Britain's CDC adds $400 mln of investments in Africa push

20/01 UK government-owned finance agency the CDC Group has signed $400 million worth of African investment deals, part of a wider drive by Britain to develop new trade ties as it prepares to leave the. . .  Full story

South African chrome firms warn of more than 1,200 job cuts

20/01 South African chrome firms on Monday warned of more than 1,200 potential job cuts, citing power cuts, rising electricity tariffs and increased competition from overseas.. . .  Full story

Samancor Chrome notifies trade unions about 599 potential job cuts

20/01 South Africa's Samancor Chrome has notified trade unions about 599 potential job cuts at its smelting operations and corporate offices, a letter to trade unions said.. . .  Full story

Offshore investors net sellers of South African stocks, buy bonds

20/01 Offshore investors sold a net of 1.04 billion rand ($71.62 million) of South African stocks last week and bought 4.95 billion rand in bonds, data from the Johannesburg Stock Exchange showed on Monday. STOCKS. . .  Full story

IMF lowers South African growth forecasts for 2020, 2021

20/01 The International Monetary Fund (IMF) on Monday lowered its growth forecasts for the South African economy in 2020 and 2021, citing structural constraints and deteriorating public finances.. . .  Full story

South African Airways says flights operating normally after bailout talks stall

20/01 South African Airways (SAA) said on Monday that its flights to all destinations were operating normally, after talks over the weekend on a bailout plan for the state carrier ended with. . .  Full story

South African rand flat in early trade, eyes on ANC leaders' meeting

20/01 South Africa's rand was little changed early on Monday as investors held off from placing large bets while the governing African National Congress (ANC) party held an important meeting on the. . .  Full story

South African Markets - Factors to watch on Jan 20

20/01 The following scheduled economic indicators, debt and currency market moves may affect South African markets on Monday.. . .  Full story

African Markets - Factors to watch on January 20

20/01 The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday. - - - - - GLOBAL MARKETS Asian shares. . .  Full story

South African union angered by Telkom's proposed job cuts

19/01 South Africa's Communication Workers Union (CWU) is angered by Telkom's plan to cut up to 3,000 workers, it said on Sunday and called for an urgent meeting with the ruling party and the minister of. . .  Full story

Iceland’s Samherji exiting Namibia following bribery scandal

18/01 Samherji, the Icelandic fishing company at the centre of Namibia's biggest corruption scandal, announced on Friday that it is withdrawing from the southwest African nation.. . .  Full story

S.African stocks hit near 7-month highs, led by Richemont, miners

18/01 South African stocks rose to near seven-month highs on Friday, underpinned by gains in heavyweight Richemont and mining firms, while the rand fell against a broadly stronger dollar.. . .  Full story

S. African retailers TFG and Mr Price lure holiday shoppers with discounts

17/01 South African retailers The Foschini Group (TFG) and Mr Price Group reported healthy sales growth over the holiday season, with Black Friday discounts luring consumers into stores.. . .  Full story

South Africa's 3-month T-bill average yield falls to 6.84%

17/01 South Africa sold 1 billion rand ($69.55 million) of three-month Treasury bills, at an average yield of 6.84% compared to 7.12% last week, central bank data showed on Friday. The. . .  Full story

Yields mostly up at South Africa inflation-linked bond auction

17/01 South Africa sold a total of 1.040 billion rand ($72.31 million of its 2025, 2033 and 2046 inflation-linked bonds, central bank data showed on Friday. Yields were mostly higher compared with. . .  Full story

South Africa's rand edges up after surprise rate cut

17/01 South Africa's rand rose against the dollar early on Friday, a day after the central bank unexpectedly cut rates in an attempt to boost faltering economic growth.. . .  Full story

South Africa's rand firms on surprise rate cut

16/01 South Africa's rand inched up on Thursday after the central bank unexpectedly cut its main lending rate by 25 basis points to 6.25%, providing a stimulus to the flagging economy as it lowered its. . .  Full story

South Africa scours state coffers in bid to rescue SAA

16/01 South Africa is scrambling to secure extra funding to rescue South African Airways (SAA), which last month entered a form of bankruptcy protection in a last-ditch bid to save the state-owned. . .  Full story

South African central bank surprises with rate cut

16/01 South Africa's central bank unexpectedly cut its main lending rate by 25 basis points to 6.25% on Thursday, providing a stimulus to the flagging economy as it lowered its inflation forecasts. . .  Full story

Sibanye cuts fewer jobs than planned in Marikana restructuring

16/01 South African miner Sibanye-Stillwater said on Thursday it has concluded a consultation process that reduced the number of proposed job cuts as it restructures the loss-making Marikana operations it acquired last. . .  Full story

MTN Group appoints industry veteran Kyomukama as South Sudan CEO

16/01 South Africa's MTN Group said on Thursday it had appointed industry veteran Gordian Kyomukama as chief executive officer of MTN South Sudan, effective Jan. 21.. . .  Full story

South African Airways selling nine Airbus aircraft - tender document

16/01 South African Airways (SAA) has put up for sale nine of its Airbus aircraft, according to a tender document seeking proposals from interested buyers that was seen by Reuters on Thursday.. . .  Full story

South Africa trawling state coffers to land SAA airline rescue

16/01 South Africa is scrambling to find extra funding to rescue South African Airways (SAA), which last month entered a form of bankruptcy protection in an effort to save the state-owned company. . .  Full story

South Africa's Telkom could cut 3,000 jobs -letter to unions

16/01 South African telecoms company Telkom SA told unions on Wednesday it could cut up to 3,000 of more than 15,000 staff as it struggles with declining performance in fixed voice and. . .  Full story

South Africa's rand steady before mining data, interest rate decision

16/01 South Africa's rand held steady against the dollar early on Thursday, as investors awaited mining output data for further insight into how the economy performed in the final quarter of last. . .  Full story

Makgoba appointed interim chair at South Africa's Eskom

15/01 South Africa's Public Enterprises Ministry said on Wednesday that Malegapuru William Makgoba had been appointed interim chairman of struggling state-owned power utility Eskom, after the resignation of Jabu Mabuza last week.. . .  Full story

South Africa's rand firms on better-than-expected retail sales data

15/01 South Africa's rand firmed against the dollar on Wednesday as November retail sales rose more than expected, giving insight into how the economy performed in the final quarter of last year.. . .  Full story

Fashion retailer Truworths posts slight 26-week sales gain

15/01 Clothing retailer Truworths International reported a small increase in half-year sales on Wednesday, reflecting constrained spending in South Africa and Britain despite a boost from the key November-December period.. . .  Full story

South Africa's Eskom takes energy regulator to court over tariffs

15/01 South Africa's Eskom took a dispute with the energy regulator to court on Wednesday, demanding higher tariffs than those awarded last year which the state utility said threatened it with financial disaster.. . .  Full story

South Africa's Eskom in court over tariff dispute

15/01 South Africa's struggling state utility Eskom took a dispute with energy regulator Nersa to court on Wednesday, arguing that the regulator's three-year tariff decision last year was flawed and threatened the. . .  Full story

South Africa's retail sales up 2.6% year/year in November

15/01 South African retail sales rose 2.6% year-on-year in November following a revised 0.4% increase in October, Statistics South Africa said on Wednesday.. . .  Full story

South African nuclear firm Necsa's board members resign

15/01 The remaining board members at South African state nuclear company Necsa have resigned, the energy ministry said on Wednesday, adding it would prioritise new appointments to the board.. . .  Full story

South African state nuclear firm board resigns

15/01 The remaining board members at troubled South African state nuclear company Necsa have resigned, the energy ministry said on Wednesday, adding that officials would prioritise new appointments to the board.. . .  Full story

South Africa's rand firms ahead of retail sales data

15/01 South Africa's rand firmed against the dollar early on Wednesday, as investors awaited retail sales numbers, looking for clues on the health of the economy in the final quarter of last year.. . .  Full story

South Africa will embrace private power generation, Ramaphosa says

14/01 South Africa will embrace efforts by businesses to generate their own electricity, President Cyril Ramaphosa said on Tuesday, reacting to growing frustration at red tape throttling private power generation.. . .  Full story

S.Africa's Woolworths names U.S. fashion executive Roy Bagattini new CEO, shares jump

14/01 South Africa's Woolworths Holdings has appointed Levi Strauss executive Roy Bagattini as CEO, cheering investors keen for a fresh pair of hands to tackle the department chain's struggling Australian business.. . .  Full story

S. Africa's Woolworths names U.S. fashion executive Roy Bagattini new CEO, shares jump

14/01 South Africa's Woolworths Holdings has appointed Levi Strauss executive Roy Bagattini as CEO, cheering investors keen for a fresh pair of hands to tackle the department chain's struggling Australian business.. . .  Full story

Reprieve for S.Africa's Old Mutual as court rules against fired CEO

14/01 A South African High Court ruled on Tuesday that Old Mutual does not have to reinstate its sacked chief executive Peter Moyo, a shift in legal fortunes for the country's No.2. . .  Full story

Yields down in weekly South Africa government bond auction

14/01 South Africa's Treasury sold a total of 4.53 billion rand($313.97 million) worth of its 2032, 2037, and 2044 instruments on Tuesday. Yields fell compared with the previous auctions.. . .  Full story

South Africa's mining industry calls for action to end power crisis

14/01 South Africa's mining industry body on Monday urged the government to bring on stream new private sector power sources to ease the power crisis that has pushed the country to the. . .  Full story

South African rand soft ahead of data-packed week

13/01 South Africa's rand weakened against the dollar on Monday ahead of a central bank meeting later in the week and key economic data that investors will use to gauge how the economy is performing.. . .  Full story

MTN Nigeria rises 10% after $2 bln tax case withdrawn

13/01 MTN Nigeria shares rose 10% on Monday to their highest in two weeks after the country's attorney general withdrew a $2 billion tax demand against the South African telecoms firm.. . .  Full story

South Africa's Massmart could cut 1,440 jobs

13/01 South Africa's Massmart Holdings could cut up to 1,440 jobs under a plan to close some stores, the retailer said on Monday as it struggles to grow sales in a tough. . .  Full story

S.Africa's Massmart could cut 1,440 jobs

13/01 South Africa's Massmart Holdings could cut up to 1,440 jobs under a plan to close some stores, the retailer said on Monday as it struggles to grow sales in a tough economy.. . .  Full story

I'm a scapegoat: Angola's Isabel dos Santos decries corruption 'witch hunt'

13/01 Angolan billionaire and former first daughter Isabel Dos Santos decried a New Year's Eve court order to freeze her vast assets as a "witch hunt" engineered to weaken her father's influence and distract from. . .  Full story

South African rand firms ahead of U.S.-China trade deal signing

13/01 South Africa's rand strengthened against the dollar early on Monday as the imminent signing of the Sino-U.S. Phase 1 trade deal boosted risk appetite globally, though a power crunch that has. . .  Full story