SA Business

South African rand ends stronger, receding Evergrande fears help

27/09 The South African rand ended stronger after a volatile day of trading on Monday, helped by receding fears of widespread market contagion from indebted Chinese developer Evergrande.. . .  Full story

South African rand gains as central bank holds rates

23/09 South Africa's rand gained strongly on Thursday, as the dollar fell on global markets and the central bank held its main interest rate at a record low.. . .  Full story

South African rates on hold as expected, economic bounceback mostly done

23/09 South Africa's central bank kept its main lending rate unchanged at 3.5% on Thursday, as expected, saying an economic bounceback from the COVID-19 pandemic was mostly in the past.. . .  Full story

South African rand gains as Evergrande jitters ease

22/09 South Africa's rand strengthened on Wednesday, as an easing of market jitters over Chinese property developer Evergrande lifted risk-sensitive currencies worldwide.. . .  Full story

Corruption trial of former S.Africa president Zuma postponed to Oct 26

22/09 The corruption trial of former South African president Jacob Zuma for a $2 billion government arms deal has been postponed to Oct. 26, the presiding judge said on Wednesday.. . .  Full story

South Africa's Sasol to cut carbon emissions 30% by 2030

22/09 South African fuel and chemical producer Sasol Ltd has raised its emissions reduction target for 2030 to 30% from 10% as it aims to become a net zero carbon emitter by 2050, its CEO. . .  Full story

South Africa's consumer price inflation rises to 4.9% y/y in August

22/09 South Africa's headline consumer price inflation quickened to 4.9% year on year in August from 4.6% in July, data from Statistics South Africa showed on Wednesday.. . .  Full story

S.Africa's Absa planning transaction to increase Black ownership

22/09 South African lender Absa said on Wednesday it is working to bring Black investors into its shareholder base under a plan accounting for up to 8% of its share capital once implemented.. . .  Full story

S.Africa grants Turkey's Karpowership licences for floating power generation

21/09 South African energy regulator Nersa has granted Turkey's Karpowership three licences to generate power on floating gas ships at ports, a company spokesperson said on Tuesday.. . .  Full story

Takatso says it is still in talks over South African Airways investment

21/09 Takatso Consortium said on Wednesday it was still in discussions with South Africa's Treasury over its purchase of a 51% stake in the country's struggling national airline but said both parties were committed to an. . .  Full story

South African rand slips to 3-week lows, stocks rise

21/09 The South African rand fell to more than three-week lows on Tuesday, hurt by subdued risk appetite and after ratings agency Fitch said Africa's most industrialised economy will continue to face challenges as it seeks. . .  Full story

S.Africa's Zuma seeks to replace prosecutor in arms trial

21/09 A South African court on Tuesday resumed a trial that has dragged out for years over a $2 billion arms deal involving ex-president Jacob Zuma, whose legal team sought to remove a prosecutor they. . .  Full story

S.Africa mobile operator Telkom to decide on towers unit listing

21/09 South Africa's Telkom aims to decide on listing its masts and tower business by next March, the country's third biggest telecom operator said on Tuesday.. . .  Full story

Hospital operator Mediclinic gets Africa's first sustainability-linked loan

21/09 South Africa's Mediclinic has refinanced 8.45 billion rand ($575.26 million) in loans through Rand Merchant Bank, the hospital operator said on Tuesday, in what the bank described as Africa's first sustainability-linked banking facility.. . .  Full story

Zambia mines minister takes aim at Konkola liquidation

20/09 Zambia's mines minister on Monday criticised the previous administration's push to liquidate Vedanta's Konkola Copper Mines (KCM) unit, which sparked years of wrangling.. . .  Full story

S.African insurer to sell part of UK business to Oaktree Capital

20/09 South Africa's Sanlam Ltd will sell part of its UK business to investment firm Oaktree Capital Management for 140 million pounds ($191.37 million), the company said on Monday, and funnel the capital into emerging markets.. . .  Full story

S.Africa's Rand Merchant to unbundle stake in insurers, plans rights issue

20/09 South African financial services holding company Rand Merchant Investment said on Monday it would unbundle its stake in two major local insurers and carry out a rights issue to narrow a discount between its share. . .  Full story

Goldman Sachs hires Barclays' executive to S.Africa unit

20/09 Goldman Sachs Group has hired Simon Denny, head of Banking Africa at Barclays Plc , to run investment banking at its South African unit, the U.S. banking giant told Reuters on Monday.. . .  Full story

South African rand weakens in early trade as dollar rallies

20/09 South Africa's rand weakened in early Monday trade after losing ground last week, as the dollar rallied even as investors stayed cautious ahead of a week packed with local and global economic indicators.. . .  Full story

S.Africa's rand, stocks fall on strong dollar, drop in commodity prices

17/09 South Africa's rand weakened on Friday, reversing some early gains and was set to close the week with an overall loss of almost 3.8% as the U.S. dollar rose and weak domestic economic data. . .  Full story

S.African rand slides as dollar jumps on U.S. data, stocks fall

16/09 The South African rand fell to more than two-week lows on Thursday as the dollar jumped on a surprise rebound in U.S. retail sales, extending this week's rand losses to more than 2%.. . .  Full story

S.Africa says UK climate envoy to visit to discuss helping shift from coal

16/09 Britain's envoy to the U.N. Climate Change Conference plans to visit South Africa ahead of the November talks, officials said, to discuss helping it end an over-reliance on coal that makes it one of. . .  Full story

Sibanye Stillwater buys half of ioneer's Nevada lithium project in $490 million deal

16/09 Sibanye Stillwater Ltd is buying half of ioneer Ltd's Nevada lithium mine project for $490 million, one of the largest deals ever for U.S. supply of the electric vehicle battery metal as demand is. . .  Full story

South Africa's FirstRand posts 56% full-year profit jump

16/09 FirstRand, Africa's largest bank by capitalisation, on Thursday reported a 56% rise in full-year profit, with credit losses easing as it recovers from the impact of the COVID-19 pandemic.. . .  Full story

South Africa's rand falls on weak retail sales data; stocks inch up

15/09 The South African rand fell on Wednesday as a drop in retail sales added to evidence that riots and tight COVID-19 restrictions dealt the economy a severe blow at the start of the third. . .  Full story

Carrefour's franchisee acquires Shoprite's six stores in Uganda

15/09 Majid Al Futtaim, a Carrefour franchise holder, has reached a deal to take over six stores in Uganda from South African retailer Shoprite, it said on Wednesday.. . .  Full story

South Africa's retail sales down 0.8% year/year in July

15/09 South Africa's retail sales fell 0.8% year on year in July after rising by 10.5% in June, Statistics South Africa said on Wednesday.. . .  Full story

S.Africa's FirstRand to end funding for new coal mines, power plants

15/09 South Africa's FirstRand will end funding for new coal-fired power stations and coal mines and has lowered the cap on its coal exposure as part of moves to reach net-zero emissions by 2050, it. . .  Full story

South Africa's rand slumps as JPMorgan recommends selling; stocks drop

14/09 The South African rand slumped on Tuesday afternoon, bringing to a halt a recent rally as investment bank JPMorgan recommended selling the currency.. . .  Full story

Offshore investors net sellers of South African stocks, bonds

14/09 Offshore investors sold a net 4.0 billion rand ($280.99 million) of South African stocks last week and 3.7 billion rand of bonds, data from the Johannesburg Stock Exchange showed on Tuesday. STOCKS. . .  Full story

MTN launches Uganda's first phone-based share trading service

14/09 Uganda's biggest telecoms firm, a unit of South Africa's MTN Group, has launched the East African country's first mobile phone-based stocks trading platform, a senior executive said on Tuesday.. . .  Full story

Zambia says it will restore 'sanity' to rattled mining sector

14/09 Zambia's newly-appointed mines minister said on Tuesday that the government will ensure stability and predictability in the mining sector, seeking to allay fears of royalty hikes.. . .  Full story

Yields rise in weekly South African government bond auction

14/09 South Africa's government sold a total of 3.9 billion rand ($274.77 million) of its 2030 , 2032 and 2044 bonds on Tuesday. Yields rose compared with the previous auctions.. . .  Full story

S.Africa's Steinhoff raises $515 mln via Pepkor share sale

14/09 South African retailer Steinhoff International said on Tuesday it had raised 7.3 billion rand ($515.46 million) via a sale of 370 million shares in subsidiary Pepkor.. . .  Full story

AngloGold Ashanti agrees to buy out Canada's Corvus Gold

13/09 AngloGold Ashanti agreed on Monday to buy out Canadian-listed Corvus Gold for 4.10 Canadian dollars per share in a deal valuing the exploration firm at 570 million Canadian dollars ($450 million).. . .  Full story

South Africa's rand falls, focus on U.S. inflation data

13/09 South Africa's rand began the week on a weaker footing, as investors awaited readings on U.S. consumer prices that could be crucial to the Federal Reserve's decision on when to exit its super-supportive policy.. . .  Full story