SA Business

Top platinum miners declare force majeure after coronavirus lockdown

30/03 The world's largest platinum producers Anglo American Platinum, Sibanye-Stillwater and Impala Platinum have declared force majeure on contracts after a three-week national lockdown forced operations to close.  Full story

South African rand touches all-time low after Moody's pulls the plug

30/03 South Africa's rand hit an all-time low on Monday after ratings firm Moody's removed the country's last investment grade credit rating and downgraded it to "junk" status - although the selloff. . .  Full story

South Africa's Massmart says it has enough funding to weather lockdown

30/03 South African retailer Massmart said on Monday it was confident it had sufficient funding in place to weather a 21-day nationwide lockdown but said it was too soon to estimate the financial impact of the. . .  Full story

South African franchise restaurant chain Spur to defer interim dividend payment

30/03 South African franchise restaurant chain Spur Corporation said on Monday it will defer the payment of its 2020 interim dividend until Oct. 5, in order to preserve cash reserves during the. . .  Full story

Nigerian stocks drop to 8-year low after Buhari orders lockdown to fight coronavirus

30/03 Nigerian stocks fell to a new eight-year low on Monday after President Muhammadu Buhari ordered a lockdown of two of the country's biggest cities to stop the spread of coronavirus.. . .  Full story

South Africa's Netcare scraps 2020 outlook due to coronavirus

30/03 South Africa's Netcare has scrapped its 2020 outlook, suspended spending on projects and share buybacks, and may need to review its dividend policy due to the impact of coronavirus, the private. . .  Full story

Zimbabwe locks down to fight coronavirus amid economic crisis

30/03 Zimbabwe began a 21-day nationwide lockdown on Monday, following South Africa in implementing some of the world's toughest anti-coronavirus measures likely to hurt an economy already suffering hyperinflation and food shortages.. . .  Full story

South African retailer TFG will suspend store rental payments due to lockdown

30/03 South African clothing and homeware retailer TFG said on Monday it will suspend store rental payments for April due to a country-wide coronavirus 21-day lockdown that has forced all its stores to temporarily close.. . .  Full story

Anglo American cancels rough-diamond sales event due to coronavirus lockdowns

30/03 Anglo American said on Monday its diamond unit De Beers Group will not hold its third sales event because of lockdowns in Botswana, South Africa and India, to contain the fast-spreading. . .  Full story

Anglo American Platinum declares force majeure on certain supplier contracts after coronavirus lockdown

30/03 Anglo American Platinum said on Monday it had declared force majeure on certain supplier contracts not considered essential as the bulk of its South African operations are temporally shut to comply with a three-week national. . .  Full story

Sibanye-Stillwater to declare force majeure on S.African platinum output

30/03 Platinum producer Sibanye-Stillwater said on Monday it would declare force majeure on supply contracts for platinum group metals after it temporarily closed its South African mines to comply with a three-week national lockdown.. . .  Full story

South Africa's credit growth in February rises to 5.09% year-on-year

30/03 Growth in private sector credit in South Africa in February quickened to 5.09% year-on-year from 5.01% in January, central bank data showed on Monday.. . .  Full story

Offshore investors net buyers of South African stocks, bonds

30/03 Offshore investors bought a net of 355 million rand ($19.77 million) of South African stocks last week and 5.02 billion rand in bonds, data from the Johannesburg Stock Exchange showed on Monday. STOCKS. . .  Full story

South Africa could seek IMF loan to fight coronavirus

30/03 South Africa has considered approaching the International Monetary Fund (IMF) and other institutions as a last resort for emergency funding to fight the coronavirus that has brought a national lockdown, the. . .  Full story

South Africa sees IMF loan to fight coronavirus as last resort

29/03 South Africa would only consider approaching international agencies such as the International Monetary Fund (IMF) for emergency funding as a last resort to help in the country's fight against the coronavirus, the finance minister. . .  Full story

South Africa announces tax relief for business hit by coronavirus

29/03 South Africa's National Treasury said on Sunday it was introducing a new tax subsidy of 500 rand ($28) per month for each worker to employers for the next four months to. . .  Full story

South Africa may approach the IMF for "health funding" -Mboweni

29/03 South Africa may approach the International Monetary Fund and World Bank for funding to fight the coronavirus that threatens to drag the country's economy deeper into recession, Finance Minister Tito Mboweni. . .  Full story

South African fuel prices to drop sharply in April

28/03 The retail price of petrol in South Africa will fall by as much as 12% from April 1, while the price of wholesale diesel will fall by around 9.5%, the energy. . .  Full story

Moody's downgrade to 'junk' adds to South Africa pain

28/03 Moody's downgraded South Africa's sovereign credit rating to "junk" status on Friday, heaping more pain on an economy already in recession and now staring down the barrel of a steep contraction. . .  Full story

South Africa's Treasury says Moody's downgrade to add to market stress

28/03 South Africa's National Treasury said on Friday that Moody's sovereign downgrade to "junk" status would add to prevailing financial market stress but that it was difficult to say with certainty what the extent of the. . .  Full story

Africa's web of creditors complicates coronavirus debt relief

27/03 Africa is crying out for debt relief to weather a perfect storm of coronavirus, plummeting oil and commodity prices, mounting budget deficits and weaker currencies.. . .  Full story

S.Africa's first coronavirus deaths drive rand lower, focus on Moody's

27/03 South Africa's rand weakened more than 1% on Friday and stocks fell as the country reported its first two deaths from the coronavirus and a sharp jump in new infections just as a three-week. . .  Full story

S.Africa's AngloGold Ashanti cuts spending, suspends output guidance

27/03 South Africa's AngloGold Ashanti on Friday withdrew its production guidance and said it would conserve cash and cut non-essential spending after some operations were suspended due to coronavirus.. . .  Full story

South Africa tweaks rules for small-scale power producers

27/03 South Africa has eased regulations govening small-scale power producers as part of efforts to tackle the country's energy problems, but industry experts said the changes did not go far enough.. . .  Full story

S.Africa's AngloGold Ashanti implements cash saving measures, suspends production guidance

27/03 South Africa's AngloGold Ashanti's on Friday said it would conserve cash, prioritise capital spending, reduce non-essential spending and withdraw its production guidance as some operations are suspended due to coronavirus.. . .  Full story

South Africa's February budget surplus narrows year on year

27/03 South Africa's February budget surplus narrowed to 2.15 billion rand ($122.63 million) compared with a 10.86 billion rand surplus in the corresponding period of the previous year, Treasury data showed on Friday.. . .  Full story

South Africa's Transnet to cut transport of non-essential cargo during lockdown

27/03 South Africa's logistics firm Transnet said it would reduce transport services and non-essential cargo operations during a nationwide lockdown that began at midnight on Thursday to contain the coronavirus.. . .  Full story

S.African retailer Edcon says may seek bankruptcy protection after lockdown

27/03 South African non-food retailer Edcon will be unable to pay its suppliers while a countrywide coronavirus lockdown is in place and may need to seek protection from creditors, its CEO said.. . .  Full story

SAfrican retailer Edcon says may seek bankruptcy protection after lockdown

27/03 South African non-food retailer Edcon will be unable to pay its suppliers while a countrywide coronavirus lockdown is in place and may need to seek protection from creditors, its CEO said.. . .  Full story

Yields rise at South Africa inflation-linked bond auction

27/03 South Africa sold a total of 1.04 billion rand ($59.29 million) of its 2022, 2038 and 2050 inflation-linked bonds, central bank data showed on Friday. Yields rose compared with the previous. . .  Full story

South Africa's Mediclinic names former Lloyd's of London CEO as next chair

27/03 Mediclinic International Plc has appointed former chief executive of Lloyd's of London, Inga Beale, as an independent non-executive director and its next chairwoman, the company said on Friday.. . .  Full story

S.Africa's Amplats continues repairs on processing facilities despite lockdown

27/03 South Africa's Anglo American Platinum (Amplats) said on Friday repairs at its processing facilities would continue while operations its underground mines and smelter were curtailed due to a three-week lockdown over. . .  Full story

Anglo American expects South African lockdown to hit iron ore and coal

27/03 Anglo American expects output at its Kumba Iron Ore mine in South Africa to fall by up to 3 million tonnes in 2020 because of a 21-day lockdown and coal export. . .  Full story

Moody's to cut South Africa's sovereign credit rating to junk -economists

27/03 Moody's will cut South Africa's sovereign credit rating later on Friday as a recession deepened by the impact of coronavirus frustrates economic reform efforts aimed at reducing government debt, a Reuters. . .  Full story

South Africa's Vodacom chairman to retire in July

27/03 The chairman of Vodacom Group, Jabu Moleketi, will step down from the board and retire on July 21, the South African telecoms firm said on Friday.. . .  Full story

South Africa's first coronavirus deaths drive rand lower

27/03 South Africa's rand fell more than 1% on Friday as the country reported its first two deaths from the coronavirus and a sharp jump in new infections, just as a three-week. . .  Full story

Zimbabwe cuts rates, miners send coronavirus distress signals

27/03 Zimbabwe's central bank cut its main lending rate to 25% on Thursday and set a fixed exchange rate as part of measures to support the economy against the coronavirus pandemic.. . .  Full story

South African stocks lifted by global markets, gold gains

26/03 South African stocks gained with global markets on Thursday, lifted by a $2 trillion U.S. coronavirus relief package and a higher gold price, while the rand fell ahead of a lockdown.. . .  Full story

Glencore closes some operations in four countries over coronavirus curbs

26/03 Glencore PLC on Thursday halted a number of smaller mines due to government restrictions to curb the spread of the coronavirus but added its larger operations were not materially impacted.. . .  Full story

Retailer Mr Price's sales down 22.1% since S.Africa declared state of disaster

26/03 South Africa's budget retailer Mr Price said on Thursday its sales have declined 22.1% since President Ramaphosa declared a national state of disaster on March 15 following the outbreak of the coronavirus in the country.. . .  Full story

Aveng to stop mining activities during South Africa lockdown

26/03 Aveng will stop mining activities at its South African sites during a 21-day lockdown over the coronavirus crisis, while some of its operations in New Zealand have stopped temporarily, the construction. . .  Full story

Rand Refinery shuts smelter, reduces gold refining during S.Africa lockdown

26/03 Rand Refinery will shut its smelter and significantly scale down its gold refining during South Africa's 21-day lockdown over coronavirus, the gold refiner said on Thursday.. . .  Full story

South African port closures to hit global copper supply

26/03 South Africa's main export terminals will be closed to mineral exports from midnight on Thursday when a nationwide 21-day lockdown over coronavirus begins, disrupting copper supply from major producer Zambia.. . .  Full story

South African Airways rescue plan deadline extended to May 29

26/03 Creditors of cash-strapped South African Airways (SAA) have authorised an extension of the deadline for the airline's business rescue plan until May 29, the airline's administrators said on Thursday.. . .  Full story

Stocks and currencies mixed after recent gains

26/03 Emerging market shares and currencies were mixed on Thursday with investors remaining cautious after two days of strong gains spurred by the announcement of massive monetary and fiscal coronavirus stimulus packages worldwide.. . .  Full story

South Africa's rand weaker as national lockdown approaches

26/03 South Africa's rand was weaker early on Thursday as the relief of the central bank's announcement of a quantitative easing program faded with some investors taking profits as the country prepared. . .  Full story

South Africa's Telkom to close all its stores during lockdown

26/03 South African telecom company Telkom will close all its stores during the 21-day national lockdown due to start from midnight, it said on Thursday.. . .  Full story

South African watchdog considers spectrum boost for telecoms companies

25/03 South Africa is considering giving telecoms companies increased spectrum, or airwave capacity, as millions of people switch to home working, testing networks and driving up data traffic, the communications minister said on Wednesday.. . .  Full story