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Economy News

Parliament to review rules on removing President

By: Reuters     8th January 2018 South Africa’s parliament said on Sunday it would review its rules relating to removing the country's president, after the constitutional court ruled on December 29 that lawmakers had previously failed to hold President Jacob Zuma to account. A parliamentary subcommittee will meet this week to... 

South Africa's private-sector activity slows to 20-month low in December

By: Reuters     4th January 2018 South African private-sector economic activity contracted for a fifth consecutive month in December as factory output and new orders fell, a survey showed on Thursday. The Standard Bank Purchasing Managers' Index (PMI), compiled by IHS Markit, fell to 48.4 in December from 48.8 in November,... 

South Africa's private-sector activity slows to 20-month low in December

South Africa's rand resumes rally as bears buy short

By: Reuters     3rd January 2018 South Africa's rand gained more than one% on Wednesday, reversing losses from earlier in the session to trade at a three-day high as investors betting on a dollar recovery bought the local currency cheap. At 15:00 GMT the rand was 0.86% firmer at 12.36 per dollar. 

South Africa's rand resumes rally as bears buy short

Will intra-Africa trade come of age in 2018?

By: African News Agency      3rd January 2018 Overcoming the barriers for intra-African trade to double in a decade can feel like a Sisyphean task – impossible to complete. But that is the objective of the Boosting Intra-African Trade (BIAT) action plan, which targets to double flows between January 2012 and January 2022. Many individual... 

Will intra-Africa trade come of age in 2018?

PAC welcomes proposed land expropriation without compensation

By: African News Agency      2nd January 2018 The Pan Africanist Congress (PAC) has welcomed the recent proposal by the ruling African National Congress (ANC) to expropriate land without compensation, saying that it had always held the belief that land reform in South Africa should not involve the exchange of money. At its 54th national... 

PAC welcomes proposed land expropriation without compensation

Steinhoff says will have to restate 2015 financial statements

By: African News Agency      2nd January 2018 Beleaguered retailing group Steinhoff International Holdings said on Tuesday its 2015 financial statements, in addition to the 2016 accounts, could no longer be relied upon. In a statement, Steinhoff, which was engulfed by an accounting scandal last month, leading to the resignation of CEO... 

Steinhoff says will have to restate 2015 financial statements

Improving quality of life remains key priority, says Zuma

By: African News Agency      2nd January 2018 Improving the quality of life of the South African people, especially the poor and the working class, remains a key priority of government, President Jacob Zuma said on Sunday. “Significant strides” were made in 2017 in fighting poverty, inequality, and unemployment, he said in his new year’s... 

Improving quality of life remains key priority, says Zuma

South Africa trade surplus soars to R13bn in November

By: Reuters     28th December 2017 South Africa's trade surplus soared to R13.02-billion ($1.06-billion) in November, its highest in a one-and-a-half years as exports of mineral and chemical products as well as commodities and vehicles grew briskly while imports were subdued. It was a big jump in the surplus from R4.34-billion in... 

South Africa trade surplus soars to R13bn in November

South Africa's rand hits 2-1/2 year high on bets on leadership change

By: Reuters     28th December 2017 South Africa's rand on Thursday extended gains that have seen it soar to its firmest in two-and-a-half years, with investors believing a leadership change in the ruling party would spur an economic rebound. At 06:40 GMT the rand traded at 12.2650, inching 0.04% ahead in early trade following a... 

South Africa's rand hits 2-1/2 year high on bets on leadership change

Congo Republic to cut 2018 spending by 9% as growth lags

By: Reuters     28th December 2017 Congo Republic's government said on Wednesday it planned to cut spending next year by 8.6% to 1.38-trillion CFA francs ($2.5-billion), following a 45% cut to the 2017 budget this month, as it seeks an International Monetary Fund bailout. The economy has been badly hit by low oil prices and poor... 

Congo Republic to cut 2018 spending by 9% as growth lags

Volunteers restore, relaunch iconic Apple Express tourism train 

By: Henry Lazenby     27th December 2017 A group of Port Elizabeth-based railway enthusiasts has painstakingly restored and successfully relaunched the iconic Apple Express tourist steam train. The two-foot narrow gauge steam train made its maiden trip at 09:00 on December 26, carrying fare-paying passengers between the city’s Kings... 

Volunteers restore, relaunch iconic Apple Express tourism train
Photo by Apple Express Rail Company
The Apple Express was officially relaunched by acting mayor Andrew Whitfield and Apple Express Rail Company CEO Nerina Skuy

European chipmakers tumble on iPhone demand scare; miners rally

By: Reuters     27th December 2017 European tech stocks tumbled on Wednesday as the region emerged from a two-day trading holiday and investors reacted to reports that demand for Apple's iPhone X may be weaker than expected. The pan-European STOXX 600 inched 0.1% higher, as the downturn in the high-performing tech sector was... 

European chipmakers tumble on iPhone demand scare; miners rally

Ghana Stock Exchange says three firms on delisting watch list

By: Reuters     27th December 2017 The Ghana Stock Exchange (GSE) has put on its watch list three distressed companies including Cocoa Processing Company (CPC) for possible delisting if their financials do not improve by the end of May, the exchange said on Wednesday. State-run CPC, known for its flagship 'Golden Tree' products,... 

Ghana Stock Exchange says three firms on delisting watch list

SA Deputy President Ramaphosa spreads Christmas cheer with message of hope

By: African News Agency      27th December 2017 South Africa’s Deputy President Cyril Ramaphosa, who recently took over the reigns of the ruling African National Congress (ANC), on Sunday spread some Christmas cheer with his positive message promising economic growth and a society in which everyone is safe, secure and feels valued. Ramaphosa,... 

SA Deputy President Ramaphosa spreads Christmas cheer with message of hope

In Nigeria, four in ten people in the workforce are unemployed or underemployed – stats office

By: Reuters     22nd December 2017 Nigeria may have Africa's biggest economy, but four out of every ten people in the country's workforce were unemployed or underemployed by the end of September, the government statistics office said on Friday. The regional power climbed out of its first recession in a quarter of a century in the... 

In Nigeria, four in ten people in the workforce are unemployed or underemployed – stats office

South African rand, stocks flat ahead of festive break

By: Reuters     22nd December 2017 South Africa's rand traded flat on Friday in thin pre-holiday trade with previous gains spurred by the election of Cyril Ramaphosa as the new leader of the governing African National Congress party still largely intact. Stocks were barely changed from Thursday's close with low volumes ahead of... 

South African rand, stocks flat ahead of festive break

South Africa's power utility Eskom to postpone interim results announcement

By: Reuters     21st December 2017 South Africa's state owned power utility Eskom said on Thursday it will postponed its interim results announcement until early next year. The cash-strapped utility, which has been gripped by a governance crisis in its board, said it needs time to review the impact of the increase and for its... 

South Africa's power utility Eskom to postpone interim results announcement

Steinhoff investor Wiese sells part of Shoprite stake

By: Reuters     21st December 2017 South African investor Christo Wiese has sold an additional R1.1 billion of shares in supermarket group Shoprite, exchange filings showed on Thursday, after his exposure to scandal-hit retailer Steinhoff dented his fortune. More than $14-billion of shareholder value has been wiped off Steinhoff... 

Casac asks NPA boss to assure Zuma charges won't be dropped

By: News24Wire      21st December 2017 The Council for the Advancement of the South African Constitution (Casac) has asked the National Director of Public Prosecutions' (NDPP) Advocate Shaun Abrahams to assure them that he will not withdraw charges against President Jacob Zuma until a Constitutional Court ruling has been made. The... 

Casac asks NPA boss to assure Zuma charges won't be dropped
Photo by Reuters
Shaun Abrahams

ANC's land expropriation stand equals theft – AfriForum 

By: Megan van Wyngaardt     21st December 2017 Civil rights watchdog AfriForum says that the African National Congress’s decision to amend South Africa’s Constitution to allow expropriation without compensation boils down to a decision to commit theft and to place the country on the same road of destruction that Zimbabwe followed in its... 

ANC's land expropriation stand equals theft – AfriForum

We have shown that 'unity of the ANC is sacrosanct' - Zuma 

By: News24Wire      21st December 2017 President Jacob Zuma says there are no winners or losers, after Cyril Ramaphosa was elected the new leader of the African National Congress (ANC). In a statement on Thursday morning, Zuma said the ANC was the clear winner after the election. 

We have shown that 'unity of the ANC is sacrosanct' - Zuma

Vaal river dams increase levels, but DWS urges conservation

By: Megan van Wyngaardt     21st December 2017 The Gauteng dams which form part of the Integrated Vaal River System (IVRS) continue to climb up to higher levels following a period of consistent decline. The IVRS is this week in sharp contrast compared to what it was last year during the same time. The system is currently at 71.9% compared to... 

Vaal river dams increase levels, but DWS urges conservation

JSE gains yet another Reit as Castleview Property Fund lists

By: Megan van Wyngaardt     21st December 2017 The Johannesburg Stock Exchange (JSE) on Thursday gained another real estate investment trust (Reit) under its AltX board, when Castleview Property Fund listed on its Retail Reits sector Castleview is now the twentieth company to list on the JSE this year. JSE capital markets director Donna Nemer... 

JSE gains yet another Reit as Castleview Property Fund lists

Agbiz disappointment by ANC resolution on land expropriation 

By: African News Agency      21st December 2017 The Agricultural Business Chamber (Agbiz) on Thursday said it was concerned by the  African National Congress' (ANC's) resolution to start the process of amending the constitution to allow for land expropriation without compensation. The ANC announced the move at the just ended 54th National... 

Agbiz disappointment by ANC resolution on land expropriation

Corruption, state capture must stop – Ramaphosa

By: African News Agency      21st December 2017 Newly-elected African National Congress President Cyril Ramaphosa on Thursday morning, lambasted corruption in government and in the private sector, as he delivered his closing remarks at the 54th national elective conference. “At the state level we must confront the reality that critical... 

Corruption, state capture must stop – Ramaphosa

Distell to sell cognac business in R800m deal

By: Megan van Wyngaardt     20th December 2017 JSE-listed Distell today entered into a definitive agreement to sell its cognac business, Bisquit Dubouche et Cie to Italian branded beverage company Campari Group for an enterprise value of 2.5 million, or R800-million. The disposal is expected to close during the first quarter of 2018. 

AfDB to support Mozambique rail project with $300m

By: Megan van Wyngaardt     20th December 2017 The African Development Bank (AfDB) is taking the lead in facilitating the takeoff of one of Africa’s largest infrastructure project − the $5-billion Nacala corridor rail and port project, supporting the project with $300-million from its private sector window. After years of financial... 

AfDB to support Mozambique rail project with $300m

Ethiopia signs $4bn deal to build 1 000 MW-geothermal power plants

By: Megan van Wyngaardt     20th December 2017 Ethiopia has signed an agreement to build two geothermal power plants at a combined cost of $4-billion, to be run by the country's first privately-owned utility. The Corbetti and Tulu Moye plants will produce a combined 1 000 MW of power upon completion in eight years time in the... 

Embracing automation can lead to greater skills development

By: Megan van Wyngaardt     20th December 2017 While the automated economy is often seen as a threat to many of today’s jobs, ManpowerGroup South Africa MD Lyndy van den Barselaar notes that it will open up employment opportunities for those with the right skillsets, as the digital transformation continues to change the way we work. “While it... 

ABB, SNC-Lavalin joins forces for substation projects

By: Megan van Wyngaardt     20th December 2017 Automation company ABB and infrastructure company SNC-Lavalin have signed an agreement to form a joint venture (JV) for the execution of engineering, procurement and construction (EPC) projects for electrical substations. SNC-Lavalin will have majority and controlling interest in the JV. 

Ictu demands independent inquiry into corruption allegations at Sita 

By: Megan van Wyngaardt     20th December 2017 The Information, Communication and Technology Union (Ictu) is demanding an independent inquiry into the corruption allegations at the State Information Technology Agency (Sita), focusing in particular on the board members who have “stitched-up” their contracts to ensure that when their contracts... 

Ictu demands independent inquiry into corruption allegations at Sita

Zim's new leader Mnangagwa visits SA to meet potential investors

By: News24Wire      20th December 2017 Zimbabwean President Emmerson Mnangagwa is reportedly set to "address a high profile business conference" in Pretoria on Thursday, as his new administration strives "to revitalise the economy through attracting investment". According to the State-owned Herald newspaper, a statement by Zimbabwe's... 

Zim's new leader Mnangagwa visits SA to meet potential investors
Photo by Reuters
Emmerson Mnangagwa

Drought to hit South Africa's 2018 wine harvest

By: Reuters     19th December 2017 South Africa, the world's seventh biggest wine producer, is expected to see the smallest harvest in more than a decade in 2018 after drought and lower plantings hit yields, industry experts said. The winelands are mostly in the coastal Western Cape province which was declared a disaster area in... 

Drought to hit South Africa's 2018 wine harvest

Scandal-hit Steinhoff names acting CEO ahead of meeting with lenders

By: Reuters     19th December 2017 Steinhoff named Danie van der Merwe as acting CEO on Tuesday as the South African retail group struggles to contain an accounting scandal. Van der Merwe is currently chief operating officer and has been with the company since 1998. 

Ascendis looks to settle debt through rights offer

By: Megan van Wyngaardt     19th December 2017 Ascendis Health is aiming to raise R750-million through a fully underwritten renounceable rights offer. The proceeds will be used to settle 50-million of the deferred vendor consideration payment owed to the sellers of Remedica Holdings, an international pharmaceutical business acquired in 2016,... 

Group Five expects material earnings impact as Kpone drags

By: Megan van Wyngaardt     19th December 2017 Owing to a number of delays at construction company Group Five’s $410-million independent gas- and oil-fired combined cycle power plant Kpone contract in Ghana, the company expects to report an impact on its group earnings and cash in the first half of 2018. The company was contracted to design,... 

Ramaphosa must institute state capture inquiry first - Sanco 

By: News24Wire      19th December 2017 The first order of business for newly-elected African National Congress president Cyril Ramaphosa should be to institute the much-awaited state capture inquiry, the South African National Civic Organisation (Sanco) said on Monday evening. The institution of the inquiry, recommended by former... 

Ramaphosa must institute state capture inquiry first - Sanco
President Jacob Zuma

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