Business

Thu,23Oct2014

Business

South Africa's budget to freeze government's personnel budgets

South Africa's Finance minister Nhlanhla Nene says the national government's personnel budgets would be frozen. Photo©Julian GoldswainSouth Africa has slashed its growth forecast to 1.4% for 2014 amid a warning that the economy has reached a 'turning point.'

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Ghana: Mahama looking for cash

President of Ghana, John Mahama. Photo©ReutersDespite growing oil and gas production, economic troubles dominate.

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South Africa: Northam launches $600m black empowerment deal

South African's Northam Platinum has agreed to a $600 million deal with black shareholders that will see it increase its black ownership to over a third, the mid-tier platinum producer said on Wednesday.

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Mining: End of Iron Age

Sishen mine in South Africa does not have the heavy transport costs of the Central African deposits. Photos©Nadine Hutton/Bloomberg via Getty ImagesLow prices and high supplies are driving iron ore prices down. Analysts say large companies will survive the crunch but many smaller producers and explorers may be faced with tough decisions.

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Zimbabwe mobile operators to slash rates

Photo©ReutersZimbabwe's mobile regulatory authority – the Postal and Regulatory Authority of Zimbabwe (POTRAZ) – has ordered all three mobile network operators to slash voice tariffs to 15 cents per minute with effect from December, down from 23 cents per minute.

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Lesotho: Cyril Ramaphosa seeks dialogue

South Africa's Deputy President Cyril Ramaphosa is leading SADC's facilitation mission in Lesotho. Photo©ReutersThe Southern African Development Community's point man in Lesotho, South Africa's Deputy President Cyril Ramaphosa visited Lesotho on Monday to continue with his facilitation duties.

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IMF warns African countries over Eurobond borrowing

The International Monetary Fund (IMF) has warned African countries against rushing to issue Eurobonds, saying they may face exchange rate risks and problems repaying debts.

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