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Fri,20Oct2017

South Africa

South Africa's industrial policy is bearing fruit

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South Africa's trade and industry minister Rob Davies​ speaks to The Africa Report about developing regional value chains and the importance of the state’s role in getting positive social and economic outcomes from the private sector​.

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Skeletons in the closet, loyalty to the party and South Africa’s political landscape

Photo: flowcomm/Flickr
With South Africa’s 2019 national elections looming overhead, its political landscape has not caught a break as each month, and even week, that passes another ‘skeleton in the closet’ comes out to shock the public.

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South Africa's Famous Brands buys British burger chain at lower price after Brexit

Photo©Chris Ratcliffe/AP/SIPASouth African fast food group Famous Brands bought Britain's Gourmet Burger Kitchen (GBK) for 2.1 billion rand ($143.3 million), saving nearly a fifth on the price due to the weaker pound in the wake of Brexit, the firm said on Thursday.

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South Africa's ANC backs Gordhan, urges him to cooperate with police

South African Finance Minister. Photo©Mike Hutchings/ReutersSouth Africa's ruling party backed Finance Minister Pravin Gordhan on Tuesday but urged him to cooperate with police investigations, days after Gordhan declined to meet detectives looking into his time at the tax office.

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Weak pound to hurt South Africa's Steinhoff UK business

Photo©John Stillwell/AP/SIPASouth Africa's Steinhoff warned on Wednesday the slump in the pound after Britain's vote to leave the European Union would hurt its UK business as the furniture conglomerate fell a touch short of estimates with a one-third rise in annual sales.

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South African minister tells Eskom to release coal contracts report to Treasury

Photo©Siphiwe Sibeko/ReutersSouth African Public Enterprises Minister Lynne Brown said on Tuesday she had asked state-owned power utility Eskom to immediately provide a report required by the Treasury, which is investigating the utility's coal contracts.

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South African airlines asks lenders for $1bn

South African Airlines. Photo©AIRBUS/AP/SIPASouth Africa's cash-strapped national carrier plans to raise 16 billion rand ($1 billion) from banks and other financial institutions, a newspaper notice showed, days after saying it could pay its debts.

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South Africa: President Zuma can't intervene in Pravin Gordhan probe

President Jacob Zuma. Photo©Themba Hadebe/AP/SIPASouth African President Jacob Zuma said on Thursday he backs Finance Minister Pravin Gordhan but cannot intervene in a police investigation over a suspected spy unit at the tax service, signalling a prolonged tussle that could rock markets further.

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South Africa finance minister says Treasury managing to remain "fiscally credible"

Pravin Gordhan. Photo©Chalk Van Zuydam/AP/SIPASouth African Finance Minister Pravin Gordhan said on Wednesday that the domestic growth outlook remained bleak, reiterating that economic expansion would be close to zero percent this year as forecast by the central bank.

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South African assets sink after police summon finance minister

Finance Minister Pravin Gordhan. Photo©Schalk Van Zuydam/AP/SIPASouth African assets slumped on Wednesday after an elite police unit summoned Finance Minister Pravin Gordhan over an investigation into a suspected rogue spy unit in the tax service, fuelling speculation that there was a plot to oust him.

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ArcelorMittal South Africa to pay $110m to settle anti-trust charges

Photo©Denis Farrell/AP/SIPAArcelorMittal's South African unit has agreed to pay a 1.5 billion rand ($110 million) fine for colluding to fix steel prices, the competition watchdog said on Monday.

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Telecoms: MTN South Africa to sell $729m stake to black investors

Photo©Siphiwe Sibeko/ReutersSouth African mobile phone company MTN Group will sell shares worth 9.9 billion rand ($729 million), a 4 percent stake, to black investors to meet government quotas on black ownership.

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Africa after the real Brexit

Photo©Svancara Petr/AP/SIPAAs Britain chose to leave the European Union, sending shock waves through the global markets, experts remain uncertain on how this would impact African economies. Trade and investment would certainly be affected as most of the trade arrangements the UK has with African countries were negotiated through the EU.

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South Africa: ANC's coalition overtures rejected, loses metros

Leader of the Economic Freedom Fighters (EFF) Julius Malema. Photo© Herman Verwey/AP/SIPASouth Africa's ruling African National Congress' efforts to hang on to three major metros after a disappointing performance in recent local government elections suffered a major blow on Wednesday after a break-away party rebuffed coalition overtures.

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Old Mutual to invest in Nigerian real estate, agriculture

Photo©Mike Hutchings/ReutersAnglo-South African financial services firm Old Mutual and Nigeria's sovereign wealth fund on Friday signed agreements to set up two funds to invest in real estate and agriculture in Africa's most populous nation.

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South Africa's Eskom says power supply steady despite strike

Photo©Siphiwe Sibeko/AP/SIPASouth Africa's state-run power utility Eskom said on Thursday that electricity supplies were unaffected despite a nationwide pay strike, and that it was holding wage talks with unions mediated by labour authorities.

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Unexpectedly positive economic data may see South Africa avoid recession

Photo©Siphiwe Sibeko/ReutersSouth Africa's manufacturing output rose more than expected in June while mining production shrank at a slower rate than market estimates, raising hopes the economy could fend off a recession and ratings downgrades to junk later in the year.

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All eyes on SA's public protector selection

Thuli Madonsela made her mark on the South Africa's political landscape after she said Zuma should pay back some of the money used in upgrades at his Nkandla home. Photo©Stuart Graham/AP/SIPASouth Africa will this week begin a process of replacing outgoing public watchdog, Thuli Madonsela, whose term is coming to end and this has generated public interest, as she famously took on President Jacob Zuma accusing him of benefitting unduly from taxpayers' money.

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South Africa: Eskom workers continue strike despite court order

Photo©Siphiwe Sibeko/ReutersMore workers at South African state-run power utility Eskom joined a strike over pay, their union said on Wednesday, in defiance of a court order preventing the industrial action at the state-run firm.

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ANC breakaway party emerges kingmaker after close polls

Leader of the Economic Freedom Fighters Julius Malema, centre, smiles during a news conference at the election results center in Pretoria, South Africa, Friday, Aug. 5, 2016. Photo©Herman Verwey/AP/SIPAA breakaway party of South Africa's ruling African National Congress (ANC) has emerged a kingmaker following last week's hotly contested local government elections.

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