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Thu,21Jun2018

South Africa

South Africa's Telkom agrees performance-based pay deal with unions

South African fixed line telecoms network operator Telkom has reached a performance-based pay deal with two of it three largest labour unions while agreeing not to cut jobs for two years, the company said on Tuesday.

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South Africa's political risks may derail economy, says Standard & Poor's

Pravin Gordhan, South Africa's finance minister. Photo©ReutersStandard & Poor's said on Monday that political upheaval might derail South Africa's economy and that it expected that risk to intensify ahead of local government elections on 3 August, although it does not anticipate a recession.

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South Africa awaits another ratings assessment amid Gordhan and Zuma tension

President Zuma says the positive response indicates that they realise South Africa is a nation at work. Photo©Ivan Sekretarev/AP/SIPASouth Africa dodged an investment ratings downgrade to "junk status" by Standard & Poor's on Friday but with a new Fitch assessment due later this week, that relief may be shortlived.

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No recession for South Africa

Ratings firm S&P Global Ratings said on Monday it does not see South Africa's economy slipping into a recession soon but warned that economic reforms had to be implemented to avoid a downgrade in December.

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26 million South Africans to vote for 124 parties in August local elections

File Photo©Schalk van Zuydam/AP/SIPADemocracy has not lost its flavour in South Africa, as the nation enters the home straight before local elections on 3 August.

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Naspers invests $60 million in online-learning company Udemy

Media and e-commerce group Naspers, the largest listed company in Africa by market value, said on Thursday that it has invested $60 million in U.S. education-technology firm Udemy.

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South Africa's private sector expands for first time in 12 months

Photo©ReutersActivity in South Africa's private sector expanded in May for the first time in a year, a survey showed on Friday, as new orders and exports grew even though the subdued economic climate continued to curb output.

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South Africa: Tough search for public prosecutor, Thuli Madonsela's successor begins

Thuli Madonsela. Photo/AP/SIPALove or hate her, South Africa's corruption watchdog, Thuli Madonsela has made her mark on the country's politics.

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M&A: AB InBev-SABMiller deal set to gain U.S. approval

File photo©Andy Wong/AP/SIPAThe U.S. Justice Department is set to approve Anheuser-Busch InBev SA's takeover of SABMiller Plc later this month.

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South Africa: 1,000% break-up bonus for Old Mutual CEO Bruce Hemphill

Photo©ReutersAnglo-South African financial services firm Old Mutual on Tuesday proposed a maximum pay-out for chief executive Bruce Hemphill of 1,000 percent of his 2016 base salary in the firm's managed separation incentive plan.

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M&A: AB InBev-SABMiller deal close as South Africa grants conditional approval

File photo©Andy Wong/AP/SIPASouth African anti-trust regulators on Tuesday granted the world's largest brewer Anheuser-Busch InBev conditional approval for a $100 billion-plus acquisition of SABMiller.

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Pravin Gordhan can't predict whether South Africa will be downgraded

South Africa's finance minister, Pravin Gordhan. Photo©Mike Hutchings/AP/SIPAFinance Minister Pravin Gordhan has said it was still unclear whether South Africa's debt could be downgraded by Standard & Poor's and Fitch after holding discussions with the rating agencies last week, the Financial Mail reported on Thursday.

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Manufacturing: Toyota invests $390 million to expand production at South African car plant

Toyota Fortuner©Gurinder Osan/AP/SIPAJapanese automaker Toyota has invested $390 million to expand the production of its Hilux and Fortuner models in South Africa, its country CEO said on Wednesday.

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South Africa's central bank calls for vigilance after Japan ATM heist

Kuben Naidoo, deputy governor, Reserve Bank of South AfricaThe theft of $13 million from ATMs in Japan using counterfeit cards from South African lender Standard Bank prompted a call for vigilance from South Africa's central bank on Wednesday.

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South Africa: Standard Bank loses $19m in Japan card fraud

Photo©ReutersSouth Africa's Standard Bank said on Monday it had lost 300 million rand ($19 million) in a card fraud incident in Japan, after the perpetrators used counterfeit cards to withdraw cash from automatic teller machines.

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South Africa's prosecutor say Zuma's case must be challenged

South Africa's President Jacob Zuma. Photo©Themba Hadebe/AP/SIPASouth Africa's National Prosecuting Authority (NPA) says it will appeal a High Court decision settings aside the withdrawal of a number of corruption charges against President Jacob Zuma.

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South Africa plans to speed up land redistribution

File photo©Denic Farrell/AP/SIPASouth Africa's government is planning to impose limits on farm sizes to free up parcels of land to hand over to blacks, a minister said on Saturday, giving an insight into the workings of a divisive redistribution scheme.

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Protests as South Africa's first black university celebrates 100 years

Fort Hare University's Nelson Mandela Faculty of Law building. Photo©Vysotsky/Wiki CommonsThe first South African university to accept black students, Fort Hare, celebrates its centenary this year, with Zimbabwe's President Robert Mugabe, a former student, being part of celebrations on Friday, where he gave a speech.

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South Africa opposition leader fears ANC poll rigging

United Democratic Movement (UDM) president Bantu Holomisa. Photo©Tsvangirayi Mukwazhi/AP/SIPAA South African opposition leader says he has lost faith in the country's independent electoral body as the country gears for high stakes local government elections later this year.

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Environment: South Africa plans levy on mines to tackle acid mine water pollution

File photo©ReutersSouth Africa's water ministry plans to charge mining firms two-thirds of the cost for treating polluted water emanating from their century-long operations in Johannesburg's mining belt.

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