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Mon,15Oct2018

South Africa

Africans investing in Africa

Leading the pack – from left to right: Gavin Dalgleish - ILLOVO, Ismaïl Douiri - ATTIJARIWAFA Bank, Ade Ayeyemi - ECOBANK, Tabitha Karanja - Keroche Breweries. Photo©Martin rhodes/Gallo Images/Getty Images; Attijariwafa; Guilhem Alandry Documentography for JA; Noor Khamis/ReutersAfter a day and a half of high-level discussions at an Africa investment conference, Arnold Ekpe, non-executive chairman of financial services holding firm Atlas Mara and former chief executive of Ecobank, sounds slightly exasperated. "African countries are not doing enough for themselves," he says. "I have been going to conferences like this for 20 years. We have to move from talk to action."

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Investment: Africa had record levels of private equity exits in 2015

African private equity firms cashed in on investments last year at the highest rate in almost a decade, with South Africa, Egypt, Nigeria and Kenya accounting for two-thirds of these exits.

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South Africa: Thabo Mbeki defends arms deal

Thabo Mbeki. Photo©Thibault Camus/AP/SIPASouth Africa's former president, Thabo Mbeki has backed a recent government report claiming there was no corruption in an arms deal, but critics and the opposition insist the multi-billion deal was fraught with irregularities.

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Over 58 000 South African jobs at risk across sectors

Photo©Denis Farrell/AP/SIPASouth Africa's Solidarity union said on Tuesday that 58,549 workers could lose their jobs this year, with more than 29,000 jobs on the line in the mining sector and 8,000 in the metal and engineering industry.

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Investor community re-interested in South Africa - Lesetja Kganyago

South African Reserve Bank governor Lesetja Kganyago. Photo©Jacquelyn Martin/AP/SIPAStrong demand for a sovereign bond issue earlier this month shows foreign investors are acknowledging the robustness of South Africa's democratic institutions and its sound economic fundamentals, the head of its central bank said.

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South Africa's former finmin Nene appointed as advisor at Thebe Investment

Nhlanhla Nene,  South Africa's former Finance Minister. Photo©ReutersFormer finance minister Nhlanhla Nene has been appointed as an advisor at Thebe Investment Corporation to help roll-out the firm's growth plan, his second private sector job in a week.

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South Africa's Steinhoff and France's Fnac battle for rival French Darty

Photo©ScreengrabThe battle for Europe's third-largest electrical goods retailer Darty intensified on Thursday as South Africa's Steinhoff and French rival Fnac frantically tried to outbid each other.

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South African CEO apologises for 'bitch switch' comment

Jose Dos Santos, CEO of telecoms group Cell C. Photo©ScreenShotThe CEO of telecoms group Cell C apologised on Wednesday for telling a radio interviewer that women had a "bitch switch" and attractive women boosted office morale.

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South Africa Mining Minister defends new Mining Charter amid outrage

South Africa’s Mining Minister Mosebenzi Zwane. Photo©ReutersSouth Africa's Mining Minister Mosebenzi Zwane has reassured investors that the country is open for business and mining investments despite outcry over a new revised mining charter that some say threatens the ailing industry.

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South Africa: Fierce campaigns ensue ahead of local government polls

Civil society groups are calling for Zuma to resign in the aftermath of a damning Constitutional Court ruling. Photo©ReutersSouth African political parties are hitting the campaign trail three months before crucial local government elections where the ruling African National Congress (ANC) is expected to face its toughest challenge since it came to power in 1994.

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Pressure mounts on South Africa's Zuma to step down

South Africa's President Jacob Zuma. Photo© Ivan Sekretarev/AP/SIPAA group of South African lawyers has joined the lobby trying to force President Jacob Zuma to resign following a damning court ruling that condemned his failure to repay public funds, saying the judgement must be respected.

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South Africa's Bidvest to spin off "undervalued" food unit

Brian Joffe, Bidvest founder and chief executive has a reputation as one of South Africa's savviest dealmakersSouth African conglomerate Bidvest Group will next month spin off and separately list its food distribution business, it said on Thursday, in a breakup of the $8.2 billion company aimed at boosting its share price.

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South Africa: Judge dismisses bid to block release of Polish immigrant who killed anti-apartheid hero'

Janusz Walus testifies at the Truth and Reconciliation Commission hearing at Pretoria City Hall in this August 20, 1997. File photo©ReutersA South African judge on Thursday dismissed a request by the justice minister to block the release from prison of the killer of anti-apartheid campaigner Chris Hani, the latest twist in a saga that has revived memories of the country's liberation struggle.

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South Africa: Treasury yet to approve state arms manufacturer deal with Gupta firm

South Africa's President Jacob Zuma has denied suggestions the Guptas wield undue political power. Photo©ReutersSouth Africa's Treasury said on Wednesday it was still considering an application by state-owned arms manufacturer Denel to do business with a company owned by the Gupta family, which has been under scrutiny over its alleged close ties to President Jacob Zuma.

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South Africa: Bidvest to list food service unit on local stock exchange

Photo©ReutersSouth Africa's Bidvest Group on Thursday said it plans to list its food business Bid Corp on the local stock exchange on May 30 to streamline its activities and operations.

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South Africa gears up for local elections

Local Government minister, Des van Rooyen says close to 77 per cent of South Africans or 6.6 million voters have registered for the local elections. Photo©ReutersSouth Africa is gearing up for local elections in August, with Local Government minister, Des van Rooyen allaying fears the country may have to postpone the polls due to the state of the voters' register.

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Looming South Africa bread price increase angers labour

Photo©ReutersSouth Africans bearing the brunt of rising cost of living now have to contend with a 10 percent increase in the price of bread following an adjustment in import duty for wheat.

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Growth: After the crash, the fightback

Image©Francesca Capellini for TARSierra Leone, which earns 85% of its foreign exchange from mineral exports, has been devastated; economies as big as South Africa's and Nigeria's are also struggling. Now, leaders and activists are trying more nationalist tactics against the resource curse.

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Finance: South Africa's growth path not at risk over political tensions

President Jacob Zuma survived an impeachment vote and has faced calls to step down. Photo©ReutersPolitical upheavals will not divert the government's attention from implementing growth policies in South Africa as it battles to stave off potential credit rating downgrades, the Treasury said on Monday.

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South Africa: Winnie Mandela to appeal court decision after losing claim to ex-husband's property

Winnie Madikizela-Mandela. Photo©ReutersFormer South African leader, Nelson Mandela's ex-wife, Winnie Madikizela-Mandela says she will appeal a High Court decision that she has no claim to the late icon's home in Eastern Cape.

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