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Sat,15Dec2018

South Africa

South Africa's AMCU union threaten strike at Sibanye Gold over planned job cuts

File photo©ReutersSouth Africa's Association of Mineworkers and Construction Union (AMCU) said on Friday it could strike at Sibanye Gold if the firm does not stop its plans to cut more than 500 jobs at its recently acquired platinum mines.

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South Africa: Influential ANC official warns of 'mafia state' in Govt and Gupta links row

Gwede Mantashe, Secretary General of South Africa's ruling party, ANC. Photo©ReutersSouth Africa's President Jacob Zuma on Thursday refuted claims that he had been influenced by the powerful Gupta family in his cabinet appointments.

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Congolese advertising firm Sapro takes over SA giant

Paul Obambi, CEO and founder of Sapro. Photo©BAUDOUIN MOUANDA for J.A.Congolese group, Sapro has positioned itself to become a continental advertising player after acquiring South Africa's billboard advertising giant, Global Outdoor Systems (GOS).

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South Africa's currency takes a hit over Gupta row on finance minister's job

Photo©ReutersSouth Africa's rand fell early Thursday after claims that a wealthy family with close ties to President Jacob Zuma may have been behind his decision to sack the country's respected finance minister Nhlanhla Nene in December.

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South Africa: Pravin Gordhan's stand-off rattles currency

South African Finance Minister Pravin Gordhan. Photo©ReutersSouth Africa's rand fell against the dollar on Wednesday as investors fretted over a stand-off between an elite police unit and Finance Minister Pravin Gordhan.

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South Africa government loses Sudan's al Bashir court appeal

Sudanese President Al-Bashir has an ICC arrest warrant hanging over his head for alleged crimes against humanity. Photo©ReutersThe South African government on Tuesday lost an appeal against a High Court judgement that condemned its failure to arrest Sudanese President Omar al-Bashir during a visit to the country last year, as unlawful.

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When China sneezes, does Africa catch a cold?

While commodity exporters will feel the pinch from China's recent economic slowdown, the price collapse may help with the continent's much-needed economic transformation.

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South Africa: Pravin Gordhan hopes to avoid downgrade after meeting ratings agencies

South African Finance Minister Pravin Gordhan. Photo©ReutersSouth African Finance Minister Pravin Gordhan said on Monday he had constructive discussions with ratings agencies on a roadshow in London and the United States last week as Pretoria tries to fend off downgrades amid weak economic growth.

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South African police threaten finance minister with legal action

South Africa's Finance Minister, Pravin Gordhan. Photo©Mike Hutchings/AP/SipaSouth Africa's Hawks elite police unit said on Tuesday it would exercise its "constitutional powers" after Finance Minister Pravin Gordhan failed to meet a second deadline to answer its questions, weakening the rand further.

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South African voices on the winds of economic change

Xhanti payi Economist, Nascence Advisory & Research. Photo©All Rights ReservedSouth African economist Xhanti Payi talks about why both government and business need a shift in thinking to address the country's economic quagmire.

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South Africa's MTN offers $1.5bn to settle Nigeria fine

File Photo©ReutersSouth African telecoms firm MTN Group has offered $1.5 billion to settle a much larger fine from Nigerian regulators for missing a deadline to disconnect unregistered SIM card users.

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Old Mutual to split up, asset management sale eyed

Photo©ReutersAnglo-South African financial services group Old Mutual Plc said on Friday it would split up into its four main businesses, strengthening expectations of the sale or listing of its UK asset management arm.

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South Africa's Gordhan charms on roadshow but investors still wary

South African Finance Minister Pravin Gordhan. Photo©Schalk van Zuydam/AP/SIPASouth African finance minister Pravin Gordhan won applause for an impromptu London roadshow this week but left many global investors sceptical he could defend his country's investment grade rating - or even stay in office.

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South Africa: Anti-Corruption report highlights public outcry against abuse of Power

Photo©ReutersThe abuse of power by those who took oaths to protect the public has been highlighted as a major issue for South Africans by graft watchdog, Corruption Watch.

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South Africa's Eskom to spend $21 bn on new power plants in next 5 years

ESKOM's CEO Brian Molefe said the company's liquidity position has improved and nowhere near bankruptcy. Photo©ScreenShotSABCSouth Africa's Eskom will increase its capital expenditure by 44 percent to 324 billion rand ($21 billion) over the next five years to build new power stations, the state-owned company said on Wednesday.

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Moody's to visit South Africa next week to decide on ratings

Rand Notes. Photo©Denis Farrell/AP/SIPARatings firm Moody's will visit South Africa next week to decide whether to downgrade the credit status of Africa's most industrialised economy to just one notch above sub-investment grade, the Treasury said on Wednesday.

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South Africa's biggest labour federation splits

Zwelinzima Vavi, former Cosatu secretary general, was fired by Africa's largest labour federation in 2014. Photo© THEMBA HADEBE/AP/SIPAA leading South African trade unionist will in May launch a new federation to rival the Congress of South African Trade Unions (Cosatu), it has been revealed.

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ArcelorMittal's South African unit appoints new CEO

Wim De Klerk, ArcelorMittal's new South Africa head. Photo©ScreenShotThe South African unit of world number one steel producer ArcelorMittal on Tuesday named a new chief executive to help the loss-making company battle with cheap imports and rising costs.

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South Africa's finance minister says European banks' old errors to blame for Barclays' Africa exit

South Africa's minister of finance, Pravin Gordhan. Photo©ReutersBarclays' decision to sell down its stake in a Johannesburg-listed venture is a consequence of past mistakes at European banks rather than a reflection of Africa's future prospects, South Africa's finance minister said.

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Trade: South Africa's Zuma heads to Nigeria to meet with Buhari

Jacob Zuma is set to visit Nigeria on Tuesday. File photo©ReutersAfter years of strained political and economic relations between South Africa and Nigeria, President Jacob Zuma visits the West African country this week, a development that many see as the ushering of a new era in relations between the two countries.

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