NewsSouthern Africa

Tue,06Dec2016

Southern Africa

South Africa's FirstRand closed Gupta accounts on money-laundering fears

In this photo taken in September 2010 Atul Gupta is seen outside magistrates courts in Johannesburg. Photo: AP/SIPASouth African lender FirstRand said on Monday suspicions of money-laundering lay behind its decision to cut ties with a business family linked to allegations of influence-peddling in President Jacob Zuma's government.

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Mozambique bondholders call debt-restructuring deadline a "pipe dream"

A bronze statue of former Mozambican president Samora Machel looms in the capital Maputo. Photo: Christopher Torchia/AP/SIPADebt-ridden Mozambique has no chance of meeting its year-end deadline for a restructuring deal, according to investors who are preparing to dig in their heels until the country comes clear on what it owes and to whom.

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South Africa's Gordhan orders inquiry into tax agency

SA Finance Minister Pravin Gordhan delivers the midterm budget speech inside Parliament in Cape Town, South Africa, Oct. 26, 2016. Photo: Rodger Bosch/AP/SIPASouth African Finance Minister Pravin Gordhan has ordered an investigation into the tax collection authority, officials told parliament on Thursday, underlining rising tensions between the Treasury and the revenue agency.

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Mozambique oil and gas contracts to be signed early next year

A truck passes a pump at an Exxon Mobil station in Williamsville, USA. Photo: David Duprey/AP/SIPAMozambique's National Petroleum (INP) expects to sign new oil and gas prospecting contracts by early next year with the companies awarded rights to test for hydrocarbons across the country, an official said today.

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S.Africa mine sector on a "knife edge" due to political strife: Sibanye CEO

A closed mine shaft in Welkom, South Africa, May 2016. Photo: Themba Hadebe/AP/SIPASouth Africa's key mining industry is at risk of collapse due to political unrest and labour instability which have negatively impacted investment into the country, the chief executive of the nation's biggest gold company said today.

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South Africa's political tug-of-war could turn debt into junk

An unemployed woman carries, collected cardboard for recycling to a depot in Johannesburg. Photo: Tawanda Mudimu/AP/SIPASouth Africa says it has done enough to show credit rating agencies it can boost economic growth, but an ongoing power struggle within the ruling African National Congress could push it into junk status next week.

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