NewsSouthern Africa

Wed,28Jun2017

Southern Africa

South Africa's Gigaba pledges to stave off third downgrade, meet with Moody's

Finance minister Malusi Gigaba, speaks to journalists at the presidential guest house in Pretoria, South Africa, March 31, 2017. Photo: Themba Hadebe/AP/SIPASouth Africa's new finance minister pledged on Thursday to do what he can to keep the country from a third credit downgrade to junk status, saying he would meet ratings firm Moody's to persuade it he will stay on the path of fiscal discipline.

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South Africa's Shoprite looks beyond Africa to Eastern Europe

Cars drive past a Tesco store in west London late Wednesday, April 17, 2013. Photo: Alastair Grant/AP/SIPAAfrica's biggest grocery retailer Shoprite is considering a push into South America and Eastern Europe, where it will leverage off its former suitor Steinhoff International which already has operations in the region, its new CEO told Reuters.

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S.Africa's manufacturing output contracts in February as recession looms

Shoppers make their way along the wide shopping avenues inside the newly-opened Mall of Africa in Midrand, South Africa, April 28, 2016. Thousands of South African shoppers flocked to the opening, despite rising unemployment and slowing economic growth. Photo: Denis farrell/AP/SIPASouth Africa's manufacturing output plunged in February as a sustained slump in consumer and business confidence hit the economy's second biggest sector, raising worries of a recession.

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South Africa's new finance minister responds to ratings downgrade

South Africa's rand, bonds and banking shares tumbled sharply on Tuesday (April 4) after S&P Global Ratings cut the country's credit rating to junk in response to President Jacob Zuma's move to sack its respected finance minister.

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Expectations Gordhan will go leave South African markets on edge

South Africa's currency and bonds weakened again on Wednesday as expectations rise that President Jacob Zuma will sack finance minister Pravin Gordhan following the funeral this afternoon of anti-apartheid icon Ahmed Kathrada.

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Barclays in talks to sell Zimbabwe bank to Malawi's First Merchant Bank

Barclays is in exclusive talks to sell its stake in its Zimbabwe unit to Malawi-based First Merchant Bank, the lenders said on Tuesday, as the British bank continues its exit from Africa.

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