NewsSouthern Africa

Mon,27Feb2017

Southern Africa

South African pension fund seeks central bank approval to increase Barclays Africa stake

A woman uses an ATM at a branch of Barclay's South African subsidiary Absa bank in Johannesburg. Photo: Siphiwe Sibeko/ReutersAfrica's biggest pension fund, Public Investment Corporation, has sought approval from South Africa's central bank to raise its stake in Barclays Africa, two sources with direct knowledge of the matter said.

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South Africa's day of rage against Zuma

Economic Freedom Fighters supporters march in Pretoria. Photo: Denis Farrell/AP/SIPASouth Africa’s capital Pretoria witnessed a day of rage against beleaguered President Jacob Zuma as opposition parties, civil society groups, religious leaders, prominent businesspeople and students united to call for him to step down.

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South African state prosecutor drops fraud charges against Gordhan

South Africa's finance minister Pravin Gordhan delivers the midterm budget speech inside Parliament in Cape Town. Photo: Rodger Bosch/AP/SIPASouth Africa's state prosecutor dropped fraud charges on Monday against Finance Minister Pravin Gordhan, executing a U-turn in a case that has rattled financial markets and drawn accusations of political meddling.

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South Africa's Shoprite loses long-serving CEO to retirement

A shopper is seen outside a Shoprite store in Johannesburg. Photo: Siphiwe Sibeko/ReutersThe chief executive of Shoprite will retire in December, the company said on Monday, ending his nearly four decades at the helm of the supermarket group he transformed from a eight-store start-up into an $8bn behemoth.

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Foreign investment in Mauritius jumps by 69% in first half of 2016

The skyline of Mauritius's capital Port Louis is dominated by the Bank of Mauritius Tower. Photo: Wikipedia CommonsForeign direct investment in Mauritius grew 69% year-on-year in the first half of 2016, to 7.96bn rupees ($222m), driven by real estate, financial services and manufacturing, the board of investment said on Thursday.

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South Africa cuts growth forecast, calls for political stability

South Africa's Finance Minister Pravin Gordhan delivers his 2016 budget address to the parliament. Photo: Mike Hutchings/ReutersSouth Africa's treasury on Wednesday slashed this year's growth forecast and predicted a wider budget deficit for the 2016/17 fiscal year, warning that it would have to cut spending to avoid credit rating downgrades.

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