NewsSouthern Africa

Fri,24Nov2017

Southern Africa

South Africa strains pushes debt insurance costs to 4-month high

SA President Jacob Zuma delivers a speech at the BRICS Summit in Xiamen, Fujian province in China, Sept. 4, 2017. Photo:  Kenzaburo Fukuhara/AP/SIPAThe cost of insuring South African debt hit a four-month high on Monday, as scandal-plagued power firm Eskom warned it was in financial trouble and worries swirled about the country's remaining investment grade credit ratings.

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Zimbabwe budget deficit widens sharply on runaway government spending

In this Aug. 10, 2015 photo Zimbabwean President Robert Mugabe delivers a speech in Harare. Photo: AP Photo/Tsvangirayi MukwazhiZimbabwe's budget deficit will soar to $1.82 billion or 11.2 percent of GDP this year from an initial target of $400 million, new Finance Minister Ignatius Chombo told parliament on Thursday.

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McKinsey worked with S.African firm after learning of Gupta links: sources

In this photo taken in September 2010 Atul Gupta is seen outside magistrates courts in Johannesburg. Photo: AP/SIPAGlobal consultancy McKinsey worked with a firm in South Africa for four months after learning it was controlled by the Gupta brothers, business friends of President Jacob Zuma accused of corruption, four sources familiar with the deal said.

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McKinsey worked with S.African firm after learning of Gupta links: sources

In this photo taken in September 2010 Atul Gupta is seen outside magistrates courts in Johannesburg. Photo: AP/SIPAGlobal consultancy McKinsey worked with a firm in South Africa for four months after learning it was controlled by the Gupta brothers, business friends of President Jacob Zuma accused of corruption, four sources familiar with the deal said.

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McKinsey worked with S.African firm after learning of Gupta links: sources

In this photo taken in September 2010 Atul Gupta is seen outside magistrates courts in Johannesburg. Photo: AP/SIPAGlobal consultancy McKinsey worked with a firm in South Africa for four months after learning it was controlled by the Gupta brothers, business friends of President Jacob Zuma accused of corruption, four sources familiar with the deal said.

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S.Africa's Sibanye confirms over 2,000 layoffs at gold mines

Feb. 20, 2014 - miners are photographed underground at the South Deep gold mine south of Johannesburg.Photo: Themba Hadebe/AP/SIPASouth African precious metals producer Sibanye-Stillwater confirmed on Wednesday that it had laid off more than 2,000 gold miners as it shuts its loss-making Cooke shafts where illegal mining syndicates have plagued its operations.

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