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South Africa: Chinese national sentenced for rhino horn smuggling

SA

  CAPE TOWN: Environmental Affairs Minister Edna Molewa has welcomed the four year sentence of a 24-year-old Chinese national who was found guilty on charges of rhino horn smuggling. The sentence was handed down last week in the Kempton Park Regional Court. Shuangshuang Xue was arrested at O R Tambo International Airport en-route from Lusaka, Zambia to Hong Kong, China. ... Read More »

Ford to invest R3bn in South Africa

invest

CAPE TOWN: American car-maker Ford said it would invest R3 billion  ($211 million) in its South African assembly plant to meet rising domestic and international demand for its Ford Ranger pickup truck, the company said on Friday. “This significant investment reaffirms Ford’s ongoing commitment to South Africa as a local manufacturer, exporter and key employer in the automotive sector,” Ockert ... Read More »

South Africa’s new vehicle sales up 4.6% YOY in October

SALES

JOHANNESBURG: South Africa’s new vehicle sales rose 4.6 percent year-on-year to 51,037 units in October, data from the trade and industry department showed on Wednesday. Exports however were down 8.3 percent to 28,229 units compared with the same month a year earlier, the department said. Read More »

South African jobless rate at 14-year high as economy stalls

economy

CAPE TOWN: South Africa’s jobless remained at a 14-year high in the third quarter as the continent’s most-industrialized economy staged a weak recovery from a recession. The unemployment rate was 27.7 percent, matching the previous two quarters’ figures, Statistics South Africa said in a report released on Tuesday in Cape Town. The economy expanded 2.5 percent in the three months ... Read More »

South Africa records 3.5 bln rand budget deficit in September

BUDGET DEFICIT

JOHANNESBURG: South Africa recorded a budget deficit of nearly than 3.5 billion rand ($249 million) in September, the sixth month of the 2017/18 fiscal year, compared with a shortfall of about 4 billion rand in the year-ago period, treasury data showed. The table below shows revenue and expenditure for August,  compared with the previous financial year. These are also expressed ... Read More »

Business consortium to invest $1bn in Africa

INVESTEMENT FUND

CAPE TOWN: A Consortium of international business leaders was investing $1 billion in the South African and larger African economies, the lead investor ambassador Harold Doley jr announced yesterday. Doley made the unexpected announcement at the Business Report Ignite breakfast yesterday morning. The event in Cape Town followed Finance Minister Malusi Gigaba’s Mid-Term Budget Policy Statement delivered in Parliament on ... Read More »

South Africa still keen to attract investment despite economic challenges

INVESTMENT

CAPE TOWN: South Africa is keen to invest in international trade and investment missions in order to attract new business opportunities. This is according to Nomasonto Sibanda-Thusi, South African Ambassador to Russia. “As representatives of the government of South Africa, we are entrusted with the task of enhancing political and economic relations between the countries we are posted to. “Our ... Read More »

South Africa’s inflation to average 5.4% in 2017

inflation

CAPE TOWN: South Africa’s inflation is expected to average 5.4% in 2017, Finance Minister Malusi Gigaba revealed when he presented his maiden Medium Term Budget Policy Statement in Parliament on Wednesday.The minister stated that the country’s inflation expectation remained near the upper end of the target of between 3% and 6%, noting that the price movement outlook had improved since ... Read More »

ArcelorMittal South Africa CEO to retire next year

arcelorMittal

JOHANNESBURG: The chief executive of ArcelorMittal’s South African unit will step down in January 2018, the company said. ArcelorMittal South Africa, the country’s largest steelmaker, has approved CEO Wim de Klerk’s request to retire after less than two years at the helm, the company said in a statement. The company has had to cut costs to stem losses and has ... Read More »

South African rand steadies, focus on budget statement

RAND

JOHANNESBURG: South Africa’s rand steadied against the dollar early on Monday after slumping in the previous session as political uncertainty unnerved investors, with market focus this week shifting to Finance Minister Malusi Gigaba’s budget speech. At 0645 GMT, the rand traded at 13.6650 per dollar, little changed from its New York close of 13.6550 on Friday. South Africa’s rand weakened ... Read More »

Lafarge Africa seeks approval to launch 132 bln naira rights issue

LAFARGE

CAPE TOWN: Cement maker Lafarge Africa is expecting regulatory approval from Nigerian authorities for a 131.65 billion naira ($431.43 million) rights issue as it focuses on Nigeria for growth and expands into Ghana, its chief financial officer said on Friday. As part of its plan to refinance its debt, the subsidiary of Franco-Swiss group LafargeHolcim said it would also issue ... Read More »

South Africa expects to renew Total’s offshore exploration right

total

CAPE TOWN: South Africa is expected to renew Total’s offshore exploration rights next year, the chief executive of the state petroleum agency said on Friday. “It is expected to be granted in the second quarter of 2018,” Lindiwe Mekwe, acting CEO of the Petroleum Agency of SA, told Reuters. France’s Total stopped drilling off South Africa’s southern coast in 2014 ... Read More »

South Africa’s rand ekes out gains on short-covering ahead of budget speech

rand

JOHANNESBURG:  South Africa’s rand inched firmer early on Thursday, helped by some investors taking profits from the dollar’s recent rally and short covering triggered by the currency approaching technical support levels. At 0630 GMT the rand was 0.1 percent firmer at 13.5675 per dollar compared to an overnight close of 13.5775 in New York. A combination of a firmer dollar, ... Read More »

South African inflation rises further than expected

inflation

CAPE TOWN: South Africa’s inflation rate unexpectedly climbed back above 5 per cent in September, highlighting the central bank’s struggles to combat sluggish growth at the same time as rapid price rises. The South African Reserve Bank cut interest rates for the first time in five years in August in a bid to boost growth after the economy experienced a ... Read More »

South Africa’s central bank cautious about more rate cuts

SACB

JOHANNESBURG: The South African Reserve Bank (SARB) is taking a cautious approach to monetary policy as risks to the inflation outlook are on the upside, deputy governor Daniel Mminele said. South Africa’s consumer price inflation stood at 4.8 percent year-on-year in August. Statistics South Africa is due to publish the September print on Wednesday. Mminele said several factors present upside ... Read More »

South African blueberry exports forecast to double in 2017-18

blueberries

CAPE TOWN: The South African blueberry industry continues to undergo significant development, with exports expected to nearly double year-on-year for the second consecutive season.  The South African Berry Producers Association (SABPA) said exports during the 2017-18 campaign are forecast to rise from 4,154 metric tons (MT) last season to around 8,000MT. Total production is expected to increase from 5,869MT to ... Read More »

S.Africa’s rand hits 2-week high after Zuma court ruling, stocks nudge up

RAND South Africa

JOHANNESBURG: South Africa’s rand climbed to its firmest level in two weeks on Friday, driven higher by a court ruling upholding corruption charges against President Jacob Zuma. A weaker dollar and a global surge in risk appetite also contributed. Stocks inched up in line with a global equities rally, with world stocks advancing for a fourth straight day on expectations ... Read More »

South Africa’s Durban Port remains closed after severe storm

durban port

JOHANNESBURG: South Africa’s largest port remains closed on Wednesday after vessel movements were suspended when a severe storm lashed the coastal region resulting in at least eight deaths in the province, a port official said. The Durban Port manager Moshe Motlohi told Reuters it was still too early to assess the extent or costs of damages to sub-Saharan Africa’s largest ... Read More »

South Africa’s August manufacturing output up 1.5% YOY

MANUFACTURING

JOHANNESBURG: South Africa’s manufacturing output rose by a surprise 1.5 percent year-on-year in August after contracting by 1.1 percent in July, Statistics South Africa said on Tuesday. Economists polled by Reuters had forecast manufacturing volumes would contract by 0.05 percent year-on-year in August. Factory production on a month-on-month basis grew by 0.3 percent, and was up 1.3 percent in the ... Read More »

Telkom suspends new work with KPMG South Africa

TELKOM

CAPE TOWN: Telkom SA SOC Ltd., South Africa’s largest landline operator, won’t award any new business to KPMG LLP’s local unit pending the outcome of an investigation into the firm by the country’s accountancy body. Any contracts underway with the auditor and consulting firm will be completed and their expiration dates will stand, the Pretoria-based company said in an email ... Read More »