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South Africa

South Africa’s rand firmer, stocks set to open lower

CAPE TOWN: South Africa’s rand firmed against a globally weaker dollar early on Monday after U.S. President Donald Trump struck a protectionist tone in his inauguration speech, offsetting optimism that he will follow through on promises of tax cuts and other stimulus. At 0645 GMT, the rand <ZAR=D3> traded at 13.5000 per dollar, 0.74 percent firmer from its New York ... Read More »

AngloGold plans more than 800 job cuts in South Africa

CAPE TOWN: AngloGold Ashanti is in talks with unions to lay off nearly 900 workers at its South African operations, a document obtained by Reuters showed on Thursday. Africa’s biggest gold producer employs about 25,000 people in South Africa, whose vast resources are accompanied by the risk of volatile labour relations, rising costs, regulatory disruptions and dizzying shaft depths.“AngloGold Ashanti’s ... Read More »

South African economy forecast to grow by 1% in 2017

CAPE TOWN: The South African economy is forecast to grow by 1% during 2017 from an estimate real GDP growth rate of 0.5% in the preceding year, says KPMG senior economist, Christie Viljoen. This is in line with a Reuters poll of 27 economists taken over the past week which suggested growth would increase to 1.1% this year and 1.6% ... Read More »

Maize imports to drop this season

CAPE TOWN: Maize imports are expected to slow down as the country expects 120 000 metric tons of maize this harvesting season due to favourable weather conditions. The country imported over 78 000 metric tons of both white and yellow maize from South Africa by December last year. This constituted of over 37 272 metric tons of white maize and ... Read More »

South Africa carmakers see sales growth in 2017 after years of decline

CAPE TOWN: South Africa’s automotive sector, the country’s largest manufacturing industry, expects a slight increase in new vehicles sales this year as economic growth gains pace thanks to commodity price rises and a recovery in farming. New vehicle sales are expected to rise by 2.5% to 3.5% in 2017, Nico Vermeulen, director of the National Association of Automobile Manufacturers of ... Read More »

South Africa more than doubles grape exports to North Americab

CAPE TOWN: As demand continues to be strong for South African grapes, the European market especially is seeing good prices, this had been helped by the rain in the Northern province and Orange River, which saw a short break in the harvest. The Middle East has received less volumes than at the same time last year as has Russia; the ... Read More »

South African visitor numbers rise in month of visa changes

CAPE TOWN: The number of visitors from South Africa in November last year rose by more than a quarter, despite the ending of the visa waiver agreement between the two countries. Figures published by Statistics New Zealand show 2,144 South African nationals visited the country in November, an increase of 448, or 26 percent, on the same month a year ... Read More »

South Africa examines Barclays over apartheid-era bailout

CAPE TOWN: South Africa’s anti-graft watchdog has reopened an investigation into whether Barclays Africa Group benefited from an apartheid-era bailout, the bank said on Friday. A preliminary report by the country’s Public Protector has found that the apartheid government breached the constitution by supplying Bankorp, which was acquired by Barclays Africa unit, Absa, in 1992, with a series of bailouts ... Read More »

South Africa’s manufacturing output rises 1.9% YOY in Nov

JOHANNESBURG: South Africa’s manufacturing output rose by 1.9 percent year-on-year in November, beating market expectations, after contracting by 2.7 percent in October, Statistics South Africa said on Thursday. On a month-on-month basis, factory production rose 0.3 percent but edged down 1.1 percent in the three months to November compared with the previous three months. Economists polled by Reuters had forecast ... Read More »

South Africa’s business confidence steady in Dec

JOHANNESBURG: Business confidence in South Africa was steady in December from the prior month, with export and import volumes and the value of building plans improving, a survey showed on Wednesday. The South African Chamber of Commerce and Industry’s (Sacci) monthly business confidence index (BCI) stood at 93.8 in December, largely unchanged from 93.9 in November.”Positive monthly contributions to the ... Read More »

World Bank predicts 2.7% global growth

JOHANNESBURG: The World Bank said on Tuesday, in its January 2017 Global Economic Prospects report, that global economic growth was forecast to accelerate moderately to 2.7 percent. Sub-Saharan African growth was expected to pick up modestly to 2.9 percent this year as the region continued to adjust to lower commodity prices, according to the report. The SA Reserve Bank and ... Read More »

Poultry sector sheds thousands of jobs with chicken imports

JOHANNESBURG: Trade and Industry Minister Rob Davies, who recently increased tariffs on imported chicken portions, says the state is aware of the crisis facing the poultry industry and is tackling it on various fronts. The minister in December approved a provisional 13.9% safeguard duty on imported European bone-in chicken in terms of SA’s economic partnership agreement with the EU. The ... Read More »

Eskom relaxes Zesa power import terms

CAPE TOWN: South African power utility, Eskom has relaxed its position regarding earlier demands for Zesa Holdings to pay for power imports in advance. The power utility imports 50 megawatts from its South African counterpart during peak periods of demand and up to 300MW during off peak periods.This is because demand for power outstrips supply in Zimbabwe owing to limited ... Read More »

ANCYL back Eskom in BEE row with Exxaro

JOHANNESBURG: The African National Congress Youth League (ANCYL) on Friday threw its weight behind Eskom in its battle with the diversified resources group, Exxaro, over black economic empowerment (BEE) policy. This comes after Exxaro’s shareholders, the largest black-owned company and Eskom’s biggest coal supplier, approved a transaction that would result in its black ownership declining from 50 percent to 30 ... Read More »

Customs seizes drugs worth R8m

JOHANNESBURG: Drug dealers kept South African Revenue Service (SARS) customs officials on their feet over the festive season with a total of 120 seizures, including 63 for drugs worth almost R8 million, being recorded at the various ports of entry. In a statement on Friday, SARS said that the drug seizures had continued into the new year. “SARS Customs has ... Read More »

East Africa exports lift Haco Tiger Brands revenue by 53% last year

CAPE TOWN: Haco Tiger Brands, the Kenyan unit of South African group Tiger Brands, made more than half of its revenues last year from exports to East African countries-— indicating increased importance of the cross-border markets to its growth strategy. Tiger Brands, which has a 51 per cent stake in the Kenyan business, said exports to East African neighbours accounted ... Read More »

Cholera bacteria could affect shrimp exports to South Africa

CAPE TOWN: The excessive delay to obtain permission for an Indian delegation to visit South Africa, following the rejection of a shipment of shrimp vannamei, is worrying seafood exporters and the Marine Products Exports Development Authority (MPEDA). The issue has been addressed by the South African High Commission delegation led by Mkhululi Mankazana, Minister Counsellor Agriculture Affairs on their visit ... Read More »

Investments in Africa’s transport infrastructure begin to pay off

CAPE TOWN: African countries were on a drive to boost infrastructure and road networks on the continent in 2016. Ethiopia made huge strides this year with the inauguration of a new railway line, linking the capital, Addis Ababa with Djibouti in October. The 750 kilometer line was built at a cost of 4 billion US dollars with help from China. The ... Read More »

7 predictions for South Africa’s economy in 2017

CAPE TOWN: Research and market analysis firm Nomura is predicting a relatively quiet first half of the year for South Africa, but expects things to shake up in the second half of the year as the ANC’s elective conference comes into view. The analysts expect ‘political war’ in December, where a number of shocks can occur, but a number of ... Read More »

IFP calls on South Africans to take a stand in 2017

WASHINGTON: Inkatha Freedom Party leader Mangosuthu Buthelezi on Saturday called for South Africans to take a stand in 2017‚ saying they could not afford to be apolitical or sideline spectators as too much was at stake. In a New Year message‚ he said 2016 had been difficult and often frustrating‚ but with the new year came the opportunity to map ... Read More »