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South Africa still pursuing banks on Oakbay accounts closures

CAPE TOWN: The South African government will continue its efforts to resolve a stand-off between commercial banks and Oakbay Investments, the mines minister said on Friday. Several companies, including all four major banks in South Africa, severed links with Oakbay Investments following allegations that its owners, the Gupta family, used their friendship with President Jacob Zuma to win political favours. ... Read More »

South Africa’s Illovo Sugar FY profit drops 36.5%

JOHANNESBURG: Illovo Sugar reported a 36.5 percent drop in full-year profit on Friday as lower export prices of the sweetener and a severe drought in southern Africa weighed on its performance. Headline earnings per share (EPS) for the year to March fell to 113.6 cents in the year to the end of March, from 179 cents a year earlier. Headline EPS ... Read More »

Cheap milk from South Africa, Europe hurts Kenyan exports

CAPE TOWN: Kenya’s dairy products are being hurt by cheaper milk on sale in the region from South Africa and Europe, denying local processors a lucrative export market. Kenya Dairy Processors Association chairman Nixon Sigey said the high cost of production in Kenya is making the country’s milk uncompetitive in the export market. A recent study by Egerton-based Tegemeo Institute ... Read More »

Mahindra launches new compact SUV in South Africa

CAPE TOWN: Indian automobile manufacturer Mahindra’s South African subsidiary has launched a new compact utility vehicle here with the company trying to reach out to the youth with its latest offering and capture a bigger market share in the country. The new sporty KUV100, available in petrol and diesel, is the smallest vehicle in Mahindra South Africa’s product range. “We ... Read More »

Nigeria, South Africa trade volume hits N1.3 trillion

CAPE TOWN: The volume of trade between Nigeria and South Africa rose to N1.3 trillion about (R.62 billion) in 2015, the South African High Commissioner to Nigeria, Louis Mnguni, announced late on Tuesday. Mr. Mnguni made the disclosure at a ceremony to mark the South African Freedom Day in Lagos, saying that trade between Nigeria and South Africa had increased ‘’exponentially’’ ... Read More »

South Africa trade surplus narrows to 430 mln rand in April

CAPE TOWN: South Africa recorded a second consecutive trade surplus in April even as exports of precious metals and stones and mineral products declined. The surplus narrowed to 430 million rand ($27 million) from a revised 2 billion rand in March, the Pretoria-based South African Revenue Service said in an e-mailed statement on Tuesday. The median of 11 economist estimates ... Read More »

Commercial Bank of Africa in deal to ease vehicle imports

CAPE TOWN: Commercial Bank of Africa (CBA) has partnered with MHH International to offer customers a convenient way to import vehicles from Japan and UK. CBA clients will enjoy up to 80 per cent asset financing alongside access to services from reliable partners. CBA Group head of marketing Chris Pasha said the demand for high quality and reliable cars is ... Read More »

South Africa wine exports increase by 20 % over last 4 years

CAPE TOWN: While commodity prices tanked and unemployment rose during South Africa’s worst ever drought over the last few months, wine making increased. What’s more, South African wine exports were up a further five percent in 2015 and the industry is expecting even more growth in 2016 as South African wine continues to find new markets around the world. While ... Read More »

South Africa petrol price set for 52c hike this week

CAPE TOWN: Motorists should brace themselves for yet another price increase shock when the cost of petrol is hiked on Wednesday. According to the Automobile Association (AA), fuel prices are set for a sharp jump at the beginning of next month, with the potential of further rises in the medium term. The AA was commenting on unaudited month end data ... Read More »

S.Africa Customs nabs woman carrying R2m worth cocaine into OR Tambo

JOHANNESBURG: Customs officials from the South African Revenue Services (Sars) have intercepted a woman from Sao Paolo carrying R2.1m worth of cocaine at OR Tambo International Airport yesterday, it said in a statement. “The woman was stopped for routine check where her two bags and backpack were searched and scanned. Her backpack had a special compartment with white power that ... Read More »

Producer inflation moderates to 7%

JOHANNESBURG: Annual headline producer inflation moderated marginally for the second consecutive month to 7 percent in April from 7.1 percent in the prior month and probably contributed to the decision of the Reserve Bank to keep interest rates on hold at its May meeting. Market expectation was for a rise to 7.3 percent year on year. Headline inflation pulled back ... Read More »

South Africa poised for further growth in motor sector

CAPE TOWN: Having been in the automotive industry for some 30 years, I have experienced the good and the bad times. Being at the mercy of the economic gods comes with the territory. But through it all, we remain strong and vibrant. We are in a downturn. On the domestic front is low economic growth, a weak rand and high ... Read More »

South African wine exports to China jump by 30%

CAPE TOWN: Tycoon Koos Bekker sells wine from his vineyard all over the world, but a small detail offers a clue as to where his priorities may lie — all the bottles are labelled in Mandarin. Other producers along the Stellenbosch wine routes where his Babylonstoren farm is located are doing the same, looking to tap into soaring demand in ... Read More »

South Africa sets up LNG import unit

CAPE TOWN: South Africa has established a gas industrialisation unit for importing LNG to use as fuel for power generation. This move is aimed at reducing South Africa’s dependence on coal-fired power, the department of trade and industry deputy-director general Garth Strachan said at a presentation in Cape Town. The unit will initially focus on importing LNG and eventually seek ... Read More »

Uganda targets East Africa for exports

CAPE TOWN: A State agency has reported that Uganda plans to target east African markets for its export drive over the next five years. Executive director of the Uganda Export Promotion Board (UEPB), Elly Twineyo Kamugisha, said the country’s exports to the EAC were their single highest compared to other markets overseas. “Regional markets are getting bigger by the day,” ... Read More »

South Africa’s Tiger Brands reviews strategy

JOHANNESBURG: South Africa’s biggest consumer foods maker, Tiger Brands, pledged a sweeping overhaul of its operations on Tuesday, after a botched investment in Nigeria and mounting difficulties in its home and exports markets force a re-think. New chief executive Lawrence MacDougall, who is just two weeks into the job, faces shrinking demand in African export markets such as Nigeria and ... Read More »

South Africa contributes 36% of Zimbabwe’s import bill

CAPE TOWN: Zimbabwe imported 36% of its US$1,328 billion import bill from South Africa; latest figures from the Ministry of Finance and Economic Development have shown. According to the country’s first quarter bulletin released early this week, Zimbabwe imported US$1,328billion worth of goods in the first quarter an 11% decrease from imports of US$1,493 billion recorded in the corresponding period. ... Read More »

S. Korea increases oil imports from Africa

SEOUL: South Korea is increasingly bringing in African crude oil, as its prices have become more attractive due to competition with shale gas, refiners here said. Seoul imported 9.6 million barrels of African crude oil and “condensate,” a type of ultra-light crude, in the first quarter of this year. Annual imports of African oil have been on a steady increase ... Read More »

Chicken imports pressure SA’s poultry industry

JOHANNESBURG: Cheap poultry imports and rising feed costs due to the drought have put the South African poultry industry under tremendous pressure, threatening growth and jobs. Local listed companies, such as Astral Foods, face stiff competition from cheap poultry imports. Astral chief executive Chris Schutte said it was becoming more difficult to compete with foreign companies because they charged lower prices ... Read More »

South African fruit exporter in liquidation

CAPE TOWN: Lonrho Fresh, the South African fresh produce exporter, has gone into liquidation. A number of issues have plagued the company; such as South Africa experiencing its worst recorded drought, which made it difficult for Lonrho to provide quality produce, as well as the loss of its main customer. Lonrho’s executive chairman Christopher Chambers explained, “Despite considerable resources invested ... Read More »