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South Africa, Iran increase investment

CAPE TOWN: Officials in South Africa and Iran have agreed to increase non-oil trade and investment between the two countries to US$1 billion by 2020. Research consultancy Africa House reports that the two nations also signed eight bilateral trade agreements in the fields of trade and industry, energy, mining, agriculture, water resources, and co-operation in intelligence gathering and anti-money laundering ... Read More »

UAE, South Africa keen to expand trade

ABU DHABI: The collaboration between South Africa and the UAE in trade and investment is the cornerstone of the bilateral relationship, says Mpetjane Lekgoro, Ambassador of South Africa to the UAE, in an interview with Khaleej Times. Since the dawn of democracy in South Africa in 1994, the two countries have maintained a strong political and economic relationship and over ... Read More »

South African unemployment rises to 26.7% in Q1

JOHANNESBURG: South Africa’s unemployment rate rose to 26.7 percent of the labor force in the first quarter of this year from 24.5 percent in the fourth quarter of 2015, data from the statistics office showed on Monday. Johannesburg, South Africa: Laborers needing work hold signs with their specialities outside a hardware store in Fourways. In its quarterly labor force survey ... Read More »

South Africa’s AngloGold Ashanti posts free cash flow in Q1

JOHANNESBURG: AngloGold Ashanti Ltd posted a free cash flow in its first quarter compared with an outflow last year due to cost and debt cuts, Africa’s biggest bullion producer said on Monday. “We generated significant free cash flow again despite the lower gold price, which shows the continued success of our self-help measures to reduce debt by improving margins,” said ... Read More »

African bourse closes weaker amid concerns of global growth

JOHANNESBURG: The Johannesburg Stock Exchange (JSE) closed weaker, led by losses in industrial shares. The all-share index was 0.99 percent lower at 51,495.14 points and the blue-chip top 40 lost 1.14 percent. Banks slid down a further 0.87 percent and financials tumbled 0.94 percent. Resources lost 0.68 percent and industrials were down 1.13 percent. The gold index rose 1.15 percent ... Read More »

ArcelorMittal South Africa gains from higher steel prices

CAPE TOWN: ArcelorMittal South Africa Ltd. expects its “overall liquidity” to “normalize at acceptable levels” after the continent’s biggest steelmaker raised prices in the first quarter. The stock rose. Higher international steel prices helped the company lift local ones to combat the cheap Chinese supplies that are hurting steelmakers around the world, the Vanderbijlpark, South Africa-based company said in a statement ... Read More »

South Africa’s corn imports climb

JOHANNESBURG: South Africa, the continent’s biggest producer of corn, became a net importer of the grain for the first time since 2008 this year, bringing in the most in two decades after the worst drought in more than a century hurt local output. The nation imported 1.96 million metric tons of corn in the marketing year ended April 29, the Pretoria-based ... Read More »

Customs officials intercept R7.9m in currency bust at Durban airport

CAPE TOWN: South African Revenue Services (SARS) Customs officials intercepted a consignment of currency worth R7.9 million at King Shaka International Airport in Durban last Friday‚ SARS revealed. This is the airport’s second large currency bust this year. SARS Customs officers became suspicious when five suitcases scheduled for loading at the departing Emirates flight to Dubai were being removed from ... Read More »

South Africa imports 1.96 mt of maize in 2015/16

JOHANNESBURG: South Africa imported 1.96 million tonnes of maize during the 2015/16 marketing season which ended April 30, compared with just 65,000 tonnes in the previous season, data released by the Grain Information Service (SAGIS) on Wednesday showed. Africa’s biggest producer of the staple grain is generally a net maize exporter of maize but the crop has been scorched by ... Read More »

South Africa’s rand weakens on import demand, stocks fall

JOHANNESBURG: South Africa’s rand fell as much as 1.4 percent against the dollar on Tuesday, weighed down by a combination of global risk aversion and a surge in domestic corporate import demand following a public holiday on Monday. Government bonds followed suit, with the yield for the 2026 benchmark climbing 10 basis points to 9.075 percent. The rand hit a ... Read More »

South Africa imports tons of maize

DURBAN: South Africa’s largest grain terminal is ready to receive millions of tons of maize aimed at combatting the ongoing drought. The Durban Agriport terminal is poised to handle the lion’s share of shipments from across the world. From today, South Africa will start importing almost 4-million tons of maize. The country traditionally exports maize but officials have had to ... Read More »

South Africa’s petrol pump price to increase in May

JOHANNESBURG: The retail price of petrol in South Africa will increase by nearly 1 percent from May 4, while the price of wholesale diesel will largely remain steady, the energy department said on Monday. The price of petrol will increase by 12 cents to 12.74 rand per litre in the commercial hub of Gauteng province, while diesel will go down ... Read More »

South Africa to extend ICT reach

CAPE TOWN: South Africa has a set of ambitious targets laid out in its national broadband policy, South Africa Connect, which includes achieving 50% internet coverage with speeds of 5 Mbps by 2016; roughly 90% coverage at the same speeds by 2020; 50% coverage with speeds of 100 Mbps by 2020; and universal 100 Mbps coverage by 2030. As a ... Read More »

South Africa informal exports went down in 2015

CAPE TOWN: Informal exports went down in 2015 due to a significant decline in exports to Angola, the Namibia Statistics Agency announced yesterday in Windhoek. During the official launch of the 2015 Informal Cross−Border Trade Statistics yesterday, NSA’s statistician general Alex Shimuafeni announced that while there was a decline in informal exports, informal imports increased in 2015 due to significant increases ... Read More »

South Africa’s producer inflation slows to 7.1% in March

JOHANNESBURG: South Africa’s producer inflation slowed more than expected to 7.1 percent year-on-year in March from 8.1 percent in February, the statistics agency said on Thursday. On a month-on-month basis, prices at the factory gate were up 0.7 percent, compared with a 0.8 percent increase the previous month, Statistics South Africa said. Read More »

Barclays Africa sees bad debt rising

JOHANNESBURG: Barclays Group Africa, the lender being sold by its London-based parent, forecast that its credit-loss ratio will worsen as customers fall behind in loan repayments and economic growth in its main South African market deteriorates. A continued focus on increasing revenue and managing expenses “should improve our cost to income ratio further,” helping the lender to maintain a return on ... Read More »

South Africa’s Eskom to spend $23.5 bln on new plants

CAPE TOWN: South African power utility Eskom will spend 340 billion rand ($23.5 billion) over the next five years on new power plants and transmission lines, the public enterprises minister said on Tuesday. Eskom is building new plants and transmission lines to augment a power-grid that nearly collapsed in 2008. The utility once again struggled to provide power early last year, ... Read More »

South Africa to import crude oil from Iran

CAPE TOWN: President Jacob Zuma says South Africa will soon start to import crude oil from Iran. Trade between the two countries plummeted a few years ago after international sanctions against the state. The two countries also signed several trade agreements aimed at boosting economic activity. South Africa used to import one third of its crude oil from Iran before ... Read More »

South Africa’s Zuma in Iran praises 1979 revolution

CAPE TOWN: South Africa’s embattled President Jacob Zuma praised Iran’s 1979 revolution today at the start of a three-day state visit which he said could “dramatically expand trade” with the Islamic republic. The overthrow of a US-backed Shah was a source of encouragement as black South Africans fought against apartheid, Zuma said at a press conference with President Hassan Rouhani. ... Read More »

South Africa imports white corn from US

CAPE TOWN: South Africa, which is named as the largest producer of corn in the continent, had to import white corn variety from the U.S. for the first time in 12 years as they battle the worst drought in more than a century. A total of 1,330 metric tons of white corn was imported in the week that ended on ... Read More »