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South Africa investigates $80 million bitcoin scam

25/05 South African authorities are investigating an alleged cryptocurrency scam that defrauded investors of 1 billion rand ($80 million) with promises of huge returns that never materialised, police said on Friday.  Full story

India's Mahindra opens first assembly plant in South Africa

25/05 Indian automaker Mahindra and Mahindra has opened its first assembly plant in South Africa, which it sees as a launchpad to export vehicles to the rest of the continent, the chief executive of its local business said.  Full story

Kenya moves to regulate fintech-fuelled lending craze

26/05 Kenya built a reputation as a pioneer of financial inclusion through its early adoption of a mobile money system that enables people to transfer cash and make payments on cellphones without a bank account.  Full story

Most Read This Week

South Africa investigates $80 million bitcoin scam

25/05 South African authorities are investigating an alleged cryptocurrency scam that defrauded investors of 1 billion rand ($80 million) with promises of huge returns that never materialised, police said on Friday.  Full story

South Africa agrees modest wage deal with state workers

21/05 South Africa's public sector workers will see their pay rise by slightly more than inflation after the government -- which is struggling to curb a large budget deficit -- clinched a three-year wage deal with unions that had threatened to call a strike.  Full story

South Africa's finmin Nene says outlook for tax revenues unchanged

22/05 South Africa Finance Minister Nhlanhla Nene said on Tuesday that the outlook for tax revenues remain unchanged, in a blow to the chances of reducing the budget deficit.  Full story

 

SA Business

South African rand dips ahead of S&P rating review, stocks rise

26/05 South Africa's rand weakened in cautious trade on Friday as investors took profits from a rally in the previous session ahead of a ratings review decision by S&P Global Ratings.. . .  Full story

Kenya moves to regulate fintech-fuelled lending craze

26/05 Kenya built a reputation as a pioneer of financial inclusion through its early adoption of a mobile money system that enables people to transfer cash and make payments on cellphones without. . .  Full story

S&P affirms South Africa rating, keeps stable outlook

26/05 S&P Global Ratings affirmed South Africa's sub-investment grade credit rating and kept its stable outlook on Friday, warning the country's improved economic growth remained tentative and the fiscal position was still. . .  Full story
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SA Company

ATON raises bid for South Africa's Murray & Roberts, ups stake to 44 pct

25/05 German investment house ATON raised its takeover offer for Murray & Roberts by about 13 percent to $426 million on Friday, attempting to secure investor backing after the South African builder struck a deal of. . .  Full story

South African retailer TFG earnings miss forecast on higher expenses

24/05 South African clothing and homeware retailer The Foschini Group (TFG) on Thursday reported a smaller than expected rise in full-year earnings, hurt by higher expenses, sending its shares down as much as 4.8 percent.. . .  Full story

South African retailer TFG reports 3.4 pct rise in FY profit

24/05 South African clothing and homeware retailer The Foschini Group (TFG) on Thursday reported a 3.4 percent rise in full-year earnings.. . .  Full story
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News Wire

Saudi finance ministry sells 3.95 bln riyals of domestic sukuk

08h17 Saudi Arabia's finance ministry sold 3.95 billion riyals ($1.05 billion) of domestic sukuk in its monthly sale by re-opening an issue originally made last month, the ministry said.  Full story

China April industrial profit growth rebounds to 6-month high

05h10 Profits earned by Chinese industrial firms in April rose at their fastest pace in six months, data from the National Bureau of Statistics (NBS) showed on Sunday, as factories benefited from higher prices and strong demand.  Full story

Daimler faces scrutiny of 120,000 Vito, C-Class diesels -BamS

00h13 Daimler faces an investigation of 40,000 diesel Vito vans and 80,000 C-Class model cars for possible illicit software that allowed the vehicles to emit excess pollution without detection, Bild am Sonntag reported, citing no sources.  Full story
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Europe

Customers angry after National Australia Bank hit by technology outage

26/05 National Australia Bank on Saturday suffered what it described as a "nationwide outage" to some of its technology systems, leaving customers unable to access banking services or withdraw money.. . .  Full story

Oil prices slump as OPEC and Russia consider output boost

25/05 Oil prices fell more than $2 per barrel on Friday as Saudi Arabia and Russia discussed easing production cuts that have helped push crude prices to their highest since 2014.. . .  Full story

Mobile says ex-Trump campaign manager advising on Sprint merger

25/05 T-Mobile US said it is getting advice on its proposed $26 billion merger with Sprint Corp from a lobbying firm whose staff includes several members of President Donald Trump's election team such as former campaign. . .  Full story
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US

WRAPUP 3-OPEC, Russia prepared to raise oil output amid U.S. pressure

26/05 Saudi Arabia and Russia are discussing raising OPEC and non-OPEC oil production by some 1 million barrels a day, sources said, weeks after U.S. President Donald Trump complained about artificially high prices.. . .  Full story

Russia's Avtovaz explores alternatives to sanctions-hit Rusal

26/05 Russian automaker Avtovaz said it will continue to buy aluminium from sanctions-hit Rusal but was looking for alternative sources in case it has to wind down business with the world's biggest producer of the metal.. . .  Full story

Miner Grupo Mexico blames freight train derailments on "sabotage"

26/05 Mexican miner and infrastructure firm Grupo Mexico on Friday said in a statement that seven freight train derailments were due to "sabotage" and would cost the company 312 million pesos ($16 million).. . .  Full story
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Asia

Oil output could return to Oct'16 level, says Russia's Novak

26/05 A return to the oil production levels that were in place in October 2016, baseline for the current deal to cut output, is one of the options for easing curbs, Russia's energy minister said. . .  Full story

Russia's Novak: return to Oct'16 oil output levels possible

26/05 Russian Energy Minister Alexander Novak said on Saturday it was possible for the participants of the global oil output cut deal to bring their oil production back to the level of October 2016.. . .  Full story

UAE's first nuclear reactor start-up delayed - operator

26/05 The start-up of the Arab world's first nuclear reactor - in the United Arab Emirates - has been delayed and should start operations between the end of 2019 and early 2020, the plant's operator. . .  Full story
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Forex

Russia and Turkey ink pipeline agreement, end gas dispute

26/05 Russian state gas giant Gazprom said on Saturday it had signed a protocol with the Turkish government on a planned gas pipeline and agreed with Turkish firm Botas to end an arbitration dispute over. . .  Full story

Turkey, Russia agree 10.25 pct natural gas discount, Ankara to get $1 bln payment-Erdogan

26/05 Turkey and Russia have reached a retroactive agreement for a 10.25 percent discount on the natural gas Ankara buys from Moscow, Turkish President Tayyip Erdogan said on Saturday.. . .  Full story

Erdogan calls on Turks to convert dollar, euros into lira

26/05 Turkish President Tayyip Erdogan called on Turks on Saturday to convert their dollar and euro savings into lira, as he sought to bolster the ailing currency which has lost some 20 percent of its. . .  Full story
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Africa

Fire broke out on onshore oil rig operated by Depthwize in Nigeria's Niger Delta -witnesses

26/05 A fire broke out on an onshore oil rig in Nigeria's Niger Delta on Saturday, three witnesses told Reuters, adding that the fire was still burning as of noon.. . .  Full story

Ivory Coast needs over $1 bln for reforestation strategy - minister

26/05 Ivory Coast will call upon donors as well as timber and cocoa companies to help finance a reforestation strategy it estimates will cost 616 billion CFA francs ($1 billion) over 10. . .  Full story

Ivory Coast needs over $1 bln for reforestation strategy

25/05 Ivory Coast will ask donors, timber firms and cocoa companies to help finance a reforestation strategy costing 616 billion CFA francs ($1 billion) over 10 years, the country's water and forests minister said on. . .  Full story
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