SA Business

South Africa's rand slides as lira plunge triggers EM sell-off

17/08 South Africa's rand weakened against the dollar on Friday, tracking its emerging market peers lower as the Turkish lira slid.  Full story

resilient final results June 2018

17/08 Total revenue for the period jumped to R3.9 billion (R3.1 billion). Loss before net finance costs came to R2.7 billion (profit of R3.8 billion). Loss attributable to equity holders was. . .  Full story

S.Africa's cbank says nationalisation bill won't impact its independence

17/08 South Africa's central bank said on Friday that a proposed amendment bill aimed at nationalising the institution would have no impact on its independence or primary mandate of price stability.. . .  Full story

Harmony Gold says impairments will dent full-year earnings

17/08 South Africa's Harmony Gold said on Friday its full-year earnings would be lower than last year due to impairments against a number of its mines as well as foreign exchange losses.. . .  Full story

Leftists rattle rand with plan to nationalise South Africa's central bank

17/08 Opposition firebrand Julius Malema introduced a bill to nationalise South Africa's central bank, raising pressure on the ruling ANC to go through with a plan it shelved this year and rattling. . .  Full story

Afraid of no-one and ready for a long strike, union leader tells Implats

17/08 Members of South Africa's AMCU mining union are ready to strike for a year if necessary and would bring the platinum belt to a standstill if Impala Platinum carries out plans. . .  Full story

South African rand surrenders gains as economy concerns weigh

16/08 South Africa's rand surrendered its earlier gains in late trade on Thursday due to lingering concerns over the economy, while a rebound in market heavyweight Naspers brought some relief on the. . .  Full story

S.Africa's Truworths creates COO role to boost sales as FY profit falls

16/08 South African fashion retailer Truworths International has created a chief operating officer position to boost retail sales growth at home and in the UK, where consumer spending remains under pressure and. . .  Full story

Gold Fields boss says not resigning after S.Africa minister's rebuke

16/08 Gold Fields' chief executive officer Nick Holland said on Thursday he was not considering resigning after mines minister Gwede Mantashe blamed the company's plan to cut jobs at its struggling South. . .  Full story

South Africa's Ramaphosa to appoint inquiry into $130 bln state pension fund

16/08 South African President Cyril Ramaphosa has agreed to set up a commission of inquiry into alleged governance failures at the state-owned pension fund, the Finance Ministry said on Thursday.. . .  Full story

Truworths final results June 2018

16/08 Revenue for the year decreased by 3% to R19.3 billion (2017: R19.9 billion). Gross profit was 3% lower at R9.2 billion (2017: R9.5 billion). Operating profit dropped by 6% to R3.9. . .  Full story

City Lodge final results June 2018

16/08 Revenue for the year decreased by 1% to R1.50 billion (R1.52 billion). Results from operating activities lowered 6% to R467.5 million (R496.4 million). Profit for the period took a 5% knock. . .  Full story

AdaptIT final results June 2018

16/08 Revenue for the year soared to R1.354 billion (2017: R996.4 million), gross profit jumped to R815.3 million (2017: R573.3 million), profit from operations rose to R218.2 million (2017: R151 million), while. . .  Full story

Gold Fields' CEO says not considering resigning after minister criticism

16/08 Gold Fields Ltd Chief Executive Nick Holland said on Thursday he was not considering resigning after South Africa's mines minister Gwede Mantashe blamed "poor management" for planned job cuts at its. . .  Full story

Gold Fields interim results June 2018

16/08 Revenue for the interim period increased to USD1.351 billion (2017: USD1.305 billion). Loss for the period attributable to owners of the parent came to USD366.6 million (2017: profit of USD51 million).. . .  Full story

Standard Bank interim results June 2018

16/08 Total income for the interim period rose to R65.5 billion (R61.2 billion). Profit for the period attributable to ordinary shareholders jumped to R12.7 billion (R12.3 billion). In addition, headline earnings per. . .  Full story

Arbitration move by South Africa's Eskom threatens to delay wage deal

16/08 South African power firm Eskom on Wednesday sought arbitration in a dispute with unions over whether some staff who went on strike illegally should be disciplined, threatening to delay implementation of. . .  Full story

South Africa's Transnet CEO and officials face suspension -chairman

16/08 The chief executive of South Africa's Transnet and two other senior officials have been told they will be suspended, the chairman of the state-owned logistics utility said on Wednesday, without giving. . .  Full story

South Africa's Exxaro H1 profit lifts boosted by coal performance

16/08 South Africa's Exxaro Resources Ltd said on Thursday half-year profit rose 8 percent, boosted by a strong performance in its core coal business.. . .  Full story

South Africa's Standard Bank H1 profit up 5 percent

16/08 South African lender Standard Bank's first-half profit rose by 5 percent, helped by a strong showing from its businesses outside its home market, the bank said on Thursday.. . .  Full story

Metair interim results June 2018

16/08 Revenue to the interim period grew to R4.5 billion 9R4.1 billion) whilst operating profit jumped to R412.9 million (R354.9 million). Profit for the period attributable to equity holders rose to R261.7. . .  Full story

Uganda wants unit of MTN Group to list locally before licence extension

16/08 Uganda has asked the local unit of South African telecoms giant MTN Group to list some of its shares on the local stock exchange as a condition for renewing its operating. . .  Full story

ARB final results June 2018

16/08 Revenue for the year increased by 4.5% to R2.590 billion (2017: R2.479 billion). Gross profit rose by 3.5% to R615.2 million (2017: R594.4 million). Operating profit lowered by 5.7% to R204.3. . .  Full story

Exxaro interim results June 2018

16/08 Revenue for the interim period increased to R12.3 billion (2017: R10.7 billion), net operating profit climbed to R3.1 billion (2017: R3 billion), profit attributable to owners of the parent from continuing. . .  Full story

South African rand slumps after Moody's warning, stocks tumble

15/08 South Africa's rand slumped on Wednesday as ratings agency Moody's warned that the pace of fiscal consolidation in Africa's most industrialised nation had slowed and retail sales data disappointed, underlining the. . .  Full story

South Africa hikes sugar import duties to protect local industry

15/08 South Africa has raised import duties on sugar to $680 from $566 a tonne to protect the domestic industry against a surge in imports, the trade and industry minister said on. . .  Full story

South Africa's retail sales up 0.7 percent y/y in June

15/08 South African retail sales rose 0.7 percent year-on-year in June after increasing by 1.9 percent in May, the statistics office said on Wednesday.. . .  Full story

Emira final results June 2018

15/08 Revenue for the interim period was higher at R1.8 billion (R1.7 billion) whilst operating profit jumped to R1.1 billion (R985.1 million). Profit for the year rose to R848.6 million (R712.2 million).. . .  Full story

South Africa's VAT hike had muted inflation impact: cbank

15/08 A one percentage point rise in South Africa's value-added tax (VAT) in April has had a more muted impact on inflation than expected, the governor of the central bank told a. . .  Full story

S.Africa's 2018 growth to be "much lower" than initial forecasts: cbank

15/08 South Africa's economic growth this year will be "much lower" than initial expectations, the central bank said in a presentation to parliament on Wednesday, calling any recovery "weak and choppy".. . .  Full story

Eastplats interim results June 2018

15/08 Operating loss for the interim period narrowed to USD4.9 million (2017: USD5.4 million). Net loss for the period attributable to equity shareholders of the company widened to USD5.4 million (2017: USD4.7. . .  Full story

Gold Fields' CEO says South Deep lay-offs "last-gasp measure"

15/08 Gold Fields' plan to potentially cut up to almost 1,600 jobs at its struggling South Deep mine in South Africa is a "last-gasp measure", Chief Executive Nick Holland said on Wednesday.. . .  Full story

South Africa's rand rebounds as Turkey-led rout eases, stocks falter

14/08 South Africa's rand gained more than 2 percent on Tuesday, bouncing off a two-year low struck a day before, when investors dumped emerging market assets because of fears over the Turkish. . .  Full story

Lazard drafting plan to bolster balance sheet of S.Africa's Eskom: sources

14/08 South African state-owned power firm Eskom has hired financial adviser Lazard to draft a plan to shore up its balance sheet as it struggles to emerge from a financial crisis, two. . .  Full story

South Africa's Gold Fields plans to cut jobs in mine restructuring

14/08 South Africa's Gold Fields said on Tuesday it plans to cut costs and 1,100 jobs at its struggling South Deep mine, sending its shares down more than 12 percent.. . .  Full story

S.Africa’s Ramaphosa proposes new sovereign wealth fund: party officials

14/08 South African President Cyril Ramaphosa has proposed setting up a sovereign wealth fund to help boost economic growth, and his ruling African National Congress (ANC) backs the plan, two senior party. . .  Full story

Atlatsa interim results June 2018

14/08 Revenue for the interim period fell to CAD5.5 million (2017: CAD84.2 million), gross loss narrowed to CAD4.1 million (2017: loss of CAD27.6 million), operating loss lowered to CAD34.5 million (2017: loss. . .  Full story

KAP final rsults June 2018

14/08 Revenue for the year rose 16% to R23 billion (R19.8 billion). Operating profit before capital items went up 15% to R2.9 billion (R2.5 billion). Profit attributable to owners grew 15% to. . .  Full story

South Africa's mining output up 2.8 percent y/y in June

14/08 South Africa's total mining output rose 2.8 percent year-on-year in June, the country's statistics agency said on Tuesday.. . .  Full story

Capreg interim rsults June 2018

14/08 Revenue from continuing operations grew to GBP45.5 million (GBP43.9 million) whilst profit on ordinary activities before financing lowered to GBP12.9 million (GBP20.4 million). Profit for the period decreased to GBP6.7 million. . .  Full story

Curro interim results June 2018

14/08 Revenue for the interim period increased 18% to R1.242 billion (2017: R1.051 billion), earnings before interest, taxation, depreciation and amortisation ("EBITDA") jumped 31% to R335 million (2017: R255 million), profit attributable. . .  Full story

South Africa's central bank "nowhere near" intervention on rand - deputy governor

13/08 The South African Reserve Bank was surprised by the magnitude of the rand weakness early on Monday but forex market conditions where "nowhere near" requiring the bank to intervene, deputy governor. . .  Full story

Sappi shares fall more than 8 percent on lower Q3 profit

13/08 South African pulp and paper maker Sappi reported a 12 percent drop in quarterly profit on Monday as a rise in capital expenditure drove up depreciation costs, sending its share price. . .  Full story

South Africa's rand hits 2-year low, bonds tumble as Turkey rout spreads

13/08 South Africa's rand plunged to a 2-year low against the dollar in early trade on Monday and government bonds weakened sharply as a renewed rout in the Turkish lira spread to. . .  Full story

Sappi quarterly results June 2018

13/08 Sales for the quarter increased to USD1.4 billion (2017: USD1.3 billion). Gross profit grew to USD175 million (2017: USD171 million). Operating profit lowered to USD84 million (2017: USD90 million). Profit for. . .  Full story

Emerging market contagion back with a vengeance as Turkey pops

11/08 The plunge in the Turkish lira has set off a wave of selling across emerging market assets, reviving the spectre of contagion that has been the sector's Achilles heel for decades.. . .  Full story

Ethiopian Airlines frontrunner in tender for planned Nigerian airline-CEO

10/08 Ethiopian Airlines is the frontrunner to set up and manage a new national carrier for Nigeria, its chief executive said on Friday.. . .  Full story

Buffalo interim results June 2018

10/08 Revenue for the interim period increased to R394.8 million (2017: R325.9 million). Gross profit shot up to R100.9 million (2017: R7.9 million). Loss attributable to owners of the parent widened to. . .  Full story

Kenya’s Safaricom resists tariff cuts to avoid price war

10/08 Safaricom, Kenya's biggest telecoms operator, has no plans to reduce its call rates after rival Airtel cut its prices as it wants to avoid a price war, its chief executive officer. . .  Full story

South Africa's rand at six-week low as emerging market currencies slip

10/08 South Africa's rand slipped to six-week lows early on Friday and government bonds weakened sharply, as slides in the Russian rouble and Turkish lira combined with escalating global trade tensions to. . .  Full story

Uber rival Taxify bets on motorcycles and rickshaws in East Africa

09/08 Taxify, an Estonian ride-hailing company aiming to take on Uber in emerging markets, will invest millions of euros in East Africa in the next five years with a strategy focused on. . .  Full story

South Africa's Eskom reaches "in principle" wage deal with unions

09/08 South African power utility Eskom and trade unions reached an "in principle" wage deal, the company said late on Wednesday, potentially ending weeks of tense negotiations that have lead to power. . .  Full story

Sanctions make it harder for South Africa's MTN to repatriate Iran cash

08/08 MTN Group, Africa's biggest mobile operator, is sticking to its 2018 dividend target despite new U.S. sanctions making it harder to repatriate cash from its Iran joint venture, the company said. . .  Full story

Naspers creates new video on demand unit as Netflix rivalry heats up

08/08 Naspers' video entertainment division has created a new over-the-top (OTT) video unit to be headed by Niclas Ekdahl in a bid to counter stiff competition for video on demand from global. . .  Full story

Naspers' unit Multichoice concerned about Tanzania suspension notice

08/08 Multichoice, the unit of South Africa's Naspers, said on Wednesday it was concerned that Tanzania's telecommunications regulator planned to suspend its services over a matter that was pending at the Fair. . .  Full story

Astoria interim results June 2018

08/08 Company prospects The biggest driver for the Group's performance will be the direction of global developed equity markets. The Group also anticipates further cash calls from the cash portion ring-fenced in terms. . .  Full story