SA Business

eXtract final results August 2018

16h44 Revenue from discontinued operations came in at R999 million (R5.418 billion), operating loss was R230 million (operating profit of R305 million), loss for the period was recorded at R170 million (loss of R1.947 billion), while headline loss per share was 747.3 cents per share (headline loss  Full story

Famous Brand's UK burger chain shuts 14 struggling stores

17h11 South Africa's Famous Brands said on Tuesday its UK-based unit Gourmet Burger Kitchen (GBK) has closed 14 out of 17 under-performing stores following the approval of a restructuring plan by creditors.. . .  Full story

South Africa's manufacturing output jumps, boosting rand

15h10 South Africa's manufacturing output rose more than expected in October to its highest level since June 2016, data showed on Tuesday, lifting the rand as the economy showed further signs of. . .  Full story

Liquid Telecom gets $180 million from UK for pan-African fibre network

14h41 African fibre company Liquid Telecom has won a $180 million investment from British development finance agency CDC Group, which the firm said it will use to deliver high-speed broadband further into. . .  Full story

South Africa's rand rebounds

09h37 South Africa's rand opened firmer on Tuesday, clawing back the previous session's heavy losses, with investors buying the currency cheaper ahead of mining and manufacturing data and other economic data later. . .  Full story

AForbes interim results September 2018

08h10 Total revenue from continuing operations grew to R3.4 billion (R3.2 billion) whilst operating profit lowered to R57 million (R382 million). Loss for the period attributable to owners came to R50 million. . .  Full story

UK's Experian to buy Africa's Compuscan

10/12 Credit check firm Experian Plc has agreed to buy South African peer Compuscan for $262.78 million, bulking up its existing African operations and giving it a foothold in a handful of. . .  Full story

South Africa's MTN says still in talks with Nigerian authorities

10/12 South African telecoms firm MTN Group was still in talks with Nigerian authorities over an $8.1 billion dispute and a $2 billion tax demand in a bid to reach an agreement,. . .  Full story

South Africa needs to bail out Eskom, says former Eskom adviser Rothschild

10/12 The South African government needs to "bite the bullet" and bail out struggling state-run power firm Eskom, which has asked for 100 billion rand ($7 billion) in government support, the chief. . .  Full story

Greenbay final results September 2018

10/12 Property rental and related revenue for the year soared to EUR8.8 million (2017: EUR6 million ), profit for the year attributable to equity holders of the company came in at EUR41.6. . .  Full story

KPMG South Africa appeals for second chance after corruption scandals

10/12 The chairman of KPMG South Africa on Monday appealed for the firm to be seen as a changed business, following months of efforts to regain public trust after becoming embroiled in. . .  Full story

South African rand firmer as dollar slides on soft payrolls data

10/12 South Africa's rand firmed in early trade on Monday as the dollar dropped after soft U.S. payrolls data fuelled speculation that the Federal Reserve may stop raising interest rates after a. . .  Full story

DAWN interim results September 2018

07/12 Revenue for the interim period increased to R1.359 billion (2017: R1.717 billion), gross profit fell to R303.4 million (2017: R388.3 million), loss from continuing operations soared to R116.3 million (2017: loss. . .  Full story

PBT Group interim results September 2018

07/12 Total revenue from continuing operations for the period was R281 million (September 2017: R283.5 million) with profit before tax for continuing operations being R13.8 million (September 2017: R11.6 million). The total. . .  Full story

South Africa's Absa bank aims to lift lagging return on equity by 2021

07/12 South African lender Absa Group set out new targets to raise its return on equity (RoE) by around 4 percent by 2021, from levels currently among the lowest of South Africa's. . .  Full story

S. Africa's Distribution and Warehousing sees bigger loss

07/12 South Africa's Distribution and Warehousing Network Ltd said it expects to report a bigger first-half headline loss per share, as it battles tough trading conditions amid wider economic challenges.. . .  Full story

Vedanta's South African smelter plans not derailed by power constraints

07/12 Vedanta Zinc International, a unit of diversified miner Vedanta Resources, has not been deterred from investing in an energy intensive zinc smelter in South Africa despite regular power shortages in the. . .  Full story

South Africa's Nov net foreign reserves rise to $42.577 bln

07/12 South Africa's net foreign reserves rose to $42.577 billion in November from $42.194 billion in October, the Reserve Bank said on Friday.. . .  Full story

South African rand claws back lost ground in early trade

07/12 South Africa's rand steadied in early trade on Friday after tumbling more than 2 percent the previous session, weighed down by news that the country's current account deficit widened in the. . .  Full story

South Africa's Tiger Brands reopens meat plant after listeria outbreak

06/12 South African authorities have given food maker Tiger Brands permission to re-open a factory closed after the world's biggest listeria outbreak was traced to one of its facilities, the company said. . .  Full story

Fitch keeps South Africa's sovereign rating unchanged

06/12 Ratings firm Fitch on Thursday kept South Africa sub-investment grade credit rating steady at subinvestment and maintained its stable outlook, but warned that low growth and rising debt of state-owned firms. . .  Full story

South Africa's Eskom bonds slide on debt restructuring talk

06/12 South Africa's government is discussing restructuring the debt of state-run utility Eskom but will only give details of what it plans to do next year, Public Enterprises Minister Pravin Gordhan said. . .  Full story

Bank Windhoek becomes first commercial lender in southern Africa to issue green bond

06/12 Bank Windhoek has issued Namibia's first green bond to finance eligible green projects and assets, the lender announced on Thursday.. . .  Full story

South African business confidence index rises in November

06/12 South Africa's business confidence rose for a third consecutive month in November, boosted by higher export and import volumes and manufacturing output, a survey showed on Thursday.. . .  Full story

South Africa Q3 current account deficit widens as trade surplus narrows

06/12 South Africa's current account deficit widened slightly in the third quarter from the second quarter as Africa's most industrialised economy recorded a narrower quarterly trade surplus, the central bank said on. . .  Full story

Group Five shares plunge on $60 mln claim for Ghana power project

06/12 Shares in South African engineering company Group Five plunged more than 40 percent on Thursday after a customer's $60.5 million compensation claim relating to the unfinished Kpone power plant in Ghana.. . .  Full story

Steinhoff shares tumble after accounts, PwC probe delayed

06/12 A probe into accounting irregularities at Steinhoff International and the release of the retailer's restated results have been delayed, it said on Thursday, sending its shares down as much as 21. . .  Full story

South Africa's rand weakens on risk aversion

06/12 South Africa's rand weakened against the dollar in early trade on Thursday as fears of a fresh flare-up in tensions between the United States and China, and concerns about global growth. . .  Full story

South Africa's Eskom wants state to take on $7.2 bln of its debt

05/12 South Africa's struggling state-run power firm Eskom wants the government to take on 100 billion rand ($7.2 billion) of its debt to shore up its balance sheet, Eskom Chairman Jabu Mabuza. . .  Full story

S.Africa's average port tariffs to fall 6 pct next year - regulator

05/12 South Africa's Ports Regulator said its average tariffs for the 2019/20 financial year will decrease by 6.27 percent, although coal export charges will rise, a statement seen by Reuters on Wednesday. . .  Full story

S.Africa's private sector contracts at slower pace in Nov: PMI

05/12 South African private sector activity shrank again in November, albeit at a slower pace than the previous month, as firms cut inventories to their lowest level in more than four years,. . .  Full story

South Africa's rand weakens as trade worries sour risk appetite

05/12 South Africa's rand weakened against the dollar in early trade on Wednesday as worries that Washington and Beijing may not be able to clinch a substantive trade deal during their temporary. . .  Full story

South Africa emerges from recession as farming, manufacturing jump

04/12 Farms and factories dragged South Africa out of its first recession in almost a decade, data showed on Tuesday, as the economy grew by more than expected in the third quarter.. . .  Full story

South Africa's gross spending up 2.3 percent in third quarter

04/12 South Africa's real gross domestic expenditure expanded by 2.3 percent in the third quarter of 2018 after contracting by 0.7 percent in the second quarter, the statistics agency said on Tuesday.. . .  Full story

Nigerian court adjourns case between MTN and central bank to Dec. 12: judge

04/12 A Lagos judge on Tuesday adjourned a hearing in an $8.1 billion dispute between South African telecoms firm MTN Group and Nigeria's central bank until Dec. 12 after lawyers said they. . .  Full story

Digital newcomers out to disrupt South African banking

04/12 Armed with low-cost operating models, three South African digital banks are betting on aggressive pricing and data analytics to attract tech-savvy, price-conscious consumers when they launch next year in a rare. . .  Full story

South Africa's rand gains ahead of GDP data

04/12 South Africa's rand rose early on Tuesday ahead of economic growth data release for the third quarter ended September, amid renewed demand for risk assets as the United States and China. . .  Full story

South Africa's rand and stocks lifted by U.S.-China trade truce

03/12 South Africa's rand firmed more than 1 percent against a softer dollar on Monday, in line with emerging markets and a fall in bond yields, as a temporary trade truce agreement. . .  Full story

South Africa's Absa PMI rises for the first time in 3 months

03/12 South Africa's seasonally adjusted Absa Purchasing Managers' Index (PMI) rose in November, supported by an uptick in new orders and business activity, a survey showed on Monday.. . .  Full story

Nigerian court to hear MTN and attorney general case on Feb 7 - registrar

03/12 A Lagos court hearing concerning a dispute between South African telecoms firm MTN Group and Nigeria's attorney general over a $2 billion tax demand will take place on Feb. 7, a. . .  Full story

South Africa's Naspers H1 profit jumps, Tencent robust

30/11 South African media and e-commerce giant Naspers reported a 39 percent jump in half-year profit on Friday, thanks to a strong performance in its investment in China's Tencent.. . .  Full story

Transnet shuts main iron ore export rail link after accident

30/11 South Africa's main iron ore export railway line has closed and force majeure letters sent to customers after a truck severely damaged a railway bridge on Wednesday, state-owned freight group Transnet. . .  Full story

South Africa's trade deficit widens to 5.55 bln rand in October

30/11 South Africa's trade deficit widened to 5.55 billion rand($403.84 million) in October from a revised 3.83 billion rand deficit in September, official data showed on Friday.. . .  Full story

More firms show interest in buying South Africa's Clover

30/11 South Africa's Clover Industries said on Friday other unnamed firms have shown interest in buying all its shares, after the dairy firm said in October it was in talks with a. . .  Full story

South African Eskom implements power cuts for second day

30/11 South Africa's struggling power firm Eskom implemented controlled power cuts on Friday for the second day in a row, as unplanned outages of some generating units put the power system under. . .  Full story

South Africa's rand steady, eyes on Trump-Xi meeting

30/11 South Africa's rand steadied against the dollar in early trade on Friday, with investors cautious ahead of a crucial weekend meeting between the Chinese and U.S. presidents that could determine the. . .  Full story

Lonmin turns first profit in four years ahead of Sibanye takeover

29/11 Lonmin Plc, which is being bought by Sibanye-Stillwater, reported its first annual operating profit in four years as cost cuts by the platinum miner paid off.. . .  Full story

S.African credit demand growth slows to 5.82 pct in Oct

29/11 Growth in private sector credit demand in South Africa slowed to 5.82 percent in October from 6.27 percent in the previous month, central bank data showed on Thursday.. . .  Full story

MTN Rwanda signs deal for 50 billion franc loan for network upgrade

29/11 MTN Rwanda,┬áthe biggest telecoms operator in the East African nation,┬áhas signed a 50 billion franc ($56.20 million) loan with eight local banks, whose proceeds will be used to expand and modernise. . .  Full story

Britain's CDC to invest up to $4.5 bln in Africa over next four years

29/11 British development finance agency CDC Group plans to invest up to $4.5 billion across Africa over the next four years to boost ties with the continent, its chief executive told Reuters. . .  Full story

South Africa's rand firmer as dovish Fed boosts risk appetite

29/11 South Africa's rand firmed in early trade on Thursday, as the dollar faltered after the U.S. Federal Reserve Chairman suggested they may be nearing an end of their three-year rate tightening. . .  Full story

South Africa to amend moratorium on gas, oil exploration licences: minerals minister

29/11 South Africa will amend a moratorium on gas and oil exploration licences implemented earlier this year to allow new exploration and production applications currently in the system to be granted, Mineral. . .  Full story

South Africa's rand weakens on risk aversion; stocks rise

28/11 South Africa's rand weakened against the dollar on Wednesday amid dwindling demand for riskier assets and fears U.S.-China trade tension would not be resolved at an upcoming G20 summit.. . .  Full story

South African central bank expects volatile rand in 2019

28/11 South Africa's rand will remain volatile in 2019, making monetary policy complicated and focused on long-term inflation factors rather than short-term market shocks, central bank Deputy Governor Daniel Mminele said on. . .  Full story

Tanzania central bank suspends five banks from interbank FX market

28/11 Tanzania's central bank has suspended five banks from trading in the interbank foreign exchange market for one month for breaching regulatory rules, a senior official said on Wednesday.. . .  Full story

S.Africa's Eskom says asset sales can't solve problems as flags big loss

28/11 South African state-run power firm Eskom said on Wednesday that asset sales could not solve its problems and that a bailout or debt relief were preferable, as it flagged a loss. . .  Full story

South African state pension fund raises stake in MTN to 23.6 pct

28/11 A South African state-owned pension fund has raised its stake in mobile phone operator MTN Group to nearly 24 percent, regulatory filings showed on Wednesday, a bet on the company in. . .  Full story

Gold Fields improves severance terms at South Deep in bid to end strike

28/11 Gold Fields said on Wednesday it had offered union members striking at its South Deep mine in South Africa an increased severance package to try to resolve the dispute which has. . .  Full story

Asset sales can't fix problems at South Africa's Eskom, chairman says

28/11 South Africa's state-owned power utility Eskom should look at government equity injection and debt relief among options to assist the troubled firm with its financial woes, its chairman said on Wednesday,. . .  Full story

KPMG South Africa picks outsider as CEO after scandals

28/11 KPMG's South African unit named an outsider, Ignatius Sehoole, as chief executive on Wednesday, as the auditing firm scrabbles to retain clients after being ensnared in political scandals.. . .  Full story

Zambia targets 200 MW of solar power to reduce hydro dependency

28/11 Zambia is seeking proposals from potential developers of solar power projects with a combined 200 megawatt (MW) capacity as it tries to diversify its energy mix away from hydroelectric power.. . .  Full story

South African consumer confidence falls sharply - survey

28/11 Consumer confidence in South Africa worsened sharply in the third quarter, but stayed far above levels recorded in the final years of the nation's former presidential regime, a survey showed on. . .  Full story