SA Business

Court to hear MTN's case against Nigeria's central bank in $8.1 bln transfer row

20/10 A hearing in the court case between MTN and Nigeria's central bank in a dispute over the alleged transfer of $8.1 billion of funds by the telecoms firm, has been set for Oct. 30, a lawyer for MTN said on Friday.  Full story

South Africa's rand firms; Clover shines in flat stock market

19/10 South Africa's rand firmed on Friday, tracking a broad rally in emerging markets, as investors awaited the new finance minister's medium-term budget speech and consumer price inflation numbers due next week.. . .  Full story

South Africa seen planting 7 percent more maize hectares next season

19/10 South African farmers are forecast to plant 7 percent more hectares of maize in 2018/2019 compared with the current season in anticipation of improved weather, a Reuters poll of four analysts. . .  Full story

South African dairy firm Clover says in takeover talks, shares soar

19/10 Shares in South Africa's Clover Industries raced to their highest in almost two months on Friday after the dairy company said it is in talks with an unnamed firm that intends. . .  Full story

RAC Prefs interim results September 2018

19/10 Revenue for the interim period shot up to R513 643 (2017: R65 508) and operating loss narrowed to R487 036 (2017: loss of R732 369). Total comprehensive loss came to R47. . .  Full story

Sub-Saharan Africa's big economies yet to recover

19/10 Sub-Saharan Africa's economic recovery will progress slowly into next year, as the continent's biggest drivers struggle to move into higher gear despite a healthier global economy, a Reuters poll found on. . .  Full story

MTN Ghana revenue rises, driven by mobile money service

19/10 MTN Group said on Friday its Ghana unit's third quarter revenue grew around 23 percent boosted by its mobile money service MoMo.. . .  Full story

South Africa's rand softer after U.S. Fed's minutes; stocks fall

18/10 South Africa's rand retreated on Thursday as minutes from the U.S. Federal Reserve's September meeting striking a hawkish tone bolstered the dollar and dampened some of the enthusiasm for emerging currencies.. . .  Full story

Investec asset management buys stake in South African school firm

18/10 Investec Asset Management, a subsidiary of Investec, has bought in a firm that runs private colleges in South Africa, it said on Thursday, tapping into a fast-paced expansion in education businesses.. . .  Full story

S.Africa poised to adopt plan to boost local car industry suppliers

18/10 South Africa is likely to adopt new plans for the country's car industry in December which aim to increase the local content of assembled cars to 60 percent by 2035 from. . .  Full story

Spanjaard interim results August 2018

18/10 Revenue for the year increased to R63.7 million (2017: R56.2 million). Gross profit rose to R24.8 million (2017: R20 million). Total comprehensive profit attributable to ordinary shareholders was recorded at R1.2. . .  Full story

South Africa's Ramaphosa orders inquiry at $142 billion state pension fund

18/10 South Africa's President Cyril Ramaphosa on Wednesday appointed a judicial inquiry into the 2 trillion rand ($142 billion) state pension fund, a government gazette said, following corruption allegations.. . .  Full story

South African retailer Mr Price says CEO to retire by year-end

18/10 South African retailer Mr Price Group said on Thursday Chief Executive Stuart Bird, who has been at the helm for more than eight years, will retire by year-end.. . .  Full story

South Africa's Old Mutual sells all 5.5 mln shares in Nedbank

18/10 South Africa's Old Mutual Ltd said on Thursday it sold all 5.5 million shares in Nedbank Group Ltd to select institutional investors, marking the final step in the spinning-off of the. . .  Full story

Datatec interim results August 2018

18/10 Revenue for the interim period increased to USD2.005 billion (2017: USD1.845 billion), gross profit rose to USD319.4 million (2017: USD299.4 million), profit for the period from continuing operations turned around to. . .  Full story

Spear REIT interim results August 2018

18/10 Total revenue for the interim period increased to R212.6 million (2017: R120.7 million), net property operating profit climbed to R133.4 million (2017: R83.8 million), total comprehensive income for the period attributable. . .  Full story

Steinhoff says investors to suspend legal battle as firm recovers

17/10 Steinhoff said on Wednesday investors who are suing the crisis-hit firm had agreed to suspend litigation until next year, allowing the retailer time to focus on its recovery.. . .  Full story

Nigeria central bank, MTN getting closer to settlement -minister

17/10 Nigeria's central bank and South African telecommunications firm MTN could soon strike a deal in their dispute over the repatriation of $8.1 billion, Nigeria's information minister said on Wednesday.. . .  Full story

South Africa's Old Mutual to sell Nedbank shares

17/10 South Africa's Old Mutual Ltd said on Wednesday it would sell around 5.5 million shares in Nedbank Group Ltd to select institutional investors, following the spin-off of the unit.. . .  Full story

Acacia Mining says another employee arrested by Tanzania anti-corruption body

17/10 Acacia Mining said on Wednesday an employee and a former employee were detained by Tanzania's anti-corruption authority, a week after the gold miner said another staffer had been released on bail. . .  Full story

South Africa's retail sales jump as spending on consumer goods rises

17/10 South Africa's retail sales rose in August as household goods, clothing and cosmetics grew, data showed on Wednesday, with recovering consumer spending a sign the economy is climbing out of a. . .  Full story

Cargo interim results August 2018

17/10 Revenue for the interim period increased to R339.9 million (2017: R312.8 million), profit from operating activities decreased to R11.7 million (2017: R15.3 million), profit for the year increased to R15.1million (2017:. . .  Full story

Mediclinic flags drop in H1 core profit, shares dive 19 percent

17/10 Mediclinic on Wednesday flagged an 8 percent drop in core profit for the first six months of the year, sending its shares tumbling 19 percent.. . .  Full story

CMH interim results August 2018

17/10 Revenue for the interim period grew to R5.6 billion (R5.1 billion) whilst gross profit rose to R908.9 million (R849.2 million). Operating profit was lower at R180.7 million (R189.6 million). Total profit. . .  Full story

South African pharmacy group Dis-Chem profit up as market share increases

17/10 South African pharmacy group Dis-Chem's half-year profit on a per share basis rose 10.5 percent as it lifted its market share across all divisions.. . .  Full story

South Africa's rand weaker, focus on Fed minutes and retail sales data

17/10 South Africa's rand weakened in early trade on Wednesday as the dollar strengthened against most major peers, with the market awaiting domestic retail sales figures and minutes from the U.S. Federal. . .  Full story

New South African finance minister to stick close to Feb budget

17/10 South Africa's new finance minister Tito Mboweni will stick closely next week to previous budget forecasts for the coming two fiscal years, with only slight slippages due to poor revenues, economists. . .  Full story

Insimbi interim results August 2018

17/10 Revenue for the interim period increased to R2.138 billion (2017: R1.666 billion), gross profit rose to R181.7 million (2017: R179.8 million), operating profit decreased to R62.1 million (2017: R77.3 million), total. . .  Full story

Dis-Chem interim results August 2018

17/10 Revenue from contracts with customers increased by 9.4% to R10.465 billion (2017: R9.569 billion), gross profit rose 9.9% to R2.607 billion (2017: R2.371 billion), operating profit climbed 8.3% to R705 million. . .  Full story

Botswana's bourse threatens to delist Choppies over results delay

16/10 Botswana's stock exchange said on Tuesday it could terminate Choppies Enterprises' listing over the failure by the budget retailer to publish financial results on time.. . .  Full story

New South African finance minister to keep policy direction intact - Moody's

16/10 Ratings agency Moody's said on Tuesday that it expected new South African Finance Minister Tito Mboweni to keep the government's broad policies intact in the medium-term budget speech due next week.. . .  Full story

PL Group interim results June 2018

16/10 Revenue was higher at R72.3 million (R28.8 million), operating loss came to R5.2 million (R3.2 million) and loss for the six months was recorded at R6.1 million (R2.2 million). Furthermore, headline. . .  Full story

South Africa's Treasury says recession, falling revenue hurt public finances

16/10 Falling revenues and a recession mean South Africa will struggle to finance the public services that form the largest part of its budget, the National Treasury said on Tuesday.. . .  Full story

PSG interim results August 2018

16/10 Income for the interim period rose to R4.2 billion (R3.2 billion). Profit for the period attributable to owners increased to R1.1 billion (R833 million). Furthermore, headline earnings per share grew to. . .  Full story

South Africa's rand steady as dollar struggles, stocks to open lower

16/10 South Africa's rand inched lower early on Tuesday due to profit-taking as the dollar regained some ground after sliding on poor retail sales data.. . .  Full story

S.Africa's Pick n Pay H1 profit jumps 19 pct as price cuts lure buyers

16/10 South African supermarket chain Pick n Pay Stores on Tuesday said half-year profit before tax jumped 19.1 percent as price cuts attracted more shoppers to its stores.. . .  Full story

Pick n Pay interim results August 2018

16/10 Turnover for the interim period increased to R41.2 billion (2017: R38.8 billion), gross profit rose to R7.7 billion (2017: R7.2 billion), trading profit soared to R631.8 million (2017: R399.1 million), profit. . .  Full story

South African rand rallies on Moody's, stocks track Asia lower

15/10 A decision by Moody's to delay its review on South Africa's sovereign debt buoyed the rand to its strongest in a week as it rallied for the third straight session against. . .  Full story

South Africa's power utility Eskom warns of load-shedding

15/10 South Africa's state-owned power utility Eskom warned of the risk of load-shedding on Monday night following power constraints due to maintenance and unplanned outages at several of its electricity-generating units.. . .  Full story

AH-Vest final results June 2018

15/10 Revenue for the year fell to R155.8 million (2017: R165.5 million), gross profit rose to R61.7 million (2017: R56.8 million), operating profit lowered to R3.6 million (2017: R4.5 million), profit for. . .  Full story

Go Life interim results August 2018

15/10 Revenue for the interim period shot up to USD1.3 million (2017: USD438 169). Profit from operations grew to USD487 199 (2017: USD157 975). Total comprehensive income for the period increased. . .  Full story

Famous Brands sees $60 mln impairment as UK burger business struggles

15/10 South African fast-food chain owner Famous Brands, which owns Wimpy, Steers and Debonairs pizza said on Monday it will take a pre-tax impairment charge of 874 million rand ($60 million), sending. . .  Full story

South Africa's Nedbank to buy back shares from minority shareholders

15/10 South Africa's Nedbank Group Ltd said on Monday it will buy back its stock from shareholders who hold less than 100 Nedbank shares as a result of a spin-off by its. . .  Full story

Kenya's Safaricom loses 1.6 pct users' market share in Q2

15/10 Kenya's Safaricom lost 1.6 percent of its telecom subscribers' market share in the quarter ended June, the industry regulator said, marking the third straight quarterly drop for the country's biggest operator.. . .  Full story

Steinhoff asks creditors for restructuring extension

15/10 South African retailer Steinhoff, has asked creditors for a one-month extension relating to its debt restructuring as it negotiates documents required to implement the plan, it said on Monday.. . .  Full story

Balwin interim results August 2018

15/10 Revenue for the interim period increased to R1.2 billion (R894.1 million) whilst gross profit increased to R325.6 million (R289.9 million). Operating profit grew to R246.4 million (R216.8 million). Profit for the. . .  Full story

Adcorp interim results August 2018

15/10 Revenue from continuing operations increased to R7.973 billion (2017: R7.750 billion) whilst gross profit lowered to R1.080 billion (2017: R1.136 billion). Operating profit shot up to R175.6 million (2017: R27.4 million).. . .  Full story

Accentuate final results June 2018

12/10 Revenue for the year lowered to R294.9 million (R295.1 million) whilst operating loss before finance costs widened to R23.5 million (loss of R16 000). Loss for the period worsened to R22.2. . .  Full story

South Africa's Exxaro looks to fill Eskom coal shortage

12/10 South African miner Exxaro Resources said on Friday it was looking to supply coal to state-owned power utility Eskom, which has been hit by supply shortages, posing a threat to the. . .  Full story

South African rand firmer ahead of Moody's rating decision

12/10 The South African rand firmed against the globally hobbled dollar early on Friday ahead of the country's credit review announcement by ratings agency Moody’s later in the day.. . .  Full story

S.Africa's Tiger Brands re-opens processing facility after listeria outbreak

12/10 Tiger Brands said on Friday it had re-opened a facility that was closed after South Africa's biggest food producer was implicated in the world's largest outbreak of listeria which killed more. . .  Full story

Atleaf interim results August 2018

11/10 Revenue for the interim period increased to GBP13.4 million (2017: GBP12.0 million) and operating income was higher at GBP10.6 million (2017: GBP10.4 million). Profit for the period grew to GBP7.8 million. . .  Full story

South African insurer Sanlam seals $1 billion deal for Morocco's SAHAM

11/10 South Africa's biggest insurer Sanlam has sealed a $1.1 billion deal to acquire the remaining 53.37 percent stake in Moroccan insurance firm SAHAM Finances after receiving regulatory approvals, it said on. . .  Full story

South Africa's August manufacturing output up 1.3 percent

11/10 South Africa's manufacturing output rose by 1.3 percent year-on-year in August, following a revised 2.8 percent expansion in July, the statistics agency said on Thursday.. . .  Full story

PSG Konsult interim results August 2018

11/10 Net written premium lowered to R440.5 million (R450.1 million) whilst total income grew to R2.3 billion (R2.1 billion). Profit attributable to owners jumped to R281.8 million (R239.4 million). In addition, headline. . .  Full story

Steinhoff's shares plunge after global rout, report on retailer's ex-CEO

11/10 Steinhoff's shares fell more than 9 percent on Thursday to a near two-month low after a global market rout and a report by Bloomberg saying the retailer's former CEO advised friends. . .  Full story

Packaging firm Mondi reports 30 pct rise in Q3 underlying profit

11/10 Packaging and paper group Mondi, reported a 30 percent increase in third-quarter underlying core profit, benefiting from higher average selling prices in some of its businesses.. . .  Full story

South Africa gets $35 bln in investment pledges towards $100 bln goal

11/10 South Africa has investment commitments of $35 billion as part of plans by President Cyril Ramaphosa to attract $100 billion over the next five years to revive the country's flagging economy,. . .  Full story

South African rand gains ground against softer dollar

11/10 The South African rand firmed against the dollar on Thursday after the greenback was jolted by the worst fall in U.S. stocks in nearly eight months.. . .  Full story

Equites interim results August 2018

11/10 Revenue for the period increased to R335.7 million (2017: R262.6 million). Operating profit before financing activities decreased to R241.8 million (2017: R498.1 million), profit attributable to the owners of the parent. . .  Full story

Vunani interim results August 2018

11/10 Revenue for the interim period increased to R233.7 million (2017: R160.1 million), results from operating activities rose to R40 million (2017: R22.3 million), profit from continuing operations attributable to equity holders. . .  Full story

South Africa's rand weakens, stocks hit three-month low

10/10 South Africa's rand weakened on Wednesday, giving back gains it made following Tito Mboweni's appointment as fiance minister, with investors banking profits ahead of a ratings decision on Friday.. . .  Full story

South Africa should seek damages from KPMG over bank graft: central bank probe

10/10 South Africa should seek damages from global auditor KPMG for the role it played in a corruption scandal that saw at least 1.9 billion rand ($130 million) stolen from local bank. . .  Full story

South African business confidence index rises in September

10/10 Business confidence in the South African economy rose in September, helped by higher export volumes, new vehicle sales and lower inflation, a survey showed on Wednesday.. . .  Full story

Newpark interim results August 2018

10/10 Revenue for the interim period decreased to R67 million (2017: R71.1 million), operating profit jumped to R62.7 million (2017: R46.4 million), profit for the period climbed to R41.1 million (2017: R24.5. . .  Full story

South Africa's rand, banking stocks rally as Mboweni named finance minister

09/10 South Africa's rand climbed to a session best on Tuesday after President Cyril Ramaphosa appointed former central bank governor Tito Mboweni as finance minister, a moved that soothed markets after days. . .  Full story

S.Africa dollar bonds trim losses after Mboweni appointed as finance minister

09/10 South Africa dollar-denominated debt trimmed losses across the curve on Tuesday after President Cyril Ramaphosa appointed former central bank governor Tito Mboweni as finance minister.. . .  Full story