SA Business

Virgin Money South Africa plans bank account, expansion for fintech app

19/06 Virgin Money South Africa will launch a zero monthly fee bank account and cheap cross-border payments on its financial technology app, and could eventually roll this out in other developing markets, its CEO told Reuters.  Full story

South African consumer inflation subdued, upping rate cut chances

19/06 South African inflation stayed well within the central bank's target range in May, making it more than two years since it last breached the ceiling, raising the possibility of a rate. . .  Full story

Scandal-hit Steinhoff says will suffer more in 2019

19/06 Steinhoff International warned of the lingering damage from a massive accounting scandal after the South African retail group reported a 1.2 billion euro ($1.3 billion) annual loss, sending its volatile shares. . .  Full story

South African rand retreats from 2-week high, eyes on CPI and Fed

19/06 South Africa's rand retreated from a two-week high in early trade on Wednesday ahead of domestic consumer price inflation data and the U.S. Federal Reserve's closely-watched policy decision.. . .  Full story

Rand rallies as Ramaphosa set to give more support for Eskom

18/06 South Africa's rand rallied in late trade on Tuesday after the government signalled it will give additional support to power firm Eskom and as emerging currencies were lifted by expectations the. . .  Full story

Ex-CEO Peter Moyo to take Old Mutual to court - statement

18/06 Former Old Mutual CEO Peter Moyo is to challenge the employer's conduct in court after the insurer fired him citing a conflict of interest.. . .  Full story

RAC Prefs final results March 2019

18/06 Revenue for the year grew to R1.5 million (2018: R110 219), operating loss narrowed to R175 001 (2018: loss of R1.4 million),loss for the year came to R43.7 million (2018:profit of. . .  Full story

MultiChoice reports full-year loss

18/06 Africa's biggest pay-TV group MultiChoice on Tuesday reported a headline loss in the year to end-March after foreign exchange losses and a charge for a stake disposal.. . .  Full story

South Africa's Ramaphosa to announce more support for Eskom

18/06 South Africa's President Cyril Ramaphosa will announce more measures to support cash-strapped power utility Eskom, his office said on Tuesday, without providing details.. . .  Full story

MutliChoice final results March 2019

18/06 The group generated revenue of R50.1bn, up 6% on last year (6% organic). Subscription revenue amounted to R41.2bn, up 7% on last year (8% organic). This represents an acceleration in growth. . .  Full story

Brait final results March 2019

18/06 Loss for the year was recorded at EUR708 million (2018: EUR700 million) whilst headline loss per share came to EUR139 cents per share (2018: headline loss of EUR138 cents per. . .  Full story

Old Mutual fires suspended CEO Moyo

18/06 South Africa's second-biggest insurer Old Mutual said it had fired suspended CEO Peter Moyo, citing a conflict of interest with an investment firm he founded.. . .  Full story

SERE interim results March 2019

18/06 Net rental and related income was recorded at EUR8.0 million (2018: EUR8.8 million), operating profit dropped to EUR4.3 million (2018: EUR13.5 million) and profit attributable to owners of the parent declined. . .  Full story

AForbes final results March 2019

18/06 Fee and commission income for the year grew to R4.058 billion (R3.981 billion) whilst operating profit lowered to R447 million (R674 million). Profit attributable to owners increased to R334 million (R240. . .  Full story

Congo court upholds suspension of Vodacom's 2G licence

17/06 A court in Democratic Republic of Congo on Monday upheld the government's suspension of the 2G telecoms licence of Vodacom Group's local unit, an official at the telecommunications ministry said.. . .  Full story

Primeserv final results March 2018

14/06 Revenue for the year increased to R806.7 million (R725.3 million) whilst gross profit was higher at R112.3 million (R107.0 million). Operating profit grew to R25.3 million (R22.3 million). Profit and total. . .  Full story

Brikor final results February 2019

14/06 Revenue for the year from continuing operations grew to R284.9 million (R273.1 million) whilst gross profit lowered to R58.0 million (R74.3 million). Operating profit before interest and taxation fell to R12.5. . .  Full story

In race to digitise, skills gap a drag on South Africa's big banks

14/06 A severe shortage of computer skills in South Africa has left its major banks fighting over a limited pool of people with the skills they need to upgrade technology platforms and. . .  Full story

South African central bank says it is committed to price stability mandate

14/06 South Africa's central bank is committed to its primary mandate of maintaining price stability in the interest of balanced and sustainable economic growth, the bank's governor, Lesetja Kganyago, said in a. . .  Full story

South Africa's Omnia flags full-year loss

14/06 South African chemicals and fertiliser maker Omnia Holdings said on Friday it expected to report a full-year loss as drought, a volatile currency, changes in the mining industry and difficult global. . .  Full story

South Africa's rand steady as investors mull developments ahead of long weekend

14/06 South Africa's rand held steady on Friday as investors assessed local and international political developments ahead of a long weekend and a U.S. Federal Reserve meeting next week.. . .  Full story

Labat interim results February 2019

13/06 Revenue for the interim period shot up to R312.2 million (2018: R55.6 million), gross profit grew to R27.4 million (2018: R13.5 million), operating profit dropped to R505 000 (2018: R5.1 million). . .  Full story

Novus final results March 2019

13/06 Revenue for the year came to R4.332 billion (2018: R4.308 billion), operating profit grew to R276.8 million (2018: R141.9 million) and net profit for the year attributable to equity holders of. . .  Full story

Zarclear final results March 2019

13/06 Total income for the year rose to R142.1 million (2018: loss of R44.1 million), profit from operations turned around to R51.3 million (2018: loss of R68 million) and profit for the. . .  Full story

South Africa's Q2 business confidence is unchanged from Q1

13/06 South Africa's business confidence in the second quarter remained unchanged from the previous quarter, a survey showed on Thursday, as the country struggles to boost growth.. . .  Full story

Trustco final results March 2019

13/06 Revenue for the year grew to NAD1.479 billion (2018: NAD800 million), gross profit increased to NAD978.6 million (2018: NAD526.7 million), profit attributable to owners of the company grew to NAD608.2 million. . .  Full story

Rand slips on investigation into Ramaphosa campaign donation

13/06 South Africa's rand slipped on Thursday, as investors were unnerved by an investigation into a donation for President Cyril Ramaphosa's 2017 campaign for leader of the governing African National Congress (ANC). . .  Full story

IMF approves disbursement of $248.15 mln under Angola's credit facility

13/06 The International Monetary Fund said its board had completed the first review under Angola’s extended arrangement and approved a disbursement of $248.15 million, taking the total of such payments to about. . .  Full story

Crookes final results March 2018

12/06 Revenue for the year jumped to R576.1 million (R477.2 million) whilst operating profit after biological assets shot up to R73.9 million (R4.1 million). Profit for the year from continuing operations attributable. . .  Full story

Ethiopia plans to issue telco licences by year-end -sources

12/06 Ethiopia is aiming to award telco licences to multinational mobile companies by the end of the year, ending a state monopoly and opening up one of the world's last major closed. . .  Full story

South Africa's rand edges weaker in subdued start to trade

12/06 South Africa's rand edged weaker on Wednesday in a slow start that saw subdued flows as market makers looked for clear breaches either side of key technical levels.. . .  Full story

ANC row over South African central bank unnerves investors

11/06 A row within South Africa's African National Congress (ANC) about the role of the central bank has unnerved investors and exposed deep divisions in the governing party.. . .  Full story

South Africa's manufacturing jumps to best in over 2 years as power woes ease

11/06 South Africa's manufacturing grew much more than expected in April as production of cars, electronics, metal products and furniture jumped, providing the first glimmer of hope for an economy mired in. . .  Full story

Africa's MultiChoice warns of swing to full-year loss

11/06 MultiChoice Group, Africa's biggest pay-TV company, expects to swing to a headline loss this year, hurt by foreign exchange losses and a charge on a stake disposal at its South African. . .  Full story

South Africa's rand recovers as EM demand lifted by Mexico-U.S. deal

11/06 South Africa's rand firmed early on Tuesday, helped by global risk appetite and easing political turbulence locally following last week's row over the role of the central bank.. . .  Full story

Stor-Age final results March 2019

11/06 Property revenue for the year increased to R524.4 million (2018: R310.2 million), operating profit rose to R352.5 million (2018: R218.4 million), profit attributable to shareholders of the company fell to R257.6. . .  Full story

S.African government sued over coal and industrial air pollution

10/06 South Africa's government has failed to tackle high air pollution levels in an area which is home to coal-fired power stations and refineries, a lawsuit filed by environmental and community groups. . .  Full story

eSwatini calls for solar power bids to ease reliance on S.Africa's Eskom

10/06 The kingdom of eSwatini has called for bids to build 40 megawatts (MW) of solar power capacity to reduce reliance on South Africa's troubled state power firm Eskom.. . .  Full story

Securities trading in South African sugar producer Tongaat suspended

10/06 Trading in South African sugar producer Tongaat Hulett's securities on the Johannesburg Stock Exchange and London Stock Exchange was suspended on Monday after a delay in the publishing of its financial. . .  Full story

Nigeria's securities regulator suspends Oando's annual shareholder meeting

10/06 Nigeria's securities regulator has ordered the suspension of Oando's annual shareholder meeting due to be held on June 11, the Securities and Exchange Commission (SEC) said on Monday.. . .  Full story

Moody's lowers South African growth forecast after Q1 slump

10/06 Ratings agency Moody's said on Monday that it had lowered its forecast for South Africa's 2019 economic growth to 1.0% from 1.3% after it said a first-quarter contraction had dented the. . .  Full story

YeboYethu final results March 2018

10/06 Income for the year soared to R455.4 million (2018: R20.1 million), net loss for the period came in at R898.4 million (2018: profit of R498.6 million), while headline loss per share. . .  Full story

South African rand starts week on stronger footing

10/06 South Africa's rand started the week firmer against the dollar on Monday, recovering some ground after steep losses last week against the U.S. currency.. . .  Full story

Caprec final results March 2019

10/06 Revenue for the year jumped to R607.7 million (R508.2 million). Operating profit was recorded at R138.5 million ( R162.3 million), while total comprehensive income for the year was lower at R124.6. . .  Full story

South African Airways requests urgent state funding as it appoints interim CEO

07/06 South African Airways (SAA) appointed its head of operations as acting chief executive on Friday and said it needs 4 billion rand ($265 million) from the government to survive the current. . .  Full story

Activists urge banks not to finance Ugandan oil pipeline

07/06 A group of 30 international and local campaign groups have petitioned two banks to abandon plans to raise funds to build an oil pipeline to export Ugandan oil, saying the project. . .  Full story

ANC rifts behind push for new South African central bank mandate

07/06 A row within South Africa's ruling African National Congress (ANC) party about the role of the country's central bank is unnerving investors because it is being driven by bitter factional battles. . .  Full story

South African carrier SAA says 4 bln rand govt bailout would ease liquidity crunch

07/06 Cash-strapped South African Airways (SAA) says it needs 4 billion rand in emergency cash from government to pay off maturing debt and steer the firm to profitability in two years' time,. . .  Full story

South Africa's net foreign reserves slip to $43.18 bln in May

07/06 South Africa's net foreign reserves dipped to $43.178 billion in May from $43.245 billion in April, the Reserve Bank said on Friday.. . .  Full story

South Africa's rand continues to tumble on central bank worries

07/06 South Africa's rand fell again early on Friday, reaching a new 2019 low as assurances by the ruling African National Congress about the independence of the central bank did little to. . .  Full story

South Africa's ANC insists policy on central bank role has not changed

06/06 South Africa's ruling African National Congress (ANC) said on Thursday its policy on the role and independence of the central bank had not changed, following a public spat between senior officials. . .  Full story

South Africa's rand falls as ANC squabbles over central bank

06/06 South Africa’s rand fell early on Thursday to its lowest this year as a dispute within in the ruling African National Congress over the central bank weakened demand.. . .  Full story

South African current account deficit widens in Q1

06/06 South Africa's current account deficit widened to 2.9% of gross domestic product (GDP) in the first quarter of 2019, from a 2.2% shortfall in the fourth quarter of the previous year,. . .  Full story

South African central bank row exposes ANC divisions

06/06 A row centring on the South African central bank exposed deep divisions in the governing ANC party on Wednesday, as a faction loyal to President Cyril Ramaphosa opposed calls from a. . .  Full story

Stenprop final results March 2019

06/06 Net rental income for the year increased GBP33.9 million (2018: GBP32.9 million) net operating income lowered to GBP28.5 million (2018: GBP29.7 million), profit attributable to equity holders decreased to GBP23.8 million. . .  Full story

Guinea iron ore prospectors set sights on ArcelorMittal rail

05/06 The race to mine Guinea's iron ore has started although the focus is not on its giant Simandou deposits but on smaller finds whose output could be transported via Liberia if. . .  Full story

South Africa finance minister denies plan to change central bank mandate but ANC stands by it

05/06 South Africa's governing party refused to back down on Wednesday from a call to mandate the central bank to boost employment, despite the finance minister denying such plans and saying talk. . .  Full story

South African rand volatility gauge touches near 2-month high

05/06 A South African rand volatility gauge touched a near two-month high on Wednesday, as the currency remained under pressure from dire economic data and a fierce debate over the central bank's. . .  Full story

South African business confidence marginally lower in May- SACCI

05/06 South Africa's business confidence inched lower in May, falling to 93 from 93.7 in April, the South African Chamber of Commerce and Industry (SACCI) said on Wednesday.. . .  Full story

Sibanye-Stillwater reduces job cut estimate to 3,450 in gold shake-up

05/06 Sibanye-Stillwater said on Wednesday around 3,450 jobs will be affected by the proposed restructuring of the company's gold mining operations following losses at some of its mines last year.. . .  Full story

South Africa finmin: nobody talking about changing mandate

05/06 South Africa's Finance Minister Tito Mboweni said on Wednesday that "nobody was talking about changing the mandate of the Reserve Bank", after a public spat between senior officials about the focus. . .  Full story

South Africa governor says primary mandate is price stability

05/06 The primary mandate of the South African central bank is price stability, central bank Governor Lesetja Kganyago said on Wednesday, as senior officials argued over whether its mandate should be expanded.. . .  Full story

South African Communist Party says central bank mandate should include job creation

05/06 The South African Communist Party (SACP), a key ally of the governing African National Congress (ANC) party, said on Wednesday that the mandate of the central bank should be expanded to. . .  Full story

South Africa's rand weakens further after shock GDP slump

05/06 South Africa's rand continued to weaken against the dollar on Wednesday, a day after local data showed the economy suffered its worst quarterly contraction in a decade at the start of. . .  Full story

S.Africa's private sector contracts in May as firms await reforms -PMI

05/06 South African private sector activity returned to contraction in May as new orders fell and exports retreated for a fourth month, a survey showed on Wednesday, another sign of weak demand. . .  Full story