South Africa


  • HARARE, June 25- A series of Zimbabwean-owned banks are struggling to stay above water as loan defaults grow, forcing lenders to turn to foreign investors if they can and undermining President Robert Mugabe's black economic empowerment drive.

  • The five-month strike hit 40 percent of global production of the precious metal and has cost companies Lonmin, Anglo American Platinum and Impala Platinum a combined 24 billion rand in lost revenue. A supervisor at the Marikana operations of London- listed Lonmin told Reuters it could be a week or more before any workers went back underground.

  • "I haven't seen a cash vehicle coming out this way in a long time," said Mohamed Moosa, who runs a general store in Marikana, a town 120 km northwest of Johannesburg that has been at the center of the longest strike in South African history.

  • JOHANNESBURG, June 24- The world's three biggest platinum firms signed a wage deal with South Africa's AMCU union on Tuesday but said that fallout from a five-month strike made job cuts and restructuring inevitable, setting the scene for more labor turmoil.

  • SYDNEY/ JOHANNESBURG, June 19- Australian retailer David Jones Ltd has postponed a shareholder vote on a $2 billion takeover bid from South Africa's Woolworths after Australian billionaire Solomon Lew amassed a stake that could scupper the deal.

  • De Beers' big green machine sucks up Namibian diamonds Wednesday, 18 Jun 2014 | 11:47 AM ET

    CAPE TOWN, June 18- Huge mud-sifting machinery and other technological advances pioneered by De Beers over the past decade have enabled it to profitably exploit the world's largest marine diamond deposits in deep waters off Namibia. It is controlled remotely by a mining vessel called the "Mafuta", and both are undergoing major refurbishment in Cape Town.

  • CAPE TOWN, June 17- South African President Jacob Zuma delivers the first State of the Nation address of his second term on Tuesday, under pressure to outline plans for reviving growth and creating much-needed jobs in Africa's most advanced economy.

  • JOHANNESBURG, June 13- The leader of South Africa's AMCU union said on Friday a wage deal with the top three platinum producers was imminent, signalling a possible end to a crippling five-month strike that has disrupted global output of the metal.

  • LONDON, June 13- A rare 122.52- carat blue diamond found in South Africa could fetch more than $35 million for a London- listed mining company. Only three or four blue diamonds over 100 carats have ever been recovered, according to Cathy Mallins, corporate communications manager at Petra Diamonds Ltd..

  • JOHANNESBURG, June 13- The leader of South Africa's AMCU union said on Friday a wage deal with the top three platinum producers was imminent, signalling a possible end to a crippling five-month strike that has disrupted global output of the metal.

  • BUSINESS-NEWS-SCHEDULE AT 0830 GMT / 4.30 AM ET Friday, 13 Jun 2014 | 4:50 AM ET

    LONDON- Bank of England Governor Mark Carney says that British interest rates could rise sooner than financial markets expect in a surprisingly stark warning that monetary policy may start to tighten within months. -MARKETS- UK/ REACTION, moved, by Anirban Nag, 480 words.

  • ACCRA, June 13- Rising bond yields, mounting inflation and a weakening currency have taken the shine off Ghana, a country until recently hailed as a model for African growth.

  • *Lonmin, Implats shares climb, platinum drops. RUSTENBURG, South Africa, June 12- Workers and shop-stewards from South Africa's AMCU mining union begged leader Joseph Mathunjwa to sign a wage deal with three major platinum firms on Thursday at a mass rally crowning five months of crippling protest.

  • LONDON, June 12- Platinum and palladium posted their biggest daily losses for nearly a year on Thursday, after South African producers said they had reached "in principle" undertakings with the union to end a crippling five-month strike.

  • *Palladium vulnerable to profit-taking after rally. LONDON, June 12- Palladium firmed just below a 13-1/ 2 year high on Thursday as a five-month strike in No.2 producer South Africa showed no signs of ending and triggered buying from industrial users and investors.

  • South Africa enters economic deep freeze Tuesday, 10 Jun 2014 | 10:01 AM ET

    JOHANNESBURG, June 10- Winter arrived in South Africa this week, covering hills and highlands with snow in a fittingly chill metaphor for an economy beset by everything from labour unrest and flat-lining output to rising inflation and waning external confidence.

  • LONDON, June 10- The South African rand fell 0.7 percent on Tuesday versus the dollar, lagging emerging peers as a stubborn economic downturn looks set to deepen while broader emerging equities extended gains to one-year highs.

  • PRETORIA, June 9- Wage talks between South Africa's AMCU union and major platinum producers were deadlocked on Monday, prompting the mining minister to abandon his mediation role and dashing hopes for an end to a strike that is pushing the economy towards recession.

  • The life and death of a master of the universe Sunday, 8 Jun 2014 | 5:59 AM ET
    Bruce Wrobel meets children near the Bujagali dam site in Uganda.

    Blackstone exec Bruce Wrobel did well and wanted to do good—and that may have had tragic consequences.

  • JOHANNESBURG, June 6- Zimbabwe's stock market has fallen so far from last year's peak that some investors are stepping back in to scoop up consumer-oriented African growth plays.