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Business South Africa

  • LONDON, April 26- President Jacob Zuma's exit, whenever it comes, will be no panacea for South Africa's deepening political problems which many investors blame on the ruling ANC party rather than its 75- year-old leader. South Africa is a key emerging economy, with a $140 billion bond market and a $825 billion equity market that is often used by global investors as...

  • CAPE TOWN, April 26- A South African pact with Russia's Rosatom to build nuclear reactors was deemed unlawful by a High Court on Wednesday, casting fresh doubt over the country's energy plans. South Africa and Russia signed an Intergovernmental Agreement in 2014 that sealed a cooperation pact between state-owned nuclear group Rosatom and state-owned...

  • CAPE TOWN, April 26- A South African pact with Russia's Rosatom to build nuclear reactors was deemed unlawful by a High Court on Wednesday, casting fresh doubt over the country's energy plans. South Africa and Russia signed an Intergovernmental Agreement in 2014 that sealed a cooperation pact between state-owned nuclear group Rosatom and state-owned...

  • CAPE TOWN, April 26- A South African pact with Russia's Rosatom to build nuclear reactors was deemed unlawful by a High Court on Wednesday, casting fresh doubt over the country's energy plans. South Africa and Russia signed an Intergovernmental Agreement in 2014 that sealed a cooperation pact between state-owned nuclear group Rosatom and state-owned...

  • S Africa cannot rely on extraction of primary commodities: Fin min

    South Africa’s Finance Minister Malusi Gigaba talks to CNBC about his reforms and changing the structure of the African economy.

  • April 24- Anglo American reported a 9 percent rise in overall production for the first quarter of 2017 compared with 2016, but copper output fell 3 percent due to poorer grades and a temporary suspension at the El Soldado mine in Chile. Copper output fell 3 percent due to poorer quality ore in Chile combined with the halting of mining operations at El Soldado from...

  • Malusi Gigaba, South Africa's finance minister, right, arrives to a Group of 20 (G-20) finance ministers and central bank governors meeting on the sidelines of the spring meetings of the International Monetary Fund (IMF) and World Bank in Washington, D.C., U.S., on Friday, April 21, 2017.

    When asked if he thinks something underhanded going on in the government that led to his appointment, Malusi Gigaba said he doesn't know.

  • South African finance minister denies he is a puppet of scandal-engulfed president who appointed him

    South African Finance Minister Malusi Gigaba told CNBC on Friday that his loyalty lies with the constitution, "regardless of who is president."

  • *Thousands of "zama zamas" mine gold illegally in South Africa. WESTONARIA, South Africa, April 21- Illegal gold mining has plagued South Africa's mining companies for decades, robbing the industry and state coffers of billions of rand through smalltime pilfering as well as networks run by organised crime. "We will have them out then," Sibanye's Chief Executive Neal...

  • LAGOS, April 20- Nigeria's naira shot firmer on the country's black market on Thursday as traders prepared for the central bank to increase the dollar supply to exchange bureaux to keep the official retail rate higher. The central bank plans to sell $20,000 each to bureaux de change operators on Thursday, the operators' association president, Aminu Gwadabe, told...

  • Those findings come as the semi-annual gathering of finance officials from the International Monetary Fund, the World Bank and the Group of 20 major economies kicks off in Washington, where the case against protectionist trade policies is expected to be a major theme. "For the first time in five years, all the major economies seem to be growing in sync," noted Ajay...

  • Credit card provider MasterCard unveiled a payment card in South Africa on Thursday featuring a biometric fingerprint scanner.

  • The case of South Africa's political and economic turmoil has been decidedly local, analysts say.

  • Citing leaked internal emails, The Times newspaper reported staff at Aspen discussed destroying supplies of life-saving cancer medicines during a price dispute with the Spanish health service in 2014.. Aspen, Africa's largest generic drugmaker, declined to comment on specific allegations because it could be in breach of sub-judice laws that apply to...

  • JOHANNESBURG, April 13- Anheuser Busch InBev will drive Africa sales with cheaper beer to lure drinkers who make their own brew, its new Africa head said on Thursday, capitalising on the continent's demographics that helped drive its takeover of SABMiller. The world's largest brewer paid roughly $100 billion for rival SABMiller, giving it a big foothold in...

  • * "No silver bullet" to prevent downgrade- finmin. CAPE TOWN, April 13- South Africa's new finance minister pledged on Thursday to do what he can to keep the country from a third credit downgrade to junk status, saying he would meet ratings firm Moody's to persuade it he will stay on the path of fiscal discipline. Malusi Gigaba, who replaced the respected Pravin Gordhan...

  • Despite South Africa's weak economic outlook, expect President Jacob Zuma to stay in power, according to political analyst Alastair Newton.

  • CAPE TOWN, April 12- Africa's biggest grocery retailer Shoprite is considering a push into Eastern Europe, where it hopes to use knowledge gleaned from former suitor Steinhoff International, its new CEO told Reuters. Engelbrecht, who took over from 37- year veteran Whitey Basson in January, said the company wants to enter markets in Eastern Europe that either "...

  • CAPE TOWN, April 12- Africa's biggest grocery retailer Shoprite is considering a push into South America and Eastern Europe, where it will leverage off its former suitor Steinhoff International which already has operations in the region, its new CEO told Reuters. The move signals a change in strategy for Shoprite under Chief Executive Pieter Engelbrecht, 47,...

  • *Inflation outlook unchanged, economists wary of rand. JOHANNESBURG, April 12- South Africa's debt downgrade to junk status and the finance minister's recent dismissal mean interest rates will be on hold until 2020 at least, a Reuters poll found on Wednesday. Economists in the poll, taken just a week after Fitch Ratings Agency and Standard and Poor's downgraded...