Business South Africa

More

  • JOHANNESBURG, Dec 22- South Africa's rand moved sideways early on Tuesday in thin, range-bound trade following its brief relief rally ahead of the holiday season. By 0700 GMT the rand edged down 0.03 to 15.1100 per dollar, barely changed from where it closed overnight in New York. Stocks also opened little changed on Tuesday, with the blue-chip index on the...

  • Chinese tourists could soon use yuan in... Zimbabwe Monday, 21 Dec 2015 | 8:35 PM ET
    China's President Xi Jinping (2nd R) shakes hands with Zimbabwe's President Robert Mugabe (2nd L) as he arrives on December 1, 2015 in Harare.

    China will cancel $40 million worth of Zimbabwe's debt due to mature this year and Harare hopes to facilitate use of the yuan in its economy.

  • JOHANNESBURG, Dec 17- South Africa's currency weakened on Thursday after the United States central bank raised its key lending rate, while Moody's decision to change its outlook on Pretoria's credit rating to negative also pressured local assets. By 0700 GMT the rand had weakened 0.27 percent to 14.9750 per dollar, giving up some of the gains of the previous two...

  • Why the Fed statement may be positive for EM: East Capital

    The word "gradual" was heard repeatedly in the Fed's statement which is a positive for emerging markets, says Karine Hirn, co-founder and CEO of East Capital.

  • "Fintech" expansion lures foreign banks to Israel Wednesday, 16 Dec 2015 | 3:00 AM ET

    *Santander division sees 1-2 investments annually in Israel. *Citi mobile trading app developed in its Tel Aviv lab. With many clients in the hospitality sector, Santander was intrigued by the possibility of providing "a new and better solution for our clients," Belinky told Reuters at a financial technology event hosted by Santander in Tel Aviv last month.

  • After Brazil, is South Africa the next EM to go bad? Tuesday, 15 Dec 2015 | 9:38 AM ET
    Cape Town, South Africa

    Could South Africa be the next major emerging market to lose its investment grade rating?

  • South Africa's rand gives up some gains, stocks firm Tuesday, 15 Dec 2015 | 2:40 AM ET

    JOHANNESBURG, Dec 15- South Africa's rand gave up some of the gains it had made following the appointment of a widely-respected finance minister, as investor confidence remained shaky on Tuesday after nearly a week of financial turmoil. The currency had jumped more than 5 percent the previous day after President Jacob Zuma named Pravin Gordhan, in a dramatic...

  • JOHANNESBURG, Dec 14- Introducing South Africa's third finance minister in five days, it was perhaps inevitable the government spokeswoman would get names wrong, confusing Pravin Gordhan, who was appointed on Sunday night, with Nlhanlha Nene, who was dismissed last week. In between came David van Rooyen, a little-known backbencher with no central government...

  • South Africa gets third finance minister in 5 days Monday, 14 Dec 2015 | 8:10 AM ET
    South African Minister of Finance Pravin Gordhan

    The South African rand rallied 5 percent on Monday after President Zuma bowed to pressure and appointed his third finance minister in five days.

  • South Africa gets third finance minister in 5 days Monday, 14 Dec 2015 | 7:00 AM ET
    South Africa gets third finance minister in 5 days

    The country's embattled president Jacob Zuma bowed to market and political pressure.

  • BRUSSELS, Dec 14- Anheuser-Busch InBev, the world's largest brewer, said it would list its shares on the Johannesburg stock exchange as a "domestic" stock, removing a potential hurdle in its planned $100 billion- plus takeover of SABMiller. SABMiller already has a secondary listing in Johannesburg. South Africa's Public Investment Corporation is SABMiller's...

  • *Economists question van Rooyen's credibility. JOHANNESBURG, Dec 11- South Africa's rand weakened to a record low on Friday, slumping more than 3 percent in the wake of this week's sacking of the finance minister, while banks led stocks lower. President Jacob Zuma sacked Nhlanhla Nene late on Wednesday in favour of a relatively unknown lawmaker, David van Rooyen,...

  • *Economists question Nene's ouster, van Rooyen's credibility. JOHANNESBURG, Dec 11- South Africa's rand weakened to a new record low on Friday, slumping more than 3 percent in a sell-off by investors after this week's dismissal of the finance minister, while banks led stocks lower. President Jacob Zuma sacked Nhlanhla Nene late on Wednesday in favour of a...

  • KHUTSONG, South Africa, Dec 11- Residents of South Africa's Khutsong township remember David van Rooyen as a kindly mayor always willing to help out. Plucked from obscurity by President Jacob Zuma, Van Rooyen appears never to have governed anything bigger than a municipality, although he does have a master's degree in finance awarded by the University of London...

  • Diamonds are forever; is Anglo American? Thursday, 10 Dec 2015 | 9:16 AM ET

    JOHANNESBURG/ LONDON, Dec 10- Anglo American's plans to shut or sell dozens of loss-making mines have failed to halt a dramatic slide in its share price and it may need to sacrifice stronger parts of the business or raise cash from shareholders to pay down its debt. The company, which grew from gold fields near Johannesburg to dominate diamond, platinum and, to some...

  • JOHANNESBURG, Dec 10- South African President Jacob Zuma's sacking of his respected finance minister in favor of a relative unknown has shocked investors and emboldened critics who say the 73- year-old is driving the economy to ruin. Even some supporters of the African National Congress, Nelson Mandela's erstwhile liberation movement that has ruled since...

  • JOHANNESBURG, Dec 10- Mining and trading company Glencore has increased its debt reduction target and deepened its capital spending cuts as it fights for survival in the face of low commodity prices, sending its shares up more than 9 percent in early trade. Glencore has come under pressure from investors and credit ratings agencies to cut its net debt of $30...

  • Convicted killer Pistorius is taking THIS degree Tuesday, 8 Dec 2015 | 6:36 AM ET

    Paralympic athlete Oscar Pistorius is eyeing a London business degree, as he battles a murder conviction after killing his girlfriend.

  • Hundreds of thousands more people will die every year from heat stroke and tropical illnesses unless negotiators in Paris can agree a strong global deal to cap global warming, the Global Climate and Health Alliance said. The alliance, formed at U.N. climate talks in Durban in 2011, met in central Paris on Saturday as U.N. negotiators on the outskirts of the city...

  • *Paris negotiators sign off on 43- page draft text. PARIS, Dec 5- Global climate change talks in Paris moved into a new, tougher phase on Saturday as negotiators agreed to a draft accord that still leaves hundreds of points of dispute for ministers to resolve next week. While a largely procedural step in the four-year quest for a binding deal to slow global warming,...