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Business South Africa


  • JOHANNESBURG, July 20- South Africa's Mines Minister appealed for calm on Monday after protests around the town of Steelpoort, on the eastern edge of the platinum belt, disrupted mining operations in the area. South Africa's mining industry has been rocked over the past three years by periodic outbreaks of violence and labour unrest about pay and conditions.

  • *Platinum price hits 6 year low, complicating divestment. JOHANNESBURG, July 20- Tumbling metals prices are delaying Anglo American Platinum's plan to divest its labour-intensive Rustenburg and Union operations, with the South African miner yet to decide between a sale or flotation, it said on Monday. Amplats' chief executive Chris Griffith said an initial...

  • Did the fall of the Berlin Wall help end Apartheid? Thursday, 16 Jul 2015 | 1:02 AM ET
    Nelson Mandela and Frederik de Klerk shake hands on the eve before receiving jointly the Nobel Peace prize in 1993.

    The collapse of the Soviet Union helped topple Apartheid by removing the global threat of Communism, the country's last white president told CNBC.

  • Three things China needs to do right now Tuesday, 14 Jul 2015 | 10:12 AM ET
    An investor reacts inside a brokerage firm on July 8, 2015 in Shanghai, China.

    China needs to take these three steps to restore its markets and investor confidence, says Curtis Chin.

  • Starbucks to open in South Africa Tuesday, 14 Jul 2015 | 7:00 AM ET
    Starbucks to open in South Africa

    Starbucks expands to South Africa.

  • Has the sun set on Africa’s growth story? Monday, 13 Jul 2015 | 1:51 AM ET
    Employees of a cocoa export company pile up sacks in a packaging factory in the Ivory Coast.

    Sub-Saharan Africa has been the darling of frontier market investors for several years. However, a combination of factors could see its appeal for investors wane.

  • JOHANNESBURG, July 12- Africa's largest steel maker, ArcelorMittal South Africa, has asked the government to impose a 10 percent import duty on steel and in return it may offer shares to black empowerment partners, a newspaper reported on Sunday. "Rome is burning, every single day the industry loses millions and it is really, really concerning," Paul O'Flaherty, the...

  • S.Africa rand weakest in 4 weeks in risk averse trade Wednesday, 8 Jul 2015 | 3:01 AM ET

    JOHANNESBURG, July 8- The rand slumped to a new month low versus the dollar on Wednesday, influenced mainly by weak stock markets in China, a key importer of South African commodities. The local unit fell to 12.5415/ dollar in early Johannesburg trade, its weakest since June 9 according to Thomson Reuters data. "Dollar gains have been the major driver of dollar/rand...

  • JOHANNESBURG, July 7- South African shares fell almost 3 percent to six-month lows on Tuesday, knocked by a combination of Greece's problems and skidding commodity prices. Among blue chips, Kumba Iron Ore slumped again, shedding 6.5 percent as Chinese iron ore futures fell nearly 6 percent to 121.50 rand, its lowest in nearly three months on waning demand as...

  • *Nigerian government arrears total $20 bln- report. *Buhari advised to increase debt, cut govt costs. JOHANNESBURG, July 7- Advisors to Nigerian President Muhammadu Buhari have recommended a root and branch overhaul of Africa's biggest oil industry and increased borrowing to help pay off $20 billion of government arrears, a reform proposal document shows.

  • JOHANNESBURG/ LONDON, July 1- South Africa's platinum sector is at a crucial juncture as the metal's price, near six-year lows, maintains a steady decline, with analysts now contemplating a move below $1,000 an ounce. Platinum has fallen nearly 10 percent so far this year, and at current prices of less than $1,100 an ounce, many shafts in the world's top producing...

  • Facebook opens first sales office in Africa Monday, 29 Jun 2015 | 12:52 PM ET
    The Facebook logo is reflected in the eyeglasses of a user in San Francisco.

    Facebook has opened its first sales office in Africa, in Johannesburg, South Africa, the company said Monday.

  • JOHANNESBURG, June 29- Packed tightly at a row of graffitied desks in an overcrowded classroom, students at Masiqhakaze Secondary School near Johannesburg shiver as a chilly breeze blows through broken windows. In a 2015 report the World Economic Forum ranked South Africa last in the quality of mathematics and science education and close to last at 139 out of...

  • MARIKANA, South Africa, June 26- Almost three years after South African police shot 34 striking miners dead outside platinum producer Lonmin's Marikana mine, little has changed in this hardscrabble town that has become a symbol of post-apartheid hardship and inequities. A long-awaited probe into the slayings, unveiled on Thursday by President Jacob Zuma,...

  • LONDON, June 26- Shares in London- listed platinum producer Lonmin dropped to their lowest level in 3-1/ 2 months on Friday, after an inquiry into the killing of 34 miners during a 2012 strike put some of the blame on the company. Lonmin, the world's fourth-largest platinum producer by market value, was at the center of the 2012 strike which saw the "Marikana massacre,"...

  • MELBOURNE, June 12- London copper firmed a touch on Friday from near three month lows hit the session before, and was facing its fourth consecutive weekly fall as worsening economic indicators from top consumer China cast a pall over the demand outlook. *The International Monetary Fund dramatically raised the stakes in Greece's stalled debt talks on Thursday,...

  • Google wants stake in massive energy project: Sources Thursday, 11 Jun 2015 | 2:07 PM ET
    Construction site for the Lake Turkana Wind Power project in Kenya, 2015.

    Google is in discussions to back the largest wind power project in Africa, according to people familiar with the situation.

  • Zimbabweans to get $5 for quadrillions of local money Thursday, 11 Jun 2015 | 11:54 AM ET

    Zimbabweans will start exchanging "quadrillions" of local dollars for a few U.S. dollars next week, as the government discards its virtually worthless national currency.

  • Bailed-out African Bank warns of more losses Thursday, 11 Jun 2015 | 4:03 AM ET

    JOHANNESBURG, June 11- Bailed-out African Bank Ltd plunged to an annual loss of 9.3 billion rand and warned of more pain ahead as it cuts back on the risky lending that forced South Africa to orchestrate a rescue last year. African Bank said it lost 9.3 billion rand in the year ended September 2014 compared with a loss 6 billion a year earlier. The bank made loans...

  • CARLETONVILLE, South Africa, June 7- South Africa's Association of Mineworkers and Construction Union will launch a wildcat strike if its rival union and gold mining companies impose a wage deal on its members, its president said on Sunday. The hardline AMCU union is demanding a more than doubling of wages from gold companies AngloGold Ashanti, Sibanye Gold,...