Business News South Africa

  • *87 pct of firms to add to or keep staff due to automation-survey. BERLIN, Jan 18- Fears that robots will eliminate your job are unfounded with a growing number of employers planning to increase or maintain headcount as a result of automation, staffing company ManpowerGroup said in a survey published on Friday. "More and more robots are being added to the workforce,...

  • JOHANNESBURG, Jan 18- Former Mozambican finance minister Manuel Chang, arrested in South Africa in a case related to $2 billion of fraudulent loans, has abandoned plans to apply for bail, one of his lawyers said on Friday. Chang, who denies wrongdoing, has been detained in South Africa since Dec. 29 at the request of the United States which wants him extradited.

  • Another week closer to the date Britain leaves the European Union. Given how crushingly Prime Minister Theresa May's Brexit divorce deal was defeated by lawmakers, there is little chance her Plan B-- to be presented in coming days-- will get away with just minor amendments. If May fails to forge consensus within her party and with opposition leader Jeremy Corbyn...

  • NAIROBI, Jan 17- Kenya's biggest telecoms operator, Safaricom, notched up one million users for its new overdraft feature on the M-Pesa platform in just eight days, surpassing its CEO's expectations, he said on Thursday. Safaricom, part-owned by South Africa's Vodacom and Britain's Vodafone, launched the new overdraft feature called Fuliza on Jan. 7 this year.

  • Emerging market equities from China and Hong Kong to South Africa dipped, while South Africa's rand softened ahead of a central bank meeting where borrowing costs are unlikely to be tweaked. Weakness prevailed in China as local stocks dipped and seasonal support from corporate demand for the Chinese yuan faded. The South African Reserve Bank was expected to...

  • *Russia's rouble gains 0.5 percent, oil rises. Jan 16- Most emerging market currencies firmed against the dollar on Wednesday, with Turkey's lira strengthening ahead of a central bank rate decision, while stocks in the developing world notched a six-week peak. Turkey's central bank sets borrowing costs later in the day, with a Reuters poll predicting the key rate...

  • LONDON/ JOHANNESBURG, Jan 14- Shares in South African investment firm Brait plunged more than 20 percent on Monday after its British fashion chain New Look announced a deal with creditors to cut 1 billion pounds off its debts, in its latest turnaround attempt. However, the firm's debts hindered its attempts to cope with tough trading conditions in Britain, which...

  • DAR ES SALAAM, Jan 11- India's Bharti Airtel has agreed to give part of its stake in Airtel Tanzania to the government, raising the East African nation's holding in the mobile phone operator to 49 percent from 40 percent, the president's office said on Friday. The announcement followed talks in Dar es Salaam between President John Magufuli and Bharti Airtel...

  • SINGAPORE/ NEW DELHI Jan 11- Crisis talks between India's cash-strapped Jet Airways Ltd and aircraft lessors have failed to ease a row over late payments, prompting some lessors to explore taking back aircraft, three people familiar with the matter told Reuters. In what one of the people described as an ill-tempered showdown between the airline and some of the...

  • JOHANNESBURG, Jan 10- Before male beauty parlours began popping up in South Africa a few years ago, image-conscious men like Gerhard Joubert felt awkward being pampered and preened in salons filled with women. I think it's often been ignored, particular in South Africa. " South Africa has been slow to catch the "metrosexual" wave, but a growing middle class and the...

  • JOHANNESBURG, Jan 10- The court hearing of former Mozambican finance minister Manuel Chang, who faces charges of fraud and money laundering, has been postponed until Jan. 18, a member of his legal team said on Thursday. Chang, who denies wrongdoing, has been in custody in South Africa since Dec. 29, when he was arrested on U.S. charges related to his alleged role in a...

  • *Risk sentiment strong on hopes of U.S.- China trade deal. Jan 9- Emerging market stocks and currencies rose on Wednesday, as hopes of positive results from U.S.- China trade talks boosted risk sentiment. "Judging from upbeat equities on Wall Street against a backdrop of Trump's cheerleading tweet for U.S.- China trade talks, it is patently clear that the mood...

  • JOHANNESBURG, Jan 8- Lawyers for former Mozambican finance minister Manuel Chang argued on Tuesday that his detention in South Africa over $2 billion of fraudulent loans was illegal and that he should be released. Chang has been held in South Africa since Dec. 29 as part of a U.S. case that has seen arrests in London and New York and overtaken Mozambique's own...

  • *Fed Chairman Jerome Powell's Friday comments support risk sentiment. *U.S.- China trade talks this week eyed. Federal Reserve Chairman Jerome Powell's dovish comments serving as a tailwind, while developing world stocks rose on strong U.S. jobs data.

  • It may not look likely at the moment, given that an economic downturn in China prompted iPhone-maker Apple Inc to lower its quarterly revenue forecast on Wednesday for the first time in a decade. Its shares slumped nearly 10 percent after Chief Executive Tim Cook blamed the U.S.- China trade war and "economic deceleration," prompting broad selloffs around the...

  • NEW YORK/ LONDON, Jan 4- Three former Credit Suisse Group AG bankers were arrested in London on Thursday on U.S. charges of involvement in a fraud involving $2 billion in loans to state-owned companies in Mozambique, U.S. prosecutors and British police said. They have been released on bail in London while the United States seeks extradition. Former Mozambique...

  • NEW YORK, Jan 4- Three former Credit Suisse Group AG bankers were arrested in London on Thursday on U.S. charges of involvement in a fraud involving $2 billion in loans to state-owned companies in Mozambique, U.S. prosecutors said. They have been released on bail in London while the United States seeks extradition. Former Mozambique finance minister Manuel Chang,...

  • Jan 4- Emerging market stocks rose on Friday in a cautious return of risk appetite, with China shares taking the lead, as Beijing announced a new round of trade talks with the United States. China's commerce ministry said it would hold vice ministerial talks with the United States on Jan. 7-8 as they look to end the trade war that has been hurting both economies and...

  • LONDON, Jan 4- A gradual rise by the Japanese yen in recent weeks culminated in a dramatic overnight surge-- firing a warning shot for world markets and the global economy in 2019.. Japan's large current account surplus means global markets consider it a safe haven. The yen's roaring higher was a sign of just how widespread concern over the health of the global...

  • NEW YORK, Jan 3- Three former Credit Suisse Group AG bankers were arrested in London on Thursday on U.S. charges that they took part in a fraud scheme involving $2 billion in loans to state-owned companies in Mozambique, a spokesman for U.S. prosecutors said. Andrew Pearse, 49; Surjan Singh, 44; and Detelina Subeva, 37 were charged in an indictment in Brooklyn, New York...