Business News South Africa

  • JOHANNESBURG, Aug 16- Sasol Ltd delayed the release of its annual financial results on Friday due to possible "control weaknesses" at its U.S. ethane cracker project, sending shares in the chemicals and energy company down by more than 15%. Sasol said its auditors would need to consider an independent report the board had commissioned into its Lake Charles...

  • *Argentina's small economy soothes contagion worries. LONDON, Aug 16- Argentina's latest financial market shock has failed to swamp other emerging markets in the way its previous plunges have done- in part due to the increasing isolation of the country's credit and investments from the rest of the pool. This week's jolt initially sparked some debt and equity...

  • JOHANNESBURG, Aug 16- South Africa's Sasol Ltd delayed the release of its annual financial results on Friday due to possible "control weaknesses" at its U.S. ethane cracker project, sending shares in the chemicals and energy company down by more than 15%. Sasol said its auditors would need to consider an independent report the board had commissioned into its Lake...

  • *China restricts import quotas for banks. LONDON/ BEIJING, Aug 14- China has severely restricted imports of gold since May, bullion industry sources with direct knowledge of the matter told Reuters, in a move that could be aimed at curbing outflows of dollars and bolstering its yuan currency as economic growth slows. China is the world's biggest importer of gold,...

  • GABORONE, Aug 14- Botswanan budget retailer Choppies Enterprises said on Wednesday it planned to sell its stores in South Africa as growth stutters and unemployment soars in Africa's most advanced economy. The company, whose stock is currently suspended from trading on its primary bourse in Botswana as well as on the Johannesburg stock exchange, operates 88...

  • CAPE TOWN, Aug 13- South Africa's Steinhoff will sell off non-retail assets and cut jobs at its French retail chain Conforama as part of the scandal-hit company's plan to slim down into an investment holding firm, management said on Tuesday. Chief Executive Louis du Preez told investors the "only way to survive" is for the company to become a pure investment...

  • *H1 headline earnings per share 918.4 cents vs 877.8 last year. JOHANNESBURG, Aug 13- A drop in earnings at Absa's South African corporate and investment bank took the shine off progress at its core domestic retail business as the lender reported a 5% rise in first-half profit on Tuesday. Its drive to regain retail banking market share at home and grow sales...

  • CAPE TOWN, Aug 13- South Africa's Steinhoff will sell off non-retail assets and cut jobs at its French retail chain Conforma as part of the scandal-hit company's plan to slim down into an investment holding firm, management said on Tuesday. Chief Executive Louis du Preez told investors the "only way to survive" is for the company to become a pure investment holding...

  • Geneva prosecutor Claudio Mascotto said in a statement the three were accused of "having promised in 2005 and then paid or had bribes paid to one of the wives of former Guinean President Lansana Conte" so as to have mining rights in Guinea's Simandou region allocated to Beny Steinmetz Group Resources. BSGR walked away from Guinea's massive Simandou iron ore...

  • Capping a torrid week for financial markets marked by worries China was using its currency to avenge U.S. tariffs and several central banks cutting rates more than anticipated, the MSCI's index of developing world stocks was set to book a weekly loss of nearly 2%, its third straight week in the red. Shanghai- listed shares closed down less than 1%, as shares of...

  • RUSSELLVILLE, ARK., Aug 8- Two years ago, Americas white nationalist movement stunned the country. "The strategy is internally focused now having families get together," said alt-right blogger Brad Griffin, a self-avowed white nationalist from Montgomery, Alabama. "Its a lot more fun to do that than to go out and tangle with Antifa" members of Americas far-left "...

  • *Looking to redeem preference shares in Nigeria. JOHANNESBURG, Aug 8- MTN Group Ltd is on track to meet a divestment target set in March after raising $140 million from asset sales that will slim down Africa's largest mobile phone operator and refocus it on high-growth markets. "So we're well on track for our 15 billion rand," Chief Executive Rob Shuter told...

  • *Standard Bank first-half profit up 5%. JOHANNESBURG, Aug 8- Africa's largest bank by assets, Standard Bank, is considering entering new markets- possibly via acquisitions- as its strategy to focus its resources on the continent continues to pay off. In recent years, Standard Bank has been working to unwind a failed bid to become a global emerging markets lender, and...

  • JOHANNESBURG, Aug 8- MTN Group Ltd has raised 2.1 billion rand from asset sales as part of a divestment plan announced in March, Africa's largest mobile network by subscribers said on Thursday after reporting a 9.3% drop in earnings. MTN is reviewing a raft of investments under the three-year, 15 billion rand divestment programme as it moves to focus on...

  • *China records best export growth since March. Aug 8- Emerging market stocks broke their second longest run of losses ever and currencies stabilized on Thursday as positive trade data out of China, which also signaled curbing a slide in its yuan, gave investors some relief after this week's rout. Risk assets including developing world markets, commodities and...

  • JOHANNESBURG, Aug 8- South Africa's Standard Bank the bank could look at entering new markets in Africa, Chief Executive Sim Tshabalala said on Thursday, as the bank's focus on the continent continues to pay off.

  • *Standard Bank first-half profit up 5%. JOHANNESBURG, Aug 8- South African lender Standard Bank shrugged off the impact of a faltering economy in its home market as its extensive operations across the continent helped the company to a 5% increase in first-half profit. Standard Bank has been expanding in some of Africa's fastest-growing economies even as its...

  • JOHANNESBURG, Aug 8- AngloGold Ashanti Ltd reported a 21% rise in interim earnings on Thursday as a solid performance from its Kibali joint venture, lower costs and a high gold price helped counteract lower output in South Africa. Its best performing mines included the Kibali mine in Democratic Republic of Congo, Geita mine in Tanzania and Tropicana mine in...

  • JOHANNESBURG, Aug 6- A South African regulator has imposed a reduced penalty of 400,000 South African rand on the local unit of India's Bank of Baroda for non-compliance with certain provisions of the Financial Intelligence Centre Act. Following that, the Bank of Baroda was slapped with administrative sanctions, including a combined financial penalty of 11...

  • JOHANNESBURG, Aug 6- South Africa's state power utility Eskom urgently needs a turnaround plan as its capital structure is unsustainable, credit ratings agency Moody's said on Tuesday in a report which sent the rand to a two-month low. It traded down 0.4% at 14.9725 rand per dollar by 1519 GMT. It is regularly cited by ratings agencies as one of the main threats to...