Business News South Africa

  • JOHANNESBURG, Feb 18- South Africa's statistics agency is facing a funding crisis that might affect the quality of official data if not addressed, the organisation which oversees the agency said on Tuesday. David Everatt, chairman of the Statistics Council, said the agency needed 200 million rand in funding to work efficiently. The warning lights are flashing...

  • CAPE TOWN, Feb 18- South Africa's ailing power utility Eskom urgently needs more cash to stabilise its ballooning debt pile with the funds coming from a rise in tariffs or new equity, new chief executive Andre de Ruyter told lawmakers on Tuesday. Eskom, which supplies 90% of South Africa's power but has struggled to meet demand, had a bid for a big electricity tariff...

  • JOHANNESBURG, Feb 17- Ratings agency Moody's has cut its 2020 growth forecast for South Africa to 0.7%, saying the economy remained stuck in low gear due to lacklustre private sector demand at home. Mines across South Africa shut down in December after flash flooding triggered the most severe blackouts in more than a decade, threatening the key export sector.

  • JOHANNESBURG, Feb 14- An application by two trade unions to block job cuts at struggling state-owned airline South African Airways was rejected by the country's labour court on Friday. A spokeswoman for the National Union of Metalworkers of South Africa, which lodged the court application together with the South African Cabin Crew Association, said the two...

  • JOHANNESBURG, Feb 14- South Africa's labour court on Friday dismissed an application by two trade unions over planned job cuts at embattled South African Airways. Analysts say the layoffs will be key to reviving the fortunes of SAA, which is fighting for survival after being placed under a form of bankruptcy protection in December. But unions say specialists...

  • CAPE TOWN, Feb 13- South African President Cyril Ramaphosa said on Thursday that a restructured South African Airways should be commercially sustainable and not dependent on further government funding.

  • JOHANNESBURG, Feb 13- South Africa's Eskom has offered some managers voluntary severance packages, capping costs at 400 million rand, a communique sent to staff by the struggling state power utility showed. Eskom does not generate enough cash to cover its mammoth debt servicing costs and expects to make a loss of around 20 billion rand this financial year.

  • *China stocks break 7- day winning streak. Feb 13- Emerging market stocks and currencies came under pressure on Thursday after a jump in coronavirus cases and deaths reported under a new diagnostic method in China hammered investors' hopes that the outbreak might soon peak. The death toll from the outbreak in China had reached 1,367 as of the end of Wednesday, up...

  • JOHANNESBURG, Feb 13- South Africa's heavily indebted sugar producer Tongaat Hulett Ltd has entered negotiations on the potential sale of Tongaat Hulett Starch, it said on Thursday, without providing details on the talks. At 0738 GMT, shares in Tongaat, which were voluntarily suspended from trade in June until earlier this month as it prepared to restate its...

  • JOHANNESBURG, Feb 12- Gold Fields on Wednesday reported a jump in 2019 profit as the South African miner benefited from increased gold production and a higher gold price. The company, which operates producing gold mines in South Africa, Ghana, Australia and Peru, said headline earnings per share rose to $0.20 per share for the full year ended Dec. 31, from $0.07 in the...

  • Gold Field also said it intends to place new shares to raise about $269 million to help fund its new Salares Norte mining project. The company, which operates producing gold mines in South Africa, Ghana, Australia and Peru, said headline earnings per share rose to $0.20 per share for the full year ended Dec. 31, from $0.07 in the year prior and in line with what the...

  • Gold Field also said it intends to place new shares to raise about $269 million to help fund its new Salares Norte mining project. The company, which operates producing gold mines in South Africa, Ghana, Australia and Peru, said headline earnings per share rose to $0.20 per share for the full year ended Dec. 31, from $0.07 in the year prior and in line with what the...

  • JOHANNESBURG, Feb 12- AngloGold Ashanti said on Wednesday it would sell its remaining South African assets for about $300 million to Harmony Gold, turning the buyer into the country's largest gold producer. AngloGold said the deal, part of its plan to shrink its portfolio and focus on assets with higher returns so it can shift its primary listing to London or...

  • JOHANNESBURG, Feb 12- South Africa's leading food producer Tiger Brands warned on Wednesday that it expects half-year headline earnings to fall as much as 36% as its bakery and pasta business faced pricing pressure and a legal dispute wiped out exports to Nigeria. Tiger Brands also said on Wednesday that its export division was significantly affected by a...

  • JOHANNESBURG, Feb 12- AngloGold Ashanti said on Wednesday it would sell its remaining South African assets for about $300 million to Harmony Gold, after announcing it would shrink its portfolio and focus on assets with higher returns. AngloGold flagged headline earnings per share, the main profit measure in South Africa, for the year to December of 86 cents to 96...

  • JOHANNESBURG, Feb 12- AngloGold Ashanti said on Wednesday it will sell its remaining South African assets for about $300 million to Harmony Gold. AngloGold said the deal includes a cash and deferred payment totalling about $300 million, subject to subsequent performance, with additional proceeds due if the West Wits assets are developed below current...

  • JOHANNESBURG, Feb 11- South Africa's Harmony Gold Mining reported a rebound in interim profits on Tuesday on the back of rising gold prices and said it was looking for acquisitions in its home market, elsewhere in Africa and Papua New Guinea. CEO Peter Steenkamp said Harmony was in talks with parties about acquisitions but would not comment on whether they...

  • MAPUTO, Feb 10- Mozambique on Monday withdrew appeals against a South African court decision not to extradite its former finance minister, Manuel Chang, wanted in relation to a $2 billion debt scandal that plunged his country's economy into crisis. Chang, who denies wrongdoing, was arrested in South Africa in December at the request of the United States while...

  • JOHANNESBURG, Feb 10- Eskom's urgent bid for larger electricity tariff increases was rejected by the Pretoria High Court on Monday, in a fresh setback for the cash-strapped South African power utility. Eskom believes Nersa miscalculated its tariffs for the financial years beginning in 2019 to 2021 by treating 69 billion rand of bailouts which the utility has...

  • Feb 10- NMC Health disclosed preliminary buyout approaches from private equity firms KKR and GK Investment on Monday, only weeks after questions raised by short-seller Muddy Waters hit the firm. A bruising short-selling attack by Muddy Waters launched two months ago has seen the company's market value fall to 1.5 billion pounds, a far cry from its peak value of...