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S.Africa could suffer further downgrades if political uncertainty stalls growth: S&P

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South Africa’s credit rating could get downgraded deeper into junk status if political uncertainty triggered by the recent firing of the finance minister stalls reforms needed to grow the economy, an executive from S&P Global Ratings said on Wednesday. “There are risks that potential growth outcomes could be weakened, especially with uncertainty that’s been brought along in a year where ...

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Botswana’s 300 MW power plant stalled over $800m guarantee dispute

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The 300 megawatt (MW) expansion of two units at Botswana’s Morupule B coal fired power plant has been delayed due to a dispute with the contractor over an $800 million guarantee, a cabinet minister said on Wednesday. Japan’s Marubeni and South Korea’s Posco Energy were last year awarded the contract for the expansion, but a row between them and the ...

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S.A:We will do all we can to avoid another downgrade – Gigaba

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South Africa’s new finance minister pledged on Thursday to do what he can to keep the country from a third credit downgrade to junk status, saying he would meet ratings firm Moody’s to persuade it he will stay on the path of fiscal discipline. Malusi Gigaba, who replaced the respected Pravin Gordhan in a cabinet reshuffle that triggered credit downgrades ...

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S.A:Africa’s biggest grocery retailer Shoprite looks beyond the continent

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Africa’s biggest grocery retailer Shoprite is considering a push into Eastern Europe, where it hopes to use knowledge gleaned from former suitor Steinhoff International, its new CEO told Reuters. The move signals a change in strategy for Shoprite under Chief Executive Pieter Engelbrecht, 47, as sovereign rating downgrades and a weak economy cloud prospects at home. It also leads it ...

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South Africa:Financial Inclusion Remains a Work in Progress

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On the surface, South Africa appears to be financially inclusive compared with other emerging markets: 70% of adults, for example, have a transaction account. However, it’s not nearly as inclusive as most mature markets, and serious and stubborn gaps remain, according to a new report by The Boston Consulting Group. Improving Financial Inclusion in South Africa, which is based on ...

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South African tumult hinders Barclays’ exit from continent

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Barclays’ plan to sell its African business and pull out of the continent are being hindered by South Africa’s political upheaval and credit-rating downgrades, according to banking sources and fund managers. The British bank gave itself 2-3 years to sell its controlling stake in Johannesburg-based Barclays Africa when it announced the plan in early 2016, and sold 12 percent last ...

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South African: Fitch downgrades big-five banks to junk

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Fitch Ratings has downgraded the Long-Term Issuer Default Ratings (IDRs) of five South African banks to ‘BB+’ from ‘BBB-‘. The banks affected are Absa Bank Limited, FirstRand Bank Limited (FRB), Investec Bank Limited (IBL), Nedbank Limited (Nedbank) and Standard Bank of South Africa (SBSA). Fitch has also downgraded the Long-Term IDRs of four bank holding companies – Barclays Africa Group ...

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Zimbabwe: Penhalonga Diamonds Find Worries Locals

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Residents here say they were worried following reports that there could be deposits of kimberlite diamonds in the community and surrounding areas. Villagers fear that the experiences at Marange could be repeated in their community. The government unleashed the army in a bloody campaign on Marange after thousands of panners swooped on the district following the discovery of diamonds. Locals ...

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S.A:Treasury Refuses to Release More Bond Notes Amid Cash Shortages

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Zimbabwean Finance Minister Patrick Chinamasa has refused to add more bond notes into the southern African country’s struggling market, insisting that the country’s only solution was to increase exports, said a report on Monday. According to Newsday, Chinamasa told the country’s national assembly last week that he was against a further release of the bond notes into the market after ...

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South Africa’s $72 billion nuclear project to move in June, newspaper reports

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South Africa’s tender for the estimated 1 trillion-rand ($72 billion) expansion of its nuclear power plants will begin in June when state utility Eskom requests proposals from companies bidding for the project, City Press newspaper reported on Sunday. South Africa, which has Africa’s only nuclear power station, wants nuclear power to play the leading role in expanded power generation, easing ...

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