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AB InBev offers voluntary severance in South Africa

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Anheuser-Busch InBev, the world’s largest brewer, has offered more than 1,000 employees in South Africa voluntary severance following its merger with SABMiller, the Business Day newspaper reported on Monday, citing an internal memo. AB InBev bought nearest rival SABMiller for 79 billion pounds ($98.23 billion) last year in one of the largest corporate mergers in history and taking the company ...

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Mozambique default on eurobond was unnecessary

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Mozambique’s default on a coupon payment for its dollar-denominated bond last week was “unnecessary” and a step backwards for the country’s relationship with the holders of the debt, a group of creditors said in a statement on Monday. Mozambique announced a week ago it would not make the $59.8 million payment to holders of its 2023 bond due on Jan. ...

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Three reasons S.A’s Reserve Bank may keep interest rates unchanged

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On 23 and 24 January, the Monetary Policy Committee (MPC) of the South African Reserve Bank (SARB) will meet for the first time in 2017 to agree on a monetary policy stance that will coax consumer inflation back into the target range of 3% to 6%. In view of current economic conditions and expectations for 2017 and beyond, the Reserve ...

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Zimbabwe tax agency says misses 2016 revenue target

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Zimbabwe’s tax agency ZIMRA said on Thursday it failed to meet its 2016 revenue target by 4 percent, as the economy stalled and weak global commodity prices hit mineral royalties. The southern African nation’s economy stagnated last year while its budget deficit exploded, putting political pressure on long-serving President Robert Mugabe’s government. ZIMRA chairman Willia Bonyongwe said in a statement ...

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AngloGold plans more than 800 job cuts in South Africa

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AngloGold Ashanti is in talks with unions to lay off nearly 900 workers at its South African operations, a document obtained by Reuters showed on Thursday. Africa’s biggest gold producer employs about 25,000 people in South Africa, whose vast resources are accompanied by the risk of volatile labour relations, rising costs, regulatory disruptions and dizzying shaft depths. “AngloGold Ashanti’s South ...

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S.A: Anglo American Plc shortlists bidders for SA coal mines

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Anglo American Plc has shortlisted groups led by some of South Africa’s most prominent black businessmen as bidders for several of its South African coal mines as it focuses on diamonds, platinum and copper, two people familiar with the discussions said. Groups selected by Anglo include companies led by Mike Teke, president of South Africa’s Chamber of Mines; Phuthuma Nhleko, ...

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Carlyle to become largest shareholder in S.Africa’s Global Credit Ratings

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Carlyle Group has agreed to become the largest shareholder in Johannesburg-based Global Credit Ratings (GCR), the U.S. buyout fund said on Tuesday, looking to broaden the pan-African ratings agency’s services. Terms of the deal, which was first reported by the Financial Times, were not disclosed. Carlyle is set to buy around half of the equity in GCR from its management ...

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South Africa’s Mr Price posts drop in Q3 sales on clothing markdowns

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South Africa’s Mr Price reported lower third-quarter sales on Tuesday, as weak economic growth and tough competition forced the no-frills retailer to sell its clothing at lower prices. * Total retail sales of 6.1 billion rand for the three months to end-December, 0.5 percent lower than the corresponding period in 2015. * The difficult trading environment has extended into the ...

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S.A: 12 Month guide to financial stability

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This coming year will no doubt be a tough financial year for all South Africans, with economists warning all to tighten their belts. In light of all the challenges that people face, it is essential to take control of one’s finances in 2017 to avoid falling into financial hardship. Below is a month-to-month financial planning guide, to empower yourself financially ...

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Silver lining for S.A agriculture

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How the agricultural sector will help tame food inflation in 2017. The current rains are a welcome relief to farmers; they are the proverbial silver lining in what has been a gloomy season. “The past year has been testing for the industry; the drought has had an impact on the economy with South Africa’s gross domestic product (GDP) decelerating in ...

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Ghana Business News