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CNBC Africa: Eskom to take action against former acting CEO


The board of South Africa’s state-run power utility Eskom will pursue disciplinary action against former acting chief executive, Matshela Koko, who allegedly violated procurement rules, the company said on Wednesday. Eskom’s moves come against the backdrop of growing graft, governance and financial concerns regarding South Africa’s public companies, whose woes are pressuring the Treasury at a time when the economy ...

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South African Reserve Bank to hold repo rates


South Africa’s Reserve Bank is expected to leave interest rates unchanged at its July 20 meeting, according to a Reuters poll released on Monday, but economists expect a dovish statement as the Bank gets closer to its easing cycle. Twenty-four of 27 economists said the Reserve Bank will hold rates at 7.00 percent on Thursday. Two predicted a 25-basis- point ...

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South Africa: Mazda recalls additional 19,000 vehicles in South Africa


Mazda Motor Corp. is recalling 19,000 cars in South Africa due to airbag safety concerns as the Japanese carmaker extends a global recall to cover a wider manufacturing period, its local unit said on Monday. The recall was prompted by investigations in Japan and North America for three different types of Takata Corp manufactured airbags over safety concerns that inflators ...

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SA’s Public Protector wants an urgent inquiry into state capture


South Africa’s Public Protector Busisiwe Mkhwebane has called for an urgent investigation to take place into state capture, and backed her predecessor’s call that President Jacob Zuma has no right to decide which judge should oversee the inquiry. According to ENCA, this was revealed in her answering affidavit in the state of capture review application. Zuma in December last year called on the ...

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Ailing Air Zimbabwe cuts half its workforce


Loss-making Air Zimbabwe is cutting half of its 400 jobs as part of a restructuring plan meant to revive the ailing national carrier, Chairwoman Chipo Dyanda said on Wednesday. Like most state-owned companies in the southern African country, Air Zimbabwe has been making losses for years due to mismanagement, high operating costs, old aircraft and equipment. Dyanda told Reuters that ...

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SAP to investigate Gupta corruption allegations


Enterprise application software provider SAP has initiated an independent investigation into allegations that it agreed to pay 10% “sales commission” to a company controlled by the Guptas to clinch business from Transnet. The New York Stock Exchange listed company is governed by The Foreign Corrupt Practices Act, which prohibits such practices. SAP’s probe will be spearheaded by a multinational law firm and overseen by Executive Board ...

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S. Africa rating firm drops deal with Kenyan insurer


South African agency, Global Credit Ratings (GCR), has announced it will no longer offer a rating for Saham Assurance Company Kenya, saying the withdrawal has been made at the behest of the insurer. GCR’s final rating for Saham saw it affirm a claims paying ability rating of A-, with a negative outlook based on the assurance firm’s continued underwriting losses. “The ...

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IMF warns South Africa over economy’s vulnerability

Pedestrians walk past the International Monetary Fund headquarters' complex in Washington Sunday, May 2, 2010. A senior International Monetary Fund official says the IMF's executive board is meeting in Washington to consider how much aid to grant Athens under a massive rescue loan package. (AP Photo/Cliff Owen)

The International Monetary Fund warned South Africa on Thursday its economy is extremely vulnerable to external shocks and funding shortfalls, although it stuck by its earlier growth forecast of 1 percent this year. In an executive report following a country visit in the last week of June, the Fund also said policy uncertainty linked to political turbulence would weigh on ...

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South Africa: Oakbay Capital Statement


Three months ago, Bell Pottinger announced that it had decided to cease work for Oakbay Capital. We had worked for them for a year, following a competitive bid process. When we terminated our work with Oakbay, we said we were doing so because of increasingly strong social media attacks on our staff and our business from South Africa, and that ...

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Zimbabwe: Mugabe Foreign Trips Cost Cash-Strapped Zimbabwe U.S.$50 Million


Zimbabwean President Robert Mugabe’s office spent more than $50 million on foreign travel last year, official figures show. According to a financial statement published in the latest government gazette, foreign travel expenses totalled $53.2 million in 2016. According to the figures in the “Consolidated Statement of Financial Performance of the Consolidated Revenue Fund”, this was way above the $23 million ...

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