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South Africa: Risks inhibit cut as SARB leaves rates unchanged – FNB

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Following the South African Reserve Bank’s decision earlier today to keep interest rates unchanged, FNB confirms that it will maintain its prime lending rate at 10,25% and will review its position after the next SARB MPC meeting in March. FNB CEO Jacques Celliers says, “After a positive but sluggish performance by the SA economy in 2017, we start the new ...

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South African central bank holds repo rate at 6.75%

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South Africa’s central bank kept its benchmark repo rate unchanged at 6.75 percent on Thursday, saying that risks to the inflation forecast were still assessed to be on the upside. The majority of analysts polled by Reuters last week had predicted the repo rate would stay on hold. Central bank governor Lesetja Kganyago told a news conference that five members ...

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South Africa’s rand steady as markets await Zuma’s fate

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South Africa’s rand was steady in early trade on Monday, buoyed by uncertainty after Cyril Ramaphosa, the new leader of South Africa’s ruling African National Congress, said queries about President Jacob Zuma’s fate would be addressed “as time goes on”. * At 0645 GMT, the rand traded at 12.36 per dollar, unchanged from its New York close on Friday. * ...

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Zimbabwe state diamond company to lift output 65% in 2018: minister

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Zimbabwe’s state diamond company is expected to produce at least 3 million carats this year, up 65 percent from 1.8 million in 2017, the mines minister told parliament on Monday. Winston Chitando said the Zimbabwe Consolidated Diamond Company, which was formed in 2016 when the government banned private companies from operating in the Marange diamond fields, will start selling gems ...

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South African regulator reviewing volatile share trading

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A South African market regulator said on Friday it was reviewing volatile share trading sparked by market speculation that a research group would release a negative report on a listed firm. The regulator confirmed in an emailed response to questions it was reviewing unusual activity in shares of Aspen Pharmacare, which plunged 10 percent on Tuesday, prompting the company to ...

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Zambia shuts three of Shoprite’s Hungry Lion restaurants

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Zambia has shut three of South African retailer Shoprite’s Hungry Lion fast-food restaurants after their food tested positive for the bacterium that causes cholera, a government minister said on Thursday. Zambia is struggling to contain an outbreak of the disease, which has killed 51 people and made more than 2,000 others sick in the capital Lusaka. The outbreak was initially ...

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New Zimbabwe government seeks to sell stakes in state-owned companies

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Zimbabwe has invited bids to buy stakes in up to eight loss-making state-owned enterprises, including its national airline and power utility, to help plug a ballooning budget deficit, its deputy finance minister said on Wednesday. “We are diluting our shareholding in those entities and our shareholding might go to zero percent in some entities,” Terence Mukupe said. – Credit: CNBC ...

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Rand enjoys best quarter in more than seven years

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Robust economic growth, a soft dollar and subdued borrowing costs helped emerging stocks race towards the 2017 finishing line on Friday as the year’s best performing asset class, while many currencies also looked back on solid gains. MSCI’s emerging equity benchmark rose 0.4 percent on the year’s last trading day, having added 34 percent since January – their best annual ...

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Heineken to open $100MN brewery in Mozambique in 2019

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Heineken will open a $100 million brewery in Mozambique, its first production facility in the southern African nation, the brewer said on Monday. The world’s second-largest brewer plans to start production at the 0.8 million hectoliters capacity plant in the capital Maputo in the first half of 2019, it said in a statement. Advertisement Heineken, which also brews Amstel and ...

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