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South Africa’s Blue Label Telecoms pays $400 million for Cell C stake

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South African distributor of prepaid airtime Blue Label Telecoms will pay 5.5 billion rand ($400 million) for a 45 percent stake in debt-laden mobile phone group Cell C Ltd, it said on Wednesday. The deal is part of Cell C’s efforts to pay down debts which last year forced it into a restructuring with bondholders involving a three-year maturity extension ...

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South Africa says gas-to-power projects to cost around $3.7 bln

electricity_-_pexels

South Africa’s planned gas-to-power projects will cost around 50 billion rand ($3.7 billion) and will require 1.6 million tonnes a year of gas imports, department of energy official Karen Breytenbach said on Tuesday. South Africa will announce preferred bidders for gas-to-power projects by the end of March as part of efforts to diversify electricity production away from more environmentally damaging ...

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South Africa private sector activity boosted on domestic demand: PMI

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South Africa’s private sector returned to growth in September as domestic demand picked up, a survey showed on Wednesday. The Standard Bank Purchasing Managers’ Index (PMI), compiled by Markit, rose to 50.7 from 49.8 in August, its highest in 17 months and the first time since May that it has been above the 50 mark dividing expansion from contraction. “Part ...

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South Africa’s Woolworths to buy Australian men’s fashion retailer Politix

woolworths-safinanceandloans.co.za

South Africa’s Woolworths Holdings plans to buy Australian men’s fashion brand Politix through its subsidiary, Country Road Group, the retailer said on Wednesday. Woolworths, which sells upmarket food and clothing, said the acquisition will be funded using its own resources and is expected to immediately increase the company’s earnings per share. No financial details were provided. Woolworths has expanded in ...

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Botswana Aviation Standards Get Recognition

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Former minister of transport and communications, Mr Tshenolo Mabeo, recently received an International Civil Aviation Organisations (ICAO) Council President Certificate in recognition of Botswana’s “progress in resolving its safety oversight deficiencies and improving the effective implementation of applicable ICAO Standards and Recommended Practices last year.” According to a press release from the ICAO , Mr Mabeo was presented with the ...

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Zimbabwe: Banks Fleece Borrowers

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BANKS in Zimbabwe could still be fleecing borrowers through a litany of charges and the high cost of loans, despite the central bank putting a cap on lending rates; findings from the draft national competitiveness report have shown. The report says borrowers could be paying effective interest rates on bank loans in excess of 24 percent annually made up of ...

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Zimbabwe: UN Rejects Zimbabwe’s Ivory Export Proposal

zimbabwe

ZIMBABWE and Namibia have both failed to secure a UN permission to export ivory, in secret ballots held on Monday. Namibia’s bid lost 73 to 27 while Zimbabwe lost 80 to 21. The two SADC countries had argued that trade in ivory seized from poachers and in tusks from dead animals would protect elephants but the U.N.’s Convention on International ...

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South Africa says gas-to-power projects to cost around $3.7 bln

electricity_-_pexels

South Africa’s planned gas-to-power projects will cost around 50 billion rand ($3.7 billion) and will require 1.6 million tonnes a year of gas imports, department of energy official Karen Breytenbach said on Tuesday. South Africa will announce preferred bidders for gas-to-power projects by the end of March as part of efforts to diversify electricity production away from more environmentally damaging ...

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South Africa may be over the worst of its economic downturn – FinMin Gordhan

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South Africa may be over the worst of its economic downturn with potential growth of over one percent next year, Finance Minister Pravin Gordhan said on Monday, noting President Jacob Zuma had expressed confidence in him. Speaking to reporters on the sidelines of the FT Africa Summit, Gordhan also said the country, which is teetering on the lowest investment grade ...

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South Africa:Barloworld CEO to step down

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Global industrial group Barloworld’s CEO Clive Thomson will step down next year. Thomson who has been with the group for a decade will hand the baton to Dominic Sewela at the industrials’ next annual general meeting to be held on 8 February 2017. Sewela, who was appointed as Deputy Chief Executive of Barloworld on 1 March 2016 as part of ...

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