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South Africa’s business confidence at lowest in over 30 years

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South Africa’s business confidence index fell to its lowest in more than three decades in August as merchandise import and export volumes fell, a survey showed on Wednesday. The business group said South Africa’s economic performance was sub-optimal despite an positive global outlook, and improved business confidence was needed to revitalise domestic growth. The South African Chamber of Commerce and ...

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South Africa’s Shoprite fined for “reckless lending” – regulator

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South African retailer Shoprite has been fined 1 million rand ($77,500) for failing to assess properly whether consumers could afford its loans, the National Consumer Tribunal said on Wednesday. The company, which had turnover in its last financial year of 141 billion rand ($11 billion), was also ordered to appoint a debt counselor at its own costs following what the ...

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Farming helps grow South African economy out of recession

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South Africa emerged from a recession in the second quarter as agriculture helped the economy expand more than expected, official figures showed on Tuesday, strengthening the rand and bonds. Africa’s most industrialised economy grew 2.5 percent in the three months to the end of June, after contracting by 0.6 percent in the first quarter and by 0.3 percent in the ...

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Vodafone sells down stake in South Africa’s Vodacom

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Vodafone has sold down its stake in South African subsidiary Vodacom by 5.2 percentage points, it announced on Wednesday, sending the African mobile firm’s share price down by more than 6 percent. The sale of 90 million shares for 14.85 billion rand ($1.15 billion) in a private placement reduces Vodafone’s stake in Vodacom to 64.5 percent. The sale follows Vodafone’s ...

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Africa’s two biggest economies likely out of recession

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Africa’s two biggest economies likely emerged from recession in the second quarter but strong growth won’t show up until business confidence is restored, a Reuters poll suggested on Friday. Nigeria and South Africa have both benefited from a recovery in commodity prices since early 2016, though not as much as their main trading partners – China, the United States and ...

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Bodies of last missing miners recovered from Harmony mine in South Africa

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The bodies of the last two miners unaccounted for at a mine operated by South Africa’s Harmony Gold were recovered on Thursday, the company said, bringing the death toll to five after a tremor shook the shafts last week. Friday’s seismic event that rocked the Kusasalethu mine, one of the world’s deepest, with gold extracted at depths below 3 kilometers ...

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South Africa mulls merger of three state-owned airlines

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South Africa’s government is considering merging its three state-owned airlines into one entity, and offering a 25 percent stake of the holding company to a private equity partner, a cabinet minister said on Wednesday. The loss-making South African Airways, its low-cost arm Mango and SAA Express, which services smaller towns, are struggling to remain profitable amid increased competition and rising ...

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Kenya presidential election cancelled by Supreme Court

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Kenya’s Supreme Court has annulled the result of the country’s recent presidential election. Citing irregularities, the Supreme Court said a new poll should be held within 60 days. The election commission had declared incumbent President Uhuru Kenyatta the winner of last month’s election. But opposition candidate Raila Odinga claimed that the commission’s IT system had been hacked to manipulate the ...

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South Africa mulls merger of three state-owned airlines

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CAPE TOWN (Reuters) – South Africa’s government is considering merging its three state-owned airlines into one entity, and offering a 25 percent stake of the holding company to a private equity partner, a cabinet minister said on Wednesday. The loss-making South African Airways, its low-cost arm Mango and SAA Express, which services smaller towns, are struggling to remain profitable amid ...

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South African: New BRICS bank plans $1.5BN lending for projects

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A New Development Bank (NDB) set up by the “BRICS” group of emerging economies plans to lend $1.5 billion to South Africa for infrastructure projects over the next eighteen months. The BRICS – Brazil, Russia, India, China and South Africa – agreed to create the infrastructure-focused lender in July 2014 as an alternative to the World Bank, launching it a ...

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Ghana Business News