Category: Southern Africa

South Africa’s tender for the estimated 1 trillion-rand ($72 billion) expansion of its nuclear power plants will begin in June when state utility Eskom requests proposals from companies bidding for the project, City Press newspaper reported on Sunday. South Africa, which has Africa’s only nuclear power station, wants nuclear power to play the leading role…

Moody’s Investors Service has today placed the Baa2 long-term issuer and senior unsecured bond ratings of the government of South Africa on review for downgrade. The decision to initiate a review for downgrade was prompted by the abrupt change in leadership of key government institutions. That action has raised questions regarding: – progress on reforms…

Since the previous meeting of the Monetary Policy Committee (MPC) the inflation outlook has improved. This was mainly due to the further appreciation of the rand exchange rate following the benign market reaction to the US Fed monetary policy tightening, as well as the significant narrowing of the domestic current account deficit. A more positive…

South Africa’s currency and bonds weakened again on Wednesday as expectations rise that President Jacob Zuma will sack finance minister Pravin Gordhan following the funeral of anti-apartheid icon Ahmed Kathrada later in the day. “Speculation is that the duo may be fired tomorrow evening, after Uncle Kathy’s funeral,” Zuma’s one-time protege Julius Malema said on…

Barclays is in exclusive talks to sell its stake in its Zimbabwe unit to Malawi-based First Merchant Bank, the lenders said on Tuesday, as the British bank continues its exit from Africa. First Merchant Bank said in a statement on its website it was in exclusive talks to buy out the 68 percent of Barclays…

South Africa’s Brian Joffe will step down as executive chairman of foodservice group Bidcorp at the end of June to launch his own investment firm, Bidcorp said on Monday. Bidcorp was spun out of Bidvest in a $5 billion listing, South Africa’s largest in 2016, on the Johannesburg Securities Exchange in May last year. Joffe,…

Following a directive from the President Jacob Zuma, Finance Minister Pravin Gordhan and National Treasury Director General Lungisa Fuzile are preparing to return tonight from the UK and are expected to arrive in South Africa tomorrow morning, a Treasury statement revealed. The rand which was at a 2015 high this morning tumbled more than 2…

South Africa has suspended some meat imports from Brazil citing a scandal in the South American country’s meat processing industry, the Department of Agriculture, Forestry and Fisheries said on Wednesday. Police in Brazil has launched raids to investigate alleged bribes paid to conceal unsanitary conditions in Brazil’s meatpacking facilities. China and Canada also suspended some…

Government has sealed a $7 million agreement for the contractor at Tokwe-Mukosi Dam to start civil works on the planned mini-hydro power plant that will generate electricity at the recently completed dam. The agreement signed between Government and the Italian contractor Salini Impregilo will see the firm carrying out excavation works on the powerhouse, where…