Category: Southern Africa
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S.A needs a pro-SME Budget
Any measure that can boost the local economy beyond the projected 1.1% growth is at the top of the 2017 National Budget Speech wish-list for South Africa’s vital small and medium enterprise (SME) sector. Coupled with the hope that there is no further political turmoil, the ideal scenario for existing and aspirational SME owners would…
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S.A: Automakers seen investing $615 mn this year
South Africa’s automotive sector capital expenditure is projected to rise to 8.2 billion rand ($615 million) this year from 6.4 billion rand in 2016, the auto industry body said in a document seen by Reuters. The National Association of Automobile Manufacturers of South Africa said in a memo dated Feb. 7 that the sector’s estimated…
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S.A’s biggest cement maker PPC in merger talks
South Africa’s biggest cement maker PPC Ltd is in merger talks with its nearest rival Afrisam Group, it said on Monday, seeking to overcome valuation squabbles that sunk previous tie-up efforts. Majority owned by pension fund, the Public Investment Corporation, Afrisam first proposed merger in 2014, swooping in at a time when PPC’s share price…
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SA: Kumba sells loss-making iron ore mine to ArcelorMittal
Kumba Iron Ore said on Thursday it is selling its Thabazimbi mine to the mine’s sole customer, ArcelorMittal South Africa (AMSA), for a nominal sum. Operations at the mine in northern South Africa ceased in September 2016 after a combination of factors, including high operating costs. Kumba, a unit of Anglo American and AMSA said…
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S.A labour agreements herald opportunities for inclusive growth
Nedlac negotiations result in an agreement that marks a profound improvement in tone of labour relations in SA Agreement addresses wage inequality, labour stability, and economic transformation Business Unity South Africa (BUSA) and the Black Business Council (BBC) have welcomed the announcement of a groundbreaking package of labour market interventions agreed to by business, labour,…
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South Africa introduces $260 a month national minimum wage
South Africa will introduce a national minimum wage of 3,500 rand ($261) per month in 2018, Deputy President Cyril Ramaphosa said on Wednesday, following protracted negotiations between the government and labour unions. Supporters of a minimum wage say it can stimulate growth as workers can spend more, as well as reducing inequality. Critics say it…
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Eni CEO Claudio Descalzi charged with international corruption
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Italian prosecutors have reportedly charged Eni and its CEO Claudio Descalzi with international corruption over the controversial acquisition of an offshore block in Nigeria in 2011. Apart from Descalzi, the charge reportedly extends to the former CEO Paolo Scaroni and nine other people involved in the $1.3 bilion deal. Scaroni served as the Chief Executive…
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S.A:MTN shares knocked as mobile operator swings to loss
South African mobile phone operator MTN Group expects to report a full-year loss due to a $1 billion regulatory fine in Nigeria and underperformance there and at home, it said on Wednesday, sending its shares to a two-month low. MTN agreed in June to pay Nigeria a 330 billion naira ($1.05 billion at the time)…
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S.A:JSE prepares for second fish listing this year as Brimstone prepares to list Sea Harvest
Brimstone plans to list Sea Harvest. This will be the JSE’s second fish listing of the year. Last week African Equity Empowerment Investments revealed it will list its fishing and food unit on the Johannesburg Stock Exchange on March 2. A capital raising of up to R1.5 billion by private placement will be undertaken by…
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S.Africa’s Sappi to invest $305 mn in North America & Europe
South African pulp and paper maker Sappi will invest $305 million in North America and Europe to increase its packaging capacity, the firm said on Wednesday after releasing its first-quarter results. Sappi, which makes 50 percent of its sales in Europe and 27 percent in North America, is reducing its dependence on graphic and glossy…