Category: Southern Africa
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Zimbabwe: Bank Teller Accused of Stealing $164,000 Acquitted
A STANDBIC Bank teller was accused of stealing $164,000 from cash vaults was Wednesday acquitted after a Harare court ruled that prosecutors failed to prove their case. Aaron Rashama, 45, of New Bluffhill in Harare was facing theft of trust property charges and out of custody on $1000 bail. Despite insisting that Rashama was captured…
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Angola’s debt lower, but continued fiscal adjustment needed
Angola’s public debt is projected to narrow to 62.8 percent of gross domestic product in 2017, from 71.6 percent last year, the International Monetary Fund said late on Tuesday. Weaker oil prices in the last three years has constrained growth and put state finances under pressure in Africa’s second- biggest crude producer. “…continued fiscal adjustment…
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AB InBev offers voluntary severance in South Africa
Anheuser-Busch InBev, the world’s largest brewer, has offered more than 1,000 employees in South Africa voluntary severance following its merger with SABMiller, the Business Day newspaper reported on Monday, citing an internal memo. AB InBev bought nearest rival SABMiller for 79 billion pounds ($98.23 billion) last year in one of the largest corporate mergers in…
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Mozambique default on eurobond was unnecessary
Mozambique’s default on a coupon payment for its dollar-denominated bond last week was “unnecessary” and a step backwards for the country’s relationship with the holders of the debt, a group of creditors said in a statement on Monday. Mozambique announced a week ago it would not make the $59.8 million payment to holders of its…
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Three reasons S.A’s Reserve Bank may keep interest rates unchanged
On 23 and 24 January, the Monetary Policy Committee (MPC) of the South African Reserve Bank (SARB) will meet for the first time in 2017 to agree on a monetary policy stance that will coax consumer inflation back into the target range of 3% to 6%. In view of current economic conditions and expectations for…
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Zimbabwe tax agency says misses 2016 revenue target
Zimbabwe’s tax agency ZIMRA said on Thursday it failed to meet its 2016 revenue target by 4 percent, as the economy stalled and weak global commodity prices hit mineral royalties. The southern African nation’s economy stagnated last year while its budget deficit exploded, putting political pressure on long-serving President Robert Mugabe’s government. ZIMRA chairman Willia…
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AngloGold plans more than 800 job cuts in South Africa
AngloGold Ashanti is in talks with unions to lay off nearly 900 workers at its South African operations, a document obtained by Reuters showed on Thursday. Africa’s biggest gold producer employs about 25,000 people in South Africa, whose vast resources are accompanied by the risk of volatile labour relations, rising costs, regulatory disruptions and dizzying…
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S.A: Anglo American Plc shortlists bidders for SA coal mines
Anglo American Plc has shortlisted groups led by some of South Africa’s most prominent black businessmen as bidders for several of its South African coal mines as it focuses on diamonds, platinum and copper, two people familiar with the discussions said. Groups selected by Anglo include companies led by Mike Teke, president of South Africa’s…
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Carlyle to become largest shareholder in S.Africa’s Global Credit Ratings
Carlyle Group has agreed to become the largest shareholder in Johannesburg-based Global Credit Ratings (GCR), the U.S. buyout fund said on Tuesday, looking to broaden the pan-African ratings agency’s services. Terms of the deal, which was first reported by the Financial Times, were not disclosed. Carlyle is set to buy around half of the equity…
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South Africa’s Mr Price posts drop in Q3 sales on clothing markdowns
South Africa’s Mr Price reported lower third-quarter sales on Tuesday, as weak economic growth and tough competition forced the no-frills retailer to sell its clothing at lower prices. * Total retail sales of 6.1 billion rand for the three months to end-December, 0.5 percent lower than the corresponding period in 2015. * The difficult trading…