Category: Southern Africa
-
South Africa:Car tech device to reduce fuel costs
A new device to help save fuel costs will hit the commercial market before the end of the year, the developers have announced. Hydroflex is in the final stages of commercially launching its hydrogen-based fuel efficiency system for petrol and diesel engines. “We have a device that is cost effective and delivers value to the…
-
South Africa:Power station fault and cable theft cause outages in Joburg
A fault at a power station and cable theft resulted in power outages in two areas in and around Johannesburg on Monday, Eskom said. “Earlier today the Kelvin power station experienced a fault, which meant that it could not energise its supply areas in Johannesburg,” Eskom said in a statement. “Power has now been restored…
-
Tanzania: Development Programme to Improve Employment for 30,000 Youth
At least 30,000 youth will benefit from a new skills improvement programme that will promote the expansion as well as the quality of skills development opportunities in key economic sectors in Tanzania. A statement issued by the World Bank said that the Education and Skills for Productive Jobs (ESPJ) Programme for results approved by the…
-
Zimbabwe delays military pay over dollar shortage
Army and airforce personnel in Zimbabwe will be paid two weeks after their usual payday because the cash-strapped finance ministry can’t meet its wage obligation on time. The southern African nation spends about 83% of the revenue it collects paying government workers, according to Finance Minister Patrick Chinamasa. A shortage of dollar notes in recent…
-
South Africa:MTN finally hires a new CEO
Africa’s biggest mobile network by subscribers, MTN Group, has finally moved to appoint a new chief executive officer following months of upheaval at the company. The company announced to shareholders on Monday morning that its board has moved to appoint Rob Shuter as its new group president and CEO. Shuter is set to head up…
-
SA companies racing to lock the cyber door
Companies in South Africa are rapidly deploying increased security to frustrate cyber thieves who are intent on stealing financial information, says an industry expert. According to the Gemalto Breach Level Index (BLI) for 2015, 1 938 383 data records were stolen per day in 1 673 data breaches across the globe as criminals ramped up…
-
South Africa:Motorists in for stiff petrol price hike
Ongoing oil strength, with limited support from the exchange rate, has set the stage for further increases in the fuel price, the Automobile Association (AA) warned on Friday. Commenting on unaudited mid-month data released by the Central Energy Fund, the AA said the data predicts a rise of up to 27 cents a litre for…
-
Mozambique: Russia’s VTB sees no significant losses from default
Russia’s VTB does not expect any significant losses from its operations in Mozambique despite experiencing problems with a major loan, VTB Chief Executive Andrei Kostin told Reuters in an interview. Mozambique Asset Management (MAM) borrowed $535 million from VTB to build shipyards in Maputo and the northern town of Pemba in expectation of a rapid…
-
Zimbabwe: Govt Issues Directive for Multi-Currency Use Within Departments, Parastatals
GOVERNMENT has given its ministries departments, parastatals and local authorities a two-week deadline to set up mechanisms to pay for goods and services in other currencies that are within the multi-currency regime, other than the United States dollar to mitigate against the prevailing cash crisis. Anyone intending to make payments to entities and institutions directly…
-
Mozambique currency plunges amid scepticism about IMF mission
An International Monetary Fund team arrived in Mozambique on Wednesday to try to find a way out of a sovereign debt crisis that is crippling the economy of one of the world’s poorest countries and could trigger social and political unrest. Diplomats were not optimistic about the success of the June 16-24 IMF mission, given…