Category: Southern Africa
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Angola’s central bank’s new currency plan could see kwanza devaluing by 30% – economist
It was Angola’s depleting foreign reserves that prompted the central bank to pursue a more flexible exchange rate strategy, the regulator said. The comment came a day after plans were unveiled to restructure foreign debt and allow looser trading of the kwanza. The central bank said on Wednesday it would shift from a currency peg…
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New Zimbabwe government seeks to sell stakes in state-owned companies
Zimbabwe has invited bids to buy stakes in up to eight loss-making state-owned enterprises, including its national airline and power utility, to help plug a ballooning budget deficit, its deputy finance minister said on Wednesday. “We are diluting our shareholding in those entities and our shareholding might go to zero percent in some entities,” Terence…
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Rand enjoys best quarter in more than seven years
Robust economic growth, a soft dollar and subdued borrowing costs helped emerging stocks race towards the 2017 finishing line on Friday as the year’s best performing asset class, while many currencies also looked back on solid gains. MSCI’s emerging equity benchmark rose 0.4 percent on the year’s last trading day, having added 34 percent since…
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Heineken to open $100MN brewery in Mozambique in 2019
Heineken will open a $100 million brewery in Mozambique, its first production facility in the southern African nation, the brewer said on Monday. The world’s second-largest brewer plans to start production at the 0.8 million hectoliters capacity plant in the capital Maputo in the first half of 2019, it said in a statement. Advertisement Heineken,…
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South Africa’s rand weaker as ruling party’s succession race gathers steam, stocks firmer
South Africa’s rand weakened early on Monday as the leadership race for the new leader of the ruling African National Congress gathered momentum, with the largest voting bloc expected to signal its preferred candidate this week. At 0709 GMT, the rand traded at 13.7950 versus the dollar, down 0.4 percent from its New York close…
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Court challenge to South Africa mining charter postponed to February
A court hearing for a challenge by South Africa’s mining industry to revisions to a sector charter which include raising levels of black ownership has been postponed to February from December, country’s Chamber of Mines said on Monday. “A judge decided that two days was not enough time and asked for three days, so the…
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Two banks drop McKinsey in fallout from South Africa scandal
Barclays Africa and Standard Bank said on Monday they would stop working with McKinsey, a further blow to the global consultancy as it faces allegations of bribery for work done with friends of South African President Jacob Zuma. Privately-held McKinsey, the world’s largest management consultancy, has denied doing anything illegal but said this month that…
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South Africa’s NUM union threatens strike in coal sector
South Africa’s National Union of Mineworkers (NUM) said on Tuesday its coal workers will embark on a strike if the Chamber of Mines does not meet its wage demands. A strike in the coal sector could affect power supply as the lion’s share of electricity in Africa’s most industrialised economy is generated from coal. The…
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SA’s Medium-term budget highlights
In a press conference with media ahead of the release of the Medium Term Budget Policy framework, South Africa’s Finance Minister Malusi Gigaba said it aimed to be as candid as possible about the dire situation South Africa finds itself in. Below are the highlights. Economic outlook is dire 2017 Economic growth revised downwards from…
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SA’s 27% unemployment tops spending priorities-MTBPS
Job creation, which has escalated to an alarming all-time high of 27 percent, and small business development top the list of South Africa’s spending priorities. This is contained in the Medium Term Budget Policy Statement (MTBPS), delivered by the country’s Finance Minister, Malusi Gigaba, in Cape Town this afternoon. The MTBPS states that Cabinet approved…