Category: Southern Africa
-
AfDB, Malawi Ink U.S. $1-Million Humanitarian Assistance Grant Agreement
The African Development Bank and the Government of the Republic of Malawi signed a grant agreement for a humanitarian emergency assistance to mitigate the effects of the 2015 floods and El Niño in 2016. The signing ceremony was hosted by Kapil Kapoor, AfDB Acting Vice-President, Sector Operations, during the institution’s Annual Meetings held in Lusaka,…
-
S.Africa economy is in a static position: GIBS report
The GIBS Dynamic Markets Index (DMI) has released a report that sees Africa’s most industrialised economy, South Africa, in a static position during the period of study, 2007 and 2014. The DMI is a tool that measures the performance and progressive change of the institutional structure and economic capabilities of countries. The DMI measures which…
-
Rand steadies as traders await rating review
The rand was steady on Tuesday, recouping the previous session’s losses against the dollar as investors held off any major moves ahead of trade data locally and a raft of crucial offshore data later in the week. Stocks were due to open slightly firmer, with the Top 40 futures index up 0.3%. Government bonds inched…
-
Downgrade threat drives SA companies from bond market
As South Africa braces for a credit-rating downgrade, the nation’s companies are finding the bond market an unfriendly place. Corporate bond sales in the second quarter have slumped 15% from a year earlier to R20.8bn, compared with a 10% decline across emerging markets, data compiled by Bloomberg show, as volatility and the threat of a…
-
Moody’s lowers outlook for South African banks to negative
Ratings agency Moody’s on Friday lowered its outlook for the South African banking system to negative from stable, citing deteriorating operating conditions over the next 18 months, sending shares across the sector lower. Africa’s most advanced economy is expected to grow less than 1 percent this year, hobbled by low commodity prices, drought and political…
-
S.Africa police deny Gordhan inquiry moved to new unit
South Africa’s elite Hawks police unit denied on Sunday a report that an investigation involving Finance Minister Pravin Gordhan, which has helped to weaken the rand, has been transferred to another part of the force. Citing an unnamed source, the City Press newspaper said the police crime intelligence unit had taken over the inquiry into…
-
South Africa-Huge hike in petrol, diesel prices
The pump price of petrol will rise by 52 cents a litre (c/l) for all grades, while diesel will increase by a whopping 76 c/l, the department of energy announced on Monday. The main reasons for the spike are the continued upward march of international petroleum prices and the weakening rand / US dollar exchange…
-
S.A’s Capitec Bank says media sensationalising Summit court case
The CEO of South Africa’s Capitec Bank, Gerrie Fourie, has spoken out on the ongoing court case that Summit Financial Partners has filed against the bank, saying the media is sensationalising the matter with incorrect facts. Speaking at Capitec’s annual general meeting on Friday, Fourie said the bank was adhering to bank rating methodology by…
-
S.Africa’s Tongaat Hulett posts fall in FY profit on low sugar output
South Africa’s Tongaat Hulett Ltd said on Monday its full-year profit fell 18 percent, in line with its estimate, on weak sugar prices and low production as a result of severe drought. The sugar producer said headline earnings per share – which strips off certain one-off items – was 678 cents compared with 826 cents…
-
South African wheat prices hit record high on import tariffs
South African wheat prices hit an all time high on Thursday as the market reacted to an expected 30 percent hike in import tariffs due to a weak rand and falling global prices. Africa’s most industrialised economy is set to increase the tariff to 1,591.40 rand ($102.58) from 1,224.30 rand currently, according to a notice…