Category: Southern Africa

ZIMBABWE has failed to pay a P1.4million (about) US$90,000 debt owed to Botswana since 2011, Parliamentarians in the neighbouring country heard this week. Struggling with a crippled economy and a mountain of foreign debt said to be more than US$10billion, the Botswana obligation looks like small beans but some parliamentarians in the neighbouring country begged…

While South Africa’s policymakers fear a possible downgrade of the country’s debt rating next week could derail reforms, some fund managers see it as a buying opportunity. Africa’s most industrialised nation has been edging towards losing its investment-grade status due to weak growth, large deficits and political scandals surrounding President Jacob Zuma, including changing two…

The theft of $13 million from ATMs in Japan using counterfeit cards from South African lender Standard Bank prompted a call for vigilance from South Africa’s central bank on Wednesday. Thieves made 14,000 withdrawals in just three hours – 78 a minute – from bank machines at 7-Eleven convenience stores across Japan, according to a source…

Japanese automaker Toyota has invested 6.1 billion rand ($390 million) to expand the production of its Hilux and Fortuner models in South Africa, its country CEO said on Wednesday. Toyota South Africa said it aims to increase output at the plant, which expects to hit full production in June, by 20,000 units a year and…

MTN Nigeria Group says it is near to hiring a new chief executive officer after the previous head of the company quit late last year. Local telecoms veteran Sifiso Dabengwa resigned as MTN Group CEO last November after Nigerian regulators slapped the company with a massive $5.2bn fine. The Nigerian Communication Commission (NCC) imposed the fine…

The African Development Bank (AfDB) says Africa’s integration is vital in eliminating challenges such as under-nutrition and the unfavourable climatic conditions which have negatively affected the welfare of the people. AfDB President Akinwumi Adesina said the Bank was working hard to contribute towards integrating Africa so that her people can collectively address issues of climate…

Mozambique was heading toward a default on Monday after the government failed to honour a sovereign guarantee behind a $535 million loan taken out by a state-run company to build shipyards that have not materialised, a Finance Ministry source said. The repayment crisis in what was once one of the continent’s brightest economic prospects is…

South Africa’s rand strengthened early on Monday after the police said they had no plans to arrest Finance Minister Pravin Gordhan over his role in the formation of a surveillance unit within the revenue service. At 0700 GMT the rand had edged 0.2 percent firmer to 15.6050 per dollar. Bonds were also firmer in early…

At least 12 people are feared dead after a Tanzanian boat that was sailing from Mbamba Bay in Tanzania to Nkhata Bay in Malawi sunk on Lake Malawi in the dawn hours of Saturday. Confirming the sad news to Malawi News Agency (MANA), outgoing Assistant Surveyor of Vessels responsible for Likoma Island and Nkhata Bay,…

Speaking to a full auditorium on Monday at the NPA’s Pretoria headquarters, Abrahams said the recent judgment from the North Gauteng High Court, which overturned former NPA boss Moketedi Mpshe’s decision to drop charges of fraud, racketeering and corruption, must be tested on appeal as it has far-reaching implications for the prosecuting authority. He claimed…