Category: Southern Africa
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South Africa mulls merger of three state-owned airlines
South Africa’s government is considering merging its three state-owned airlines into one entity, and offering a 25 percent stake of the holding company to a private equity partner, a cabinet minister said on Wednesday. The loss-making South African Airways, its low-cost arm Mango and SAA Express, which services smaller towns, are struggling to remain profitable…
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Kenya presidential election cancelled by Supreme Court
Kenya’s Supreme Court has annulled the result of the country’s recent presidential election. Citing irregularities, the Supreme Court said a new poll should be held within 60 days. The election commission had declared incumbent President Uhuru Kenyatta the winner of last month’s election. But opposition candidate Raila Odinga claimed that the commission’s IT system had…
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South Africa mulls merger of three state-owned airlines
CAPE TOWN (Reuters) – South Africa’s government is considering merging its three state-owned airlines into one entity, and offering a 25 percent stake of the holding company to a private equity partner, a cabinet minister said on Wednesday. The loss-making South African Airways, its low-cost arm Mango and SAA Express, which services smaller towns, are…
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South African: New BRICS bank plans $1.5BN lending for projects
A New Development Bank (NDB) set up by the “BRICS” group of emerging economies plans to lend $1.5 billion to South Africa for infrastructure projects over the next eighteen months. The BRICS – Brazil, Russia, India, China and South Africa – agreed to create the infrastructure-focused lender in July 2014 as an alternative to the…
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South Africa rate cut likely in November
South Africa’s Reserve Bank is expected to cut interest rates again in November and possibly even September given the relatively tame inflation outlook, a Reuters poll found on Friday. The central bank unexpectedly cut its repo rate by 25 basis points to 6.75 percent for the first time in five years in July, taking advantage…
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South Africa’s business confidence climbs to 5-month high in July
South Africa’s business confidence climbed to its highest level in five months in July helped by a firmer currency, falling inflation and an increase in vehicle sales, a survey showed on Tuesday. The South African Chamber of Commerce and Industry’s (SACCI) monthly business confidence index (BCI) accelerated to 95.3 in July from 94.9 in June.…
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South Africa: Old Mutual to list not sell businesses in split
Anglo-South African financial services group Old Mutual (OML.L) aims to list two divisions rather than sell them as it pursues a plan to split into four parts by the end of next year. Old Mutual, which said last year it is breaking up because regulatory change made its disparate businesses too complex to run, posted…
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South Africa: BRICS New Development Bank confirms appointment of representatives
The BRICS New Development Bank (NDB) has confirmed that Mr Dondo Mogajane, Director-General of the National Treasury has been appointed as the new Director representing South Africa. This follows the expiration of Mr Tito Mboweni’s term of service as Director of the NDB in early July. Mr Tito Mboweni commenced his term as South Africa’s…
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South Africa’s business confidence climbs to 5-month high in July
South Africa’s business confidence climbed to its highest level in five months in July helped by a firmer currency, falling inflation and an increase in vehicle sales, a survey showed on Tuesday. The South African Chamber of Commerce and Industry’s (SACCI) monthly business confidence index (BCI) accelerated to 95.3 in July from 94.9 in June.…
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South Africa: Alleged Uber Hijackers Could Be Linked to Other Robberies
Two suspects arrested after a failed Uber hijacking, may be linked to other cases in which Uber drivers were either hijacked or robbed. On Sunday morning the two suspects requested an Uber from Roodepoort to take them to Pretoria. While on route to Pretoria, the suspects requested that the Uber driver pick up a third…