South Africa | - Part 72

South Africa GDP Growth Too Slow to Improve Conditions, IMF Says

South Africa, Capital Markets in Africa: Economic growth in South Africa is too slow to improve living standards in a country where a third of the population is excluded from the economy, according to the International Monetary Fund. “The cost of insufficient action has reached the critical point,” the lender’s First Deputy Managing Director David Lipton said in a speech in Johannesburg on Tuesday. “What is needed is a fresh and energetic review of South Africa’s policies, followed by…

Guptas’ Oakbay Listing May Be Suspended on Lack of Sponsor

Posted on by The Editorial Team

South Africa, Capital Markets in Africa: Oakbay Resources & Energy Ltd., the company controlled by the Gupta family, may have its listing suspended by the Johannesburg Stock Exchange, the latest setback to the business interests of the friends of South African President Jacob Zuma who also lost their auditor and had the country’s major banks refuse to do business with them. JSE Ltd., which runs the exchange, said in a statement it may suspend Oakbay after it failed…

South Africa’s Economy is to Slow Down due to Zuma’s Questionable Integrity

Posted on by The Editorial Team

South Africa is on the brink of an economic catastrophe something must be done ASAP to arrest the decline in the country’s fortunes. Standard & Poor has downgraded South Africa’s sovereign rating to negative outlook and the rating might be downgraded further to junk in the near term. In December 2015, President Jacob Zuma was forced to appoint Pravin Gordhan as the finance minister after investor confidence fell to its lowest point in decades. South…

Investment | Chinese to Invest $2.8 Billion in South Africa Economic Zone

Posted on by The Editorial Team

South Africa, Capital Markets in Africa: A group of Chinese investors will invest more than 40 billion rand ($2.8 billion) in an energy and metals-related industrial park in South Africa, giving a boost to the country’s government as it seeks to grow the manufacturing industry and ease unemployment. The consortium, led by Hong Kong Mining Exchange Co., will develop and manage the park, which will house plants to process minerals including chrome, manganese, coking coal and…

South Africa’s Rand Leads Emerging-Market Gains Against Dollar on Stimulus Bets

Posted on by The Editorial Team

South Africa, Capital Markets in Africa: South Africa’s rand strengthened to a 11-week high against the dollar as prospects for stimulus in major economies boosted demand for riskier assets. The currency weakened against the pound as an expected immediate U.K. rate cut failed to materialize. The currency jumped 1.7 percent to 14.2423 against the dollar by 1:58 p.m. in Johannesburg, set for the strongest close since April 29 and leading gains among 24 emerging-market currencies tracked by Bloomberg….

Africa’s Biggest Pension Fund Invests $730 Million in Home Loans

Posted on by The Editorial Team

South Africa, Capital Markets in Africa: South Africa’s Government Employees Pension Fund, the continent’s largest, invested 10.5 billion rand ($730 million) in mortgage provider SA Home Loans Ltd. to boost government workers’ access to housing. The investment will be done by the Public Investment Corp. on behalf of the GEPF, according to a statement distributed in Johannesburg on Wednesday. Of the funds, 5 billion rand is earmarked for civil servants, 2 billion rand will be allocated to affordable…

South African Central Bank Champions Choice for Welfare Banking

Posted on by The Editorial Team

South Africa, Capital Markets in Africa: The 16.9 million people receiving welfare payments from South Africa’s government into bank accounts should have the right to choose between financial services companies, according to the country’s central bank. A contract awarded by the South African Social Security Agency to Johannesburg-based Net 1 UEPS Technologies Inc. to pay grants electronically in 2012 has this year been dogged by court battles and criminal charges. Under the contract, which will be taken over by the…

« 1 … 70 71 72 73 74 … 95 »