The Reserve Bank has increased interest rates in South Africa by 50 basis points, a move that was expected and has been met with a mixed response, although the markets immediately reacted positively with the rand strengthening. The announcement was made on Thursday by Reserve Bank governor Lesetja Kganyago. According to news reports, this means the rate at […]

JOHANNESBURG – The Johannesburg Stock Exchange (JSE) is opening a new office in Cape Town, the JSE said in a statement on Tuesday. The JSE said the move was to enhance its service to clients, build and strengthen relationships, and provide accessible support to the market. The city has increased its footprint in the financial services […]

DAVOS, SWITZERLAND – A delegation of at least 55 people headed by President Jacob Zuma is busy making its way from South Africa to Switzerland to take part in the World Economic Forum, which starts on Wednesday and will reportedly be a tough one for Africa. The South African group at Davos will include government members, and business and […]

South African Airways is in dire straits. According to an internal memorandum of 6 November 2015 made public by the media last month, SAA is technically insolvent and thus guilty of reckless trading. It is therefore legally obliged under the Companies Act to file for either liquidation or business rescue. On 24 December, Citigroup withdrew […]

The Congress of South African Trade Unions has strongly condemned President Jacob Zuma for signing into law amendments to the way pensions can be paid out, calling it “an outrageous and blatant act of provocation by the ANC-led government”. Zuma hit back at the unions on Thursday saying he had not acted unilaterally when signing […]

The Pretoria-born, U.S.-based business magnate and innovator Elon Musk is eyeing out the market for some of his products in South Africa, where he will open an office and possibly even a factory, according to a series of recent reports. Short on the heels of the local development comes news that Musk announced on the weekend that within two years some Tesla […]

In a Mark Zuckerberg-like gesture of incredible kindness and philanthropy, the head of a Johannesburg-based fund manager controlling $35 billion has given his family’s controlling stake in the company to a charitable foundation, according to news reports and a statement by the company. Control of Allan Gray and its Bermunda-based partner Orbis Investment Management has been transferred to the […]

PRETORIA – South Africa said on Thursday it had come to an agreement with the U.S. at the 11th hour over poultry imports that were threatening to sabotage the country’s preferential access to the U.S. for several agricultural products. “All outstanding issues on AGOA (the African Growth and Opportunity Act) have been agreed upon and finalised and negotiations have […]

The successful U.S. streaming entertainment company Netflix has broadened its global outreach to South Africa, where it launched this week and goes up against local streaming company ShowMax, which began in 2015. South Africa is one of 130 countries that will get Netflix from Wednesday. The latest move means that Netflix is now available in […]

PRETORIA – South African Airways has been told to go ahead with the deal that had been backed by former finance minister Nhlanhla Nene before he was sacked by President Jacob Zuma, it was announced on Monday night. The transaction will see SAA swap the purchase of 10 A320 aircraft for a lease of five […]

Former finance minister Trevor Manuel has finally broken his silence about the sudden sacking by President Jacob Zuma of finance minister Nhlanhla Nene almost two weeks ago and the subsequent chaos in the markets that analysts have said cost South Africa billions. In an open letter published on Sunday, Manuel spoke about “shock” and “breach of trust”. He said […]

BRUSSELS (Reuters) – Anheuser-Busch InBev, the world’s largest brewer, said it would list its shares on the Johannesburg stock exchange as a “domestic” stock, removing a potential hurdle in its planned $100 billion-plus takeover of SABMiller. AB InBev said in a statement on Monday it intended to list there in mid-January, with a “domestic” classification, […]

New Finance Minister Pravin Gordhan, only appointed on Sunday night, lost no time addressing media on Monday, apparently trying to quell the local and international concerns raised by President Jacob Zuma’s sacking of Nhlanhla Nene last week and replacing him with a virtual unknown, which caused the rand to tumble and SA financial markets to […]

Just over a year ago, a photo of the Johannesburg mail centre went viral – it was in chaos – and things have hardly got better for the parastatal in 2015. But 2016 could see a massive change, with the head of a major JSE-listed financial company taking over the crippled mail service in a few weeks’ time. In November it was announced that […]

More than three-quarters of South Africans faced with having to pay a bribe pay it, according to a new survey, and almost half of all bribery takes place in Limpopo. The South African Citizens’ Bribery Survey 2015 was released this week by the Ethics Institute of South Africa. Of the 6,380 people surveyed, 26 percent […]

PRETORIA – The Minister of Finance Nhlanhla Nene has been replaced by President Jacob Zuma, the presidency has announced. The markets reacted quickly. The statement by the presidency said that Nene would be replaced by member of parliament David van Rooyen, who serves as a whip of the standing committee on finance and as whip of […]

Madiba could be closing down. The first totally South African restaurant in New York, it opened 17 years ago in an area – Fort Greene, Brooklyn – that was way off of everyone’s map. And for a long time it did very well. Any South African in New York was invariably asked, “Have you been […]

Anglo American will cut its work force by two-thirds, the mining giant said on Tuesday, a move that is seen to reflect China’s diminishing appetite for commodities, according to news reports. As part of Anglo’s restructuring, its diamonds business will be run by its De Beers subsidiary, its platinum and base metals operations will come under Industrial […]

South Africa’s supermarket chain Shoprite has opened its first shopping centre in Tete Junction, Mozambique. The opening, on 3 December, marks the entrance of Africa’s largest food retailer to the Tete province. Since starting out as a small chain of only 8 supermarkets in Cape Town in 1979, Shoprite has grown to more than 450 stores […]

After having worked for years in Africa, I have come to believe it is one of the places in which the world of tomorrow is being incubated. Most of the stereotypes I had in mind 13 years ago when I began travelling across the continent proved to be wrong. What I discovered is that Africa […]

PRETORIA – During the visit of Chinese President Xi Jinping to South Africa for the China-Africa summit this week, the two countries signed 26 agreements worth R94 billion ($6.5 billion) on Wednesday, the South African government announced. Xi arrived in South Africa on Wednesday from Zimbabwe, ahead of the Forum on China-Africa Cooperation (FOCAC) summit in […]

Almost 60 percent of Africans believe that corruption in their countries has increased over the past year, although in South Africa this figure is 83 percent, according to a new survey released on Tuesday. According to Transparency International’s Global Corruption Barometer for 2015, done together with Afrobarometer, it spoke to 43,143 respondents across 28 countries […]

South African Home Affairs Minister Malusi Gigaba has attempted to clarify the current situation regarding the recently announced concessions to the immigration regulations. In a nutshell, as discovered last weekend by British actor Idris Elba – foreign children are still required to comply with the visa requirements which were implemented on 1 June this year…until such […]

Move over, Starbucks, doughnut-maker Krispy Kreme and competitor Dunkin’ Donuts are also opening up in South Africa. While much attention has been given to the fact that coffee giant Starbucks will open its first branch in South Africa in 2016, it’s been less publicized that at least two other very successful US chains will be doing likewise. (Krispy Kreme’s first […]

MONTREAL (Reuters) – Ethiopian Airlines, Africa’s largest carrier, wants to buy 10 narrowbody planes and is considering Canada’s Bombardier and Brazil’s Embraer jets among others, as it plans to nearly double its fleet between now and 2025, chief executive Tewolde Gebremariam said Monday. Tewolde, speaking on the sidelines of a global aviation forum in Montreal, […]