The rand is the fourth worst performing currency against the dollar in 2018 and among the most volatile, but it remains a favourite for investors chasing high yields and willing to risk short-term losses for sizeable net returns. Implied volatility on South Africa’s rand rose by its most this week since the last finance minister […]

JOHANNESBURG (Reuters) – South Africa’s Famous Brands said on Tuesday its UK-based unit Gourmet Burger Kitchen (GBK) has closed 14 out of 17 under-performing stores following the approval of a restructuring plan by creditors. A string of British store groups have either gone out of business or announced plans to close shops this year, as […]

President Cyril Ramaphosa has welcomed the North Gauteng High Court judgment upholding the President’s dismissal of Tom Moyane as Commissioner of the South African Revenue Service (SARS). The President ended Moyane’s tenure at SARS in November 2018 following a recommendation by the Nugent Commission of Inquiry into the governance of the revenue service and tax […]

The eThekwini Council in South Africa just spent a whopping R2-million, according to the DA, on a trip to Colombia that never happened. The Durban delegates – all 59 of them! – were unable to board the plane in Brazil for the final flight to Colombia because they didn’t have the correct visas! The Democratic […]

Good news for South Africans as Eskom says it will not implement Stage 1 rotational load shedding today. “Eskom will not implement Stage 1 rotational load shedding from 9am today. The electricity system remains tight and the risk of load shedding still remains high for today should power station units fail to return as planned,” […]

The axed South African Reserve Service Commissioner, Tom Moyane will on Tuesday know his fate as he bids to get his job back at the High Court in Pretoria. Judge Hans Fabricious is expected to hand down Moyane’s judgement. Moyane approached the High Court to have his dismissal overturned and prevent the SARS commission from […]

JOHANNESBURG – The South African government needs to “bite the bullet” and bail out struggling state-run power firm Eskom, which has asked for R100 billion ($7 billion) in government support, the chief executive of Rothschild & Co in South Africa told Reuters. Rothschild advised Eskom in 2008 when it last received a major cash injection […]

JOHANNESBURG – The chairman of KPMG South Africa on Monday appealed for the firm to be seen as a changed business, following months of efforts to regain public trust after becoming embroiled in major corruption scandals. In an open letter published in South African newspapers, KPMG South Africa’s executive chairman Wiseman Nkuhlu said the local […]

JOHANNESBURG  – South Africa’s new national minimum wage will take effect from January 2019, President Cyril Ramaphosa said on Friday, ensuring workers earn at least R20 an hour. Ramaphosa last month signed into law the national minimum wage bill, part of efforts by the government to tackle wage inequality in South Africa. The National Minimum […]

PRETORIA – President Cyril Ramaphosa’s pledge to clean state-run organisations from corruption continued today with South African Energy Minister Jeff Radebe announcing that the government has replaced the entire board of directors of state-run nuclear firm NECSA… and suspended its chief executive (Phumzile Tshelane) over problems with how it was governed. Radebe said the challenges […]

The South African government has welcomed rating agency Fitch’s decision to affirm SA’s long term foreign and local currency debt ratings at ‘BB+’ and maintain the stable outlook, National Treasury said. Fitch’s outlook assessment on Thursday keeps South Africa’s foreign and local currency credit ratings below investment grade (subinvestment). Fitch warned that low growth and […]

JOHANNESBURG – Ratings firm Fitch on Thursday kept South Africa sub-investment grade credit rating steady at subinvestment and maintained its stable outlook, but warned that low growth and rising debt of state-owned firms posed a risk. “South Africa’s ratings are weighed down by low growth potential, sizeable government debt and contingent liabilities,” Fitch said in […]

The Kruger National Park (KNP) on Tuesday unveiled four fantastic activity vehicles that will be used to transport tourists with mobility challenges on game viewing activities. The 14-seater activity vehicles form part of the KNP Visitor Management Plan, and can lift weight up to a maximum of 250 kg. “KNP aims to enhance the recognition […]

JOHANNESBURG – South Africa‘s government is discussing restructuring the debt of state-run utility Eskom but will only give details of what it plans to do next year, Public Enterprises Minister Pravin Gordhan said on Thursday, in comments which sent Eskom’s bonds tumbling. The cash-strapped power firm said this week that it wanted the government to […]

Comments made by Johann Rupert are causing a stir in South Africa, with some accusing the billionaire businessman of “arrogant racism” and others saying he just pointed out the “uncomfortable truth”. Watch the full interview below. Rupert was speaking at the annual PowerFM Chairman’s Conversation, which was hosted by MSG Afrika Group Chairperson Given Mkhari […]

JOHANNESBURG – South Africa’s struggling state-run power firm Eskom now wants the government to take on R100 billion ($7 billion) of its debt as part of a turnaround plan, Eskom Chairman Jabu Mabuza told the Business Day newspaper. Cash-strapped Eskom is struggling to emerge from a financial crisis characterised by declining electricity sales, ballooning debt […]

Cooperative Governance and Traditional Affairs Minister Zweli Mkhize has extended good wishes to Kumkani Zanozuko Tyelovuyo Siqcau and the AmaMpondo people after he was officially recognised as a king. The South African government has issued a certificate of recognition to Kumkani Zanozuko Tyelovuyo Siqcau as the King of AmaMpondo. The king was recognised in terms of the […]

CAPE TOWN – South Africa’s main opposition party, the Democratic Alliance (DA), said on Tuesday it could go to court to stop proposed land reforms after parliament today approved a report endorsing a constitutional amendment that would allow expropriations without compensation. A parliamentary team last month recommended a constitutional amendment to make it possible for […]

South African expat Elon Musk’s SpaceX launched a Falcon 9 rocket from California on Monday carrying 64 small satellites into low orbit around the Earth, which the company called the largest-ever “rideshare” mission by a U.S.-based rocket. The mission, dubbed SSO-A, also marked the third voyage to space for the same Falcon 9 rocket – […]

We consume the products of slavery every day. All of us. Today’s globalised supply chains make it is almost impossible to avoid goods or services free of the fingerprints of slavery. Electronic gadgets, clothing, fish, cocoa and cane sugar are the products mostly likely to be tainted. In contrast to state-sanctioned slave ownership in the […]

PRETORIA – Farms and factories have dragged South Africa out of its first recession in almost a decade, data showed on Tuesday, as the economy grew by more than expected in the third quarter! The positive data is a boost for President Cyril Ramaphosa, who has pledged to re-start growth after a decade of stagnation […]

JOHANNESBURG, SOUTH AFRICA – Johannesburg has emerged as the most popular destination city in Africa for the fifth consecutive year, according to the annual Mastercard Global Destination Cities Index. The City of Gold attracted 4.05 million international overnight visitors in 2017. Close on its heels, Marrakech in Morocco is the second most popular African destination […]

Motorists will this week get an early Christmas present with the price of all grades of petrol set to come down by R1.84 a litre. The Department of Energy announced that both grades of petrol 93 (ULP and LRP) and 95 (ULP and LRP) will decrease by R1.84. The price of Diesel 0.05% sulphur will come […]

Three farm attacks took place in the Western Cape last weekend (Fri 23 to Mon 26 Nov), in the Porterville, Paarl and Wellington regions, according to AfriForum. Apparently, in the case of the Porterville attack, there had been ominous messages spray-painted on the door of the farmhouse six weeks beforehand. The messages allegedly said: ‘Kill […]

The predictions about  South Africa’s state of electricity over the coming days, weeks and even years are pretty bleak… with no light (certainly not from Eskom!) at the end of the tunnel for at least five years. On Monday Eskom announced it will be implementing Stage 2 load shedding from 9am this morning until 10pm […]