Rwanda, the home this year of the World Economic Forum Africa, taking place this week, is sometimes known as the Switzerland of Africa, and – with good reason, after its numerous successes – it sells itself as “Remarkable Rwanda”. The capital is Kigali, and the country is often referred to as Land of a Thousand […]

Eskom CEO Brian Molefe said on Thursday no more load shedding was anticipated in South Africa through summer of 2017, except for planned maintenance. Addressing the media in a quarterly State of the System briefing, Molefe said there had been no load shedding since August 2015. He said that capacity was being progressively added, and several […]

In 2014 South Africa, which had been Africa’s biggest economy, slipped to second place behind Nigeria, and new figures suggest it has now slipped another notch – coming third behind Nigeria and Egypt. According to statistics released by the International Monetary Fund on Wednesday, Egypt’s GDP has been growing steadily at over two percent the last […]

Africa loses at least $50 billion a year — and probably much, much more than that — perfectly lawfully. About 60 percent of this loss is from aggressive tax avoidance by multinational corporations, which organise their accounts so that they make their profits in tax havens, where they pay little or no tax. Much of the remainder […]

Eskom has signed a 20-year power purchase agreement with French multinational electricity company Engie to start construction of the Kathu Solar Park project in Northern Cape, it has been announced. It is expected to be operational in late 2018, providing 100 MW of power. “The Kathu Solar Park project supports South Africa’s strategy of increasing the […]

DUBAI – Investec Bank, a lender in the aviation market, has closed a $1 billion operating lease transaction with Emirates Airline, it said on Monday. The deal will pay for the delivery and sale and leaseback of four A380-800s, the world’s largest passenger jet, Investec said in a statement. Investec Aviation Finance has around $5 […]

While Johannesburg and Cape Town attract a growing number of new residents daily, they do not come anywhere near the explosive growth taking place in other parts of Africa. A recent report published by the World Economic Forum – which has its Africa summit in Kigali, Rwanda, from Wednesday – listed the three cities in Africa with a population […]

Government has welcomed the ratings agency Moody’s announcement confirming South Africa’s long-term government bond and issuer ratings, after months of speculation that the country could be downgraded to junk status. The department of finance has reportedly been going out of its way to show the international ratings agencies it is committed to fiscal responsibility since late […]

When Laduma Ngxokolo’s mother Lindelwa taught him to knit, she sparked a love of fashion that inspired him to become a designer. Today her son’s collections are showcased on the catwalks of Europe’s fashion capitals. And earlier this year he walked away with the Most Beautiful Object in South Africa Award at the 2016 Design […]

The Mall of Africa will open its doors on Thursday, 28 April. It is the biggest mall built in a single phase in South Africa/Southern Africa/Africa, depending on which website you read. Construction consumed 10 million bricks and 8,500 tons of steel. It is located in Waterfall, a new living, working, retail area between Johannesburg […]

JOHANNESBURG – Steinhoff has increased its stake in Darty to 20.4 percent, it said on Friday, a day after a frantic bidding war with French rival Fnac for Europe’s third-largest electric goods retailer. Five new offers in less than 24 hours lifted Darty shares by more than 23 percent on Thursday to their highest since […]

LONDON – SABMiller sold 4 percent more lager in its most recent quarter than a year earlier as momentum improved in the second half of its financial year. The brewer of Miller Lite, Castle Lager and other beers said its revenue rose 7 percent in the quarter ended March 31, with sales volume up 4 […]

Well, Starbucks’ first store in sub-Saharan Africa opened in Johannesburg on Thursday morning, and such was the anticipation that people were lining up from about midnight on Wednesday, according to news reports. The opening in Rosebank made news in a few places around the world. “South Africa’s first Starbucks opens to long queues,” said Reuters. “Starbucks […]

Proudly South African congratulated Nestlé South Africa for its role in economic growth and job creation in South Africa, as the multi-national celebrates 100 years of operation in the country. “We salute Nestlé for its investment in our country over the years – particularly for its investment in the local economy through skills development programs, job […]

An open letter from Oakbay employees to the chief executive officers of ABSA, FNB, Standard Bank and Nedbank was sent on Tuesday pleading with the banks to reopen their accounts before the end of May… or Oakbay’s business will close. The workers say they have done nothing wrong and “how will we feed our families?” […]

Tuk-tuks are coming to Cape Town! The city said on Tuesday that if all goes according to plan, there will be 80 tuk-tuks to start off with in eight areas of the city for travelling distances of three kilometres or less. It is hoped that they will be on the roads by September, in time […]

A young South African couple are making news overseas with their ‘timeless’ creations – watches made of natural wood mixed with high-quality stainless steel and carbon fibre. Stuart and Makeeda Swan were featured in a BBC interview a couple of days ago, talking about their Cape Town-based company Bettél (a mix of the two words – […]

The South African rand has hit its strongest level in four months – reaching R14.65 to the dollar at its best – after the sacking of finance minister Nhlanhla Nene by President Jacob Zuma in December sent the financial market and the currency tumbling. It closed trading on Tuesday at about R14.7. In early January the currency slipped to as low as […]

NAIROBI – The World Bank on Monday lowered its 2016 sub-Saharan African growth forecast to 3.3 percent from a previous forecast of 4.4 percent in October, citing plunging global commodity prices. The bank said the commodity price rout, particularly for oil which fell 67 percent from June 2014 to December 2015, as well as weak […]

Two of the Gupta family have resigned their positions in the family’s South African company, and President Jacob Zuma’s son Duduzane has quit one of its subsidiaries, after what was described in a statement on Friday as a “sustained political attack”. The resignations from Oakby Resources and Energy were of Atul Gupta and Varun Gupta, who the statement said would resign with […]

Cape Town has most of the top expensive streets in South Africa, according to a new survey, which put six of the country’s top 10 costliest addresses on the Atlantic Seaboard side of the city. Three were in Johannesburg. Top out of the list is Nettleton Road, high above Clifton, which, with a value of almost R45 million, was almost […]

Only days after global accounting firm KPMG and Sasfin Bank announcned that they were no longer doing business with the Gupta family, First National Bank has done likewise. According to a statement on Wednesday by the Gupta’s Oakbay Investments, it demanded  an explanation from Jacques Celliers, CEO of FNB, “for the closing of the Company’s accounts. […]

The Abu Dhabi-based airline Etihad will run a flight to Johannesburg for three months over the northern hemisphere summer, filling the gap left when embattled carrier South African Airways cut the route from its offerings last month. These will be added to the flights to the region already operated by Qatar Airways and Emirates, which both […]

JOHANNESBURG – Global accountancy firm KPMG and South African investment bank Sasfin have severed ties with a company owned by the Guptas, a family of Indian-born businessmen, due to a scandal over their relationship with South African President Jacob Zuma. In an email to KPMG staff seen by Reuters, local chief executive Trevor Hoole said […]