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, […]

JOHANNESBURG – The state-owned freight and logistics company Transnet has secured R12 billion ($853 million) for its locomotive programme, it announced on Monday, bringing to R48 billion the capital raised to buy the trains. Transnet said it sourced the latest money via a club loan from Absa, Nedbank, Bank of China, Futuregrowth Asset Managers and Old Mutual Specialised Finance.   “I think […]

JOHANNESBURG – The embattled South African Airways has appointed a new CEO after only four months, its seventh chief in four years, after the airline faced renewed challenges from its pilots and staff, according to news reports on Wednesday. SAA said in a statement that Thuli Mpshe will be replaced as acting chief by the head of technical […]

Talking to foreign fund managers about South Africa is sobering. I spent last week doing that in New York. Billions of dollars that were directed into our shares and bonds over the past two decades are being pulled out. The only fund managers who are smiling are those that have gone short on South African assets, […]

The name is derived from “happy prospect” in Afrikaans, and once upon a time, life and the gold haul were both good at the Blyvooruitzicht Gold Mine, 50 miles west of Johannesburg. But two years after the mine’s owners abandoned it because it was unprofitable, sewage runs in the streets of the old mining village, […]

Yes, the rand is plunging, unemployment is rocketing and the country’s debt is increasing, but South Africa remains one of the countries in sub-Saharan Africa that has been growing faster than other countries around the world, according to a new report. The report by financial news agency Bloomberg on Tuesday, compiled from various data since 2005, said that South Africa’s Gross […]

ABUJA – Shares in telecommunications giant MTN reportedly fell to a three-year low on Tuesday after the Nigerian Communications Commission on Monday fined the company $5.2 billion for failing to disconnect users with unregistered SIM cards. Nigeria is apparently MTN’s biggest market by subscribers. The penalty could wipe out more than two years of MTN’s profits, one news report said. The NCC […]