Business Leaders Urge South Africa’s Ramaphosa to Reform Faster

By Reuters 04-09-19 11:50

CAPE TOWN – South African business leaders on Wednesday urged President Cyril Ramaphosa to push through reforms faster to lift the economy and curb investment outflows, as executives and policymakers gathered for a continental economic summit. Frustration is building in South Africa. Ramaphosa has promised sweeping reforms, but growth remains below 1% a year and […]

Cape Town Restaurant Serves Insect-Only Dishes as South Africans Get the Bug

By Reuters 03-09-19 16:39

South African chef Mario Barnard said he was “grossed out” and did not entirely enjoy eating grilled scorpions and crunchy insects mixed with garlic and spices on a trip to Thailand four years ago. But the experience inspired Barnard to start experimenting with insect-based meals and in July he opened a pop-up restaurant in Cape […]

South Africa Avoids Recession with Surprise Second Quarter Economic Growth

By Reuters 03-09-19 13:06

PRETORIA – South African GDP grew more than expected in the second quarter thanks to a recovery in mining and manufacturing, official data showed on Tuesday, in a boost to President Cyril Ramaphosa’s efforts to revive a troubled economy. Growth in the three months to June was 3.1%, after a revised contraction of 3.1% in […]

petrol

South African Fuel Prices Rise in September After Rand Slide

By Reuters 03-09-19 09:03

The retail price of petrol in South Africa will rise by 0.7% from Sept. 4, while the price of wholesale diesel will increase by 1.8 percent, the energy department said on Monday. The price of petrol will rise by 11 cents to 16.03 rand ($1.05) per litre in the commercial hub of Gauteng province, while diesel will also […]

South Africa’s Rand Finally Firmer, Trade Hopes Lift Stocks to 3-Week High

By Reuters 31-08-19 12:02

JOHANNESBURG – South Africa’s rand firmed against the U.S. dollar in late trade on Friday, as hopes for a rapprochement on trade between Beijing and Washington calmed investors’ nerves. The currency had suffered through much of August, sliding nearly 6% on fears of a downgrade to junk by Moody’s, and concerns about the trade dispute […]

South African Arms Firm Denel Gets R1.8-Billion Bailout

By Reuters 30-08-19 16:40

JOHANNESBURG – South African state arms firm Denel said on Friday it had received a R1.8 billion ($118.13 million) bailout and that government would consider its request for a further R1-billion cash injection in budget planning for 2020/21. Denel, which has been struggling to emerge from a financial crisis, added in a statement it would […]

eskom makes profit 2019

Eskom May Need More Bailouts by End-March, says South African Treasury

By Reuters 28-08-19 12:41

CAPE TOWN – The South African government may be forced to inject more money into state power firm Eskom by the end of March next year, should the struggling utility fail to meet its borrowing plan, a National Treasury presentation to parliament said on Wednesday. Treasury has already earmarked 59 billion rand ($3.9 billion) to […]

President Ramaphosa Wooing Japanese Businesses

By SAPeople 28-08-19 16:30

President Cyril Ramaphosa will today participate in a Japan-South Africa Business Forum at the Nissan Global Headquarters in Yokohama, Japan. This engagement by the President forms part of his working visit to Japan, where he arrived on Tuesday to participate in the 7th Tokyo International Conference on African Development. President Ramaphosa will use the business […]

South Africa Risks Tax Revolt Over Government Corruption

By Reuters 26-08-19 12:30

JOHANNESBURG – South Africans could start withholding their tax payments due to years of corruption which might force the country to seek an international bailout, the chief of the revenue service said on Monday. South Africa has seen revenue collection fall sharply since 2015 due to weak economic growth and maladministration, leading President Cyril Ramaphosa […]

Tanzanian aeroplane seized in compensation case

South African Court Impounds Tanzanian Plane for Farmer Owed Compensation

By Reuters 25-08-19 19:10

DAR ES SALAAM/JOHANNESBURG – South African authorities impounded an Airbus 220-300 aircraft, leased by Tanzania’s national flag carrier, following a court application by a retired farmer who is owed compensation by the Tanzanian government, the farmer’s lawyer said. The plane had been scheduled to fly from the Oliver Tambo International Airport in Johannesburg, South Africa, […]

eskom table mountain western cape

Splitting South Africa’s Eskom Could Take 4 Years

By Reuters 24-08-19 10:22

JOHANNESBURG – The legal separation of South African state power firm Eskom into three business units could take four years in total, the company said in an internal presentation seen by Reuters. South African President Cyril Ramaphosa promised to split Eskom into different units for generation, transmission and distribution earlier this year, as part of […]

South Africa Pledges Fiscal Discipline and Ramaphosa Lists Benefits in Sweeping Health Reform NHI (National Health Insurance)

By SAPeople Contributor 23-08-19 15:30

South Africa’s proposed switch to universal health coverage – known as the National Health Insurance (NHI) program – will be managed in a fiscally responsible way, a senior presidential aide told Reuters, forecasting the landmark reform would cost the state $2.2 billion per year by 2025/26. Meanwhile President Cyril Ramaphosa stressed in the National Assembly […]

Scams South Africa

South African Finance Ministry Warns Against Scammers

By SAPeople Contributor 23-08-19 11:51

The South African Finance Ministry has warned the public against a scam doing the rounds, in which claims are made that Deputy Minister David Masondo will offer people funding for their business. The scammers are on various platforms purporting to be the Deputy Minister. “The Deputy Minister of Finance would like to alert the public […]

South Africa’s Ramaphosa Calls for Discussion on Using Pension Funds for Projects

By Reuters 22-08-19 21:34

CAPE TOWN – South Africa should discuss using worker pension funds to finance development and infrastructure projects, a proposal that has the backing of the country’s largest labour federation, President Cyril Ramaphosa said on Thursday. In its 2019 poll manifesto ahead of the May general election, the African National Congress (ANC) mentioned investigating prescribed assets […]

Moody’s Sees Budget Cuts as Option for South Africa to Absorb Eskom Costs

By Reuters 22-08-19 20:07

JOHANNESBURG – South Africa is likely to absorb extra financial support for the struggling power utility Eskom with new revenue and expenditure measures in the next mid-year budget review, with departmental budget cuts an option, ratings agency Moody’s said on Thursday. “In any event, Moody’s sees the government’s room to maneuver as extremely constrained,” Moody’s […]

Win for African Elephants as Global Wildlife Conference Votes to End Export of Live Wild-Caught African Elephants to Captive Facilities

By SAPeople Contributor 19-08-19 16:51

The first vote at the 18th meeting of the CITES Conference of the Parties has delivered a historic win for African elephants to end the cruel practice of removing live elephants from the wild for export to captive facilities. CITES is the UN Convention on International Trade in Endangered Species. Iris Ho, senior wildlife specialist […]

Walmart Exec to Take Over Massmart in South Africa in September

By Ted Botha 16-08-19 13:08

Mitchell Slape, the new CEO of Massmart, the retailer owned by America’s Walmart that has more than 425 stores throughout Africa, will start work on 1 September, it was reported today. Slape, who has worked with Walmart in Argentina, Japan and Mexico, had been appointed earlier in the year, but he has just received his […]

Vodacom to Invest More than R9-Billion on South Africa Network this Year

By Reuters 16-08-19 11:19

JOHANNESBURG – South African mobile phone operator Vodacom Group will spend more than R9 billion ($589 million) this year on network enhancements particularly in rural areas in its home market, its Chief Technology Officer said on Thursday. Vodacom, majority-owned by Britain’s Vodafone, invested 9.6 billion rand in 2018, Andries Delport said during a media briefing. […]

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