South Africa

World

Fostering Regional Energy Synergy: South Africa and Namibia Forge Strategic Partnerships

Harare - In a landmark ministerial-level meeting, South Africa and Namibia, both esteemed members of the Southern Africa Development Community (SADC), embarked on a collaborative exploration of energy

Aug 21, 2023
South Africa
PPC Empowers Employees with Share Ownership

PPC, a leading company in the cement and materials industry, has announced the successful completion of an equity transaction that aims to benefit qualifying employees working for its subsidiaries in

 Aug 08, 2023
South Africa
South Africa's Forex Reserves Reach Record High

South Africa's foreign exchange reserves soared to an unprecedented US$62.21 billion in July 2023, surpassing the previous month's figure of US$61.55 billion and exceeding market predictions of $61.63

 Aug 07, 2023
Zimbabwe
Tongaat Hulett's Sugar Division Acquired by Tanzania's Kagera Sugar: A Sweet Deal or Cause for Caution

Tongaat was recently at the centre of a storm involving accounts manipulation and gross mismanagement by the management, which dearly costed the company. Over the recent past, the Rudland brothers hav

 Jul 25, 2023
South Africa
Pick n Pay's H1 FY24 Trading Update Shows Good Progress Despite Load Shedding Costs

According to the report, Group sales for the first four and a half months of FY24 increased by 4.8%, with South Africa sales growth for this period at 4.4% (0.9% like-for-like).

 Jul 20, 2023
Zimbabwe
Tharisa's Karo Platinum Project in Zimbabwe Set to Boost the Country's Economy and Cement its Position as a Key Player in the PGM Industry

The concrete foundation pouring is progressing well, with earthworks nearing completion. The pilot mining has commenced, and operational tests will soon begin. Long-lead items manufacturing is progres

 Jul 19, 2023
Zimbabwe
Tharisa's Strong Q3 Production Report Boosts Balance Sheet

The report highlights the company's strong balance sheet, with cash on hand increasing by US$36.8 million to US$242.6 million, resulting in a net cash position of US$141.5 million, which will support

 Jul 13, 2023
Accelerate Property Fund Lowers Distribution Guidance by More Than 15%

In the trading update, Accelerate said it now expects its distribution per share for the year ending 31 March 2023 to be more than 15% lower than the previous year's distribution. The company cited th

Jul 12, 2023
Surreal Incompetence: Rand Commits to Losses

The South African rand has taken a hit, depreciating by 2% week on week to trade at 18.8 against the US dollar. The country's power deficits have been the main driver behind the currency's poor perfo

Jul 07, 2023
Spear REIT delivers a steady first quarter performance

The REIT achieved an average rental reversion rate of 4.17% during the first quarter, up from 3.69% in the 2023 financial year. Its average annual rental escalation remained at 7.40%. Spear said tradi

Jul 05, 2023
Tongaat Hulett gets lifeline to keep operating

Tongaat Hulett, the embattled South African sugar producer under business rescue, announced this week that it had secured an extension of its post-commencement finance facility from its funders until

Jul 05, 2023

FirstRand Limited Maintains Earnings Expectations Despite Challenging Economic Environment

s previously guided, the group expects its credit loss ratio for the year to remain below its stated through-the-cycle range, given its targeted origination approach. The group's capital and liquidity

Jun 21, 2023

Standard Bank Group Expects Strong Earnings Growth Despite Challenging Economic Environment

Standard Bank Group's banking activities recorded revenue growth in excess of 20% higher than the same period in the previous year, driven by higher-than-expected average interest rates and good balan

Jun 20, 2023

City Lodge Hotels Limited sees rebound in tourism as demand patterns normalise

The average room rate has also rebounded, with high single digit percentage increases against the equivalent 2019 rates. The May year to date average room rate for 2023 is 12% higher than the prior co

Jun 20, 2023

Bank of Namibia raises interest rates to safeguard currency peg, despite impact on consumers

Windhoek - The Bank of Namibia's decision to increase the repo rate by 50 basis points, from 7.25% to 7.75%, with immediate effect, has left many Namibian consumers struggling to survive. The repo rat

Jun 19, 2023

PPC Releases Trading Update, Projects Drop in Earnings

Trading conditions remained difficult in South Africa, PPC’s largest market, with cement volumes down 5.8% although selling prices rose 8%. The smaller materials business suffered an EBITDA loss of R6

Jun 16, 2023

Nedbank in Solid Start to 2023

Nedbank warned that risks to its full-year outlook are rising from South Africa’s weakening economy, where growth has been hit by power cuts, weak global demand, and rising rates.

Jun 02, 2023

How South Africa's Ties with Russia Could Affect Zimbabwe's Economy and Trade

In the short term, Zimbabwean businesses may need to prepare for higher prices for imports from South Africa, and the government may need to monitor the situation closely to ensure that any potential

May 30, 2023

South Africa's Maize Boost Benefits Zimbabwe's Food Security

However, the two countries' experiences with maize production highlight the need for a more coordinated approach to agricultural development in the region. South Africa's success in increasing maize p

May 26, 2023