Friday 22 September 2017

Afrique du Sud

(Reuters (Eng) 09/22/17)
South Africa’s central bank is concerned about “regrettable” practices at auditor KPMG [KPMG.UL], its governor said, as the company’s chairman held a meeting with a former finance minister it had tarnished in a report it later said was flawed. “We will engage banks and audit firms primarily to understand the context so we are better placed to manage any potential financial stability risk that may arise from the issues around KPMG,” Governor Lesetja Kganyago said on Thursday. KPMG cleared out its South African leadership last Friday after it found that work it did for firms owned by the Gupta family, businessmen friends of President Jacob Zuma, “fell considerably short” of its standards. KPMG’s investigation into...
(Bloomberg 09/22/17)
South African Public Enterprises Minister Lynne Brown has instructed Eskom Holdings SOC Ltd. to begin legal action against companies including McKinsey & Co. over their involvement in disputed contracts at the country’s state-owned electricity company. Brown ordered Eskom to start taking legal steps against consultancy firms McKinsey and Trillian Capital Partners Ltd., as well as suspended acting Chief Executive Officer Matshela Koko and Chief Financial Officer Anoj Singh, who is on special leave, her spokesman, Colin Cruywagen, said by phone Thursday. Three other senior managers may also face misconduct charges, Business Day reported Friday, without citing its sources. McKinsey in July said it’s reviewing documents related to work done for Eskom. An interim report by Eskom and G9 Forensic found...
(Xinhuanet 09/22/17)
Former African Union (AU) Commission Chairwoman Nkosazana Dlamini-Zuma was sworn in as a new Member of Parliament (MP) in South Africa on Thursday amid speculations that she would be promoted to a cabinet position. Dlamini-Zuma will immediately undergo an induction program and be provided with all necessary tools of trade to assist her with carrying out her parliamentary duties without delay, parliamentary spokesperson Moloto Mothapo said. It has been widely speculated that the deployment of Dlamini-Zuma in Parliament would be...
(Bloomberg 09/22/17)
Africa’s biggest fund manager may be dumped by a labor federation representing 230,000 South African state workers because it’s concerned that the funds of its members may be used to bail out mismanaged state-owned companies. The Federation of Unions of South Africa, the country’s second-largest labor union grouping, is considering replacing the state-owned Public Investment Corp. with privately owned fund managers to oversee the pension funds of the state workers, including nurses and teachers, that it represents. “There is nothing...
(Bloomberg 09/22/17)
Companies controlled by the Guptas lost a court bid to prevent Bank of Baroda from shutting their accounts, which would leave the politically connected family without banking services in South Africa from the end of this month. Judge Hans Fabricius dismissed the application of 20 companies linked to the Gupta family and awarded costs against them at the Pretoria High Court on Thursday. The Bank of Baroda was the family’s last hope after a series of lenders, including South Africa’s...
(Bloomberg 09/22/17)
With its surprise decision to leave rates on hold on Thursday, South Africa’s central bank may have shut its policy-easing window. Forward-rate agreements, which had been pricing in a 25 basis-point reduction in the benchmark rate this year, now suggest the South African Reserve Bank will be forced to stay put as central banks around the world move toward tighter policy. The rate on contracts starting in three months jumped 19 basis points, moving to within 10 points from the...
(Reuters (Eng) 09/22/17)
From deadly droughts and destroyed crops to shrinking water sources, communities across sub-Saharan Africa are struggling to withstand the onslaught of global record-breaking temperatures. But the dangers do not end there. Rising heat poses another threat - one that is far less known and studied but could spark disease epidemics across the continent, scientists say. Mosquitoes are the menace, and the risk goes beyond malaria. The Aedes aegypti mosquito, which spreads debilitating and potentially deadly viruses, from Zika and dengue...
(AFP (eng) 09/21/17)
An ex-wife of South African President Jacob Zuma said Thursday that she was being re-appointed a lawmaker in parliament, in what is being seen as her latest step to secure the country's presidency in two years' time. Local media reported that Nkosazana Dlamini-Zuma, a former African Union chief, was sworn in Thursday as a member of parliament for the governing African National Congress. She posted on Twitter that "5 years ago I left parliament with mixed feelings today I return...
(Bloomberg 09/21/17)
The top leadership of South Africa’s ruling African National Congress starts meeting on Friday in a bid to heal a bitter split in the key region of KwaZulu-Natal that could derail its plans to elect a successor to President Jacob Zuma as party leader in December. The three-day meeting comes after the High Court annulled the election of Zuma allies as the province’s party leadership because the conference that chose them wasn’t lawfully convened. While the officials who lost the...
(Eye Witness News 09/21/17)
The prime lending rate, which is the interest charged by banks to clients, will remain at 10.25%. South African Reserve Bank (Sarb) Governor Lesetja Kganyago has announced that the repo rate will be unchanged at 6.75%. The repo rate is the rate at which the central bank lends money to banks. The prime lending rate, which is the interest charged by banks to clients, will remain at 10.25%. The announcement comes after a meeting of the Monetary Policy Committee in...
(Times Live 09/21/17)
Gauteng ANC chairperson Paul Mashatile says the party has suffered a huge blow with outspoken ANC MP Makhosi Khoza announcing her resignation as a party member on Thursday. Khoza‚ a strong critic of President Jacob Zuma‚ has had a rocky relationship with the party after speaking out against corruption and also publicly announcing that she would support the no-confidence motion against President Jacob Zuma in a secret ballot held in Parliament on August 8. "Any one person leaving the organisation...
(Times Live 09/21/17)
The Gupta family on Thursday lost a court bid to stop the Bank of Baroda from closing down their last remaining bank accounts in South Africa. The High Court in Pretoria dismissed an application brought by 20 Gupta-owned companies to halt the account closures. The application was for interim relief to stop the bank from closing the family’s business and loan accounts at the end of September. The family wanted the court to grant an interdict to delay the closing...
(Reuters (Eng) 09/21/17)
KPMG South Africa wants an independent investigation into the firm’s conduct to reassure employees and clients after a scandal involving its handling of audits for businessman friends of President Jacob Zuma, its new chief executive said on Wednesday. The auditor cleared out its South African leadership on Friday after it found that work it did for firms owned by the Gupta family “fell considerably short” of its standards. It found no evidence of crimes or corruption. The Guptas, accused by...
(Eye Witness News 09/21/17)
Amcu president Joseph Mathunjwa says that miners are merely looking for a means to survive and should at least be given a chance to buy shares. The Association of Mineworkers and Construction Union (Amcu) says that mines that are no longer profitable should be given to mineworkers. The union's president Joseph Mathunjwa has made the suggestion at a briefing in Pretoria. He says he's deeply worried about potential job cuts in the near future and has given the assurance that...
(Starrfmonline 09/21/17)
South Africa has issued a pair of dollar bonds in overseas capital markets worth $2.5 billion to help finance its foreign currency commitments, National Treasury said on Wednesday. The transactions for a 2027 and a 2047 bond at coupon rates of 4.85 percent and 5.65 percent respectively were more than two times oversubscribed, attracting bids of over $5.3 billion, the treasury said in a statement. “The South African government sees the success of the transaction as an expression of investor...
(AFP (eng) 09/21/17)
India will play three Test matches in South Africa this season, the boards of both countries announced on Wednesday. The first Test will start in Cape Town on January 5 while details of the remaining two Tests as well as six one-day internationals and three Twenty20 internationals will be announced later. South Africa will also stage its first day-night Test, planned as a four-day match against Zimbabwe in Port Elizabeth from December 26 to 29. Wednesday's announcement followed negotiations which...
(Reuters (Eng) 09/21/17)
Makers of generic AIDS drugs will start churning out millions of pills for Africa containing a state-of-the-art medicine widely used in rich countries, after securing a multi-million dollar guarantee that caps prices at just $75 per patient a year. Global health experts hope the deal will help address two looming problems in the HIV epidemic - the rising threat of resistance developing to standard AIDS drugs, and the need for more investment in manufacturing capacity. Bill Gates’ charitable foundation will...
(Financial Times 09/20/17)
Consumer price growth in South Africa picked up in August after striking its lowest level since 2015 in the previous month, underscoring the complex situation for the country’s central bank as it looks to bolster economic output but ease inflation. The consumer price index rose 4.8 per cent in August from the previous year, up from 4.6 per cent in July, according to official statistics. Economists had forecast a reading of 4.9 per cent. Africa’s most industrialised economy emerged from...
(Bloomberg 09/20/17)
South African programs to add coal and gas power generation from independent providers should wait until policies are updated and the nation’s future needs are clearer, said Energy Minister Mmamaloko Kubayi. The government is also seeking a “middle ground” with developers in a program to add renewable-energy projects, she said in a phone interview Tuesday. Kubayi announced earlier this month that the long-delayed contracts must be signed by the end of October, but not before pricing was renegotiated to make the deals more attractive to state-owned power utility Eskom Holdings SOC Ltd. South Africa expanded the so-called independent power-producer
(Independent Online 09/20/17)
Data released on Wednesday morning by Statistics South Africa (StatsSA) showed that consumer prices (CPI) in South Africa increased 4.8% year-on-year in August, higher than a 4.6% rise in July which was the lowest inflation rate since September of 2015. The increase in the CPI was fuelled by transport prices rose faster in August while food cost increased the least since November of 2015. The South African Reserve Bank (SARB) at the conclusion of its July Monetary Policy Committee (MPC)...

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(Bloomberg 09/22/17)
Companies controlled by the Guptas lost a court bid to prevent Bank of Baroda from shutting their accounts, which would leave the politically connected family without banking services in South Africa from the end of this month. Judge Hans Fabricius dismissed the application of 20 companies linked to the Gupta family and awarded costs against them at the Pretoria High Court on Thursday. The Bank of Baroda was the family’s last hope after a series of lenders, including South Africa’s four biggest banks and Bank of China Ltd., canceled their accounts amid concerns the companies risked falling foul of regulators and the law. The family, who are friends of President Jacob Zuma and in business...
(Reuters (Eng) 09/22/17)
From deadly droughts and destroyed crops to shrinking water sources, communities across sub-Saharan Africa are struggling to withstand the onslaught of global record-breaking temperatures. But the dangers do not end there. Rising heat poses another threat - one that is far less known and studied but could spark disease epidemics across the continent, scientists say. Mosquitoes are the menace, and the risk goes beyond malaria. The Aedes aegypti mosquito, which spreads debilitating and potentially deadly viruses, from Zika and dengue to chikungunya, thrives in warmer climates than its malaria-carrying cousin, known as Anopheles, say researchers at Stanford University. In sub-Saharan Africa, this means malaria rates could rise in cooler areas as they heat up, but fall in hotter places that...
(Times Live 09/21/17)
The Gupta family on Thursday lost a court bid to stop the Bank of Baroda from closing down their last remaining bank accounts in South Africa. The High Court in Pretoria dismissed an application brought by 20 Gupta-owned companies to halt the account closures. The application was for interim relief to stop the bank from closing the family’s business and loan accounts at the end of September. The family wanted the court to grant an interdict to delay the closing...
(Reuters (Eng) 09/21/17)
Makers of generic AIDS drugs will start churning out millions of pills for Africa containing a state-of-the-art medicine widely used in rich countries, after securing a multi-million dollar guarantee that caps prices at just $75 per patient a year. Global health experts hope the deal will help address two looming problems in the HIV epidemic - the rising threat of resistance developing to standard AIDS drugs, and the need for more investment in manufacturing capacity. Bill Gates’ charitable foundation will...
(AFP (eng) 09/19/17)
The South African glamour model who accuses Zimbabwe's first lady of battering her with an electrical plug launched a legal bid on Tuesday to have Grace Mugabe stripped of her immunity. Gabriella Engels and her lawyers sought to persuade the North Gauteng High Court to allow them to proceed with their effort to have Mugabe's diplomatic immunity lifted. Engels, 20, claims that Mugabe beat her repeatedly with an electrical cord in a Johannesburg hotel on August 13. A public spat followed in which Engels and critics of President Robert Mugabe sought to...
(Reuters (Eng) 09/19/17)
South Africa’s Supreme Court of Appeal (SCA) will hear the state’s appeal against the six-year murder sentence handed to Paralympic gold medallist Oscar Pistorius on Nov. 3, the National Prosecuting Authority (NPA) said on Tuesday. The state will argue that six years in jail is too lenient a sentence for the murder by Pistorius of Reeva Steenkamp, his girlfriend, in 2013. “The state, in the papers, we stipulate clearly that the sentence imposed is shockingly low,” said NPA spokesman Luvuyo...
(Times Live 09/19/17)
Home Affairs Minister Hlengiwe Mkhize on Tuesday wriggled her way out of media questions about the sudden suspension on Monday of her director-general‚ Mkuseli Apleni. Mkhize‚ who paid a surprise visit to the Pinetown Home Affairs office‚ said she would not give reasons on Apleni's precautionary suspension - but she justified her terse statement on Monday. "There are stages in dealing with an inquiry. The first stage is the most important one where the matter is internal‚ is closed to...
(Dw-World 09/18/17)
President Zuma has faced numerous corruption allegations in court. As the ANC is due to elect a new party leader, could Zuma's support of Nkosazana Dlamini-Zuma be a move to save himself? President Jacob Zuma is due to step down as African National Congress (ANC) leader at a key national party conference in mid-December. The new party leader usually succeeds the country's president at the subsequent national poll. Current front runners for the post of ANC leader are Nkosazana Dlamini-Zuma,...
(The Guardian 09/18/17)
Teaching staff in KwaZulu-Natal province under investigation as mobile phone footage implicating them in savage attacks on students circulates online. Seven teachers face suspension in South Africa after a series of videos emerged showing staff abusing students. Elijah Mhlanga, spokesperson for the Department of Basic Education, said he was “shocked and disgusted” by the films, which are taken in KwaZulu-Natal, a coastal South African province. A video shared online on Monday, which appears to have been filmed discreetly by a...
(Reuters (Eng) 09/18/17)
The South African Revenue Service (SARS) will launch legal proceedings against KPMG due to reputational damage caused by the auditor releasing details of a confidential report it produced for the tax agency, commissioner Tom Moyane said on Monday. Moyane told a televised news conference that SARS would report KPMG to Finance Minister Malusi Gigaba, with a view to blacklisting the auditor for its "unethical" and "unlawful" behaviour. KPMG cleared out its South African leadership en masse on Friday after damning...
(Eye Witness News 09/18/17)
Public Service and Administration Minister Faith Muthambi delivered the opening address at the Public Servants Association's AGM in Pretoria on Monday. Public Service and Administration Minister Faith Muthambi says positive labour relations are key to an efficient public service. Muthambi delivered the opening address at the Public Servants Association's AGM in Pretoria on Monday. The minister says since her appointment, she's held talks with several unions in the sector. “For our public service to prosper we need to create and...
(Reuters (Eng) 09/15/17)
The head of South Africa’s state-owned pension fund dismissed as spurious allegations made by a newspaper on Friday that he had misused funds and improperly raised salaries for some executives. Daniel Matjila has been chief executive officer of Public Investment Corporation (PIC), which manages nearly 2 trillion rand ($152.30 billion) of civil servants’ pensions, since 2014. He told Reuters he would meet board members later on Friday to discuss the allegations made by newspaper Business Day. “These are spurious allegations,”...
(Bloomberg 09/15/17)
South African President Jacob Zuma’s lawyers conceded in a court hearing that a decision by prosecutors to drop bribery and corruption charges against him in 2009 was irrational, opening up the possibility that they will be reinstated. Zuma’s lawyer gave the concession Thursday before the Supreme Court of Appeal in Bloemfontein. It’s considering an appeal by the president’s legal team and the National Prosecuting Authority of a High Court ruling that the decision to drop 783 charges for fraud, corruption...
(Reuters (Eng) 09/15/17)
A violent feud between South African meter taxi drivers and ride-hailing services Uber and Taxify escalated with another three vehicles torched using petrol bombs, police said on Thursday. Drivers for Uber [UBER.UL] and Estonian start-up Taxify operating in Johannesburg and capital Pretoria have faced threats and protests from regular taxi operators who accuse the app-based drivers of poaching customers with cheaper fares. One Uber vehicle and two other taxis were torched last week in the upmarket Sandton district and on...
(AFP (eng) 09/13/17)
A former South African minister was convicted on Wednesday of brutally beating two women at a Johannesburg nightclub after one of them called him gay. Ex-deputy higher education minister Mduduzi Manana pleaded guilty to three counts of assault with intent to do grievous bodily harm and described how he kicked and punched the women after one asked "Who do you think you are? You gay." He had been in the upmarket Cubana nightspot in Johannesburg's Fourways district in the early...
(Times Live 09/12/17)
Failure to implement the Public Protector's remedial action on state capture allegations could harm the public's confidence in her office‚ the Democratic Alliance said on Tuesday. "The Public Protector is only as powerful as the effect of the remedial action. If it is not implemented‚ that could harm the public faith in her office‚" said DA federal executive chairman James Selfe. Selfe was speaking on Tuesday outside the Pretoria High Court‚ which the party has asked to force Zuma to...
(The Citizen 09/11/17)
Zimbabwe’s first lady claims Gabriella Engels, who brought charges of assault against her, was drunk and ‘unhinged’. Mugabe has given her side of the story after she allegedly went on a violent rampage at a luxury Sandton hotel, where her sons were staying in the company of a model and her friends. According to Reuters, Mugabe has completely denied the report brought forward by Engels that she was hit with a cord. Engels sustained injuries to her forehead and was...
(The Citizen 09/11/17)
Steve Biko suffered great abuse, harassment and torture over a period of time, says Zuma. President Jacob Zuma called on South Africans on Monday to remember, celebrate and preserve the legacy of Black Consciousness Movement leader and struggle hero, Stephen Bantu Biko, who died in custody as a result of police brutality on September, 12, 1977, as the country gets ready to mark the 40th anniversary of his death. “To mark this sad episode in the history of the South...
(Bloomberg 09/11/17)
The South African companies that dominate the U.K.’s growing private hospital industry are counting on more people like Katie Corrie. A children’s party entertainer, Corrie opted to use 13,000 pounds ($17,000) of her savings and inheritance to get a hip replacement rather than spend months on a National Health Service waiting list. Britons like her are forking out almost 1 billion pounds a year to cover their own medical expenses, a trend that’s giving at least one industry the scope...
(Reuters (Eng) 09/08/17)
Retired South African cleric and anti-apartheid campaigner Archbishop Desmond Tutu urged Myanmar leader and fellow Nobel Laureate Aung San Suu Kyi on Thursday to intervene to help Rohingya Muslims fleeing her country. Western critics have accused Suu Kyi of not speaking out for the Rohingya, who have been fleeing to neighboring Bangladesh, following an army counter-offensive against militant attacks. Tutu said in an open letter to Suu Kyi that: “I am now elderly, decrepit and formally retired, but breaking my...

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(Reuters (Eng) 09/22/17)
South Africa’s central bank is concerned about “regrettable” practices at auditor KPMG [KPMG.UL], its governor said, as the company’s chairman held a meeting with a former finance minister it had tarnished in a report it later said was flawed. “We will engage banks and audit firms primarily to understand the context so we are better placed to manage any potential financial stability risk that may arise from the issues around KPMG,” Governor Lesetja Kganyago said on Thursday. KPMG cleared out its South African leadership last Friday after it found that work it did for firms owned by the Gupta family, businessmen friends of President Jacob Zuma, “fell considerably short” of its standards. KPMG’s investigation into...
(Bloomberg 09/22/17)
South African Public Enterprises Minister Lynne Brown has instructed Eskom Holdings SOC Ltd. to begin legal action against companies including McKinsey & Co. over their involvement in disputed contracts at the country’s state-owned electricity company. Brown ordered Eskom to start taking legal steps against consultancy firms McKinsey and Trillian Capital Partners Ltd., as well as suspended acting Chief Executive Officer Matshela Koko and Chief Financial Officer Anoj Singh, who is on special leave, her spokesman, Colin Cruywagen, said by phone Thursday. Three other senior managers may also face misconduct charges, Business Day reported Friday, without citing its sources. McKinsey in July said it’s reviewing documents related to work done for Eskom. An interim report by Eskom and G9 Forensic found...
(Bloomberg 09/22/17)
Africa’s biggest fund manager may be dumped by a labor federation representing 230,000 South African state workers because it’s concerned that the funds of its members may be used to bail out mismanaged state-owned companies. The Federation of Unions of South Africa, the country’s second-largest labor union grouping, is considering replacing the state-owned Public Investment Corp. with privately owned fund managers to oversee the pension funds of the state workers, including nurses and teachers, that it represents. “There is nothing...
(Bloomberg 09/22/17)
With its surprise decision to leave rates on hold on Thursday, South Africa’s central bank may have shut its policy-easing window. Forward-rate agreements, which had been pricing in a 25 basis-point reduction in the benchmark rate this year, now suggest the South African Reserve Bank will be forced to stay put as central banks around the world move toward tighter policy. The rate on contracts starting in three months jumped 19 basis points, moving to within 10 points from the...
(Eye Witness News 09/21/17)
The prime lending rate, which is the interest charged by banks to clients, will remain at 10.25%. South African Reserve Bank (Sarb) Governor Lesetja Kganyago has announced that the repo rate will be unchanged at 6.75%. The repo rate is the rate at which the central bank lends money to banks. The prime lending rate, which is the interest charged by banks to clients, will remain at 10.25%. The announcement comes after a meeting of the Monetary Policy Committee in...
(Reuters (Eng) 09/21/17)
KPMG South Africa wants an independent investigation into the firm’s conduct to reassure employees and clients after a scandal involving its handling of audits for businessman friends of President Jacob Zuma, its new chief executive said on Wednesday. The auditor cleared out its South African leadership on Friday after it found that work it did for firms owned by the Gupta family “fell considerably short” of its standards. It found no evidence of crimes or corruption. The Guptas, accused by...
(Eye Witness News 09/21/17)
Amcu president Joseph Mathunjwa says that miners are merely looking for a means to survive and should at least be given a chance to buy shares. The Association of Mineworkers and Construction Union (Amcu) says that mines that are no longer profitable should be given to mineworkers. The union's president Joseph Mathunjwa has made the suggestion at a briefing in Pretoria. He says he's deeply worried about potential job cuts in the near future and has given the assurance that...
(Starrfmonline 09/21/17)
South Africa has issued a pair of dollar bonds in overseas capital markets worth $2.5 billion to help finance its foreign currency commitments, National Treasury said on Wednesday. The transactions for a 2027 and a 2047 bond at coupon rates of 4.85 percent and 5.65 percent respectively were more than two times oversubscribed, attracting bids of over $5.3 billion, the treasury said in a statement. “The South African government sees the success of the transaction as an expression of investor...
(Financial Times 09/20/17)
Consumer price growth in South Africa picked up in August after striking its lowest level since 2015 in the previous month, underscoring the complex situation for the country’s central bank as it looks to bolster economic output but ease inflation. The consumer price index rose 4.8 per cent in August from the previous year, up from 4.6 per cent in July, according to official statistics. Economists had forecast a reading of 4.9 per cent. Africa’s most industrialised economy emerged from...
(Bloomberg 09/20/17)
South African programs to add coal and gas power generation from independent providers should wait until policies are updated and the nation’s future needs are clearer, said Energy Minister Mmamaloko Kubayi. The government is also seeking a “middle ground” with developers in a program to add renewable-energy projects, she said in a phone interview Tuesday. Kubayi announced earlier this month that the long-delayed contracts must be signed by the end of October, but not before pricing was renegotiated to make the deals more attractive to state-owned power utility Eskom Holdings SOC Ltd. South Africa expanded the so-called independent power-producer
(Independent Online 09/20/17)
Data released on Wednesday morning by Statistics South Africa (StatsSA) showed that consumer prices (CPI) in South Africa increased 4.8% year-on-year in August, higher than a 4.6% rise in July which was the lowest inflation rate since September of 2015. The increase in the CPI was fuelled by transport prices rose faster in August while food cost increased the least since November of 2015. The South African Reserve Bank (SARB) at the conclusion of its July Monetary Policy Committee (MPC)...
(Bloomberg 09/20/17)
If South Africa’s central bank cuts interest rates again this week, just don’t accuse it of doing so for the sake of “socioeconomic well-being.” The institution has been fighting off a bid by the nation’s anti-graft ombudsman to change its mandate away from targeting inflation to focusing on the financial health and quality of life of its citizens. But officials might be about to deliver their second rate reduction this year, a move that could inadvertently conform to that alternative...
(Independent Online 09/20/17)
The world Bank on Tuesday slashed the country’s economic growth outlook for this year to 0.6%, from 1.1% it forecast earlier in the year, and said that South Africa’s second quarter growth of 2.5 percent would be insufficient to restore positive per capita gross domestic product (GDP) growth for the year. However, the bank said it expected South Africa’s economic growth for next year to be 1.1 percent, with a growth of 1.7 percent expected in 2019 supported by an...
(Eye Witness News 09/20/17)
Public Enterprises Minister Lynne Brown issued a statement expressing her disappointment at what she called Eskom’s 'inappropriate and tardy responses' in a report on its dealings with the Gupta-linked company. Eskom has met Public Enterprises Minister Lynne Brown's deadline to respond to specific questions about the utility's relationship with Trillian. Brown issued a statement on Friday expressing her disappointment at what she called Eskom’s “inappropriate and tardy responses” in a report it handed in over its dealings with the Gupta-linked...
(Bloomberg 09/20/17)
Amidst a clamor for yield which recently saw investors lapping up bonds from a country some couldn’t even place on an Asian map, South Africa’s latest debt sale had a lukewarm reception. The nation had to pay more to sell 10-year Eurobonds Tuesday than it did on 12-year debt last year, and managed to attract only $2.1 billion in bids for the $1 billion offered. By comparison, Ukraine received bids for three times the $3 billion it offered in its...
(Times Live 09/19/17)
The World Bank on Tuesday halved its 2017 growth forecast for South Africa after the economy fell into recession earlier this year. It said in a report that 2017 growth would probably be 0.6 percent, down from an earlier estimate of 1.1 percent. Growth is seen ticking up to 1.1 percent next year and reaching 1.7 percent in 2019. But the bank warned any prospect of recovery would "remain fragile" unless South Africa succeeds in becoming more productive. "South Africa...
(Financial Times 09/19/17)
Firm loses 2 contracts as other companies review ties in wake of political scandal. KPMG has lost at least two audit contracts in South Africa and faces widespread client reviews after the accounting firm became embroiled in a high-profile political scandal involving South Africa’s billionaire Gupta family. Sasfin, the South African financial services company that has been audited by KPMG for 18 years, said on Tuesday it would search for a new auditor “in view of the well-publicised concerns recently raised with regard to KPMG”. KPMG has already lost South African-listed asset manager Sygnia as a client
(APA 09/19/17)
South Africa has lost its long-standing top spot regarding investments in Africa, according to Rand Merchant Bank’s latest “Where to Invest in Africa” report for 2018, APA learnt on Tuesday. This is the first time that South Africa has fell from grace since the report was initiated seven years ago, the report said. Nigeria, on the other hand, has for the first time not featured in the Top 10 list due to the erosion of its short-term investment appeal by...
(Reuters (Eng) 09/19/17)
A South African broker and an energy investment firm fired KPMG on Tuesday, two of a host of local firms weighing whether to ditch the auditor to distance themselves from a scandal involving business friends of President Jacob Zuma. Sasfin (SFNJ.J) and Hulisani (HULJ.J), both relatively small financial companies based in Johannesburg, announced they would drop KPMG [KPMG.UL] due to reputational risk. KPMG, one of the biggest and most influential names in accounting, cleared out its South African leadership on...
(Bloomberg 09/19/17)
As global companies implicated in a graft scandal in South Africa scramble to contain the damage to their reputations, politicians and law enforcement agencies are prevaricating and stalling official investigations. The scandal has revolved around members of the wealthy Gupta family, who are friends of President Jacob Zuma and have been accused of looting billions of rand in taxpayer funds and exerting undue influence over the state. Accountants KPMG LLP, public relations firm Bell Pottinger LLP, consultancy McKinsey & Co...

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(AFP (eng) 09/21/17)
India will play three Test matches in South Africa this season, the boards of both countries announced on Wednesday. The first Test will start in Cape Town on January 5 while details of the remaining two Tests as well as six one-day internationals and three Twenty20 internationals will be announced later. South Africa will also stage its first day-night Test, planned as a four-day match against Zimbabwe in Port Elizabeth from December 26 to 29. Wednesday's announcement followed negotiations which have taken place over several months. Cricket South Africa chief executive Haroon Lorgat admitted it had been necessary “to compromise to some extent” in order to fit in a tour between the end of India’s...
(Reuters (Eng) 09/12/17)
Olympic boxing’s governing body, AIBA, has banned African confederation head Kelani Bayor for three years for allegedly provoking the crowd at the continental championships in Brazzaville last June. Bayor is an AIBA vice-president and executive committee member as well as chairman of Togo’s national Olympic committee. “The Disciplinary Commission found that a hostile and threatening reaction to AIBA officials by spectators after the result of a bout on the last day of the competition was exacerbated by comments from Mr Bayor,” AIBA said in a statement on Monday. It found Bayor had “committed serious and unacceptable violations of the AIBA Disciplinary Code” at the tournament in Congo Republic. AIBA said the ban was from all boxing activities and responsibilities and...
(Times Live 09/08/17)
The Free State Cheetahs will somehow have to stem the bleeding with a callow team when they take on Western Province at Newlands in a Currie Cup match on Saturday. The Cheetahs come into the match on the back of 45-15 loss against the Sharks last weekend and nothing suggests that their squad‚ staffed mainly by Varsity Cup players‚ will be able to live with WP. The Cape side have a vastly experience unit filled with Super Rugby players and...
(Reuters (Eng) 09/07/17)
FIFA has ordered the World Cup qualifier between South Africa and Senegal, played in November 2016, to be replayed after the referee was banned for life. FIFA said in March that Ghanaian referee Joseph Lamptey had been banned for life after they found him guilty of unlawfully influencing a match result following South Africa’s 2-1 win over Senegal in African Group D. FIFA did not give further details but African soccer’s governing body (CAF) said at the time that Lamptey...
(AFP (eng) 09/02/17)
Nigeria hammered African champions Cameroon Friday to virtually seal a 2018 World Cup place, but Ghana drew and South Africa lost to suffer serious qualifying setbacks. Current and former Chelsea midfielders Victor Moses and John Obi Mikel scored one goal and created another as Nigeria overwhelmed Cameroon 4-0 in southeast city Uyo. A late strike from Thomas Partey of Atletico Madrid salvaged a 1-1 home draw for lacklustre Ghana against Congo Brazzaville in Kumasi. Russia-based Nuno Rocha broke the hearts...
(Times Live 08/30/17)
Eyebrows were raised after former Bafana Bafana coach Ephraim “Shakes” Mashaba declared his loyal and passionate support for the national team ahead of Friday's away 2018 World Cup qualifier against Cape Verde. Mashaba was at the helm when the World Cup qualification programme began last year but the burly mentor was suspended after a heated altercation with South African Football Association (Safa) officials in November last year and was later fired. He was sacked for “gross misconduct‚ insubordination and violating...
(Times Live 08/29/17)
Bafana Bafana will have Sports Minister Thembelani “Thulas” Nxesi in their corner when they face Cape Verde in a must-win 2018 World Cup qualifier in Praia on Friday night. Coach Stuart Baxter's charges were expected to depart for Cape Verde on Tuesday morning and Nxesi said it was important for government to support Bafana‚ given the magnitude of the match. “The national team needs all the arsenal and the boost they can get to ensure that they go over this...
(News24 08/23/17)
A wide range of allegations of maladministration at the South African Sports Confederation and Olympic Committee (Sascoc) will be the subject of a ministerial committee of inquiry, Sports Minister Thulas Nxesi announced on Wednesday. This comes amid fears that the ructions at Sascoc could affect Team SA's preparation for next year's Commonwealth Games. Nxesi also announced a ministerial committee of inquiry into last month's tragedy at the FNB Stadium, in which two football fans died from injuries sustained during a...
(AFP (eng) 08/16/17)
Jailed South African Paralympic athlete Oscar Pistorius briefly left his Pretoria prison on Wednesday to attend his grandmother's funeral. "He left in the morning under supervision of our officials and by 20-minutes-past-one he was back at the facility," Correctional Services spokesman Singabakho Nxumalo told AFP. He was driven from Atteridgeville prison in Pretoria after he had been granted permission to bury his maternal grandmother‚ Joyce Bekker, who according to local media, died last week aged 93. The funeral took place...
(Reuters (Eng) 08/11/17)
Olympic champion Caster Semenya maintained her two-year unbeaten record over 800 meters as she eased through the first round at the World Championships on Thursday. Her main challengers, Francine Niyonsaba, Margaret Wambui and Ajee Wilson, also cruised into Friday's semi-finals but defending champion Maryna Arzamasova was eliminated after finishing fourth in her heat. South African Semenya, last beaten at the World Championships semi-final in Beijing two years ago, was third going into the final straight and eased past Rose Mary...
(Times Live 08/10/17)
Oupa Manyisa may be a shadow of the player he was at the peak of his powers but Mamelodi Sundowns captain Hlompho Kekana expects their recent acquisition to regain his bearings in his new surroundings and fire from all cylinders again. The 29-year-old Manyisa‚ who joined the Brazillians on a three-year deal last week‚ joined his new teammates on the last day of their mini pre-season camp at the Royal Marang Hotel in Rustenburg on Saturday morning and Kekana says...
(Reuters (Eng) 08/09/17)
Wayde van Niekerk retained his world 400 meters title in dominant fashion on Tuesday as he stormed to victory in 43.98 seconds but there was almost as much interest in the empty lane alongside him where Botswana's Isaac Makwala should have been. South African Van Niekerk, the Olympic and defending champion and world record holder, ran a controlled race and was even able to ease down over the final strides as he secured the first half of what he hopes...
(AFP (eng) 08/08/17)
South African Caster Semenya, dogged by gender accusations since shooting to fame in 2009, has played down efforts by track and field's governing body to change rules on naturally occurring testosterone in female athletes. Semenya is back in the spotlight following a study funded by the IAAF and the World Anti-Doping Agency (WADA) that showed female athletes with naturally high levels of testosterone enjoy a competitive advantage of up to 4.5 percent over their rivals. The 26-year-old South African, double...
(Reuters (Eng) 08/08/17)
Tuesday's action at the World Athletics Championships sees two of the most intriguing races of the program as South Africa's Wayde van Niekerk bids for the first half of his 400/200 meters double and Nigel Amos goes for gold in the men's 800m. World record holder and defending champion Van Niekerk should be unbeatable in the 400m but faces a stiff challenge, not least from Botswanan duo Isaac Makwala and Thebe Baboloki. Another Botswanan, Amos, will also have to be...
(Reuters (Eng) 08/03/17)
Andre De Grasse's withdrawal through injury has only boosted the chances of Usain Bolt and Wayde Van Niekerk stamping themselves as the headline acts of the World Athletics Championships that start in London on Friday. The news that the exciting young Canadian had succumbed to a season-ending hamstring strain in training on Monday gives a very different complexion to the 100 and 200 meters, in which he was expected to offer perhaps the biggest threat to the duo. In the...
(Reuters (Eng) 08/01/17)
Caster Semenya is making a bold bid for double gold in the women’s 800m and 1500m but her only guarantee at the World Athletics Championship in London is further scrutiny of the gender controversy that has dogged her career. The powerful, 26-year-old South African is runaway favorite for the 800m, where she seeks a third world title to add to Olympic gold from Rio de Janeiro last year, and is taking on the 1500m for the first time at a...
(AFP (eng) 07/31/17)
South African officials on Sunday said ticketless fans and fake ticket-holders were to blame for the death of two supporters who were trampled underfoot at the country's showcase soccer stadium. The macabre event occurred on Saturday at the FNB stadium in Johannesburg, where the 2010 World Cup final was held. Jacques Grobbelaar, CEO of the company that manages the stadium, said dozens of fans who held counterfeit tickets or no tickets at all, forced their way through an emergency gate after distracting security for several minutes. Two people were then trampled to death by fellow fans, he said. The incident happened 20 minutes before the start of a pre-season local derby on Saturday
(Times Live 07/27/17)
New SuperSport United coach Eric Tinkler will make a decision on the future of Togo international Dove Wome‚ who is back at the club after his loan spell at Orlando Pirates ended. Tinkler has incorporated the winger‚ still under contract at SuperSport‚ back into the squad and will run the rule over the player before a decision is made on his future. Wome played for Orlando Pirates in the second half of last season on loan after previous SuperSport coach...
(Reuters (Eng) 07/25/17)
Caster Semenya will chase a golden double at next month's world championships in London after adding the women’s 1500 meters to her 800m entry, Athletics South Africa (ASA) said on Tuesday. Semenya, who had to undergo gender testing before being cleared to compete as a woman after winning the world 800m title in 2009, is the Olympic champion at the shorter distance. She set a world-leading time of 1:55.27 last week in Monaco at the Diamond League meeting, which is...
(AFP (eng) 07/21/17)
The 2019 Africa Cup of Nations will expand from 16 to 24 teams and be staged in June and July, the Confederation of African Football (CAF) announced on Thursday. The tournament has traditionally been held in January and February, with the timing of the tournament a source of frustration to European clubs forced to release players in the middle of the season. The CAF executive committee confirmed the changes to the format following a two-day symposium in Rabat, although the...

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(Xinhuanet 09/13/17)
In an effort to promote economic development and solve complex conservation challenges facing world heritage sites, the African World Heritage Fund Patron and former President of Namibia Hifikepunye Pohamba will host a business leader's breakfast event in Namibian Capital, Windhoek on Thursday. The African World Heritage Fund is an initiative of the African Member States of the African Union and UNESCO, launched in 2006. Webber Ndoro, executive director of the African World Heritage Fund, at a media briefing on Tuesday in Windhoek said that the aim of the event is to promote a holistic private sector engagement, raise a sense of ownership and accountability for heritage protection as well as transmission of World Heritage sites...
(The Citizen 08/25/17)
The unit will also investigate staff members who have undisclosed or unauthorised interests in companies that have done business with the public broadcaster. President Jacob Zuma has given the greenlight for the Special Investigating Unit (SIU) to investigate any wrongdoing at the South African Broadcasting Corporation (SABC), his office said on Friday. The proclamation, signed by Zuma, gives the SIU the authority to investigate irregularities and criminality relating to the procurement of “goods, works or services or on behalf of the SABC from various companies or service providers and payment made in respect thereof in a manner that was not fair, transparent, competitive and equitable or cost effective”. In terms of the proclamation, the SIU is also empowered to probe...
(AFP (eng) 08/10/17)
The skull of an infant ape buried by a volcano 13 million years ago has preserved intriguing clues about the ancestor humans shared with apes -- including a likely African origin, scientists said Wednesday. A previously-unknown creature that shared an extended family with the human forefather, had a flat face like that of our far-flung cousin the gibbon, but did not move like one, its discoverers wrote in the journal Nature. They named it Nyanzapithecus alesi after "ales" -- the...
(Voice of America 08/01/17)
South Africa entered an economic recession in June, and the country’s unemployment rate is fast approaching 30 percent, according to the government statistics agency. But for the sellers of secondhand books, business has never been better. Eric Nofal, who has been selling used books for almost 30 years, shows a customer around his store in Johannesburg. He says he recently faced “intense” competition before launching his fifth bookshop in the city. “My ex-wife also wanted to open up a shop...
(The Associated Press 07/11/17)
Africa has several new sites on the United Nations world heritage list, including an old royal capital in Angola, the Eritrean capital of Asmara and a desert area in South Africa that was inhabited during the Stone Age. UNESCO said this weekend at a meeting in Poland that Mbanza Kongo in northwest Angola was the capital of the Kongo kingdom, a largely independent state between the 14th and 19th centuries. The U.N. cultural agency says Asmara, which experienced large-scale construction...
(Xinhuanet 06/01/17)
China-South Africa relations are expected to be lifted to new heights with increasing cultural and people-to-people exchanges between the two BRICS countries. Lucas Banda, an international relations expert at the Midrand University, cited the tourism sector as a highlight of the trend. "Chinese arrivals were up 93 percent in 2016," Banda told Xinhua. Chinese tourists to South Africa increased by 56 percent during the period from January to October in 2016 compared to a year earlier, showed data from South...
(Reuters (Eng) 05/26/17)
The exhibit coincides with the publication of a controversial paper that questions the widely-held view that humanity’s evolutionary roots lay in Africa. An exhibit of the largest collection of fossils of close human relatives ever to go on public display opened on Thursday in South Africa, not far from the caves where they were unearthed. Launched on Africa Day in an area named “The Cradle of Humankind,” the exhibit coincides with the publication of a controversial paper that questions the...
(AFP (eng) 05/26/17)
Entertainment | France | film | festival | Cannes | Zambia | witchcraft Cannes, France | AFP | Friday 5/26/2017 - 14:01 UTC+3 | 615 words by Katy Lee Being accused of witchcraft is no laughing matter in Africa -- but movie director Rungano Nyoni decided a dose of humour was just what was needed to tackle a problem rampant in parts of the continent. Set in Zambia, the sharp satire "I Am Not A Witch" has premiered to strong...
(Business Day 05/10/17)
The SABC wants the Broadcasting Act to be changed so that those watching TV via electronic devices can be charged a TV licence fee. The shock proposal was made by acting CEO James Aguma in Parliament on Wednesday while presenting a corporate plan for the 2017-18 financial year to the portfolio committee on communications. The cash-strapped SABC is scrambling to find new revenue streams amid plummeting audience rates that are repelling advertisers who used to spend hundreds of million of...
(AFP (eng) 05/04/17)
South African visual artist William Kentridge, best known for his animated films of shape-shifting charcoal drawings, won on Thursday Spain's top arts prize, the Princess of Asturias award. The prize jury hailed Kentridge, 62, as "one of the most multifaceted innovative artists on the international scene" in its citation for the 50,000 euros ($57,000) award. His work "has expressed emotions and metaphors related to the history and reality of his country which nonetheless transcend the latter and raise essential questions regarding the human condition," it added. Born in Johannesburg in 1955, Kentridge's parents were both lawyers specialised in defending the victims of the apartheid white minority rule in South Africa.
(AFP (eng) 04/21/17)
A painting by a South African artist showing President Jacob Zuma raping the late Nelson Mandela has caused outrage in the country, with the ruling party Friday describing it as "grotesque". The piece by controversial artist Ayanda Mabulu shows Zuma seated on a red chair, penetrating a crying Mandela. Both men have their legs wide apart, exposing their genitals. The African National Congress and the Nelson Mandela Foundation have condemned the colourful artwork titled: "The economy of rape". "Whilst we respect Mabulu's freedom of expression, we find his work grotesque, inflammatory and of bad taste,"
(Xinhuanet 04/18/17)
Africa's diaspora is playing a big role in the economic transformation of the continent, the UN said on Tuesday. UN Population Fund (UNFPA) Regional Director Dr Julitta Onabanjo told Xinhua in Nairobi that remittances are important source of income for many African families. "The diaspora therefore complements government efforts to lift many families out of poverty," Onabanjo said on the sidelines of the First Africa-China Conference on Population and Development. Onabanjo said that Africans in the diaspora also bring back...
(Voice of America 03/18/17)
About two years ago, blues-folk artist Alice Phoebe Lou gave a performance in a park in Berlin, looking for donations as a street entertainer. A listener invited her to perform at a function. Her career has since taken off. Last year, she released her debut record, and on Wednesday she played one of the world's premier music festivals: the South by Southwest event in Texas. Lou is just one of a growing list of South African musicians who've felt compelled...
(Bloomberg 03/16/17)
Portia Lekgoto faced a dilemma: how to take her three-year-old daughter to a doctor without missing a day of work while waiting in line at one of only two public health clinics in the South African shantytown of Diepsloot. She decided to take her daughter to Quali Health, a new private clinic that a friend had told her about. While she had to pay 250 rand ($19) for the visit, she finished the consultation by mid-morning. “I am going to...
(AFP (eng) 03/14/17)
Esther Mahlangu's colourful geometric artwork is exhibited in galleries around the world, but she remains in her South African village unfazed by fame and determined to preserve her ethnic Ndebele culture. The 81-year-old painter and mural artist earned an international reputation with her Ndebele motifs at a time when the art scene in her home country was focused on contemporary styles. Now Johannesburg is hosting a major exhibition for Mahlangu, an elderly black woman with no art training who rose...
(AFP (eng) 03/07/17)
A jury in Warsaw on Monday named South African writer and anti-apartheid activist Breyten Breytenbach as the recipient of the 2017 Zbigniew Herbert International Literary Award, named after the anti-communist Polish poet and philosopher. "I'm pleased that this year the jury has chosen a poet who combines great talent with the attitude of an uncompromising man who sides with the oppressed," said Katarzyna Herbert, the widow of the poet who died in 1998, as she announced the winner. Born in...
(AFP (eng) 03/02/17)
A film raging against colonialism and the exploitation of Africa wowed viewers at the continent's top cinema festival Wednesday, winning shouts of approval at a screening packed to bursting point. "The African Storm" tells the story of an African president who nationalises businesses run by racist, cynical Western executives. Directed and produced by its Beninese star Sylvestre Amoussou, it tackles several hot-button issues including an exit from the CFA franc currency, closer ties with Russia and China as opposed to...
(News24 02/27/17)
Thirty tons of school books collected in Bedfordview and meant for distribution to schools in Zimbabwe are stuck at Beitbridge Border Post because the state revenue authority is demanding tax, reports say. The official Herald newspaper says the books were destined for 11 schools in Bulawayo, near where President Robert Mugabe will hold his birthday party on Saturday. The book shipment was organised by Chitungwiza Rotary Club, which says it's been doing this without problems since 2011. Past president of...
(AFP (eng) 02/27/17)
An African road movie about four women wowed its audience Sunday as it kicked off the Panafrican cinema and television festival (Fespaco), a showcase for the continent's burgeoning film industry. "Borders" ("Frontieres") directed by Apolline Traore, a Fespaco laureate in 2013, sweeps across Africa as its protagonists journey through Senegal, Mali, Burkina Faso and Benin on their way to Nigeria. Along the way the women -- Ivorian, Senegalese, Burkinabe and Nigerian actresses -- are spared nothing as they are beset...
(CNN 02/10/17)
A car painted by renowned 81-year-old artist Esther Mahlangu and Zulu carved ox horns are just some of the items on display at the first major UK Exhibition on South African Art. The exhibition explores the rich heritage of the country and covers seven key episodes of South African history, sculptures, clothes and ornaments are displayed alongside artwork from the same time to give them context. The gold treasures of Mapungubwe -- small gold figures found in royal graves in...

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(Bloomberg 09/22/17)
South African Public Enterprises Minister Lynne Brown has instructed Eskom Holdings SOC Ltd. to begin legal action against companies including McKinsey & Co. over their involvement in disputed contracts at the country’s state-owned electricity company. Brown ordered Eskom to start taking legal steps against consultancy firms McKinsey and Trillian Capital Partners Ltd., as well as suspended acting Chief Executive Officer Matshela Koko and Chief Financial Officer Anoj Singh, who is on special leave, her spokesman, Colin Cruywagen, said by phone Thursday. Three other senior managers may also face misconduct charges, Business Day reported Friday, without citing its sources. McKinsey in July said it’s reviewing documents related to work done for Eskom. An interim report by...
(Bloomberg 09/22/17)
Africa’s biggest fund manager may be dumped by a labor federation representing 230,000 South African state workers because it’s concerned that the funds of its members may be used to bail out mismanaged state-owned companies. The Federation of Unions of South Africa, the country’s second-largest labor union grouping, is considering replacing the state-owned Public Investment Corp. with privately owned fund managers to oversee the pension funds of the state workers, including nurses and teachers, that it represents. “There is nothing in the law that requires the Government Employee Pension Fund to use only the PIC as an asset manager,” Fedusa General Secretary Dennis George said by phone Thursday, referring to the GEPF, the central account for state workers’ retirement savings...
(Bloomberg 09/22/17)
Companies controlled by the Guptas lost a court bid to prevent Bank of Baroda from shutting their accounts, which would leave the politically connected family without banking services in South Africa from the end of this month. Judge Hans Fabricius dismissed the application of 20 companies linked to the Gupta family and awarded costs against them at the Pretoria High Court on Thursday. The Bank of Baroda was the family’s last hope after a series of lenders, including South Africa’s...
(Bloomberg 09/22/17)
With its surprise decision to leave rates on hold on Thursday, South Africa’s central bank may have shut its policy-easing window. Forward-rate agreements, which had been pricing in a 25 basis-point reduction in the benchmark rate this year, now suggest the South African Reserve Bank will be forced to stay put as central banks around the world move toward tighter policy. The rate on contracts starting in three months jumped 19 basis points, moving to within 10 points from the...
(Bloomberg 09/21/17)
The top leadership of South Africa’s ruling African National Congress starts meeting on Friday in a bid to heal a bitter split in the key region of KwaZulu-Natal that could derail its plans to elect a successor to President Jacob Zuma as party leader in December. The three-day meeting comes after the High Court annulled the election of Zuma allies as the province’s party leadership because the conference that chose them wasn’t lawfully convened. While the officials who lost the...
(Financial Times 09/20/17)
Consumer price growth in South Africa picked up in August after striking its lowest level since 2015 in the previous month, underscoring the complex situation for the country’s central bank as it looks to bolster economic output but ease inflation. The consumer price index rose 4.8 per cent in August from the previous year, up from 4.6 per cent in July, according to official statistics. Economists had forecast a reading of 4.9 per cent. Africa’s most industrialised economy emerged from...
(Bloomberg 09/20/17)
South African programs to add coal and gas power generation from independent providers should wait until policies are updated and the nation’s future needs are clearer, said Energy Minister Mmamaloko Kubayi. The government is also seeking a “middle ground” with developers in a program to add renewable-energy projects, she said in a phone interview Tuesday. Kubayi announced earlier this month that the long-delayed contracts must be signed by the end of October, but not before pricing was renegotiated to make the deals more attractive to state-owned power utility Eskom Holdings SOC Ltd. South Africa expanded the so-called independent power-producer
(Bloomberg 09/20/17)
If South Africa’s central bank cuts interest rates again this week, just don’t accuse it of doing so for the sake of “socioeconomic well-being.” The institution has been fighting off a bid by the nation’s anti-graft ombudsman to change its mandate away from targeting inflation to focusing on the financial health and quality of life of its citizens. But officials might be about to deliver their second rate reduction this year, a move that could inadvertently conform to that alternative...
(Bloomberg 09/20/17)
Amidst a clamor for yield which recently saw investors lapping up bonds from a country some couldn’t even place on an Asian map, South Africa’s latest debt sale had a lukewarm reception. The nation had to pay more to sell 10-year Eurobonds Tuesday than it did on 12-year debt last year, and managed to attract only $2.1 billion in bids for the $1 billion offered. By comparison, Ukraine received bids for three times the $3 billion it offered in its...
(Financial Times 09/19/17)
Firm loses 2 contracts as other companies review ties in wake of political scandal. KPMG has lost at least two audit contracts in South Africa and faces widespread client reviews after the accounting firm became embroiled in a high-profile political scandal involving South Africa’s billionaire Gupta family. Sasfin, the South African financial services company that has been audited by KPMG for 18 years, said on Tuesday it would search for a new auditor “in view of the well-publicised concerns recently raised with regard to KPMG”. KPMG has already lost South African-listed asset manager Sygnia as a client
(Bloomberg 09/19/17)
As global companies implicated in a graft scandal in South Africa scramble to contain the damage to their reputations, politicians and law enforcement agencies are prevaricating and stalling official investigations. The scandal has revolved around members of the wealthy Gupta family, who are friends of President Jacob Zuma and have been accused of looting billions of rand in taxpayer funds and exerting undue influence over the state. Accountants KPMG LLP, public relations firm Bell Pottinger LLP, consultancy McKinsey & Co...
(Bloomberg 09/19/17)
Sasfin Holdings Ltd., a South African financial-services company, said it’s firing KPMG LLP as its independent sponsor and searching for a new auditor, becoming the second company to announce it has dumped the firm because of work it did for the politically connected Gupta family. The decisions were based on “the well-publicized concerns recently raised with regard to KPMG,” Johannesburg-based Sasfin said in an emailed statement on Tuesday. Deloitte & Touche LLP has been chosen as a sponsor, which provides...
(Bloomberg 09/18/17)
Pravin Gordhan, who was ousted from his post as South Africa’s finance minister in March, slammed KPMG LLP after it withdrew a report on the country’s tax agency that was used as evidence in a police probe against him and led to the removal of senior staff. The auditing firm said on Friday that its conclusions and recommendations in a report for the South African Revenue Service about a unit that allegedly spied on politicians should no longer be relied...
(Dw-World 09/18/17)
President Zuma has faced numerous corruption allegations in court. As the ANC is due to elect a new party leader, could Zuma's support of Nkosazana Dlamini-Zuma be a move to save himself? President Jacob Zuma is due to step down as African National Congress (ANC) leader at a key national party conference in mid-December. The new party leader usually succeeds the country's president at the subsequent national poll. Current front runners for the post of ANC leader are Nkosazana Dlamini-Zuma,...
(The Guardian 09/18/17)
Teaching staff in KwaZulu-Natal province under investigation as mobile phone footage implicating them in savage attacks on students circulates online. Seven teachers face suspension in South Africa after a series of videos emerged showing staff abusing students. Elijah Mhlanga, spokesperson for the Department of Basic Education, said he was “shocked and disgusted” by the films, which are taken in KwaZulu-Natal, a coastal South African province. A video shared online on Monday, which appears to have been filmed discreetly by a...
(The Guardian 09/18/17)
Anna Jones says that, through selling its cocoa cheaply, Africa is exporting its wealth overseas; while Sue Banford claims that the soya moratorium in the Amazon has done nothing to halt deforestation. Only the final paragraph in your article on cocoa farming causing deforestation in Ivory Coast (Forests pay price for world’s taste for cocoa, 14 September) mentioned the most fundamental thing – the farmer’s livelihood, or lack of it. The low value of his (or more likely her) crop...
(Bloomberg 09/15/17)
After helping topple one of Britain’s best known public-relations companies, South African anti-corruption groups are now targeting U.S. consultancy McKinsey & Co. and auditing firm KPMG LLP for doing work for businesses tied to the Gupta family and President Jacob Zuma’s son. The Guptas, originally from India and including brothers Atul, Rajesh and Ajay, moved to South Africa in the 1990s and are being accused of using their friendship with the president to influence government contracts and cabinet appointments. They deny wrongdoing. “Instead of raising the alarm, these companies seemed to have played along,” said Lumkile Mondi, a senior lecturer at the University of the Witwatersrand
(Bloomberg 09/15/17)
South African President Jacob Zuma’s lawyers conceded in a court hearing that a decision by prosecutors to drop bribery and corruption charges against him in 2009 was irrational, opening up the possibility that they will be reinstated. Zuma’s lawyer gave the concession Thursday before the Supreme Court of Appeal in Bloemfontein. It’s considering an appeal by the president’s legal team and the National Prosecuting Authority of a High Court ruling that the decision to drop 783 charges for fraud, corruption...
(Bloomberg 09/15/17)
The South African Reserve Bank’s fight against its detractors escalated this week, and now even has President Jacob Zuma in its sights. The central bank in court papers accused Public Protector Busisiwe Mkhwebane of bias and being part of a campaign to undermine its independence after documents showed the anti-graft ombudsman held a secret meeting with Zuma’s lawyers before proposing changes to its mandate. It’s another in a series of wrangles that could keep the institution in the public eye...
(Bloomberg 09/15/17)
Societe Generale SA, challenged on its home turf by Orange SA’s push into banking, is fighting back with a new mobile lender in Africa. The French lender started YUP, a new app for smartphones, in Senegal and Ivory Coast and plans to begin operating in four other sub-Saharan countries this year and next, the company said on Thursday. The bank aims to double its client base to 2 million in the region within three years. “Telcos have opened the way...

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