by Sure Kamhunga Johannesburg — THE future of Nedbank is again under speculation, after weekend reports that HSBC is the most likely buyer, this week, of Old Mutual ’s flagship asset in a deal potentially worth more than 5bn. A report in the Financial Times said, without quoting sources, that HSBC had emerged as the front-runner to ...
by Hilary Joffe, senior associate editor What would economic policy look like if job creation really was the priority? In theory it is, with the African National Congress (ANC) promising in its election manifesto last year to make the creation of decent work the “primary focus” of its economic policies. In practice, the ANC and the ...
SA Tourism will spend R188m on a marketing drive for the rest of the financial year to ensure that millions of international soccer fans who came to SA for the World Cup become regular visitors. The local SA Tourism office would spend R88m, while its satellite offices globally would spend R100m on a campaign that ...
Africa’s top three gold producers will report strong results for the quarter to June, owing to an increase in output and a higher bullion price, according to a poll released on Monday. AngloGold Ashanti, Gold Fields and Harmony Gold are, however, expected to be hit by higher electricity tariffs and a new revenue-based royalty charge ...
The motor manufacturing industry is once again creating jobs after the severe cutbacks during the financial crisis, when both domestic and export vehicle sales plummeted. Employment by the motor manufacturing industry has improved by 5.4 percent, or 1 623 jobs, since the end of last year, according to the latest quarterly review of business conditions ...
Manufacturing activity has edged up for the first time in five months, but its level shows that the economy’s second-biggest sector still faces heavy pressure, a key survey showed on Monday. SA’s purchasing managers’ index (PMI) sponsored by Kagiso Securities rose 1,1 points to 49,5 last month – staying below 50, which marks the cutoff ...
The African National Congress (ANC) is mulling a tax on volatile capital inflows to achieve a more “competitive” level for the rand, which scaled a near five-month peak to the dollar on Monday. Foreign buying of local bonds and shares has rocketed so far this year, driven mainly by revived global risk appetite, and boosting the ...
Three farmers whose farms were seized by the Zimbabwean government will apply for a special order to recover legal costs in the High Court in Pretoria, their attorney said on Monday. The farmers would launch the application against the Zimbabwean government on Tuesday, Willie Spies, their attorney from AfriForum, said in a statement. The move ...
President Jacob Zuma will this week lead a high- powered government and business delegation to Russia to narrow the trade deficit with one of the most populous nations in the world. Figures from the Department of Trade and Industry indicate that SA’s imports from the Russian Federation more than doubled last year: SA imported goods ...
The Gauteng Health and Social Development MEC Qedani Mahlangu would visit the old age home in Nigel on Monday morning where 18 died in a fire. “During this visit, MEC Mahlangu will assess the damage caused by the fire at the home and also look at ways the department can assist,” her office said in ...
Gordon Brown has used his first major speech since leaving office to say the future growth of the world economy is reliant upon the development of Africa. Speaking in Kampala, the Ugandan capital, the former UK prime minister said he wanted to see the continent achieve its full potential. [...] Speaking to Ugandan political leaders, Mr Brown said ...
Italian foreign minister, Franco Frattini, will fly tomorrow in Algeria to try to relaunch the partnership between these two countries. Key objectives of the visit, according to a press release of the Italian foreign office, are bilateral relations and reinforcing the role of Italian business firms in the African country particularly in the key sectors ...
President Jacob Zuma sought to capitalise on the goodwill created by the World Cup and urged about 100 business leaders and fund managers at an Investec conference “to bring billions of dollars in your control to these shores for investment”. South Africa and the continent of Africa were open to the free market and to ...
Damco, a global leader in freight forwarding and supply chain solutions, is increasing its focus on the growing India-Africa trade lane. Damco has created a dedicated India-Africa trade lane team to offer innovative solutions for its customers who are moving cargo between these two markets. Lars Sorensen, CEO of Damco in South Asia comments “Africa and ...
Nestle SA, the world’s biggest food group, will invest US$943 million in Africa in the next three years to raise revenues from emerging markets, its chief executive said. Nestle expects emerging markets to make up 45 per cent of sales in ten years, up from about a third now on the back of growth currently twice ...
Trade between Uganda and Turkey is set to increase following the launch of the Turkish Airlines Istanbul-Entebbe route. The route is expected to raise passenger and cargo volumes between the two countries.Speaking after the launch at Entebbe airport on Monday, the state minister for Industry Simon Lokodo said the route will facilitate easy transportation of ...
CENTROTEC Sustainable AG’s subsidiary Ubbink B.V. is in the process of building East Africa’s first solar module plant with an initial production capacity of 30,000 modules a year, with the first manufactured modules to be ready by October. The plant, located in Kenya, is in partnership with Chloride Exide. The solar modules produced will be mainly ...
Financial service group, Societe Generale, in partnership with Obopay, a leading mobile banking and payment provider, have launched a new mobile banking service in Senegal for anyone with access to a mobile phone. The service christened “Yoban’tel by Obopay”, is a carrier-agnostic, mobile money transfer and bill payment service that is available to all the people ...
As Libya positions itself as the new Gateway to Africa, there are real opportunities for UK construction and project management companies to target a slice of the imminent construction boom. The Government there has recently announced its next £36 billion spend on infrastructure and housing, and details will be revealed at the SECBE Libya Business ...
Caprikat and Foxwhelp, both subsidiaries of Zuma’s Impinda Group and registered in Switzerland, were awarded two oil blocks in the Lake Albert region in the eastern Congo. The Mail & Guardian reported last year that Encha Group, controlled by Deputy Chief Justice Dikgang Moseneke via a family trust, had been pursuing oil rights in Albert ...
Mineral export receipts for Zimbabwe – including diamonds for the first five months of this year show that total of 426 359 tonnes with net value of US$403 million was raised. Information gleaned from state run Minerals Marketing Corporation of Zimbabwe indicate that 412 086 carats of diamonds valued at US$23, 45 million were sold between ...
Kenya is among other East Africa countries that are expected to showcase her various goods and services in the 10-day 34th Dar es Salaam International Trade fair that kicked off on Monday. The Trade Fair, whose Theme is “Kilimo Kwanza” (Agriculture First) will see member countries from the five East Africa countries showcase their goods and ...
President Mwai Kibaki on Friday called for extensive sensitization campaigns among public servants from the five East African Community members as a foundation of ensuring the success of the regional body. Kibaki said that it is extremely important to harmonise the mental framework of public servants in the region as a vital cog to the regional ...
The Free State government announced on Saturday night it has relaxed its liquor laws for Sunday when England and Germany play each other in the group of 16 of the 2010 Soccer World Cup in Bloemfontein. Spokesperson for the department of economic affairs and tourism Khotso Tau said the department took the decision in consultation ...
After achieving notable success in dealing with the worst economic crisis in decades, major countries are now struggling to manage the global recovery. Leaders of the Group of 20 rich industrial and major developing countries were wrapping up their summit by agreeing to pursue separate strategies to sustain the fledgling economic comeback. The United States ...
Newly-released figures show that South Africa’s producer price inflation increased to 6.8% year-on-year in May from 5.5% in April. Statistics South Africa says exported commodities inflation stood at 4.8% year-on-year in May compared with 0.2% the month before. Imported commodities inflation accelerated to 6.5% year-on-year from 5.0% previously. Meanwhile, real gross fixed capital formation, SA’s ...
As major economies continue to cope with the global financial crisis, Secretary-General Ban Ki-moon today urged businesses to think differently about how and where they devote resources, stressing the importance of investing in developing nations to promote global growth. “We can’t afford not to invest in the developing world. We all know that’s where the ...
Although Africa was the third most favoured continent for tourism investment after Southeast Asia and India, the continent still failed to communicate these opportunities to potential international investors. This is according to Hubert Danson, MD of African Investment, a pan-African investment communications firm, who was one of the speakers at a tourism investment conference held ...
We buy social peace in our neighbours, especially in Lesotho and Swaziland, as they would not be able to survive without the revenue they were receiving through the customs union Southern African Development Community (SADC) executive secretary Tomáz Salomão yesterday criticised the European Union (EU) for trying to “impose” a preferential free-trade agreement on countries ...
Members of the Kimberley Process diamond certification scheme failed on Thursday to reach consensus on whether to allow Zimbabwe to resume trade in gems from its controversial Marange fields. Delegates at a KP conference in Tel Aviv failed during an all-night session to agree over whether to resume certification of the fields, which was withdrawn ...
