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  • Namibia to consider land expropriation, says president

    02 October 2018 11:49 AM 25

    Namibian President Hage Geingob says the southern African country should give “careful consideration” to expropriating land because the principle of having willing buyers and sellers hasn’t delivered results. “We can pursue the constitutional mechanisms to achieve land equity,” he said on Monday at the national land conference in the capital, Windhoek

  • MTN considers scrapping Nigerian IPO as dispute weighs on shares

    01 October 2018 2:50 PM 25

    MTN [JSE:MTN], the wireless carrier facing a combined $10bn in claims from Nigerian authorities, said it may no longer seek to raise capital through an initial public offering (IPO) on the country’s stock exchange. Africa’s largest mobile phone company is considering other options of trading its shares on the Lagos-based bourse, including a so-called

  • Gordhan grounds high hopes for SAA niche routes

    01 October 2018 12:36 PM 59

    Minister of Public Enterprises Pravin Gordhan told Members of Parliament in a written reply that South African Airways (SAA) was not in a position to take advantage of niche routes with growing traffic, such as flights between Cape Town and Durban, and between Durban and Bangalore. Gordhan explained to Parliament that the national carrier was leveraging

  • Davies in Saudi Arabia to discuss R133bn investment

    30 September 2018 5:30 PM 82

    Minister of Trade and Industry Rob Davies is in Saudi Arabia to follow up on the Kingdom's pledge to invest $10bn (about R133bn) in South Africa. Saudi Arabia committed to invest $10bn in the country in July, giving President Cyril Ramaphosa's ambitious plan to attract $100bn to kick start the limping economy a major boost. The $10bn is expected to be invested

  • SA faces threat from populism, warns Mcebisi Jonas

    30 September 2018 9:23 AM 67

    Populist rhetoric has fueled unrealistic expectations of a quick fix to South Africa’s jobs and inequality crisis, Mcebisi Jonas, former deputy finance minister, said in an editorial in the Johannesburg-based Sunday Times. South Africa has lost its way and "in the absence of fresh, big ideas, the ruling party could easily turn to short-term populism"

  • Ghana's economy is now a quarter bigger after data overhaul

    30 September 2018 5:00 AM 26

    Ghana’s economy is almost a quarter bigger than previously estimated after the West African nation’s statistical agency changed its base for measuring gross domestic product (GDP). The country’s GDP at current prices measured 257 billion cedis ($52.5bn) in 2017, Baah Wadieh, acting government statistician at the Ghana Statistical Services, told reporters

  • Facebook says security breach affected about 50 million accounts

    28 September 2018 5:39 PM 32

    Facebook said it discovered a security breach earlier this week that affected almost 50 million accounts. The company said it’s investigating the breach, which allowed hackers to take over a person’s account. The social-media network said in a statement on Friday that it has fixed the vulnerability and told law enforcement authorities about the breach

  • Trade surplus a far cry from last year despite August spike

    28 September 2018 1:08 PM 61

    SA’s trade surplus of R2.66bn for 2018 so far is still significantly lower than the R39.93bn surplus recorded for the same period last year, despite a marked improvement for August this year. SARS on Friday released the latest trade statistics for August 2018 where the surplus for August was up 29% compared to the surplus recorded last year. This year, August

  • ACSA revenue, profit tanks following tariff reduction

    27 September 2018 3:38 PM 25

    Airports Company South Africa (ACSA) has reported a decrease in revenue of 20%, while its profit for the profit for the year to March 31, 2018 plummeted by 58%, the state-owned entity said on Thursday. This was "largely expected on the back of the reduction in aeronautical charges", Acting Chief Financial Officer Dirk Kunz said during the company's final

  • Rand surprises to firm after US Fed hikes rates

    27 September 2018 5:55 AM 25

    The rand on Wednesday surprised analysts by firming during the day and holding onto its gains even after the US Federal Reserve Bank raised interest rates. Bianca Botes of Peregrine Treasury Solutions said in a snap morning note to clients that the local currency's behaviour was not what most market watchers had predicted. "The rand displayed peculiar