Africa Business In The News South Africa

China lending to sub-Saharan Africa can support growth, but brings risks – Moody’s

JOHANNESBURG, November 15 – China’s increased lending to governments in sub-Saharan Africa has the potential to support economic growth, but also amplifies credit risks for countries with high debt, ratings agency Moody’s has said. “Unless African investment financed by Chinese loans generates substantial economic gains that boost debt servicing capacity of sub-Saharan African governments, the credit […]

Business In The News South Africa

Telkom interim earnings down 3.3 percent, revenue rises 5.2 pct

JOHANNESBURG, November 13 – Telephone company Telkom said on Tuesday its headline earnings per share were down 3.3 percent to 288 cents in the six months to September. Chief executive Sipho Maseko however said the company had delivered a satisfactory performance with operating revenue and earnings before interest, taxes, depreciation, and amortization growth of 5.2 percent and […]

Business In The News South Africa

Tsogo Sun dumps R23bln casino disposal deal with Hospitality

JOHANNESBURG, November 12 – Hotel and gaming group, Tsogo Sun, on Monday ditched its proposed disposal of seven mixed-use casino properties to Hospitality Property Fund, and the subsequent distribution of the group’s entire holding of Hospitality shares to Tsogo shareholders after some investors did not support the transaction. In July, Tsogo Sun said it would sell a portfolio […]

Business Entertainment In The News South Africa

SABC says concerned about commission ruling on Multichoice deal

JOHANNESBURG, November 12 – The South African Broadcasting Corporation said on Monday it had noted with concern the Competition Commission’s ruling on the R500 million agreement it entered into with pay-TV operator, Multichoice in July 2013, which has since expired. The commission ruled that a channel distribution agreement between the SABC and MultiChoice constituted a notifiable […]

Africa Business In The News

Africa energy conference to focus on renewable energy

JOHANNESBURG, November 12 – An Africa energy conference next February will discuss international climate change policies that are transforming the industry and renewable energy implementation on the continent, organisers said on Monday. “The role of renewable power in meeting Africa’s energy needs will form a focal point of the 11th African Energy Indaba which has proven to […]

Business In The News South Africa

SA accountancy institute begins disciplinary hearings against former VBS chairperson, CEO

JOHANNESBURG, November 9  – The South African Institute of Chartered Accountants (SAICA) on Friday begins disciplinary action against two members implicated in the looting of VBS Mutual Bank. VBS Mutual Bank has all but virtually collapsed after its senior executives allegedly used it as a ponzi scheme to enrich themselves and their immediate associates at the […]

Business In The News South Africa

#AIF2018: Makhura says Gauteng is ready to move Africa from a legacy of aid to a future of investment

JOHANNESBURG, November 7 – Gauteng Premier David Makhura has encouraged businesses to invest in the growth of the African economy, saying that his province was ready to contribute to its realisation. Speaking at the opening day of the Africa Investment Forum in Johannesburg, Makhura said that Gauteng contributed 35 percent to South Africa’s GDP and […]