Business In The News South Africa

Famous Brands’ performance declines on lower consumer confidence

JOHANNESBURG, August 16 – Famous Brands said on Wednesday that trading conditions in the South African market declined further for the first six months of the financial year in light of continued economic pressure on disposable income and sustained socio-political uncertainty. This is despite Famous Brands increased system-wide sales in South Africa by seven percent while like-on-like […]

Africa Business In The News

Central banks vital for Africa’s integration, says Zuma

PRETORIA, August 15 – President Jacob Zuma has encouraged African central bank governors gathered in Pretoria for the 2017 Governors’ Symposium of the Association of African Central Banks (AACB) to explore ways to improve economic integration, including linking payment systems, across borders on the continent. “Central banks have an important role to play in promoting inter-continental […]

Business In The News South Africa

Afribusiness welcomes High Court ruling on Reserve Bank mandate

JOHANNESBURG, August 15 – AfriBusiness has welcomed the court ruling that the South African Reserve Bank (Sarb) will maintain its mandate as per the Constitution. This comes after the North Gauteng High Court on Tuesday ruled in favour of the Reserve Bank, setting aside Public Protector Busisiwe Mkhwebane’s remedial action which sought to change the mandate of […]

Business In The News South Africa

Judgement against Public Protector speaks for itself – SARB Governor

PRETORIA, August 15 – South African Reserve Bank (SARB) Governor, Lesetja Kganyago, on Tuesday welcomed the High Court ruling which set aside Public Protector Busisiwe Mkhwebane’s remedial action seeking to change the apex bank’s mandate. “We welcome the judgement and I think we will let the judgement speak for itself. We have posted it [the High […]

Business In The News South Africa

Curro’s HY revenue up 24% on growing learners and fee increases

JOHANNESBURG, August 15 – Private school operator Curro Holdings on Tuesday posted a 24 percent increase in revenue up from R872 million to R1.085 billion for the six months ended 30 June 2017 in line with growth in learner numbers and fee increases. Operational earnings before interest, tax, depreciation and amortization (EBITDA) has increased by 24% from […]

Business In The News South Africa

Seifsa urges government to protect metals and engineering manufacturers

JOHANNESBURG, August 14 – The Steel and Engineering Industries Federation of Southern Africa (Seifsa) has urged government to consider additional measures to protect local metal and engineering manufacturers from cheaper and subsidised imports. Seifsa’s chief executive, Kaizer Nyatsumba, said on Monday that the influx of cheaper imports had eroded the competitiveness of local businesses, bringing key sub-sectors within […]

Business In The News South Africa

Growthpoint Properties a step closer to wholly owning N1 City Mall

JOHANNESBURG, August 11 – JSE-listed Growthpoint Properties got one step closer to acquiring N1 City Mall from Redefine Properties after the Competition Commission recommended to the Competition Tribunal that its proposed merger be approved without conditions. The 64,000m2 N1 City Mall, with over 140 stores, is situated in Goodwood, Cape Town, and is jointly owned by Growthpoint and Redefine. The […]