Business In The News South Africa

Sibanye records HY R4.8bln loss

JOHANNESBURG, August 17 – Sibanye Gold said on Thursday that it will report an attributable loss of at least R4.8 billion, or U.S.$360 million, for the six-months ended 30 June 2017, compared with attributable earnings of R333 million, or US$22 million, for the comparative period. Sibanye said the decrease in earnings was primarily attributable to non-recurring […]

Business In The News South Africa

R10,000 or more for new mineworkers, says Amcu’s Joseph Mathunjwa

MARIKANA, August 16 – No mineworker will earn less than R10,000 in the platinum mines, the Association of Mineworkers and  Construction Union (Amcu) said on Wednesday.   “No new entry will earn less than R10,000 on basic salary when employed in these multi-national corporations,” Amcu president Joseph Mathunjwa said.   He was addressing the fifth anniversary […]

Business In The News South Africa

Solidarity to engage ArcelorMittal on restructuring plans

JOHANNESBURG, August 16 – Trade union Solidarity confirmed on Wednesday that it has received a section 189A retrenchment notice from ArcelorMittal South Africa (AMSA), Africa’s largest steel supplier. This follows after AMSA’s chief executive, Wim de Klerk, announced in a statement on Tuesday afternoon, that ArcelorMittal would implement cost saving measures, as well as structural changes that could […]

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 […]