S.African bond demand at 6-month high despite c.bank plan

JOHANNESBURG, March 8 (Reuters) – Demand for South Africa’s short-term bonds hit a six-month high at an auction on Friday just 24-hours after President Cyril Ramaphosa said government would go ahead with plans to nationalise the central bank. Ramaphosa on Thursday told lawmakers he would push through his ruling African National Congress’s (ANC) decision that the bank be state, rather […]

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South Africa's Eskom may need more bailouts despite tariff hikes

PRETORIA (Reuters) – South Africa’s struggling state power firm Eskom may need more bailouts from government to survive, after the country’s energy regulator on Thursday granted it smaller tariff hikes than the utility had wanted. Eskom supplies more than 90 percent of the power in Africa’s most industrialized economy. But it is grappling with cashflow problems, breakdowns at its creaking […]

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UPDATE 3-South Africa pledges $5 bln Eskom bailout as budget creaks

* Budget forecasts slower growth, wider deficits * Funds Eskom by reprioritising spending, borrowing more * Analysts say utility’s underlying problems remain * Ramaphosa struggles with divided party before May vote (Adds new quotes, context, detail) By Olivia Kumwenda-Mtambo, Wendell Roelf and Mfuneko Toyana CAPE TOWN, Feb 20 (Reuters) – South Africa will bail out state utility Eskom with 69 […]

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Deputy governor of South Africa's central bank resigns

JOHANNESBURG, Jan 2 (Reuters) – The deputy governor of South Africa’s central bank, Francois Groepe, has resigned to pursue other opportunities, the bank said on Monday. In a statement, it thanked Groepe, who whose resignation is effective from the end of January, for his 14 years of service. “The process of appointing Mr Groepe’s successor is currently under way,” it […]

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White farmer's role highlights South Africa's land reform challenge

EDENVILLE, South Africa (Reuters) – Earlier this year, Nick Serfontein wrote an open letter to South African President Cyril Ramaphosa asking him to take the views of white farmers on board as the government considers expropriating land without compensation to reduce rural poverty. Now Serfontein sits on a 10-person board advising the president where to go next, based on what […]

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Zulu king wants South Africa land reform to exclude his territories

JOHANNESBURG (Reuters) – Zulu King Goodwill Zwelithini wants President Cryil Ramaphosa to sign an agreement promising to exclude territories that the monarch controls from a government land reform drive, the eNCA news channel reported on Monday. The ruling African National Congress (ANC) is targeting white-owned land for expropriation while also seeking to provide security of tenure to the 17 million […]

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Goldman forecasts South African economic rebound in 2019

JOHANNESBURG (Reuters) – Goldman Sachs (GS.N) expects South Africa’s economy to grow almost 3 percent next year, helped by President Cyril Ramaphosa’s reforms and strong global growth, the bank’s sub-Saharan Africa head told Reuters. Colin Coleman’s prediction is more optimistic than the view held by economists polled by Reuters last month, who saw Africa’s most industrialized economy growing 1.7 percent […]

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South African police evacuate mall over bomb threat

JOHANNESBURG (Reuters) – Shoppers were evacuated from the Mall of Africa, one of South Africa’s largest shopping complexes, on Wednesday as police searched for a bomb after receiving a threat, police said. The mall, located between Johannesburg and Pretoria, houses about 300 shops, including global brands such as Inditex’s Zara, Hennes & Mauritz (H&M), Cotton On, Starbucks and Woolworths. “There […]

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South Africa’s ANC withdraws land expropriation bill passed in 2016

JOHANNESBURG (Reuters) – South Africa’s ruling African National Congress (ANC) said on Tuesday an expropriation bill passed by parliament in 2016 enabling the state to make compulsory purchases of land to redress racial disparities in land ownership has been withdrawn. A ‘No entry sign’ is seen at an entrance of a farm outside Witbank, Mpumalanga province, South Africa July 13, […]

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