EconomyLoop
where regional business news becomes global to everyone

Fin24.com | Zuma vows govt will continue supporting embattled SAA

President Jacob Zuma said the government will continue supporting South African Airways on its path towards renewal.... read more

 South African Economy5 hours ago

     
Fin24.com | Fitch puts Eskom on Rating Watch Negative

The ratings agency said it expected Minister of Public Enterprises Lynne Brown to appoint a permanent Eskom board before the end of November.... read more

 South African EconomyYesterday
Fin24.com | Hearing of Bankorp-CIEX review to go ahead in December

Public Protector Busiswe Mkhwebane’s counsel withrew an application for a postponement of the case.... read more

 South African EconomyYesterday
Fin24.com | CHARTS: How the Mugabe economy highlights challenges for Zimbabwe

Zimbabwe’s economy has fallen to the 20th biggest in sub-Saharan Africa from 10th when President Robert Mugabe came into power almost four decades ago.... read more

 South African EconomyYesterday
Fin24.com | Top5 on Fin24: Report shows Eskom still in nuclear game, and doubts over authenticity of R6.4bn Jesus painting

ICYMI: A roundup of Thursday's must-read financial news... read more

 South African EconomyYesterday
Fin24.com | Eskom tariff hike: Job losses loom large

Huge job losses await South Africa if Eskom’s requested tariff hike is granted, energy regulator Nersa has heard at hearings.... read more

 South African EconomyYesterday
Fin24.com | Eskom powers ahead with nuclear plans, report shows

Despite terminating its nuclear new build request for information in 2017 following a court decision, Eskom is powering ahead with plans in preparation for the tender programme to be rebooted.... read more

 South African EconomyYesterday
Fin24.com | We'll wait for UK Brexit concessions, EU leaders tell May

European Union leaders say they will wait for Theresa May to deliver further Brexit concessions and guarantees, putting into doubt whether talks will advance.... read more

 South African EconomyYesterday
Fin24.com | IMF sees tough SA budget unless fiscal risk sorted

South Africa will face more fiscal difficulties and higher financing costs should state-owned companies’ debt continue rising and if the nation’s local debt is downgraded to junk, the International Monetary Fund has said.... read more

 South African EconomyYesterday
Fin24.com | HSBC 'ignored' Gupta warnings - Hain

Lord Peter Hain says SA staff at global bank HSBC warned its London HQ of illegal transactions related to the controversial South China Rail-Transnet locomotive deal, but were “ignored”.... read more

 South African EconomyYesterday
Fin24.com | UK retail sales go cold as Christmas shopping season nears

UK retail sales have barely risen in October as food stores saw declines for a second month and clothing dropped the most this year.... read more

 South African EconomyYesterday
Fin24.com | SARB unlikely to change interest rate - Credit Suisse

The SA Reserve Bank is likely to keep the repo interest rate unchanged at its next meeting and adopt a hawkish stance, says Carlos Teixeira of Credit Suisse.... read more

 South African EconomyYesterday
Fin24.com | Mugabe's 37 years in power: How Zimbabweans' wealth took a dive

The average wealth of a person in Zimbabwe is one of the lowest levels in the world, according to Johannesburg-based global research group New World Wealth.... read more

 South African Economy2 days ago
Fin24.com | Maze of front companies linked to Transnet rail deal - report

About three-dozen shell companies allegedly received payments from Gupta-associated companies linked to the controversial China South Rail-Transnet contract, according to a report by the OCCRP.... read more

 South African Economy2 days ago
Fin24.com | It's easy enough to get an unqualified audit opinion - AG

While the Auditor General says it's not difficult to receive an unqualified audit opinion, less than one in three state departments and entities have done so.... read more

 South African Economy2 days ago
Fin24.com | BLSA wants to meet with all ANC president candidates on SA's economic future

Business Leadership SA wants to talk to all candidates for the ANC presidency ahead of the party's national conference.... read more

 South African Economy2 days ago
Fin24.com | Top5 on Fin24: Report shows massive loss for Eskom, and day two for Zimbabwe's 'soft coup'

ICYMI: A roundup of Thursday's must-read financial news... read more

 South African Economy2 days ago
Fin24.com | Govt may consider listing of SOEs - Ramaphosa

Deputy President Cyril Ramaphosa says government may consider proposals to list South Africa’s state-owned enterprises on the stock exchange similar to what countries such as China, Malaysia and Singapore have done.... read more

 South African Economy2 days ago
Fin24.com | Eskom: Caught between a bailout and a tariff hike

Eskom executives' plea for a tariff hike of 20%, has been met with a tough response from members of the National Energy Regulator of South Africa.... read more

 South African Economy2 days ago
Fin24.com | Magda Wierzycka to South Africa: Don't despair, but stay vigilant

Sygnia CEO Magda Wierzycka has a message for South Africa: This is no time to be complacent. Stay vigilant and don't lose hope.... read more

 South African Economy2 days ago
Fin24.com | Zim inflation widens as military intervenes

The latest data from Zimstats have shown consumer price index inflation spiking in October as retailers and businesses pass on the burden of foreign currency shortages to consumers.... read more

 South African Economy2 days ago
Fin24.com | Mugabe's refusal to resign said to stall Zimbabwe transition

President Robert Mugabe’s refusal to publicly resign is stalling plans by Zimbabwe’s military to swiftly install a transitional government after seizing power.... read more

 South African Economy2 days ago
Fin24.com | To save Eskom from ruin, SA should ditch nuclear plan and cut coal power - study

Eskom should cut down on its coal power network – including curtailing work at Kusile – and should not embark on any new nuclear, gas or coal building programmes if it wants to save itself from financial ruin, a new study has found.... read more

 South African Economy2 days ago
Fin24.com | SA trade conditions remain constrained - survey

Tough trade conditions suggest a decline in the value added by the wholesale and retail trade, hotels and restaurants, says the SA Chamber of Commerce and Industry.... read more

 South African Economy2 days ago
Fin24.com | Eskom is set to make massive loss, report shows

The low electricity price increase granted by Nersa and declining sales volumes, rising costs and debtor payment challenges are putting Eskom’s revenue, cash flow and bottom line under severe pressure.... read more

 South African Economy2 days ago
Fin24.com | Businesses hold off on expansion plans amid uncertainty - report

SA businesses are holding off on further investment and expansion plans as they await more certainty and economic stability, a report has revealed.... read more

 South African Economy2 days ago
Fin24.com | Sombre mood in Harare as shops shut early

Zimbabweans largely heeded calls by the military, with businesses such as Pick n Pay and Nando’s closing early and Harare streets emptying up.... read more

 South African Economy3 days ago
Fin24.com | Zimbabwe power brokers: key figures in battle to succeed Mugabe

Four key figures within Zimbabwe’s ruling party will determine how the battle to succeed him plays out.... read more

 South African Economy3 days ago
Fin24.com | Parliament rallies around Eskom inquiry evidence leader Vanara

Parliament’s portfolio committee on public enterprises on Wednesday slammed the state attorney for trying to intimidate members of Parliament and the institution’s evidence leader Ntuthuzelo Vanara.... read more

 South African Economy3 days ago
Fin24.com | NECSA says its chair targeted in 'surgically executed robbery'

NECSA CEO Phumzile Tshelane said the corporation has “direct evidence of the involvement of anti-nuclear business interests” but did not name them.... read more

 South African Economy3 days ago
Fin24.com | Zim's Econet Wireless running smoothly

It's business as usual for telecom tycoon Strive Masiyiwa’s Econet Wireless in Zimbabwe despite the takeover of power by the military.... read more

 South African Economy3 days ago
Fin24.com | EXCLUSIVE: Brown says she never saw Molefe's pension letter

Public Enterprises Minister Lynne Brown has in court documents denied receiving a letter written in November 2015 that set out former Eskom boss Brian Molefe's highly controversial pension package.... read more

 South African Economy3 days ago
Fin24.com | Top5 on Fin24: McKinsey offers to pay back R1bn in Eskom fees, and Zimbabwe businesses react to change in power

ICMYI - Wednesday's top business stories on fin24.... read more

 South African Economy3 days ago
Fin24.com | Zimbabwe's Biti sees opportunity for transitional authority

The “coup” carried out by Zimbabwe’s military offers an opportunity for the country to bring in a “national transitional authority” to deal with its problems, says an ex-minister.... read more

 South African Economy3 days ago
Fin24.com | Daughter of Angola's ex-president sacked as state oil chief

Angolan President Joao Lourenco on Wednesday fired his predecessor's daughter from her influential post as head of the Sonangol state oil company, the presidency said in a statement.... read more

 South African Economy3 days ago
Fin24.com | Mugabe's era is ending as Zimbabwean military seizes power

Zimbabwe’s military has seized power and detained 93-year-old President Robert Mugabe in a struggle over the succession of the only leader the nation has ever known.... read more

 South African Economy3 days ago
Fin24.com | Angola's Dos Santos family under pressure to give up key posts

Ex-Angolan president Jose Eduardo dos Santos' children are facing increasing pressure to step down from key posts, two months after the first leadership change in almost four decades.... read more

 South African Economy3 days ago
Fin24.com | Business as usual in Harare

Most retail outlets in Harare have opened for business despite armed forces seizing control of Zimbabwe, although walk-in traffic has been much lower than usual.... read more

 South African Economy3 days ago
Fin24.com | Mugabe has been confined to his home - Zuma

Zimbabwean President Robert Mugabe is confined to his home in Harare but is otherwise fine, says President Jacob Zuma.... read more

 South African Economy3 days ago
Fin24.com | Brown, Eskom board to face state capture inquiry - source

Next week has been set aside for those accused of state capture, a Parliamentary source speaking on condition of anonymity has told Fin24.... read more

 South African Economy3 days ago
Fin24.com | Pain at the pumps expected over festive season

The Automobile Association says an increase in fuel prices are expected due to a weak rand and an increase in global oil prices.... read more

 South African Economy3 days ago
Fin24.com | Eskom inquiry: Motion of confidence in Vanara

Members of the Public Enterprises Committee has called for a motion of confidence in advocate Ntuthuzelo Vanara who is currently the evidence leader of the inquiry into state capture at Eskom.... read more

 South African Economy3 days ago
Fin24.com | Keep existing fiscal regime for oil and gas - Davis Tax Committee

The Davis Tax Committee has recommended that Treasury keep the existing fiscal regime for oil and gas as it is well-established and efficient.... read more

 South African Economy3 days ago
Fin24.com | LIVE: Eskom, Brown, Molefe and Koko will face inquiry next week – source

Next week has been set aside for those accused of state capture, a Parliamentary source speaking on condition of anonymity has told Fin24... read more

 South African Economy3 days ago
Fin24.com | Zimbabwe's military seizes power, threatening Mugabe's rule

The armed forces seized power in Zimbabwe after a week of confrontation with President Robert Mugabe’s government and said the action was needed to stave off violent conflict in the southern African nation that he’s ruled since 1980.... read more

 South African Economy3 days ago
Fin24.com | Tariff hike could save Eskom - Treasury

National Treasury says the national regulator’s decision on whether to grant Eskom a tariff hike, as well as R60bn in clawback tariffs, could help improve the state utility’s liquidity squeeze.... read more

 South African Economy3 days ago
Fin24.com | Jannie Mouton: SA still land of opportunities

South Africa remains a country of opportunities, founder of the JSE-listed PSG Group Jannie Mouton tells Fin24.... read more

 South African Economy4 days ago
Fin24.com | WATCH: The country is being run like a Spaza shop – Cosatu

Fin24 talks to Cosatu's Matthew Parks in the wake of the release of the Heher Commission's report into the feasibility of fee-free tertiary education.... read more

 South African Economy4 days ago
Fin24.com | Government pension fund says it is 'over-exposed' to SA economy

The Government Employees Pension Fund is “over-exposed” to the South African economy and this needs to be addressed, says Abel Sithole, the fund’s principal executive officer.... read more

 South African Economy4 days ago
Fin24.com | KPMG says it has dropped clients amid tighter work protocols

KPMG’s CEO Nhlamu Dlomu says the auditing firm has "terminated several client relationships" since it put more stringent work protocols in place in the wake of criticism over its business dealings with the Gupta family.... read more

 South African Economy4 days ago