South Africa News

  • South Africa's credit ratings remains unchanged-Fitch

    SOUTH AFRICA, 2017/11/27 Ratings firm Fitch kept both South Africa’s local and foreign currency credit ratings unchanged at BB+, one notch below investment grade, with a stable outlook, the agency said on Thursday. In April, Fitch downgraded South Africa’s credit rating to sub-investment grade next Zuma abruptly fired Pravin Gordhan as finance minister, saying it would likely result in a change in economic policy direction.
  • South Africa: Meet Masiphumelele's Budding Violinists

    SOUTH AFRICA, 2017/11/18 In a small classroom learners from Masiphumelele are learning a new skill: playing the violin. The outreach program, that takes place on the campus of non-profit organisation Masiphumelele Corporation, is run by Titia Blake. "I'm trying to teach children to do what I do, and that is to play for weddings and functions," she says. Blake believes that education is the only way to solve the ills of society. "And my specialty is the violin and therefore the violin program."
  • HSBC 'complicit' in South Africa scandal, House of Lords told

    UNITED KINGDOM, 2017/11/04 HSBC has been accused of “possible criminal complicity” in a money laundering scandal involving South Africa’s wealthy Gupta family. Speaking in the Home of Lords on Wednesday, two weeks next he initial voiced concerns about UK links to the probe, Lord Hain said he had handed new evidence to the chancellor about the alleged involvement of a British bank in the “flagrant robbery” of South African taxpayers. Hain did not mention the name the bank in the Lords but did so in a letter to the Philip Hammond, in which he said the bank should be investigated over “possible criminal complicity” in corruption.
  • Namibia Scraps Visas for Africans

    BOTSWANA, 2017/11/01 Namibia has gotten the ball rolling on plans to scrap visa requirements for African passport holders next Cabinet authorised the implementation of this process - to be carried out in line with diplomatic procedures. Namibia will any minute at this time start issuing African passport holders with visas on arrival at ports of entry as a initial step towards the eventual abolition of all visa requirements for all Africans.
  • Africa: Experts Explore Infrastructure and Cooperation to Improve Lives

    BOTSWANA, 2017/11/01 Addis Ababa — African economies require structural transformation to attain sustained increase that trickles down to all its peoples, an official from the United Nations Economic Commission for Africa (ECA) told experts gathered at the organization’s Ethiopian headquarters. Soteri Gatera, who heads the ECA’s Industrialization and Infrastructure Section, says only such “inclusive” economic increase will help resolve the “persistent social economic problems” Africa faces.
  • Africa's last international banks make their stand

    BOTSWANA, 2017/10/31 On June 1, 2017, Barclays sold a 33.7% stake in its African business, Barclays Africa Group Limited (BAGL). The transaction reduced the UK lender’s stake in its African offshoot to 14.9% and permitted, in accounting terms, the deconsolidation of BAGL from its parent. Additional symbolically, it brought to an end Barclays’ operations on the continent next additional than 100 years. The rise of Africa’s home-grown financial players has led most international lenders to withdraw from the continent. However, Société Générale and Standard Chartered are not only staying put but marking territory for digital expansion. James King reports.
  • Africa’s Growth: Nobel Laureate Joseph Stiglitz Calls For New Strategy

    BOTSWANA, 2017/10/19 Joseph Stiglitz has advised African nations to adopt coordinated strategy encompassing agriculture, manufacturing, mining, and service sectors to attain same success delivered by the old manufacturing export-led strategy. Prof. Stiglitz, an economist and professor at Columbia University, New York, gave the advice at the Babacar Ndiaye lecture series introduced by African Export-Import Bank (Afreximbank) which debuted in Washington D.C.
  • Ecobank launches mVisa across 33 African Countries

    BOTSWANA, 2017/10/19 Ecobank Scan+Pay with mVisa delivers instant, fasten cashless payment for goods and services by allowing customers to scan a QR code on a smartphone or enter a incomparable merchant identifying code into either a feature phone or smartphone Ecobank (https://Ecobank.com) has partnered with Visa to launch Ecobank Scan+Pay with mVisa solutions to their consumers. The strategic tie-up signals interoperability on a cross border level – and potentially huge gains – as it affords consumers with the ability to use their mobile phone to due access the funds in their bank accounts to pay person-to-merchant (P2M) or person-to-person (P2P).
  • South Africa’s Eskom asks McKinsey, Trillian to return $117MN

    SOUTH AFRICA, 2017/10/17 South Africa’s Eskom has asked consultancy firms McKinsey and Trillian to pay it back 1.6 billion rand ($117 million), saying that an internal inquiry had found that the national power utility’s decisions to make the payments were unlawful. “The interim findings from Eskom investigations into the circumstances surrounding payments made to both the companies point to certain decisions by Eskom, and resultant payments, as being unlawful,” Eskom said on Thursday.
  • South Africa’s central bank says has not instructed banks on ties with KPMG

    SOUTH AFRICA, 2017/10/17 South Africa’s central bank said on Friday it has not instructed banks on how to transaction with KPMG next the auditing firm was entangled in a scandal involving business friends of President Jacob Zuma.