Africa > Southern Africa > Stock Market / Finance

Stock Market / Finance in Southern Africa

  • Zimbabwe’s new leader issues ultimatum for externalised funds

    ZIMBABWE, 2017/11/29 Zimbabwe’s new president on Tuesday gave a three-month ultimatum for the return of funds siphoned out of the country by individuals and corporations, as he moves to stem graft and revive the moribund economy. “The government of Zimbabwe is gazetting a three-month moratorium within which those involved in the malpractice can bring back the funds and assets, with no questions being asked or charges preferred against them,” Emmerson Mnangagwa said in a statement.
  • 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.
  • Zimbabwe’s y-on-y inflation rises to 0.78% in September

    ZIMBABWE, 2017/10/17
  • BRICS countries considering own cryptocurrency as settlement mechanism

    CHINA, 2017/09/07 The BRICS Finance Committee is discussing a joint virtual currency for the five country bloc of developing economies, according to the Russian Direct Investment Fund (RDIF) chief Kirill Dmitriev. During the BRICS Summit in Xiamen, Dmitriev told journalists that Brazil, Russia, India, China and South Africa could develop its own alternative to other payment tools. "While there is a focus on settlements in national currencies, cryptocurrencies are as well being discussed as one of the possible settlement mechanisms," Dmitriev explained.
  • The budget bank rattling South Africa's financial sector

    SOUTH AFRICA, 2017/09/06 A budget bank is booming in South Africa’s economic slump, challenging the decades-long dominance of the “large four” lenders and prompting a price war that is driving down banking costs in a country where a lot of people can’t afford an account. Capitec Bank has doubled its customer numbers over the completed five years and quadrupled in market price, even as South Africa’s economic increase has stalled and the country has slid into recession, squeezing household incomes. It offers a single “no-frills” bank account with low fees, inclunding unsecured loans to customers inclunding low-gain borrowers, but steers clear of the additional complex financial products offered by rivals.
  • South Africa considers privatisation to counter recession

    SOUTH AFRICA, 2017/07/29 South Africa’s Finance Minister Malusi Gigaba said on Thursday the country was considering the sale of non-core assets and partial privatisation of national-owned firms to wrench the economy out of recession. Gigaba told newsmen in Johannesburg that the privatisation was part of an “ambitious 14-point programme” to put the country back on the path of increase.
  • Zimbabwe: Major Councils Owed $1bn in Unpaid Bills

    ZIMBABWE, 2017/07/07 Major local authorities are owed over $1 billion in unpaid bills by residents, Government, industry and commerce, a situation half to blame for poor service delivery by most councils. Some local authorities are reportedly failing to collect refuse and provide other basic services and to pay salaries. Residents, commerce and industry are said to be the biggest culprits. Harare finance director Mr Tendai Kwenda said Harare was owed over $658 million and the city was using various strategies inclunding evictions of those leasing council properties inclunding issuing summons against defaulters in an attempt to recover its dues.
  • South Africa: Government Welcomes S&P Credit Rating

    SOUTH AFRICA, 2017/06/06 The South African government has welcomed Standard and Poor's decision of maintaining South Africa's long-term local currency deficit ratings of 'BBB-', an investment grade rating. "The affirmation of the long-term foreign currency rating of 'BB+' and the negative outlook on the ratings are as well noted. "While government agrees with S&P that the pace of economic increase is slow and as such, poses risks to fiscal consolidation and rising contingent liabilities, the fiscal policy stance continues to be guided by chapter 13 of the Constitution.
  • Wrestling with Moody’s over South Africa

    SOUTH AFRICA, 2017/04/28 New finance minister stares into the eyes of the re-rating monster in a series of top-level, Washington DC meetings. While the new finance minister's engagement with key world financial institutions got under way last week in Washington DC with a number of meetings with the World Bank and International Monetary Fund (IMF), attention was on the conference with Moody’s Investor Services early on Friday morning. Moody’s was always going to be the large one, as any decision to downgrade South Africa’s local currency rating to below investment grade would have huge implications for the flow of world capital to the country.
  • Finance Minister Malusi Gigaba could well captain South Africa through some stormy conditions.

    SOUTH AFRICA, 2017/04/26 Malusi Gigaba will write for Business Report The Star Late Edition24 Apr 2017Adri Senekal De Wet