Edition:
United States

Tiisetso Motsoeneng

Scandal-hit Steinhoff posts $4 billion operating loss for fiscal 2017

May 08 2019

JOHANNESBURG South African retailer Steinhoff on Tuesday reported a $4 billion operating loss in the 2017 fiscal year, in a much-delayed earnings report revealing the impact of a $7.4 billion accounting fraud. | Video

Anger at corruption dents faith in South African president, ANC before poll

May 03 2019

VREDE, South Africa/JOHANNESBURG Struggling farmer Meshack Ncongwane was a life-long supporter of South Africa's governing African National Congress, but says the party won't get his vote in parliamentary and provincial elections next week. | Video

South Africa's PIC denies considering ex-Absa executive as next CEO

Apr 18 2019

JOHANNESBURG, April 18 South Africa's state pension fund denied considering a former banking executive as its next chief executive as it seeks to fill a position which has become increasingly sensitive given the successive departures of its CEO and temporary replacement.

Zimbabwe mulls 'use it or lose it' approach to mining rights

Apr 10 2019

JOHANNESBURG Zimbabwe may withdraw mining rights from companies that take too long to dig for minerals, the deputy mines minister said on Wednesday, part of efforts to lift output in a sector vital to the country's economic revival.

UPDATE 2-Zimbabwe mulls 'use it or lose it' approach to mining rights

Apr 10 2019

JOHANNESBURG, April 10 Zimbabwe may withdraw mining rights from companies that take too long to dig for minerals, the deputy mines minister said on Wednesday, part of efforts to lift output in a sector vital to the country's economic revival.

UPDATE 1-South Africa says inflation risks balanced as holds rate

Mar 28 2019

PRETORIA, March 28 South Africa's central bank kept its benchmark repo rate unchanged at 6.75 percent on Thursday in a unanimous decision, saying the risks to the inflation outlook were "more or less evenly balanced".

UPDATE 2-South Africa's Capitec Bank cuts fees to compete with digital newcomers

Mar 28 2019

JOHANNESBURG, March 28 Capitec Bank will take hit of at least $25 million from cutting transaction fees in 2019, its chief executive said on Thursday, as the South African lender fights to defend market share from digital newcomers.

Tencent shareholder Naspers plots Euronext e-commerce listing

Mar 25 2019

JOHANNESBURG Tencent shareholder Naspers plans to float a portion of its e-commerce ventures on Euronext in Amsterdam, a move South Africa's biggest company said on Monday will create a $140 billion European internet giant.

Former Steinhoff chairman Wiese open to talks over $4 billion claim

Mar 18 2019

JOHANNESBURG Former Steinhoff chairman and top shareholder Christo Wiese said on Monday he is open to negotiations over a $4 billion claim against the South African retailer, days after it revealed the scale of a devastating accounting fraud.

PwC investigation finds $7.4 billion accounting fraud at Steinhoff, company says

Mar 15 2019

JOHANNESBURG South African retailer Steinhoff said an independent report had found it had overstated profits over several years in a $7.4 billion accounting fraud involving a small group of top executives and outsiders.

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