INTERNATIONAL credit rating agency, Moody’s Investor Services, has reconfirmed South Africa’s investment grade status and upgraded the outlook for the rating from negative to stable, the finance department announced on Thursday. The department said that Moody’s had indicated it is concerned about the rate of economic growth and the low level of employment creation but indicated that some positive factors support South Africa’s investment grade rating. These include the government’s efforts to redress socio-economic inequalities while maintaining fiscal discipline, progress in the liberalisation of exchange control, an advanced banking system and a well-developed infrastructure.
UGANDAN COFFEE EXCELS
UGANDA’S coffee exports and receipts rose in December by more than 90% over the previous month due to improved weather conditions, Uganda Coffee Development Authority said on Thursday. The authority said that the target of 350000 60kg bags for December export was surpassed by more than 100000 bags after the UCDA recorded 468403 bags by the end of December. It expects some 320_,000 bags to be exported by the end of January.
SAA-AIR NAMIBIA ALLIANCE
SOUTH African Airways and Air Namibia have signed an agreement committing themselves to a long-term commercial alliance, which will include the subsidiaries South African Express Airways, South African Airlink and Kalahari Express Airline. In terms of the deal, signed by SAA CEO Coleman Andrews and Air Namibia MD Dr Jaafar Ahmad, preferred carrier status will be applied to the participating airlines in the alliance. Said Andrews: “I see this agreement as a further step in our strategy for winning to ensure that we continue to build a global network from South Africa. The airline industry is now taking note of SAA’s strategy of setting standards of excellence for alliance negotiation and management.”