Cellphone operator Cell C expects full-year core profit to rise by over 30% as a turn-around plan pays off, its chief financial officer said on Tuesday. Newly appointed CFO Fabrizio Mambrini said the struggling firm expected growth in revenue to be ''quite outstanding''.
South African mines made slow progress in bringing back production on Friday after Eskom allowed them to make only limited increases to their electricity consumption. The power cuts that shut the mines a week ago have helped push global precious metals prices to record highs and stoked concerns about a slowdown of growth.
The battle to lead the ruling African National Congress (ANC) has boiled down to President Thabo Mbeki and his former deputy, Jacob Zuma, in a clash that has shaken the party to its core. There are no signs that an economic boom will end anytime soon but millions of South Africans mired in poverty are waiting for the ANC to ease their hardships.
As a wax model of English rugby star Jonny Wilkinson joined the statue of national hero Horatio Nelson in London's Trafalgar Square, attention in both England and South Africa was on Friday focused on the looming Rugby World Cup final between the two nations.
South Africa's solid economic fundamentals should help it weather current turmoil in global financial markets, Finance Minister Trevor Manuel said on Wednesday. South Africa's rand currency and stock markets have swung wildly over the past few weeks amid turmoil in financial markets in the face of a global credit crunch.
South African hard-line apartheid-era minister of law and order Adriaan Vlok and four co-accused received suspended sentences on Friday after pleading guilty to attempting to murder a leading black activist cleric in 1989. Vlok and his former police chief were given 10-year prison sentences, suspended for five years.
South African electricity tariffs are likely to keep rising steeply as the country tries to fund a massive spending programme to upgrade its power network, Public Enterprises Minister Alec Erwin said on Friday. Africa's largest economy has suffered a series of power failures over the past couple of years as it struggles to keep up with faster economic growth.
Africa's four biggest economic powers could become an engine for regional growth in the same way that emerging market giants Brazil, Russia, India and China are trendsetters in the rest of the developing world, a senior researcher at the African Development Bank said.
African gay activists this week protested against ''state-sponsored'' homophobia, saying authorities condone their persecution across the continent. The International Gay and Lesbian Association's first pan-African conference in Johannesburg drew activists who say they have seen the consequences of laws that breed homophobia.