South Africa’s elite Scorpions police unit said on Monday they have raided Department of Minerals and Energy Affairs offices to probe allegations of corruption, and diamonds formed a key part of the investigation.
South African furniture retailer JD Group reported a 37 percent fall in first-half headline earnings per share on Monday after it tightened its rules for granting credit to protect its future earnings.
South African commodity stocks found favour with foreigners while local players snapped up financial shares by midsession on Monday as a weak dollar boosted metal prices and the rand, traders said.
South Africa’s rand strengthened against the dollar on Thursday morning as the US unit slipped versus the euro, which was buoyed by the prospect of an end to German engineering union IG Metall’s strike.
South Africa will invite applications for a concession to run the country’s busiest harbour, the Indian Ocean port of Durban, in the third quarter of this year, a senior minister said on Thursday.
Nedcor and BoE have been given the go-ahead to merge by Finance Minister Trevor Manuel.
Saudi-backed Cell C, South Africa’s third and most recent mobile phone operator, has connected more than 500 000 customers within six months of starting business.
Deutsche Bank said it had agreed to arrange deals worth R800-million to offset perceived losses to South Africa’s foreign currency reserves from asset swaps it set up in 2001.
The rand held at its best level for the year on Wednesday, with its strengthening trend set to continue near-term as gold prices extend their rally.
Old Mutual announced that its US asset management group was selling NWQ Investment Management company to John Nuveen for -million.