Economy

SA foreign direct investment down

South Africa’s foreign direct investment inflows fell by nearly R3 billion ($209.6 million) in the third quarter, the central bank said on Friday in its quarterly bulletin, as foreign firms sent less money to local subsidiaries.

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PZ Cussons warns on consumer demand, African challenges

Soap and cosmetics maker, PZ Cussons Plc, warned on Thursday it was facing weakened consumer demand across its main markets, with its dominant African business hampered by a weakened Nigerian economy and falls in the Naira currency.

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Group Five attracts interest in parts of business

Loss-making South African construction firm, Group Five Ltd, has received interest from a number of parties for various parts of its business as it explores selling some assets, it said on Thursday.

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More woes for embattled SA liner

South Africa has suspended airline, CemAir. It can no longer operate as an airline or air operator or fly any of its 21 aircraft, the South African Civil Aviation Authority (Sacaa) announced last night.

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Amplats expects jump in full-year earnings

Anglo American Platinum on Thursday said it expects a 20% increase in full-year earnings, helped by an increase in the Rand basket price and improved operational performance.

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Eskom debt swap not an option: President

A debt swap for cash-strapped State power company, Eskom, would spiral the country into more debt, South Africa’s President Cyril Ramaphosa said on Thursday, adding there was need to look at other options to shore-up the company’s balance sheet.

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Pharos Holding to launch microfinance services

Egypt’s Pharos Holding investment bank will launch micro-finance portfolio services worth around $22-$28 million in the first quarter of 2019, Co-Chief Executive Officer, Aladdin el-Afifi, told Reuters in an interview.

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Botswana Governor fears inflation risks

The Bank of Botswana's Governor, Moses Pelaelo, has allayed fears that inflation will shoot beyond the Reserve Bank's three to 6% medium term target.

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Nigeria files London lawsuit against Shell, Eni over oil deal

Lawyers for the Nigerian government said they had filed a $1.1 billion lawsuit against Royal Dutch Shell and Eni in a commercial court in London on Thursday in relation to a 2011 oilfield deal.

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Zimbabwe Mining Minister invites De Beers, Vast Resources to return

De Beers and Vast Resources will be allowed to explore for diamonds in Zimbabwe, which would make them the first listed companies to mine there in that sector for two years, Mining Minister, Winston Chitando, said.

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