African nations need US$424 billion this year to help them cope with the devastation caused by the coronavirus pandemic, according to the head of the continent’s top multilateral lender.

A consortium backed by South African billionaire Johann Rupert is preparing a higher takeover bid for Mediclinic, the country’s largest hospital operator, people with knowledge of the matter said. 

Zapper is considering options to raise capital, including a stake sale, that could value the South African startup at nearly US$1 billion, according to people familiar with the matter. 

Changes to Regulation 28 of the South Africa Pension Fund Act, and especially the increase in the proportion of a retirement fund that asset managers can invest offshore, have been discussed since 2019, when National Treasury first mentioned that it was time to update regulations. These changes to legislation were gazetted this week.

Zimbabwe's central bank said it would start selling gold coins this month as a store of value to tame runaway inflation, which has considerably weakened the local currency.

South Africa's average salary posted a dramatic fall in May, at a time when consumers are battling skyrocketing prices of food and fuel, the latest data from payments clearing house, BankServAfrica shows.

De Beers Group said on Wednesday that it had agreed with the government of Botswana to extend by one year an agreement for the sale of rough diamonds from their joint venture, Debswana.

Traders tempered expectations for the largest South African increase in borrowing costs in almost two decades after the head of the nation’s central bank said it may consider raising interest rates by only half a percentage point in July.

The Sarb said in its Quarterly Bulletin that the increase was due to foreign entities increasing equity investments and granting loans to domestic subsidiaries.

There seems to be no reprieve for South African wallets as another hefty fuel increase is predicted for next week, as well as economists anticipating further interest hikes.

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