Africa-news

Africa-news (598)

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.

The decision by JSE-listed Tongaat Hulett to terminate an underwriting agreement of up to R2 billion with Magister Investments, for its planned R5 billion rights issue to reduce the company’s massive debt, has been welcomed.

High in Chile’s sun-drenched Atacama desert, Gaston Caceres and five other engineers are working on plans for a huge solar-powered hydrogen project that reflects their country’s ambitions to become a leading exporter of the fuel.

UK consumers are starting to crumple in the face of soaring prices, according a series of reports that paint a grim picture of the nation’s cost of living crisis.

The rising interest rates in SA will not choke economic recovery in the country because the central bank acted early enough to keep inflation in check, says South African Reserve Bank (SARB) Governor Lesetja Kganyago.

Increased use of technology to improve the efficiency of mature African businesses is expected to boost the number of high net worth individuals, as the second generation of family-owned businesses takes over management from founders. 

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