Africa-news

Africa-news (598)

An expansion in electricity production across sub-Saharan Africa will require US$350 billion of investment if it’s to reach all citizens, with off-grid generation accounting for a fifth of the total, according to consultant Wood Mackenzie Ltd.

The South African Reserve Bank’s Monetary Policy Committee is expected to hike interest rates by a further 25 basis points on 24 March, say economists at banking group Absa.

Rand Merchant Investment Holdings (RMI) plans to list OUTsurance, the company has confirmed.

Naspers lost more than R100 billion in value on Monday after a report in the Wall Street Journal triggered a large sell-off in the Chinese tech giant Tencent.

Financial services group Old Mutual said Tuesday (15 March), that high infection rates from the second and third wave of Covid-19 continued to impact its business and employees.

Globally the number of ultra-high-net-worth individuals (UHNWIs) increased by more than 9% from 2020 to 2021, adding 52 000 very wealthy people. However, in South Africa the number declined by 7% from 603 to 561 over the same period.

Absa says it is expecting the fifth wave of Covid-19 infections to emerge as soon as next month. New daily Covid-19 infections in South Africa are currently below 1 000 a day, and there have been no new deaths recorded in the official tally in the past two days.

Ster Kinekor’s business rescue plan has been approved by the group’s creditors and shareholders.

South Africa’s Standard Bank is trying to convince the Industrial and Commercial Bank of China (ICBC) to buy its 40% stake in their London-based joint venture, CEO Sim Tshabalala said on Friday.

South Africa is in full support of establishing a single African currency backed by the continental central bank and monetary institute.

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