South Africa is currently experiencing the lowest growth episode in its modern history, and the country’s growth outlook could see living standards slip even further, says Rashad Cassim, the deputy governor of the South African Reserve Bank (SARB).

Credit Suisse announced Thursday that it would borrow almost US$54 billion (R996 billion) from the Swiss central bank to reinforce the group after a plunge in its share prices. 

A global slump in stocks dragged South Africa’s benchmark equity index lower for a seventh day on Wednesday, the longest losing streak for the market since October 2018.

Botswana will not drop its demand to sell a bigger share of the diamonds produced by its joint venture with De Beers, President Mokgweetsi Masisi said on Thursday, raising the stakes in talks to renew a sales deal that expires in June.

Africa’s largest grocery retail chain Shoprite has reported a 16.8% increase in group merchandise sales, raking in R106.3 billion for the 26 weeks ended 1 January 2023.

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