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Sunday, 17th November 2019
4:44:30am

Economy

Articles related to economy

South Africa's rand tumbles 1% as Eskom plans nationwide power cuts

South Africa’s rand tumbled more than 1% on Wednesday to its softest level in a week after state power utility Eskom said it would implement nationwide blackouts for the first time in more than six months due to capacity shortages.

The rand was 1% weaker at 15.0550 per dollar, its lowest since Oct. 10, as of 0615 GMT.

Eskom said it will cut up to…

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Zimbabwe state employees say they cannot work as prices soar

Zimbabwe’s public sector unions said on Tuesday they were unable to go to work because of soaring prices, adding to the government’s problems as it struggles to revive the economy.

The unions however stopped short of calling a strike to give the government more time to respond to their salary demands.

President Emmerson Mnangagwa is grappling with…

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Zimbabwe quadruples electricity prices to fund power investment

Zimbabwe has increased the average electricity tariff by 320% to let the state power utility ramp up production and improve supplies at a time of daily rolling power cuts, the national energy regulator said on Wednesday.

Power cuts lasting up to 18 hours have hit mines, industry and homes and, together with a devastating drought, have been cited by…

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South Africa's rand steady on thaw in trade tensions

South Africa’s rand inched slightly up in early trade on Monday, holding near a 3-week high it hit in the previous session, as risk sentiment strengthened following signs of progress in U.S.-China trade talks and a Brexit breakthrough.

At 0610 GMT, the rand was 0.05% firmer at 14.7470 per dollar, not far from Friday’s rally to 14.7100. 

On Friday,…

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IMF sees higher Nigeria inflation in 2020 on minimum wage, tax rises

Nigeria’s government may drive up inflation when it increases a sales tax to partly finance its record 2020 budget and implements a new minimum wage, the International Monetary Fund (IMF) warned.

The country, Africa’s top oil producer and the continent’s largest economy, is faced with the choice of boosting growth in the face of lower oil revenues…

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