Monday, 17th December 2018


Articles related to economy

British fund Gemcorp extends $250 million loan to Zimbabwe -CEO

London-based emerging market fund Gemcorp Group said on Monday it had extended a $250 million loan to Zimbabwe to help the country import essential goods like electricity, fuel and medicine, the company’s CEO said.

The southern African nation is facing its worst shortages of cash dollars since it dumped its own currency in 2009 in favour of the…

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South Africa's Eskom has coal shortages at 10 power plants: spokesman

South African power utility Eskom said on Monday that it had less than 20 days of coal supplies at 10 of its 15 coal-fired power stations, posing a threat to national power supplies. 

“Out of our 15 coal-fired power stations, 10 of them have less than 20 days. Clearly this is contrary to what the regulator has prescribed,” Eskom spokesman Khulu…

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Ramaphosa doesn't believe S.Africa will face sanctions over land reform

President Cyril Ramaphosa said on Tuesday there was no reason to believe that any country would impose sanctions on South Africa over the government’s plans to redistribute land to address racial disparities in ownership.

Ramaphosa announced in late July that the ruling African National Congress (ANC) plans to change the constitution to allow the…

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Moody's sees little chance of South Africa downgrade

Moody’s said on Thursday there was little chance it would strip South Africa of its investment grade credit rating this year - giving some respite to President Cyril Ramaphosa after the economy moved into recession.

But the agency - the last of the top three ratings firms to have Pretoria’s long-term foreign-currency debt at investment grade - said…

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South Africa's rand firmer as emerging markets take a breather

South Africa’s rand firmed against the dollar early on Tuesday as some emerging market currencies that sold-off sharply in recent weeks regained some lost ground.

At 0650 GMT the rand was 0.77 percent stronger at 15.0925 per dollar compared to a close of 15.2100 in New York.

Investors remain cautious in the rand though following second-quarter…

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