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Ramaphosa sends envoys to seek $8 bln investment for South Africa

South African President Cyril Ramaphosa on Monday appointed a team of business and finance experts to seek $8 billion in investment to boost the economy of Africa’s most industrialized nation. The team is composed by former finance ministers, Trevor Manuel and Pravin Gordhan, the special economic adviser to the president, Trudi Makhaya, former Treasury Director […]

South Africa inks hotly-contested $4.7 billion renewable energy deal

South African government on Wednesday signed a long-delayed and hotly-contested renewable energy contract worth $4.7 billion with independent power producers (IPP). Energy Minister Jeff Radebe signed the contested renewable energy agreements with 27 independent power producers on behalf of state-owned power utility Eskom. The 27 contracts on mostly solar and wind projects were held up […]

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AU launches world’s largest free-trade area, biggest economies out

Forty-four African countries on Wednesday launched a $3 trillion continental free-trade zone encompassing 1.2 billion people. But Nigeria and South Africa, the continent’s biggest economies did not sign up, diminishing its impact. The African Continental Free Trade Area (CFTA) is one of the bloc’s flagship projects. Nigerian President Muhammadu Buhari last week, called for more […]

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Zimbabwe doctors down tools as nationwide strike begins

Doctors at public hospitals in Zimbabwe have embarked on a nationwide strike demanding better wages, benefits, and work conditions, doctors’ unions said on Tuesday. The strike is crippling public hospitals as patients are being turned away or left in corridors without assistance in major hospital across the southern African nation. According to local media, the […]

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South Africa’s MTN posts $279 million annual profit after Nigeria fine saga

MTN Group, Africa’s biggest mobile-network operator by sales, said it returned to profit in 2017 with earnings totaling 3.3 billion rand, or 182 cents per share, in 2017, compared with a loss of 77 cents per share, a year earlier. MTN suffered its first-ever loss in 2016 after a fallout from a $1 billion fine […]

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South African Shoprite eyes Kenya entry

South African retailer giant, Shoprite Holdings, will open seven prime shopping malls in Kenya in the coming months, the firm’s chief executive, Pieter Engelbrecht said. According to Engelbrecht, Shoprite has opened 158 new stores in 2017 across 14 countries; creating 4,254 jobs. The supermarket chain operates 2,811 outlets employing 148,000 people. Six of its seven […]

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South Africa’s Ramaphosa appoints deputy, fires 10 ministers

South Africa’s new leader, Cyril Ramaphosa, on Monday, appointed African National Congress (ANC) Deputy President David Mabuza as his second in command. In a late-night address, Ramaphosa announced significant changes to his Cabinet, including the return of Nhlanhla Nene and Pravin Gordhan, among others. Nkosazana Dlamini-Zuma, the former president’s ex-wife who narrowly lost to Ramaphosa […]

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UK warns of Islamic State attacks in South Africa

The United Kingdom has warned of a threat of attacks by Islamists on foreigners in South Africa following the kidnapping of two British nationals. According to a statement posted on its website, Britain’s Foreign Office said the main threat was from Islamic State. The British couple, who live in Cape Town and have dual British […]

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South Africa’s new president vows to fight corruption

South Africa’s vice-President Cyril Ramaphosa was sworn in as head of state on Thursday, a day after corruption-plagued Jacob Zuma resigned as President of the African most industrialized nation. Immediately after the swearing-in ceremony, the former union leader, vowed to fight corruption in a direct reference to accusations levelled against his predecessor, Jacob Zuma. He […]

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Jacob Zuma finally resigns as South Africa’s president

South Africa’s President Jacob Zuma has finally resigned as president, days after he defied orders from the ruling African National Congress to leave office. In a televised address to the nation late on Wednesday, Zuma said, “no life should be lost in my name and also the ANC should never be divided in my name.” […]

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