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African nations at risk of debt distress despite growth – IMF

The International Monetary Fund on Tuesday warned that Sub-Saharan African nations are at growing risk of debt distress. This came in the IMF regional economic report and the outlook for Sub-Saharan Africa released on Tuesday. According to the Washington-based Fund, Sub-Saharan Africa’s rate of economic expansion would rise to 3.4 per cent this year, up […]

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FIFA 2026 World Cup: Trump’s threat bites as SA reviews support for Morocco

The South African Football Association (SAFA) has come back on its April 16 decision to support Morocco’s bid to host FIFA 2026 World Cup arguing that it has not officially made a decision on which bid to endorse. After receiving a presentation of US-Canada-Mexico joint bid, the SAFA in a statement May 3 noted that […]

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South Africa: flash floods hit drought-stricken Cape Town

Drought-stricken Cape Town was lashed by heavy rains overnight, leading to widespread localized flooding in areas around the metropole. Heavy rain throughout Wednesday has blocked roads and disrupted traffic in Cape Town, city officials said on Thursday. According to officials about 578 structures and approximately 2,000 people have been affected by flooding. The city has […]

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South African Airways urgently needs a new capital injection – CEO

South African Airways on Tuesday said it needs about 5 billion rand ($404 million) to cover immediate costs as the state carrier battles to stay in operation. According to the carrier’s Chief Executive Officer, Vuyani Jarana, the turnaround plan is designed to ease the company’s dependency on the government, which last year approved a bailout […]

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South Africa’s Ramaphosa quits Commonwealth summit amid protests at home

South Africa’s President Cyril Ramaphosa has cut short his visit to Britain to return to South Africa to deal with protests in the southern African nation’s North West province. Clashes broke out between protesters and police in the region on Wednesday. It is the first big demonstrations since Ramaphosa took power in February. Ramaphosa was […]

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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 […]

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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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