By Tiisetso Motsoeneng JOHANNESBURG (Reuters) – The chief executive of South African cement maker PPC quit abruptly on Monday, with the company citing clashes between him and the board, sending its shares to their biggest daily fall in nearly six years. Ketso Gordhan, who was appointed at the start of last year, leaves the company … Read more
Shortly after news broke last night that South Africa has agreed a $50bn nuclear power plant deal with Russia’s State-owned Rosatom, one of the country’s leading economists emailed me thus: “All my energy research reports can be put in the trashcan. Please do not quote me by name but I would say: ‘Doomed to darkness … Read more
LUSAKA (Reuters) – Zambia and Zimbabwe have obtained pledges of $280 million to rehabilitate the Kariba dam, a crucial source of energy built more than 50 years ago that requires urgent maintenance, the authority managing the dam said on Wednesday. The European Union (EU) will provide $100 million, the World Bank and African Development Bank … Read more
HARARE (Reuters) – Zimbabwe has spent $180 million in unbudgeted expenditure to service outstanding loans from China in an effort to improve relations and encourage new financial support, Finance Minister Patrick Chinamasa said on Wednesday. “In the first six months of this year we have had to cough up $180 million, which was not in … Read more
While South Africa seems set to remain the largest and most active market in Africa for listed and unlisted real estate investment funds – at least for the time being – rapid urbanisation roll-out in the rest of Sub-Saharan Africa is creating new horizons of investment opportunity for property fund managers both regional and international. … Read more
Africa has the acreage, but not the expertise. Not to harp too much on the destruction of ‘Africa’s Breadbasket’ across the Beit Bridge, there are countless willing and able small farmers throughout the continent that would be able to create wealth for themselves through agriculture. In comparison China produces about 143 million tons of rice against … Read more
By Cris Chinaka and Michael Martina HARARE/BEIJING (Reuters) – Snubbed by a U.S.-hosted gathering of African leaders this month, Zimbabwe’s veteran President Robert Mugabe has turned again to “old friend” China, but even Beijing’s support may not be enough to rescue his country’s sinking economy. Mugabe, at 90 Africa’s oldest leader and one of its … Read more
If there is anyone around to lend an expert ear to what is happening in the markets it is Sasha Naryshkine from Vestact. He spent the morning analysing the slurry of results that came out today, and was ready to unpack all of the details with Alec Hogg on CNBC’s Power Lunch this afternoon. Today … Read more
Zimbabwe riot police detained more than a dozen opposition protesters and beat up others at a demonstration on Wednesday over high unemployment, an AFP correspondent witnessed. Police armed with batons descended on around 100 members of the opposition Movement for Democratic Change marching in the capital Harare, days after its party leader advocated a wave … Read more
Given the nearly 60% drop in Foreign Direct investment into Zimbabwe, Africa’s oldest ruler, Robert Mugabe (90) is looking to China for aid. Zimbabwe’s largest exports are: Diamonds (18%), Gold (18%), Raw Tobacco (13%), Nickel Mattes (9%) and Ferroalloys (7.3%). The country also has reserves of Chromite as well as Copper and Coal. Currently South Africa dominates … Read more