Nigeria needs to deepen economic reforms and boost government revenues in order to have a sustained recovery after a coronavirus-induced oil price shock that slashed income and weakened its currency, the World Bank’s country director told Reuters on Friday.
The Budget Justice Coalition (BJC) says it is concerned about the increasing dishonesty from government in how the budget is presented.
Mining companies across the country continue to experience an escalation in the number of coronavirus (COVID-19) infections in their operations.
Finance Minister Tito Mboweni has painted a grim picture for the country as it battles with the new coronavirus pandemic and a shrinking economy. Mboweni delivered his supplementary COVID-19 budget on Wednesday this week.
The Fair Trade Independent Tobacco Association (FITA) has lost its court application to have the ban on the sale of tobacco products lifted. The organisation has been arguing that the ban has allowed the illegal sale of tobacco products to thrive.
Ratings agency Moody's says it is unlikely that the South African government will reach its target to stabilise debt by 2023.
Cabinet says it supports the proposal on the formation of a new airline to succeed South African Airways (SAA).
The Treasury has again rejected suggestions that it intends making amendments to Regulation 28, that will allow it to use pension funds to fund government programmes.
Oil prices rose in early trade on Friday, extending gains from the previous day on optimism about recovering fuel demand worldwide, despite surges in coronavirus infections in some US states and indications of a revival in US crude production.
A vote on a restructuring plan for loss-making South African Airways (SAA) was delayed until July 14 on Thursday, after some creditors and unions secured an adjournment after months of wrangling over the airline's future.
Mr Price Group has become the latest South African retailer to retreat from African markets due to weak economic growth, difficulties with repatriating funds and local procurement.
Harmony Gold raised close to R3.5 billion after issuing more than 60 million new ordinary shares to partly fund its purchase of rival AngloGold Ashanti’s last remaining South African assets, the company said on Thursday. Harmony agreed in February to buy AngloGold Ashanti’s Mponeng mine, the world’s deepest gold mine, and its Mine Waste Solutions […]
South Africa’s mining industry has recorded 1,796 cases of COVID-19 with six deaths, the Minerals Council said on Thursday as mines ramp up after an extended shutdown.
Zambia’s expenditure is expected to rise by approximately 20 billion kwacha ($1.11 billion) this year as the local currency weakens, piling more pressure on a nation already struggling with huge debt, President Edgar Lungu said on Thursday.
Deputy President David Mabuza says the rising debt owed to Eskom by municipalities continues to pose a serious risk to the power utility's liquidity.
U.S. Secretary of State Mike Pompeo on Wednesday blasted China’s policy on lending to African countries, reiterating Washington’s charges that it creates unsustainable debt burdens.
Western Cape Minister of Finance and Economic Opportunities David Maynier says the Special Adjustment Budget has left the province short-changed in the fight against COVID-19.
The SAA Business Rescue Plan published last week by Business Rescue Practitioners is expected to be voted on Thursday by creditors and stakeholders.
The Department of Health will receive R21. 5 billion to respond to the COVID-19 pandemic, which will go into increasing the numbers of people screening and testing for the coronavirus.
Britain’s economy is shrinking at its fastest pace in centuries as the devastation wrought by the coronavirus pandemic saps demand, but it’s likely to bounce back to growth next quarter as more businesses reopen, a Reuters poll found.
Oil prices inched up in early trading on Thursday after sliding more than 5% in the previous session on worries that a rapid rise in COVID-19 cases could choke a revival in fuel demand, but volumes were thin with China out on a public holiday.
Asian markets were set to follow a tumble in Wall Street stocks and oil prices on Thursday after surging US coronavirus cases and the International Monetary Fund’s downgrade to global economic projections shook confidence in a recovery.
The outlook for major global housing markets looks subdued, with high unemployment from the coronavirus pandemic and lockdowns and low immigration the biggest hurdles over the coming year, according to a majority of analysts polled by Reuters.
Chamber of Commerce and Industry Alan Mkoki says Finance Minister Tito Mboweni delivered a relatively fair supplementary budget speech - given the complicated economic situation the country finds itself in during the coronavirus pandemic.
Small South African lender African Bank swung to a half-year loss on Wednesday after taking a 550 million rand ($31.89 million) charge for bad debts.
Institute of Race Relations Deputy Head of Policy Research, Hermann Pretorius, says Finance Minister Tito Mboweni’s budget speech takes no steps to address South Africa’s debt.
A sharp rise in Nigeria’s sovereign debt and a ballooning financing gap could trigger a rating downgrade as policymakers in Africa’s biggest economy struggle to deal with the fallout from a coronavirus-induced oil price crash, a director at Fitch said.
Finance Minister Tito Mboweni says the government expects the South African economy to contract by 7.2% in 2020 as the coronavirus ravages the world and the local economy.
Finance Minister Tito Mboweni delivers the country's supplementary budget speech on Wednesday afternoon. The emergency budget reflects government's adjusted spending and expenses as a result of the COVID-19 crisis.
Many hard-pressed South Africans say they want government to prioritise job creation in its emergency budget.