Search

An operation to rescue illegal gold miners trapped underground in South Africa's North West province has begun after months of standoff. Civil rights groups report at least 100 deaths from starvation since October when authorities sealed off shafts at the Buffelsfontein gold mine. The government initially refused to help, but a legal settlement was reached, and heavy machinery has been deployed to facilitate the rescue. Illegal mining is a widespread issue in South Africa, with significant economic losses incurred annually. [Extracted from the article]

The African National Congress (ANC) in South Africa, which lost its long-standing political dominance in the previous elections, is focused on regaining public trust and rebuilding its support. President Cyril Ramaphosa expressed determination to become the majority party again in the next election during a recent rally. The ANC, originally formed in 1912 to fight for the rights of the country's Black majority, has faced challenges such as corruption, poverty, and unemployment, leading to a decline in support over the years. The party's alliance with the Democratic Alliance and smaller parties has been met with mixed reactions, with some concerns raised about its pro-business stance conflicting with traditional allies like labor unions and communist groups. [Extracted from the article]

Goldman Sachs Group Inc. predicts a significant slowdown in South African inflation next year, with an average of 3.3% and stabilization at around 4%. This forecast contrasts with the 4.2% median estimate of other economists and the 4% forecast by the country's central bank. The investment bank's optimistic outlook on price pressures also suggests a more positive view on interest rates, anticipating further rate cuts in the current easing cycle. Despite uncertainties in the economic environment, the central bank remains cautious in its approach to monetary policy. [Extracted from the article]

The article discusses the upcoming G-20 summit in South Africa, where President Ramaphosa will host world leaders, including former President Trump. It highlights the challenges of dealing with Trump's transactional style and offers advice on how to navigate interactions with him. The text also mentions past incidents involving Trump and other world leaders, emphasizing the importance of diplomacy and strategic communication in international relations. [Extracted from the article]

The G-20 leaders are expected to show unity on climate action and global trade rules at their upcoming meeting in Brazil, despite challenges posed by US President-elect Donald Trump. The draft statement emphasizes a commitment to multilateralism, the Paris Agreement, and the World Trade Organization. The summit will also address geopolitical issues, including Russia's war in Ukraine and tensions in the Middle East, while focusing on global governance reform and fighting hunger and poverty worldwide. [Extracted from the article]

The G-20 leaders are expected to demonstrate unity on climate action and global trade rules at their upcoming meeting in Brazil, despite challenges posed by US President-elect Donald Trump. The draft statement emphasizes a commitment to multilateralism, the Paris Agreement, and the World Trade Organization. The summit will also address geopolitical issues, such as Russia's war in Ukraine, while focusing on initiatives to combat climate change, poverty, and hunger worldwide. [Extracted from the article]

Dondo Mogajane, former head of South Africa's National Treasury, has resigned from all corporate roles following unspecified allegations against him. Mogajane denied any wrongdoing and stated that he will step down from all boards he currently sits on. The Finance Minister acknowledged his decision, and Mogajane had previously faced allegations related to accepting a bribe, which he also denied. [Extracted from the article]

Dondo Mogajane, the former head of South Africa's National Treasury, has resigned from all corporate roles following unspecified allegations against him. Mogajane denied any wrongdoing, stating that false allegations were made by a convicted felon. He has stepped down from various positions, including chairman of the Government Employees Pension Fund and CEO of the Moti Group, after previously facing bribery allegations related to VBS Mutual Bank. [Extracted from the article]

Goldman Sachs Group Inc is more optimistic about South Africa's fiscal situation than Finance Minister Enoch Godongwana, believing that the projected revenue shortfall may not be as severe as anticipated. Despite a wider deficit announced by the minister, Goldman economists see a credible path for fiscal consolidation in South Africa, aiming to stabilize debt and reduce it below 70% of GDP by the end of the decade. The country's credit ratings may see improvement in the future, with Fitch Ratings and Moody's Ratings expected to review their assessments following the budget update. [Extracted from the article]

South African Finance Minister Enoch Godongwana expressed concerns about implementing a binding fiscal anchor to cap the nation's debt, as it could limit policy options and undermine elected officials' roles. While some economists and political parties advocate for a fiscal anchor to stabilize finances, Godongwana emphasized the need for flexibility in government policy choices. Additionally, discussions around lowering the inflation target in South Africa are ongoing, with Godongwana prioritizing other pressing issues over this adjustment. Ratings agencies may review South Africa's credit rating following a budget update, but Godongwana remains focused on addressing the country's key needs without being overly concerned about potential rating changes. [Extracted from the article]

South Africa's Finance Minister, Enoch Godongwana, stated that there will likely be no new inflation target or fiscal anchor announced in the upcoming budget due to the need for further political consensus. The country has been working with the central bank to review the inflation target and establish a new fiscal rule to stabilize debt. Governor Lesetja Kganyago has advocated for a lower inflation goal to achieve permanently lower interest rates, but Godongwana emphasized the importance of considering the impact on inequality and garnering political support before implementing any changes. [Extracted from the article]

South Africa's Finance Minister, Enoch Godongwana, stated that a new inflation target is unlikely to be announced by February's budget. The South African Reserve Bank has been working with the Treasury to review its inflation goal, which was set at 3% to 6% in 2000. Governor Lesetja Kganyago has advocated for a lower inflation target to achieve permanently lower interest rates. The central bank recently reduced borrowing costs after inflation slowed, with policymakers forecasting price pressures to remain at or below 4.5% through 2026. [Extracted from the article]

South Africa's business-friendly coalition government faces a worsening debt trajectory and a slightly improved economic growth outlook, prompting the need for increased investment. The fiscal deficit is expected to widen to 5% of GDP, with debt projected to stabilize at 75.5% of GDP in 2025-26. The government aims to boost output, stabilize finances, and attract private investment to address challenges such as rising debt-service costs and falling tax revenue. President Cyril Ramaphosa plans to invest trillions in infrastructure to stimulate economic growth, while credit rating agencies may reassess South Africa's debt following the budget update. [Extracted from the article]

South Africa's budget update reveals a widening fiscal deficit, reaching 5% of GDP, higher than expected by economists. The government aims to stabilize state finances by reducing the deficit through spending restraints and stable tax collection. The new coalition government faces challenges in boosting output and employment while managing debt, with plans to attract private investment for infrastructure projects. Investors are closely monitoring South Africa's economic progress, with rating agencies set to review the country's debt ratings following the budget update. [Extracted from the article]

South Africa's budget update reveals a widening fiscal deficit, reaching 5% of GDP, prompting the new coalition government to attract more investment to the economy. The deficit increase is attributed to electricity shortages, civil servant pay rises, and falling tax revenue. The government aims to stabilize state finances by reducing the budget deficit and maintaining tax collection, while also allocating funds for key projects and evaluating options to encourage private investment in infrastructure. [Extracted from the article]

South Africa's budget update reveals increasing pressure on public finances, with the fiscal deficit expected to widen to 5% of GDP. The new coalition government aims to attract more investment to boost the economy, which is forecasted to grow at an average of 1.8% over the next three years. Despite challenges in meeting economic goals, the government is taking steps to reduce the budget deficit and stabilize state finances, with a focus on infrastructure investment and fiscal consolidation. [Extracted from the article]

South Africa is planning to establish infrastructure investment trusts and a blended-finance vehicle to attract funding for public-works projects such as roads and power-transmission networks. The government aims to designate infrastructure as a separate asset class to help secure funding, with a goal of attracting up to 3.2 trillion rand ($182 billion) from the private sector by 2030. The focus on construction is seen as a way to reduce the country's high unemployment rate, with every 1 million rand spent on infrastructure projects expected to create three low-skilled jobs and boost economic growth. Private infrastructure investment has been hindered by operating costs, corruption, and lack of trust in the government, prompting the government to explore new measures such as asset-backed securities and credit guarantee vehicles to reduce project risks. [Extracted from the article]

South Africa's business-friendly coalition government faces a worsening debt trajectory and a slightly improved economic growth outlook, necessitating increased investment. The fiscal deficit is projected to widen to 5% of GDP, with debt expected to stabilize at 75.5% of GDP by 2025-26. The government aims to boost output, stabilize finances, and attract private investment to address challenges such as rising debt-service costs and revenue shortfalls. President Cyril Ramaphosa plans significant infrastructure investment to drive economic growth, with credit rating agencies set to review South Africa's debt following the budget update. [Extracted from the article]

President Vladimir Putin is hosting the BRICS summit, showcasing Russia's global presence despite the conflict in Ukraine. The summit includes leaders from 32 countries, with discussions on reducing reliance on the dollar and expanding the group. While tensions exist within BRICS, the group's influence is growing, representing a shift in global power dynamics. Putin's leadership is attracting interest from countries seeking alternative international ties. [Extracted from the article]

The article discusses how President Vladimir Putin is hosting the BRICS summit to showcase that he is not isolated despite the conflict in Ukraine. The summit will include leaders from 32 countries, including China, India, and South Africa, among others. There are tensions within BRICS over issues such as reducing reliance on the dollar and expanding membership, with some countries wary of becoming an anti-US body dominated by China and Russia. The article highlights the growing demand for international ties independent of the West, as evidenced by the interest in joining BRICS. [Extracted from the article]

The article discusses how President Vladimir Putin is hosting the BRICS summit to showcase that he is not isolated despite the conflict in Ukraine. The summit will include leaders from 32 countries, including China, India, and South Africa, among others. There are tensions within BRICS over issues such as reducing reliance on the dollar and expanding membership, with some countries like India opposing further expansion to avoid becoming an anti-US body dominated by China and Russia. The article highlights the shifting global balance of power and the growing demand for international ties independent of the West. [Extracted from the article]

South Africa's 10-party coalition government has established a dispute-resolution body to address disagreements among partners, with Deputy President Paul Mashatile leading the first meeting. The clearing-house mechanism aims to foster a common understanding of critical policy matters, while the cabinet remains the final decision-making body. Despite ongoing tensions over issues like a national health insurance plan and school admission policies, the coalition government is expected to complete its five-year term, as stated by Presidency spokesman Vincent Magwenya. [Extracted from the article]

South Africa's 10-party coalition government has established a clearing-house mechanism to resolve policy disputes more effectively. Deputy President Paul Mashatile will lead the first meeting to ensure a common understanding of critical policy matters among government participants. Despite disagreements over issues like a national health insurance plan and school admission policies, the government is expected to complete its five-year term with the support of the mechanism. [Extracted from the article]

South Africa and Namibia are engaged in talks to resolve a disagreement over the Orange River, which serves as a key water source and border between the two nations. Namibia seeks to move the border to the middle of the river, while South Africa maintains the 1890 treaty specifying the border along the northern bank. Both countries face water scarcity exacerbated by climate change. The negotiations aim to find a collaborative solution guided by principles of good neighborliness, transparency, and mutual trust. [Extracted from the article]

A recent poll conducted by Ipsos shows that the number of South Africans who are optimistic about the country's future has doubled. This increase in optimism is attributed to the formation of a business-friendly coalition government and the absence of power cuts for over six months. The formation of a government of national unity, which occurred after the African National Congress lost its parliamentary majority, has also contributed to the positive sentiment. While foreign investors may still be cautious, local sentiment is more positive, as evidenced by the strengthening rand, successful local-currency bonds, and record highs in the Johannesburg Stock Exchange. However, concerns about unemployment, violent crime, inflation, and social inequality still persist among those surveyed. The upcoming medium-term-budget policy statement by Finance Minister Enoch Godongwana will be closely watched by investors for further insights into the country's economic outlook. [Extracted from the article]

Nasiphi Moya, a member of ActionSA and former deputy mayor, has been elected as the new mayor of South Africa's capital, Tshwane, following the collapse of a multiparty coalition. The African National Congress and the Economic Freedom Fighters supported Moya's appointment. The previous mayor, Cilliers Brink, a member of the Democratic Alliance, was removed from the post after the DA entered into a power-sharing agreement with the ANC at the national level. Tshwane has experienced instability since the ANC lost control in 2016, resulting in challenges with basic services and a cholera outbreak. Municipal elections in South Africa will be held in 2026. [Extracted from the article]

South Africa is currently reviewing its central bank's inflation target of 3% to 6% with the aim of preserving price stability. Deputy Finance Minister David Masondo stated that the intention is to have low and stable inflation to avoid economic volatility. The annual rate of inflation in South Africa has decreased to 4.4% in August, and discussions are ongoing regarding the appropriate level of the inflation target. The central bank currently aims to anchor inflation expectations around the 4.5% midpoint of the target range, but there is support for shifting to a lower single-point goal. [Extracted from the article]

South Africa is launching a credit-guarantee facility called the Credit Guarantee Vehicle (CGV) to attract private sector financing for infrastructure projects. The CGV aims to manage risk and reduce the need for public spending. The government plans to upgrade the nation's ports, railways, and roads to stimulate economic growth, and the CGV will provide credit enhancement in the form of guarantees or insurance products to cover risks that the private sector is not willing to take. The program will be piloted by Eskom Holdings SOC Ltd. and is being developed in collaboration with the International Finance Corp. and the World Bank. [Extracted from the article]

Bajabulile Swazi Tshabalala, a former senior staffer at the African Development Bank (AfDB), has been endorsed by South Africa's National Treasury to become the next head of the pan-African lender. Tshabalala would be the first woman to lead the AfDB if appointed. She has three decades of experience in finance and holds a BA in economics from Lawrence University and an MBA from Wake Forest University. Other candidates for the position include Samuel Maimbo, a vice president at the World Bank, and Amadou Hott, a special envoy to the current AfDB president. The election for the next president will take place on May 29, 2025. [Extracted from the article]

The South African National Treasury has endorsed Bajabulile Swazi Tshabalala, a former senior staffer at the African Development Bank (AfDB), to become the next CEO of the pan-African lender. Tshabalala, who recently stepped down from her role as senior vice president of the AfDB, has received an endorsement from the South African cabinet for her candidacy. The current head of the AfDB, Akinwumi Adesina, is set to step down in September 2025. Tshabalala, a banking veteran with three decades of experience, holds a BA in economics from Lawrence University and an MBA from Wake Forest University. Other candidates for the position include Samuel Maimbo, a vice president at the World Bank, and Amadou Hott, a special envoy to Adesina. [Extracted from the article]

South Africa's recent coalition government has attracted significant investor inflows, leading to a surge in the country's markets. To sustain this positive momentum, South Africa will need to implement reforms that promote economic growth, particularly in areas such as power generation and transportation infrastructure. Investment banks like JPMorgan and Goldman Sachs are optimistic about South Africa's potential, but emphasize the importance of addressing these key issues. The country's upcoming medium-term-budget policy statement will be closely watched by investors for indications of the government's priorities and fiscal metrics. [Extracted from the article]

South Africa's infrastructure development agency is restructuring its planned projects to attract private sector investment, as officials seek to court UK investors. The country's government aims to secure funding for energy, water, and freight-rail projects, and has amended regulations to make it easier for businesses to invest in public-private partnerships. South Africa's infrastructure investment plans over the next three years amount to 943 billion rand ($54 billion), and the government is looking to leverage private sector financing to achieve its goals. The reforms aim to remove red tape and make it easier for private investors to participate in infrastructure projects. [Extracted from the article]

South Africa is launching a credit-guarantee facility called the Credit Guarantee Vehicle (CGV) to attract private sector financing for infrastructure projects. The CGV aims to manage risk and reduce the need for public spending. The government plans to upgrade the nation's ports, railways, and roads to stimulate economic growth, and the CGV will provide credit enhancement in the form of guarantees or insurance products to cover risks that the private sector is not willing to take. The program will be piloted by Eskom Holdings SOC Ltd. and is being developed in collaboration with the International Finance Corp. The government acknowledges the need for trade-offs and prioritizes protecting front-line services. [Extracted from the article]

Bajabulile Swazi Tshabalala, a former senior staffer at the African Development Bank (AfDB), has been endorsed by South Africa's National Treasury to become the next head of the pan-African lender. Tshabalala would be the first woman to lead the AfDB if appointed. She has three decades of experience in finance and holds a BA in economics from Lawrence University and an MBA from Wake Forest University. Other candidates for the position include Samuel Maimbo, a vice president at the World Bank, and Amadou Hott, a special envoy to the current AfDB president. The election for the next president will take place on May 29, 2025. [Extracted from the article]

Bajabulile Swazi Tshabalala, a former senior staffer at the African Development Bank (AfDB), has been endorsed by South Africa's National Treasury to become the next CEO of the pan-African lender. Tshabalala, who recently stepped down from her role as senior vice president of the AfDB, has received support from the South African cabinet for her candidacy. Finance Minister Enoch Godongwana praised Tshabalala's candidacy as representing continuity and an opportunity for a capable female leader to take on a key African leadership position. Other candidates being considered for the position include Samuel Maimbo and Amadou Hott. [Extracted from the article]

South Africa's infrastructure development agency is restructuring its planned projects to attract private sector investment, as officials seek to court UK investors. The country's government aims to secure funding for energy, water, and freight-rail projects, and has amended regulations to make it easier for businesses to invest in public-private partnerships. South Africa's infrastructure investment plans over the next three years amount to 943 billion rand ($54 billion), and the government is looking to leverage private sector financing to achieve its goals. The reforms aim to remove red tape and make it easier for private investors to participate in infrastructure projects. [Extracted from the article]

South Africa's finance minister will prioritize investment in infrastructure in the upcoming budget update, which will be the first under the new coalition government. The establishment of the business-friendly administration has led to a stronger currency and more favorable international conditions, easing pressure on the country's finances. The focus on infrastructure is seen as crucial for economic growth. However, reforms are still needed to maintain positive sentiment and encourage consumer spending and business investment. [Extracted from the article]

South Africa's finance minister will prioritize investment in infrastructure in the upcoming budget update, which will be the first under the new coalition government. The establishment of the business-friendly administration has led to a stronger currency and more favorable international conditions, easing pressure on the country's finances. The focus on infrastructure is seen as crucial for economic growth. However, reforms are still needed to maintain positive sentiment and encourage consumer spending and business investment. [Extracted from the article]

The mayor of South Africa's capital, Cilliers Brink, was removed from office after a motion of no confidence was backed by the African National Congress, the Economic Freedom Fighters, and ActionSA. The municipality, which includes the capital Pretoria, has faced challenges with the provision of basic services and a cholera outbreak. The Democratic Alliance, which Brink is a member of, has acknowledged their shortcomings in governing Tshwane. The ANC and DA are part of a national coalition but have not been able to find common ground in the Gauteng province. The next municipal vote in South Africa will be held in 2026. [Extracted from the article]

After 100 days since Cyril Ramaphosa returned to power in South Africa, his African National Congress formed a governing alliance with opposition parties. This coalition has been credited with improving market sentiment, but it is Ramaphosa's earlier reforms that are driving the current optimism. The government faces challenges in delivering on infrastructure and policy issues, but the cabinet's centrist composition has raised expectations for reforms. The market rally is largely sentiment-driven, and investors are cautiously optimistic but wary of the coalition's fragility. The government's ability to attract long-term investment in sectors like transport and logistics will be crucial for sustainable economic growth. [Extracted from the article]

South Africa's new government, known as the Government of National Unity (GNU), has reached its 100th day in power. The coalition government has been credited with improving market sentiment, but it is President Cyril Ramaphosa's previous reforms that are driving the current optimism. Investors have welcomed the new political stability in Africa's largest economy. However, the government still faces challenges in addressing long-standing infrastructure and policy issues. The cabinet's centrist composition has raised expectations for reforms, leading to positive market performance. The government's ability to attract long-term investment in sectors like transport, water, and logistics will be crucial for sustainable economic growth. [Extracted from the article]

South Africa's central bank has cut interest rates for the first time in four years, reducing the benchmark rate by 25 basis points to 8%. This decision aligns with a more positive outlook for inflation. The move follows a rate reduction by the Federal Reserve and is expected to contribute to easing global financial conditions. The central bank sees inflation averaging 4.6% this year, 4% next year, and 4.4% in 2026. The decision was made after careful consideration and analysis of data by the monetary policy committee. [Extracted from the article]

South Africa's central bank has cut interest rates for the first time in four years, reducing the benchmark rate by 25 basis points to 8%. This decision aligns with a more positive outlook for inflation. The move follows a rate reduction by the Federal Reserve and is expected to contribute to easing global financial conditions. The South African Reserve Bank also lowered its inflation forecasts for this year, next year, and 2026. The bank's decision was influenced by lower-than-expected inflation in August and aims to support economic growth in the country. [Extracted from the article]

The South African National Treasury is developing measures to encourage private investment in infrastructure projects, in an effort to avoid the need to compel pension funds to finance these developments. Proposed amendments to pension-fund legislation aim to attract private-sector financing. The African National Congress, which previously pledged to make it mandatory for the financial sector to provide funds for industrialization and economic development, lost its majority in the elections and it remains uncertain if the new administration will implement this policy. The Financial Sector Conduct Authority has warned that dictating pension funds' investments would infringe on their fiduciary duties. Deputy Finance Minister David Masondo argues that a prescriptive investment policy would negatively impact capital markets, potentially leading to inefficient management of state companies and reduced foreign investments. [Extracted from the article]

South African Deputy President Paul Mashatile received medical attention after feeling faint during a speech in Tzaneen. His spokesman confirmed that Mashatile is now well. The incident occurred on a day when temperatures in Tzaneen reached as high as 37 degrees Celsius. [Extracted from the article]

Elon Musk's Starlink is in talks with the South African government to bring its satellite service to the country, according to President Cyril Ramaphosa. Musk, who was born in South Africa, is the world's richest person and has been urged by Ramaphosa to invest in his home country. Starlink, which provides high-speed internet through a network of satellites, recently expanded to Zimbabwe and has 2.6 million customers globally. However, it faces regulatory and ownership requirements in some countries, including Taiwan and South Africa. [Extracted from the article]

South African President Cyril Ramaphosa has expressed confidence that the country's 10-party unity government will endure despite its differences. Ramaphosa believes that the collapse of the government would be detrimental to investor confidence and hinder efforts to grow the economy. The establishment of the new administration has had positive effects, including boosting the rand and share market, as well as delivering strong returns on foreign-currency and local-currency bonds. However, the ruling alliance may face challenges as the Democratic Alliance has objected to certain government plans. Ramaphosa is open to negotiations on these issues and hopes to find solutions for any problems that arise. [Extracted from the article]

Elon Musk's Starlink is in talks with the South African government to bring its satellite service to the country, according to President Cyril Ramaphosa. Musk, who was born in South Africa, is the world's richest person and has been urged by Ramaphosa to invest in his home country. Starlink, which provides high-speed internet through a network of satellites, recently expanded to Zimbabwe and has 2.6 million customers globally. However, it faces regulatory and ownership requirements in some countries, including Taiwan and South Africa. [Extracted from the article]