ECONOMIC NEWS

The rand weakened as foreigners sold off R400 million in equities and R799m in bonds last week, driving the rand from R9.15 to the dollar at the start of the week to almost R9.40 on Friday. International markets are very sensitive to any labour disruptions in the mining industry given the tragedy at Marikana last year. read more

Johannesburg - Illovo Sugar Ltd., Africa’s largest sugar producer, rose to a record as investors anticipate a recovery in output after a drought. read more

Frankfurt -The German economy, Europe's biggest, got off to an unexpectedly weak start to the year, as it battled freezing winter weather, sagging exports and weak investment, official data showed on Wednesday.  read more

Johannesburg – For the third consecutive month in May‚ South Africa continued to be the least-favoured major emerging market according to fund managers polled by Bank of America Merrill Lynch.  read more

A Namibia Trade Forum official has defended proposed government plans to grant interim protection to the local broiler industry against cheap imports.  read more

A new report shows consumers are taking charge of Africa’s economic growth, with an increasing number of urban Africans spending a large share of their disposable income on groceries and clothing.  read more

The Rockefeller Foundation will pledge close to US$100 million (R900m) to create digital field jobs in Africa, it was announced at the World Economic Forum on Africa on Thursday (9 April).  read more

The output of textile, clothing and leather sub-sector of the Zambian industry increased marginally by 3.5 percent year-on-year in 2012, according to the Central Statistical Office (CSO). read more

ZAMBIA’s inflation rate for this month has slowed down by 0.1 per cent to 6.5 per cent from 6.6 per cent in March, while the trade surplus has gone up to KR307.7 million. read more

Cape Town - Mauritius has long been a popular tourist destination among South Africans. But now many hard-nosed investors wanting to mix solid returns with a luxury lifestyle are also heading for the tropical paradise.  read more

Johannesburg - Foreign direct investment from emerging markets into Africa outpaced that from developed markets in 2012, but the number of new FDI projects into the continent fell 12 percent from the previous year, Ernst & Young said on Monday. read more

Johannesburg - Credit information services company Experian SA found that more than 2 million South Africans could be affected by a proposed credit information amnesty that seeks to provide relief to indebted consumers and improve their access to credit.  read more

The future of about 4,000 workers in the country's textile sector is uncertain as firms report that local and export orders for June and beyond have dried up.  read more

The informal economy is the major contributor to a number of emerging economies globally. In sub-Saharan Africa, the sector constitutes 70 percent of the workforce while in other countries such as Ghana, the informal economy employs 85 percent of the workforce. In India 400 million people work in this sector. read more

London - British manufacturing contracted by the narrowest of margins in April, and much less than expected, the first major set of data for the second quarter of the year showed on Wednesday. read more

Johannesburg - Nigerian President Goodluck Jonathan and his South African counterpart Jacob Zuma will discuss ways to boost trade between Africa's two biggest economies during talks in Cape Town next week. read more

An Indian business delegation was in Botswana last week to seek investment opportunities and strengthen ties with local stakeholders.  read more

JSE-LISTED sugar giant Tongaat Hulett has signed a landmark agreement with the Ingonyama Trust Board (ITB) to develop the sugar sector on tribal land in KwaZulu-Natal. read more

South Africa’s black middle class has more than doubled in the last eight years, growing from 1.7-million South Africans in 2004 to an estimated 4.2-million in 2012, according to research by the UCT Unilever Insitute of Strategic Marketing. read more

Johannesburg - South African corn futures rose the most in more than two months after US prices gained as a government report showed cold and wet weather slowed planting.  read more

Johannesburg - Growth in credit demand by South Africa's private sector slowed to 7.79% year-on-year in March from 7.88% in February, data from the South African Reserve Bank showed on Tuesday. read more

Pretoria - Germany is to increase its economic investment in South Africa and other African states, Foreign Affairs Minister Guido Westerwelle said in Pretoria on Monday. read more

Harare - South African investors are considering investing at least $1.6bn (R13.37bn) in capital projects in various sectors of the Zimbabwean economy, a Zimbabwean government minister said on Monday. read more

Port Louis - Mauritius' economy will expand by 3.7 percent this year, slightly below potential due to subdued demand from its main markets and modest private investment, and will accelerate to 4.4 percent in 2014, the International Monetary Fund said.  read more

Tembisa in the East Rand, will soon get a new shopping mall by November 2013, thanks to the development of the Tembisa MegaMart following Nedbank Corporate Property Finance’s recent approval of a R238 million finance facility. read more

The Middle East and Africa PC market experienced a significant decline of 14.1% year on year during the first quarter of 2013, with tablets eating into market share in South Africa. read more

Cape Town - The International Trade Commission’s (Itac's) latest move to whack poultry importers with an 82% price increase on imported chicken is going to get right into the cooking pots of the poor, an expert said on Friday.  read more

Johannesburg - South Africa, the continent’s biggest corn producer, cut its forecast for output of the grain by 1.6 percent because of drought in some growing regions, the Crop Estimates Committee said. read more

Beijing - Manufacturing activity slowed in China in April as exports were hit by sluggish overseas demand, HSBC said on Tuesday, fuelling concerns about the strength of the world's second-largest economy. read more

Johannesburg - South Africa's headline producer inflation was at 5.7% year-on-year in March compared with 5.4% in February, Statistics South Africa said on Thursday. read more

London - Britain's economy dodged a return to recession and grew faster than expected in the first three months of this year, providing some political relief for a government under fire over its austerity drive. read more

Johannesburg - Shares of South African retailer Massmart tumbled more than 3 percent on Monday, after the Walmart unit warned it may fall short of its profit target this year, squeezed by weak consumer spending. read more

Johannesburg - An incentive to encourage businesses to employ young South Africans and reduce youth unemployment was announced in Johannesburg on Tuesday. read more

Berghoff Brewing will revive its brands this summer with updated recipes, and a move to contract brewing the beers at Stevens Point Brewery. read more

Ghanaian firm AFB has launched a new credit card service in the Kenyan market as the fight for stake in the fast-growing plastic money business heightens.  read more

Fabupharm Products, a wholly-owned Namibian pharmaceutical manufacturer, has doubled in size over the past year. Subsequent to upgrading its manufacturing facility to comply with international standards, Fabupharm announced recently it has received an Official Manufacturing GMP (Good Manufacturing Practice) License from the Namibian Medicines Regulatory Council (NMRC). This means that Fabupharm is now licensed to manufacture scheduled medicinal products. read more

Eskom chief executive, Brian Dames says that the impending winter will be different to previous winters, as the group will have to perform long duration planned maintenance during the coldest months.  read more

New York - US stocks climbed on Monday as last week's sharp losses brought buyers back to the market and Microsoft shares jumped after an activist investor took a stake in the company. read more

While not coming anywhere near global giants such as the Industrial and Commercial Bank of China, JP Morgan Chase and General Electric, 20 prominent South African companies have made Forbes’ list of 2000 biggest companies in the world. read more

Johannesburg – The Momentum/Unisa Household Wealth Index on Friday revealed a second consecutive (quarterly) strong increase in the value of nominal wealth during the fourth quarter of 2012 so that it surpassed R6 trillion for the first time. read more

Washington - Africa, with its improved economies, can contribute to global growth for the first time in history, African finance ministers said on Saturday in Washington. read more

Diageo’s third-quarter sales missed estimates, the biggest distiller reported yesterday, as sluggish European demand and slower-than-expected growth in emerging markets offset expansion in the US.  read more

Cape Town - A draft law proposing all businesses be licensed with municipalities, will "create more red tape", warns the Cape Chamber of Commerce and Industry.  read more

Johannesburg - Sub-Saharan Africa's economic growth should accelerate to more than 5% over the next three years, far outpacing the global average, but the region must do more to convert this into reducing poverty, the World Bank said on Monday. read more

London - South African corn futures declined the most in more than a week as prices for the grain decreased in the US, the world’s largest producer, on concern demand from China will weaken. read more

Nakumatt Holdings Ltd. on Friday said it wants to raise $50 million for its East African expansion. read more

Johannesburg - A controversial bargaining council wage agreement in the clothing industry has been extended, the clothing trade union Sactwu said on Sunday. read more

Ougadougou - Burkina Faso set a minimum farmgate price for cotton growers of 235 CFA francs per kilogram for the 2013/14 growing season, down from 245 francs the previous year, the Interprofessional Cotton Association of Burkina (AICB) said on Thursday. read more

Johannesburg - South Africa's manufacturing output fell 2.9% year-on-year in volume terms in February, the first contraction in five months, compared with revised 3.7% growth in January, Statistics South Africa said on Thursday.  read more

Nsoko Msele sugar mill project to rejuvenate Swaziland’s vital export crop A fourth sugar mill announced for Swaziland, the Nsoko Msele integrated sugar milling project, would significantly increase production of refined sugar, the country’s main source of export revenue, the project’s shareholders said this week. read more

Johannesburg - The SA consumer could switch some of their expenditure from consumption to home buying‚ FNB household and consumer sector strategist John Loos said on Wednesday read more

New York - Worldwide sales of personal computers slid 13.9% in the first quarter of 2013, research firm IDC said on Wednesday, the worst contraction since it began tracking the market in 1994. read more

Johannesburg - Consumer confidence plunged to a nine-year low during the first quarter of this year‚ signalling that household spending‚ the economy's main engine‚ would be subdued this year‚ according to a survey released on Tuesday. read more

New York - The Dow Jones Industrial Average shook off early weakness on Tuesday and pressed through to another record close, led by strong gains in tech shares Microsoft and Intel. read more

Cape Town - Fast growing Africa could be a dominant force in the world's economic landscape for decades to come if the continent gets its act together, top Goldman Sachs economist Jim O'Neill said on Tuesday.  read more

Johannesburg - SA stocks recovered slightly from last week’s declines on Monday‚ as retailers and industrials led the market higher.  read more

A study conducted by Barclays Bank UK has revealed that Ghana is the second preferred African country for British retailers wanting to expand their businesses.  read more

Local market analysts have lauded NSX listed Namibia Breweries Limited for posting solid interim results for the period ended 31 December 2012. read more

The Kenyan government planned to sell a large part of its stake in a domestic wines and spirits marketer to South Africa’s Distell Group, the privatisation commission said on Friday read more

Dube TradePort is set to be the main KwaZulu-Natal beneficiary of new multibillion-rand Chinese and Indian deals to come out of the Brics summit hosted in Durban last week.  read more

Johannesburg - The Industrial Policy Action Plan (IPAP) 2013/2014, aimed at creating economic growth, was unveiled in Pretoria on Thursday. read more

Community Technology Development Trust (CTDT), a local civil society organisation says domestication of the draft COMESA Seed Trade Harmonisation regulations will hinder small-scale farmers from participating in the seed business. read more

Windhoek - Kuiseb Traders have shown that they mean business when they recently launched a fully Namibian brand of processed and packaged fish products for the local market. read more

Johannesburg - South African corn futures weakened for a second day to the lowest level in more than a month, tracking US prices that fell following reports of bigger-than-expected stockpiles. read more

Washington - Personal computer industry pioneer Michael Dell would “invest for growth” and compete aggressively in new markets if his plan to take the company he founded private succeeds, according to a new memo. read more

Johannesburg - Adcock Ingram Holdings Ltd.’s board of directors said it won’t propose Bidvest Group Ltd.’s offer for a 60 percent stake in the drug maker to its shareholders. read more

Johannesburg - The rand was slightly softer at midday on Tuesday on lower than expected purchasing managers index (PMI) figures.  read more

London - The Dow Jones industrial average touched another record high Tuesday after reports on auto sales and factory orders provided the latest evidence that the US economy is strengthening. read more

PC and mobile device manufacturer Lenovo is targeting the top position in Africa, with a planned expansion on the continent. read more

The price of petrol (95ULP) will increase by 10 cents a litre at the coast and 12 cents a litre in Gauteng, with effect from midnight on Tuesday. read more

Johannesburg - South African corn futures fell the most in almost two weeks after the weather service forecast rains over the country’s main growing regions.  read more

Pretoria - South Africa and China have signed the terms of reference of a joint inter-ministerial working group to strengthen co-operation, President Jacob Zuma said on Tuesday.  read more

Durban - While Gauteng contemplates a total ban on Sunday alcohol sales, KwaZulu-Natal is one step away from allowing liquor stores to open.  read more

Johannesburg - South African employment agency Adcorp Holdings said on Monday it would introduce a new, 10-year black-empowerment deal worth 521 million rand ($55.91 million) after its previous one failed to produce value.  read more

Johannesburg - South African corn futures dropped most in more than a week as the rand appreciated against the dollar, lowering the cost of imported grains relative to local produce. read more

Lisbon - No matter how Cyprus's financial drama ends, its troubles show yet again that rich countries enfeebled by the great financial crisis remain a weak link in the world economy. read more

Nicosia - The two main banks at the centre of Cyprus's financial crisis slashed the daily cash withdrawal limits from ATM machines on Sunday, state media reported. read more

Johannesburg - South African conglomerate the Bidvest Group [JSE:BVT] offered around $665m in cash and shares for control of the country's second-largest but under-performing drugmaker Adcock Ingram Holdings [JSE:AIP]. read more

Dairy producer Clover is investigating the possibility of moving its cheese facility closer to milk sources at the coast. This would save on transport and distribution costs, the firm said this week. read more

Johannesburg - The SA Reserve Bank's concern about growth and consumer growth in particular shows that interest rate hikes are just not possible, economists say. read more

Cape Town - Major fishing company bosses on Wednesday described a meeting with Fisheries Minister Tina Joemat-Pettersson as a watershed moment.  read more

London - The eurozone's economic downturn deepened this month, even before Cyprus' bailout troubles, but China's factories took a completely different path and moved up a gear, business surveys showed on Thursday. read more

The latest Wine & Spirit Trade Association market report shows that year on year alcohol duty rises have hit consumer spending on alcohol in the on and the off trade. read more

Sydney - The head of Blackberry has taken a swipe at Apple, saying in an interview the iPhone's operating system was outdated, while promising thousands of new apps as it prepares to launch its new Z10 handset. read more

The South African sugar industry is pushing for the introduction of import tariffs aimed at reducing the amount of sugar imported into the country, as well as for trade agreements to be extended to European markets to increase its sugar exports, which would hopefully add R1 billion to the industry’s inconsistent and struggling revenue growth.  read more

Paris - Economic growth in G20 countries climbed by 0.5% in the fourth quarter of 2012, slowing only slightly from the 0.6% pace recorded in the previous three-month period despite heavy contractions across Europe, preliminary estimates from the OECD showed on Wednesday. read more

Durban - Newcastle Chinese and Taiwanese clothing factories have won a high court application for exemption from a bargaining council wages agreement, it was reported on Thursday. read more

Johannesburg - Manufacturing production increased by 3.9% year-on-year (y/y) in January after an unrevised 2.0% (y/y) rise in December‚ data released by Statistics SA on Thursday showed. read more

Cape Town - The opening of a factory manufacturing high-tech gadgets could boost employment not only in the Western Cape but South Africa as a whole, Cape Town premier Helen Zille said on Tuesday. read more

Johannesburg - Transnet might have to cut its planned R300bn capital expenditure programme by R50bn if economic growth proved disappointing or strikes affected the sector‚ CEO Brian Molefe said on Monday. read more

Johannesburg - Withdrawals from ATMs across the country remained stagnant in February, increasing only 0.69% from January, Spark ATM Systems said on Monday. read more

Grindrod shares rose to their highest level in more than four years yesterday as investors bet on earnings growth driven by diversification into ports and terminals. read more

Bogota - Striking Colombian coffee growers who have blocked roads for 11 days ended their protest Friday after winning a government subsidy to offset lower prices for their product on international markets. read more

Johannesburg - The biggest decrease in the rate of unemployment in South Africa last year was recorded in Gauteng, economic development MEC Nkosiphendule Kolisile said on Sunday.  read more

Legislation paving the way for putting e-tolling on the Gauteng Freeway Improvement Project (GFIP) into practice was approved in the National Assembly on Tuesday.  read more

Johannesburg - The Producer Price Index (PPI) for final manufactured goods increased annually by 5.8% in January 2013, Statistics SA said on Tuesday.  read more

Despite challenging economic conditions more shopping centres are expected to be built this year as retailers roll out new stores to increase their market share and commercial banks experience strong growth in loan demand from existing and new property clients. read more

According to the GSMA report, Mobile Network Operators (MNOs) racked in US$1.002 trillion in 2012, representing a 1.4% contribution to the global GDP. read more

Harare - Zimbabwe is working on putting stringent measures on meat imports from South Africa amid concerns of contaminated meat products from the country.  read more

Johannesburg - Unemployment and inequality are the biggest problems facing the South African economy, the Organisation for Economic Co-operation and Development (OECD) said on Monday.  read more