Search

"The Country Investment Strategy is aimed at creating a fully integrated and coordinated approach to investment through aligning government priorities and channeling investment towards areas with the greatest growth potential", the Presidency said in the document, which was published in the Government Gazette on Tuesday. (Bloomberg) -- South Africa's Presidency unveiled a draft plan to draw more investment to help grow the coronavirus-battered economy and create jobs for the 34.5% of its labor force that's unemployed. [Extracted from the article]

Projects outlined in the government's Integrated Resources Plan won't be sufficient to end rolling blackouts, and the energy blueprint should be reviewed, the African National Congress said in the document seen by Bloomberg. (Bloomberg) -- South Africa must accelerate plans to generate more electricity itself, buy more energy from private producers and make it easier for power-hungry mining companies to build their own plants, according to a draft economic policy document compiled by the nation's governing party. [Extracted from the article]

Vedanta will pay KCM suppliers as much as $220 million that was due at the time the provisional liquidator was appointed, give workers 20% wage increases and cash bonuses, the company said in a May 5 letter to Kabuswe. (Bloomberg) -- Billionaire Anil Agarwal's Vedanta Resources Ltd. confirmed it has agreed to suspend legal action to reclaim copper mines Zambia seized three years ago, pending talks to settle the dispute. [Extracted from the article]

(Bloomberg) -- The American government's efforts to help Africa address crippling electricity shortages will increasingly focus on bolstering the continent's output of green energy and helping it attract the required investment, a top State Department official said. Its Power Africa initiative, introduced by President Barack Obama's administration, has supported the development of more than 5,700 megawatts of new generation capacity since 2013. Read more: South Africa Seeks to Make Climate Finance Deal Global Benchmark Fernandez cautioned that government initiatives would be insufficient to address Africa's energy needs and businesses will have to step in. "Given the kinds of investments that are needed, the private sector has to play a bigger role", he said in an interview. [Extracted from the article]

Duggal didn't respond to allegations that Vedanta had failed to pay contractors and uphold decent working conditions, but said the company had invested $3 billion in Zambia since 2004 and created 12,000 jobs. (Bloomberg) -- Billionaire Anil Agarwal's Vedanta Resources Ltd. confirmed it has agreed to suspend legal action to reclaim copper mines Zambia seized three years ago, pending talks to settle the dispute. [Extracted from the article]

(Bloomberg) -- Zambia has agreed to end legal action against billionaire Anil Agarwal's Vedanta Resources Ltd. as President Hakainde Hichilema seeks to revive mining output in the southern African country. Rebooting production at Konkola Copper Mines -- seized from Vedanta in 2019 -- is central to president's ambitions to more than triple output of the metal that's key to the green-energy transition. [Extracted from the article]

(Bloomberg) -- China and France will co-chair a creditors' panel that is being set up to renegotiate Zambia's foreign debt and the process is expected to be completed by the end of next month, the southern African country's President, Hakainde Hichilema said. The first African nation to default during the pandemic, Zambia has external debt of about $17.3 billion, more than a third of which is owed to China, and has been struggling to rework its liabilities since 2020. [Extracted from the article]

(Bloomberg) -- Zambia has agreed to end legal action against billionaire Anil Agarwal's Vedanta Resources Ltd. as President Hakainde Hichilema seeks to revive mining output in the southern African country. Vedanta's Konkola Copper Mines was placed under provisional liquidation in 2019 after the previous Zambian government alleged that the company had lied about expansion plans and paid too little tax. [Extracted from the article]

(Bloomberg) -- Former South African President Jacob Zuma knowingly and willingly facilitated audacious looting and wanton mismanagement at the state power utility during his almost nine-year rule, a judicial probe concluded. Eskom Holdings SOC Ltd. entered into irregular contracts worth 14.7 billion rand ($924 million) mainly with entities linked to members of the Gupta family, who were Zuma's friends and in business with one of his sons, Chief Justice Raymond Zondo said Friday in a new report on government corruption. "Central to the Guptas' scheme of state capture was President Zuma, who the Guptas must have identified at a very early stage as somebody whose character was such that they could use him against the people of South Africa.". [Extracted from the article]

(Bloomberg) -- South Africa's government extended a defense force mission to help combat piracy and other illicit activity in the Indian Ocean. Read more: Piracy Surge Off West Africa Draws Maersk Call for Action ©2022 Bloomberg L.P. [Extracted from the article]

(Bloomberg) -- South African President Cyril Ramaphosa appointed General Sehlahle Masemola as the nation's new police commissioner, part of a shake-up of the security forces which comes in the wake of a probe that criticized their handling of an outbreak of civil unrest last year. "I am certain that he is going to do the people of South Africa proud", Ramaphosa said in a televised address on Thursday. [Extracted from the article]

(Bloomberg) -- The African Development Bank will commit 42.5 billion rand ($2.8 billion) in new financing to South Africa over the next five years, including a 6 billion-rand package to help state power utility Eskom Holdings SOC Ltd. transition toward using cleaner sources of energy. "The African Development Bank believes in South Africa", Akinwumi Adesina, the lender's president, said at an investment conference in Johannesburg on Thursday. [Extracted from the article]

"The African Development Bank believes in South Africa", Akinwumi Adesina, the lender's president, said at an investment conference in Johannesburg on Thursday. (Bloomberg) -- The African Development Bank will commit 42.5 billion rand ($2.8 billion) in new financing to South Africa over the next five years, including a 6 billion-rand package to help state power utility Eskom Holdings SOC Ltd. transition toward using cleaner sources of energy. [Extracted from the article]

(Bloomberg) -- The African Development Bank will commit 42.5 billion rand ($2.8 billion) in new financing to South Africa over the next five years, including a 6 billion-rand package to help state power utility Eskom Holdings SOC Ltd. transition toward using cleaner sources of energy. "The African Development Bank believes in South Africa", Akinwumi Adesina, the lender's president, said at an investment conference in Johannesburg on Thursday. [Extracted from the article]

(Bloomberg) -- South African President Cyril Ramaphosa relaxed almost all remaining coronavirus restrictions as the number of new infections and related hospitalizations and deaths in the country continue to drop. A state of disaster that was imposed in March 2020 after the onset of Covid-19 will be lifted as soon as new health rules are in place to manage the pandemic, Ramaphosa said. [Extracted from the article]

Read more: New Nemesis Threatens South Africa's Ruling ANC Before Vote While Ramaphosa has pledged to clamp down on the graft that became endemic during Zuma's almost nine-year rule and implement Zondo's recommendations, disciplining or firing some of those implicated will be politically tricky. (Bloomberg) -- A probe into state corruption in South Africa found that senior ruling party officials received illicit payments from services company Bosasa, leaving President Cyril Ramaphosa in a quandary over how to respond. [Extracted from the article]

(Bloomberg) -- South African Finance Minister Enoch Godongwana said he wants to retain Dondo Mogajane, the director-general of the National Treasury, whose contract is scheduled to end in June. Mogajane has worked at the Treasury for 23 years and was appointed to his current post in 2017. [Extracted from the article]

Revenue Windfall -The revenue windfall for the current fiscal year is seen at 182 billion rand and is 50% higher than the government's November estimate. (Bloomberg) -- South Africa cut corporate taxes and set more ambitious targets for reducing debt, after a surge in commodity prices led to higher-than-expected tax income. [Extracted from the article]

(Bloomberg) -- South Africa used a revenue windfall to cut corporate taxes to revive a coronavirus-ravaged economy and set more ambitious targets to reduce debt and fiscal deficits. Revenue Windfall -The revenue windfall, largely due to high commodity prices, for the current fiscal year is seen at 182 billion rand and is 50% higher than the government's November estimate. [Extracted from the article]

(Bloomberg) -- Some unlikely corporate donors have stumped up to help fund South Africa's cash-strapped political parties, disclosures released by the Electoral Commission of South Africa show. African Rainbow Minerals Ltd., which is chaired by President Cyril Ramaphosa's billionaire brother-in-law Patrice Motsepe, gave a total of 3.6 million rand to three of the biggest opposition parties, including 1.1 million rand to the EFF. [Extracted from the article]

Ramaphosa reiterated his commitment to tackling corruption that became endemic during Zuma's nine-year rule and which a panel headed by Acting Chief Justice Raymond Zondo has spent almost four years investigating. (Bloomberg) -- South African President Cyril Ramaphosa extended the payment of a stipend for the poor by a year, deferring a contentious decision on whether to introduce permanent income grants. [Extracted from the article]

(Bloomberg) -- South African President Cyril Ramaphosa extended the payment of a stipend for the poor by a year, deferring a contentious decision on whether to introduce permanent income grants. More payouts could help shore up the party's support ahead of national elections in 2024, but will place further strain on the nation's finances at a time when the Treasury is trying stick to its expenditure ceiling and reduce the budget deficit. [Extracted from the article]

(Bloomberg) -- South African President Cyril Ramaphosa, who is up for re-election as head of the ruling African National Congress in December, delivers his annual state-of-the-nation address to lawmakers on Thursday. Pandemic response South Africa was ground zero for an outbreak of the omicron coronavirus variant, but has now exited a fourth wave of Covid-19 infections. Energy crisis Ramaphosa has been promising to address an energy crisis that's been hobbling the economy since he took office in early 2018, yet the country is still contending with rolling blackouts. [Extracted from the article]

The vote saw national support for the ruling African National Congress drop below 50% for the first time since it won power in the first multiracial elections in 1994, a backlash against its shoddy management of South Africa's towns and cities. (Bloomberg) -- South Africa's Tshwane municipality, which includes the capital, Pretoria, began cutting off electricity and other services to customers whose outstanding debts it said have grown to unsustainable levels. [Extracted from the article]

(Bloomberg) -- A South African judicial inquiry put members of the Gupta family who were friends of former President Jacob Zuma at the center of crimes that took place at state-owned Transnet SOC Holdings Ltd. The probe found that racketeering occurred at the company and that it was the "primary site of state capture in financial terms", according to a report published Tuesday. [Extracted from the article]

Soldiers toppled President Roch Marc Christian Kabore on Monday, accusing him of failing to tackle an Islamist insurgency that's spreading in the region. A coup in Burkina Faso will reverberate across West African economies and heighten concerns about growing instability in neighboring states. [Extracted from the article]

READ: South African President Says Minister WithdrawsAttack on Judges While cabinet appointments are the sole prerogative ofthe president, the ANC leader typically consults with theother top five party officials about changes. (Bloomberg) -- South African President Cyril Ramaphosaand his Tourism Minister Lindiwe Sisulu are headed for ashowdown after she publicly refuted his claim that sheapologized for criticizing the judiciary, an altercationthat's exacerbating long-standing tensions in the rulingparty. Gwede Mantashe, the party's chairman, hasdefended Sisulu, while ANC Deputy President David Mabuzaand Treasurer Paul Mashatile haven't taken a publicstance. [Extracted from the article]

Turning the situation around will be critical for Ramaphosa, who succeeded Zuma as ANC leader in 2017 after campaigning on an anti-corruption ticket and is likely to seek reelection to the post at a party conference scheduled for December. (Bloomberg) -- South Africa's ruling party urged the government to finalize a policy on vaccine mandates for certain settings and activities as it seeks to fully reopen the coronavirus-battered economy. [Extracted from the article]

(Bloomberg) -- Former South African President Jacob Zuma was at the center of a looting spree at state institutions, a judicial inquiry found, upping pressure on authorities to prosecute him. The panel identified a pattern of executive interference and political overreach at state firms, and said the evidence suggested Zuma, 79, was among those who were regularly interfered with their operations. [Extracted from the article]

(Bloomberg) -- A South African judicial commission that's been investigating graft identified a litany of failings by the state and made a number of suggestions on how they should be fixed. Evidence presented to the commission showed "South Africa suffers from pervasive corruption in both the public and private sectors", the panel said in the first of a three-part report released on Tuesday. [Extracted from the article]

(Bloomberg) -- Firefighters took more than nine hours to extinguish a blaze at South Africa's parliamentary precinct in Cape Town that broke out early Sunday and caused extensive damage to the legislative buildings. "While they have worked to stop parliament from being razed to ashes, it is very clear that this fire has devastated the parliamentary precinct and its contents and assets, including parliament's historical treasures of heritage.". [Extracted from the article]

(Bloomberg) -- Firefighters were battling a blaze at South Africa's parliamentary precinct in Cape Town that broke out early Sunday and caused extensive damage to the legislative buildings. Cape Town's fire and rescue service received a call that a building was alight and dispatched nine vehicles and dozens of firefighters to the scene. [Extracted from the article]

(Bloomberg) -- Archbishop Desmond Tutu, who won the Nobel Peace Prize for his opposition to racial discrimination in South Africa, has died. As South Africa's first Black Anglican archbishop, Tutu used his international profile to lobby for sanctions against the White-minority government. [Extracted from the article]

The TPLF has no ambitions toinstall itself at the head of an Ethiopian government,but wants to ensure its constitutional rights arerespected, he said. Read: How Ethiopia's Rift With Tigray Rebels HasDeepened: QuickTake Debretsion said his forces remained intact andundefeated, though the conflict has brought enormoussuffering to the people of Ethiopia and Eritrea. (Bloomberg) -- The leader of dissident Tigrayan fighterswho've been battling Ethiopian federal troops for thepast 13 months said he'd ordered a strategic withdrawalin a bid to end the nation's civil war. [Extracted from the article]

South Africa's surge in Covid-19 cases following the emergence of the omicron variant hasn't overwhelmed hospitals so far, prompting some cautious optimism that the new strain may cause mostly mild illness. Fauci said the Biden administration is reevaluating the travel ban on eight southern African countries as more information becomes available. [Extracted from the article]

Having already offered lottery tickets and doubling cash grants for the elderly to encourage people to take vaccines, the state is planning to make inoculations mandatory. South Africa is ramping up its vaccination drive as the omicron variant threatens to derail a stuttering recovery from the coronavirus crisis, while companies are taking a harder line against those who don't get shots. Business should be doing more to promote vaccinations, even if they don't make them compulsory for employees, said Busi Mavuso, the chief executive officer of lobby group Business Leadership South Africa. [Extracted from the article]

South Africa's surge in Covid-19 cases following the emergence of the omicron variant hasn't overwhelmed hospitals so far, prompting some cautious optimism that the new strain may cause mostly mild illness. Fauci said the Biden administration is reevaluating the travel ban on eight southern African countries as more information becomes available. [Extracted from the article]

As many as 68% of hospitalized coronavirus patients in the Pretoria area last month were under 40, an analysis of 640 admissions by the NICD showed. (Bloomberg) -- South African hospitals are bracing for an increase in admissions from a rise in omicron-driven infections, as scientists grapple with questions about the severity of the illness caused by the new coronavirus strain. Young Patients Netcare Ltd., which operates South Africa's largest private health-care network, had about 200 Covid-19 patients by late last week even though infections were rising rapidly, indicating that most cases were mild to moderate, according to Richard Friedland, its chief executive officer. [Extracted from the article]

As many as 68% of hospitalized coronavirus patients in the Pretoria area last month were under 40, an analysis of 640 admissions by the NICD showed. (Bloomberg) -- South African hospitals are bracing for a surge in admissions as the new omicron variant drives a sharp rise in coronavirus infections and as more evidence emerges about the severity of the illness caused by the strain. [Extracted from the article]

Groome and Jassat both reiterated that it was premature to conclude that omicron caused less severe illness than other strains and that there should be more clarity in the next week or two. (Bloomberg) -- The reproductive number, a measure of how fast the coronavirus spreads, has surged to a record in Gauteng, the center of South Africa's omicron variant outbreak. [Extracted from the article]

The panicked reaction across much of the world to the omicron variant comes with a scramble for information. "We monitored reinfections for the beta and the delta waves and we didn't see an increase in reinfections over and above what we expect when the force of infection changes, when a wave starts. "Vaccine or past transmission create T-cell immunity, which are good at protecting against severe disease and death. [Extracted from the article]

ANC Support Falls Below 50% for First Time in South African Vote On Thursday, the ANC said it had reached a deal with the Inkatha Freedom Party in the eastern KwaZulu-Natal province, whereby municipalities will be governed by the party that secured the most votes. (Bloomberg) -- Six South African opposition parties agreed to form a coalition government in the Tshwane municipality, which includes the capital Pretoria, shutting out the African National Congress. [Extracted from the article]

While South Africa's current caseload is "incredibly low" it's "very hard to commit to say South Africa is over the worst" of the coronavirus, said Harry Moultrie, a senior epidemiologist at the National Institute for Communicable Diseases, which coordinated the modeling. (Bloomberg) -- South Africa, which has the most confirmed coronavirus cases on the continent, will likely be hit by a fourth wave of infections but its impact probably won't be as severe as during earlier surges, new modeling prepared for the government shows. [Extracted from the article]

After taking power in 1989, De Klerk removed a ban on thepro-democracy African National Congress, released Mandelafrom jail and managed the nation's first all-raceelections in 1994. (Bloomberg) -- Frederik Willem de Klerk, the former SouthAfrican president who negotiated the end of apartheidwith Nelson Mandela after spending years upholding thesystem of White minority rule, has died. [Extracted from the article]

After taking power in 1989, De Klerk removed a ban on the pro-democracy African National Congress, released Mandela from jail and managed the nation's first all-race elections in 1994. (Bloomberg) -- Frederik Willem de Klerk, the former South African president who negotiated the end of apartheid with Nelson Mandela after spending years upholding the system of White minority rule, has died. [Extracted from the article]

Ramaphosa conceded that some ANC councilors have neglected their constituents and urged voters to give the party another chance. "This is a now-or-never moment for the ANC and this is what is energizing us for the ANC. The election will serve as a litmus test of support for President Cyril Ramaphosa, who is likely to seek a second term as head of the ANC next year and then as the nation's leader in 2024. [Extracted from the article]

(Bloomberg) -- Malawian President Lazarus Chakweraexpects to clinch a new financing deal with theInternational Monetary Fund by early next year to helpkick-start an economic revival in the landlocked southernAfrican nation. Malawi's accumulation of about $6 billion of debt is"choking the life out of an economy like ours", with alarge proportion of the budget going toward interestpayments and civil- servant wages, Chakwera said. [Extracted from the article]

(Bloomberg) -- South African President Cyril Ramaphosa relaxed coronavirus restrictions after infections abated and inoculations increased, scrapping almost all curbs on alcohol sales and easing limits on the size of public gatherings. Read more: South Africa Exits Third Coronavirus Wave, Institute Says Ramaphosa reiterated a call to South Africans to get vaccinated and urged companies to facilitate the process for their staff. [Extracted from the article]

World Health Organization officials and contractors engaged in widespread sexual abuse while responding to an Ebola outbreak in the Democratic Republic of Congo, an independent probe has found. Investigators logged 84 incidents of abuse, including nine of rape, and identified 83 alleged perpetrators, some of whom were doctors and consultants directly employed by the WHO, according to a WHO-commissioned investigation released on Tuesday. [Extracted from the article]