OZABS Summary

By anaafrica On Sep 4, 2020

South Africa’s rand inches weaker in tentative trade. JOHANNESBURG- South Africa’s rand inched weaker early on Friday as investors opted for caution ahead of key jobs data from the United States. JOHANNESBURG- South Africa’s telecoms regulator said on Thursday it now plans to auction high-demand spectrum licences by no later than the end of March 2021,…

South Africa’s rand inches weaker in tentative trade

JOHANNESBURG (Reuters) – South Africa’s rand inched weaker early on Friday as investors opted for caution ahead of key jobs data from the United States.

South Africa’s Eskom to reduce power cuts on Friday

JOHANNESBURG (Reuters) – South African state power utility Eskom said on Thursday it would reduce power cuts on Friday from 8 a.m local time (0600 GMT) due to lower demand and much improved weather.

South African franchise restaurant chain Spur to further defer interim dividend payment

JOHANNESBURG (Reuters) – South African franchise restaurant chain Spur Corporation said on Thursday it will further defer payment of its 2020 interim dividend in order to preserve cash during the COVID-19 pandemic.

South Africa’s Truworths sees annual profit drop 28% on lockdown impact

JOHANNESBURG (Reuters) – South African retailer Truworths International Ltd reported on Thursday a 28.2% decline in full-year earnings, blaming the impact of the COVID-19 pandemic.

South African telecoms regulator delays spectrum release until 2021

JOHANNESBURG (Reuters) – South Africa’s telecoms regulator said on Thursday it now plans to auction high-demand spectrum licences by no later than the end of March 2021, pushing back the process by three-months, due to a delay in issuing invites to apply.

Ghana court dismisses MTN’s challenge against market regulator

ACCRA (Reuters) – A high court in Ghana has dismissed the local MTN unit’s challenge to a move by the national telecommunications regulator aimed at exposing it to greater competition, the company said on Thursday.

Private creditor debt relief for Africa may be long-term positive -rating agency

LONDON (Reuters) – Private sector involvement in a debt relief scheme for African countries could prove positive in the long-run if it encourages investment and bolsters debt sustainability, Scope Ratings said in a report on Thursday.

South Africa’s Implats earnings up nearly 400% on weak rand, costly metal

South Africa’s Impala Platinum’s (Implats) annual earnings jumped by nearly 400% after higher metal prices and a weaker rand offset the impact of the COVID-19 pandemic, the company said on Thursday.

South Africa’s rand slightly firmer in cautious trade

JOHANNESBURG (Reuters) – South Africa’s rand firmed in early trade on Thursday, joining fellow emerging market currencies in an advance against a weaker dollar that shielded the local unit from domestic economic woes.

S.Africa’s Comair needs $72 mln and to cut 400 jobs, administrators say

JOHANNESBURG (Reuters) – South Africa’s Comair Ltd will require up to 1.2 billion rand ($72 million) of funding and will have to cut a fifth of its workforce to restart operations, administrators in charge of restructuring the private airline said.