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Africa

Currency Rate

Yen retreats after higher guidance on Yuan

After rising over three percent recently, Japanese Yen eased after the strong guidance on Yuan by China's central bank. The Greenback against Japanese currency fell to its lowest level since August 2015. Several emerging economies' currencies were reeling under pressure.

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CHINA-ECONOMY-STOCKS

Following Turbulence in China, Asian Stocks Stumble and Rand Sinks

Asian market hit a worst week starting the 2016 trading. Global market also slipped following the turbulence in China.

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Reaction as North Korea Says It Successfully Tested First Hydrogen Bomb

South Korea and China to Cooperate in Disarming North Korean Nuclear Weapon

China seeks to disarm North Korea nuclear weapon. Beijing has initiated dialogue with South Korea after North Korean conducted its fourth nuclear test on Wednesday.

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Latest satellite views of a South China Sea land reclamation project

Vietnam Issued Second Warning to China For Flight in South China Sea

Vietnam issued second warning for China for landing two airplane on the artificial island in disputed Fiery Cross Reef.

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BRICS Trade Ministers

South Africa's inflation up at 4.8% in November

Falling in line with the economists' forecast, the inflation rate in South Africa rose to 4.8 percent in November, registering its highest since July 2015. Consumer prices marginally rose 0.1 percent during the month. South Africa's currency Rand fell against US dollar, euro and pound. The currency depreciation is likely to be a major risk to the inflation outlook.

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China

China pledges $60B funding package support development efforts in world's poorest continent

China shows support to its long-time ally, Africa, by providing the continent funding support worth $60 billion.

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Naspers CEO Bob Van Dijk

Africa's Largest Media Company Extends Its Operation Worldwide

South African largest media company, Naspers increases its U.S exposure. The company that has operated in 130 countries is ready to expand its service worldwide

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Mining in Africa

Petra and Ekapa Acquire De Beers Oldest Diamond Mine

Petra Diamond Ltd and Ekapa Minerals Pty have acquired De Beers oldest diamond mine in Kimberley.

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Solar panels

Morocco to build the world’s largest solar power plant

Morocco will build the largest concentrated solar power in the world at Ouarzazate city. The project, alongside with hydro and wind, will help provide nearly half of Morocco's electricity requirement by 2020.

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South Africa

Broadband spread in SA unplugs 'video on demand' biz

The massive expansion of fiber optic broadband (FOB) in Johannesburg and other up markets in South Africa is paving the way for video on demand (VoD) services. Many companies with offers of internet video streaming services are making a beeline to explore the untapped market in the most developed economy in African continent. It's learnt that US major in streaming video services is also entering the market.

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South Africa

MMI Holdings profit slips 10%

South African insurance major MMI Holdings Ltd suffered drop of 9.8 percent in its profit for the year ending June following the market volatility, economy slowdown and inflation rise. Cape Town-based MMI Holdings is the third largest insurance company in South Africa. The company's net income eased from rand 3.3 billion to rand 2.98billion. Earnings per share (EPS) dropped 11 percent to rand 1.81.

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South African Farm

Zimbabwe farmers fear winter of hunger after poor tobacco crop

Farmer Kenny Mabvumbe looked upset as he returned virtually empty-handed from the tobacco auction floors in the Zimbabwean capital of Harare.

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Nestle

Nestle scales back Africa workforce

Swiss food and drinks company Nestle (NESN.VX) is cutting 15 percent of its workforce in 21 African countries, the company confirmed on Wednesday.

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Shopping centre

Wal-Mart makes slow progress navigating Africa's challenges

When Wal-Mart Stores Inc (WMT.N) spent $2.4 billion on a stake in South Africa's Massmart (MSMJ.J) five years ago, the world's biggest retailer said it was buying a gateway to high-growth markets in sub-Saharan Africa.

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Cocoa

African cocoa a golden ticket for Tanzania chocolate factory

Jaki Kweka is that rare breed of gourmet chocolatier. She makes fine chocolate in Africa using local African ingredients.

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