JOHANNESBURG (Reuters) – South Africa expelled three Rwandan diplomats it linked to a raid on an exiled Rwandan general’s Johannesburg home, and Rwanda has retaliated by ordering out six South African envoys, officials said on Friday.
The row strained ties between two African states involved in efforts to bring peace to eastern Democratic Republic of Congo, where South Africa has troops in a U.N. brigade that fought last year against rebels whom U.N. experts said received support from Rwanda. Kigali denied backing the Congolese rebels.
JOHANNESBURG (Reuters) – South Africa expelled three Rwandan diplomats it linked to a raid by gunmen on a dissident exiled Rwandan general’s home and Rwanda ordered out six South African envoys in retaliation, a diplomatic source said on Friday.
Late on Monday, armed men broke into the Johannesburg home of former Rwandan army chief General Faustin Kayumba Nyamwasa, an exiled critic of Rwandan President Paul Kagame.
JOHANNESBURG, March 6 (Reuters) – Standard Bank,
Africa’s largest bank by assets, reported a better-than-expected
14 percent rise in full-year earnings on Thursday after booking
strong income from lending.
Standard Bank said headline earnings per share totalled
1,064.9 cents for the period ended in December, from 935 cents
last year. Headline EPS, the benchmark profit measure in South
Africa, excludes certain one-time items.
JOHANNESBURG (Reuters) – MTN Group (MTNJ.J: Quote, Profile, Research, Stock Buzz), Africa’s largest telecoms provider, reported a 27 percent rise in full-year earnings on Wednesday, but also revealed a drop in revenues in its home market South Africa due partly to fierce competition.
The revenue drop meant Nigeria overtook South Africa to become the group’s biggest revenue earner.
JOHANNESBURG, March 4 (Reuters) – FirstRand, South
Africa’s second largest bank, sees its full-year results largely
in line with the 21 percent increase in first-half earnings
reported on Tuesday, despite an expected drop in lending.
South African banks are bracing themselves for an increase
in bad debts and non-performing loans after the central bank
raised its benchmark interest rate by half a percentage point in
January, signalling the start of higher borrowing costs.
JOHANNESBURG, Feb 24 (Reuters) – Weak economic activity is
expected to depress earnings this year at Nedbank,
South Africa’s fourth-largest banking group, after it posted a
better than expected 15 percent rise in 2013 profit.
The bank said it saw earnings growth equal to South Africa’s
gross domestic product (GDP) growth plus inflation. Its
medium-term target is for profit to grow by 5 percentage points
quicker than GDP plus inflation.
JOHANNESBURG (Reuters) – The world’s top mobile infrastructure supplier Ericsson is betting that the fast-growing African mobile broadband market will remain dominated by 3G services over the next years as the newest 4G smartphones remain too expensive for local consumers.
Africa’s rapid telecoms expansion has come to symbolize the continent’s economic growth, with the World Bank estimating a 10 percent increase in broadband coverage could add 1.4 percentage points to economic output.
JOHANNESBURG, Feb 13 (Reuters) – Resource-rich African
countries are busy setting up sovereign wealth funds, but
critics say the funds may not serve the long-term interests of
poor countries that still need to invest in basics such as
schools and roads.
Three oil producers, Angola, Ghana and Nigeria, started
funds in the last two years. Before them, only Botswana, Gabon
and Equatorial Guinea had such schemes.
JOHANNESBURG, Feb 11 (Reuters) – Barclays Africa Group
reported a 14 percent rise in full-year earnings on
Tuesday partly due to sharp fall in bad debt charges that showed
the bank’s tighter lending policy is starting to pay off.
The African subsidiary of Britain’s Barclays
reduced its exposure to personal lending over the past three
years and increased bad debt provisions in response to a
downturn in the country’s economy after the financial crisis.
JOHANNESBURG (Reuters) – South Africa will go to the polls on May 7, President Jacob Zuma announced on Friday, with his African National Congress likely to easily extend its two-decade rule, despite rising discontent among its poverty-stricken grassroots supporters.
Zuma himself has lost popularity amid allegations of using public funds for private purposes, and the announcement of the election date came as violent demonstrations by residents in largely black townships, against poor government services, spread.