<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="444" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/UXGWX6XZO5LIROPXQDLPV6SPGA.jpg" alt="" class="wp-image-422268" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/UXGWX6XZO5LIROPXQDLPV6SPGA.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/UXGWX6XZO5LIROPXQDLPV6SPGA-300x183.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/UXGWX6XZO5LIROPXQDLPV6SPGA-148x90.jpg 148w" sizes="(max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings</figcaption></figure>



JOHANNESBURG, April 19 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand weakened in volatile trading early on Friday, as reports of an Israeli attack on Iran sapped risk sentiment and sent currency markets into a tailspin.



In the latest tit-for-tat exchange between the two arch-foes, Israel launched an attack on Iranian soil, sources told Reuters. Iranian state media reported that drones had been shot down.



The rand&nbsp;ZAR=D3&nbsp;initially hit a near two-month low of 19.3800 to the dollar in a sell-off of risk assets as investors scurried towards safe-haven dollar and gold.



However, some calm returned to the markets after a senior Iranian official said Iran had no plan to strike back immediately.



&#8220;Diminished concern over a broader regional conflict, as Iran reported minimal damage to its infrastructure and confirmed no impact on its nuclear sites, contributed to the markets&#8217; partial recovery,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.



At 0802 GMT, the rand traded at 19.2300 against the dollar, down 0.38% from its previous close.



On the stock market, the Top-40&nbsp;.JTOPI&nbsp;index and the broader all-share&nbsp;.JALSH&nbsp;index were both trading in the red, about 0.7% weaker in early trade.



The dollar&nbsp;=USD&nbsp;was last down 0.1% against a basket of currencies but still hovered near a five-month high.



Capital Economics chief economist Neil Shearing said Iran lifting flight restrictions may also have helped the markets.



&#8220;This might indicate that the attack was at the more moderate end of the spectrum,&#8221; he said in a research note.



(Reporting by Bhargav Acharya; Editing by Alex Richardson)

South African Rand coins are seen in this illustration picture

Risk sensitive South African rand weakens as geopolitical tensions bite

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="573" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/NEPKJJCZ6JMDDNTX4MOGZ42NFI-820x573.jpg" alt="" class="wp-image-458452" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/NEPKJJCZ6JMDDNTX4MOGZ42NFI-820x573.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/NEPKJJCZ6JMDDNTX4MOGZ42NFI-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/NEPKJJCZ6JMDDNTX4MOGZ42NFI-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/NEPKJJCZ6JMDDNTX4MOGZ42NFI-768x537.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/NEPKJJCZ6JMDDNTX4MOGZ42NFI-1536x1074.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/NEPKJJCZ6JMDDNTX4MOGZ42NFI-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South Africa&#8217;s Finance Minister Enoch Godongwana speaks during his medium-term budget policy statement in Cape Town, South Africa, November 1, 2023. REUTERS/Esa Alexander</figcaption></figure>



WASHINGTON, April 18 (Reuters)&nbsp;&#8211;&nbsp;South Africa will use future&nbsp;drawdowns&nbsp;of its Gold and Foreign Exchange Contingency Reserve Account to curb its debt burden, Finance Minister Enoch Godongwana said, adding he was pondering tax hikes and expenditure cuts in the next post-election budget.



Africa&#8217;s most industrialised nation is grappling with an ailing economy and high debt ahead of a general election on May 29 that could see the governing African National Congress party lose its parliamentary majority for the first time since the end of apartheid 30 years ago.



Earlier this year, the government announced a change to the framework governing the so-called GFECRA account that captures gains and losses to foreign currency reserve transactions, allowing for a drawdown of 150 billion rand ($8 billion) over the next three years.



&#8220;Eskom is out, or Transnet,&#8221; Godongwana told Reuters on the sidelines of the International Monetary Fund and World Bank meeting, ruling out financial support from the account for the country&#8217;s ailing state-energy firms.



&#8220;Debt service costs now have emerged the highest expenditure item &#8211; therefore that is a red flag.&#8221;



Other measures were also on the horizon a bit further out.



The country&#8217;s next 2025/2026 budget &#8211; scheduled for February next year &#8211; could also see more pronounced adjustments than the last one, the minister said.



&#8220;If you want to do a fiscal consolidation you must do it far away from the election, and the timing for us is the budget that we will table on the 19th February 2025,&#8221; said Godongwana, when asked about the absence of significant expenditure reductions in the recent budget.



The next budget, nearly a year down the line, must send a signal and timeline by which fiscal consolidation would be concluded, the minister added.



&#8220;Now that is going to require maybe well that we cut expenditure and maybe well that we tweak some taxes &#8211; it could be a combination of both,&#8221; he said.



Another push the government would focus on in the months to come was consolidating the plethora of social spending measures and grants, said Godongwana.



Prospects for economic growth, currently forecast at 1.6% for 2024, could face headwinds if loadshedding were to intensify or Middle East tension to escalate.



&#8220;I factor in that there is a possibility of downside risks.&#8221;



However, the recent droughts that have wreaked havoc across much of Sub-Saharan Africa, including South Africa itself, would have no impact on food inflation, at least for now, he said.



($1 = 18.9824 rand)



(Reporting by Karin Strohecker; Editing by Toby Chopra)

South Africa issues medium-term budget policy statement

S.Africa contingency reserves won’t be spent on Eskom, Transnet, finance minister says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="573" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/EU77SXNC7VKF5PUJALHFIPSWDU-820x573.jpg" alt="" class="wp-image-460717" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/EU77SXNC7VKF5PUJALHFIPSWDU-820x573.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/EU77SXNC7VKF5PUJALHFIPSWDU-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/EU77SXNC7VKF5PUJALHFIPSWDU-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/EU77SXNC7VKF5PUJALHFIPSWDU-768x537.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/EU77SXNC7VKF5PUJALHFIPSWDU-1536x1074.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/EU77SXNC7VKF5PUJALHFIPSWDU-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A MultiChoice logo is displayed outside the company&#8217;s building in Cape Town, South Africa February 2, 2024. REUTERS/Esa Alexander/File Photo</figcaption></figure>



JOHANNESBURG, April 18 (Reuters)&nbsp;&#8211;&nbsp;French media group Vivendi&#8217;s&nbsp;VIV.PA&nbsp;Canal+ said on Thursday that it has bought 3.7 million shares in South African broadcaster MultiChoice&nbsp;MCGJ.J&nbsp;to increase its stake to 40.83%.



Last Monday, Canal+ made an all-cash mandatory offer to buy all the shares of MultiChoice it does not already own for 35 billion rand.



Canal+ had said that it reserves the right to buy more MultiChoice shares in the market during the course of the offer. Should the French company buy these shares at more than 125 rand each, it is obliged to increase the offer price &#8220;to not less than the highest consideration paid per MultiChoice share&#8221;.



It has increased its stake from 36.6% as of April 8, buying shares from April 12 to April 17 at 117.50 rand, 115.99 rand, 115.95 rand and 116 rand per share, it said in a statement on Thursday.



The offer at 125 rand per share is with the board of MultiChoice awaiting approval.



(Reporting by Nqobile Dludla; editing by Jason Neely)

FILE PHOTO: MultiChoice logo is displayed outside the company in Cape Town

Vivendi’s Canal+ increases stake in South Africa’s MultiChoice to 40.83%

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="571" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/LZJDLC7DLROENA6JMXYHS2EK2E-1-820x571.jpg" alt="" class="wp-image-477407" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/LZJDLC7DLROENA6JMXYHS2EK2E-1-820x571.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/LZJDLC7DLROENA6JMXYHS2EK2E-1-300x209.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/LZJDLC7DLROENA6JMXYHS2EK2E-1-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/LZJDLC7DLROENA6JMXYHS2EK2E-1-768x535.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/LZJDLC7DLROENA6JMXYHS2EK2E-1-1536x1070.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/LZJDLC7DLROENA6JMXYHS2EK2E-1-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A woman uses a trolley as she shops at a Pick n Pay store at the Dobson Point Shopping Centre, in Soweto, South Africa, March 19, 2024. REUTERS/Siphiwe Sibeko/File photo</figcaption></figure>



JOHANNESBURG, April 17 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s headline consumer inflation fell to 5.3% year on year in March from 5.6% in February&nbsp;ZACPIY=ECI, statistics agency data showed on Wednesday.



Analysts polled by Reuters had forecast that inflation would slow to 5.4% in annual terms.



The South African Reserve Bank (SARB) kept its main interest rate unchanged at 8.25%&nbsp;ZAREPO=ECI&nbsp;last month, saying its policy stance needed to remain restrictive to tackle higher inflation expectations.



It expects headline inflation to reach the midpoint of its target range of 4.5% only near the end of 2025.



SARB Governor Lesetja Kganyago told Reuters earlier in April that South African policymakers were in discussions to lower the bank&#8217;s current inflation target range of between 3% and 6% to bring it more in line with peers.



On a month-on-month basis, inflation was at 0.8% in March compared to 1.0% a month before, Statistics South Africa said.



This is a developing story&#8230;



(Reporting by Bhargav Acharya; Editing by Alexander Winning)

A woman uses a trolley as she shops at a Pick n Pay store, in Soweto

South Africa inflation slows slightly more than expected in March

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg" alt="" class="wp-image-423556" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Illustration photo shows a two-rand coin above a South African flag April 12, 2017. REUTERS/Thomas White/Illustration</figcaption></figure>



JOHANNESBURG, April 12 (Reuters) &#8211; South Africa&#8217;s rand weakened in early trade on Friday against the U.S. dollar, which hovered near a five-month high as traders heavily scaled back bets for a slew of U.S. rate cuts this year.



At 0715 GMT, the rand traded at 18.7550 against the dollar&nbsp;ZAR=D3, about 0.2% weaker than its previous close.



The dollar&nbsp;=USD&nbsp;was trading up almost 0.4% against a basket of global currencies.



&#8220;The geopolitical risks in the Middle East remain high, and this is spurring further demand for the dollar,&#8221; said Andre Cilliers, Currency Strategist at TreasuryONE, estimating that the rand would trade in an 18.65/18.90 range for the day.



There was some positive economic data this week to support the local currency, which has been battered by power cuts and political uncertainty ahead of a May election. South Africa&#8217;s mining and manufacturing output rose in February, and business confidence held steady at an improved level.



On the stock market, the Top-40&nbsp;.JTOPI&nbsp;index was up 0.88% while the broader all-share&nbsp;.JALSH&nbsp;was up 0.78% in early trade.



South Africa&#8217;s benchmark 2030 government bond&nbsp;ZAR2030=&nbsp;was weaker in early deals, with the yield up 2.5 basis points to 10.715%.



(Reporting by Nellie Peyton; Editing by Tomasz Janowski)

Illustration photo of South African rand

South African rand weakens against strong dollar

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="573" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/54OZJBBSHVOAZPY7PBW3ZKRWYU-820x573.jpg" alt="" class="wp-image-475533" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/54OZJBBSHVOAZPY7PBW3ZKRWYU-820x573.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/54OZJBBSHVOAZPY7PBW3ZKRWYU-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/54OZJBBSHVOAZPY7PBW3ZKRWYU-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/54OZJBBSHVOAZPY7PBW3ZKRWYU-768x537.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/54OZJBBSHVOAZPY7PBW3ZKRWYU-1536x1074.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/54OZJBBSHVOAZPY7PBW3ZKRWYU-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A seagull flies past a second-hand vehicle trader WeBuyCars Buying Pod in Cape Town, South Africa, April 10, 2024. REUTERS/Esa Alexander/FILE PHOTO</figcaption></figure>



JOHANNESBURG, April 11 (Reuters)&nbsp;&#8211;&nbsp;WeBuyCars made its market debut on Thursday, giving the South African secondhand vehicle trader a market capitalisation of 8.3 billion rand ($441 million) on the Johannesburg Stock Exchange.



Chief Executive Faan van der Walt, standing next to his brother and co-founder Dirk, blew into the African kudu horn as the opening share price of 20 rand was announced on the JSE.



WeBuyCars marks the second JSE listing of 2024, with others including Pick n Pay&#8217;s PIKJ.J discount grocery retailer Boxer, and food producer RCL&#8217;s RCLJ.JRainbow Chicken expressing interest to list at some point.



Shares in WeBuyCars traded as high as 20.85 rand, up from its initial public offering (IPO) price of 18.75 rand.



Van der Walt said the brothers had never imagined listing the family-owned business when they started it in 2001, but now that WeBuyCars was big enough, the time was right.



&#8220;There is still a lot of space for us to grow,&#8221; Van der Walt told Reuters. &#8220;We&#8217;re well positioned, we have the tech, we have the people, we have the footprint so we strongly believe that we can double up again in the next five years,&#8221; he added.



WeBuyCars, which has a market share of 10% to 12% in South Africa is targeting about 23% by 2028, and also aiming to sell 22,000 cars per month, up from 14,000 currently.



With 15 branches and 74 buying pods or kiosks at shopping centres, WeBuyCars plans to open in Rustenburg, Bloemfontein and East London in the near future, Van der Walt said.



WeBuyCars was unbundled from Transaction Capital&nbsp;TCPJ.J&nbsp;and listed separately in order to unlock value and give an option to invest directly in the secondhand car retailer.



Transaction Capital will use the proceeds from various capital raisings to settle holding company level debt.



($1 = 18.8293 rand)



(Reporting by Nqobile Dludla; Editing by Alexander Smith)

South Africa’s second-hand vehicle trader WeBuyCars lists on the Johannesburg Stock Exchange

WeBuyCars marks South African market debut with share price rise

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="453" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/Tourism-Transcribe-Image-820x453.png" alt="" class="wp-image-475298" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/Tourism-Transcribe-Image-820x453.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/Tourism-Transcribe-Image-300x166.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/Tourism-Transcribe-Image-160x88.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/Tourism-Transcribe-Image-768x424.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/Tourism-Transcribe-Image.png 989w" sizes="(max-width: 820px) 100vw, 820px" /></figure>



The introduction of the&nbsp;long awaited e-visa system&nbsp;is a significant step, although it’s still a work in progress. Implemented just&nbsp;two years ago, the system is improving, despite encountering some challenges on a backlog in converting the paper-based system to a computerised one.



The Deputy Minister of Tourism to South Africa, Amos Fish Mahlalela told CNBC Africa that his ministry is making strides in enhancing accessibility through the introduction of the e-visa system: “It might not be 100% to where we want it to be, but it&#8217;s in the making, because it&#8217;s something that we&#8217;ve just introduced two years ago, so it is in the making, and it&#8217;s gradually improving.’’



According to Statistics South Africa, foreign arrivals dropped by 71% from just over 15,8million in 2019 to less than 5 million in 2020. It is evident that the COVID-19 pandemic impacted the tourism industry around the world and in South Africa, mainly due to the lockdown and travel restrictions that were imposed.



“After the whole world was hit by the COVID-19, we then developed a tourism sector recovery master plan, which was aimed at making sure that when everything was opened, we were able to rejuvenate the tourism industry by making sure that we intensify our marketing strategy, to make sure that we intensify our investment strategy, we make sure that we increase our visitors into South Africa and be able to go back to pre-pandemic,” Mahlalela said.



Today marks the kick-off of the 2nd edition of the Investment Forum Africa in Cape Town under the theme: Unlocking Intra Africa Tourism Investment, Building Long Term Sustainability and Resilience.



“We&#8217;ve established the investment portfolio and the investment strategy, not just for the tourism sector, but for South Africa as a whole in terms of various business opportunities that the country is able to offer,” he said.



The 2-day conference will seek to promote investments and trade opportunities within tourism and related sectors.

Tourism-Transcribe-Image

Introduction of the e-visa system still a work in progress

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="460" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/UK-Funds-Africa-Transcribe-Image-820x460.png" alt="" class="wp-image-474553" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/UK-Funds-Africa-Transcribe-Image-820x460.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/UK-Funds-Africa-Transcribe-Image-300x168.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/UK-Funds-Africa-Transcribe-Image-160x90.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/UK-Funds-Africa-Transcribe-Image-768x431.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/UK-Funds-Africa-Transcribe-Image.png 992w" sizes="(max-width: 820px) 100vw, 820px" /></figure>



The United Kingdom is backing investment of more than $300 million in South Africa’s green energy transition as the country struggles to end power shortages that nearly tipped its economy into a recession last year.



The UK’s High Commissioner to South Africa Antony Phillipson said the funding through Globeleq, is part of the UK’s $1.8 billion commitment to finance South Africa’s renewables programme under the country’s Just Energy Transition Partnership. Globeleq is majority owned by British International Investment, the UK’s development finance arm.



&#8220;This is a significant investment in South Africa’s future,&#8221; Phillipson told CNBC Africa. &#8220;This will be the biggest standalone battery energy storage system anywhere in Africa and it will also make, as you say, a really significant contribution, I think, to South Africa&#8217;s Just Energy Transition.&#8221;



South Africa has suffered power shortages for the past three years, with the economy almost contracting last year. The government projects the shortages should ease later this year into 2025. The UK is part of a group of Western nations that have committed $8.5 billion to help South Africa’s transition from fossil fuelled power to renewables.



Globeleq says the Red Sand project, which is based in the Northern Cape, will be the largest standalone battery energy storage system in Africa. Globeleq already provides some 1,800 MW of energy in South Africa, Mozambique, Kenya, Tanzania, Cote d’Ivoire, Egypt and Cameroon.



The project is expected to take two years to complete.



&#8220;Electricity storage is going to be key not only in helping South Africa meet its considerable industrial and domestic demand for energy but also across Africa as more renewable energy projects benefit from the advances our industry has made with battery energy storage solution technology,&#8221; Mike Scholey, Globeleq CEO said in a statement.

UK-Funds-Africa-Transcribe-Image

UK Funds Africa’s largest battery storage system in South Africa

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="573" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/EU77SXNC7VKF5PUJALHFIPSWDU-820x573.jpg" alt="" class="wp-image-460717" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/EU77SXNC7VKF5PUJALHFIPSWDU-820x573.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/EU77SXNC7VKF5PUJALHFIPSWDU-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/EU77SXNC7VKF5PUJALHFIPSWDU-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/EU77SXNC7VKF5PUJALHFIPSWDU-768x537.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/EU77SXNC7VKF5PUJALHFIPSWDU-1536x1074.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/EU77SXNC7VKF5PUJALHFIPSWDU-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A MultiChoice logo is displayed outside the company&#8217;s building in Cape Town, South Africa February 2, 2024. REUTERS/Esa Alexander/File Photo</figcaption></figure>



JOHANNESBURG, April 8 (Reuters)&nbsp;&#8211;&nbsp;French media group Vivendi&#8217;s&nbsp;VIV.PA&nbsp;Canal+ made an all-cash mandatory offer on Monday to buy all the shares of South African broadcaster MultiChoice&nbsp;MCGJ.J&nbsp;it does not already own for 35 billion rand ($1.9 billion), both companies said.



That offer at 125 rand per share follows an indicative offer of 105 rand made by Canal+ on Feb. 1, which MultiChoice rejected as significantly undervaluing the company.



The need to make a mandatory offer was triggered by Canal+, MultiChoice&#8217;s biggest shareholder, subsequently raising its holding in the firm above the 35% threshold. Its new offer values MultiChoice, in which it now owns a 36.6% stake, at about 55 billion rand, according to Reuters calculations.



By 0759 GMT, shares in MultiChoice were up 3.7% at 116 rand.



The deal would create a pan-African broadcasting powerhouse with about 31.5 million subscribers across over 50 countries, able to put African content to global audiences as well as compete on an international scale.



The French media company has broad reach in French-speaking African nations, while MultiChoice has a stronger presence in English-speaking countries, including South Africa, Nigeria and Kenya.



Canal+ said it believes the competitive landscape for Africa&#8217;s media and entertainment industry will undergo further profound changes as the continent rapidly adopts broadband and mobile internet. Smartphone adoption is also rising.



&#8220;A combined group would be better positioned to address key structural challenges and opportunities resulting from the progressive digitalisation and globalisation of the media and entertainment sector,&#8221; the companies said.



MultiChoice&#8217;s independent board constituted for the deal will now consider the bid.



Canal+ reserves the right to buy more MultiChoice shares in the market during the course of the offer. Should the French company buy these shares at more than 125 rand each, it is obliged to increase the offer price, according to the statement.



<h2 class="wp-block-heading" id="h-regulatory-hurdle">REGULATORY HURDLE</h2>



For the deal to be successful, the French broadcaster will need to navigate the country&#8217;s stringent Black economic ownership requirements and restrictions on foreign media ownership, which caps voting rights at 20%.



Maxime Saada, chairman and CEO of Canal+ Group, told Reuters there are workable solutions around that which &#8220;of course will require us to have local partners&#8221;.



Last month Bloomberg reported that billionaire Patrice Motsepe could join Canal+&#8217;s bid.



The companies said they intend to comply with all applicable laws and will provide further details in this regard.



($1 = 18.7119 rand)



(Reporting by Nqobile Dludla; Editing by Tom Hogue, Miral Fahmy and Jan Harvey)

Vivendi’s Canal+ makes mandatory buyout offer for South Africa’s MultiChoice

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="549" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/KDI6GFUK7NPKRJPN5JH5FCFIX4-820x549.jpg" alt="" class="wp-image-473605" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/KDI6GFUK7NPKRJPN5JH5FCFIX4-820x549.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/KDI6GFUK7NPKRJPN5JH5FCFIX4-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/KDI6GFUK7NPKRJPN5JH5FCFIX4-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/KDI6GFUK7NPKRJPN5JH5FCFIX4-768x515.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/KDI6GFUK7NPKRJPN5JH5FCFIX4-1536x1029.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/KDI6GFUK7NPKRJPN5JH5FCFIX4-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A view shows a Microsoft logo at Microsoft offices in Issy-les-Moulineaux near Paris, France, March 25, 2024. REUTERS/Gonzalo Fuentes/File Photo</figcaption></figure>



April 4 (Reuters)&nbsp;&#8211;&nbsp;A South African antitrust agency is set to investigate Microsoft&nbsp;MSFT.O&nbsp;over its cloud computing licensing practices, a source with direct knowledge of the matter told Reuters on Thursday.



The South African case against Microsoft is likely to mirror the European Union antitrust case, according to the source.



Microsoft is not aware of any complaint filed by the South African competition authority, the company said in an emailed statement.



South Africa&#8217;s competition agency did not immediately respond to a Reuters request for comment.



The U.S. software giant faces a EU complaint by rivals over its cloud computing licensing practices in the region.



Industry group CISPE, which includes members such as Amazon.com&nbsp;AMZN.O&nbsp;and 26 small EU cloud providers, filed a complaint in late 2022 alleging Microsoft&#8217;s new contractual terms were harming Europe&#8217;s cloud computing ecosystem.



Microsoft amended its licensing terms in mid-2022 after rivals in Germany, Italy, Denmark and France took their grievances to the EU competition watchdog.



(Reporting by Foo Yun Chee and Nilutpal Timsina; Additional reporting by Yuvraj Malik, Priyanka.G Editing by Anil D&#8217;Silva)

FILE PHOTO: A Microsoft logo is seen in Issy-les-Moulineaux near Paris

South Africa to investigate Microsoft over cloud computing licensing practices, source says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="452" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/JSE-Foreign-Transcribe-Image-820x452.png" alt="" class="wp-image-473359" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/JSE-Foreign-Transcribe-Image-820x452.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/JSE-Foreign-Transcribe-Image-300x165.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/JSE-Foreign-Transcribe-Image-160x88.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/JSE-Foreign-Transcribe-Image-768x423.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/JSE-Foreign-Transcribe-Image.png 993w" sizes="(max-width: 820px) 100vw, 820px" /></figure>



The Johannesburg Stock Exchange has seen a decline in foreign participation over the past five years as economic growth slowed and South Africa’s relations with western countries soured over perceived support for Russia and China.



The exchange’s Capital Markets Director Valdene Reddy told CNBC Africa in an interview that there is anecdotal evidence that foreign holdings of individual companies and the market in general has dropped in the past few years.



&#8220;We&#8217;ve seen it come down where you talk to the local companies, and they say their shareholder register of foreign ownership has decreased,&#8221; Reddy said. &#8220;It is different in terms of different names and counters, but it has, in general, decreased across the board.&#8221;



The JSE, Africa’s largest stock market, has seen its weighting dropping around 3 percent in emerging market indices as South Africa almost tipped into a recession in 2023 amid power shortages and a logistics crisis that curtailed export growth. So far this year, foreign investors have sold a net R36 billion of South African equities, 25 percent up compared with a year ago.



Growth is forecast to almost double to more than one percent this year as power supply improves and after the country’s general elections next month. Reddy said that should attract more investment in a market she says is undervalued. &#8220;In general, South Africa trades between a 20 to even 40 percent discount in intrinsic and your net asset value of the company in some of our mainline counters. So it actually holds quite a lot of value in terms of the discount not only to emerging market peers, but also to developed world majors,&#8221; she said.



She noted that foreign investor activity in the JSE has been concentrated in the top 40 to top 60 counters, rather than specific sectors with interest in exporters and dual-listed defensive stocks.



South African bonds have also attracted interest from global investors from a yield perspective, she said. JSE data shows foreign investors have bought a R29 billion rand of South African bonds so far this year versus net sales of R17 billion at the same time a year ago.

JSE-Foreign-Transcribe-Image

Foreigners Sell South African equities amid a political fallout, lower growth

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="553" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/D74XRUJPWFKUDPO6JC6YAB4D3I-820x553.jpg" alt="" class="wp-image-473324" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/D74XRUJPWFKUDPO6JC6YAB4D3I-820x553.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/D74XRUJPWFKUDPO6JC6YAB4D3I-300x202.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/D74XRUJPWFKUDPO6JC6YAB4D3I-133x90.jpg 133w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/D74XRUJPWFKUDPO6JC6YAB4D3I-768x518.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/D74XRUJPWFKUDPO6JC6YAB4D3I-1536x1036.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/D74XRUJPWFKUDPO6JC6YAB4D3I-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A worker collects trolleys at South African retailer Woolworths, in Johannesburg, South Africa, November 21, 2023. REUTERS/Siphiwe Sibeko</figcaption></figure>



JOHANNESBURG, April 4 (Reuters)&nbsp;&#8211;&nbsp;Consumer spending growth in South Africa steadied in 2023 after the previous year&#8217;s post-pandemic surge, but expected interest rate cuts will encourage more purchases in 2024, executives from Visa&nbsp;V.N&nbsp;and Discovery Bank said on Thursday.



Recent retail results show that consumers are under financial pressure as high interest rates increase the cost of debt and inflation pushes food prices higher.



Releasing their latest SpendTrend24 report, Discovery&#8217;s&nbsp;DSYJ.J&nbsp;banking unit and Visa said that while consumer spending in South Africa outpaced inflation by 19 percentage points in 2022, the two measures were closely matched last year.



Spending on food, including groceries, takeout and dining out, increased in most South African cities, by an average of 8% in 2023 compared to a 16% increase the year before, the report said.



More broadly, in South Africa and four other emerging market countries that were part of the survey &#8211; Nigeria, Ghana, Brazil and Vietnam &#8211; a larger part of household budgets went on essentials like groceries and fuel, with less spent on non-essentials like travel.



The report also showed that spending is rising among affluent and high net worth consumers, with a slight decrease in the mass segment due to rising living costs.



&#8220;Our latest research highlights that throughout 2023, global economies navigated a complex path of post-pandemic revival, framed by persistent inflation and high interest rates,&#8221; Discovery Bank&#8217;s Chief Executive Officer Hylton Kallner said.



&#8220;These challenges pushed up the cost of living, prompting consumers to adjust their spending habits.&#8221;



South Africans are increasingly using their mobile phones to pay for goods instead of physical cards, according to the report, with adoption rates matching or surpassing those of international cities.



The country&#8217;s central bank paused its tightening cycle in July for the first time since November 2021 and economists expect rates to fall from the second half of this year.



Kallner said the expected interest rate reductions would result in higher disposable income for consumers, although they will continue to prioritise getting the most value for their money.



(Reporting by Nqobile Dludla and Sfundo Parakozov; Editing by Kirsten Donovan)

A worker collects trolleys at South African retailer Woolworths

Consumer spending growth in South Africa steadied in 2023, report shows

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="450" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/ABSA-PMI-Trsanscribe-Image-820x450.png" alt="" class="wp-image-472613" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/ABSA-PMI-Trsanscribe-Image-820x450.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/ABSA-PMI-Trsanscribe-Image-300x164.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/ABSA-PMI-Trsanscribe-Image-160x88.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/ABSA-PMI-Trsanscribe-Image-768x421.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/ABSA-PMI-Trsanscribe-Image.png 994w" sizes="(max-width: 820px) 100vw, 820px" /></figure>



The ABSA Purchasing Managers’ Index (PMI) fell to 49.2 points in March from 51.7 in February, crossing below the line that separates expansion from contraction, ABSA said in a release.&nbsp;<a href="https://www.cnbcafrica.com/2024/south-african-factory-activity-declines-in-march-absa-pmi/" target="_blank" rel="noreferrer noopener">Despite the fluctuation, ABSA says there was a positive note in the survey: respondents expressed the most optimism about expected business conditions since the start of 2023</a>.&nbsp;



&#8220;When you look closely, you&#8217;ll see that the main drivers were sluggish demand,’’ Sello Seleke, macro economist at ABSA told CNBC Africa’s Fifi Peters. But…&#8220;we also saw something quite interesting. So in terms of supply delivery times, we saw that shortening. So what this says, which is quite positive in recent context, is that it shows that, your supply chains are getting better.’’



&nbsp;South Africa’s economy is struggling to recover from record power shortages last year and an uncertain economic environment as the country heads to elections that some analysts are predicting may end the 30-year majority rule of the African National Congress. The vote will be held on May 29.



In March, the supplier deliveries index declined to 54.1 from 62, suggesting an improvement in congestion at local ports which have been crippled by crime and corruption. Another positive development was the improvement in the index tracking business conditions in six months’ time which rose to 62.1 points, the highest since the beginning of last year.&nbsp;

ABSA-PMI-Trsanscribe-Image

SA factory activity declines in March, ABSA says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="545" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/CGWOJODAWNIHDC2VWWGJADC3XI-820x545.jpg" alt="" class="wp-image-472547" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/CGWOJODAWNIHDC2VWWGJADC3XI-820x545.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/CGWOJODAWNIHDC2VWWGJADC3XI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/CGWOJODAWNIHDC2VWWGJADC3XI-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/CGWOJODAWNIHDC2VWWGJADC3XI-768x511.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/CGWOJODAWNIHDC2VWWGJADC3XI-1536x1022.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/CGWOJODAWNIHDC2VWWGJADC3XI-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A worker loads wine bottles onto a conveyer belt at the Rostberg bottling plant near Cape Town, November 29, 2012. REUTERS/Mike Hutchings/File Photo</figcaption></figure>



JOHANNESBURG, April 2 (Reuters) &#8211; South African manufacturing activity declined in March, a Purchasing Managers&#8217; Index (PMI) survey showed on Tuesday, with respondents suggesting that demand was sluggish.



The seasonally-adjusted PMI fell to 49.2 points in March from 51.7 in February, dropping below the 50-point mark that separates expansion from contraction.



&#8220;The PMI has been choppy in recent months, but the average for the first quarter of this year is equal to the final quarter of last year. In the fourth quarter, the gross value added by the sector managed to eke out a 0.2% quarter-on-quarter expansion,&#8221; Absa, which sponsors the PMI, said in a statement.



One positive survey finding was respondents were the most upbeat about expected business conditions since the start of 2023.



This is a developing story&#8230;



(Reporting by Alexander Winning)

A worker loads wine bottles onto a conveyer belt at the Rostberg bottling plant near Cape Town

South African factory activity declines in March – Absa PMI

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="450" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/JSE-Transcribe-Image-820x450.png" alt="" class="wp-image-470515" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/JSE-Transcribe-Image-820x450.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/JSE-Transcribe-Image-300x165.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/JSE-Transcribe-Image-160x88.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/JSE-Transcribe-Image-768x422.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/JSE-Transcribe-Image.png 991w" sizes="(max-width: 820px) 100vw, 820px" /></figure>



South African fund managers expect the benchmark all share index to advance more than 10 percent to a record in the next year, outperforming cash as the economy recovers from record power shortages and lower interest rates amid lower inflation.



The JSE All Share Index is forecast to reach 81,000 points in 12 months, according to the Merrill Lynch survey titled Strong, patient, equity bulls. The survey found a net 80 percent of managers are overweight domestic stocks with banks and software companies as favourites. No one wants to increase their cash portions.



`&#8221;One of the most interesting things that have come out of the survey this time around is just how many more local investors have turned into equity bulls and how many more have also turned into cash bears,&#8221; John Morris, Merrill Lynch South Africa Strategist told CNBC Africa. &#8220;So that&#8217;s a sign of risk appetite. It&#8217;s a sign of confidence on other assets like your equities.&#8221;



South Africa’s economy almost tipped into a technical recession in 2023 amid the country’s worst power cuts in history, rising inflation and the highest interest rates in 15 years. Growth is expected to almost double this year after the government opened power generation to private investors and households.



The country’s central bank is expected to begin cutting interest rates from the second half of the year, reducing pressure on consumers, though fund managers in the survey picked weak earnings as one of the risks to keep an eye on in the next 12 months, alongside potential policy shifts to the left after May elections that may see the ruling African National Congress party lose its majority for the first time since 1994.



&#8220;While the rate cuts may be more shallow compared to historical trends, they still present opportunities for investors in the equity market,&#8221; Morris said.



Over the year, fund managers see equities’ total returns at 15 percent, with bonds expected to return 20 percent.



The survey revealed that around 87% of fund managers anticipate the first rate cut by the South African Reserve Bank to be implemented in the third quarter of the year, with a gradual cutting cycle expected.

JSE-Transcribe-Image

South African Fund Managers Prefer Stocks in the next year

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="485" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/KCFPRJVFHBJAVIHQY7H4XLQJ2Y-1.jpg" alt="" class="wp-image-469811" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/KCFPRJVFHBJAVIHQY7H4XLQJ2Y-1.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/KCFPRJVFHBJAVIHQY7H4XLQJ2Y-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/KCFPRJVFHBJAVIHQY7H4XLQJ2Y-1-135x90.jpg 135w" sizes="(max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">FILE PHOTO: Shoppers queue to purchase televisions during Black Friday shopping, at a store in Canal Walk Mall in Cape Town, South Africa, November 25, 2022. REUTERS/Esa Alexander/File Photo</figcaption></figure>



March 25 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s first-quarter consumer confidence improved on the back of an uptick in the confidence levels of high-income households, suggesting retail sales volumes could gradually start to recover, according to a survey released on Monday.



The consumer confidence index (CCI), sponsored by the First National Bank (FNB) and compiled by the Bureau for Economic Research, improved to minus 15 points from minus 17 points in the fourth quarter of 2023 and minus 23 points in the first quarter of 2023.



A breakdown of the CCI per household income group showed that high-income confidence, inclusive of those earning more than 20,000 South African rand ($1,053.19) per month, rose from minus 19 to minus 14 points during the quarter, according to the survey.



&#8220;Significantly lower levels of load-shedding and a deceleration in inflation &#8211; particularly on the food price front &#8211; likely supported consumer confidence during the first quarter,&#8221; FNB Chief Economist Mamello Matikinca-Ngwenya said.



&#8220;However, job losses in the fourth quarter and renewed fuel price hikes in February and March probably countered some of these positive developments, particularly for low-income households. The tightening in fiscal policy announced in the February Budget Review probably also clipped consumer confidence.&#8221;



Consumers also remain wary about splurging on big-ticket items, suggesting that durable goods sales will underperform relative to the other consumption categories during the first half of 2024, the survey added.



($1 = 18.9900 rand)



(Reporting by Eva Mathews in Bengaluru; Editing by Janane Venkatraman )

FILE PHOTO: Shoppers buy items during Black Friday in Cape Town

S. Africa’s consumer confidence improves in the first quarter, survey says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="672" height="456" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/IMG_4108.jpeg" alt="" class="wp-image-468993" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/IMG_4108.jpeg 672w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/IMG_4108-300x204.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/IMG_4108-133x90.jpeg 133w" sizes="(max-width: 672px) 100vw, 672px" /><figcaption class="wp-element-caption">Steinhoff&#8217;s former Chief Executive Markus Jooste appears in parliament to face a panel investigating an accounting scandal that rocked the retailer in Cape Town, South Africa, September 5, 2018. REUTERS/Mike Hutchings/File Photo</figcaption></figure>



JOHANNESBURG, March 21 (Reuters)&nbsp;&#8211;&nbsp;A 63-year-old man whom police in South Africa on Thursday said apparently died by suicide was identified by local media as former Steinhoff chief executive Markus Jooste.



Jooste, who was instrumental in transforming Steinhoff from a small Johannesburg furniture outfit into a multinational retailer, had been handed a hefty fine for accounting fraud on Wednesday.



Police said an inquest case docket had been registered following the death of a 63-year-old man. They did not name the deceased.



&#8220;It is alleged that the victim sustained a gunshot wound at around 1520 (local time) at Kwaaiwater and succumbed to death on his way to hospital,&#8221; Western Cape police spokesperson Colonel Andre Traut said in a statement, referring to a suburb of the coastal town of Hermanus near Cape Town.



Traut said police were investigating the circumstances, adding that no foul play was suspected.



Citing sources, South African broadcaster Newzroom Afrika said Jooste shot himself during an arrest. The Financial Times said Jooste had died of a gunshot wound, according to people with knowledge of the matter.



Reuters could not independently verify the reports.



South Africa&#8217;s Financial Sector Conduct Authority fined Jooste 475 million rand ($25.2 million) on Wednesday for publishing false and misleading Steinhoff annual financial statements and annual reports for the 2014 to 2016 years and the 2017 half-year.



Steinhoff revealed holes in its accounts in December 2017, the first sign of an accounting fraud that led to the near-collapse of the retail group, which is the majority owner of South African and European discount retailers Pepkor&nbsp;PPHJ.Jand Pepco&nbsp;PCOP.WA.



Steinhoff has suffered hefty losses and a stream of lawsuits since then.



Jooste told a South African parliamentary inquiry in 2018 that he was not aware of any accounting irregularities when he left the retailer in December 2017.



He had also been under fraud investigation by South African police.



($1 = 18.8497 rand)



(Additional reporting by Wendell Roelf in Cape Town; Editing by Olivia Kumwenda-Mtambo and Rosalba O&#8217;Brien)

South Africa

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Vivendi’s Canal+ increases stake in South Africa’s MultiChoice to 40.83%

South Africa inflation slows slightly more than expected in March

South African rand weakens against strong dollar

WeBuyCars marks South African market debut with share price rise

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Vivendi’s Canal+ makes mandatory buyout offer for South Africa’s MultiChoice

South Africa to investigate Microsoft over cloud computing licensing practices, source says

Foreigners Sell South African equities amid a political fallout, lower growth

Consumer spending growth in South Africa steadied in 2023, report shows

SA factory activity declines in March, ABSA says

South African factory activity declines in March – Absa PMI

South African Fund Managers Prefer Stocks in the next year

S. Africa’s consumer confidence improves in the first quarter, survey says

Former Steinhoff CEO Markus Jooste dies by suicide, reports say

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South Africa

Risk sensitive South African rand weakens as geopolitical tensions bite

S.Africa contingency reserves won’t be spent on Eskom, Transnet, finance minister says

Vivendi’s Canal+ increases stake in South Africa’s MultiChoice to 40.83%

South Africa inflation slows slightly more than expected in March

South African rand weakens against strong dollar

WeBuyCars marks South African market debut with share price rise

Introduction of the e-visa system still a work in progress

UK Funds Africa’s largest battery storage system in South Africa

Vivendi’s Canal+ makes mandatory buyout offer for South Africa’s MultiChoice

South Africa to investigate Microsoft over cloud computing licensing practices, source says

Foreigners Sell South African equities amid a political fallout, lower growth

Consumer spending growth in South Africa steadied in 2023, report shows

SA factory activity declines in March, ABSA says

South African factory activity declines in March – Absa PMI

South African Fund Managers Prefer Stocks in the next year

S. Africa’s consumer confidence improves in the first quarter, survey says

Former Steinhoff CEO Markus Jooste dies by suicide, reports say

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