Spar CEO Sees South African Politics Hurting Consumer Confidence

By Aarti Bhana Food, liquor retailer says Gordhan firing is blow to economy Spar focus on local products, liquor helps sustain growth Spar Group Ltd. said the firing of South African Finance Minister Pravin Gordhan and subsequent credit rating downgrades had caused a “massive loss of confidence” among shoppers already battling weak economic growth. While … Continue reading Spar CEO Sees South African Politics Hurting Consumer Confidence

Famous Brands Sees High-End Restaurants Accelerating Profit

By Aarti Bhana South African company sees robust trading at likes of Tashas Reiterates pledge to resume dividend after deal-related pause Famous Brands Ltd., the owner of South African food chains including Debonairs Pizza and Steers burgers, said the performance of high-end restaurants such as Tashas helped boost trading even as the domestic economy struggled. … Continue reading Famous Brands Sees High-End Restaurants Accelerating Profit

South Africa Rate on Hold as Central Bank Warns of Rand Risk

By Arabile Gumede, Amolegang Mbatha and Aarti Bhana for Bloomberg News Reserve Bank has kept the repurchase rate at 7% for 14 months Inflation eased to within central bank’s target range in April The South African Reserve Bank left its key rate unchanged for a seventh straight meeting as policy makers warned politics and ratings … Continue reading South Africa Rate on Hold as Central Bank Warns of Rand Risk

In South Africa Seven out of 10 Top Managers Are Still White

By Aarti Bhana Country penalizes 21 firms, more will be fined, minister says Whites hold 68% of top management positions; black people 8% South Africa has fined 21 companies and plans to penalize more for failing to comply with laws that compel them to employ more black citizens to help reduce inequality more than two … Continue reading In South Africa Seven out of 10 Top Managers Are Still White

Discover Digital to Start New TV Rival to Netflix in Africa

By Loni Prinsloo and Aarti Bhana Investec Bank has option to become equity partner in venture Former online partner of MTN will also compete with Naspers MTN Group Ltd.’s former video-on-demand provider Discover Digital is starting a new South African online TV service with lender Investec Plc, just a day after its partnership with Africa’s biggest … Continue reading Discover Digital to Start New TV Rival to Netflix in Africa