Africa Brief: South Africa, investment destination, Africa Barrick Gold, Angola’s interest rate and more
SA still ranks best for business in Africa
SA REMAINS the most attractive country in Africa in which to do business despite serious knocks to investor confidence during the past few months, two separate surveys showed yesterday.
SA moved up a notch to rank 14th out of 27 countries in a global emerging markets opportunity index, and remains the highest rated economy on the African continent, according to research compiled by business services company Grant Thornton.
For the full story, read SA still ranks best for business in Africa by Amanda Visser and Mariam Isa, published in Business Day on 14/02/13.
Facts show that investors still regard SA as key destination
Michael Lalor, the Ernst & Young (E&Y) Africa business centre leader, said in a presentation in Johannesburg yesterday that the country was consistently ranked the most attractive destination in Africa.
Africa attractiveness survey of 503 business leaders in 38 countries, followed by Nigeria and Morocco.
In terms of doing business, it ranks ahead of Brazil, Russia, India and China (its fellow members in the Brics grouping) as well as Spain, Italy and the United Arab Emirates.
For the full story, read Facts show that investors still regard SA as key destination by Ethel Hazelhurst, published in The Star, Business Report on 14/02/13.
Africa Barrick Gold expects output to shrink
Miner African Barrick Gold forecast production would shrink for a fifth straight year and said it would focus on cutting soaring costs, after talks over a possible takeover of the firm collapsed in January.
For the full story, read Africa Barrick Gold expects output to shrink by Reuters, published in The New Age on 14/02/13
Record interest in Meetings Africa
WHILE international touristsare arriving in large numbers following a successful domestic tourism season, SA Tourism’s annual Meetings Africa conference in Sandton nest week is attracting a record number of delegates.
Almost 350 international, regional and local qualified buyers have booked to attend 67 percent more than last year.
SA Tourism chief executive Thulani Nzima said the numbers were impressive. “They show global interest in South Africa as a host destination for business events is growing.”
For the full story, read: Record interest in Meetings Africa by Audrey D’Angelo, published in The Star, Business Report on 14/02/13
ABB SA orders take a big leap
ABB SA, a subsidiary of the global power and automation group, has reported a 36% jump in orders to R4.3bn in the year to December. These comprise mainly “large” equipment orders in the solar, motors and generators segments over the past six months.
Cross-border projects accounted for 20% and were mainly in Mozambique, the Democratic Republic of Congo, Kenya and Botswana.
In December, ABB won orders of $225m to supply two turnkey photovoltaic power plants in Limpopo. These were at the Witkop and Soutpan solar parks, close to Polokwane.
For the full story, read ABB SA orders take big leap by Mark Allix, published in Business Day on 15/02/13
Angola looks to lower interest rates
ANGOLA’S central bank has room to lower interest rates to spur investment in Africa’s second-biggest oil producer, according to governor Jose de Lima Massano.
Policy makers cut the benchmark interest rate for the first time in a year in January, lowering it to 10% from 10.25% as inflation slowed.
Angola is strengthening its economic policy to help rebuild the nation after a 27-year civil war that ended in 2002. Interest rates have come down from 23% two years ago, when Mr Massano created the Monetary Policy Committee and introduced the benchmark rate. Inflation has eased from 13.7% in August 2011 to 9% in December.
For the full story, read Angola looks to lower interest rates by Collin McClelland, published in Business Day on 15/02/13