Absa nears Tanzania deal to combine R49.2bn of banking assets
Absa Group is nearing a deal to combine its banking interests in Tanzania as the lender looks to increase the scale of its East African businesses, according to people familiar with the matter.
South Africa officially rolls out ‘locals first’ hiring
South Africa has formally embraced a “locals first” approach to employment, introducing new rules that require participating employers to prioritise South African citizens and permanent residents while offering faster visa processing to businesses that meet strict government criteria for recruiting foreign talent.
South Africans drowning in debt as cost-of-living crisis deepens
South Africans are using an increasingly larger share of their take-home pay to service debt, and a growing portion have debt obligations that are considered “unsustainable”.
SA secures R24.76bn World Bank loan to boost infrastructure
South Africa has secured a $1.5 billion (R24.76 billion) World Bank loan to help modernise the country’s infrastructure and create hundreds of thousands of jobs in the continent’s largest economy.
Migrant exodus leaves gap South Africa may battle to close
A South African app that links households with domestic workers is reeling, delivery drivers are fleeing, and a key textile hub has lost workers as anti-migrant protests push tens of thousands of people to leave the country, sending tremors through a strained economy.
Zim business leader urges economically beneficial immigration control as protests disrupt South African business
Business leader and former Confederation of Zimbabwe Industries president Busisa Moyo says the repatriation of foreign nationals from South Africa (SA) has severely impacted the country’s businesses—particularly in service delivery and commercial sectors—urging authorities to apply artificial intelligence (AI) in immigration control for economic benefit.
SA wants to attract R750bn for industrial hubs by April
South Africa plans to attract billions of dollars in investment into its specialised industrial hubs by April to revive a manufacturing sector that has been in decline for decades.
UAE’s $406 billion banking giant targets South Africa after 10-year court battle
First Abu Dhabi Bank (FAB), the United Arab Emirates’ largest lender with approximately $406 billion (R6.6 trillion) in assets, is moving closer to establishing a presence in South Africa after ending a decade-long trademark dispute that had delayed its expansion into Africa’s biggest banking market.
Using cash costs South Africans R90 billion a year – SAR
The annual cost of cash in South Africa is substantial, sitting at around R90 billion, most of which is paid by consumers.
South Africa clothing factory owners warn of collapse as migrant workers leave
Clothing factories in parts of South Africa are closing as immigrant workers flee to avoid xenophobic violence, according to the chair of the eThekwini Clothing and Leather Association, Iqbal Ismail.