South Africa

South Africa Post Office gets Permission from the SA Reserve Bank to Launch its Own Bank

Reserve BankThe South African Reserve Bank has granted license to the Post Office allowing it to corporatize its bank division.

The license will allow Postbank to offer more than just savings accounts. It will now be able to offer banking cards and other services. To permit it operate as a full- fledged bank, the Postbank will be re-registered as a new company.

Big Unemployment Numbers in South Africa Might be Warning Sign

According to the most recent report by Quarterly Employment Survey, in the first quarter of 2016, the formal sector of the South African economy has cut down 15 000 jobs. That can be a warning sign of rising unemployment which can add to the already existing joblessness of the nation.

In the quarterly statistics released by Statistics South Africa (Stats SA) it could be seen how employment decreased in different sectors. The only exceptions were electricity, community services and construction.

Famous Brands Buys Tomato Paste Manufacturing Plant from Cape Concentrate

Famous Brands of South Africa which has casual dining and quick service outlets, bought a plant of Cape Concentrate a state-of-the-art tomato paste manufacturing plant. The price of the deal was undisclosed. It will help Famous Brands to boost production and create strategic partnership with the local farmers.

Famous Brands says that this takeover will add employment to the economically distressed area. In the plant itself, in Coega precinct in the Eastern Cape, almost thirty five jobs will be created.

Mamelodi Commuters in South Africa will be the First Enjoy Riding State-of-the-art Trains from Brazil

On Sunday South Africa's Transport Minister, Dipuo Peters said during a Commuter Imbizo Programme in Pienaarspoort Sport Ground, Mamelodi East, that community of Mamelodi will be one of the first recipients to get a batch of new state-of-the-art trains from Brazil.

For fifty years people in Mamelodi have travelled in the old trains but things will be different now. Not only that, introduction of the new trains will also cut down travelling time from Mamelodi to Pretoria to 26 minutes which currently takes 47 minutes.

SA’s Small Business Minister Lindiwe Zulu Condemns the Incidence of Looting of Small Businesses in Tshwane

Last week, several shops were looted in Tshwane, Gauteng Province, South Africa as the residents protested following the announcement of the African National Congress as Thoko Didiza to be their mayoral candidate. In the incident that resulted to violence and chaos, five people lost their lives within a week.

The incident was condemned by Small Business Development Minister Lindiwe Zulu on Sunday in "strongest possible terms".

IMF Says Mozambique’s Economic Growth to Slow Down in 2016 Due to High Inflation and Government Debt

Under pressure for an international audit of Mozambique's financial conditions, on Friday the International Monetary Fund (IMF) said, the economy of the country in southern Africa will most probably slow down to 4.5 percent in
2016. In 2015 it grew 6.6 percent. The reason for the slowdown is rapidly growing inflation and mounting government debt.

Michel Lazare, who headed the team from the IMF which visited Mozambique, said the detection of $1 billion plus earlier undisclosed government debt is sure to add to the pressure the economy is already facing.