OZABS Summary

JOHANNESBURG- South Africa’s auditor general said on Wednesday that some of the money in its 500 billion rand COVID-19 relief package may have been fraudulently paid to improper beneficiaries. South Africa’s Impala Platinum annual earnings soar nearly 400%. JOHANNESBURG- South Africa’s Impala Platinum Holdings Ltd on Thursday reported a nearly 400% jump…

Private creditor debt relief for Africa may be long-term positive -rating agency

LONDON (Reuters) – Private sector involvement in a debt relief scheme for African countries could prove positive in the long-run if it encourages investment and bolsters debt sustainability, Scope Ratings said in a report on Thursday.

Nigeria central bank sells $50 mln to gauge foreign FX demand -traders

ABUJA (Reuters) – Nigeria’s central bank has sold around $50 million to foreign investors on the spot and forward markets, in what the bank called a test trade to gauge the level of dollar demand on the currency market, traders said on Wednesday.

S.Africa’s $30 bln COVID-19 relief package exposed to fraud – auditor general

JOHANNESBURG (Reuters) – South Africa’s auditor general said on Wednesday that some of the money in its 500 billion rand ($30 billion) COVID-19 relief package may have been fraudulently paid to improper beneficiaries.

South Africa’s Impala Platinum annual earnings soar nearly 400%

JOHANNESBURG (Reuters) – South Africa’s Impala Platinum Holdings Ltd (Implats) on Thursday reported a nearly 400% jump in annual earnings boosted by higher metal prices and a weaker rand currency, despite the impact of the COVID-19 pandemic on output.

South African power cuts worsen on cold weather, breakdowns

JOHANNESBURG (Reuters) – South African state power utility Eskom said it would ramp up power cuts on Wednesday, as cold weather caused a spike in demand after many of its generating units had broken down.

South Africa’s Eskom says gross debt rose to $29.3 bln as of March

South African state power utility Eskom’s gross debt increased to 488 billion rand ($29.3 billion) as of March 2020, from 440 billion rand a year earlier, the firm said in a presentation to parliament on Wednesday.

South Africa’s rand weaker as fiscal, political risks back on investors’ radars

South Africa’s rand weakened early on Wednesday, giving back some of the gains from the previous session as investors pocketed profits from the risk-on rally, while hopes over easing tensions inside the ruling party faded.

Mauritius central bank revokes Century Banking Corp’s licence

NAIROBI (Reuters) – Mauritius’ central bank has revoked the banking licence of Century Banking Corporation Ltd, it said on Wednesday, without stating the reasons for the move.

S.Africa’s Libstar posts lower half-year profit on expenses linked to COVID-19

South African food producer Libstar Holdings Ltd on Wednesday reported a 17.7% drop in half-year earnings, hit by expenses related to the COVID-19 pandemic.

South African state firms request bailouts over COVID-19

South African state companies have requested billions of rand in funding from the government to help them weather the impact of the coronavirus crisis, a finance ministry presentation to parliament showed on Tuesday.