Top 8 Latest Update News In South Africa

 1) AngloGold Doubles Dividend Payout Ratio as Rally Boosts Cash

AngloGold Ashanti Ltd. will double its dividend payout ratio after gold prices surged this year and the company’s borrowings fell to the lowest in nearly a decade. AngloGold will now return 20% of free cash flow before growth capital to shareholders, up from 10%, the world’s third- largest gold producer said in a statement on Monday. The payout frequency has also been doubled to twice a year.

2) Aspen Agrees to Make J&J Covid-19 Vaccine in South Africa

Aspen Pharmacare Holdings Ltd. agreed to make the Covid-19 vaccine candidate being developed by Johnson & Johnson at a factory in South Africa, a move that could help with distribution on a continent with otherwise limited manufacturing capacity. Africa’s biggest drugmaker has the capacity to produce 300 million doses a year at the plant in Port Elizabeth if the shot is approved, the company said in a statement on Monday.

3) South Africa Factory Sentiment Jumps to Record High On Demand

An index measuring South African manufacturing sentiment rose to the highest level yet in October as the demand continued to recover from coronavirus lockdown measures. Absa Group Ltd.’s Purchasing Managers’ Index, compiled by the Bureau for Economic Research, increased to 60.9 from a revised 58.5 in September, the Johannesburg-based lender said Monday in an emailed statement.

4) Rand Is Riding High and It Has Little to Do With Fundamentals

The South African rand, an enfant terrible of high-beta EM currencies, has been holding up quite well given all the bad news from last week’s budget and the uncertainties awaiting global markets in recent days. The savior may have been corporate deal flows as opposed to macroeconomic fundamentals. While implied volatility has climbed to the highest level since April, the USD/ZAR spot rate has been contained in a tight range over the past week.

5) Prosus Targets $5 Billion Buyback in Plan to Cut Tencent Gap

Prosus NV plans to buy back a combined $5 billion of shares in itself and its South African parent Naspers Ltd. in a move designed to boost shareholder value and narrow a discount between the e-commerce giant and its stake in Tencent Holdings Ltd. The group will aim to pick up $1.37 billion of its own stock and $3.63 billion of Naspers, Amsterdam-based Prosus said in a statement on Friday.

6) South African Police Probing Ex-Steinhoff CEO Jooste, Times Says

South African authorities have launched a probe into suspected new fraud and money laundering allegations against former Steinhoff International Holdings NV Chief Executive Officer Markus Jooste, the Sunday Times reports, citing a police court application. The Directorate for Priority Crime Investigation, an elite crime busting force, applied for access to bank records dating back to between 2000 and 2009 belonging to Jooste’s company, Mayfair Speculators.

7) South Africa’s Main Opposition Elects Steenhuisen as New Leader

South Africa’s main opposition party elected John Steenhuisen as its new head on Sunday, ending a year-long leadership hiatus that ensued after Mmusi Maimane quit the post. Steenhuisen, 44, served as the Democratic Alliance’s chief whip in parliament before taking over as caretaker leader when Maimane quit after the party shed support and became immersed in an internal power struggle.

8) South African Lawmaker Urges Barclays Not to Fund SAA

Barclays Plc shouldn’t provide a government- guaranteed loan to South Africa’s insolvent state airline as it’s not a viable business and a drain on public finances, according to an opposition lawmaker.

source - https://www.sashares.co.za/todays-top-8-business-stories-2-november/#gs.l2335a