"The rationale for entering with the Chinese in this regard is because they are a dominant player in the renewable energy space. They have 688 gigawatts of installed capacity of renewables, a combination of PV and wind," Minister Kgosientsho Ramokgopa said.
"As a BRICS nation, we must continue to support and invest in the township economy. By doing so we can rewrite the narrative of our township and create a brighter and more inclusive future for all," Minister Maropene Ramokgopa said.
Travis King defected to North Korea to escape "mistreatment and racial discrimination in the US Army", state media said Wednesday, Pyongyang's first official confirmation they are holding the American soldier.
UK unemployment increased in the three months to the end of June while wages grew at record annual pace, official data showed Tuesday, as the economy struggles with high inflation.
Russia's central bank on Tuesday hiked its key interest rate from 8.5 to 12 percent, after the ruble crashed to a more than 16-month low against the dollar.
China on Tuesday released weaker than expected economic data, with slowing retail sales growth pointing to shaky consumer confidence in the world's second-largest economy.
The Russian ruble slid past 100 against the dollar Monday, its lowest level since March 23, 2022 -- weeks after Moscow unleashed full-scale hostilities in Ukraine.
China last month suffered its biggest fall in exports for more than three years, official data showed Tuesday, as the world's second-largest economy is battered by sluggish global demand and a domestic slowdown.
Fitch downgraded the United States' top-notch credit rating by a step on Tuesday, citing a growing federal debt burden and an "erosion of governance" that has manifested in debt limit standoffs.
The US Federal Reserve is poised to announce a fresh quarter percentage-point hike to its benchmark lending rate on Wednesday to tackle inflation, while keeping the option open for more such moves in the coming months.
The world is heading for a record grain harvest in the 2023-2024 season thanks to gains for maize and rice, but the market remains under pressure thanks to El Nino and risks due to the war in Ukraine.
"Have interest rates peaked? The answer is a resounding no. Is this the end of the hiking cycle? No, it is not. It depends on the data and risks, that is what it boils down to," Governor Lesetja Kganyago said.
South African inflation dropped to the lowest level in 20 months in June, slipping back within the central bank's target range, official data showed Wednesday.
"We, unfortunately, have to administer particular medicine in order to tame inflation. Failure to administer that medication might result in the patient having to undergo surgery or end up in intensive care," Governor of the South African Reserve Bank, Lesetja Kganyago said. In May, the interest rate was 8.25%, which has been recorded highest in the last 14 years. However, the central bank's monetary policy committee is working to bring back the interest rate to 4.5%.
Nigeria's central bank has abolished the country's multiple exchange rate system and effectively floated the naira currency, the bank said, as new President Bola Ahmed Tinubu revamps the country's monetary policies.
The OECD slightly raised its growth outlook for the world economy on Wednesday as inflation eases and China has dropped Covid restrictions, but it warned the recovery faces a "long road".
South Africa's economy grew slightly in the first three months of the year, shooing away fears of recession hanging over Africa's most industrialised country, official data showed Tuesday.
"During the 2023/24 financial year we will give priority to building a capable, responsive, ethical, and fit-for-purpose Social Development portfolio," the department said.
"Now, we have just reached the restrictive territory. We have got to see the effects of this policy stance and what it means," the governor of Reserve Bank said.
The interest rate will be decided by the SARB on Thursday and probably get officially announced on Friday.
Eskom has to follow strict conditions to write off the municipal debt, interest, and penalties.
Compensating farmers is central to a government strategy under discussion with key creditor, the African Development Bank (AfDB), to clear historic arrears of some $17 billion.
Africa is struggling with the triple shock of rising debt burdens, an ongoing food crisis and climate change fallout and needs more help from international institutions and wealthy nations to cope, African finance ministers said on Saturday.
Zambia last week gave its bondholders a "concrete proposal" for the restructuring of some $3 billion in eurobonds, the ministry of finance and national planning said on Friday.
Angola's next sovereign debt issuance will be an ESG bond of up to $1 billion, its finance minister told Reuters on Thursday, but she added that the southern African oil producer's government would not tap the market this year.
Rather than normalizing, the ratio was expected to start rising again this year, hitting 99.6% of GDP in 2028, the last year of the IMF's forecast horizon, he said.
International Monetary Fund (IMF) Managing Director Kristalina Georgieva said on Monday that 44 countries have expressed interest in borrowing from its $40 billion Resilience and Sustainability Trust after an initial five had arranged loans.
"This represents a year-on-year growth of 7.86 percent or R123 billion more than last year against a nominal gross domestic product (GDP) growth of around 5.8 percent," SARS Commissioner said.
"The revised repurchase rate is now less accommodative and is more consistent with the current view of risks to inflation," Reserve Bank Governor Lesetja Kganyago said.
Nigeria is facing severe dollar shortages, forcing many citizens and businesses to seek foreign exchange on the black market, where its naira currency has progressively weakened.
