DIRS.INFO The most relevant business & tech news

☆ Russian warship armed with hypersonic missiles to join drills with China, S.Africa
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +2 min

Jan 23 (Reuters) - A Russian warship armed with new-generation hypersonic cruise weapons will participate in joint exercises with the navies of China and South Africa in February, the Russian state agency, TASS, said on Monday. The missiles fly at nine times the speed of sound, with a range of more than 1,000 km (620 miles), Russia says. They form the centrepiece of its hypersonic arsenal, along with the Avangard glide vehicle that entered combat duty in 2019. On Thursday, the South African National Defense Force said the drills, to run from Feb. 17 to Feb. 27 near the port city of Durban and Richards Bay, aim "to strengthen the already flourishing relations between South Africa, Russia and China." The exercise will be the second involving the three countries in South Africa, after a drill in 2019, the defence force added in its statement.

☆ Russia's Lavrov visits ally South Africa amid Western rivalry
▼ + stars: | 2023-01-23 | by ( Carien Duplessis | ) www.reuters.com time to read: +3 min

[1/2] South Africa's Foreign Minister Naledi Pandor shakes hands with Russia's Foreign Minister Sergei Lavrov, ahead of their bilateral meeting in Pretoria, South Africa, January 23, 2023. Lavrov met his South African counterpart, Naledi Pandor, after flying in earlier in the day on a trip some South African opposition parties and the small Ukrainian community have condemned as insensitive. President Cyril Ramaphosa's government regards South Africa as neutral in the Ukraine conflict and has expressed a desire to mediate. The South African armed forces said last week the exercise is a "means to strengthen the already flourishing relations between South Africa, Russia and China". There was no official public comment from the Ukrainian embassy but officials said it had asked the South African government to help push President Volodymyr Zelenskiy's 10-point peace plan, which he proposed to the G20 in November.

☆ South Africa's Eskom says worst power cuts over for now but urges less use
▼ + stars: | 2023-01-22 | by ( Tim Cocks | ) www.reuters.com time to read: +3 min

But outgoing CEO Andre De Ruyter also re-affirmed that power cuts would continue for two more years at least. South Africans were braced for worse, with the risk of "stage 8 load shedding" - more than half a day with no power. "We would really urge South Africans to plan (evening) consumption such that ... we have reduced demand," he said. Creaking coal-fire power stations, corruption in coal supply contracts, criminal sabotage and failure to ease up regulation to enable private providers to swiftly bring renewable energy on tap have all left South Africa in a deep power deficit. Eskom's Chief Operating Officer Jan Oberholzer said that by the end of March the firm should be able to bring 1,862 megawatts back online, and that it would focus on keeping its top six power stations running smoothly.

[1/2] A man walks beneath electricity pylons during frequent power outages from South African utility Eskom, caused by its ageing coal-fired plants, in Orlando, Soweto, South Africa, January 16, 2023. REUTERS/Siphiwe SibekoSummarySummary Companies Power cuts to become less severe from TuesdayDepends on generators returning to service as plannedEskom tells politicians power cuts to continue into 2024JOHANNESBURG, Jan 16 (Reuters) - South Africa's state-owned power utility Eskom said it would shorten power cuts from Tuesday morning as 14 generators come back on tap this week, but electricity shortages look set to continue at least into 2024. The past week has seen some of the worst power cuts on record in Africa's most industrialised nation, at least six hours a day for most households and often as much as 10 hours. The company implemented power cuts on more than 200 days last year, the most in a calendar year. The utility said it had procured an additional 50 million litres of diesel, which would be used to manage pumped storage dam levels and limit power cuts.

☆ South Africa's president to skip WEF to deal with crippling power cuts at home
▼ + stars: | 2023-01-15 | by ( ) www.reuters.com time to read: +1 min

JOHANNESBURG, Jan 15 (Reuters) - South African President Cyril Ramaphosa will no longer attend the World Economic Forum (WEF) in Davos due to the ongoing energy crisis in the country, his spokesman said on Sunday. Power cuts have worsened since Tuesday when struggling state utility Eskom said it would implement its worst-ever outages until further notice. The power cuts are a major source of public frustration with the governing African National Congress (ANC) and a brake on economic growth in Africa's most industrialised nation. "Currently the President is convening a meeting with leaders of political parties represented in parliament, NECCOM (National Energy Crisis Committee) and the Eskom board," Vincent Magwenya, presidential spokesman said. The beleaguered utility supplies the vast majority of South Africa's electricity, relying mainly on an ageing fleet of coal-fired power stations that are unreliable and prone to faults.

☆ Dollar slips vs euro on upbeat German business morale data
▼ + stars: | 2022-12-19 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +3 min

[1/2] Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022. REUTERS/Florence Lo/IllustrationNEW YORK, Dec 19 (Reuters) - The dollar edged down against the euro as upbeat German business morale data supported the common currency, while a modest improvement in investors' appetite for riskier currencies weighed on the safe-haven dollar. German business morale rose more than expected in December as the outlook for Europe's largest economy improved despite the energy crisis and high inflation, a survey showed on Monday. The euro rose 0.2 % to $ 1.06085 , not far from the six-month high of $1.0737 touched last week. "I think the dollar is generally softer on slightly higher risk-on trading," said John Doyle, vice president of dealing and trading at Monex USA.

☆ South African President Ramaphosa Is Re-Elected as Party Leader
▼ + stars: | 2022-12-19 | by ( Gabriele Steinhauser | ) www.wsj.com time to read: 1 min

JOHANNESBURG—South African President Cyril Ramaphosa was resoundingly re-elected as the leader of the ruling African National Congress on Monday, shrugging off a parliamentary investigation that found he may have violated the country’s constitution, as well as a forceful challenge by allies of his disgraced predecessor. Mr. Ramaphosa, who has been president of Africa’s most developed economy since 2018, beat his former health minister, Zweli Mkhize, gaining 2,476 votes out of 4,384 cast at the ANC’s elective conference that sets the party’s direction for the coming five years. Perhaps more important, officials backed by Mr. Ramaphosa won four out of the other six positions in the party’s leadership team, giving him a stronger hand in picking his cabinet and pushing through his chosen economic policies.

☆ South African rand weakens as ruling ANC picks new leader
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: +1 min

JOHANNESBURG, Dec 19 (Reuters) - South Africa's rand weakened early on Monday as investors awaited the outcome of voting for the new leader of South Africa's governing African National Congress (ANC). At 0707 GMT the rand traded at 17.6875 against the dollar, 0.43% weaker than its previous close. Voting for the ANC's new leader was almost complete on Monday as the race pitting President Cyril Ramaphosa against former health minister Zweli Mkhize entered the final stretch. "Anything short of that will likely see the USD-ZAR spike, with thin liquidity conditions amplifying the move," ETM said. The government's benchmark 2030 bond was weaker in early deals, with the yield up 11.5 basis points at 10.330%.

☆ Ramaphosa re-elected as leader of South Africa's ruling party
▼ + stars: | 2022-12-19 | by ( ) www.cnbc.com time to read: +1 min

South African President Cyril Ramaphosa waves outside the NASREC Centre in Johannesburg, on December 05, 2022 after a meeting of the Africa National Congress. South African President Cyril Ramaphosa has been re-elected leader of the governing African National Congress (ANC) at a party leadership contest, an ANC official said on Monday. Ramaphosa had been widely tipped to secure re-election for a second five-year term as ANC leader at the five-day gathering being held in the country's biggest city Johannesburg. He secured the most nominations from rank-and-file ANC members and is widely viewed as the country's most popular politician. Ramaphosa has denied wrongdoing and has not been charged with any crimes over the scandal, but it has raised questions about how he acquired the money and whether he declared it.

☆ South Africa's ANC gathers to vote on new leader
▼ + stars: | 2022-12-18 | by ( ) www.reuters.com time to read: +2 min

[1/2] South African President Cyril Ramaphosa attends the nomination process of the top African National Congress (ANC) officials in the 55th National Conference of the ruling African National Congress (ANC) at the Nasrec Expo Centre in Johannesburg, South Africa, December 18, 2022. REUTERS/Sumaya HishamJOHANNESBURG, Dec 18 (Reuters) - Delegates of South Africa's ruling African National Congress (ANC) gathered on Sunday to choose a new party leader, pitting President Cyril Ramaphosa against former health minister Zweli Mkhize. They will vote on Sunday after the ANC nominated the two candidates late on Saturday. Ramaphosa's backers were singing songs in support of him and were holding up two fingers signalling a second term as leader. Former president Jacob Zuma's supporters are seeking to use the scandal to oust Ramaphosa.

[1/2] South African President Cyril Ramaphosa attends the 55th National Conference of the ruling African National Congress (ANC) at the Nasrec Expo Centre in Johannesburg. REUTERS/Sumaya HishamJOHANNESBURG, Dec 17 (Reuters) - Party allies, and even some rivals, of South African President Cyril Ramaphosa on Saturday condemned opponents who disrupted his opening speech with chants and shouting at a conference of the ruling ANC on Friday. Ramaphosa, who was speaking at a five-day gathering of the African National Congress (ANC) to elect candidates for 2024 national elections, is seeking a second term and is widely seen as the party's strongest candidate. We are all interested to emerge here with a very solid, strong leadership," ANC deputy presidential hopeful and Eastern Cape ANC Chairperson Oscar Mabuyane told reporters. What they did yesterday soiled (their) campaign," Zamani Saul, Northern Cape ANC chairperson told SABC news.

[1/7] U.S. President Joe Biden delivers keynote remarks at a U.S.-Africa Business forum at the 2022 U.S.-Africa Leaders Summit in Washington, U.S., December 14, 2022. "The United States is 'all in' on Africa's future," Biden told African leaders attending a three-day summit in Washington. Beijing has held its own high-level meetings with African leaders every three years for more than two decades. For their part, many African leaders reject the idea that they need to choose between the United States and China. "The fact that both countries have different levels of relations with African countries makes them equally important for Africa's development," Ethiopia's U.N. ambassador, Taye Atske Selassie Amde, told Reuters.

☆ South African Parliament votes against Ramaphosa impeachment investigation
▼ + stars: | 2022-12-13 | by ( David Mckenzie | ) edition.cnn.com time to read: +3 min

Johannesburg CNN —South African President Ramaphosa survived a move to start impeachment proceedings against him in a vote in parliament on Tuesday. The move was widely expected, after the top leadership ruling African National Congress (ANC) called on their parliamentary caucus to block the investigation. There were a few ‘yes’ votes from ANC members, and a couple of no-shows, but their caucus largely held together. The president has repeatedly denied the allegations saying the money was from the sale of wildlife at his Phala Phala farm. ANC members said that the report did not provide enough evidence to move towards an impeachment proceeding.

☆ South Africa's Ramaphosa awaits ANC panel decision on his fate
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +1 min

He has said the money stolen was the proceeds of the sale of buffaloes and far less than the millions of dollars alleged when the theft came to light in June. Ramaphosa said on Sunday he would attend the meeting of the African National Congress National Executive Committee (NEC) and would accept its decision. Party leaders and supporters of Ramaphosa clad in the colours of the ANC party were seen arriving at the venue of the meeting on Monday. Having received firm backing from his allies within the party, Ramaphosa has vowed to fight on, with his spokesman saying the panel's findings would be challenged. Reporting by Kopano Gumbi; Writing by Bhargav Acharya; Editing by James Macharia Chege and Nick MacfieOur Standards: The Thomson Reuters Trust Principles.

☆ Morning Bid: China reopening as volatility ebbs
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +4 min

What's more, Wall Street's 'fear index' is showing little if any trepidation about the final month of the year. Even though it backed up a bit today, the VIX index of implied S&P500 volatility (.VIX) closed at its lowest in 8 months on Friday. Morgan Stanley updated its China equity recommendation to overweight, citing "multiple positive developments alongside a clear path set towards reopening." China's yuan , surged past 7 to the dollar in onshore and offshore markets - its best levels in almost three months. The China re-opening optimism buoyed the oil price even as OPEC+ nations at the weekend held their targets steady despite last week's market speculation of another output cut.

☆ South Africa's Ramaphosa hits back as party backs him over 'Farmgate' scandal
▼ + stars: | 2022-12-05 | by ( Kopano Gumbi | ) www.reuters.com time to read: +4 min

A copy of court papers filed by Ramaphosa's lawyers in the Constitutional Court showed Ramaphosa wanted the panel report "reviewed, declared unlawful and set aside." Ramaphosa also wants any steps taken by the lower house of parliament, the National Assembly, over the panel report to be declared unlawful and invalid, the papers showed. South Africa's parliament postponed by a week to Dec. 13 a debate that had been scheduled for Tuesday on the report. [1/5] South African President Cyril Ramaphosa leaves the African National Congress (ANC) National Executive Committee meeting in Johannesburg, South Africa, December 5, 2022. That we will not support this report," Mashatile told reporters.

☆ South Africa's Ramaphosa: ANC executive to decide my fate
▼ + stars: | 2022-12-04 | by ( ) www.reuters.com time to read: +1 min

JOHANNESBURG, Dec 4 (Reuters) - South African President Cyril Ramaphosa said on Sunday it was up to the governing party's National Executive Committee (NEC) to decide his future in the face of allegations of misconduct against him. Ramaphosa has denied any wrongdoing and has not been charged with any crimes. The president's allies have rallied around him and on Saturday his spokesman said he would not resign. The governing African National Congress (ANC) party's National Working Committee (NWC) was meeting in Johannesburg on Sunday to discuss the panel's report. "It is up to the National Executive Committee, to which I am accountable, to take whatever decision (it deems fit)."

☆ South Africa's Ramaphosa will not resign, spokesperson says
▼ + stars: | 2022-12-03 | by ( ) www.reuters.com time to read: +1 min

JOHANNESBURG, Dec 3 (Reuters) - South African President Cyril Ramaphosa will not resign and will seek a second term as leader of the ruling African National Congress (ANC) after allies rallied behind him to stay on, a spokesperson from the president's office said on Saturday. "President Ramaphosa is not resigning based on a flawed report, neither is he stepping aside," Ramaphosa's spokesperson Vincent Magwenya told journalists by text message. Ramaphosa has denied any wrongdoing and has not been charged with any crimes. The president would challenge the report and its findings, the spokesperson said. "It is in the long term interest and sustainability of our constitutional democracy... that such a clearly flawed report is challenged."

☆ South Africa's ruling ANC to meet on Sunday to discuss president's fate
▼ + stars: | 2022-12-03 | by ( ) www.reuters.com time to read: 1 min

JOHANNESBURG, Dec 3 (Reuters) - South Africa's African National Congress will meet on Sunday, it said on Saturday, to continue a meeting it halted midway on Friday to discuss the future of President Cyril Ramaphosa who has been suspected of misconduct. An enquiry by an independent parliamentary panel found that Ramaphosa might have committed misconduct when investigations revealed that he kept millions of dollars in cash at his private game farm. The president has denied any wrongdoing. Reporting by Promit Mukherjee, Editing by William MacleanOur Standards: The Thomson Reuters Trust Principles.

☆ South Africa's ruling party to decide Ramaphosa's fate over 'Farmgate' scandal
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +3 min

JOHANNESBURG, Dec 2 (Reuters) - Senior officials in South Africa's ruling African National Congress (ANC) were gathering on Friday to decide whether President Cyril Ramaphosa should stay on after an inquiry found evidence of misconduct over cash hidden at his farm. The president's future has been in doubt since a report by a panel of experts was made public on Wednesday. The South African rand stabilised on Friday, after closing 2% weaker against the dollar on Thursday on speculation that Ramaphosa was going to resign. Local media reported widely that he was considering quitting on Thursday but was then convinced by his own supporters within the NEC to stay. "We are quite determined that the president has to stay," Mathole Motshekga, an NEC member, told local Radio 786.

☆ Cyril Ramaphosa: South African president resists calls to resign
▼ + stars: | 2022-12-01 | by ( David Mckenzie | ) edition.cnn.com time to read: +5 min

Johannesburg, South Africa CNN —After days of speculation, South African President Cyril Ramaphosa looks set to fight calls for his resignation despite a damning report that found he could have covered up the theft of hundreds of thousands of dollars at his private game farm. Prior to the release of the report, Ramaphosa was widely expected to win a second term as ANC leader. And will never do so,” he said while addressing members of the ruling African National Congress (ANC) party in June this year. President Ramaphosa most likely did breach a number of Constitutional provisions and has a case to answer. Some allies of former president Zuma are now openly asking for Ramaphosa to step down.

☆ S.African foreign minister: panel report on Ramaphosa 'troubling moment'
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +1 min

[1/2] Foreign Minister of South Africa Naledi Pandor addresses the 77th Session of the United Nations General Assembly at U.N. Headquarters in New York City, U.S., September 21, 2022. REUTERS/Mike SegarJOHANNESBURG, Dec 1 (Reuters) - A panel report that found preliminary evidence that President Cyril Ramaphosa may have violated his oath of office is a "troubling moment" for the government and governing party, South Africa's foreign minister Naledi Pandor said in an interview at the Reuters NEXT conference. Ramaphosa has denied any wrongdoing and has not been charged with any crimes. Pandor added that she was still reading the panel report on the robbery at Ramaphosa's farm and that she did not want to rush into the public space with additional comments. Reporting by Tim Cocks and Bhargav Acharya; Editing by Alexander Winning, James Macharia ChegeOur Standards: The Thomson Reuters Trust Principles.

☆ Cyril Ramaphosa facing impeachment calls
▼ + stars: | 2022-12-01 | by ( David Mckenzie | ) edition.cnn.com time to read: +3 min

Johannesburg CNN —South African president Cyril Ramaphosa is facing calls to step down from opposition leaders and even senior figures in his ruling African National Congress party after an independent panel found there is initial evidence that he could have violated his oath of office. President Ramaphosa most likely did breach a number of Constitutional provisions and has a case to answer. The panel was appointed by the speaker of parliament after a motion from a smaller opposition party. The National Assembly will consider the report and may institute impeachment proceedings – though the ANC does hold a majority of seats. Ramaphosa took office after his predecessor Jacob Zuma was forced to resign because of multiple allegations of Corruption.

☆ Reaction to expert panel report on South Africa's Ramaphosa
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +3 min

[1/2] Nkosazana Dlamini-Zuma, former minister and chairwoman of the African Union Commission, attends the 54th National Conference of the ruling African National Congress (ANC) at the Nasrec Expo Centre in Johannesburg, South Africa December 17, 2017. REUTERS/Siphiwe SibekoJOHANNESBURG, Dec 1 (Reuters) - Cyril Ramaphosa's future as South African president was in question on Thursday, a day after a panel report found preliminary evidence he may have committed serious misconduct. "We need to look at the report, study its implications very carefully, follow the parliamentary processes and allow matters to take their course." NKOSAZANA DLAMINI-ZUMA, EX-WIFE OF FORMER PRESIDENT JACOB ZUMA"I think the president has to step aside now and answer to the case." JOHN STEENHUISEN, LEADER OF MAIN OPPOSITION PARTY, THE LIBERAL DEMOCRATIC ALLIANCE (DA)"The report is clear and unambiguous.

☆ Explainer: The Phala Phala farmgate scandal hanging over South Africa's Ramaphosa
▼ + stars: | 2022-12-01 | by ( Wendell Roelf | ) www.reuters.com time to read: +3 min

Ramaphosa has denied any wrongdoing. But with less than a month to go before the party chooses its next candidate, he is battling for political survival. HOW IT ALL STARTEDEverything changed for Ramaphosa when South Africa's former spy chief, Arthur Fraser, walked into a police station in June and accused him of money laundering and covering up a large theft of cash. Ramaphosa, acknowledged there had been a break-in and said that cash proceeds from the sale of game had been stolen. RAMIFICATIONSThe affair has been a huge embarrassment for Ramaphosa who has repeatedly spoken about taking a tough line on graft.

Search resuls for: "African National"

25 mentions found