South Africa

Barclays results depict bleak picture of South African economy

Barclays results depict bleak picture of South African economy

Johannesburg-based Barclays Africa Group’s discouraging earnings report has delivered further evidence of South Africa’s gloomy economy.

The lender reported 10 percent decline in earnings excluding one-time items at its main South African consumer unit in the 6 months through June this year. Deposits fell 14 per cent.

Maria Ramos, who took charge as CEO of Barclays Africa in 2009, admitted that the economic environment would like remain “challenging” for the next many months.

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Barclays Africa reports decline in first-half income

Barclays Africa reports decline in first-half income

Barclays Africa Group Limited on Thursday reported a notable decline in total first-half income, delivering further evidence that the economy of South Africa is not going to climb out of the financial doldrums anytime soon.

It is the first interim contraction reported by Barclays Africa Group since Maria Ramos took charge as chief executive officer of the Johannesburg-based lender in 2009.

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Ford announces recalls for Ford Ikon and Figo over fire risk

Ford announces recalls for Ford Ikon and Figo over fire risk

Ford has announced recall for 15,600 Ford Ikon and Figo cars in South African market due to fire risk. The vehicles sold in South Africa were manufactured at Ford facility in India between year 2004 and 2012. Ford said that the company will offer free replacement for vehicles impacted in the current recall.

The company said that due to a risk of leakage of power steering fluid, there is a chance of fumes being emitted from the engine compartment. This can lead to further damage and fire in extreme cases, the official statement informed.

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South Africa Faces Another Setback with Low Business Confidence Index

South Africa Faces Another Setback with Low Business Confidence Index

Moody’s Investor Service recently downgraded South Africa in its ratings review. A latest survey indicating lower business confidence will be another major setback for South Africa after political turmoil the country is already facing. South African economy slipped into recession as the recent economic and manufacturing reported decline in revenue. Business confidence dropped to levels not seen since year 2009 in South Africa.

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South Africa faces Moody’s Rating Downgrade

South Africa faces Moody’s Rating Downgrade

South Africa faced a major setback as Moody’s Investor Services lowered the ratings for the country to the lowest investment grade. Moody’s has also reduced foreign and local-currency ratings for South Africa to Baa3. Moody’s has cited political issues and lower growth estimates as major reasons for downgrade. The report kept the outlook as negative.

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Paleontologists find malignant tumor on little toe bone of left foot that’s 1.7 million years old

Paleontologists find malignant tumor on little toe bone of left foot that’s 1.7

Scientists’ normal opinion regarding cancer was that it’s a comparatively recent phenomenon caused by the modern life’s stresses. They said that dietary changes, behavioral alterations, and manmade changes in the environment have exposed humans to toxins leading to cancers.

But the assumption has been challenged by latest findings from researchers at South Africa’s University of the Witwatersrand. The findings have appeared in the South African Journal of Science.

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Jacob Zuma, the South African President says that the Nation’s Struggle Heroes Should be Celebrated

Jacob Zuma, the South African President says that the Nation’s Struggle Heroes S

The South African President, Jacob Zuma urged that citizens of the country should not take the democracy which they earned after a long struggle for granted.

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ADP’s six-day Session ends

ADP’s six-day Session ends

The six-day session of ADP, United Nation's subsidiary body on climate change, has reached to its conclusion. The session ended with nearly 200 member countries, who adopted the 86-page text as basis for negotiation on reaching a climate agreement that will be held in December in Paris.

Elina Bardram, head of the European Commission Delegation of the Ad Hoc Working Group of the Durban Platform for Enhanced Action (ADP), said that the Geneva text has many options that reflect the diversity of opinion of parties.

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Use of Depo-Provera may Increase Risk of HIV Infection in Women

Use of Depo-Provera may Increase Risk of HIV Infection in Women

According to a new research, risk of HIV infection in women can be increased by the use of Depo-Provera, an injectable birth control drug.

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South Africa pays Tribute to Nelson Mandela a year after his Death

South Africa pays Tribute to Nelson Mandela a year after his Death

Today, South Africa observed three minutes of silence in honor of the founding father of the country's freedom and former president Nelson Mandela a year after his death. The tribute preceded by the ringing of bells, blowing of vuvuzelas and hooting of car horns.

The silence was observed to reflect on the life of a selfless freedom fighter who led the struggle for the liberation from apartheid (system of racial segregation in South Africa) almost his entire life.

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