Reuters

A sign with the logo of French oil and gas company TotalEnergies. REUTERS/Stephane Mahe/File Photo

TotalEnergies gas fields could generate R8 billion a year for SA says regulator

15 Sep 2022

CAPE TOWN (Reuters) -TotalEnergies 11B/12B offshore gas field could make a direct annual contribution of at least R8 billion to South African government finances, the country’s petroleum regulator said on Thursday. “That is not just the overall GDP contribution but is the direct fiscal contribution from the royalties as well as the primary taxes,” Phindile …

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A woman carries fire wood on her head as she walks below state power utility Eskom's electricity pylons. REUTERS/Siphiwe Sibeko/File Photo

Eskom seeks 32% power tariff hike in April

15 Sep 2022

JOHANNESBURG (Reuters) – South Africa’s struggling utility Eskom is seeking an average power tariff increase of just over 32% for the financial year that starts on April 1 2023, much higher than originally sought, it said on Thursday. South Africa’s energy regulator Nersa has said it intends to announce its decision on Eskom’s tariff application …

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Wael Sawan, Executive Vice President for Shell's deepwater division, poses for a picture before an interview for Reuters during an oil conference in Rio de Janeiro, Brazil. REUTERS/Bruno Kelly

Shell picks renewables boss as CEO to lead green transition

15 Sep 2022

(Reuters) -Shell has turned to the head of its gas and renewables business to drive its transition to a greener future, picking Wael Sawan to replace Ben van Beurden as chief executive. Sawan’s appointment comes at a pivotal time for the oil giant, which is aiming to reduce emissions to net zero by 2050 and …

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The FirstRand offices in Cape Town. REUTERS/Mike Hutchings

FirstRand reports 22% rise in full-year profit

15 Sep 2022

South African lender FirstRand Ltd on Thursday reported a 22% rise in full-year profit, near the middle of its estimated range, as the bank continued to benefit from a rebound in economic activity. The continent’s biggest bank by market capitalisation posted a headline earnings per share (HEPS) – the main profit measure in South Africa …

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Reserve Bank Governor Lesetja Kganyago. REUTERS/Mike Theiler

SA Reserve Bank to hike repo rate 75 bps next week – poll

15 Sep 2022

JOHANNESBURG (Reuters) – South Africa’s central bank will raise its key interest rate by 75 basis points next week to brake inflation, a Reuters poll found, adding another 25 basis points in each of the following two quarters before pausing for the rest of 2023. A majority of economists in a Sept. 7-14 poll, 12 …

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South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg. REUTERS/Siphiwe Sibeko

Rand weakens against strong dollar

15 Sep 2022

(Reuters) – South Africa’s rand weakened in early trade on Thursday, as the U.S. dollar held near recent peaks after traders increased bets that the U.S. Federal Reserve will become even more aggressive next week in its battle to curb inflation. At 0712 GMT, the rand traded at 17.5000 against the dollar, 0.11% weaker than …

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