South African executive, Gary Nagle, leads Glencore to $231 billion revenue in 2024
Despite the topline growth, adjusted EBITDA dropped 16 percent to $14.4 billion, weighed down by lower energy coal prices.
Southern Africa
African Bank, led by Kennedy Bungane, completes $28 million Grindrod unit deal
African Bank completes a $28 million Grindrod asset deal, expanding its portfolio with loans, property stakes, and mortgage bonds in South Africa’s financial sector.
South African billionaire Patrice Motsepe’s $160 million phosphate mine faces legal battle
The lawsuit challenges the decision to dismiss appeals against an offset exemption granted to Elandsfontein, which is 90 percent owned by ARM through Kropz Plc.
South African tycoon Mike Teke’s Seriti unveils new coal mine, 300 jobs to follow
With this new mine, Seriti cements its lead as the largest black-controlled coal producer while securing a stable, long-term coal supply for power stations.
Shoprite takes over Pick n Pay’s Hyde Park space—a shift after Raymond Ackerman’s passing
Pick n Pay exits Hyde Park as Shoprite takes over the space for a flagship Checkers FreshX store, reflecting a shift in South Africa’s competitive retail landscape.
Absa Bank names South African banking veteran Kenny Fihla as new CEO
He will take over from Charles Russon, who has been serving as interim CEO following the early retirement of the previous chief executive.
Noel Mkulichi: 7 career-defining milestones of the Malawian banker
Noel Mkulichi transformed FDH Bank, boosting its market cap to $1.26 billion while advancing fintech, expanding financial inclusion, and reshaping Malawi’s banking sector.
MTN, under Zimbabwean executive, posts $614 million loss amid naira weakness, Sudan conflict
While business remained stable in South Africa, Uganda, Ghana, and Cameroon, the situation in Nigeria, Afghanistan, and Sudan weighed heavily on overall performance.
Noluthando Gosa-linked ArcelorMittal South Africa seeks $170 million cash rescue
ArcelorMittal SA seeks a $170 million bailout to prevent steel mill closures, risking 3,500 jobs amid high costs, imports, and stalled government talks.
Johannesburg fund led by Laurence Rapp acquires Valencia’s biggest mall for $332 million
The €305 million ($332 million) deal was executed through Castellana Properties, Vukile’s 99.5%-owned Spanish subsidiary.
South Africa’s richest man loses $1.4 billion in 12 days
This follows a strong start to the year, when his net worth surged by $3.32 billion, rising from $13.7 billion to $17 billion by early March.
South African tech mogul Zak Calisto takes $180 million hit on Karooooo stake
The $809.2 million decline comes after a brief surge between Jan. 27 and Feb. 6, when his holdings gained $71 million before the downturn wiped out those gains.
South African billionaire Patrice Motsepe re-elected unopposed as CAF President
His leadership has reshaped CAF’s financial outlook, attracting record sponsorship deals and boosting revenue streams.
Anglo American, led by South Africa’s Duncan Wanblad, to restructure operations, reduce jobs
The company is shedding assets and gearing up to spin off its platinum division in a push to streamline operations and boost profitability.
Standard Bank, led by South African banker Sim Tshabalala, posts $2.4 billion earnings
Under Tshabalala, Standard Bank has continued to strengthen its position as a leading financial institution in Africa, expanding its reach while delivering strong profits.
South African billionaire Patrice Motsepe’s net worth rebounds to $3 billion after $300 million gain
Motsepe’s net worth surged to $3 billion for the first time since August 2024, marking a significant recovery.