South Africa

A South African rail company recently unveiled the first locomotive to be designed, engineered and manufactured in Africa, dubbed the “Trans-Africa locomotive.”

Ratings agency Fitch downgraded South Africa’s credit rating to sub-investment grade on Friday, saying a recent cabinet reshuffle that saw respected finance minister dismissed will likely result in a change in economic policy direction.

On April 3, 2017, S&P Global Ratings lowered the long-term foreign currency sovereign credit rating on the Republic of South Africa to 'BB+' from 'BBB-' and the long-term local currency rating to 'BBB-' from 'BBB'.

The Competition Commission of South Africa in a statement released on 15th February declared a currency trading collusion case to the Tribunal for prosecution against some of the largest banks which includes Bank of America Merrill Lynch, BNP Paribas, JP Morgan, Investec Ltd, Standard New York Securities, HSBC Bank, Standard Chartered, Credit Suisse Group, Standard Bank of South Africa, Commerzbank, Australia and New Zealand Banking Group, Nomura International, Macquarie Bank, ABSA Bank, Barclays Capital Inc and Barclays Bank plc (respondents).