South Africa

South Africa's central bank raised its benchmark repurchase rate by a further 25 basis points to 6.25 percent to prevent a rise in inflation expectations and more generalised inflation in light of growing downside risks from persistent exchange rate depreciation, higher electricity tariffs and a rise in food prices from drought.

Starbucks Coffee Company and Taste Holdings today announced a licensed partnership that will see Starbucks stores open across South Africa. For the first time in Southern Africa, Starbucks will open full-format stores bringing the entire range of its food and beverages, including its ethically-sourced Arabica coffee, to South African consumers.

Standard & Poor's Ratings Services affirmed its long- and short-term foreign currency sovereign credit ratings on the Republic of South Africa at 'BBB-/A-3'. We also affirmed the 'BBB+/A-2' long- and short-term local currency ratings. The outlooks remain stable. At the same time, affirmed the 'zaAAA/zaA-1' South Africa national scale ratings.

The Financial Services Board announced that the first credit rating agencies to apply for registration under the Credit Rating Services Act have had their applications approved.