South African Reserve Bank Governor Lesetja Kganyago said there would be no interest-rate cuts until inflation is brought under control, remaining resolute despite calls for him to do so ahead of national elections, Bloomberg News reported. “Rates are where they are because inflation is what it is,” Kganyago said in an interview with Bloomberg in Sao Paulo on Wednesday on the sidelines of a Group of 20 meeting of finance chiefs and central bank governors. “The task of taming inflation is not yet done.

Pepkor Holdings Ltd., Africa’s largest clothing retailer, is exploring a potential takeover of South African rival Edgars, Bloomberg News reported. The owner of chains including Pep, Ackermans and Tekkie Town is considering paying as much as 2.4 billion rand ($126 million) for the 94-year-old brand, which three years ago was bought out of business rescue by retail holding company Retailability Pty Ltd., the people said. Talks could yet fall apart and another buyer may emerge, they said.

Late Bosasa chief executive Gavin Watson’s nephew has reported the master’s office in Johannesburg to the Special Investigating Unit (SIU) over unlawful approval of Bosasa liquidation, the Sunday Tribune South Africa reported. Jared Watson said that this was because the office wanted to sell the assets cheaply.

The South African Reserve Bank urged the government to address structural impediments such as record power cuts and poor infrastructure that are undermining its work by constraining supply, restraining economic growth and rapidly pushing up prices, Bloomberg News reported. The central bank is “meant to respond to short term cyclical issues — but if the structural issues don’t change, what happens in this economy is that it behaves all the time like it is over-heating,” Deputy Governor Fundi Tshazibana said in an interview on Saturday.

South Africa’s strained public finances are hindering economic growth and a return to lower inflation, the country’s central bank cautioned on Tuesday, Bloomberg News reported. “Reducing public debt to sustainable levels can deliver a triple dividend, namely lower cost of capital, reduced debt-service costs and lower inflation,” the South African Reserve Bank said in its six-monthly Monetary Policy Review. The comments come ahead of a Nov. 1 update on the nation’s budget outlook by Finance Minister Enoch Godongwana.

South Africa's overall mining profits slipped by more than $5 billion in the last financial year, while the country that was once the world's largest gold producer might have less than 30 years of a viable gold industry left without renewed investment, according to a new report by big four auditing firm PwC, the Associated Press reported. The report released Tuesday also estimated that South Africa's iron ore mining industry may only last 13 more years without further commitment from companies to identify, pursue and extract new deposits.

South Africa’s central bank kept its benchmark interest rate unchanged, while signaling that borrowing costs are likely to stay higher for longer because of persistent inflation risks, Bloomberg News reported. The monetary policy committee maintained the rate at a 14-year high of 8.25% for a second consecutive meeting, Governor Lesetja Kganyago said at a briefing north of Johannesburg on Thursday. That matched the median estimate of 26 economists in a Bloomberg survey. “The job of tackling inflation is not yet done,” Kganyago said. “Risks remain.

The Foschini Group Ltd.’s turnaround of South African discount clothing chain Jet is grabbing the attention of a larger rival as competition for the lower end of the market intensifies, Bloomberg News reported. TFG, which acquired Jet three years ago, has refurbished the stores, revitalized the chain’s supply base and added its home-furnishing brand — Jet Home — to 78 of the almost 464 outlets across the country. Jet’s former owner, Edcon Holdings Ltd., was teetering on bankruptcy and didn’t spend on expansion, said TFG Chief Executive Officer Anthony Thunström.

South Africa's central bank has warned of risks to the country's financial stability, due to capital outflows and the possibility of sanctions following a U.S. diplomat's accusation of supplying weapons to Russia to aid its campaign in Ukraine, Reuters reported. These risks, along with the threat of a grid failure due to repeated power cuts and persistent high inflation, have increased the systemic risks to the financial system, the South African Reserve Bank (SARB) said in its biannual health check on Monday.