Open

Coming up

Don't miss

Replay


LATEST SHOWS

DEBATE

Gaza: A Truce At All Costs?

Read more

AFRICA NEWS

Central African Republic: Brazzaville ceasefire talks deliver fragile deal

Read more

FOCUS

Sluggish tourist season in Crimea

Read more

ENCORE!

Bartabas : Mixing Christ with Spanish music and dancing horses

Read more

IN THE PAPERS

Shifts in the propaganda war waged between Israelis and Palestinians

Read more

IN THE PAPERS

French MPs face quandary in pro-Palestinian rallies

Read more

THE INTERVIEW

Yezid Sayigh, Senior Associate at the Carnegie Middle East Center in Beirut

Read more

#TECH 24

Mind the Gender Gap : getting more women into the tech sector

Read more

INSIDE THE AMERICAS

Bolivian children: heading to work aged 10

Read more

  • Wreckage of Algeria plane found in Mali

    Read more

  • Protest against Gaza offensive turns deadly in West Bank

    Read more

  • BNP to pay $80 million for defrauding Dept of Agriculture

    Read more

  • Air Algérie crash: 'We should eliminate the missile hypothesis'

    Read more

  • Pope meets Christian woman sentenced to death in Sudan

    Read more

  • Deadly strike on UN shelter in Gaza Strip

    Read more

  • Italy’s Nibali cruises to victory in 18th stage of Tour de France

    Read more

  • Iraqi parliament elects moderate Kurd as president

    Read more

  • US, European agencies lift travel restrictions to Tel Aviv

    Read more

  • No end to fighting until Israel ends Gaza blockade, Hamas says

    Read more

  • Two foreign women shot dead in western Afghanistan

    Read more

  • At least 60 killed in attack on prison convoy near Baghdad

    Read more

  • Cycling is ‘winning the war on doping,’ says expert

    Read more

  • Ceasefire agreed for Central African Republic

    Read more

Fitch revises S.Africa outlook to negative, affirms at BBB

AFP

Men leave a Cash Loan shop in the South African Platinum hub of Marikana April 2, 2014Men leave a Cash Loan shop in the South African Platinum hub of Marikana April 2, 2014

Men leave a Cash Loan shop in the South African Platinum hub of Marikana April 2, 2014Men leave a Cash Loan shop in the South African Platinum hub of Marikana April 2, 2014

Fitch ratings agency on Friday revised the outlook on South Africa to negative from stable and affirmed its credit rating at 'BBB', near the bottom of the investment-grade scale.

The ratings agency said the outlook revision was partly due a strike at platinum mines, the country's longest-ever mining strike that began in January when workers downed tools demanding higher wages.

On Thursday, the country's three top platinum producers -- Anglo American Platinum, Impala Platinum and Lonmin -- said they had "in principle" reached a deal to end the 21-week deadlock over pay.

Fitch said South Africa's outlook for growth had deteriorated after a contraction in the first quarter of this year, and it revised its 2014 GDP forecast down to 1.7 percent from the 2.8 percent that it issued during the last country review in December 2013.

The agency said that the government "faces a challenging task to raise the country's growth rate and improve social conditions, which has been made more difficult by the weaker growth performance and deteriorating trends in governance and corruption."

"This will require an acceleration of structural reforms," it said. "In Fitch's view, the track record of some key ministerial appointments and shortcomings in administrative capacity mean this is subject to downside risks."

South Africa holds around 80 percent of the world's known platinum reserves, and platinum group metals raked in 9.0 percent of export earnings last year.

The mining strike helped push the economy into its first contraction since the global economic crisis five years ago in the first quarter of this year, raising the spectre of recession.

Date created : 2014-06-13