South African Companies Are Named Global Challengers

Five South African companies are named global challengers

A list of 100 companies in emerging markets are growing so fast they are changing the traditional ways of multinationals

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Fitch downgrades South African banks

FITCH Ratings has downgraded the viability ratings of South Africa’s major banks by one notch, following the recent downgrade of the South African sovereign rating.

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JOHANNESBURG—Anglo American AAL.LN -2.63% PLC is poised to cut thousands of jobs in South Africa following a review of its platinum operations here, foreshadowing a wave of layoffs in the country’s cash-strapped and strike-hit mining sector, investors and analysts say.

Anglo American initiated a review of its majority-owned platinum unit, Anglo American Platinum Ltd., AMS.JO -7.58% in February last year, as the company sought to reverse a 63% drop in annual profit at the unit and a fall in platinum-mining production. The operation has been hurt by a rise in labor and power costs and a drop in platinum prices. The review, which is expected to be made public over the coming weeks, could result in more than 10,000 job losses, according to forecasts from investors and analysts who track the industry.

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