For Creamer Media in Johannesburg, I’m Sane Dhlamini.
Making headlines: Makhura says there is no place for criminals to hide in Gauteng, Moody's expects more profit for African banks, but South African ones still have a negative outlook and, Ethiopia's Abiy tells banking sector to get ready for foreign competitors

Makhura says there is no place for criminals to hide in Gauteng
Gauteng Premier David Makhura has commended law enforcement teams for their bravery, following yesterday’s deadly shooting in Rosettenville, in Johannesburg.

A gang of about 25 heavily armed cash-in-transit robbers led police on a high-speed chase through the suburb, trading gunfire as they weaved through traffic. Eight gunmen were shot dead, and four police officers were taken to hospital in a critical condition.

Another eight men were arrested.

Makhura said the provincial government had established a war room on fighting crime as part of efforts to build "safer communities".

 

Moody's expects more profit for African banks, but South African ones still have a negative outlook

Moody's says African banks will likely make even more profits this year.

In South Africa, some banks' profits had already recovered to pre-pandemic levels in 2021 while those who didn't get there were not too far behind.

South Africa's big 4 banks grew their combined earnings by 177% in the first half of 2021.

Moody's said African banks' should report higher profits this year because the need to make additional Covid-19 provisions is diminishing.

However, Moody’s says South African banks, in particular, are victims of low economic growth, the constantly rising government debt and the country's slow pace at implementing the promised economic reforms.

 

Ethiopia's Abiy tells banking sector to get ready for foreign competitors

Ethiopian Prime Minister Abiy Ahmed said the country plans to open up its banking industry to foreign competition as soon as parliament passes policies permitting it, flagging reforms of one of the last major sectors of the economy still to be liberalised.

When Abiy took office in 2018, he pledged to overhaul sectors like telecoms and financial services.

Measures to open up the telecoms sector are underway, with a consortium comprising Kenya's Safaricom, South Africa's Vodacom, Britain's Vodafone and Japan's Sumitomo building a network after obtaining an operating licence last year.

The fact that Ethiopia has closed its doors to foreign banks has benefited the sector until now, Abiy told lawmakers. "But after this, banks need to prepare themselves with modern ways and information technologies," he added.

That’s a roundup of news making headlines today
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