Africa in business: Standard Bank and nuclear power

STORY: Here are five business stories making headlines in sub-Saharan Africa this week.

1. S&P Global downgraded its outlook on South Africa to "stable" from "positive".

The rating agency said economic growth in South Africa was facing increasing pressure due to infrastructure constraints, particularly from severe electricity shortages.

2. Better news for South Africa's Standard Bank though, which reported a 33% rise in full year profit.

South African banks had a good run last year on the back of increasing interest rates and a rebound in economic activity after the global health crisis.

3. Uganda said on Thursday (March 9) it expects to start generating at least 1000 megawatts from nuclear power by 2031.

The announcement came as the country moves to diversify its sources of electricity and accelerate its energy transition.

4. The World Bank is pausing future work with Tunisia after statements by the country's president on migrants from African countries triggered racist harassment and violence.

That's according to a note sent to staff by World Bank President David Malpass.

He said the World Bank viewed the situation as deeply concerning, but viewed steps announced by the Tunisian government to protect and support migrants and refugees as a positive step.

5. And Stellantis said on Wednesday (March 8) it had reached a preliminary agreement with South African authorities to build a production site by 2025.

It will be its first in the country.

Stellantis is the world's world's third largest auto manufacturer by sales and the owner of brands including Fiat, Peugeot, Citroen, and Jeep.