Jun 01, 2009
Daily podcast – June 1, 2009Back
Johannesburg|Africa|Chartered Bank|Cogeneration|Kagiso Securities|MTN Group|South African Reserve Bank|Africa|South Africa|USD|Bank|Cogeneration|Manufacturing|Telecom Operator|Andre Coetzee|Cogeneration|Tito Mboweni
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From Creamer Media in Johannesburg, I'm Shannon O'Donnell.
Making headlines today:
On Monday, Kagiso Securities head of fixed income and currency futures Andre Coetzee reported that the Purchasing Managers Index for May could offer a "glimmer of hope" as it improved to 37,3 index points on a seasonally adjusted basis. This was its first rise since January.
The PMI had increased from 35,6 points in April.
Coetzee noted that it seemed as if the PMI has made a turn, but said that one would have to look at the PMI for a sustainable upward trend in the coming months to determine if it had reached the bottom. The PMI is a key measure of manufacturing activity.
Banking sources said StanChart was expecting to underwrite the full amount of the financing for the proposed deal, or as much as 5-billion-dollars. If the deal materialises, StanChart is expected to syndicate the loan.
StanChart, which is advising Bharti on the transaction, was previously reported to have agreed to underwrite 1-billion-dollars of the deal. But, on Monday, sources said the bank could back the entire offer.
Such a hefty financing offer from a single bank is extraordinary in the current climate, as tight credit markets have made acquisition financing scarce.
South Africa's World Wildlife Fund for Nature will assess South Africa's transition to a low-carbon economy.
That's a round up of news making headlines today. For more on these and other stories please visit engineeringnews.co.za.
Edited by: Shannon de Ryhove© Reuse this Comment Guidelines (150 word limit)
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