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Reuters

Denel proposes severance packages, salary cuts – union

9th October 2018 South African State arms firm Denel is holding talks with unions over voluntary severance packages, reduced working hours and salary cuts for some staff as it struggles to emerge from a financial crisis, a union official said. The discussions underscore the extent of the financial difficulties... 

Woolworths to trial plastic bag free store

9th October 2018 South African department store chain Woolworths Holdings will remove single-use plastic bags from one of its stores during a six-month trial period in a bid to end plastic pollution, it said on Monday. From November, Woolworths, which also has operations in Australia and New Zealand, will not... 

Mozambique signs oil exploration agreements with Exxon, Rosneft

9th October 2018 The Mozambican government said on Monday it had signed oil exploration agreements with US energy firm Exxon Mobil and Russia's Rosneft. Mozambique's National Petroleum Institute, an energy regulator in the southern African country, said the government was preparing to sign similar agreements with... 

RioZim to sue central bank over dollar payments

9th October 2018 Zimbabwe's gold miner RioZim on Tuesday said it would take legal action to force the central bank to pay it in US dollars for part of its output, signalling impatience by mining companies over acute dollar shortages afflicting the economy. The shortages have worsened since 2016 and are the... 

Nene's IMF trip eases fears over his future

9th October 2018 Finance minister Nhlanhla Nene is traveling to Indonesia for an International Monetary Fund (IMF) meeting, the Treasury said on Tuesday, a statement that may soothe markets a day after a media report that he had asked the president to sack him. The rand fell more than one percent on Monday when... 

UMMC mining firm draws first €100m syndicated loan

9th October 2018 Russia's Urals Mining and Metals Co (UMMC) said on Tuesday it had drawn a three-year €100-million syndicated loan from a group of banks to refinance loans and increase its working capital. The syndicated loan, the first drawn by UMMC, was structured in the form of pre-export financing secured... 

Gold nudges up on risk aversion amid China worries

9th October 2018 Gold prices edged higher on Tuesday as risk appetite fell, with Asian stocks slipping to 17-month lows amid concerns over a potential slowdown in China's economic growth. Spot gold was up 0.2% at $1 189.58/oz at 07:15 GMT. On Monday, it fell 1.2%, its biggest one-day percentage fall since August... 

IMF cuts world economic growth forecasts as import tariffs, emerging market issues bite

9th October 2018 The International Monetary Fund on Tuesday cut its global economic growth forecasts for 2018 and 2019, saying that trade policy tensions and the imposition of import tariffs were taking a toll on commerce while emerging markets struggle with tighter financial conditions and capital outflows. The... 

Albemarle shares drop after media report on Chile lithium quota

9th October 2018 Shares of Albemarle Corp fell more than 2% on Monday after a newspaper reported that Chile's nuclear regulator has refused to increase the company's lithium production quota. The report, which has yet to be confirmed by officials, would be a blow to the world's largest lithium producer's aim to... 

Chile eyes new copper markets to shield economy from trade war

9th October 2018 Chile aims to find new copper markets and expand its lithium industry as it seeks to shield its economy from a US.China trade war, the mining minister of the world's biggest copper producer said on Monday. Baldo Prokurica also told Reuters the South American nation was considering further... 

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