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SARB holds repo rate on inflation concerns

By: Reuters     25th May 2017 South Africa's central bank kept its benchmark repo rate steady at 7% on Thursday, as expected, citing concerns about the inflation outlook, even though it cut its growth forecasts. Governor Lesetja Kganyago said consumer inflation is now within the bank's target of between 3% and 6%, but the... 

Iron stockpiles hit record in China as quality gets scrutiny

By: Bloomberg     22nd May 2017 he record heap of iron-ore on China’s doorstep just got even bigger, with the increase in holdings so far this year eclipsing the build up seen over all of 2016 as mills produce unprecedented amounts of steel. Stockpiles at ports rose 1.3% to 136-million metric tons, expanding for a fourth week,... 

Miners ask Congo to adjust tax repayments for franc slump

By: Bloomberg     19th May 2017 Mining companies in the Democratic Republic of Congo asked the government to adjust pending value-added tax repayments for a slump in the franc that could cost them as much as $210-million collectively. Federation des Entreprises du Congo, the country’s largest business lobby group, sent the... 

Reform of South African public enterprises would help reassure investors – IMF 

By: Terence Creamer     19th May 2017 The International Monetary Fund (IMF) says "structural reforms" in product, service and labour markets should be South Africa’s immediate policy priority for stimulating growth and job creation, particularly in light of the limited room to galvanise growth through macroeconomic policies. It also... 

Southern Palace outlines vision for radically transformed M&R infrastructure unit 

By: Mia Breytenbach     19th May 2017 The newly black-owned construction company conceived from a R314-million sale agreement between engineering and construction group Murray & Roberts (M&R) and black-empowered Southern Palace Group aims to build on its 115-year heritage to become a “leading, Tier 1, infrastructure player in South... 

Inflated base case prices could dent confidence in mine development

By: Henry Lazenby     19th May 2017 Project valuations based on elevated price assumptions in the absence of more reasonable scenarios to provide a more balanced view to the market is potentially damaging to the credibility of management teams, their consultants and the mining industry as a whole, London-based boutique investment... 

Gulf of Suez wind farm project, Egypt

By: Sheila Barradas     19th May 2017 The project entails the construction of a 200 MW wind farm. 

Southern Palace outlines vision for radically transformed M&R infrastructure unit 

By: Mia Breytenbach     19th May 2017 The newly black-owned construction company, conceived from a R314-million sale agreement between engineering and construction group Murray & Roberts (M&R) and black-empowered Southern Palace Group, aims to build on its 115-year heritage to become a “leading, tier one, infrastructure player in... 

Heating things up this winter, AUCOR announces its biggest auction road show across South Africa

     18th May 2017 Auction floors will be filled with eager buyers next week as AUCOR prepares to host a staggering 15 auctions around the country over one week from the 20th to the 27th of May.  Bidders will be spoilt for choice as a selection of vehicles; trucks, mining and construction equipment; lifestyle and... 

Zuma could be called in to get SAA money back from abroad – Deputy Finance Minister

By: African News Agency      18th May 2017 If all else failed, National Treasury might enlist the help of President Jacob Zuma to secure the repatriation of South African Airways funds from fellow African states, Deputy Finance Minister Sifiso Buthelezi told MPs on Wednesday. Buthelezi told Parliament’s standing committee on finance the... 

Banks warned of ATMs being infected remotely by malware

By: Schalk Burger     12th May 2017 Cybersecurity multinational Kaspersky Lab advises banks in the Middle East, Africa and Turkey to check random-access memory (RAM), network and registry logs to determine whether the fileless ATMitch malware is present. The ATMitch uses in-memory malware to infect banking networks. This malware is... 

Sacci brushes off resignations as 'no cause for alarm'

By: Megan van Wyngaardt     10th May 2017 The South African Chamber of Commerce and Industry (Sacci) on Wednesday refuted ongoing allegations regarding financial and governance irregularities, noting that it had taken legal action to retract the statements, “which have no basis in fact”. Last week, the Ekurhuleni Chamber of Commerce and... 

Goldman says Fed hikes, commodity gains to come hand-in-hand

By: Bloomberg     10th May 2017 Commodities investors needn’t fear the Federal Reserve. Raw materials perform best when the US central bank is hiking rates, according to Goldman Sachs Group, which used the findings of a study to buttress its overweight call on the asset class while acknowledging risks to its view. During... 

Water shortages sound a warning to city planners 

By: Kim Cloete     8th May 2017 The extremely worrying water shortage in Cape Town is an indication that climate change is an issue that can simply not be ignored by engineers and city planners, Cape Town mayor Patricia de Lille has told consulting engineers in Cape Town. She told the International Federation of Consulting... 

Zimbabwe risks power cuts from Eskom over arrears - paper

By: Reuters     8th May 2017 South Africa's State-run power utility Eskom could cut supplies to neighbouring Zimbabwe by the end of this month if Harare fails to clear arrears, Zimbabwe's state-run Herald newspaper reported on Monday. 

New Development Bank invited to join Africa’s power push

By: Mia Breytenbach     5th May 2017 African Development Bank Group (AfDB) president Akinwumi Adesina has invited the New Development Bank (NDB) to support Light up and power Africa – the first of five top priorities of AfDB’s continental transformation agenda. Speaking at the second annual meeting of the NDB, in New Delhi, last... 

Nyadi hydropower project, Nepal

By: Sheila Barradas     5th May 2017 The project involves the construction of a run-of-river type hydropower project. 

World Bank cuts sub-Saharan Africa’s 2017 growth forecast

By: Bloomberg     5th May 2017 The World Bank cut its growth projection for sub-Saharan Africa this year because of weak expansion in the region’s three biggest economies. The area’s gross domestic product will expand 2.6 percent in 2017, the bank said in a copy of its Africa Pulse report. That compares with a January... 

New business holds Standard Bank PMI above 50-point level in April

By: Megan van Wyngaardt     4th May 2017 Standard Bank South Africa’s Purchasing Managers Index (PMI) remained above 50 for the eighth month running in April, signaling the longest sequence of overall improvement in operating conditions in over four years. However, the PMI fell to 50.3, from 50.7 in March, showing only marginal growth... 

Congo Q1 copper production jumps 25% y/y – central bank

By: Reuters     4th May 2017 Copper output in Democratic Republic of Congo, Africa's top producer, hit 274 316 t in the first quarter of 2017, a 25% increase over the 219 009 t produced in the same period last year, the central bank said on Wednesday. The output represents a rebound after production in the first quarter last... 

Reserve Bank worried about further downgrades

By: Reuters     3rd May 2017 The South African Reserve Bank is concerned about further downgrades to local currency debt and the impact on the stability of the domestic financial system, it said in a report on Tuesday. Africa's most industrialised economy has this year suffered from credit ratings downgrades after President... 

Rockwell loses bid to have liquidation hearings brought forward

By: Natasha Odendaal     2nd May 2017 Dual-listed alluvial diamond miner Rockwell Diamonds’ move to file for business rescue to ensure any liquidation order is automatically stayed, has inadvertently removed the “urgency” it sought to establish by bringing forward the hearing date for the interim liquidation order against three of... 

AfDB appoints acting CFO, finance VP

By: Natasha Odendaal     2nd May 2017 The African Development Bank (AfDB) has appointed treasurer Hassatou Diop N’Sele as acting VP for finance and CFO, standing in until a successor is found for Charles Boamah, who has been appointed as senior VP. N’Sele, with 25 years of banking and finance experience, oversees investments of the... 

Post Office to become fully-fledged bank – CEO 

By: African News Agency      26th April 2017 Plans are under way to remodel the South African Post Office (SAPO) into a fully-fledged bank, CE Mark Barnes said on Wednesday. “Let me tell you about where you are and what the future is. We believe that the Post Office will prove to be a critical element in financial inclusion, for a number of... 

Reserve Bank’s leading business cycle indicator up 1.1% in February

By: African News Agency      25th April 2017 The South African Reserve Bank said on Tuesday its composite leading business cycle indicator increased by 1.1% on a month-to-month basis in February 2017. “Six of the ten component time series that were available for February 2017 increased, while four decreased,” the bank said. 

Gold and bullion miners tumble as French vote cuts haven demand

By: Bloomberg     24th April 2017 Gold dropped to a two-week low and bullion mining stocks sank the most in more than a year as investors favoured riskier assets on expectation that Emmanuel Macron will become France’s next president. The metal slipped as much as 1.5% and South African gold miners plunged as much as 8.7% after... 

Land Bank sets aside R1bn to support black farming investments in 2017  

By: Terence Creamer     20th April 2017 South Africa’s Land Bank has set a target of disbursing “at least” R1-billion in 2017/18 to support investments by black entrepreneurs in the agricultural sector and to begin transforming a loan book that is still overwhelmingly composed of funding to established commercial farmers. Should the... 

Mastercard tests new biometric cards in South Africa

By: Megan van Wyngaardt     20th April 2017 South Africa is the first market to test payment technology provider Mastercard’s next-generation biometric card, which combines chip technology with fingerprints to conveniently and safely store a cardholder’s identity for in-store purchases. Two separate trials with retailer Pick ‘n Pay and... 

New Treasury DG will be in ‘proud tradition’ of Ramos, Kganyago and Fuzile

By: Terence Creamer     19th April 2017 Finance Minister Malusi Gigaba intends to appoint a new National Treasury director-general by the end of May, following the announcement of Lungisa Fuzile’s imminent departure from a post he has occupied for the past six years. Both ratings agencies and investors have been unsettled by Fuzile’s... 

Gold's top forecaster says prices may hit $1 350 by year-end

By: Bloomberg     19th April 2017 Gold will end the year higher, spurred by faster inflation and political tensions in Russia, Syria and North Korea, according to Intesa Sanpaolo, the best forecaster for the metal last quarter. Prices could take a V-shaped path this year, with a swoon coming mid-year as the Federal Reserve raises... 

Africa Climate Change Fund embraces new partner contributions

By: Mia Breytenbach     14th April 2017 The African Development Bank (AfDB) approved the conversion of the Africa Climate Change Fund (ACCF) to a multidonor trust fund last month. This conversion brings two new partners to the fund, the governments of Italy and Flanders, Belgium, which are contributing €4.7-million and €2-million... 

Curious case of the billion-dollar lithium mine sold for a song

By: Bloomberg     13th April 2017 High in the Andes, in northwest Argentina, stories are told of fortunes being made in lithium, the wonder metal inside iPhones to Teslas that has captivated global investors from Warren Buffett down. This is not one of those stories. 

Scotiabank’s commodity price index gains 2.2% in February

By: Creamer Media Reporter      13th April 2017 The Scotiabank Commodity Price Index gained 2.2% month-over-month in February as industrial commodities continue to benefit from healthy demand on the back of a stronger global economic outlook, while supply-side idiosyncrasies continue to provide opportunity for differentiation, the banking... 

Singer's BHP gambit shines light on little-known oil giant

By: Bloomberg     11th April 2017 The usual suspects have planted their flags along the dusty byways of the Permian Basin, declaring where they’ve staked claims. There are names like Royal Dutch Shell, Anadarko Petroleum, Pioneer Natural Resources. And, on signs fronting a barbed-wire fence, BHP Billiton. For the world’s largest... 

Iron slumps into bear market as Barclays sees further losses

By: Bloomberg     10th April 2017 Iron-ore’s descent into bear-market territory may herald further weakness, with Barclays pinning the blame for the slide on lower steel demand in China driving a shift from mills toward lower-quality ore and raising the prospect of a drop into the $50s. Ore with 62% content in Qingdao fell 1%... 

'Junk'-rated debt could cost South Africa more than $10bn in lost funds

By: Reuters     6th April 2017 If South Africa loses two of its prized investment grade credit ratings for foreign and local currency borrowing in the turmoil triggered by the sacking of the finance minister, the country could lose more than $10-billion in investment funds. S&P Global has already struck. In an unscheduled... 

Gordhan opens up about Habib Bank

By: News24Wire      31st March 2017 Sacked Finance Minister Pravin Gordhan on Friday said it’s up to his successor Malusi Gigaba to take decisions regarding Gupta-linked Vardospan’s bid to take over Habib Bank. Gordhan was speaking at a briefing at Treasury, following his axing on Friday morning. 

Perseus raises Sissingué capex as mine life shortened to five years

By: Esmarie Swanepoel     31st March 2017 Dual-listed gold miner Perseus Mining has revised the expected mine life of its Sissingué gold project, in Côte d’Ivoire, from a previously expected 5.25 years to 5 years. Perseus has updated the life-of-mine plan for the Sissingué gold project, following a re-estimation of the mineral resource... 

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