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ICE delays takeover of London's silver benchmark to October 2

By: Reuters     21st September 2017 ICE Benchmark Administration, a unit of Intercontinental Exchange (ICE), will take over as operator of London's silver benchmark on October 2, a week later than planned, the exchange said on Thursday. Two current participants in the benchmark, Swiss bank UBS and China Construction Bank (CCB), are... 

Zimbabwe's Jan-August gold production rises 10%

By: Reuters     21st September 2017 Zimbabwe's gold production rose 10% in the first eight months of this year to 14.6 t, buoyed by higher output from small and informal producers, official data showed on Thursday. Gold is Zimbabwe's single largest mineral export. 

Tanzania President orders wall built around tanzanite mines, says govt will start buying stones

By: Reuters     20th September 2017 Tanzania's President on Friday ordered the military to build walls around its tanzanite mines and directed the central bank to buy the precious stone to boost reserves – the latest twist in a spat with mining firms over alleged tax evasion. "All tanzanite gemstones will be controlled and will... 

Iron-ore sinks as 'peak steel' call, supply angst rattle market

By: Bloomberg     20th September 2017 Iron-ore has been dragged back into the $60s after getting hit by a barrage of bad news, with persistent concern about rising global supply, fresh questions about the outlook for demand in China, and a warning from Australia’s central bank that the top buyer may be nearing peak steel. The... 

Two more firms fire KPMG as corporate South Africa weighs links with auditor

By: Reuters     19th September 2017 A South African broker and an energy investment firm fired KPMG on Tuesday, two of a host of local firms weighing whether to ditch the auditor to distance themselves from a scandal involving business friends of President Jacob Zuma. Sasfin and Hulisani, both relatively small financial companies... 

World Bank blames lack of innovation for South Africa’s dismal productivity performance 

By: Terence Creamer     19th September 2017 The World Bank’s tenth and latest South Africa Economic Update points to serious weaknesses in the area of domestic innovation, which it says lies at the heart of a worrying divergence in the country’s productivity performance when compared with both advanced economies and the country’s Brics... 

Big fall in DBSA disbursements partly attributed to renewables stand-off 

By: Terence Creamer     19th September 2017 The Development Bank of Southern Africa (DBSA) recorded a sharp fall in disbursements to R12.4-billion in 2017, from a record R17.1-billion in 2016, but has promised to "step up" its role as a catalyst of development in 2018, setting a R20-billion disbursement target for the year. The development... 

McKinsey, KPMG targeted as South Africa graft scandal widens

By: Bloomberg     15th September 2017 After helping topple one of Britain’s best known public-relations companies, South African anti-corruption groups are now targeting US consultancy McKinsey & Co. and auditing firm KPMG for doing work for businesses tied to the Gupta family and President Jacob Zuma’s son. The Guptas, originally... 

Dawn to sell stake in GDW

By: Creamer Media Reporter      14th September 2017 JSE-listed Distribution and Warehousing Network’s (Dawn’s) share price rose by 21% on Thursday morning after the company confirmed that it would sell its 49% interest in Grohe Dawn Watertech (GDW) to Lixil Corporation, which owns the other 51% of GDW. The sale follows the announcement in July... 

Q2 current account deficit widens to 2.4% of GDP

By: Reuters     14th September 2017 South Africa's current account deficit widened to 2.4% of GDP in the second quarter, despite an improved trade surplus, as a larger shortfall on the services, income and current transfer payments weighed, the central bank said on Thursday. The overall first quarter deficit was 2% and economists... 

Pressure on South Africa's central bank a key credit risk – Moody's

By: Reuters     13th September 2017 Moody's on Wednesday warned that the gradual erosion of South Africa's institutional framework and recent pressure on the central bank to change its price and inflation targeting mandate were key risks to the country's credit rating. Zuzana Brixiova, a senior analyst for the ratings agency, also... 

South African watchdog discussed SARB mandate with Presidency – court papers

By: Reuters     12th September 2017 South Africa's anti-graft watchdog consulted the Presidency on a proposal to change the South African Reserve Bank's mandate to promote economic growth rather than currency and price stability, the bank said in court papers submitted this week. Public Protector Busisiwe Mkhwebane, whose job is to... 

South Africa’s export strategy aims to boost capacity for value-added goods, services trade

By: David Oliveira     8th September 2017 The Department of Trade and Industry’s (DTI’s) Integrated National Export Strategy (INES) aims to help improve the global competitiveness of South African exporters and tap the export-led economic growth benefits that have flowed to other developing countries in recent decades. The strategy was... 

Analytical acumen of greater value than Big Data

By: Schalk Burger     8th September 2017 The acme of analytics does not depend on the size of the dataset, but on the capabilities of analysts to derive meaning and, consequently, value from the data, says Barclays Africa chief data officer (CDO) Pieter Vorster. Therefore, so-called big data analytics does not differ from typical data... 

SA’s export strategy aims to boost capacity for value-added goods, services trade

By: David Oliveira     8th September 2017 South Africa's Department of Trade and Industry's (DTI's) Integrated National Export Strategy (INES) to help improve the global competitiveness of South African exporters and tap the export-led economic growth benefits that have flowed to other developing countries in recent decades. The strategy... 

Russian gold miner Polyus sees lower capex in 2018 and 2019

By: Reuters     6th September 2017 Russia's top gold producer Polyus expects its capital expenditure (capex) to decline over the next two years from around $800 million in 2017 as ramp up costs for a new gold mine fall away, CEO Pavel Grachev said. Polyus, controlled by the family of Russian tycoon Suleiman Kerimov, started... 

Zambian copper production to grow by 7% this year, despite power challenges

By: Anine Kilian     4th September 2017 The Zambian government’s support for the mining industry and strong copper prices are expected to drive growth in the country’s copper production for this year, despite ongoing power shortages. BMI Research on Monday pointed out that, according to data published by the Zambian central bank,... 

Gold prices near one-year high in wake of North Korea nuclear test

By: Reuters     4th September 2017 Gold prices climbed 1% to their highest in almost a year on Monday after North Korea's latest and most powerful nuclear test drove investors towards safe-haven assets. Spot gold had risen just over 1% to $1 338.36 per ounce by 0708 GMT, after earlier touching its strongest level since late... 

On-The-Air (01/09/2017) 

By: Martin Creamer     1st September 2017 Illegal mining is out of control; More money is being put into marketing to save the struggling platinum- and diamond-mining sectors; and a local mining company that has invested big in America is laughing all the way to the bank. 

Ghana officials showcase progress on international airport project

By: David Oliveira     1st September 2017 The construction of a new terminal at Ghana’s Kotoka International Airport (KIA), in Accra, is expected to transport five-million passengers a year once completed in April next year. The project, funded by the African Development Bank (AfDB), with a $120-million facility, will not only improve... 

South Africa pushes Angola to pay debt owed to airline SAA

By: Reuters     30th August 2017 South Africa will press the newly-elected Angolan government to pay R850-million it owes struggling South African Airways (SAA), the finance minister said on Tuesday. The airline runs one of Africa's biggest fleets but is loss-making. SAA is owed a total of some R1-billion in revenue earned in... 

Tackle Middle East water scarcity to save money, boost stability – World Bank

By: Reuters     29th August 2017 The Middle East and North Africa region loses about $21 billion each year because of an inadequate supply of water and sanitation, the World Bank said on Tuesday, warning urgent action is needed to prevent ripple effects on stability and growth. Poor management of water resources and sanitation... 

Govt urged to sell loss-making SAA

By: News24Wire      25th August 2017 Government should get out of the commercial airline space and sell the loss-making South African Airways (SAA), according to Cape Chamber of Commerce and Industry president Janine Myburgh. “SAA has become a black hole that is simply consuming the resources of the country, and it would be... 

Infrastructure key to unlocking trade and value chains across SADC region

By: Anine Kilian     25th August 2017 It is common cause that industrialisation across the Southern African Development Community (SADC) region is key to diversifying the regional economy away from its current reliance on the export of raw commodities and to supporting economic growth and employment creation. There is broad... 

AfDB’s sustainable energy fund to support PV project in Lesotho

By: Mia Breytenbach     25th August 2017 The African Development Bank- (AfDB-) managed Sustainable Energy Fund for Africa (Sefa) has approved a $695 500 grant to NEO I SPV, a subsidiary of independent power producer OnePower Lesotho, to support the preparation of a bankable business case for the development of the winning project of the... 

Infrastructure key to unlocking trade and value chains across SADC region

By: Anine Kilian     25th August 2017 It is common cause that industrialisation across the Southern African Development Community (SADC) is key to diversifying the regional economy away from its current reliance on export of raw commodities and to supporting economic growth and employment creation. There is broad acceptance that SADC... 

Congo H1 copper output up 15%, inflation to hit 52% – central bank

By: Reuters     24th August 2017 Copper output in Congo, Africa's top producer of the metal, rose 15% year-on-year in the first half of 2017 to more than half a million tonnes, and cobalt production surged 27% to almost 40 000 t, the central bank said. But despite higher commodity production, Democratic Republic of Congo's... 

Germany brings home gold reserves ahead of schedule

By: Reuters     23rd August 2017 Germany's central bank has brought much of its gold reserve back to Frankfurt, the Bundesbank said on Wednesday, restoring a bulwark of economic stability the country had stashed away at the height of the Cold War. Guarded well out of Moscow's reach in safe havens like New York, London and... 

Funds to go for BHP's jugular if miner doesn't deliver goods

By: Bloomberg     21st August 2017 BHP Billiton’s truce with activist investors led by billionaire Paul Singer won’t last long if the world’s biggest mining company doesn’t pump up returns and deliver on strategic reform in the wake of its expected bumper profit report this week. The naming in June of BHP’s youngest director Ken... 

RMB wins African Banker Investment Bank of the Year award

     18th August 2017 Rand Merchant Bank (RMB) won the Investment Bank of the Year award for the fifth year running in the African Banker Awards 2017. The award is made by the African Banker magazine to the most innovative investment bank operating in Africa. RMB received the accolade at an award ceremony on 23rd May... 

Discovery CE scoops innovation award

By: Kim Cloete     18th August 2017 Discovery Group CE Adrian Gore has been awarded the 2017 Growth, Innovation and Leadership (GIL) Visionary Innovation Award: Africa 2017. He received the award from global research and consulting organisation Frost & Sullivan, which, this week, hosted its yearly GIL Africa summit, in Cape Town.... 

New Development Bank to benefit Africa – Zuma

By: African News Agency      17th August 2017 President Jacob Zuma said on Thursday that the New Development Bank (NDB) was set to benefit infrastructure projects on the African continent as a whole, and having a permanent regional centre showed commitment to that undertaking. “We are therefore happy to know that the bank is working on... 

Gupta firms sue Bank of Baroda to try stop account closures  

By: Bloomberg     17th August 2017 Companies controlled by the Gupta family, whose accounts are being closed down by Bank of Baroda, said they’re taking legal action against the lender to try and stop the termination, which comes after South Africa’s four biggest lenders cut banking services for the family that’s in business with... 

Central banks vital for Africa’s integration, says Zuma

By: African News Agency      15th August 2017 President Jacob Zuma has encouraged African central bank governors gathered in Pretoria for the 2017 Governors’ Symposium of the Association of African Central Banks (AACB) to explore ways to improve economic integration, including linking payment systems, across borders on the continent.... 

AfDB’s sustainable energy fund to support first utility-scale solar PV project in Lesotho

By: Mia Breytenbach     14th August 2017 The African Development Bank- (AfDB-) managed Sustainable Energy Fund for Africa (Sefa) has approved a $695 500 grant to NEO I SPV, a subsidiary of independent power producer OnePower Lesotho, to support the preparation of a bankable business case for the development of the winning project of the... 

Russian bank sees gold jumping to $1 400 on world tension

By: Bloomberg     14th August 2017 Gold prices are set to jump to a four-year high of $1 400/oz by the end of the year over mounting tensions between North Korea and the US, and surging demand in the world’s biggest consumers, according to the head of precious metals at a Russian investment bank. Bullion could rise to $1 360/oz... 

Brics development bank confirms Treasury DG as South Africa’s representative

By: Creamer Media Reporter      11th August 2017 The Brics New Development Bank (NDB) has appointed National Treasury director-general Dondo Mogajane as the new director representing South Africa. He is succeeding Tito Mboweni whose term of service as director expired in early July after two years. 

Wheaton Precious Metals hikes quarterly dividend 43% on sector-leading cash flow

By: Henry Lazenby     11th August 2017 Metals-streaming pioneer Wheaton Precious Metals (WPM) has increased its quarterly dividend by 43% to $0.10 a share, as its strong cash flow of $250-million during the first half of the year, combined with ample liquidity encouraged the board to return more cash to investors. Under the company’s... 

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