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AfDB aims to lend Nigeria $4.1bn for power and farming

By: Reuters     27th September 2016 The African Development Bank is looking to provide a total of $4.1-billion to Nigeria over 2016 and 2017, its president said on Monday, as Africa's biggest economy seeks to bridge its budget deficit and improve weak infrastructure. Akinwumi Adesina said the funds would be used to develop the... 

Brazil's Samarco misses bond payment, has 30-day remedy period

By: Reuters     26th September 2016 Samarco Mineração, the Brazilian iron-ore mining joint venture that suspended operations in November following a dam disaster, missed an interest payment on a $500-million bond that was due on Monday, trustee Bank of New York Mellon said. As a result, Samarco will have 30 days to make the... 

Futuregrowth lifts Land Bank lending freeze

By: Terence Creamer     26th September 2016 The Land Bank announced on Monday that Futuregrowth Asset Management had, with immediate effect, lifted a lending suspension controversially imposed on the bank, as well as five other State-owned companies (SoCs), on August 31. Besides the Land Bank, Futuregrowth also froze any new lending to the... 

Iron giants to add 200Mt of supplies through 2020

By: Bloomberg     26th September 2016 The world’s two largest iron-ore exporters Australia and Brazil will each add about 100-million metric tons of supply through the end of the decade, boosting a global glut and hurting prices in a slump that will then force marginal miners to cut output, according to Citigroup. Shipments from... 

Lafarge Africa raises 60bn naira in bond issues

By: Reuters     22nd September 2016 Lafarge Africa said on Thursday it has raised 60-billion naira ($184-million) by issuing three and five-year bonds through book building. The local unit of the world's biggest cement maker, LafargeHolcim, issued a three-year bond at 14.25% to raise 26.38-billion naira and sold a five-year bond at... 

South Africa holds repo rate, lowers inflation forecasts

By: Reuters     22nd September 2016 South Africa's Reserve Bank kept its benchmark repo rate unchanged at 7% on Thursday, with a weak economic growth outlook balancing out its concerns about the inflation trajectory. The bank's Monetary Policy Committee (MPC) revised its forecast for growth in Africa's most industrialised country... 

DBSA aims to ‘catalyse’ funding to poor munis as it sets R100bn funding goal

By: Terence Creamer     22nd September 2016 The Development Bank of Southern Africa (DBSA) disbursed a record R17.1-billion during its 2016 financial year, up from R13-billion in 2015, with disbursements to the country’s eight metropolitan councils (metros) surging to R7.5-billion from R3.7-billion. CEO Patrick Dlamini said a total of... 

Ghana could be Africa's number four oil producer by 2020 – report

By: Reuters     22nd September 2016 Ghana could become the fourth biggest oil producer in sub-Saharan Africa by 2020 once two new offshore fields come on stream, to push total output above 240 000 bl/d, pan-African bank Ecobank said on Wednesday. The West African country produces around 103 000 bl/d ranking it ninth, far behind... 

‘Better-than-Canada’ is Philippine reform cry as mines shut

By: Bloomberg     21st September 2016 The Philippines deepened a crackdown on its mining industry on Wednesday as world’s top nickel shipper announced it will suspend more than 10 mines in addition to 10 halts that have already been made, saying it wants to surpass Canadian and Australian standards. The government is finalising... 

SA’s cost-of-doing-business ranking badly down – Chamber

By: Martin Creamer     20th September 2016 South Africa has plummeted to an abysmally low level in the World Bank’s 160-country cost-of-doing-business rankings. On the bank’s Doing Business scale, which measures the fitness of a country’s economy to grow and compete, South Africa has tumbled 15 notches since 2007, from position number 58,... 

Construction starts on 372 MW Côte d'Ivoire power plant financed by China

By: Reuters     16th September 2016 Building work has started in Côte d'Ivoire on a 372 MW power plant worth €500-million financed mainly by China Construction Bank and set to open in 2018, Richard Amon, chairperson of Star Energie 2073, said on Thursday. The bank is providing 75% of funds for the Songon power station near the... 

Transnet to sue Futuregrowth 

By: African News Agency      15th September 2016 Transnet CEO Siyabonga Gama revealed in Parliament on Wednesday that the South African parastatal intends to sue Futuregrowth Asset Management for damages. Briefing Parliament’s portfolio committee on public enterprises, Gama said Transnet had written to Futuregrowth demanding an apology for its... 

World’s hottest stock is a 430% rally in a Peruvian silver miner

By: Bloomberg     15th September 2016 The most impressive advance in the stock market this year is a little-known Peruvian miner that rode the comeback in silver. 

TSX rises with miners; energy stocks drag with lower oil

By: Reuters     14th September 2016 Canada's main stock index made a small gain on Wednesday as losses for energy stocks on a renewed fall in oil prices offset gains for base metal miners and consumer stocks. The Toronto Stock Exchange's S&P/TSX composite index ended up 17.36 points, or 0.12%, at 14 366.46. 

Q2 current account deficit narrows to 3.1% of GDP

By: Reuters     13th September 2016 South Africa's current account deficit narrowed to 3.1% of gross domestic product in the second quarter of this year from a revised deficit of 5.3% in the first quarter, the central bank said on Tuesday. Economists surveyed by Reuters had expected a 3.6% deficit for the second quarter. 

Zuma pressed to fire errant South African mining minister

By: Bloomberg     8th September 2016 South African President Jacob Zuma is facing growing pressure from within the ruling party to fire Mineral Resources Minister Mosebenzi Zwane after his false statement about a cabinet decision to set up a judicial investigation into banking oversight bodies. Zwane’s actions embarrassed the... 

FNB shows strong growth as customers seek greater value in tough climate

     8th September 2016 FNB produced excellent results for the year to 30 June with profits in the South African market up 11% and when including FNB Africa up 8%. Concerted initiatives saw the bank gain customers with FNB Premium and Business Banking areas growing customers by 10% and 14% respectively.   “The bank’s... 

Peru proposes State-owned bank buys gold from artisanal miners

By: Reuters     8th September 2016 The government of Peru wants a state-owned bank to buy gold from artisanal miners in order to replace a lucrative but shady informal market, Finance Minister Alfredo Thorne said on Wednesday. Thorne said the miners would receive a better price for their gold and would not have to pay the value... 

Gordhan says recession unlikely in 2016

By: Reuters     7th September 2016 South Africa's economy is unlikely to fall into recession in 2016 although the right level of investment must be nurtured among investors to support growth, Finance Minister Pravin Gordhan said on Wednesday. Answering questions in parliament in Cape Town, Gordhan also said the government would be... 

Two significant mega-bridges on their way 

     7th September 2016 Throughout the centuries bridges have fascinated people. Their purpose is self-evident as being the link between transportation routes be they footpaths, railways or roads.  Although the primary purpose is functional and safe to use, a bridge can be a thing of beauty. World-wide there are bridges... 

World Bank advises Zambia to stop power and fuel subsidies

By: African News Agency      6th September 2016 The World Bank has advised the Zambian government to cut its expenditure bill by dropping a fuel and power subsidy programme which gobbles nearly $600-million in public funds from the treasury annually. In its latest country-focused cost-cutting advisory report, the global financial institution... 

BHP expects iron-ore price to notch declines on new mine supply

By: Bloomberg     5th September 2016 BHP Billiton, the world’s largest mining company, expects iron-ore prices to begin retreating as “well-telegraphed” new supply hits the market from Australia and Brazil. “Some of that supply is late, but we have every confidence it will arrive,” Huw McKay, BHP’s vice president of market analysis... 

Zwane wanted SARB role changed after Gupta blacklisting – report

By: News24Wire      31st August 2016 Mines Minister Mosebenzi Zwane reportedly recommended to Cabinet a drastic change to the Banks Act that would allow the finance minister to control bank licences. This formed part of an inter-ministerial committee he led to investigate why South Africa’s top banks blacklisted the Gupta family,... 

Orca Gold reunites Red Back senior management in executive shakeup

By: Henry Lazenby     30th August 2016 Canadian junior explorer Orca Gold has reunited the senior management of erstwhile Red Back Mining in an executive shakeup announced Monday, which the company believes will set it on a path to regional dominance in North and West Africa. The Orca board has appointed chairperson Richard Clark its... 

Five days to Small Business Friday

     29th August 2016 The National Small Business Chamber, with Title Sponsor Nedbank, is gearing up for its 5th Small Business Friday (SBF) this Friday 2 September. The movement is about mobilising all South Africans to support their local small businesses. Mike Anderson, CEO and founder of NSBC, says that... 

Gold believers from Soros to UBS lose faith in miners’ gain

By: Bloomberg     26th August 2016 The red-hot market for gold-mining companies has made the shares too expensive for some investors, even though they remain bullish on the outlook for bullion. Earlier this year, fund managers including George Soros had gobbled up shares of producers such as Barrick Gold and Newmont Mining in a... 

Small Business Friday encourages a focus on customer service

     25th August 2016 As South Africa continues to grow and develop its entrepreneurial spirit and build businesses that last, Mike Anderson, Founder & CEO of the National Small Business Chamber, says that SMEs need to be cognisant of the important role customer service plays in the overall longevity of their... 

eHomeAffairs portal now available to all South African citizens  

By: Anine Kilian     24th August 2016 The Department of Home Affairs (DHA) has officially opened its eHomeAffairs portal to the public at large, enabling all South African citizens to apply for their Smart ID cards and passports online. DHA initially launched the portal in April, inviting citizens between the ages of 30 and 35 to be... 

Venezuela ordered to pay $2.17bn to Russian junior for 2011 project expropriation

By: Henry Lazenby     23rd August 2016 The government of the Bolivarian Republic of Venezuela has been ordered to pay a Russian-owned junior mining company nearly $2.2-billion in compensation and interest for illegally expropriating the company’s assets without compensation in 2011. Following the news, Rusoro Mining’s TSX-V-listed... 

Kganyago: SARB ‘open’ to blockchain technology

By: News24Wire      23rd August 2016 South African Reserve Bank (SARB) Governor Lesetja Kganyago has expressed openness to blockchain technologies which underlie cryptocurrencies like bitcoin. Blockchain technology acts as a digital distributed ledger to confirm batches of transactions for the likes of bitcoin and other... 

Citigroup says this ‘hot commodity’ is destined to cool off soon

By: Bloomberg     23rd August 2016 Iron-ore, dubbed by Citigroup as one of the hot commodities of 2016, looks set to cool off. Prices may sag toward the end of the year and into 2017 as supply rises and steel demand fades, the bank said, adding to the list of banks that are calling time on an unexpected rally. The raw material... 

Congo slashes growth forecast after drop in copper production

By: Bloomberg     19th August 2016 The Democratic Republic of Congo cut its growth forecast for 2016 for the third time this year because of lower commodity prices and warned the economy could slow further if other industries don’t perform. The government “has duly noted the slowdown in economic growth in the DRC” in the first... 

A commodities rebound is accelerating right on China’s doorstep

By: Bloomberg     19th August 2016 China may be slowing, but a commodities rebound is under way and the world’s biggest miner knows where the next growth story is building – emerging economies in Southeast Asia. Combined gross domestic product in the ASEAN-5 nations – Indonesia, Thailand, Malaysia, the Philippines and Vietnam –... 

After years of pain, coal becomes one of the hottest commodities of 2016 

By: Reuters     18th August 2016 Less than a year after the coal industry was declared to be in terminal decline, the fossil fuel has staged its steepest price rally in over half a decade, making it one of the hottest major commodities. Cargo prices for Australian thermal coal from its Newcastle terminal, seen as the Asian... 

Iron-ore seen back at $40 by Morgan Stanley as seasons shift

By: Bloomberg     16th August 2016 Iron-ore’s 2016 rally may be about to face a challenge from the changing of the seasons. Morgan Stanley has forecast that prices may tumble back to $40 a metric ton this half as the approach of winter in China typically blunts steel demand and output. “Our short-term forecast still features a... 

European Bank to underwrite Centerra’s $150-million Öksüt project financing term loan

By: Henry Lazenby     13th August 2016 Gold miner Centerra Gold has gained a second underwriter in the form of the European Bank for Reconstruction and Development (EBRD) for its $150-million project financing term loan that it will use to develop the Öksüt project, in Turkey. Toronto-based Centerra advised Friday that the EBRD will... 

June manufacturing output improves by 4.5%

By: Natasha Odendaal     11th August 2016 Statistics South Africa’s latest data show manufacturing output edging up 4.5% in June, an improvement on the 3.9% increase in May and the 3.2% increase in April. However, while the increase is positive, likely to contribute to a modest boost in gross domestic product (GDP) growth and higher than... 

Building female owned businesses is critical to economic and social development in South Africa

     11th August 2016 Women are underestimated powerhouses of an economy. This is not a fact that is relevant only to South Africa, but it is a global phenomenon. Mike Anderson, CEO and founder of the National Small Business Chamber (NSBC) says that South Africa needs to not only build entrepreneurship, but to... 

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