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Why business should care about inequality

By: Terence Creamer     20th April 2018 South African business needs to sit up and take note of new analysis that not only confirms South Africa as the world’s most unequal country, but that extreme inequality is now a major constraint to future growth. The analysis is contained in the World Bank’s latest South Africa Economic Update,... 

World Bank sees microgrids playing bigger role in Africa’s electrification as solar costs fall

By: Terence Creamer     18th April 2018 Changes in generation technologies, including the sharp fall in solar photovoltaic (PV) costs, means that the evolution of electricity systems in sub-Saharan Africa (SSA) will need to involve more than one national grid, a new World Bank report argues. “The path to universal electrification will... 

Jupiter mines to list on ASX; Tshipi increases FY18 net profit

By: Marleny Arnoldi     17th April 2018 Jupiter Mines, which owns a 49.9% interest in Tshipi é Ntle Manganese Mining, will list on the ASX on Wednesday, with the company’s board and management to ring the ASX bell in Sydney to formally start trading.  

After setbacks, Anglo American counting on turnaround for Minas-Rio mine

By: Reuters     17th April 2018 Two leaks in a month, a 90-day outage and $58-million in fines is not enough to temper Anglo American's ambition for its long-delayed, multi-billion dollar Minas-Rio iron-ore mine in Brazil. Purchased at the height of the commodities boom a decade ago for $5.5-billion, Anglo American was once... 

DBSA appoints new CFO

By: Anine Kilian     16th April 2018 Boitumelo Mosako has been appointed CFO of development finance institution the Development Bank of Southern Africa (DBSA), effective April 1. Prior to joining the DBSA, she served as the CFO at the South African Bureau of Standards. 

Zimbabwe to sell shares in State-owned firms as part of reforms

By: Reuters     13th April 2018 Zimbabwe is looking to sell shares in 35 State-owned firms, including telecoms and mining entities in the latest step to revive the economy under new political leadership, Finance Minister Patrick Chinamasa said on Friday. President Emmerson Mnangagwa, who came to power in November after a de... 

Goldman Sachs says you must own commodities in these tense times

By: Bloomberg     13th April 2018 The case for owning commodities has rarely been stronger, according to Goldman Sachs Group. With raw materials rallying on escalating political tensions across the globe and economic growth remaining strong, the bank’s analysts including Jeffrey Currie doubled down on their “overweight”... 

Company bolsters international presence

     13th April 2018 Surfaces design and architecture producer and distributer Cosentino Group is continuing to push ahead with the international expansion of its own assets with the opening of the first Cosentino Centre in South Africa, the company noted in an announcement on February 7. In the floor coverings... 

Galantas secures further loans for Omagh development

By: Creamer Media Reporter      12th April 2018 Aim- and TSX-V-quoted Galantas Gold has secured more funds for the further development of its Omagh mine, in Northern Ireland. The firm’s operating subsidiary, Flintridge Resources, has signed a concentrate prepayment agreement, or loan facility, for $1.6-million with Ocean Partners UK and... 

South Africa's growth recovery at risk from lack of policy clarity – SARB

By: Reuters     11th April 2018 South Africa's recent economic growth turnaround is unlikely to last as 2017's boom fades and the outlook for reform remains murky, the South African Reserve Bank (SARB) said on Tuesday. The South African economy expanded by a surprising 1% in 2017 as agriculture recovered from a drought the year... 

The Principles for effective combustion control in fired heaters

     11th April 2018 Fired heaters are integral to hydrocarbon processing (HP). Specifically designed for the reaction of fuel and air to produce extremely high gas temperatures, heaters transfer this energy to potentially highly flammable process fluids via heat exchangers. They consume large quantities of fuel,... 

LME to suspend Rusal's aluminium from approved brand list

By: Reuters     11th April 2018 The London Metal Exchange will suspend Rusal's aluminium from its list of approved brands from April 17 after some members raised concerns about settling LME contracts with sanctioned companies, the exchange's chief executive told Reuters. Last week the US Treasury Department imposed sanctions... 

Extreme inequality in South Africa is constraining growth and investment 

By: Terence Creamer     10th April 2018 New analysis by the World Bank has confirmed that South Africa’s is not only the world’s most unequal country, but that extreme inequality has become a major constraint to higher levels of economic growth, because it is undermining policy certainty and depressing investment. The bank’s latest... 

New technologies key to driving Africa’s growth

By: Anine Kilian     10th April 2018 Africa has a historic opportunity to accelerate growth and development by tapping into the potential that new technologies hold, ABB Asia, Middle East and Africa region President Dr Chun-Yuan Gu said on Tuesday. Delivering the keynote speech at the ABB Customer World Africa 2018 conference in... 

Palladium's slide from record high hits solid floor

By: Reuters     10th April 2018 Palladium's 20% fall from its January record high has put the metal in bear market territory, but strong chart support and tightness in the underlying market suggest it has hit a solid floor more than 40% above its ten-year average. Palladium, the most industrial of the major precious metals,... 

Monale Ratsoma appointed as Brics bank Africa region director-general

By: Simone Liedtke     10th April 2018 The National Treasury’s deputy director-general for economic policy Monale Ratsoma has been appointed director-general of the Brazil, Russia, India, China and South Africa, or Brics, New Development Bank (NDB) Africa Regional Centre. The appointment is effective from April 16. 

South Africa's rand strengthens as global trade war fears ease

By: Reuters     10th April 2018 South Africa's currency firmed against the dollar early on Tuesday as investor jitters over an escalating US-China trade row cooled with eyes on domestic manufacturing data and the central bank's monetary policy review. At 06:30 GMT the rand was 0.52% firmer at 12.0350 per dollar compared to its... 

India's March gold imports halve as price rally dents demand – GFMS

By: Reuters     9th April 2018 India's gold imports in March halved from a year ago to 52.5 t as a rally in local prices to 16-month high slashed demand in the world's second-biggest consumer of bullion, provisional data from precious metals consultancy GFMS and bank dealers showed. The drop in purchases by India, though,... 

Production declines in March quarter – St Barbara

By: Esmarie Swanepoel     6th April 2018 Gold miner St Barbara has reported a slight decline in gold production during the three months to March, due to changes at the Gwalia mine sequence as the main South West Branch lode was prioritized. Gold production during the three months under review reached 85 885 oz, compared with the 99 509... 

Listeriosis shows fragility of township economy

By: Sydney Majoko     6th April 2018 When the impact of the listeriosis outbreak is eventually analysed, it is quite possible that the township economy will be mentioned only as a footnote in official reports. Even though the actual cause of the deadly outbreak was discovered when children were admitted to Chris Hani Baragwanath... 

West African exchange in charm offensive

By: Martin Zhuwakinyu     6th April 2018 It is refreshing to notice that the regional stock exchange in the French-speaking West African Economic and Monetary Union (WAEMU) is not keeping the eight-country bloc’s shining light under a bushel. The WAEMU region – which comprises Cote d’Ivoire, Benin, Togo, Burkina Faso, Niger, Mali,... 

Randgold's African mining acumen is being tested on all fronts

By: Bloomberg     4th April 2018 Randgold Resources’s celebrated ability to operate in Africa is being tested on all fronts, and it’s taking a toll on the London-listed gold miner’s stock. For most of the last decade, Randgold shares were the best performers among gold miners tracked by Bloomberg. Now they are among the worst in... 

Masisi to lead Botswana as Khama steps down after decade

By: Bloomberg     2nd April 2018 Ian Khama, a former army general who’s led Botswana for the past decade, will step down on Sunday, leaving his deputy Mokgweetsi Masisi in charge of the world’s second-biggest diamond producer until next year’s elections. While Masisi, 55, will inherit one of Africa’s wealthiest and... 

SARB trims repo rate as inflation slows

By: Reuters     28th March 2018 The South African Reserve Bank (SARB) trimmed its benchmark repo rate to 6.5% on Wednesday, in another boost for the economy after ratings agency Moody's left the country's last investment-grade credit rating intact. The 25 basis point cut had been expected by traders and economists, after a... 

The Principles for effective combustion control in fired heaters

     28th March 2018 Fired heaters are integral to hydrocarbon processing (HP). Specifically designed for the reaction of fuel and air to produce extremely high gas temperatures, heaters transfer this energy to potentially highly flammable process fluids via heat exchangers. They consume large quantities of fuel,... 

Shrinking platinum sector adds to Ramaphosa's economy challenge

By: Bloomberg     26th March 2018 “Ramaphoria” boosted the rand and revived investor sentiment on South Africa. But deep underground in the country’s platinum mines, there’s very little cause for optimism. Producers in South Africa, which accounts for about 70% of the world’s mined platinum, are closing shafts and cutting... 

Gold's 'good week' gets better as trade war ignites haven demand

By: Bloomberg     23rd March 2018 Gold’s getting a double boost this week as investors piled into the traditional haven as a long-awaited trade war finally erupted between the US and China, extending gains that came after the Federal Reserve’s policy outlook proved less hawkish than feared. Bullion for immediate delivery rallied... 

Shnogh hydroelectric project, Armenia

By: Sheila Barradas     23rd March 2018 The project will harness the water from the Debed and Martsiget rivers.  

G20 agrees to 'monitor' cryptocurrencies but no action yet

By: Reuters     21st March 2018 Financial policymakers from the world's top 20 economies agreed to keep a watchful eye on cryptocurrencies on Tuesday and opened the door to regulating the booming industry at a later stage. Wild swings in the price of Bitcoin, the best known of a myriad of digital currencies issued by private... 

SARB's Naidoo: We warned VBS on its reliance of huge depositors 

By: African News Agency      20th March 2018 In his presentation to the Standing Committee on Finance, South African Reserve Bank (SARB) registrar Kuben Naidoo raised concerns including deficient compliance culture, weak asset and liability management, potentially illegal municipal depositions and poor quality in regulatory reports. The... 

Q4 current account deficit widens as strong rand boosts imports

By: Reuters     20th March 2018 South Africa's current account deficit widened more than expected to 2.9% of GDP in the fourth quarter due to a smaller trade surplus driven by a rally in the currency late last year, central bank said on Tuesday. The rand has appreciated by about 20% against the dollar since mid-November, in the... 

Reserve Bank expected to cut repo rate on March 28

By: Reuters     20th March 2018 The South African Reserve Bank (SARB) will cut its repo rate by 25 basis points to 6.50% just days after Moody's is expected to give the country another chance to reform its finances, a Reuters poll found on Tuesday. Fifteen of 22 economists said the Bank would cut interest rates by 25 basis... 

AfDB teams up with international organisation to drive solar development in Africa

By: Simone Liedtke     19th March 2018 The African Development Bank (AfDB) has signed a joint declaration with the International Solar Alliance (ISA) to promote the development of solar energy in Africa. The joint declaration recognises the bank's leadership in working with several parties, including governments, the private sector... 

US legislation bodes well for Thor Mining's Nevada tungsten project

By: Simone Liedtke     16th March 2018 The US House of Representative's Natural Resources Committee has passed the National Strategic and Critical Minerals Production Act, which Aim- and ASX-listed Thor Mining said would benefit its Pilot Mountain tungsten project in Nevada. While further steps are required in the legislative process,... 

Despite bitcoin craze, bullion unlikely to lose its status as a major investment vehicle – economist

By: Nadine James     16th March 2018 Although some economists regard cryptocurrencies – bitcoin being the most popular – as a fad, others, such as Nascence Advisory director and economist Xhanti Payi, remain open-minded, unwilling to write off a potentially disruptive technology with massive implications for global economic... 

Venezuela gold reserve value falls 14% in 2017

By: Reuters     16th March 2018 Gold held by Venezuela's central bank fell 14% in value in 2017 compared with the previous year, according to the bank's financial statement. Gold represents just under 70% of the bank's international reserves, which at the end of 2017 totaled $9.67-billion. 

WesBank forecasts meagre 0.75% growth in new-vehicle sales

By: Irma Venter     14th March 2018 South Africa’s new-vehicle industry is forecast to grow by 0.75% in 2018 compared with last year, says vehicle finance provider WesBank. WesBank CEO Chris de Kock delivered the bank’s view on the market at the 2018 Car of the Year awards held on Tuesday, in Gauteng. 

Kazungula Bridge set to open corridor between Zambia, Botswana

By: African News Agency      14th March 2018 The Kazungula Bridge project is set to open up the transport corridor between Zambia and Botswana, a move which will see Zimbabwe lose out on transit revenue. The project is being carried out with partial financial assistance from the African Development Bank (AfDB). The primary objective of the... 

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