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AfDB appoints Kapoor director general for regional office

By: African News Agency      2nd August 2018 The African Development Bank Group has appointed Dr Kapil Kapoor director general for its Southern Africa Regional Development and Business Delivery Office, it said late on Wednesday. It said Kapoor, who has been director for strategy and operational policies since 2012 when he joined the bank,... 

Barrick Gold makes China investor push as markets slump

By: Reuters     1st August 2018 Barrick Gold Corp will make a bigger push to attract institutional investors in China under a new deeper-ties pact with Shandong Gold, aimed at bolstering its shareholder base, executives told Reuters. Bruised by a strong US dollar, the price of gold is nearing a one-year low, with speculators... 

ERG secures electricity supply for DRC copper/cobalt operations

By: Anine Kilian     1st August 2018 Metalkol, a cobalt and copper tailings reprocessing project and a low-cost hydrometallurgical facility owned by Eurasian Resources Group (ERG), has signed an agreement to secure electricity supply for its operations in the Democratic Republic of the Congo (DRC) for up to ten years.   

Infrastructure challenges Africa Business Forum to provide solutions for Africa’s socio-economic

30th July 2018 The impact of Africa’s current economic status and future growth potential on infrastructure development will be deliberated during the 7th annual Infrastructure Africa Business Forum (IABF) at the Sandton Convention Centre on the 9th and 10th of October. This event will be attended by prominent... 

Funding a vital link across 912kms

27th July 2018 Railway infrastructure is key to the growth of any economy – all the more, if you are exporting coal across international trade waters. Thanks to the revamped and extended Nacala Logistics Corridor, the Moatize coal mine in the northwest Tete region of Mozambique can now export greater volumes of... 

SARB does not see Q2 economic contraction

By: Reuters     27th July 2018 South African Reserve Bank (SARB) Governor Lesetja Kganyago said on Friday he does not expect economic growth to contract in the second quarter, after a 2.2% contraction in the first quarter of this year. Africa's most industrialised economy grew by 3.1% in the final quarter of 2017, but... 

Platinum's worst may soon be over despite record bearish bet 

By: Bloomberg     26th July 2018 Platinum’s near the lowest in a decade and hedge funds have never been so bearish – and that could be good news for prices. The commodity’s had a torrid year so far amid ample supplies and as investors lost faith in precious metals. While speculators are betting on more declines, the large... 

Xi Jinping, Ramaphosa say Brics should uphold multilateralism, reject trade war

By: Terence Creamer     25th July 2018 The Presidents of China and South Africa, Xi Jinping and Cyril Ramaphosa, offered an unequivocal rebuke of US President Donald Trump’s trade war on Wednesday and called on the Brics countries of Brazil, Russia, India, China and South Africa to act to uphold multilateralism and defend the... 

Standard Bank, UnionPay partnership eases Chinese card payments

By: Schalk Burger     24th July 2018 Chinese card payment services provider UnionPay International and financial services firm Standard Bank have agreed to accelerate access to UnionPay’s cards across key markets in Africa, the companies said in a statement on Monday. The move will bring increased convenience to Chinese people... 

Brics bank approves $600m loans for South African, Chinese projects

By: Reuters     24th July 2018 The New Development Bank, set up by the Brics group of emerging economies, has approved loans of $300-million for energy projects in South Africa and $300-million for a transportation project in China. South Africa, which will host a Brics summit later this week in Johannesburg, is trying to... 

Trade war could knock 3% off global GDP – Bank of France study

By: Reuters     20th July 2018 An international trade war with wide-ranging tariff hikes could cut global gross domestic product by as much as three percent, according to a study by the French central bank on Thursday. The direct impact of a generalised 10 percentage point increase in import tariffs could alone knock 1% off... 

The elephant in the substation

By: Terry Mackenzie-hoy     20th July 2018 Everybody knows that renewable energy is great for us all: it is free, it does not pollute, it keeps big bad Eskom on its toes and it  represents huge investments in South Africa. What is there not to love? The bids for various wind power farms (this is the amount for which Eskom has to buy power... 

SARB keeps repo rate unchanged, downgrades growth projection

By: News24Wire      19th July 2018 The South African Reserve Bank's (SARB's) monetary policy committee has left the repo rate unchanged at 6.5% in a unanimous decision.  The announcement, made by the central bank's governor Lesetja Kganyago at a media briefing in Pretoria on Thursday afternoon, was in line with expectations of... 

Commodity contagion spreads as raw material crash threatens calm

By: Bloomberg     19th July 2018 Don’t be fooled by the relative calm across financial markets: The inputs in the global supply chain are flashing warning signs. Commodities have tumbled into correction territory Thursday, sliding again in the face of the resurgent dollar and lingering global trade tensions. Among the recent... 

Citi sees 'copper on steroids' as Trump slump masks shortage

By: Bloomberg     18th July 2018 Copper’s slump amid a deepening global trade conflict offers a long-term buying opportunity, according to Citigroup, which shrugged off fears for world growth to boost its long-term forecasts. “Prepare for a decade of Dr Copper on steroids,” analysts including Max Layton and Tracy Liao wrote in a... 

Kenya's Safaricom in 'advanced talks' to take M-Pesa to Ethiopia

By: Reuters     17th July 2018 Kenya's Safaricom is in "advanced talks" with the Ethiopian government to introduce its popular M-Pesa mobile money service to neighbouring Ethiopia, a market of 100-million people, two sources said on Tuesday. Britain's Vodafone, Safaricom's parent company, will license the use of the M-Pesa... 

New mining fund raising R750m to co-finance ancillary mine projects 

By: Martin Creamer     16th July 2018 In an economic environment of tight capital allocation and bank pull back from mining finance, the new tax-incentivised CCP 12J Mining Fund is going all out to raise R750-million for co-investment in ancillary project opportunities on existing mine sites. On the list of targeted project... 

Top-grade iron-ore may spike to $100/t

By: Bloomberg     16th July 2018 High-grade iron-ore may spike to $100 a metric ton as China intensifies a clampdown on pollution by restraining industrial activity, adding further momentum to a trend that’s reshaped the global market in recent years and driven buyers in Asia’s top economy to seek out better-quality material.... 

Ramaphosa embarks on Eskom overhaul

By: Reuters     12th July 2018 A month after Cyril Ramaphosa took the helm of South Africa's ruling African National Congress (ANC) in December, he called an urgent meeting with then-President Jacob Zuma and senior ministers to save state power firm Eskom. Ramaphosa understood sweeping changes were needed at the struggling... 

Libyan NOC announces reopening of key oil export terminals

By: Reuters     11th July 2018 Libya's Tripoli-based National Oil Corp (NOC) said on Wednesday that four export terminals were being reopened after eastern factions handed over the ports, ending a standoff that had shut down most of the country's oil output. Production and export operations would be restored "within the next... 

Battery-skeptic funds wait out cobalt rally seen as fleeting

By: Bloomberg     9th July 2018 Call them battery skeptics. Bets on surging demand for electric vehicles have made cobalt and lithium hot commodities, but some investors say the outlook is leaving them cold. While prices have more than doubled in the past three years on worries over shortages of the metals used in batteries,... 

India's June gold imports drop by a quarter as rupee hits record low

By: Reuters     6th July 2018 India's gold imports fell for a sixth month in June to 44 t as a drop in the rupee to record lows lifted local prices to a near 21-month high, curtailing demand, provisional data from GFMS analysts at Thomson Reuters and bank dealers showed. The 25% year-on-year drop in purchases by the world's... 

Japan's Mitsui may raise its stake in Vale – executive

By: Reuters     6th July 2018 Japanese trading house Mitsui & Co may boost its stake in Brazil's Vale SA if other shareholders sell part of their holdings, a senior executive said, giving it greater influence over the iron ore giant's management. Several Brazilian pension funds and BNDESPar, the investment arm of state... 

Iron-ore slides to seven-month low as trade war fears mount

By: Bloomberg     5th July 2018 Iron-ore’s starting to buckle after a series of warnings that prices are set to drop amid rising global supply, and as investors fret about the potential impact of escalating trade tensions between the US and China. Benchmark spot ore eased to $62.50/t on Thursday, the lowest since November,... 

Goldman says buy commodities as clock ticks toward trade war

By: Bloomberg     5th July 2018 Commodity bull Goldman Sachs Group Inc. has poured cold water on the notion that a trade war between the US and China represents a serious threat to raw materials, saying most of them aren’t likely to be significantly impacted, and after recent declines now’s the time to buy. The Wall Street... 

From concept to reality: bringing digital transformation into focus

2nd July 2018 The incredible announcement from Uber at this year’s annual Elevate conference in Los Angeles sent echoes across the globe, stirring imaginations about just what’s possible with new technologies. The transportation giant unveiled its electric-powered ‘flying car’ – looking like a hybrid of a... 

Commodities face a twin threat, Morgan Stanley says

By: Bloomberg     29th June 2018 Commodities face a twin threat in the coming months, according to Morgan Stanley, which flagged burgeoning risks to consumption from a potential escalation in global trade tensions, especially for metals, as well as any slowdown in China. “Escalating global trade tensions bring a risk of demand... 

Eskom secures R1.35bn loan from KfW to integrate Northern Cape renewables into the grid

By: Simone Liedtke     29th June 2018 State-owned Eskom has entered into a R1.35-billion loan facility with German development bank KfW to support further investments in Eskom's transmission network in the Northern Cape in order to integrate renewable energy independent power producer (IPP) projects. This funding will also allow for... 

World Bank approves $2.1bn loans for Nigerian projects

By: Reuters     29th June 2018 The World Bank said on Thursday it had approved a total of $2.1-billion in concessionary loans to fund projects in Nigeria aimed at improving access to electricity and promoting governance. The projects approved by the International Development Association (IDA), the bank's low-interest arm, are... 

Gold hits over six-month low as dollar strengthens

By: Reuters     28th June 2018 Gold prices hit their lowest in more than six months on Thursday as the greenback held near one-year highs amid mounting US-China trade friction. Spot gold was down 0.2% at $1 249.71/oz, as of 0752 GMT. Earlier in the session, the bullion touched $1 248.25, its lowest since mid-December. 

Intermin hopes for Goongarrie Lady decision in 2019

By: Esmarie Iannucci     28th June 2018 ASX-listed Intermin Resources was hoping to take a development decision on its Goongarrie Lady gold project, in Western Australia, in 2019. This comes after a feasibility study (FS) showed that the project could deliver 12 700 oz of gold over a seven-month mine life. The FS estimated that the... 

Restructuring Eskom top of South Africa's agenda – Nene

By: Reuters     22nd June 2018 Restructuring State-run power firm Eskom is "on top of the agenda" for South Africa, Finance Minister Nhlanhla Nene said on Friday, though he said recent outages likely had very little impact on the economy. Africa's most industrialised economy suffered power outages earlier in June because of... 

Trans Hex posts R187m loss for FY18

By: Nadine James     21st June 2018 JSE-listed diamond miner Trans Hex on Thursday reported a R186.8-million loss for the financial year ended March 31, 2018, with its loss a share amounting to 175.6c and its headline loss a share to 216.5c. The group’s net loss from discontinued operations, including retrenchment costs of... 

Current account deficit widens in Q1 as exports slump

By: Reuters     21st June 2018 South Africa's current account deficit widened more than expected in the first quarter to register its largest shortfall in two years as the trade balance swung to a deficit after a steep decline in exports, the central bank said on Thursday. Investor sentiment in South Africa picked up after... 

WeFix Responds to Burgeoning Local Demand for Reconditioned Devices with i2 Range of Refurbished iPhones

19th June 2018 Affordability and environmental consciousness drives relatively new trend in South Africa Local device repair specialists weFix have re-launched their i2 range of refurbished iPhones, enabling consumers to enjoy one of the world’s most popular mobile devices without breaking the bank. 

Cash-in-transit heists could lead to losses of R470m, Parliament hears

By: News24Wire      14th June 2018 Cash-in-transit heists will lead to cash losses of R470-million this year if the current trend continues, the Portfolio Committee on Police heard on Wednesday. The meeting brought together a range of stakeholders concerned with cash-in-transit heists, including the South African Banking Risk... 

Upgraded Main Road 118 brings relief to residents of Oranjemund, Namibia

12th June 2018 VKE Namibia Consulting Engineers, part of the SMEC Group, was contracted by the Namibian Roads Authority to carry out the design work and to supervise the construction phase of the Main Road 118 upgrade. The SMEC Group is a global consultancy delivering engineering excellence, design innovation... 

Germany sees no quick solution to trade row with US, open to talks

By: Reuters     11th June 2018 Germany sees no immediate solution to the trade dispute between the United States and other major economies but remains open to talks "among friends", Economy Minister Peter Altmaier said on Monday, seeking to head off a full-blown global trade war. US President Donald Trump backed out of a joint... 

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