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Polyus sold more gold last year to bailed-out bank Otkritie

By: Reuters     15th February 2018 Russia's largest gold producer Polyus sold more gold last year to Otkritie bank, which was rescued last August by the country's central bank, Polyus's 2017 management report showed on Thursday. Russian gold producers usually sell their product to Russian banks which then sell it on to the... 

SARB stays abreast of latest fintech developments

By: Megan van Wyngaardt     13th February 2018 The South African Reserve Bank (SARB) has established a financial technology (fintech) programme to strategically assess the emergence of fintech in a structured and organised manner, and to consider its regulatory implications. The central bank explains that the programme is aimed at tracking... 

Warning of ‘seismic’ tax hikes, spending cuts to close R50bn 2018 Budget hole  

By: Terence Creamer     13th February 2018 Standard Bank chief economist Goolam Ballim is warning that the upcoming Budget will include “seismic” tax increases and spending cuts to address a menacing “fiscal cleavage” that, in nominal terms, is unprecedented in South Africa’s history. The Budget is scheduled for release on February 21 and... 

Stanbic says mining remains crucial to Zambian economy

By: African News Agency      9th February 2018 Stanbic Zambia says mining remains a significant sector of the southern African country's economy as it generates the largest amount of revenue for the government through taxes. "As the second largest copper producer in Africa, we are poised to further develop the mining sector,"  Stanbic Bank... 

New payment infrastructure designed to meet modern financial demands

By: Schalk Burger     9th February 2018 A new payment architecture and infrastructure is being designed to provide the transactional capabilities necessary to allow for new and faster financial services, says South Africa-based automated payments clearing house BankservAfrica CEO Chris Hamilton. BankservAfrica has renewed its... 

Goldman's a raging bull on commodities as turmoil aids view

By: Bloomberg     7th February 2018 Goldman Sachs Group is standing by its very bullish call on commodities, saying that the recent global markets selloff only bolsters its view that raw materials are set to perform well in the months ahead. “Commodities proved to work just as advertised” during the equity-led declines, Jeffrey... 

Investment poised to increase in Chile – central bank survey

By: Reuters     6th February 2018 Chile's economy is poised to improve by mid-year as rebounding copper prices and President-elect Sebastian Pinera's promise of business-friendly policies increase optimism among investors, according to a central bank survey released on Tuesday. The study, which surveyed the perceptions of more... 

AfDB boosts ALBC Fund books with R140m loan

By: Megan van Wyngaardt     5th February 2018 To further enhance the African Local Currency Bond Fund (ALCB Fund) portfolio and promote the development of domestic capital markets across the continent, the African Development Bank (AfDB) has approved a loan of R140-million. The senior loan, with a seven-year tenor including a two-year grace... 

Capitec defends its loan book as Viceroy takes aim at SARB

By: News24Wire      5th February 2018 Capitec defended the robustness of its loan book on Monday, while US-based short seller Viceroy Research criticised the South African Reserve Bank (SARB) for previously vouching for the bank. Viceroy in late January published a report labelling Capitec a “loan shark” with bad debt that should be... 

National Treasury slams Viceroy for 'reckless' report on Capitec

By: African News Agency      2nd February 2018 South Africa's National Treasury on Thursday said it noted the "reckless manner" in which US-based trader Viceroy reported on Capitec bank and traded shares ahead of the release. It said Viceroy stood to gain substantially from forcing the Capitec share price to fall by publishing its speculative... 

Goldman's most bullish on commodities since supercycle ended

By: Bloomberg     2nd February 2018 Goldman Sachs Group is more bullish on commodities than any time since the end of the supercycle in 2008. As economies around the world pick up, factories are humming, eating into stockpiles of raw materials and driving demand at miners and oil producers already facing limits on output. Copper,... 

KfW Development Bank signs R900m loan facility with Land Bank

By: Anine Kilian     1st February 2018 Germany’s KfW Development Bank on Thursday signed an agreement for a R900-million loan to the Land and Agricultural Development Bank of South Africa (Land Bank). The loan, which will assist the Land Bank with refinancing its loan book and extending longer-term financing to both emerging and... 

Increased capital raise takes Artemis cash reserves to A$20m

By: Mariaan Webb     1st February 2018 Pilbara junior Artemis Resources has raised an additional A$2-million from institutional clients of Patterson Securities, taking the company’s cash reserves to more than A$20-million. The additional capital will be raised through the issue of 10-million fully paid ordinary shares at A$0.20 a... 

Capitec is solvent – SARB 

By: News24Wire      30th January 2018 The South African Reserve Bank (SARB) said on Tuesday that Capitec is solvent, well capitalised and has adequate liquidity. Responding to a damning research report from Viceroy Group into Capitec, the SARB told Fin24 in an emailed response to questions that the bank meets all prudential... 

Botswana's rough diamond exports fell 17% last year

By: Reuters     30th January 2018 Botswana's rough diamond exports fell by 17% in 2017 to 36.03-billion pula ($4-billion) due to weak demand in the second half of the year, central bank data showed on Tuesday. Diamond production in Botswana is predominantly from Debswana, an equal partnership between government and Anglo... 

AfDB renews commitment to connect 29.3m Africans to electricity grids

By: Megan van Wyngaardt     30th January 2018 The African Development Bank (AfDB) plans to provide 29.3-million people on the continent with access to electricity by 2020. Speaking during meetings of the United Nations Economic Commission for Africa, in Addis Ababa, at the weekend, AfDB president Akinwumi Adesina pledged support for the New... 

Russian stocks shrug off US 'oligarchs list'

By: Reuters     30th January 2018 Russian stocks edged higher on Tuesday, shrugging off the risk of possible new sanctions from a newly published US list of oligarchs close to the Kremlin. 

Capitec shares fall sharply after research group says loan book overstated

By: African News Agency      30th January 2018 Shares in Capitec Bank tumbled as much as 20 percent on Tuesday after US researcher Viceroy said it had done extensive due diligence and compiled evidence suggesting the company must take significant impairments to its loans which would likely result in a net-liability position. The lender said... 

NexGen embarks on winter exploration programme for Rook I

By: Henry Lazenby     30th January 2018 Uranium explorer NexGen Energy has started work on its winter 2018 drill programme at the fully owned Rook I property, in the Athabasca Basin of Saskatchewan. The winter 2018 programme will comprise about 25 000 m using eight drill rigs. 

South African maize planting area seen down 18% from last season

By: Reuters     26th January 2018 South African maize farmers are expected to plant 18% less of the staple crop this season due to dry and hot weather along the western part of the maize belt, a Reuters poll showed on Friday. South Africa's Crop Estimates Committee (CEC) is expected to forecast the planted area at 2.159-million... 

Steinhoff scandal shows need for activist shareholding – JSE CEO 

By: Reuters     26th January 2018 An accounting scandal involving retailer Steinhoff has highlighted the need for more activist shareholding and more vigorous oversight by boards, the chief executive of South Africa's stock exchange operator said on Friday. Steinhoff, which owns more than 40 brands including Poundland in Britain... 

Nigeria's 9mobile takeover looms as advisers evaluate bids – sources

By: Reuters     26th January 2018 Barclays Africa is examining takeover bids from five prospective buyers for Nigeria's debt-laden 9mobile, two banking sources said, although a deal may take a few months as it will involve restructuring the company's debt after a default last year. Barclays Africa, appointed by Nigerian banks to... 

Racibórz Dolny flood-control dam, Poland

By: Sheila Barradas     26th January 2018 The Regional Authorities for Water Management in Gliwice is building a flood-control dam on the Oder river. 

Gold expected to peak at $1 500/oz this year – Thomson Reuters

By: Mia Breytenbach     25th January 2018 Gold prices are expected to average $1 360/oz and hit a 2018 peak of more than $1 500/oz later this year, according to research firm Thomson Reuters GFMS, which published its fourth-quarter Gold Survey on Thursday. The firm noted that the survey’s forecast discounts three federal fund rate hikes... 

Cyberattacks pose risk to financial stability, SARB warns

By: Terence Creamer     25th January 2018 Rising cybersecurity risks could undermine financial stability, South African Reserve Bank (SARB) deputy governor Francois Groepe warns. Speaking in Cape Town at the thirteenth Basel Committee on Banking Supervision – Financial Stability Institute high-level meeting for Africa, Groepe said the... 

Goldman, Citi final bidders for Scotiabank's metals business – sources

By: Reuters     24th January 2018 The field of prospective bidders for ScotiaMocatta, the metals trading arm of Canada's Bank of Nova Scotia, has narrowed to two, three banking and industry sources said on Wednesday. The two - Goldman Sachs Group and Citi - are undertaking due diligence checks, the sources said. 

South Africa's new political certainty boosting rand – Kganyago

By: Reuters     24th January 2018 The appointment of a new leader of South Africa's ruling party has removed political uncertainty that contributed to the depreciation of the rand currency and has been welcomed by investors, the country's central bank governor said on Wednesday. The new leader of the ruling African National... 

Zimbabwe's gold output rose to 24.8 t in 2017 – central bank

By: Reuters     24th January 2018 Zimbabwe's full year gold production rose to 24.8 t in 2017 from 22.7 t the previous year, the central bank's refining and printing subsidiary said on Wednesday. Gold is the southern African nation's top mineral export earner, with production rising in the last four years after small-scale and... 

Nigeria's Oando and key shareholder settle long-running dispute

By: Reuters     23rd January 2018 Nigerian oil company Oando said on Monday it had settled a squabble with a key shareholder and was working on resolving remaining shareholder disputes and getting a suspension of its shares lifted. The company said it has addressed issues raised by Dahiru Mangal, ending a drawn-out conflict, and... 

Turkish gold imports hit record 370 t in 2017 – Borsa Istanbul

By: Reuters     19th January 2018 Gold imports to Turkey hit a record 370 t in 2017, more than trebling from 106.1 t, data from Borsa Istanbul showed. This was the highest level of imports since the data was made available in 1995 and well above the previous record of 302 t set in 2013. 

Former Land Bank CEO convicted of fraud

By: African News Agency      19th January 2018 The specialised commercial crimes court in Pretoria has convicted former Land Bank CEO Philemon Radichaba Mohlahlane and three others of defrauding the bank of at least R6 million in a case dating back to 2012. The Directorate for Priority Crime Investigation, commonly known as the Hawks, said... 

South Africa's rand near 2-1/2 year high, stocks ease

By: Reuters     19th January 2018 South Africa's rand scaled a fresh 2-1/2 year high against a broadly fragile dollar on Friday before easing after the central bank held interest rates steady on Thursday. At 0715 GMT, the rand was 0.1 percent weaker at 12.145 to the dollar after earlier hitting 12.0725, its best level since June... 

$324m for Morocco, Côte d’Ivoire renewables projects

By: Dylan Slater     19th January 2018 The African Development Bank (AfDB) has approved $324-million in loan support to two renewable energy projects in Morocco and Côte d’Ivoire that are expected to significantly increase power supplies and boost economic growth in those countries.  

Sarb appoints new MPC adviser

By: Megan van Wyngaardt     16th January 2018 The South African Reserve Bank (Sarb) has appointed Fundi Tshazibana an adviser to the bank’s governors, effective February 19, making her the seventh member of the bank’s Monetary Policy Committee (MPC). With 17 years of experience in public policy analysis and formulation, Tshazibana has worked... 

New app-based bank to launch in South Africa late 2018

By: African News Agency      16th January 2018 A new app-driven bank is set to launch in South Africa after getting a provisional licence from monetary authorities, the institution said on Tuesday. Bank Zero, a 45 percent black-owned mutual bank founded by veteran bankers Michael Jordaan and Yatin Narsai, is set to launch in the fourth... 

South Africa white maize futures scale 11-month peak on hot, dry conditions

By: Reuters     15th January 2018 South African white maize futures prices hit 11-month highs on Monday as a spell of hot, dry weather raised concerns about plantings and yields over a swathe of the maize belt. Maize is South Africa's staple crop and policy makers such as the central bank, which will meet later this week on... 

SA Reserve Bank likely to keep repurchase rate unchanged this week – economists

By: African News Agency      15th January 2018 The South African Reserve Bank is likely to keep its repurchase rate at 6.75 percent this week, although it will probably lower its consumer inflation projections, financial group Investec said at the weekend. The Sarb is set to announce its decision on the repo rate on Thursday after a two-day... 

Reserve Bank expected to keep repo rate unchanged next week

By: Reuters     11th January 2018 South Africa's Reserve Bank will leave interest rates unchanged at its Jan. 18 meeting, a Reuters poll showed on Thursday, despite a much firmer rand suggesting further easing could come from the bank. The rand, currently around 12.43 per dollar, has gained almost 8% in the last six months - with... 

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