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ANC to re-table motion to fully nationalise SARB 

By: News24Wire      7th March 2018 The African National Congress (ANC) intends to re-table a Parliamentary motion to nationalise the South African Reserve Bank (SARB) by doing away with its private shareholders. On Tuesday, just hours before it was set to be heard, the ANC withdrew its initial motion to debate the nationalisation... 

Australia's Lowe warns Trump tariffs could shock global economy

By: Bloomberg     7th March 2018 Australian central bank Governor Philip Lowe slammed President Donald Trump’s tariffs proposal, warning escalation and retaliation could develop into a “very big shock for the global economy.” In unusually strong language for the Reserve Bank of Australia chief, Lowe described Trump’s proposed... 

ANC withdraws motion to debate nationalisation of SARB

By: News24Wire      6th March 2018 An African National Congress (ANC) Parliamentary motion to debate the nationalisation of the South African Reserve Bank (SARB) has been withdrawn, to allow the party to consult further on the matter within its structures and with key stakeholders. The debate was set to take place in Parliament on... 

Russia's 2018 gold production expected to rise 3% – lobby

By: Reuters     6th March 2018 Russia's gold production in 2018 is expected to rise by 3% to 328 t on higher output from mines, producers' lobby Gold Industrialists' Union said on Tuesday. The estimate includes output from mines, from gold as a by-product of other metals, refined from scrap and gold containing concentrate. 

Standard Bank PMI improves to 51.4 in February

By: Megan van Wyngaardt     5th March 2018 For the first time in 11 months, business activity expanded in the South African private sector in February, with the Standard Bank Purchasing Managers Index (PMI) increasing from 49 in January to above the crucial 50-point mark, at 51.4 points. This was after being in contraction for six months.... 

South Africa to investigate water ministry amid severe drought

By: Reuters     2nd March 2018 Parliament will conduct an inquiry into allegations of mismanagement at the water ministry, a senior lawmaker said on Friday, as the country's tourist hub Cape Town grapples with the worst recorded drought in its history. Mlungisi Johnson, chairman of parliament's Portfolio Committee on Water and... 

Gold struggling to compete with battery metals

By: Bloomberg     28th February 2018 Gold producers are doing everything they’re supposed to be doing -- squeezing more profit out of mines, penny-pinching on projects and resisting the kind of big deals that got them into trouble when prices fell. While that’s satisfying their large institutional shareholders, it’s not enough to... 

Scotiabank pulls plug on sale of metals business

By: Reuters     27th February 2018 Canadian lender Bank of Nova Scotia said on Tuesday it would keep its ScotiaMocatta metals trading business, ending months of speculation that it could be sold, and the bank also reported earnings that beat market expectations. However, the metals business will be slimmed down following a... 

Township economy, jobs remain top priority for Gauteng

By: Natasha Odendaal     26th February 2018 Gauteng Premier David Makhura’s State of the Province Address (SoPA) has highlighted “greater determination” to accelerate South Africa’s most populous province’s radical transformation, modernisation and reindustrialisation programme, particularly the revitalisation of the township economy and... 

More Gupta-owned companies apply for business rescue 

By: News24Wire      23rd February 2018 More Gupta-linked companies have filed for business rescue, company documents show. This comes shortly after the family's Optimum mines filed for business rescue earlier this month. This leaves their creditors holding a particularly busy bag of cats. 

Torex ramps up ELG throughput; reports Q4 loss

By: Henry Lazenby     23rd February 2018 TSX-listed intermediate Canadian gold producer Torex Gold has reported a net loss of $25-million, or $0.31 a share for the three months ended December, after the flagship El Limón Guajes mining complex (ELG) was forced to shutter following a road blockade. In what can very well be termed an... 

Stokvels changing the face of the township economy

By: Sydney Majoko     23rd February 2018 Stokvels, defined by Oxford Dictionary as "a savings or investment society to which members regularly contribute an agreed amount and from which they receive a lump sum payment", usually at the end of the year, are one of the most common features of the township economy. They have always had a... 

Pipeline delays 'impose demonstrable, substantial economic costs on the Canadian economy' – Scotiabank

By: Henry Lazenby     22nd February 2018 The price received for Western Canadian oil will remain vulnerable to service disruptions in current transportation channels, given the excess of production over takeaway capacity up to about 2020, a new report by the Bank of Nova Scotia (Scotiabank) has found. In a report published on Tuesday,... 

Social grants set to increase faster than inflation as taxes rise 

By: Megan van Wyngaardt     21st February 2018 The South African government has committed R259.4-billion towards social development in the 2018 Budget, with social grant payments set to increase faster than inflation to offset the effect of higher taxes on poor households. During the tabling of the Budget on Wednesday, Finance Minister Malusi... 

Tanzania's new mining rules impose restrictions on foreign banks, insurers

By: Reuters     21st February 2018 Foreign-owned banks, insurance companies and law firms could be locked out of Tanzania's mining sector as part of tough new regulations that aim to limit foreign ownership of mining-related activity. Africa's fourth-largest gold producer is seeking to take more of the profits from its vast... 

AfDB expresses strong support for new Eskom leadership

By: Terence Creamer     20th February 2018 The African Development Bank (AfDB), which has extended loan facilities worth a collective R20-billion to South Africa’s power utility Eskom, expressed confidence on Tuesday that the new leadership at the cash-strapped State-owned company would restore the group’s governance and creditworthiness.... 

Cryptocurrencies speculative, but blockchain can bring positive disruption – S&P’s

By: Schalk Burger     19th February 2018 Global ratings agency Standard and Poor’s (S&P’s) currently views cryptocurrencies as speculative instruments that will have an “insignificant effect on global financial stability if its value were to collapse”, but that blockchain – a shared digital transaction ledger – presents an opportunity... 

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... 

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