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Global growth report highlights South Africa’s laggard status

By: Terence Creamer     10th January 2018 The World Bank expects growth in South Africa to recover to 1.1% in 2018, from 0.8% in 2017, on the back of improving business sentiment, which should support a modest rise in investment. The January Global Economic Prospects report upgraded the bank’s estimate of South Africa’s 2017 growth... 

St Barbara ups full-year guidance on solid half-year performance

By: Megan van Wyngaardt     9th January 2018 ASX-listed gold miner St Barbara has updated its 2018 production guidance from between 350 000 oz and 375 000 oz, to between 365 000 oz and 385 000 oz following production of 197 768 oz in the first half of the financial year. At its Gwalia deposit, which forms part of the Leonora operations in... 

Drought conditions hit South African maize belt – industry group

By: Reuters     9th January 2018 The western part of South Africa's maize belt has been hit by drought and farmers there have only planted 70 to 75% of the area they had intended to, industry group Grain SA said on Monday. With the window of planting opportunity fast closing, the unexpected onset of dry conditions in the key... 

AfDB to support Mozambique rail project with $300m

By: Megan van Wyngaardt     20th December 2017 The African Development Bank (AfDB) is taking the lead in facilitating the takeoff of one of Africa’s largest infrastructure project − the $5-billion Nacala corridor rail and port project, supporting the project with $300-million from its private sector window. After years of financial... 

Standard Bank SA appoints ex-Treasury DG Lungisa Fuzile as CEO

By: News24Wire      14th December 2017 Standard Bank South Africa on Thursday announced the appointment of Lungisa Fuzile as its new CEO with effect from January 15, 2018. The former director general of the National Treasury will replace Sim Tshabalala, who as recently as September 2017 took over as sole CEO at the bank. Before this,... 

South Africa's current account deficit narrows, FDI and trade surplus climb

By: Reuters     14th December 2017 South Africa's current account deficit narrowed slightly to 2.3% of GDP in the third quarter and foreign direct investment in Africa's most industrialised economy grew, as did the trade surplus, the central bank said on Thursday, After contracting in the last quarter of 2016 and the first of this... 

Biggest Australian business lender to stop new coal mine funding

By: Bloomberg     14th December 2017 National Australia Bank (NAB) pledged to stop funding new thermal coal mine developments and boost lending to renewable energy projects as part of global efforts to tackle climate change. “While we will continue to support our existing customers across the mining and energy sectors, including... 

Macron: World is losing battle against climate change

By: News24Wire      13th December 2017 French President Emmanuel Macron delivered a stark warning on climate change at a meeting in Paris, urging political and business leaders to launch an urgent new phase in the fight against global warming. "We are losing the battle," Macron said at Tuesday's " One Planet " summit.  "We must all... 

Macron's climate summit draws pledges to make coal a risky bet

By: Bloomberg     13th December 2017 Some of the world’s biggest investors turned their backs on US President Donald Trump’s plan to revive the coal industry, pledging to divest from fossil fuels at a conference organised by French President Emmanuel Macron. The One Planet Summit in Paris was designed to galvanise support for the... 

Gold inches up from near 5-month low ahead of Fed meeting

By: Reuters     12th December 2017 Gold was slightly higher on Tuesday, just up from its lowest in nearly five months in the previous session, and ahead of the start of a two-day US Federal Reserve meeting. Spot gold rose 0.2% to $1 244.30 an ounce by 03:50 GMT, after hitting its lowest since July 20 at $1240.10 on Monday. 

AfDB grants loan support to two African renewable energy projects

By: Dylan Slater     11th December 2017 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.  

Blockchain set to change transactions, information flow and business processes

By: Schalk Burger     8th December 2017 Trust is the underlying factor supporting financial systems – from the value of currency and financial transactions to public spending. Similarly, trust underpins almost all information transfers, and money is a medium that allows people to ‘communicate’ value throughout an economy, says... 

Western Australian gold explorer lists on the ASX

By: Creamer Media Reporter      8th December 2017 Western Australia-focused gold explorer Nelson Resources, led by Peter Cook, has made its debut on the ASX on Friday through a A$5-million initial public offering. Nelson owns five exploration projects – the Socrates, Wilga, Yarrie, Happie Jack and Woolshed projects – which are all located in... 

Blockchain set to change transactions, information flow and business processes

By: Schalk Burger     8th December 2017 Trust is the underlying factor supporting financial systems – from the value of currency and financial transactions to public spending. Similarly, trust underpins almost all information transfers, and money is a medium that allows people to communicate value throughout an economy, says financial... 

Sarb’s attack could cost Mkhwebane her job, PP counsel argues

By: News24Wire      6th December 2017 The South African Reserve Bank’s (Sarb) personal attack on Public Protector Busisiwe Mkhwebane’s integrity could cost Mkhwebane her job, a court has heard. During the Bankorp-CIEX hearing which continued on Wednesday at the North Gauteng High Court, Mkhwebane’s legal counsel Paul Kennedy SC... 

Don't expect fireworks for gold in 2018, just a gentle nudge up

By: Bloomberg     6th December 2017 Gold has its fans for next year, but sparks are probably not going to fly. Even as the Federal Reserve tightens monetary policy and the European Central Bank tapers bond purchases, gold is set to rise marginally as real interest rates stay low and the dollar weakens, according to Bart Melek,... 

Iron-ore enters bull market as China's curbs supercharge steel

By: Bloomberg     4th December 2017 Iron-ore has rallied back into a bull market. Prices are surging as China’s crackdown on steel output this winter runs down inventories, helping mills’ profitability and stoking demand for high-grade ore even as investors discount signs of ample supply. Spot ore with 62% iron content jumped 3.7%... 

Glencore, Chad are said to deadlock on $1bn debt deal

By: Bloomberg     29th November 2017 Talks between Chad, Glencore and a group of banks to restructure more than $1-billion in debt have stalled after the African nation rejected the commodities trader’s latest proposal to delay repayment of an oil-for-cash loan, according to people familiar with the negotiations. The negotiations... 

Goldman sees iron-ore sinking to $50/t as supply expands again

By: Bloomberg     29th November 2017 Iron-ore will weaken next year as global supplies increase including from a new mine in Brazil at the same time that steel production risks topping out in China, according to Goldman Sachs Group, which expects prices to decline back toward $50 a metric ton. Futures fell. The raw material may... 

AfDB launches youth advisory group to tackle joblessness

By: African News Agency      28th November 2017 The President of the African Development Bank Group (AfDB) in Côte d'Ivoire, Akinwumi Adesina, has launched the Presidential Youth Advisory Group (PYAG) to provide insights and innovative solutions for job creation for Africa’s youth. In a statement on Tuesday, AfDB said the “Jobs for Youth in... 

Ramos hits back after Public Protector guns for ABSA

By: News24Wire      28th November 2017 ABSA CEO Maria Ramos said the bank will seek a punitive cost order if Public Protector Busisiwe Mkhwebane continues to defend the Bankorp/CIEX report. This was revealed in ABSA’s responding affidavit in the North Gauteng High Court on Monday, which accused Mkhwebane of unlawful conduct in her... 

Rand bulls hold sway, at least until ANC's December ballot

By: News24Wire      28th November 2017 Rand bulls will win out over rand bears, at least for the next few weeks. That’s the view of analysts from Credit Agricole CIB and Toronto-Dominion Bank on the back on the rand’s best day in almost two years after Moody’s Investors Service kept South Africa’s local rating investment grade.... 

Mkhwebane has abused Public Protector office – Sarb

By: News24Wire      28th November 2017 The South African Reserve Bank (Sarb) has applied for a declaratory order from the North Gauteng High Court that Advocate Busisiwe Mkhwebane abused the office of the Public Protector, and wants her to pay legal costs independently. This was revealed in Sarb’s responding affidavit on Monday, which... 

Gold flirts with $1 300 as low inflation dents rate-hike case

By: Bloomberg     27th November 2017 Gold futures climbed above $1 300/oz for the first time in six weeks as the dollar wavered and investors braced for an onslaught of economic data and political news. Bullion rose for the third time in four days as a gauge of the dollar traded close to the lowest since September. A report later... 

Renewable energy, critical to meeting Africa’s energy needs by 2040

27th November 2017 Africa, filled with many developing nations, provides the ideal opportunity for the application of renewable energy solutions and technologies.  About 635 million Africans still live without electricity and demand for energy is rising rapidly.   Given the lack of power supply, especially in the... 

Robben Island inaugurates solar PV microgrid  

23rd November 2017 Robben Island, a World Heritage Site in Table Bay, Cape Town has gone green with the installation of a R25-million solar energy, lithium-ion battery storage microgrid. Mia Breytenbach has the details. 

Coal India steps up logistics to ease short-term shortages

By: Ajoy K Das     23rd November 2017 Faced with dips in production growth and dwindling stocks to bank on, Coal India Limited (CIL) is hoping that a beefed up logistics and distribution solution will ease the clamour for dry fuel among various end-user industries. The miner reckons that increasing volumes transported by road and... 

Norilsk Nickel to increase 2017 palladium purchases

By: Reuters     20th November 2017 Russia's Norilsk Nickel, the world's top palladium producer, said it plans to boost purchases of palladium for its fund from Russian central bank reserves to help ease shortages in the market. Head of Global Sales and Marketing Markus Meurer told Reuters ahead of a presentation to investors that... 

Gold Road locks in portion of Gruyere’s production

By: Creamer Media Reporter      20th November 2017 Gold development and exploration company Gold Road, which is building the Gruyere gold mine in a joint venture with South Africa’s Gold Fields, has entered into forward sales with two major banks for up to 200 000 oz of Australian dollar denominated forward sales. To date, the company has locked... 

Eskom raised during Gigaba’s recent meeting with World Bank

By: Bloomberg     17th November 2017 South African Finance Minister Malusi Gigaba met with representatives of the World Bank earlier this month to discuss issues relating to Eskom Holdings. Gigaba met with the bank to discuss the financing of the State-owned power utility’s Medupi project, his spokesman Mayihlome Tshwete said by... 

Chubb to sell all its shares in South African business to empowerment consortium

By: Megan van Wyngaardt     16th November 2017 US-owned security company Chubb will sell 100% of its South African business to a black economic empowerment consortium led by Kilimanjaro Capital. The entity will then be rebranded. The move follows the passing of the Private Security Industry Regulation Amendment Bill, which proposes that... 

Standard Bank, ICBC launch programme to spur growth through tourism

By: Anine Kilian     15th November 2017 To further cement trade ties, boost investment flows and encourage tourism between South Africa and China, Standard Bank and the Industrial and Commercial Bank of China (ICBC) have launched the I Go South Africa loyalty programme in partnership with South African Tourism. This initiative, which... 

Corruption Watch says banking heads must roll over Gupta scandal

By: Megan van Wyngaardt     13th November 2017 Transparency International (TI) and Corruption Watch – TI’s chapter in South Africa – have called for a firm approach to be taken to any banks involved in the country’s Gupta scandal. This follows a recent statement in the UK Parliament that has generated widespread speculation that a major... 

Guptas target South African bank regulator over account closures

By: Bloomberg     10th November 2017 A group of companies linked to South Africa’s politically connected Gupta family said the country’s banking regulator encouraged lenders to shut their accounts, broadening a battle to retain the last of their banking services. The 20 businesses, which are suing Bank of Baroda’s local unit to keep... 

Standard Bank creates R1.8bn debt funding model for South African agricultural sector

By: African News Agency      6th November 2017 Standard Bank on Monday announced the creation of a new R1.8-billion debt funding model for the South African agricultural sector. Standard Bank will go into partnership with agribusiness, Transvaal Wattle Growers Co-operative Limited (TWK), and the Land Bank. 

Turkey's gold-buying spree has market wondering how much and why

By: Bloomberg     6th November 2017 Turkey’s central bank is hoarding gold again. The question is, how much and why? Official data show Turkey added 3.8-million ounces of gold worth almost $5-billion to reserves this year. While actual purchases could be much less – the figure is skewed by metal deposited by commercial banks –... 

Even the smallest economy in oil-rich gulf is too big to fail

By: Bloomberg     2nd November 2017 Its economy is 5% the size of Saudi Arabia’s, but analysts are betting the kingdom won’t let its neighbor’s financial woes morph into a Gulf crisis. Bahrain, one of the most vulnerable economies in the Gulf Cooperation Council to political instability and oil-price swings, sought financial... 

CuDeco reports Sept quarter results

By: Ilan Solomons     31st October 2017 Queensland copper miner CuDeco earned a positive earnings before interest, taxes, depreciation and amortisation of $3.3-million, gross revenue of $39.8-million and a net revenue of $30.8-million during the three months to September 30, the company reported on Tuesday. CuDeco noted that its... 

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