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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... 

Bank of China sees commodities in full bloom amid 2018 rotation

By: Bloomberg     11th January 2018 The stage may be set for commodities to extend their stellar gains, according to Bank of China International analysts. By the fourth quarter copper will average $7 500/t and gold $1 400/oz, they wrote in a note this week, as financial drivers potentially outweigh fundamentals in 2018. In other... 

Business seems more confident as political developments change landscape

By: Megan van Wyngaardt     10th January 2018 Business sentiment in South Africa showed yet another month-on-month improvement, with the South African Chamber of Commerce and Industry (Sacci) reporting a 1.3 index point uptick in its Business Confidence Index (BCI) for December. The index now stood at 96.4, following on the improved business... 

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... 

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