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Gold miners must focus on returns, mergers to attract investment - Barrick CEO

By: Reuters     22nd May 2019 Gold miners must focus on maximising returns and more mergers to attract investors seeking to diversify after years of under-investing in mines, Barrick Gold's chief executive said on Wednesday. "The industry is in decline and we have put ourselves in a very a tight spot because we haven't... 

Zimbabwe mine output subdued in first quarter as dollar crunch bites

By: Reuters     22nd May 2019 Zimbabwe's mining sector was subdued in the first quarter due to a severe dollar crunch that affected production, with gold the most hit, the mining chamber said, adding some bullion miners had experienced recently introduced power cuts. Mining generates most of the export earnings for the... 

PetroConnect calls for fuel industry collaboration

By: Simone Liedtke     21st May 2019 With the South African energy sector undergoing significant change, particularly with the introduction of the Liquid Petroleum Sector Codes currently under way, PetroConnect directors Mark Harper and Sbonelo Mbatha have called on the fuel industry to “see transformation as an opportunity and not... 

Zimbabwe hikes diesel, petrol prices by up to 47% – energy regulator

By: Reuters     21st May 2019 Zimbabwe's energy regulator on Tuesday announced that prices of diesel and petrol had been increased by up to 47% effective immediately, a day after the central bank said oil firms would now buy dollars to import fuel on the interbank market. The latest price increase had been expected and... 

Trade tensions put global economic growth on a 'subpar' setting

By: Bloomberg     21st May 2019 Trade tensions have derailed the global economy, plunging it onto a low-growth track that’s clouded by risks, according to the OECD’s latest outlook. The report sticks to the gloomy tone long held by the Paris-based organization, which has warned that trade disruptions could ricochet throughout... 

Oil climbs as Opec signal on output curbs overshadows trade risk

By: Bloomberg     21st May 2019 Oil rose for a second day on signs Opec and its allies will extend production cuts beyond June, while a steadily deteriorating US-China trade relationship kept prices from pushing higher. Futures in New York extended their gains after closing up 0.5% on Monday. Saudi Energy Minister Khalid... 

Zimbabwe to subsidise public transport as inflation jumps

By: Bloomberg     21st May 2019 Zimbabwe will subsidise public transport and cut fuel duties by more than half as it tries to ease the impact of rampant inflation on its poorest citizens, according to Finance Secretary George Guvamatanga. The support will cost about $8-million a month, Guvamatanga said by phone on Monday. “A... 

Zimbabwe got loan from Afreximbank using platinum collateral

By: Bloomberg     21st May 2019 Zimbabwe secured a $500-million loan from the African Export-Import Bank to try and stabilize its currency market by offering platinum production as collateral, a person familiar with the details of the agreement said. The Reserve Bank of Zimbabwe on Saturday announced on Twitter that the money... 

Mboweni poised to retain post 

By: Bloomberg     20th May 2019 Finance Minister Tito Mboweni is likely to hold on to his job for at least another year, as President Cyril Ramaphosa moves to re-assure investors and ratings companies that the economy is in good hands, according to two people familiar with the Cabinet selection process. The former central bank... 

South Africa’s long-term growth outlook remains weak, warns Moody’s 

By: Simone Liedtke     16th May 2019 With South Africa’s sixth democratic election having run its course, ratings agency Moody’s expects the country’s new government, once formed, to put forward not just steady policies, but also to continue tackling the country’s main challenges, namely low growth, steadily rising debt, leveraged... 

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