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Standard Bank shareholders to vote on climate-risk exposure reporting resolution

By: Tasneem Bulbulia     18th April 2019 Shareholders of financial services provider Standard Bank will, at the bank's next annual general meeting, vote on a resolution tabled by two shareholders to require the bank to report on its exposure to climate risk in its lending, financing and investment activities. "This is the first time... 

Reserve Bank: Damage wreaked by State capture even worse than we thought

By: News24Wire      18th April 2019 The damage done by State capture is worse than previously understood, and its effects, coupled with load-shedding, are bound to hit economic growth hard, according to the Reserve Bank Monetary Policy Review. In a document outlining growth prospects for the country, the Pretoria-based institution... 

Venezuela is said to sell $400m in gold amid sanctions

By: Bloomberg     16th April 2019 Venezuela sold about $400-million in gold despite a growing international push to freeze the country’s assets, according to two people with knowledge of the matter. The amount, which would equal almost 9 t, was reflected by a drop in the bank’s total reserves, which fell to $8.6-billion on April... 

Global finance chiefs prepared to 'act promptly' on growth 

By: Bloomberg     15th April 2019 Global finance ministers and central bankers are prepared to “act promptly” to shore up growth in a world economy that faces downside risks including trade tensions, according to a statement issued Saturday. While growth is projected to firm up in 2020, “risks remain tilted to the downside,”... 

Metallon halts output at three Zimbabwe gold mines over debts

By: Bloomberg     15th April 2019 Gold producer Metallon Corp halted output at three of its four mines in Zimbabwe because of mounting debts, as a South African newspaper reported the owner is considering selling the operations. The suspension is the latest sign of stress in the southern African nation’s gold industry, which has... 

MPC remains steadfast on CPI target midpoint

By: Bloomberg     12th April 2019 The South African Reserve Bank is steadfast that it wants to see inflation expectations anchored at the 4.5% midpoint of its target range, Governor Lesetja Kganyago said. While the central bank unexpectedly raised its key rate to 6.75% in November, its current policy stance remains accommodative... 

Kathu concentrated solar power project, South Africa

By: Sheila Barradas     12th April 2019 The Kathu Solar Park has officially been inaugurated. 

Revitalising its copper mines may not be sufficient to keep Chile at the fore

By: Reuters     11th April 2019 Codelco and other copper mining giants are set to plow billions of dollars into the revitalisation of Chile's mines, but that may not be enough to keep the country from losing ground to competitors elsewhere in the world. Demand for copper is widely expected to take off by the mid-2020s amid a... 

Zimbabwe's currency reforms aren't sufficient, miners say

By: Bloomberg     10th April 2019 Zimbabwe’s currency reforms have not gone far enough and complete liberalization is needed to end a critical shortage of foreign exchange that is hampering business, senior executives from the nation’s mining industry said. The southern African country began formal trading in February of what’s... 

Modest economic growth predicted for South Africa  

By: Tasneem Bulbulia     9th April 2019 South Africa is relatively stable at present, with modest economic growth predicted, owing to a number of economic, public and political factors. This was unpacked at a panel discussion during Standard & Poor’s (S&P) Global's yearly South Africa conference, hosted under the theme ‘Navigating... 

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