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Reuters

SARB defends inflation targeting

6th July 2017 Inflation targeting has its flaws but is "the least bad option" for South Africa as monetary policy should be used to create price stability, central bank deputy governor Kuben Naidoo said on Thursday. "Inflation targeting has its flaws but I think it's the least bad option for South Africa in... 

Rand weak on ANC policy plans, stocks set to open lower

6th July 2017 South Africa's rand hovered near seven-week lows against the dollar in early trade on Thursday after the ruling party proposed at a policy conference to nationalise the central bank and expropriate land without compensation. At 0653 GMT, the rand traded at 13.4350 per dollar, 0.37% weaker from... 

Malaysia's bauxite exports rise despite mining ban

6th July 2017 A year and a half after banning bauxite mining to force miners to meet environmental standards, Malaysia's exports to main customer China are again growing, raising public anger over illegal mining. Residents and politicians in the east coast bauxite mining region are calling for a total export... 

G20 to discuss steel overcapacity as tensions simmer over US tariff plan

6th July 2017 G20 leaders will discuss steel overcapacity at this week's summit in Germany, European officials said, as tensions rise over US President Donald Trump's plan to use a Cold War-era law to restrict steel imports for national security reasons. Trump launched an investigation into the matter in... 

London court hears Vedanta's challenge to Zambian villagers' pollution claim

6th July 2017 London's Court of Appeal began hearing legal arguments on Wednesday into whether Zambian villagers have the right to make a claim for damages for environmental pollution in the English courts against miners Vedanta Resources and its Zambian subsidiary Konkola Copper Mines (KCM). The companies are... 

Gigaba to challenge proposal on SARB mandate in court

5th July 2017 South Africa's Finance Minister Malusi Gigaba said on Wednesday he would challenge in court a proposal by the anti-graft watchdog to change the central bank's mandate of maintaining currency and price stability to focus instead on growth. "The Minister believes that the proposed constitutional... 

Germany says remains to be seen what US says on steel at G20

5th July 2017 Germany said it was waiting to see what US President Donald Trump's delegation had to say on the issue of over capacity in the steel industry at a summit of the Group of 20 leading economies starting in Hamburg on Friday. "I can't say in advance what the results - or individual results - of this... 

Nigeria Cabinet approves national gas policy

5th July 2017 Nigeria's cabinet has approved a national gas policy that aims to reduce the country's dependence on crude oil by increasing gas exploration and facilities, the oil ministry said in a statement. The policy was passed in last week's cabinet session but only made public on Wednesday. 

Gambia oil minister confirms end to talks with African Petroleum

5th July 2017 Gambian Oil Minister Fafa Sanyang confirmed on Wednesday that the West African nation had ended talks to extend the exploration rights of Oslo-listed African Petroleum for two offshore oil blocks. "That's the truth. You already got the message about the licences," he said, referring to comments... 

Tanzania turns up heat on overseas miners with State stake law

5th July 2017 Tanzania put more pressure on foreign mining companies on Tuesday by amending mining and tax laws to make it mandatory for the State to own at least 16% of mining projects, while also raising export royalties. Parliament passed the bill unanimously, the State-run Tanzania Information Services said. 

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