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World's highest gasoline price prompts strike in Zimbabwe

By: Bloomberg     14th January 2019 Police clashed with protesters in the Zimbabwean capital as the main labor-union confederation began a national strike after the government more than doubled fuel prices to the highest in the world. The stay-away comes as a foreign-exchange shortage has sparked scarcities of everything from fuel... 

ANC says central bank should broaden economic focus

By: Reuters     13th January 2019 South Africa's ruling party said on Saturday the central bank should broaden its focus to include boosting employment and economic growth, a move that will worry investors already concerned about the direction of economic policy. The African National Congress (ANC), which has governed South... 

Reserve Bank seen on hold on Jan 17, hike in May

By: Reuters     11th January 2019 South Africa's Reserve Bank will leave interest rates at 6.75% on Jan. 17, all 27 economists polled by Reuters in the past four days said, but rising inflation means it is likely to hike them in May. May's expected hike to 7.00% would follow a surprise increase by the bank two months ago and is... 

Mnuchin defends lifting sanctions on firms tied to Putin ally

By: Bloomberg     11th January 2019 Treasury Secretary Steven Mnuchin signaled he won’t back down from plans to lift sanctions on three companies tied to an ally of Russian President Vladimir Putin even as he said the Trump administration would consider delaying the move to accommodate concerns raised by lawmakers. Mnuchin denied... 

Ramaphosa calls on private sector to assist with fighting corruption  

By: News24Wire      11th January 2019 Corruption has become a big issue that has to be addressed by the whole nation, President Cyril Ramaphosa said on Thursday. Ramaphosa told business leaders at a meeting in the Pietermaritzburg City Hall, that a number of issues, especially corruption, were hampering economic development in the... 

BRPs to meet with Optimum, Koornfontein creditors to vote on proposed business rescue plans 

By: Simone Liedtke     10th January 2019 The joint business rescue practitioners (BRPs) of Optimum Coal Mine (OCM) and Koornfontein Mines (KFT) expect to convene meetings with creditors within the next few weeks to vote on the proposed business rescue plans for the mines. The meetings will take place once the BRPs have resolved... 

Tanzania's Magufuli wants central bank to buy gold as part of its reserves

By: Reuters     10th January 2019 Tanzanian President John Magufuli said on Wednesday the central bank should start buying the country's gold to curb smuggling and build reserves to stabilise the currency. On Tuesday, Tanzania named its third mining minister since Magufuli was elected in 2015. The mining sector contributes around... 

Democrats ask for delay in easing sanctions linked to Deripaska

By: Bloomberg     9th January 2019 Seven new Democratic chairmen of House committees demanded Tuesday that Treasury Secretary Steven Mnuchin hold off on the planned easing of sanctions against three companies tied to Russian billionaire Oleg Deripaska. “As the chairs of committees with oversight jurisdiction over the US response... 

Goldman warns iron-ore's jump into $70s 'is not sustainable'

By: Bloomberg     9th January 2019 Iron-ore’s rally over the past month, with benchmark material pushing back into the $70s, is at risk as banks including Goldman Sachs Group and Morgan Stanley warn that prices are poised to drop back. While industry fundamentals have improved, current prices won’t last as more supply is on the... 

Gold treads lower on improved risk appetite; palladium at record high 

By: Reuters     9th January 2019 Gold prices edged lower on Wednesday as a likely end to a long-drawn Sino-US trade war boosted risk sentiment, outweighing expectations of a pause in interest rate increases by the Federal Reserve. Meanwhile, palladium hit a record high at $1 340.50 an ounce during the session. 

Global economic growth to slow to 2.9% this year – World Bank 

By: Simone Liedtke     8th January 2019 Global economic growth is projected to soften from a downwardly revised 3% in 2018 to 2.9% this year amid rising downside risks to the outlook, the World Bank said on Tuesday. International trade and manufacturing activity have softened, trade tensions remain elevated, and some large emerging... 

Land Bank appoints acting CFO, chief risk officers

By: Marleny Arnoldi     8th January 2019 JSE-listed Land and Agricultural Development Bank of South Africa (Land Bank) has appointed Konehali Gugushe acting CFO. It also appointed Sakhumzi Diza acting credit chief risk officer (CRO) and Nafiza Khan acting CRO.  

Zimbabwe's Delta hikes price of beer as liquidity crunch bites

By: African News Agency      8th January 2019 Zimbabwe’s largest drinks company Delta Corporation has resorted to increasing the price of clear beer by an average 25% after the government stopped it from selling exclusively in United States dollars. “The adjustment of the wholesale price is meant to cushion against the significant increases... 

EBRD extends €25m loan to copper producer Sofia Med

By: Reuters     7th January 2019 The European Bank for Reconstruction and Development (EBRD) has extended a €25-million ($28.6-million) loan to Bulgarian copper producer Sofia Med, unit of Greek Elvalhalcor, the bank said on Monday. Several banks are extending parallel financing as part of a €85-million long-term joint financing... 

Chilean lithium exports continue rise, to $949m in 2018 – central bank

By: Reuters     7th January 2019 Chile’s exports of lithium carbonate reached $949-million in 2018 compared to $686-million the previous year as demand and prices for the key component in electric vehicle batteries continues to rise, the central bank said on Monday. The value of exports of the metal from Chile reached... 

Business confidence falls for third straight quarter – survey

By: Reuters     27th November 2018 South African business confidence fell for the third straight quarter, a survey showed on Tuesday, as country struggles to grow in a recession-bound economy. The Rand Merchant Bank (RMB) business confidence index compiled by the Bureau for Economic Research fell to 31 points in the fourth quarter... 

Zimbabwe miner RioZim demands $92m from central bank in lawsuit – document

By: Reuters     22nd November 2018 Zimbabwean miner RioZim is demanding $92-million from the central bank in a lawsuit brought to force the Reserve Bank to pay for more of its gold purchases from the company in US dollars, court documents showed. Miners are struggling as Zimbabwe grapples with an acute shortage of dollars. 

African Development Bank plans R10bn in loans to Eskom 

By: Reuters     7th November 2018 The African Development Bank plans to lend South African power utility Eskom around R10-billion ($720-million) in 2019 and 2020, the bank's president Akinwumi Adesina said. "We plan to lend around $620-million for the Medupi power plant, and around $100-million for Eskom's transmission network,... 

SARB made important changes to forecasting model

By: Reuters     1st November 2018 The South African Reserve Bank (SARB) made changes in one of its main forecasting models earlier this year that should result in the model predicting less persistent inflation and fewer rate hikes after a spike in inflation. The changes to the Quarterly Projection Model, a tool used by the... 

Global gold demand growing across market segments, held back by US ETF outflows

By: Marleny Arnoldi     1st November 2018 World Gold Council (WGC) member and market relations head John Mulligan says the third quarter was a strong one for the global gold industry. Although demand increased by only 1%, or 6 t, compared with the third quarter 2017, the 964 t of gold demand recorded in the third quarter was underpinned... 

Nigerian court adjourns case between MTN, central bank to Dec 4

By: Reuters     30th October 2018 A Lagos judge adjourned a hearing on Tuesday in a $10.1-billion dispute between South African telecoms firm MTN Group and Nigeria's central bank to Dec 4. The central bank alleges the firm illegally sent $8.1-billion abroad, and the Nigerian government has demanded $2-billion in taxes from MTN. 

AfDB to institute climate risk management programme for African countries

By: Tasneem Bulbulia     30th October 2018 The African Development Bank (AfDB) has approved the Africa Disaster Risks Financing (ADRiFi) programme – the institution’s first climate risk management programme aimed at boosting resilience and responding to climate shocks in regional member countries. The initial phase is expected to run from... 

South Africa spends too much time on populism, Kganyago says

By: Bloomberg     30th October 2018 South Africa spends too much time debating populist issues such as the proposed nationalisation of the central bank, instead of focusing on steps to boost the economy, Reserve Bank Governor Lesetja Kganyago said. “We have spent too much of the year indulging in populism instead of making... 

Zimbabwe gold producers warn currency shortage threatens output

By: Bloomberg     29th October 2018 Zimbabwean gold producers may suspend operations because a foreign-exchange shortage has left them with insufficient funds to cover production costs, the main industry lobby group said. Curbing output would deprive the country of a key source of export earnings as Finance Minister Mthuli Ncube... 

Ramaphosa declares end to 'investment strike' and unveils R290bn in commitments  

By: Terence Creamer     26th October 2018 President Cyril Ramaphosa declared an end to South Africa's proverbial 'investment strike', when he unveiled firm investment commitments of R290-billion across a diverse range of sectors, from mining and energy to infrastructure and manufacturing, at a well attended and vibrant investment... 

Central banks to increase gold buying for first time since 2013  

By: Bloomberg     24th October 2018 Central banks are set to increase their purchases of gold in 2018 for the first time in five years as eastern European and Asian countries seek to diversify their reserves. Net purchases of gold by central banks are forecast to rise to 450 metric tons this year, up from 375 tons in 2017,... 

“Solar energy lighting the way for small businesses”

24th October 2018 Large shopping centres in urban hubs have been early adopters of the solar farming trend. With ample roof space and large daily energy usage, they are a perfect case study for the cost-saving benefits of solar power. However, the economic spinoffs of renewable energy are truly palpable in rural... 

AfDB reports another year of sustained indicators

By: Simone Liedtke     23rd October 2018 Ahead of its maiden African Investment Forum (AIF) in November, the African Development Bank (AfDB) has reported another year of sustained indicators for 2017, underlined by a Triple A rating by all three major agencies and sharply increased earnings. The bank noted in a statement released on... 

DBSA awarded funding to create R2bn climate finance facility 

By: African News Agency      22nd October 2018 The Development Bank of Southern Africa (DBSA) announced on Monday that it has been awarded funding of R795-million to establish a R2-billion Climate Finance Facility (CFF) focusing on infrastructure projects and businesses that mitigate or adapt to climate change.  The DBSA received funding from... 

Flirting with populism? Ask Venezuela how that went – SARB head Kganyago

By: News24Wire      19th October 2018 South African Reserve Bank (SARB) Governor Lesetja Kganyago has warned leaders that a wave of populism sweeping a number of global economies was a sign that leaders should be more responsible and accountable.  Speaking at the Association of Black Securities and Investment Professionals conference... 

Sub-Saharan Africa's big economies yet to recover

By: Reuters     19th October 2018 Sub-Saharan Africa's economic recovery will progress slowly into next year, as the continent's biggest drivers struggle to move into higher gear despite a healthier global economy, a Reuters poll found on Friday. Commodity prices have improved and the global economy is in good shape, but Nigeria... 

Driftwood liquefied natural gas project, US

By: Sheila Barradas     19th October 2018 The project will provide gas and processing facilities to produce up to 27.6-million tonnes a year of liquefied natural gas for export. 

South African slump batters smaller neighbours protecting rand peg

By: Bloomberg     18th October 2018 South Africans aren’t the only ones struggling through the country’s economic slump. The fortunes of Lesotho, Namibia, and eSwatini, formerly known as Swaziland, are beholden to developments in their larger neighbor with their exchange rates pegged to the rand, the worst-performing major currency... 

Nigeria central bank, MTN getting closer to settlement – Minister

By: Reuters     18th October 2018 Nigeria's central bank and South African telecommunications firm MTN could soon strike a deal in their dispute over the repatriation of $8.1-billion, Nigeria's information minister said on Wednesday. The central bank says MTN transferred $8.1-billion of funds out of Nigeria in breach of... 

Nigeria State oil company denies existence of $3.5bn fuel subsidy fund

By: Reuters     17th October 2018 Nigeria's State oil company on Wednesday denied parliament's accusation that it had a $3.5-billion fund to surreptitiously subsidise imports of gasoline. The upper house Senate said on Tuesday it would investigate the fund it said the Nigerian National Petroleum Corporation (NNPC) was using... 

AfDB to provide €229m for Rwanda electricity programme

By: Marleny Arnoldi     16th October 2018 The Rwandan government has signed a €229.20-million funding agreement with the African Development Bank (AfDB) to support the country’s electricity supply improvement programme and expand access to electricity under the Scaling Up Electricity Access Program Phase II (SEAP II). This builds on... 

Mboweni slams KPMG over role in VBS scandal

By: African News Agency      16th October 2018 Finance Minister Tito Mboweni on Tuesday condemned auditing firm KPMG for signing off on the financial statements of failed VBS Mutual Bank even though, according to a South African Reserve Bank report, it was clear that it had a shortfall of about R1-billion. "When you have a big auditing firm... 

Karri app for school payments expands offering to any organisation needing to collect funds

16th October 2018 The Karri app, launched in April last year, has grown to just under 300 South African schools driven by parent and teacher demand for a solution to school payments. Due to the success of this collections platform, Karri has expanded its offering to include collections for just about any purpose... 

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