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Eskom prices oversubscribed $1.5bn notes offering

By: Marleny Arnoldi     13th August 2018 State-owned power utility Eskom has successfully priced a two-tranche ten-year $1.5-billion global bond, under its $4-billion global medium-term note programme, following a series of investor meetings held by the utility, the Department of Public Enterprises, and Europe and US National... 

Sean Momberg

By: Schalk Burger     15th June 2018 This week we feature Sean Momberg, MD of Workforce Staffing, a temporary employment services company   

Glencore is losing billionaire allies to Trump's sanctions

By: Bloomberg     12th April 2018 The reach and power of US sanctions are hemming in the world’s largest commodity trader. In just four months, Glencore chief Ivan Glasenberg has lost two of his closest business allies as President Donald Trump’s aggressive foreign policy hits home, forcing him to cut ties with billionaires Oleg... 

World's top iron shipper says China import boom to level off

By: Bloomberg     9th April 2018 The world’s largest iron-ore exporter delivered a mixed message on the outlook, raising near-term price forecasts, but combining that revision with a more somber message that China’s gargantuan imports are set to level off as steel production eases in the coming years. Iron-ore will average... 

Goldman Sachs no longer one of top three commodities banks

By: Reuters     22nd March 2018 Goldman Sachs lost its place among the top three earners of commodities-related revenue in 2017, falling below rivals JPMorgan, Morgan Stanley and Citibank for the first time, data from analytics firm Coalition showed. US-based investment bank Goldman has been among the top three since Coalition... 

Q4 current account deficit widens as strong rand boosts imports

By: Reuters     20th March 2018 South Africa's current account deficit widened more than expected to 2.9% of GDP in the fourth quarter due to a smaller trade surplus driven by a rally in the currency late last year, central bank said on Tuesday. The rand has appreciated by about 20% against the dollar since mid-November, in the... 

Diesel cars can be banned from German cities, court rules

By: Reuters     27th February 2018 German cities can ban the most heavily polluting diesel cars from their streets, a court ruled on Tuesday, a move likely to be mirrored in other parts of Europe and to force automakers to pay to improve exhaust systems or switch to cleaner vehicles. There has been a global backlash against... 

Top banks' 2017 commodities revenue drops 42% to lowest since 2006

By: Reuters     16th February 2018 Commodities-related revenue at the 12 biggest investment banks fell by 42% last year to its lowest since at least 2006, a report by financial industry analytics firm Coalition said on Friday. 

Transnet Freight Rail 1 064 locomotives acquisition programme, South Africa

By: Sheila Barradas     15th December 2017 Transnet Freight Rail has formally accepted the first of 460 TRAXX Class 23 E locomotives. 

Exxaro begins Tronox sell-off

By: Martin Creamer     3rd October 2017 Diversified mining company Exxaro Resources on Tuesday commenced the sell-off of a portion of the shares it holds in US mineral sands mining company Tronox. The JSE-listed Exxaro, headed by CEO Mxolisi Mgojo, is monetising its Tronox stake to focus on its core activities as well as provide... 

Merkel may have promised too much in carbon pollution fight

By: Bloomberg     28th September 2017 As German Chancellor Angela Merkel embarks on coalition talks to bed down her fourth term in office, a promise made shortly before her re-election may come back to haunt her. At least that’s the view of nine analysts and researchers from Berlin to London who all say her target of reducing carbon... 

Endeavour board OKs Ity CIL expansion in Cote d'Ivoire

By: Henry Lazenby     20th September 2017 West African gold producer Endeavour Mining has given the $412-million Ity carbon-in-leach (CIL) project, in Cote d'Ivoire, the go-ahead, adding about 235 000 oz/y over the first five years to Endeavour’s current production profile of between 600 000 oz and 640 000 oz this year, at lower costs.... 

Glencore’s half-year showing prompts analyst gusto

By: Martin Creamer     27th July 2017 Thursday’s half-year production report from diversified mining and marketing company Glencore, which is seen as offering particular leverage to copper and zinc’s currently attractive fundamentals, elicited favourable analyst comment. “Glencore remains our sector top pick,” Barclays Equity... 

Transnet Freight Rail 1 064 locomotives acquisition programme

By: Sheila Barradas     21st July 2017 Transnet has reported progress regarding the delivery of the diesel and electric locomotives for the General Freight Business. 

A 50-year-old hole in the wall transformation

By: Martin Zhuwakinyu     14th July 2017 Without question, the word that currently ranks, and undisputedly so, as the most overused word is ‘transformation’. Everything today has to be transformed; that is the fashion. As to what needs to be transformed, and then to what . . . well, that is quite a different matter. The risk of its... 

Varley quits Rio board after UK charges the former Barclays CEO

By: Esmarie Swanepoel     21st June 2017 John Varley has resigned as a nonexecutive director from the board of mining major Rio Tinto after the UK Serious Fraud Office charged Varley and three others with conspiracy to commit fraud. Two counts of conspiracy to commit fraud by false representation, and one of providing unlawful financial... 

Sibanye gets positive boost from ratings agencies

By: Megan van Wyngaardt     7th June 2017 JSE-listed platinum and gold miner Sibanye on Wednesday received a Ba2 rating from Moody’s Investors Service with a stable outlook and a B+ rating with a positive outlook from Standard & Poor’s (S&P’s) Global Ratings. In assigning the Ba2 corporate family rating to Sibanye, Moody’s noted that it... 

UK Serious Fraud Office wins bid to force ENRC to hand over documents in probe

By: Bloomberg     9th May 2017 The UK Serious Fraud Office (SFO) won a bid to force Eurasian Natural Resources Corp (ENRC) to hand over documents the mining company claims are subject to legal privilege, in a triumph for the prosecutor that may have big implications for future cases. The majority of files sought by the SFO... 

Pockets of resilience, but SA’s manufacturing outlook remains fragile

By: David Oliveira     17th February 2017 South Africa’s manufacturing sector, which has been struggling to shed the ‘deindustrialisation’ mantle for the past three decades, despite vocal support for the sector from government, is unlikely to experience a dramatic turnaround in 2017. However, there are some signs of resilience and even... 

Pockets of resilience, but SA’s manufacturing outlook remains fragile

By: David Oliveira     17th February 2017 South Africa’s manufacturing sector is expected to grow by 0.5% this year and by 1.2% in 2018, according to data from economic analysis and forecast provider FocusEconomics. Financial institution Barclays’ latest purchasing managers’ index (PMI) released earlier this month indicates that the... 

Stillwater deal advances as Sibanye grasps $2.6bn bridge finance nettle

By: Martin Creamer     13th February 2017 Precious metals mining company Sibanye on Monday announced that it had successfully closed the syndication of the bridge facilities to support its acquisition of Stillwater Mining Company of the US. Sibanye said in a Johannesburg Stock Exchange news service announcement that the syndication... 

Goldman sees copper rising as deficit looms on supply threat

By: Bloomberg     8th February 2017 Copper will extend gains as the global market swings to shortage because of sustained demand from China and potential supply disruption at the world’s two biggest mines, according to Goldman Sachs Group. A deficit this year would be the first since 2011, says Citigroup. “We expect copper will... 

Barclays PMI off to strong start in 2017, moves above neutral 50-point level

By: Anine Kilian     1st February 2017 The seasonally adjusted Barclays Purchasing Managers’ Index (PMI) rose to 50.9 in January, up from 46.7 in December. “This was the first time since July 2016 that the index edged above the neutral 50-point mark, suggesting that the manufacturing sector started the year on a relatively solid... 

Iron to ‘correct down sharply’ as supply rises, Citigroup says

By: Bloomberg     24th January 2017 Iron-ore is headed for a sharp decline as higher-grade supplies from Brazil and Australia are set to increase, according to Citigroup, which combined its forecast for a second-half tumble with upgrades to the bank’s outlook in the opening quarters of the year. Recent gains have been supported by... 

Absa campaign ‘led by Gupta-sponsored groups,’ – EFF

By: African News Agency      23rd January 2017 A campaign to get Barclays-owned Absa to pay back apartheid debt is led by “State Security” and the controversial Gupta family, Economic Freedom Fighters (EFF) leader Julius Malema said on Monday. The EFF has been attacked in recent times for being complacent after announcing that it would occupy... 

Transnet Freight Rail 1 064 locomotives acquisition programme, South Africa

By: Sheila Barradas     13th January 2017 Transnet has reported progress regarding the delivery of the diesel and electric locomotives for the General Freight Business. 

PMI shows South Africa’s manufacturing sector is ‘in trouble’, says Manufacturing Circle

By: Natasha Odendaal     12th January 2017 The Barclays Purchasing Manager’s Index (PMI) for December, which showed that South Africa’s manufacturing sector’s growth was “stuck”, compared with the global upswing in manufacturing activity, has sparked warnings from the Manufacturing Circle. December’s seasonally adjusted PMI remained below... 

The ‘weird’ commodity that’s hurting bears as prices double

By: Bloomberg     7th December 2016 Iron-ore’s probably heading for a retreat in 2017 as new mine supply comes online and a surplus builds, according to UBS Group, which acknowledged that the commodity’s recent surge was unexpected and had torpedoed an earlier forecast for a slump this quarter. “It’s just surprised me,” Wayne... 

Transnet Freight Rail 1 064 locomotives acquisition programme, South Africa

By: Sheila Barradas     2nd December 2016 Transnet has reported progress regarding delivery of the diesel and electric locomotives for the General Freight Business. 

November PMI recovers most of October’s dip

By: Natasha Odendaal     1st December 2016 The seasonally adjusted Barclays Purchasing Managers’ Index (PMI) has bounced back with a 2.4 index point rise to 48.3 in November, reversing October’s 2.6 index point decline to 45.9. However, factory sector output growth remains under pressure, as indicated by the index staying below the... 

Kibo receives integrated draft financial model for MCPP

By: Anine Kilian     1st December 2016 Tanzania-focused mineral exploration and development company Kibo has received an advanced draft of the integrated financial model for the Mbeya coal-to-power project (MCPP) from its financial advisers, Absa/Barclays. The model will be the subject of extensive review and further adjustment, based... 

AMSA reiterates call for safeguards as Itac probe advances

By: Terence Creamer     8th November 2016 JSE-listed steel producer ArcelorMittal South Africa (AMSA) has reiterated its call for additional import protection through safeguard duties, despite a “slight fall” in imports during the third quarter. In a quarterly operational update, CEO Wim de Klerk argued that imports remained high,... 

Lithuania seeking trade partnership with South Africa

By: Keith Campbell     4th November 2016 The first ever trade mission to South Africa from Lithuania, although small, represented no fewer than six sectors of the latter country’s economy. The just-concluded mission is part of the small European country’s programme of diversifying its trade and investment partners and expanding into the... 

Seifsa expects longer, deeper contraction in metals, engineering sector

By: Anine Kilian     2nd November 2016 The Steel and Engineering Industries Federation of Southern Africa (Seifsa) has expressed concern at the continuing contraction in the metals and engineering sector, as indicated by the Purchasing Managers’ Index (PMI) data released by the Bureau for Economic Research and Barclays on Tuesday.... 

Zinc hits five-year high as metal traders bet on China rebound

By: Bloomberg     1st November 2016 Zinc touched the highest in five years as the London Metal Exchange’s annual LME Week began with investors betting that a rebound in demand from China will underpin prices. Mining stocks also climbed. Metals are extending their advance after China’s economy stabilised in the third quarter,... 

Trillian to investigate alleged pre-knowledge of ‘Nenegate’

By: Anine Kilian     27th October 2016 Following a Sunday Times article published last week alleging that a member or members of advisory group Trillian had pre-knowledge that President Jacob Zuma would replace former Finance Minister Nhlanhla Nene with now Cooperative Governance and Traditional Affairs Minister Des van Rooyen, Tokyo... 

PMI rises to 49.5 in Sept

By: Creamer Media Reporter      3rd October 2016 Although the Barclays Purchasing Managers’ Index (PMI) rose by 3.2 points to 49.5 in September, it averaged 49.4 in the third quarter, compared with the average of 53.5 in the second quarter. “While the headline index failed to climb back above its neutral level of 50 in September, it was... 

Noupoort Wind Farm project, South Africa

By: Sheila Barradas     23rd September 2016 The Noupoort Wind Farm, in the Northern Cape, has been declared officially operational. 

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