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South African rand steadies ahead of rates decision, stocks tumble

23/05 South Africa's rand steadied against the dollar in late afternoon trade on Wednesday, recovering from losses earlier in the session, as a rise in consumer price inflation (CPI) reduced prospects for further interest rates cuts.  Full story

Norway's wealth fund voted against Shell climate target motion

23/05 Norway's $1 trillion wealth fund voted against a motion at Shell's annual meeting urging the energy giant to set climate targets, despite a push the fund is making for more firms to do so.  Full story

Crisis-hit Steinhoff repays $2.3 billion African debt

23/05 Scandal-hit South African retailer Steinhoff has repaid about 2 billion euros ($2.34 billion) of its debt in Africa after its local unit used the proceeds of a fundraising to pay back 16 billion rand ($1.26 billion) in shareholder loans.  Full story

Most Read This Week

Steinhoff flags H1 loss as restructuring wipes out sales gain

18/05 South African retailer Steinhoff, which has been embroiled in an accounting scandal, expects to report a first-half net loss as costs related to restructuring, losses on asset sales and litigation offset a rise in revenues.  Full story

South Africa's Murray & Roberts agrees to buy Aveng

18/05 South African-based Murray & Roberts has agreed to buy construction firm Aveng Limited, although its biggest shareholder ATON said it will not support the one billion rand ($78.5 million) takeover.  Full story

South Africa agrees modest wage deal with state workers

21/05 South Africa's public sector workers will see their pay rise by slightly more than inflation after the government -- which is struggling to curb a large budget deficit -- clinched a three-year wage deal with unions that had threatened to call a strike.  Full story

 

SA Business

Phakamani Hadebe confirmed as CEO of South African power firm Eskom

09h50 Phakamani Hadebe has been appointed chief executive of struggling South African state power firm Eskom after a stint as interim CEO, Public Enterprises Minister Pravin Gordhan said on Thursday.. . .  Full story

Mediclinic final results March 2018

09h33 Revenue for the year was higher at GBP2.9 billion (GBP2.7 billion) whilst operating loss came to GBP288 million (profit of GBP362 million). Loss attributable to equity holders was GBP492 million (profit. . .  Full story

South Africa's Mediclinic full-year core earnings up 3 percent

09h20 South African private hospital group Mediclinic reported a 3 percent rise in annual core profit on Thursday, boosted by a recovery in its Middle Eastern operations.. . .  Full story
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SA Company

Tiger Brands H1 earnings hit by South Africa cold meat recall costs

09h00 South Africa's Tiger Brands reported on Thursday a 16 percent drop in half-year earnings, weighed down by 365 million rand ($29.24 million) in costs due to a recall of cold meat products in response. . .  Full story

AngloGold plans 2,000 job cuts in South Africa

23/05 South African gold miner AngloGold Ashanti plans to cut 2,000 jobs at its domestic operations, it said on Wednesday, as part of plans to cut costs.. . .  Full story

AngloGold says plans 2,000 job cuts in South Africa

23/05 South African gold miner AngloGold Ashanti plans to cut 2,000 jobs at its domestic operations, it said on Wednesday.. . .  Full story
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News Wire

Euro up on China support as dollar surge loses momentum

10h00 The euro rose off a six-month low on Thursday as China signaled its confidence in the single currency but concerns over an economic slowdown in Europe and political risks in Italy continued to act as a brake.  Full story

Shanghai copper slips after U.S. casts doubt on trade deal

09h58 Shanghai copper prices snapped a five-day winning streak to end lower on Thursday, after U.S. President Donald Trump said any trade deal with China would "need a different structure" and Washington launched a probe into auto imports that could lead to new tariffs. Copper had rallied at the star  Full story

Italy's bond market wins respite but outlook uncertain

09h56 Italy's government bond yields fell on Thursday, as the market won a respite from the political risks that have dealt investor sentiment a heavy blow over the past week.  Full story
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Europe

Baker Aryzta profit warning dents recovery hopes, shares plunge

09h52 Speciality baker Aryzta reduced its profit outlook on Thursday after recovery plans of its new-look management team were dented by renewed weakness in Europe, its biggest market.. . .  Full story

European shares make timid gains while autos stocks stall

09h26 A bounce across miners and oil stocks helped European stocks nudge higher in early trading on Thursday, though carmakers' shares came under pressure after the U.S. launched a probe into auto imports.. . .  Full story

Greece to raise cash withdrawal limit, paper says

09h24 Greece may loosen further capital restrictions imposed since the summer of 2015, raising the monthly limit of cash that can be withdrawn from bank accounts by at least 74 percent, Greek newspaper Kathimerini reported. . .  Full story
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US

Regulatory charges weigh on BAWAG Q1 profit

09h02 Austrian bank BAWAG Group reported a 9 percent drop in its first-quarter profit, largely due to regulatory charges.. . .  Full story

Gold prices hold gains in wake of weaker dollar

08h34 Gold prices on Thursday held gains from the previous session, buoyed as the dollar extended losses after minutes of the latest U.S. Federal Reserve meeting hinted at a dovish approach to interest rate hikes.. . .  Full story

Payments firm Adyen to list in Amsterdam in June

08h33 Adyen, a Dutch company that processes payments for Airbnb, Uber, Spotify and Netflix, plans to list on the Euronext stock market in June, it said on Thursday.. . .  Full story
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Asia

UAE's Mubadala to take stake in subsidiary of Russia's Gazprom

09h49 Abu Dhabi's state-owned Mubadala Investment Company has acquired a 44 percent stake worth at least $271 million in an oil subsidiary of gas giant Gazprom, the Russian company said on Thursday.. . .  Full story

Bomin Group launches IMO-compliant ultra-low sulphur marine fuel

09h36 Germany-based Bomin Group has started delivering ultra-low sulphur fuel oil (ULSFO) as a marine fuel to ships calling in the Amsterdam-Rotterdam-Antwerp region, the company said in a statement on Thursday.. . .  Full story

EU opens new investigation into Chinese steel imports

09h25 The European Commission has opened an investigation into hot-rolled steel sheet piles imported from China to determine whether they are being dumped in Europe, according to a notice in the EU Official Journal on Thursday.. . .  Full story
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Forex

Procter & Gamble commits to Russia despite rising risks

09h47 U.S. consumer goods group Procter & Gamble (P&G) will keep investing in Russian plants in 2018 and beyond, reaffirming its commitment to the market despite political risks.. . .  Full story

Asia Coffee-Indonesia premiums narrow further, weather supportive in Vietnam

09h44 Indonesia's coffee premiums narrowed further on expectations of an increase in supply ahead of this year's harvest, while in Vietnam weather conditions are positive for coffee growers but trade remains slow on tight supplies.. . .  Full story

South Africa's rand slips in EM squeeze ahead of local rates decision

09h17 South Africa's rand weakened early on Thursday, pressured by an expected hawkish tone at the local central bank's policy meeting after a sharp increase in consumer prices.. . .  Full story
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Africa

Kenya's Treasury avoids dealing with rate cap in draft law

09h18 Kenya's Treasury avoided mentioning a cap on commercial-bank lending rates in a draft law on the conduct of the financial sector that was published for public comment late on Wednesday.. . .  Full story

Ethiopia opens telecoms sector to limited competition

23/05 Ethiopia's state-run telecoms monopoly has agreed to allow some local firms to provide internet services through its infrastructure, a move seen as spurring competition and expanding the data market, officials said.. . .  Full story

Ghana producer price inflation rises to 6.4 pct in April

23/05 Ghana's producer price inflation rose to 6.4 percent year-on-year in April from 3.7 percent in March, the statistics office said on Wednesday.. . .  Full story
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