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Transnet’s CEO Gama Fights for His Job as Suspension Looms

Transnet’s CEO Gama Fights for His Job as Suspension Looms

Transnet SOC Ltd. Chief Executive Officer Siyabonga Gama sent a letter to the chairman of South Africa’s state-owned port and rail operator in a bid to fight for his job. He is about to be suspended over procurement processes. The decision to place personnel on a precautionary suspension is based on an incomplete report, Gama […]

‘Ramaphoria’ Evaporates as Reality Sets In for South Africa

‘Ramaphoria’ Evaporates as Reality Sets In for South Africa

If there were any doubts that the euphoria following Cyril Ramaphosa’s election as president of South Africa has worn off, this week’s slump in the rand has removed them. The currency has plunged to a level last seen when Jacob Zuma was still in charge, having retreated from a three-year high against the dollar amid […]

Turkish Contagion Spreads as Emerging-Market Currencies Slump

Turkish Contagion Spreads as Emerging-Market Currencies Slump

A plunge in the South African rand and a slump in the Mexican peso were symptoms of the growing contagion in emerging-market currencies Monday as the financial turmoil in Turkey sapped demand for developing-nation assets. The MSCI Emerging Markets Currency Index fell to the lowest level in more than a year as Turkey’s lira tumbled […]

Rand Pushes Past 14 to Dollar as Turkey Woes Weigh on Currency

Rand Pushes Past 14 to Dollar as Turkey Woes Weigh on Currency

South Africa’s rand weakened beyond 14 against the U.S. dollar for the first time since a credit downgrade in November as Turkey’s economic crisis sent investors fleeing from emerging-market assets. The rand extended its drop after U.S. President Donald Trump announced higher tariffs on Turkish steel and aluminum imports. The move came on the heels […]

Safaricom CEO Defends Company’s Dominance As He Returns To Work

Safaricom CEO Defends Company’s Dominance As He Returns To Work

Kenya’s dominant telecoms operator Safaricom does not hinder competition, its chief executive Bob Collymore told lawmakers on Monday as he returned to work after a nine-month absence for medical treatment. The country’s industry regulator recommended in a draft proposal in May that Safaricom, which controls 67 percent of Kenya’s mobile market, should offer rivals access […]

Saudi Arabia Is Starting To Stockpile Oil Again

Saudi Arabia Is Starting To Stockpile Oil Again

The key OPEC oil producers seem to be finding it harder than expected to sell their output overseas. The probable resulting build-up in their stockpiles should at least help them offset the drop in Iranian supplies as U.S. sanctions start to bite deeper.  Crude oil exports from the five Persian Gulf Arab members of OPEC fell by […]

Apple Becomes First U.S. Company To Hit $1 Trillion Value

Apple Becomes First U.S. Company To Hit $1 Trillion Value

Apple Inc. became the first U.S.-based company with a market value of $1 trillion, four decades after it was co-founded by Steve Jobs in a Silicon Valley garage and later revolutionized the worlds of computing, music and mobile communications.  The shares rose 2.9 percent to close at $207.39 in New York on Thursday, propelling the consumer-technology […]

S.Africa’s Economic Growth Faces Risks From Public Debt, State Firm Bailouts – IMF

S.Africa’s Economic Growth Faces Risks From Public Debt, State Firm Bailouts – IMF

The International Monetary Fund on Monday kept South Africa’s economic growth forecast for 2018 unchanged at 1.5 percent but warned that the economy faced several headwinds, mainly the rapid rise in public debt and potential bailouts to state firms. “The IMF’s concerns on fiscal policy relates to the rapid increase in public debt as a […]

Chinese Investors Plan $10 bln Metallurgical Complex In South Africa

Chinese Investors Plan $10 bln Metallurgical Complex In South Africa

Chinese investors signed agreements to build a $10 billion metallurgical complex in South Africa during President Xi Jinping’s state visit this week and hope to start construction next year, an executive involved in the project and a provincial official told Reuters. South Africa’s President Cyril Ramaphosa said at a joint news conference with Xi on […]

Xi Urges Fellow BRICS Countries To Reject Go-It-Alone Trade

Xi Urges Fellow BRICS Countries To Reject Go-It-Alone Trade

Chinese President Xi Jinping said there would be no winner in a global trade war, urging fellow developing powers on Wednesday to reject unilateralism in the wake of tariff threats by U.S. President Donald Trump. Trump’s warnings have given Brazil, Russia, India, China and South Africa fresh impetus to enhance trade cooperation, and their leaders […]