ArcelorMittal fined R1.5 billion for price fixing

ArcelorMittal SA’s R1.5 billion fine for price fixing sends a strong message of deterrence and is an important milestone in the commission’s enforcement against cartels, the Competition Commissioner said on Monday.

On Monday, it was announced that all investigations and … Read the rest

World Stocks in freefall after Brexit

World stocks headed for one the biggest slumps on record on Friday as a decision by Britain to leave the European Union triggered 8 percent falls for Europe’s biggest bourses and a record plunge for sterling.

Such a body blow … Read the rest

Largest German bank says massive growth after Brexit

Germany’s largest bank has predicted British stocks will be the best performing in the continent and top UK firms will outperform EU rivals by as much as 5 per cent after a Brexit.

The forecast, from Germany’s Deutsche Bank, comes … Read the rest

Standard Bank target of Japanese fraud syndicate

Business Day reported that Standard Bank said in a statement: “The South African banking operations of Standard Bank Group have been the victim of a sophisticated‚ co-ordinated fraud incident.

“This involved the withdrawal of cash using a small number of … Read the rest

Barclays to sell Absa

Barclays, based in London, has decided to sell its Africa operations, which includes the Absa Group, according to the Financial Times.

“Barclays does not own all of the equity, but it owns 100% of the risk if something goes wrong,” … Read the rest

Zuma ditches WEF session at Davos to chat with Swedish PM Stefan Löfven

“President Jacob Zuma met with Sweden’s Prime Minister Stefan Löfven in Davos‚ Switzerland‚ on the margins of the World Economic Forum meeting on Thursday morning.”

The South African presidency issued this statement after the ANC leader was accused of “not … Read the rest

US had no choice but to include Chinese renimbi in IMF

U.S. representatives at the International Monetary Fund and Congress itself had very little choice regarding the Chinese renmimbi (RMB) inclusion as new reserve currency. The IMF boarded agreed to make the yuan the newest addition to its currency basket, known … Read the rest

Naspers in Russian classifieds deal

Global internet and media giant Naspers on Friday [JSE:NPN] announced a $1.2bn (R16bn) deal to become the largest shareholder in Avito, the leading online classifieds platform in Russia.

Naspers, which started investing in Avito in 2013, is now buying shares … Read the rest

Online casinos were practically invented in South Africa

Online gambling and online casinos are usually associated with European countries or the USA. This is interesting since the USA only recently approved its first remote gambling sites, plus this concept is not accepted in all of the US states. … Read the rest

China starts dumping US government debt

Central banks around the world are selling U.S. government bonds at the fastest pace on record, the most dramatic shift in the $12.8 trillion Treasury market since the financial crisis.

Sales by China, Russia, Brazil and Taiwan are the latest … Read the rest

British banks most exposed to Chinese market instability

Disclosures from two of Asia’s largest lenders showed that British banks are among of the most vulnerable to the current market troubles in China.

In its latest report, HSBC said outstanding loans to China grew 12 percent in the past … Read the rest

SA steelmaker Evraz Highveld halts operations

South Africa’s second-largest steelmaker Evraz Highveld Steel and Vanadium confirmed on Monday that it had temporarily ceased steel production at its steelworks, citing working capital constraints and reduced domestic demand mainly owing to a “significant” increase in steel imports from … Read the rest

Apple future questioned

Apple Inc shares slumped nearly 7 percent in after-hours trading as its fourth-quarter revenue forecast fell short of estimates and it missed some targets for iPhone sales.

The shares dropped to $121 after the company released its results on Tuesday, … Read the rest

Rupert: The rich will want to conceal their wealth

Johann Rupert, the South African who has made billions peddling Cartier jewelry and Chloe fashion, said tension between the rich and poor is set to escalate as robots and artificial intelligence fuel mass unemployment.

“We cannot have 0.1 percent of … Read the rest