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

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

Yuan inclusion in SDR basket inevitable

The IMF is due to re-examine the composition of its currency basket for Special Drawing Rights, a foreign-exchange reserve asset for fund members, later this year says Zhao Yongsheng.

“Our assessment now is that the substantial real effective appreciation [of … Read the rest

The IMF is due to re-examine the composition of its currency basket for Special Drawing Rights, a foreign-exchange reserve asset for fund members, later this year says Zhao Yongsheng.

“Our assessment now is that the substantial real effective appreciation [of … Read the rest

Russia asks Greece to join BRICS bank

Russian Deputy Finance Minister Sergei Storchak spoke with Greek PM Alexis Tsipras today, proposed that Greece become 6th member of New Development Bank set up by Brazil, Russia, India, China, South Africa, a Greek govt official says in e-mail to … Read the rest

South African business ‘schocked’ by new black ownership rules

Unless South African businesses hand over large chunks of equity to black shareholders, they will no longer be awarded so-called “BEE points” by government, which means that they could be forced out of business. According to the Johannesburg financial newspaper, … Read the rest

Fossil fuels just lost the race against renewables

The race for renewable energy has passed a turning point. The world is now adding more capacity for renewable power each year than coal, natural gas, and oil combined. And there’s no going back.

The shift occurred in 2013, when … Read the rest

The race for renewable energy has passed a turning point. The world is now adding more capacity for renewable power each year than coal, natural gas, and oil combined. And there’s no going back.

The shift occurred in 2013, when … Read the rest

Ramaphosa calls for closer Asian ties

Deputy President Cyril Ramaphosa told delegates at the Asia-Africa Business Summit in Jakarta, Indonesia on Tuesday that Afro-Asian economic and cultural ties needed to be strengthened.

Ramaphosa said Asia and Africa could collaborate in a number of areas, such as … Read the rest

China’s yuan joins top five curriencies

China’s yuan has become one of the five most widely used currencies in global payments, an international financial transactions agency announced Wednesday.

The yuan passed the Canadian and Australian dollars in popularity in December, according to the Society for Worldwide … Read the rest

China ready to help Russia says foreign minister

Chinese Foreign Minister Wang Yi said Monday that China is ready to help Russia overcome its economic difficulties.

Beijing is willing to help Moscow and believes that Russia “has the ability and the wisdom to overcome the current economic difficulties,” … Read the rest