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 restRead More
Business and finance
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
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
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
Economic growth in the first quarter is expected to have slowed mainly due to the electricity supply constraints.
Most economists have projected that gross domestic product (GDP) will decline sharply from 4.1% to 1.4% quarter-on-quarter.
On Tuesday, Statistics South Africa … Read the rest
The rand was a touch softer against the dollar on Thursday, coming off the session’s highs after the central bank left rates unchanged despite a hawkish policy statement that had fuelled last minute expectations for a hike.
Governor Lesetja Kganyago … Read the rest
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
At this point of time, a barrel of oil costs $60, showing some signs of improvement from its previous value of below $50 back in March. Yet, full recovery of oil seems very unlikely, and people wonder whether fossil fuels … Read the rest
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
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
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 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
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
Growth in Angola and Nigeria, the only sub- Saharan African members of Opec, would slow next year because of weaker crude prices, according to Fitch Ratings.
Fitch’s 2015 growth projection for Nigeria was revised down to 5.2 percent from 6.4 … Read the rest