Business and finance
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
It is an outdated strategy which worked against the USSR, but won’t work against contemporary Russia, for these reasons:
- Falling ruble insulates Russia from budgetary problems which might have resulted from falling oil price
- US is destroying its own shale
Swiss voters rejected two closely watched referendums on Sunday that would have forced the central bank to buy up massive amounts of gold and introduced strict new limits on immigration, in a result that could bolster its economic ties to … Read the rest
In what could definitely be called a stunning move, the Netherlands has announced it has repatriated in excess of 120 tonnes of gold from the vaults of the Federal Reserve in New York to the Dutch Central Bank in Amsterdam. … Read the rest
Energy-exporting countries are set to pull their “petrodollars” out of world markets this year for the first time in almost two decades, according to a study by BNP Paribas.
Driven by this year’s drop in oil prices, the shift is … Read the rest