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Business South Africa

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  • JOHANNESBURG, Aug 27- South Africa- focused platinum producer Lonmin Plc said on Thursday it expected full-year underlying cash costs to stay below its guidance, indicating that its deep cost-cutting measures were beginning to bear fruit. Lonmin said its unaudited cash costs were at 10,499 rand per PGM ounce at the end of July on a year-to-date basis and are...

  • South African prototype may solve solar power problem Thursday, 27 Aug 2015 | 11:40 AM ET

    JOHANNESBURG— By thinking small, a group of South African scientists may have pioneered solar technology that has stumped Internet giant Google. The Helio100 project, based at Stellenbosch University in the Western Cape province, is a cost-effective heliostat that harnesses solar power to generate electricity. The device was designed specifically with...

  • Aug 25- Chilean copper mine Antofagasta said on Tuesday it was targeting savings of about $160 million this year as it posted a 49 percent decline in first-half core profit, hit by a steep fall in prices of the metal. "Throughout this period of lower copper prices Antofagasta has had a rigorous approach to cost control at our operations and we are on track to make...

  • Aug 25- Chilean copper mine Antofagasta said on Tuesday it was targeting savings of about $160 million this year as it posted a 49 percent fall in first-half core profit, hit by a steep fall in prices of the metal. The miner said first-half core profit, or earnings before interest, tax, depreciation and amortisation, was $562 million, down from $1.09 billion a year ago...

  • South African currency hits record lows Monday, 24 Aug 2015 | 10:29 AM ET

    JOHANNESBURG— The prospects of rising interest rates in the United States, coupled with a downturn in the Chinese economy contributed to the South African currency's record drop on Monday, said economists. The South African rand plunged to 14 rand to the dollar before recovering slightly to 13 rand as trade closed on the Johannesburg Stock Exchange.

  • South Africa's state giants hobble economy Monday, 24 Aug 2015 | 6:49 AM ET

    JOHANNESBURG, Aug 24- The state-run corporations that have shaped South Africa's economy and been part of its every day life for nearly a century are mostly in a state of collapse, threatening to crush already weak growth. Economists estimate that underperformance and inefficiency in state-owned firms ranging from power utility Eskom to South African...

  • Success stories until recently, emerging economies are seen as casualties now— of slower growth in China, plunging prices for commodities like oil and iron ore, the prospect of higher U.S. interest rates and homegrown threats. The damage has spilled across oceans, with the turmoil jolting investors in New York, Tokyo and Europe. Investors there worry that China...

  • *South Africa suffering chronic power shortages. JOHANNESBURG, Aug 14- Fears are growing in South Africa that agreements to build nuclear power plants that could be the most expensive procurement in the country's history will be made behind closed doors, without the necessary public scrutiny. Construction on the first plant is due to start next year, breakneck...

  • SINGAPORE/ LONDON, Aug 11- Global policymakers, including those at some of Asia's most intervention-minded central banks, are holding the line on their currency policies after China's surprise devaluation of the yuan. But so far policymakers from South Korea, India, Indonesia and Japan see no reason for tit-for-tat trade-war policies. China is its largest...

  • SINGAPORE/ LONDON, Aug 11- Global policymakers, including those at some of Asia's most intervention-minded central banks, are holding the line on their currency policies after China's surprise devaluation of the yuan. But so far policymakers from South Korea, India, Indonesia and Japan see no reason for tit-for-tat trade-war policies. China is its largest...

  • *H1 HEPS 19 cents, middle of range it had flagged to market. JOHANNESBURG, Aug 6- South Africa's Sibanye Gold is looking to buy coal assets to help provide power, it said on Thursday, as it strives to reduce dependence on unreliable supplies from state-run utility Eskom. Chief executive Neal Froneman said the company needed more than the 3 billion rand solar-powered...

  • *H1 HEPS 19 cents, middle of range it had flagged to market. JOHANNESBURG, Aug 6- South Africa's Sibanye Gold is looking to buy a coal mine to help provide power, it said on Thursday, as it strives to reduce its dependence on unreliable supplies from state-run utility Eskom. Chief executive Neal Froneman said the company needed more than the 3 billion rand...

  • Mozambique coal: boom to bust to wait it out Tuesday, 28 Jul 2015 | 10:20 AM ET

    Just a few years ago, billions of dollars poured into Mozambique, one of the world's poorest nations, in a twin scramble for inland coal and offshore gas. "At this stage Mozambique is not a coal story any more. "It's really a liquefied natural gas story now and I think the government is shifting its focus from coal to LNG," she told Reuters on the sidelines of a Mozambique...

  • LONDON/ BRUSSELS, July 28- Diageo and Heineken have agreed to dissolve their joint ventures in South Africa and Namibia, so the British spirits maker and Dutch brewer can pursue their own growth strategies in the countries. Diageo said it has become market leader in spirits in South Africa with a 40 percent share and felt it had the necessary scale to go it alone.

  • BRUSSELS, July 28- Dutch brewer Heineken and spirits maker Diageo have agreed to end their 11- year cooperation in South Africa and Namibia in a series of deals to disentangle joint ventures. Diageo, whose brands include Johnnie Walker, Smirnoff and Guinness, said it had become market leader in spirits in South Africa with a 40 percent share and felt it had the...

  • Hefty Zambia rate puts dampener on African Eurobond party Thursday, 23 Jul 2015 | 12:53 PM ET

    JOHANNESBURG, July 23- The hefty 9.375 percent interest rate on Zambia's latest Eurobond offering may mark a turning point in a seven-year spate of foreign issuance by frontier African governments that now face higher borrowing costs as U.S. rates start to creep up. The price of Thursday's $1.25 billion offering stands out as high by the standards of two other...

  • DIARY-Emerging Markets Economic Events to Aug 4 Tuesday, 21 Jul 2015 | 8:01 PM ET

    PRETORIA- South African Reserve Bank interest rate decision- 1300 GMT. ANKARA- Central Bank of Turkey to hold monetary policy committee meeting to set interest rates. JERUSALEM- Bank of Israel interest rate decision- 1330 GMT.

  • JOHANNESBURG, July 20- South Africa's Mines Minister appealed for calm on Monday after protests around the town of Steelpoort, on the eastern edge of the platinum belt, disrupted mining operations in the area. South Africa's mining industry has been rocked over the past three years by periodic outbreaks of violence and labour unrest about pay and conditions.

  • *Platinum price hits 6 year low, complicating divestment. JOHANNESBURG, July 20- Tumbling metals prices are delaying Anglo American Platinum's plan to divest its labour-intensive Rustenburg and Union operations, with the South African miner yet to decide between a sale or flotation, it said on Monday. Amplats' chief executive Chris Griffith said an initial...

  • Did the fall of the Berlin Wall help end Apartheid? Thursday, 16 Jul 2015 | 1:02 AM ET
    Nelson Mandela and Frederik de Klerk shake hands on the eve before receiving jointly the Nobel Peace prize in 1993.

    The collapse of the Soviet Union helped topple Apartheid by removing the global threat of Communism, the country's last white president told CNBC.