Business News South Africa

  • Gold prices pared gains on Thursday after hitting three-week highs earlier in the session as a set of better than expected U.S data lifted the dollar, while palladium notched a record peak on supply concerns.

  • *Spot gold gained 0.3 percent at $1,315.81 per ounce as of 0114 GMT, after touching its highest since Feb. 28 at $1,316.58 in the previous session. *Shares in Asia rose on Thursday after the Feed's policy decision, but concerns over slowing global growth and U.S.- China trade talks are expected to limit gains. *Prime Minister Theresa May made an impassioned appeal to...

  • *Palladium hits peak of $1,608/ oz. Spot palladium rose 0.6 percent to $1,605.51 per ounce as of 2:25 p.m. EDT, having earlier touched a record high of $1,608. "Europe came up with stringent environmental demand and environmental initiatives while we have supply issues from South Africa and Russia," said Eli Tesfaye, senior market strategist for brokerage RJO...

  • *Palladium hits peak of $1,608/ oz. Spot palladium dropped 0.3 percent to $1,591.41 per ounce as of 12:22 p.m. EDT, having earlier touched a record high of $1,608. "Europe came up with stringent environmental demand and environmental initiatives while we have supply issues from South Africa and Russia," said Eli Tesfaye, senior market strategist for brokerage...

  • *Palladium hits peak of $1,608/ oz. Spot palladium was up 0.4 percent at $1,602.76 per ounce as of 10:24 a.m. EDT, having earlier touched a record high of $1,608. "Europe came up with stringent environmental demand and environmental initiatives while we have supply issues from South Africa and Russia," said Eli Tesfaye, senior market strategist for brokerage RJO...

  • ADDIS ABABA, March 20- The dreams of the two young men soared as high as the Ethiopian Airlines planes they proudly flew. Studious, serious Ahmednur Mohammed rented his first apartment with his maiden paycheck in February. He spoke to Reuters after a ceremony at the Kenyan embassy in Addis Ababa to honour the 32 Kenyan victims from the crash.

  • ADDIS ABABA, March 20- The dreams of the two young men soared as high as the Ethiopian Airlines planes they proudly flew. Studious, serious Ahmednur Mohammed rented his first apartment with his maiden paycheck in February. He spoke to Reuters after a ceremony at the Kenyan embassy in Addis Ababa to honor the 32 Kenyan victims from the crash.

  • LONDON, March 20- Rapid flows of investor money into physically backed platinum exchange-traded funds and a sharp drop in speculative bets on lower prices suggest the autocatalyst metal is on the verge of a recovery. That price barely covers production costs in top producer South Africa. "Looking at it from a long-term value investor perspective, now is the time...

  • PRETORIA, March 20- South Africa's foreign direct investment more than doubled in 2018 to reach its highest in five years, the central bank said on Wednesday, giving a boost to President Cyril Ramaphosa's pledge to woo investors to help revive a struggling economy. The South African Reserve Bank said in its quarterly bulletin that foreign direct investment...

  • REUTERS POLL- SOUTH AFRICA REPO RATE TO END 2019 AT 6.75 PCT; 2020 AT 7.00 PCT.

  • REUTERS POLL- SOUTH AFRICA GDP GROWTH SEEN AT 1.4 PCT IN 2019; 1.8 PCT IN 2020.

  • REUTERS POLL- SOUTH AFRICA RESERVE BANK TO HOLD REPO RATE AT 6.75 PCT ON MARCH 28, SAY ALL ECONOMISTS POLLED.

  • *SARB to hold rates at March 28 meeting. JOHANNESBURG, March 20- South Africa's Reserve Bank is expected to leave interest rates unchanged next week, and with a weak currency threatening to stoke inflation, it probably won't cut rates this year, a Reuters poll showed on Wednesday. Inflation in Africa's most industrialized economy is currently below the Reserve...

  • *Cyclone also cut off Mozambique power imports. JOHANNESBURG, March 19- South Africa's Public Enterprises Minister Pravin Gordhan could not say on Tuesday when severe electricity cuts would end, as state utility Eskom suffered a sixth day of capacity constraints which could thwart efforts to boost economic growth. Around 17,000 megawatts of Eskom's 45,000...

  • Palladium surged past $1,600 for the first time on Tuesday on expectations that an already strained supply scenario for the autocatalyst metal could worsen, while platinum soared 3 percent.

  • *MSCI's EM stocks index hits 6-1/ 2 month peak. March 19- Emerging market stocks hit a six and a half month peak on Tuesday and developing world currencies firmed against a soft dollar on expectations the U.S. Dovishness from the European Central Bank and the Fed is spurring emerging market sentiment as developing world central banks have become less worried...

  • JOHANNESBURG, March 19- South Africa's Public Enterprises Minister Pravin Gordhan, who oversees power utility Eskom, said on Tuesday he cannot say yet when rolling blackouts that have been implemented due to capacity shortages will end.

  • *Mozambique imports affected by cyclone. JOHANNESBURG, March 18- South Africa's state utility Eskom will make more power cuts this week as it struggles with capacity shortages that threaten to stymie President Cyril Ramaphosa's efforts to boost investments and economic growth. The situation worsened on Saturday after Eskom lost its electricity imports...

  • *Wiese suing Steinhoff for 59 bln rand in damages. *Investigators found $7.4 bln accounting fraud. JOHANNESBURG, March 18- Former Steinhoff chairman and top shareholder Christo Wiese said on Monday he is open to negotiations over his $4 billion claim against the South African retailer, days after it revealed the scale of a devastating accounting fraud.

  • *Mozambique imports affected by cyclone. JOHANNESBURG, March 18- South Africa's state utility Eskom said it would continue making power cuts this week as it struggles with capacity shortages that threaten to stymie President Cyril Ramaphosa's efforts to boost investments and economic growth. The situation worsened on Saturday after Eskom, which has...