Business News South Africa

  • Trump, who departed for the G20 leaders summit in Osaka, Japan, on Wednesday, also raised the possibility that he may impose a lower, 10% duty on a $300 billion list of Chinese imports, instead of the proposed 25% rate. Relations between Washington and Beijing have spiraled downward since talks collapsed in May, when the United States accused China of reneging on...

  • JOHANNESBURG, June 26- South Africa's rand firmed on Wednesday as risk appetite improved after comments from the U.S. Treasury Secretary suggesting progress in a trade deal with China, offsetting disappointment about the size of potential U.S. interest rate cuts. Treasury Secretary Steven Mnuchin said on Wednesday that the United States and China were close...

  • LAGOS, June 26- A Nigerian judge on Wednesday adjourned until Oct. 29 a case to resolve a $2 billion tax dispute between South African telecoms company MTN Group and Nigeria's attorney general. Nigeria is MTN's biggest market, with 58 million users in 2018 and accounting for a third of the South African firm's core profit. MTN agreed in December to make a $53 million...

  • JOHANNESBURG, June 26- South Africa's rand clung to recent gains early on Wednesday as global risk appetite retreated after the United States central bank played down expectations of aggressive interest-rate cuts. "Yesterday evening saw speeches from a few Fed officials tempering down the possibility of U.S. rate cuts at the July meeting," said Oliver Alwar...

  • But perhaps the biggest risk in most of Asia, home to the world's top four importers and two biggest exporters, is from liquefied natural gas, the super-chilled fuel that is expanding rapidly versus a largely moribund coal sector. Perhaps the surprising thing at this year's Coaltrans Asia event, held this week on the Indonesian resort island of Bali, was that most...

  • Stocks fell as investor anxiety mounted over this week's U.S.- China trade talks at the G20 Summit. President Donald Trump's trade disputes with China and others. The United States and China have waged an 11- month trade war marked by tit-for-tat tariffs on hundreds of billions of dollars of each others' goods, roiling financial markets, disrupting supply...

  • NEW DELHI, June 25- Shipments of coking coal from the United States and Canada rose to a sixth of all Indian imports of the fuel during the year ended March 2019, as steelmakers in the coal guzzling country look to cut their dependence on Australia. Australia's share in India's coking coal market fell to 71%, or 36.91 million tonnes, during the year ended March 2019...

  • *Moscow- listed shares fall, tracking oil prices. *Forint weakens ahead of Hungary c.bank meeting. Stock markets in Hong Kong, Taiwan and South Korea were all lower, while Moscow- listed shares fell 0.6%, dragged down by banking and oil stocks.

  • But perhaps the biggest risk in most of Asia, home to the world's top four importers and two biggest exporters, is from liquefied natural gas, the super-chilled fuel that is expanding rapidly versus a largely moribund coal sector. Perhaps the surprising thing at this year's Coaltrans Asia event, held this week on the Indonesian resort island of Bali, was that most...

  • JOHANNESBURG, June 24- South Africa's rand slipped slightly on Monday after strong gains last week, as investors waited for direction from this week's Group of 20 summit. U.S.- China trade tensions have market participants eyeing the leaders of the world's two largest economies and their expected meeting at the upcoming G20 summit in Japan on Friday.

  • *Zimbabwe bans use of foreign currencies as legal tender. HARARE, June 24- Zimbabwe made its interim currency the country's sole legal tender on Monday, ending a decade of dollarisation and taking a another step towards relaunching the Zimbabwean dollar. Zimbabwean President Emmerson Mnangagwa, who replaced longtime leader Robert Mugabe after an army coup in...

  • JOHANNESBURG, June 24- South Africa's rand firmed early on Monday, adding to the previous session's gains as sentiment toward emerging markets overall was soothed by softening interest rate outlooks in the United States and Eurozone. On Friday ECB President Mario Draghi repeated a dovish monetary policy message to European Union leaders, saying that any...

  • *Renewables taking a larger share of China power market. NUSA DUA, Indonesia, June 24- Slowing economic growth in China is weighing on demand expectations for thermal coal in the world's biggest market for the fuel, while global moves towards cleaner energy are compounding problems arising from a glut in supply. In top consumer China, factory activity weakened in...

  • KINSHASA, June 21- Vodacom Group has reached an agreement with the Congolese government to end a standoff over the suspension of its 2 G telecoms licence, the telecommunications ministry said on Friday. The ministry suspended the licence in April, saying Vodacom Congo had not followed correct procedure when it paid $16 million to renew it in 2015..

  • KINSHASA, June 21- Vodacom Group has reached an agreement with the Congolese government to end a standoff over the suspension of its 2 G telecoms license, the telecommunications ministry said on Friday. The ministry suspended the license in April, saying Vodacom Congo had not followed correct procedure when it paid $16 million to renew it in 2015..

  • *African Bank to launch overdraft in 2020. JOHANNESBURG, June 20- Small South African lender African Bank, rescued from failure by the central bank four years ago, plans to offer overdrafts and expand its insurance business as a drop in customer numbers threatens its turnaround strategy. The first bank to be placed under South African Reserve Bank curatorship in...

  • LONDON, June 21- Puma Energy, the retail and storage arm of commodities trader Trafigura, has hired Bank of America Merrill Lynch to run the sale of some of its assets, sources familiar with the matter said, in an effort to trim debt. Assets in the Democratic Republic of Congo, South Africa, Senegal and Australia were among those slated to be sold, one source said.

  • *MSCI EM FX index set for biggest wkly rise since July 2017. June 21- Emerging market currencies consolidated gains against the dollar on Friday, on track for their biggest weekly rise in close to two years but stocks snapped a three-day winning streak on concerns over U.S.- Iran tensions. "It's been a massive week for obvious reasons, in terms of the Fed being even...

  • *MSCI EM FX index set for biggest wkly rise since July 2017. June 21- Emerging market currencies consolidated gains against the dollar on Friday, on track for their biggest weekly rise in close to two years but stocks snapped a three-day winning streak on concerns over U.S.- Iran tensions. "It's been a massive week for obvious reasons, in terms of the Fed being even...

  • JOHANNESBURG, June 21- South Africa's rand weakened against the dollar in early trade on Friday, as markets digested President Cyril Ramaphosa's state of the nation address which some analysts said lacked detail on how he plans to fix the ailing economy. At 0640 GMT, the rand traded at 14.3800 per dollar, 0.2% weaker than its New York close on Thursday.