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Rand breaches R11/$ level amid strikes
January 23, 2014--The rand weakened more than 1% to the psychologically key R11/$ level on Thursday, its lowest since October 2008 when R49bn of capital was pulled out of the economy.
On the first day of strikes at platinum mines, the rand was at R10.9910/$ at 15:42 GMT, down 1.05% from Wednesday's New York close, after earlier touching 11.
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Source: FIN24
South Africa: Platinum Production At a Standstill
January 23, 2014--Platinum production in South Africa is at a standstill as mineworkers lay down their tools. It is the first walkout since the 2012 wildcat strike at Marikana in which police killed 34 miners.
A crowd of striking South African platinum miners gathered outside mines on Thursday (23.01.2014) dancing and singing some slogans. They are demanding a monthly wage increase of about 12,500 rand ($1,143, 838 euros), twice the amount they currently earn.
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Source: AllAfrica.com
JSE edges higher, Amplats surges
January 22, 2014--South African stocks rose slightly on Wednesday as investors returned to retailers such as Shoprite that have been sold in recent sessions and resource firms, even as their production is threatened by strikes.
Shares of Anglo Platinum (Amplats), the world's top platinum producer, rose 3.4% to R432 after it said it swung back to profit in 2013, rebounding from a wave of strikes
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Source: FIN24
Rand range-bound as strikes loom
January 22, 2013--The rand was range-bound against the dollar on Wednesday, with a looming strike by platinum miners apparently priced in.
The rand was at R10.8525/$ at 15:13, nearly 0.3% lower than Tuesday's New York close.
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Source: FIN24
Rand regains poise after heavy sell-off
January 21, 2014--The rand held its ground against the dollar on Tuesday after a heavy sell-off last week, with investors taking looming strikes in the mining sector in their stride.
The local currency has regained its footing after stumbling to a five-year low of R10.9620/$ last week, a move some market players felt was overdone.
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Source: FIN24
South Africa: The Dark Side of Foreign Direct Investment-a South African Perspective
January 21, 2014--The current account in the balance of payments is always of interest to the international finance community and South Africa is no exception in this regard. The current account signals a country's ability to meet its external financial obligations, an important signal to investors. However, the effect of all the components of the current account is not always well understood.
One of these components is net investment income, which is often a source of vulnerability for the current account during an economic downturn, particularly for a middle-income country such as South Africa. Net investment income for a country is the balance between income payments to foreign investors on their inward investments and income receipts to domestic investors on their outward investments abroad.
view the The Dark Side of Foreign Direct Investment: A South African Perspective
Source: South African Journal of International Affairs
South Africa: Strike Could Cripple Gold Industry
January 21, 2013-- A strike by labour union Amcu could cripple an already fragile gold mining industry, trade union Solidarity said on Tuesday.
"We are concerned about the job security of Amcu's members as a strike....could be unprotected and could put the future of thousands of mine workers and their families at risk," general secretary Gideon du Plessis said in a statement.
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Source: AllAfrica.com
Resources lead JSE to new highs
January 20, 2014--South African stocks started the week by hitting a series of record highs as investors snapped up platinum and gold producers such as Harmony Gold, betting impending strikes would lead to higher metal prices.
The Association of Mineworkers and Construction Union (Amcu) issued notices to gold and platinum producers for strikes starting on Thursday, which would likely squeeze global output.
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Rand shows some muscle view more
Mining shares lead JSE higher view more
Source: FIN24
January 17, 2014--The rand firmed against the dollar in early trade on Friday, pulling away from the psychologically key 11.0 level as a pause in the dollar rally provided temporary respite for South Africa's currency.
The rand firmed to R10.8750/$ at 06:20 GMT, 0.2% stronger than its close in New York on Thursday. If it holds, the rand will notch up its first positive day in a week.
Source: FIN24
January 16, 2014-- South African shares put in a second straight day of gains on Thursday, coming just short of record highs, as investors piled into mining shares which were lifted by positive global data and a weaker rand currency.
Bucking the trend, Johannesburg-listed shares of Richemont lost around 1.8% after the luxury goods maker missed third quarter sales expectations, making it one of the biggest decliners among blue chips.
Source: FIN24
