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Rand firms on NUM olive branch
September 4, 2013--The rand firmed slightly against the dollar in early Wednesday trade, after striking gold miners offered an olive branch to set deadlocked wage negotiations with mining companies back on track.
By 07:21 GMT the local currency was at 10.2950 to the dollar, 0.29% firmer than its 10.3250 close in New York on Tuesday.
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Source: AME Info
JSE gains despite looming strike action
September 3, 2013--The JSE was trading higher just after lunchtime, despite a strike which will take place in the gold sector later on Tuesday.
The JSE indices were trading in positive territory though Mines Minister Susan Shabangu showed concern for consequences the strike could have on the economy.
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Source: FIN24
Minister: Gold strike will hurt economy
September 3, 2013--A protracted strike in the gold industry would harm Africa's largest economy and the government is ready to intervene to bring parties together, Mines Minister Susan Shabangu said on Tuesday.
Gold miners were set to strike for higher pay from Tuesday, after talks between unions and companies broke down last week. A wave of strikes sweeping the economy has sent the rand to four year lows and raised worries of slowing growth.
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Source: FIN24
Rand firms, sees highest level in a week
September 2, 2013--The rand extended its rally against the dollar to hit its highest level in more than a week on Monday, helped by upbeat Chinese factory data and a delay in a possible Western military strike against Syria.
The rand was at R10.1900/$ 07:55, 0.9% stronger than its close in New York on Friday.
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Source: FIN24
JSE softer as gold strike looms
August 30, 2013--The JSE, along with gold, has followed a downward trend by lunchtime on Friday to trade softer as strikes loom in the gold sector.
Gold has fallen 1.15% to trade at 1 395.58. Platinum was down 0.85% at R1 514.50.
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Source: FIN24
South Africa's NewPlat becomes largest platinum ETF
South African platinum ETF holdings top 579,000 oz
Investors believe supply woes may lift metal prices
August 29, 2013--New Gold Platinum, the physically backed South African platinum exchange-traded fund operated by Absa Capital, has become the largest fund of its type in volume terms just four months after its launch, Absa said on Thursday.
Holdings of the rand-denominated NewPlat ETF, as the fund is known, increased by nearly 12,000 ounces on Thursday to 579,198 ounces, Absa's head of investments Vladimir Nedeljkovic said.
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Source: Reuters
Rand gains vs dollar, inflation data eyed
August 29, 2013--The rand edged higher against the dollar on Thursday as fears of an imminent US-led military strike on Syria eased, but the currency could suffer if local producer inflation data disappoints.
The rand was at R10.290/$ at 08:54, up nearly 0.3% from Wednesday's New York close, extending a recovery from a new four-year low of R10.510 reached on Wednesday
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Source: FIN24
SA stocks dive on drop in gold shares
August 29, 2013--South African stocks fell sharply on Wednesday with gold miners among the worst performers as workers in the sector geared up for a strike over higher pay that could slam production.
A sell-off in other emerging markets ahead of possible Western military action against Syria added to the bearish sentiment.
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Source: FIn24
Resource Dependence and Fiscal Effort in Sub-Saharan Africa
August 28, 2013--Summary: High natural resource prices in recent years have resulted in sizeable increases in fiscal revenue for many resource-exporting countries in sub-Saharan Africa.
However, this revenue source is volatile, and arguably these countries should also rely on other forms of taxation to help fund public expenditure. This paper asks whether the availability of higher resource revenue in these countries has led to lower taxation effort of other revenue categories. The question is analyzed both in terms of the relationship between non-resource tax revenue and resource revenue, and between non-resource tax revenue and statutory tax rates. The paper finds evidence suggesting that nonresource revenue is negatively influenced by a higher resource revenue-to-GDP ratio. The lower take up of nonresource taxes in resource-rich countries is correlated with higher levels of corruption in these countries, suggesting weaker institutions affect nonresource revenue through incentives for tax evasion and/or large tax exemptions as argued in the literature.
the IMF Working paper-Resource Dependence and Fiscal Effort in Sub-Saharan Africa
Source: World Bank
Rand stalls at R10.40/$
August 28, 2013--Following a recent and steady decline of the rand against the dollar since August 12, the local currency has now shown further weakness, after breaking through its familiar trading range of R10.20/$.
As anticipated, subsequent to the bullish pin bar posted on Friday, showing rejection of lower prices and the R10.20 support holding, dollar buyers to the rand stepped in substantially on Monday and Tuesday of this week.
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Source: FIN24
