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South Africa: Brics to Set Up U.S.$100 Billion Reserve Fund
September 6, 2013--The leaders of the BRICS (Brazil, Russia, India, China and South Africa) group of influential emerging economies have agreed to create a US$100-billion pool of currency reserves to serve as a buffer against financial shocks.
South Africa, being the smallest of the five economies, will contribute $5-billion (R51-billion) to the contingency reserve arrangement, as it is known, which will help BRICS member countries to fund current account deficits, among other things.
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Source: AllAfrica.com
South Africa: Stock Exchange Ranked #1 in Regulation of Securities Exchanges
September 6, 2013--After a year of bearish commentary on South Africa's economy, following waves of industrial strike action and negative ratings outlook on its sovereign debt, it's great to see its securities exchange and financial markets still producing a world-class performance.
South Africa has again been ranked first out of 148 countries for regulation of securities exchanges for the fourth consecutive year by the World Economic Forum (WEF) Global Competiveness Report.
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Source: AllAfrica.com
Rand steady, may weaken on stimulus pullback
September 5, 2013--The rand was fairly steady against the dollar in early Thursday trade, but could weaken amid rising expectations the US central bank would soon pull back from assets purchases that have injected money into emerging markets.
Wary investors are also keeping a close eye on the labour strife in the local economy, with a strike for higher pay hitting output at most of the country's gold mines on Wednesday.
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Source: FIN24
Brazilian exchange shake-up to boost IPOs
September 4, 2013--Brazil is set to change the formula behind its benchmark stock index for the first time in 45 years as part of a series of measures to counter one of the worst market slumps since the onset of the financial crisis.
The recent implosion of the oil and mining empire of Eike Batista, formerly Brazil's richest man, has helped knock about 15 per cent off the Bovespa index this year in spite of the relatively small size of his listed companies.
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Source: FT.com
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
