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Nigeria Economic Update: World Bank Forecasts Rising Growth, Less Inflation, Urges Closer Federal and State Government Cooperation
May 13, 2013-- Nigeria's short term macroeconomic outlook looks generally strong, with the likelihood of higher growth, lower inflation, and reserve accumulation. This will present the Government with an opportunity to make progress in key reforms and public investments associated with the Transformation Agenda for job creation, diversification, and more effective governance, says the World Bank in its new Nigeria Economic Report (NER) launched today in Abuja.
Sounding a cautionary note, however, the NER says that Nigeria's economic growth has not automatically translated into better economic and social welfare for Nigerians. As the NER notes, "poverty reduction and job creation have not kept pace with population growth, implying social distress for an increasing number of Nigerians"
view the World Bank Nigeria Economic Report
Source: World Bank
JSE edges up in volatile trade
May 13, 2013--Industrials and gold shares helped to counter broadly negative sentiment in the platinum sector to keep the all share index in positive territory at noon on Monday.
At 12:18‚ the JSE All Share index had edged up 0.13% to 40 285.82 points‚ led by a 0.48% gain in industrials‚ while the platinum index gave up 1.67%‚ weighed mainly by continuing losses in Anglo Platinum [JSE:AMS] (Amplats) and Impala Platinum [JSE:IMP] since last Friday.
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Source: FIN24
Bonds softer on weaker rand
May 13, 2013-South African bonds were softer at noon on Monday due to a slightly weaker rand.
“The currency was weaker this morning‚ but has come back slightly‚ but bonds are still softer from Friday’s closing levels‚” a local trader said.
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Source: FIN24
Rand weaker on fundamentals
May 13, 2013--The rand was a touch weaker on Monday afternoon as renewed concerns over domestic labour dynamics and SA's current account deficit weighed on the local currency.
“Today has been quiet with nothing specific to move the rand but underlying issues such as the current account deficit and job losses seem to be coming to the fore again‚” said Ockert van Niekerk‚ head of trading at PSG..
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Source: FIN24
Mining stocks limit JSE gains
May 10, 2013--Platinum and gold stocks extended losses on Friday, curbing gains in the broader market in what looks set to be a positive week thus far.
At 12:39‚ the JSE All Share [JSE:J203] index was broadly flat (0.09%). But gold and platinum indices shed 1.52% and 2.33% respectively‚ with a sizable loss in Anglo American Platinum (AMS‚ Amplats) after its poorly received job-cutting plan.
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Source: FIN24
Bonds weaker on softer rand
May 10, 2013--The South African bond market was weaker in midday trade on Friday on the softer rand.
“We are seeing profit taking on the back of the softer rand. We have had a great run‚ so part of it is also position squaring ahead of the weekend‚” a local bond trader said.
At 11:20 the benchmark R186 was trading at 6.660% from 6.575% at Thursday’s close and 6.730% at Wednesday’s close.
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Source: FIN24
Rand weaker on overnight dollar moves
May 10, 2013--The rand was weaker against the dollar on Friday at midday after strong weekly US jobs data and comments made by the European Central Bank (ECB) in its monthly bulletin for April saw the dollar strengthen considerably against other major currencies overnight.
"It has been very quiet today all things considered‚" said Jim Bryson‚ a currency trader at RMB. "The rand is surprisingly strong given the massive moves overnight in the yen‚ the Australian dollar and the euro. These moves were all the results of dollar strength but the rand is holding its own‚ given the relative position of everyone else.”
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Source: FIN24
Economic Diversification an Important Buffer for Africa in Uncertain Global Environment
Africa needs to forge a new model of growth based on inclusivity
Companies are investing in their own continent
May10, 2013--Economic diversification is essential for African economies to build buffers against vulnerability in a volatile world, panellists told a World Economic Forum on Africa session on Africa's economic outlook.
Creating a savings culture and increased tax base to help fund intra-African trade and investment and reduce African countries’ dependence on customs revenues are other factors that could provide buffers against volatility and improve trade flows by lessening the incentive for countries to impose non-tariff barriers, participants said.
Sectors mentioned as being important for the future include agriculture, financial services, natural resource extraction, investment in IT infrastructure, housing, power supply and regional trading of electricity. Participants added tourism and healthcare as important sectors for Africa’s development and job creation.
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Source: World Economic Forum
Regional Integration Essential to Africa's Growth and Development, Says Carl Bildt
Africa's growing economy can accommodate partnerships with developed and emerging economies
New partnerships are based on market forces, not colonialism; but foreign investors should help build more local skills capacity
May 10, 2013--Regional integration within Africa and the continent's integration with developed economies are essential to its growth and development, Carl Bildt, Minister of Foreign Affairs of Sweden, told a Bloomberg televised session on Africa's Global Partnerships at the World Economic Forum on Africa in Cape Town today.
Mario Machungo, Chairman, Millennium BIM, Mozambique, said regional integration would allow countries to be united in their dealings with international partners and small and medium-sized companies to flourish. Commenting on the large gas reserves discovered off the Mozambique coast, he said he believes the find has focused the country’s attention on the need to take control of its own destiny and not take direction “from outside”.
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Source: World Economic Forum (WEF)
World Economic Forum on Africa Closes with Call for Action
The question is no longer "if" Africa will grow, but "how" it will grow
Building on recent growth ideally means investing in human capital and economic diversification
May 10, 2013--Calling for investment to consolidate and make more inclusive recent African growth, leaders from across the continent gathered to close the 2013 World Economic Forum on Africa.
"We’ve had a couple of days of very exciting conversations about what is happening on the continent," said Eric Kacou, Co-Founder, Entrepreneurial Solutions Partners (ESPartners), USA, a Young Global Leader and Member of the Global Agenda Council on Fostering Entrepreneurship. "I think in Africa we are in the middle of a metamorphosis,” he said. “People are just starting to recognize there is potential."
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Source: World Economic Forum (WEF)
