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In Africa, Technology Helps Citizens Hold Their Governments Accountable
May 10, 2011--Shimmering new call centers, the rapid explosion of mobile phones and Internet connections today mark the landscape of many African cities—where improved Information and Communication Technology (or ICT) infrastructure is helping connect urban dwellers to global networks.
Though the continent is rapidly urbanizing—3.5 percent of Sub Saharan Africa’s one billion people move into cities each year—and local governments have trouble providing essential public services to the growing numbers of people, many municipalities are taking advantage of the rise of ICT to improve the lives of their residents.
“By linking citizens and municipalities, ICT can serve as an effective tool for strengthening urban governance, which is the key to addressing the challenge of urban development,” said Junaid Ahmad, the World Bank’s Sector Manager for Africa Urban and Water.
view the Guidebook: Good Urban Governance through ICT: Issues, Analysis, and Strategies
Bonds take direction from rand By 15:55, the benchmark R157 bond was trading at 7.570% from 7.555% at the previous close. read more
Risk aversion weighs down rand read more
JSE rallies on commodities and rand read more
Nigerian pensions reach $12.8 bn read more
JSE will monitor hedge fund trading with Momentum tool read more
Bonds firm, but off day's best levels By 15:45, the benchmark R157 bond was trading at 7.550% from 7.575% at the previous close. The R207 was bid at 8.355% and offered at 8.325% from 8.370%. read more
JSE down on Greek debt default fears read more
Eurozone debt worries drag down rand read more
Bonds firm after US data read more
Source: World Bank
May 10, 2011--South African bonds took their direction from the rand, remaining firm in late trade on Tuesday.
A local trader said that, at these levels, the market was seeing strong offshore demand.
Source: FIN24
May 10, 2011-- The rand fell 1.4% to a three-week low against the dollar on Tuesday, as debt problems in some European countries dented investors' risk appetite and also in a correction after last week's three-year highs.
In Tuesday late afternoon trade, the unit traded at R6.7851/$ after earlier touching a session low of R6.8125/$, its softest level since April 19.
Source: FIN24
May 10, 2011-- The JSE ended sharply higher on Tuesday, as firmer commodity prices and a weaker rand helped lift mining counters such as Anglo America [JSE:AGL]. The resources index surged just over 2%.
The rand targeted a sustained push above 6.80 against the dollar in afternoon trade on Tuesday as a result of risk aversion amid uncertainty in the market created by concerns of the fiscal state of the euro zone.
Source: FIN24
May 10, 2011--The National Pension Commission of Nigeria regulates over N2 trillion ($12.8 billion) in assets under management. This has been accumulated from 4.7 million people who have opened Retirement Savings Accounts and other pensions since the Pension Reform Act 2004. The assets are up from N1.8 trillion at July 2010 and the rate of contribution is increasing each year.
Africa’s domestic savings institutions are growing fast in many countries. In some capital markets they are growing faster than the demand for capital, the issuing of new shares, bonds and other investments, and they are mopping up available liquidity in the securities markets. Mr. Muhammad K. Ahmad, Director General of PenCom, gave the figure at the opening of a two-day workshop jointly organized by PenCom and Organisation of Pension Supervisors (IOPS) on 5 May, according to a report in Daily Trust newspaper.
Source: African Capital Markets
May 9, 2011--In a move designed to bring much needed transparency to the unregulated hedge fund industry, the Johannesburg Stock Exchange Ltd (JSE) announced today that it has acquired Momentum’s Managed Account Platform (MAP) after receiving approval for the transaction from the Competition Commission.
This risk management tool, which offers hedge fund investors greater protection by segregating investors’ assets from the hedge fund manager, was developed to monitor hedge funds’ trading activity, thereby ensuring that they remain within agreed investment mandates.
Source: Business Day
May 9, 2011--South African bonds remained firm but were off the day's best levels in late trade on Monday.
A local trader said the strong rand and offshore demand had boosted the local market.
Source: FIN24
May 9, 2011-- The JSE ended weaker on Monday, led by mining stocks, as potential Greek debt repayment defaults worried investors.
By 17:00 local time, the JSE All Share [JSE:J203] index was down 0.84%, with resources falling 1.10%, platinum miners sliding 2.07% and gold miners shedding 1.01%. Financials eased 0.73%, banks were down 0.82% and industrials lost 0.65%.
Source: FIN24
May 9, 2011--The rand weakened against the dollar on Monday, giving up its earlier gains partly on Reserve Bank and importers’ demand for dollar
Also weighing on the rand was a weak euro - the currency of South Africa’s largest trading partner - which was battered by sovereign debt concerns after Standard and Poor’s cut Greece’s credit rating.
Source: FIN24
May 6, 2011--South African bonds firmed in late afternoon trade on Friday, following the release of better-than-expected non-farm payroll data from the US.
"It was the US data that pushed up the rand and bonds followed. But also to be noted is that fact that the foreign market has been a good supporter and has been buying for the last few days," a local bond trader said.
Source: FIN24
