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Africa's Output Grew by 3.4% in 2018, Afreximbank's Africa Trade Report 2019 Shows
June 21, 2019--Africa's output grew by 3.4 per cent between 2017 and 2018 despite the slowdown in global growth during that period, a new report by the African Export-Import Bank (Afreximbank) has shown.
The African Trade Report 2019: African Trade in a Digital World, launched today in Moscow during the 26th Afreximbank Annual Meetings, states that Africa's total merchandise trade in 2018 had a value of over $997.9 billion, noting that the continent remained one of the fastest growing regions in the world.
World Trade Organisation estimates show that the volume of global merchandise trade grew by 3 per cent in 2018, down from 4.6 per cent in 2017.
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Source: allafrica.com
Markets WRAP: Rand closes at R14.30/$
June 21, 2019--TreasuryONE said earlier that President Cyril Ramaphosa's State of the Nation Address on Thursday evening was, by general concensus, full of dreams but little in the way of detail.
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Source: FIN24
JSE manages to squeeze gains after muted session
June 21, 2019--In general, global equities slowed down after consecutive sessions of significant gains, with declines stretching from Asia through to Europe.
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Source: FIN24
Markets WRAP: Rand closes at R14.30/$
June 20, 2019--All eyes will now be on President Cyril Ramaphosa's State of the Nation Address later tonight.
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Source: FIN24
Rand, JSE firmer ahead of SONA
June 20, 2019--The JSE closed firmer on Thursday on the back of broad-based gains across most global equity markets.
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Source: FIN24
Markets WRAP: Rand closes at R14.53/$
June 19, 2019--The rand closed at R14.53/$ on Wednesday.
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Source: FIN24
Coping with Falling Oil Prices: The Different Fortunes of African Banks
June 17, 2019--Summary:
This paper studies the impact of declining oil prices on banks in sub-Saharan African oil-exporting countries. Results indicate that banks respond differently to an oil shock depending on their ownership: (i) domestic banks are the most adversely impacted and experience a deterioration in asset quality and liquidity;
(ii) foreign-owned banks are the most resilient as they are able to improve asset quality and attract deposits but at the same time, they decelerate credit growth; in contrast, (iii) Pan-African Banks help stabilize overall credit but large banks in that segment experience reduced asset quality. These differentiated results suggest a tradeoff between maintaining credit growth and safeguarding financial stability in an oil slump which could be addressed by both micro- and macroprudential policies.
view the IMF Working Paper-Coping with Falling Oil Prices: The Different Fortunes of African Banks
Source: IMF
SA gold slump continues as annual production falls by 19.5%
June 13, 2019--June 13, 2019--SA loses African gold crown to Ghana
South Africa turns unlikely haven as gold's rally boosts stocks
Over 3 000 gold mine workers affected by Sibanye-Stillwater restructuring
Drop in demand for gold jewellery-survey
South Africa's embattled gold sector faced more bad news on Thursday. According to Stats SA, annual gold production shrank by 19.5% in April, its 19th straight monthly decrease.
Annual production fell by 18.3% in March and 21.1% in February.
According to Stats SA, annual iron ore production was down 11.9%, while chromium ore fell by 7.2%.
Total mining production decreased by 1.5% year-on-year.
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Source: FIN24
Markets WRAP: The rand closes at R14.76/$
June 14, 2019--The day's range was between R14.78 and R14.88.
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Source: FIN24
Africa: Magufuli Reveals 'Strange' Conditions Set By Investors for African Countries
June 13, 2019--Tanzania President John Pombe Magufuli has lifted the lid on some of the strange conditions given to African leaders by investors while negotiating development projects.
The no-nonsense leader spoke while addressing stakeholders in Dar es Salaam. He said that some of these conditions could only appeal to a "madman".
"Imagine someone telling you that I will build you a port but on a condition you will not be allowed to construct or develop any other port in the country for a specified period."
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Source: allafrica.com
