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Rand recovers, but still vulnerable
August 23, 2013--The rand held steady against the dollar on Friday, a day after hitting a new four-year low, but remains vulnerable to domestic labour unrest and the prospect of reduced US monetary stimulus in the coming weeks.
The rand was at R10.2645/$ at 08:47, 0.2% stronger from Thursday's New York close.
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Source: FIN24
Nigeria's revenues fall due to oil outages
August 23, 2013--Nigeria's government revenues slumped 42% in July to N498bn from N863bn the previous month, due to oil theft and production outages, the accountant general said on Friday.
A total of N715.8bn was distributed to local, state and federal governments, down slightly from N718.1bn in June, Jonah Otunla told reporters.
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Source: FIN24
Amidst political uncertainty, Egypt’s economic and social status tells a complex story
August 23, 2013--23 August 2013 (ECA) – While the world's eyes focused on the political situation in Egypt, the United Nations Economic Commission for Africa's analysis shows a complex story.
On the one hand, the country managed to sustain activities in most sectors, despite a number of challenges that led to shrinking exports. On the other hand, the political crisis is situated in a context of weak global demand that has negatively affected Egypt’s exports and Suez Canal revenues.
Entitled 'The Economic Situation in Egypt in the Context of Political instability and a Risky Transition", the brief on Egypt explores its public finances, balance of services and social development. It notes that unemployment appears critical in Egypt due to the political and economic uncertainties which have led to a reduction in income from tourism and a lack of visibility among investors, who have either postponed their projects or withdrawn their capital, depriving people of thousands of jobs.
view the full brief-The Economic Situation in Egypt in the
Context of Political instability and a Risky Transition
Source: United Nations Economic Commission for Africa
Nigeria: Shekau's Death Excites BRIC Investors
August 23, 2013-The reported death of Abubakar Shekau, the leader of the Boko Haram insurgency, is making foreign investors look favourably towards investing in Nigeria.
Such investors are said to be frustrated by the low level of profit they are currently making from the BRIC nations of Brazil, India, Russia and China, authoritative US journal, Forbes, has reported.
The report, published in Forbes, yesterday...
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Source: FIN24
Africa: China Development Bank Invests Billions in Africa
August 23, 2013-China Development Bank (CDB), the country's largest policy lender, has invested at least 2.4 billion U.S. dollars in African infrastructure and commercial projects, the bank's president Zheng Zhijie said Tuesday.
The China-Africa Development Fund has financed mineral resources, machinery manufacturing, power generation, agricultural and infrastructure projects in more than 30 African countries, Zheng told a China-Kenya investment forum.
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Source: FIN24
South Africa's main mine union to take strike vote in gold sector
Trade union NUM said Wednesday it will ballot its members this week on whether to go on strike after gold miners' wage talks stalled.
August 22, 2013--South Africa's National Union of Mineworkers said on Wednesday it would ballot its members this week on whether to go on strike after gold miners' wage talks stalled, raising the prospect of crippling stoppages in an industry in terminal decline.
"We will go and consult with our members and put it to a vote. We are going to strike, there is no question about it, I just can't say when," NUM spokesman Lesiba Seshoka told Reuters.
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Source: MineWeb
Gold strike talks hammer rand
August 22, 2013-The rand dropped to a new four-year low against the dollar early on Thursday after wage talks in the gold sector stalled and the country's main mine union said it planned to ask members to vote on a strike.
Gold mine stoppages would inflict more damage to the economy, which is already losing $60m a day to a strike by 30 000 workers in the car manufacturing sector that accounts for 6% of gross domestic product.
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Source: FIN24
Rand will be closer to R11 by year end -expert
August 21, 2013--By the end of 2013 the rand will probably be closer to R11 to the dollar, according to Rob Spanjaard, a director of REZCO Asset Management.
He had already warned in October 2012 that the rand could end up collapsing to more than R10 to the dollar.
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Source: FIN24
Rand on shaky ground
August 21, 2013--The rand weakened more than 1% against the dollar and government bonds dropped after data on Wednesday showed that headline consumer inflation in July breached the ceiling of the central bank's target band.
The rand was at 10.2670 to the dollar at 09:00 GMT, down 1% from its close in New York on Tuesday.
The yield on the 2026 government bond rose 4 basis points to 8.615%.
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Source: FIN24
Nigerians Abroad, Biggest Investors in Nigeria- Dabiri
August 21, 2013--Nigerians abroad have been identified as the biggest investors into the country's economy, which is seen as one of the fastest growing in Africa.
The chairman, House of Representatives Committee on Diaspora, Hon. Abike Dabiri-Erewa disclosed this at the just concluded Nigerian Diaspora Direct Investment Summit in London where she urged the Nigerian government to ensure that Nigerians abroad are given the necessary support needed to have a smooth inter-business transactions in their various countries of abode.
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Source: AllAfrica.com
