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Leveraging Migration for Africa: Remittances, Skills and Investments
March 30, 2011-- With about 30 million Africans living outside their home countries, migration is a vital lifeline for the continent. Yet African governments need to do more to realize the full economic benefits of the phenomenon, says a new report by the African Development Bank and the World Bank.
The report, Leveraging Migration for Africa: Remittances, Skills, and Investments, presents data from new surveys. The report finds evidence that suggest migration and remittances reduce poverty in the origin communities. Remittances lead to increased investments in health, education, and housing in Africa. Diasporas also provide capital, trade, knowledge, and technology transfers.
“Migration pressures will only rise in the future as a result of demographic changes of rising population in Africa and falling labor forces in Europe and many developed countries,” said Hans Timmer, director of development prospects at the World Bank. “Therefore, adapting policy responses to demographic forces and crafting multilateral arrangements for managing future migration is essential.”
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Source: World Bank
Bonds remain weak in late trade
March 30, 2011--South African bonds were still weak in late trade on Wednesday as comments made by SA Reserve Bank (Sarb) governor Gill Marcus continued to weigh on the market.
a speech on Monday evening, Marcus pointed to the potential upside risks to inflation emanating from high oil and food prices.
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Source: FIN24
Marcus, gold bolster rand
March 30, 2011--The rand firmed to its strongest level in more than two months on Wednesday, partly on hawkish comments by central bank governor Gill Marcus.
The unit was at R6.8120/$ in late afternoon trade after firming to R6.81, its firmest since mid-January. It closed at R6.8505/$ in New York on Tuesday.
Also supporting the rand was the higher gold price
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Source: FIN24
JSE rallies as mood keeps improving
March 30, 2011--The JSE experienced a broad rally on Wednesday as positive sentiments filtered through, while investors set aside recent gloomy news about the euro zone, Japan, the Middle East and north Africa.
Kevin Algeo, portfolio manager at Imara SP Reid, said a combination of the absence of negative news and upbeat corporate earnings in SA and abroad boded well for the market.
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Source: FIN24
Global stocks fail to deter JSE
March 29, 2011--The JSE finished on a stronger note on Tuesday, with the local bourse defying the downward European trend.
Gold and banking counters led the market higher, Andrew Todd, an equity derivatives trader at Imara SP Reid, said. MTN [JSE:MTN] also made solid gains after going ex-dividend yesterday.
Bonds tad weaker in lacklustre trade
By 16:12, the benchmark R157 bond was unchanged at 7.750% from its previous close, while the R207 was yielding 8.645% from 8.610% previously. The R186 was bid at 8.955% from its previous close of 8.920%.
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African Bank fund for green energy read more
SA pledges to meet green energy targets read more
Ex-dividend shares weigh on JSE read more
Bonds weaker in late trade The rand was bid at 6.8665 to the dollar from its previous close of 6.8450. read more
Source: FIN24
March 29, 2011--South African bonds were softer in moribund trade late Tuesday with little in the way of market-moving news to ignite them.
Dealers described trade as exceptionally quiet.
Source: FIN24
March 29, 2011--The African Development Bank (AfDB) has established a $57m fund for renewable energy projects across the continent, the bank's chief sector specialist said on Tuesday.
The Denmark-backed Sustainable Energy Fund for Africa joins two other similar green energy funds in the region worth $6bn being run by the AfDB and twelve non-African donor countries.
Source: FIN24
March 29, 2011-- South Africa will accelerate its renewable energy programme to meet a target of producing 10 000 gigawatt hours by 2013, an energy official said on Tuesday.
South Africa is struggling to meet fast-rising demand for power. State-owned utility Eskom has said supply would remain tight until 2015, and especially over the next two years.
Source: FIN24
March 28, 2011-The JSE ended lower on Monday as some of the Top 40 - (Tradeable) [JSE:J200] shares, such as MTN Group [JSE:MTN], Anglo American [JSE:AGL], The Bidvest Group [JSE:BVT] and FirstRand [JSE:FSR], went ex-dividend.
At its close, the JSE All Share [JSE:J203] index fell 0.69%, with gold counters dropping 1.12%, platinum miners sliding 2.58% and resources shedding 1.05%. Industrials fell 0.70% and banks lost 0.20%, while financials were flat (-0.09%).
Source: FIN24
March 28, 2011--South African bonds were a bit weaker in quiet lacklustre trade late on Monday, mainly on the back of a softer local currency
By 15:50, the benchmark R157 bond was trading at 7.750% from its previous close of 7.745%, while the R207 was trading at 8.000% from its previous close of 8.605%. The R186 was trading at 8.915% from its previous close of 8.900%.
Source: FIN24
