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Cosatu charters new growth path for economy
September 14, 2010--Government should tax the "super rich" and play a more "aggressive role" in the economy, the Congress of SA Trade Unions (Cosatu) suggested in its new growth path for South Africa.
Cosatu general secretary Zwelinzima Vavi said on Tuesday South Africa was in crisis, and a new growth path was needed to rescue
the country's "dysfunctional" economy.
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Source: FIN24
EU-Africa meeting to secure energy for Africa by 2020
September 14, 2010--- African ministers and EU representatives kicked off a new energy partnership Tuesday, with the aim to secure renewable energy supplies for Africa by 2020.
"Today is the starting point for the Africa-EU cooperation programme on renewable energies," Austrian Foreign Minister Michael Spindelegger, who hosted the Vienna meeting, said at the opening.
"Our goal is clear -- to provide by 2020 access to modern energy supplies for some 100 million people in Africa, to improve cross-border interconnectivity in the electricity supply and to improve energy efficiency," he said.
view Africa-Europe Energy Partnership (AEEP)
Source: EUbusiness
Bonds quiet after rate cut
September 10, 2010--After firming sharply following the 50 basis point cut in the repo rate to 6.0% on Thursday, South African bonds were quiet on Friday morning. With no local data due today, a fairly quiet end to the week is expected.
By 08:30 the benchmark R157 bond was at 7.100% from 7.110% at its close on Thursday, while the R207 was bid at 7.805% from 7.800% at its previous close. The R186 was untraded after closing at 7.805%.
The rand was bid at R7.2020 to the dollar from R7.2070 at its previous close.
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Source: FIN24
JSE up slightly in quiet trade
September 10, 2010--The JSE was a fraction firmer in early trade on Friday despite the strong rand, which tends to weigh on heavyweight resources counters and other rand-hedge stocks.
By 09:23 local time the JSE all share index had added 0.05%, with platinum miners up 0.14%. But both gold miners and resources were flat - down just 0.03%. Banks gained 0.30%, financials rose 0.17% and industrials were 0.06% higher.
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Source: FIN24
Rand eyes R7.15 vs dollar
September 10, 2010--The rand maintained its firm bias in midday trade on Friday, eying a key technical level of R7.15 against the dollar. Volumes were however low, said a local dealer.
At 11:33 local time the rand was bid at R7.1875 to the dollar from R7.2070 at the previous close. It was bid at R9.1400 to the euro from R9.1503 before and at R11.0783 against sterling from R11.1162 at its previous close.
The euro was bid at $1.2729 from $1.2695 overnight.
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Source: FIN24
No major intervention to ease rand
September 7, 2010--South Africa's international reserves edged higher in August, mainly driven by a rise in the forward position and suggesting the central bank had not sold currencies aggressively to ease the rand's gains.
Data posted on the Reserve Bank's website on Tuesday showed net gold and foreign exchange reserves stood at $39.178bn at the end of August from $38.665bn in July. Gross reserves dipped to $43.133bn in August from $43.159bn.
Foreign currency reserves fell $259m to $35.464bn while gold reserves increased by $255m to $4.97bn.
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Source: FIN24
Africa offers Middle East investors growth opportunities
September 7, 2010--Middle East based firms have traditionally been some of the key investors into Africa and despite a plethora of taxes, and the global downturn, the continent continues to offer companies strong growth potential, according to PricewaterhouseCoopers (PwC), the leading international professional services organisation.
Being the second largest and third most populous continent after Asia, with an estimated population of one billion, Africa has a large and untapped consumer base.
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Source: AME Info
South Africa issues draft responsible investing code for institutions
September 6, 2010--A panel chaired by John Oliphant, investment head at South Africa’s R700bn (€75.4bn) Government Employees’ Pension Fund (GEPF), has issued a draft code on responsible investment for the country’s institutional investors.
The Committee on Responsible Investing by Institutional Investors in South Africa, which comprises various institutional investors, asset managers and other bodies, has issued the eight-page document for public comment by the end of October.
The new code aims to build on the United Nations Principles for Responsible Investment and ensure that institutions actually implement environmental social and governance (ESG) policies.
Like South Africa’s King Report on Corporate Governance (King III), the new code is based on a set of “apply or explain” principles. Oliphant said: “Responsible investing and corporate governance guidelines in South Africa are largely voluntary. The code aims to put in place the checks and balances needed to make this voluntary framework successful.” He said the draft code consists of “simple, yet powerful, voluntary principles that encourage...
view the DRAFT CODE FOR RESPONSIBLE INVESTING BY INSTITUTIONAL INVESTORS IN SOUTH AFRICA
Source: Responsible Investor
Bonds firmer on rand
September 3, 2010-- South African bonds were firmer in midday play on Friday, on the back of a slightly firmer rand.
US jobs data due later in the day is likely to determine the dollar's - and hence the rand's - direction going into the weekend.
By 11:50 the benchmark R157 bond was bid at 7.240% from 7.265% at its close on Thursday. The benchmark R207 was bid at 7.935% from 7.955%, while the R186 was bid at 8.010% from 8.030%.
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Source: FIN24
JSE rises as risk appetite returns
September 3, 2010-- The JSE posted modest gains on Friday as risk appetite returned, with foreign investors buying local equities again encouraged by upbeat global economic data.
But with US markets closing for the Labour Day holiday on Monday, investors weren't as committed as usual as was reflected in the light trading volumes today, an equity trader said.
By 17:00 local time the JSE all share index rose 0.37%, with resources 0.39% higher. But platinum miners lost 0.66% and gold miners fell 0.39%.
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Source: FIN24
