The central banks of South Africa and the United States are expected to hike key interest rates this week following on from the European Central Bank’s recent decision to hike its interest rate by 75 basis points. SA Reserve Bank to hike rates again this week to contain inflation, support rand – Daily Maverick It’s …
SARB, Fed to hike interest rates by as much as 75 bps Read More »
Dutch businessman Ben van Beurden will relinquish his job as Dutch oil company Shell’s chief executive by the end of the year. He will make way for Lebanese-Canadian Wael Sawan, who has been serving as the company’s gas and renewables chief. Van Beurden has been with Shell for 39 years and has served the past …
Shell CEO to step down after nearly 10 years in the job Read More »
While Instagram continues to mould itself to look more and more like social media phenomenon TikTok, internal memos suggest the shift to short-form video content hasn’t translated to an increase in users and worse still, current users aren’t even making use of the feature. The Wall Street Journal reported that it has seen copies of …
Internal report shows Instagram is failing to attract TikTok users Read More »
Eve Jobs, the youngest daughter of Apple co-founder Steve Jobs, recently took to her Instagram to mock the new iPhone 14. The youngest of the Jobs clan shared a humorous meme depicting the latest iPhone as being no different from its predecessor, iPhone 13. While Jobs’ daughter may not like the new iPhone, consumers are betting …
Steve Jobs’ daughter mocks the new iPhone but pre-orders send Apple shares climbing Read More »
When the Fed raises interest rates to combat inflation, it usually is bad news for emerging markets, since it increases debt burden and put pressure on the local currency, according to a research paper from the Federal Reserve. And the situation could deteriorate further with high public and private debt, foreign exchange exposures, and lower …
Fed’s rate increase may spell bad news for emerging market Read More »
The SARB has raised interest rates by 25bps, inline with the markets expectations and the new repo rate will be at 4.25%. The SARB’s inflation outlook remains higher due to further supply shocks and increased food and energy costs. The rand is currently trading R14.72 and little moved after the announcement. More to follow.
The South African CPI printed at 5.7% YoY coming in slightly lower than the expected number of 5.8%. The Rand hardly reacted to the number and is currently still holding firm at R 14.82/$. More to follow.
South Africa’s third-quarter GDP (measured by production) contracted by 1.5% following a 1.2% expansion in the second quarter and 1.0% growth in the first quarter of 2021, underlining the damage the riots in July had on the economy. The country’s two largest provinces by contribution to gross domestic product – KwaZulu-Natal and Gauteng – were …
Quick Take: SA third-quarter GDP contracts 1.5% on July riots, rand drops Read More »
The fat cats have a new game. And the world’s hungry are the pawns. Elon Musk, who is now three times richer than Warren Buffett and worth more than the entire GDP of South Africa, has been challenged on his tweet that he would sell Tesla stock and give the money right now if the UN’s World Food …
While you were asleep: When fat cats toy with the hungry… Read More »
The JSE succumbed to profit-taking, closing down 0.63% at 68,156.21 points after initially tracking global markets higher on the back of the Federal Reserve’s plan to scale back its bond buying programme. Among the biggest losers were yesterday’s heavyweight winners Renergen (-6.16%), Prosus (-2.78%), Naspers (-2.35%) and Anglo American (–3.32%). ABInbev lost 3.43%. Renewable energy …
Market wrap: JSE reverses early gains as investors take profits Read More »
