SA Business

The rand clawed back some ground against the dollar after threatening the R14.40-level in early trade on Monday morning, consolidating to last trade around R14.23 against the greenback. The rand was helped by the US dollar, also rebounding from the lows of this morning, reports TreasuryONE. “It seems that the local unit is currently joined …

Markets Wrap: Rand rebounds; Dow and S&P 500 up as sentiment shifts to riskier assets Read More »

Brenda Mokoena made around R1.6 million in payments for the struggling Kusile Power Plant Project at Eskom during her tenure as contracts manager within the group capital division, reports News 24. Mokoena was part of a rogue group of employees within the Eskom group capital division that benefited from illicit payments procured through Kusile contractors. …

Another former Eskom exec exposed Read More »

As stock markets are still feeling the brunt from the Federal Reserve’s hawkish tone on interest rates, an expected rise in inflation of 5.2% in May in South Africa this week could signal a local increase in interest rates sooner rather than later. This may be good news for the rand, at least in the …

While you were asleep: To raise or not to raise interest rates Read More »

The South African rand is now firmly on the back foot, trading at R14.25 to the US dollar after a rampant day for the greenback, which is still basking in the Federal Reserve’s hawkish tone on interest rates earlier this week. “We have seen all the emerging market currencies taking a pounding as the US …

Markets wrap: Commodities, rand bleed after yet another rampant day for the US dollar Read More »

Capitec, South Africa’s largest bank by customer numbers, said on Friday it expects a dramatic surge of 500% in headline earnings per share to more than 3 372 cents in the half-year to end-August 2021 from 562c per share reported in the previous comparable period. Earnings per share are seen to be more than 3 …

Capitec expects profits to surge 500% Read More »

Shares in Spar Group jumped almost 3% in early trade on Friday after the company announced that JPMorgan has acquired a beneficial interest in the retailer through various of its subsidiaries. “Following the acquisition, JPMorgan now holds 5.23% of the total issued ordinary share capital of the company,” Spar said in a note to shareholders. …

Spar shares jump as JPMorgan ups stake in retailer Read More »

In the News24 Friday Briefing, the outlet has included multiple pieces on the failures of journalism in properly scrutinising the Tembisa 10 story, which has taken many twists and turns since it first came to light. It’s worth reading the various opinions offered up by News24, though you’ll need to fork out a little cash …

Opinions of the day: When journalism fails Read More »

While investors pushed most Asian markets higher this morning on easing concerns about runaway inflation and an overheating US economy, one man lost more money this week than anyone else in the world. Where just days ago he was closing the gap to become India’s richest man, billionaire Gautam Adani saw his dream of running …

While you were asleep: How one man lost $13bn in just four days Read More »

The rand remained on the back foot, losing more than 2% against the US dollar on Thursday following the Federal Reserve’s hawkish stance on interest rates. Other emerging market currencies like the Mexican peso and Turkish lira suffered the same fate, along with gold, platinum and palladium. We are now trading in a fairly oversold …

Markets Wrap: Strong dollar pounds rand; palladium leads commodities selloff Read More »

The JSE and the South African rand weren’t spared as the US Federal Reserve’s new outlook for interest rates boosted the dollar and sent shock waves through emerging markets. By 12:50, the rand was trading down 2.82% at R14.15 against the dollar, while the JSE All Share and JSE Top 40 indices recuperated some of their earlier …

Rand, gold suffer in wake of US Fed’s interest rate signals Read More »