SA Business

ArcelorMittal Seeks EU Consent to Buy Gupta’s French Steel Mills

8 Jun 2021

(Bloomberg) — ArcelorMittal SA is seeking approval from European Union regulators after bidding to buy French steel assets from beleaguered tycoon Sanjeev Gupta. The steel giant is planning to buy the majority of the shares in Liberty Steel France Holding SAS, which owns the Ascoval and Hayange plants, according to European Commission documents. The mills …

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SA GDP beats expectations

8 Jun 2021

South Africa’s GDP rose 4.6% quarter-on-quarter in the first three months of 2021, better than the expected 3.2%. Statistics SA reported on Tuesday the economy grew by 1.1% in the first quarter of 2021 (January–March), translating into an annualised growth rate of 4.6%. The finance, mining and trade industries were the main drivers of output …

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SA banks fight back against COVID

8 Jun 2021

While no person, business or organisation was left unaffected by the devastating impact of the COVID-19 pandemic, the FTSE/JSE banks index has seen a steep rise of 53 per cent over the last year and individual bank share prices have also risen, reports Financial Mail. Capitec’s share price has nearly doubled during this time while …

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While you were asleep: Embracing the future of wealth

8 Jun 2021

The future of wealth is here, and Wall Streeters are on the bandwagon. Where before they were “tourists” at the cryptocurrency and in particular Bitcoin conferences, they are now “more engaged and actually participants”, says Ava Labs President John Wu, an attendee at the weekend’s world’s largest Bitcoin conference. But one of the biggest indications …

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Eskom chief dismisses suggestions of a conspiracy against oil supplier – Econ Oil

7 Jun 2021

Andre de Ruyter has rubbished suggestions that there is any conspiracy behind cancelling a tender with Econ Oil worth R14 billion in his first few weeks in the job, reports News24. The power supplier’s chief executive has said that he acted as “any responsible CEO would have” when the tender was cancelled. Eskom is embroiled …

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While you were asleep: From royal babies and techie tax to Gupta grabs and Bitcoin’s wildest investors

7 Jun 2021

From royal babies and a deal that could help countries collect more taxes from big firms to the wings of Gupta highflyers being clipped and the world’s wildest Bitcoin investors, there’s never a dull moment in the news. For market-watchers, the rand is holding firm under R13.50/$, gold is trading under $1,900/oz and so far …

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While you were asleep: Twitterati Elon Musk stirs market again – this time it’s Bitcoin

4 Jun 2021

What’s up with Elon Musk, songs and the market? This week he sent the share price of Samsung Publishing Co. surging after tweeting about the popular kiddie jingle ‘Baby Shark’. This morning it was Bitcoin. With Linkin Park’s ‘In the End’ and a broken heart emoji he caused Bitcoin to lose 3.4%, denting this week’s stabilisation in …

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Elon Musk’s Starlink project gets German subsidies backing

3 Jun 2021

BERLIN (Reuters) – Germany wants to help citizens in rural areas get better access to the world wide web by supporting the purchase of hardware for satellite internet services such as Elon Musk’s Starlink, the transport ministry said on Monday. The planned subsidy scheme will be open to all providers who offer wireless internet connections …

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