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Mining company Trans Hex has released its full year results for the period ended, 31 March 2014. The group holds a current market cap of R402.9 million, and is trading 13.43% up on the year. Financial Headlines Sales revenue amounted to R695,7 million (2013: R751,3 million) Group loss after tax from continuing operations was R5,1 … Read more
CAPE TOWN/JOHANNESBURG (Reuters) – South Africa’s leading platinum producers dismissed claims of tax evasion made by a union negotiator, with Anglo American Platinum, the biggest of the three, threatening legal action if they continued. Association of Mineworkers and Construction Union (AMCU) negotiator Brian Ashley made the allegations against Amplats, Impala Platinum and Lonmin as a strike by around 70,000 AMCU workers … Read more
JOHANNESBURG (Reuters) – The chief executive of South Africa’s government pension fund has resigned, the fund said on Friday, after three years at the helm of the continent’s largest and most influential asset manager. Elias Masilela will formally resign on June 30, but will take his outstanding leave with immediate effect, the Public Investment Corporation (PIC) said in a statement. … Read more
JOHANNESBURG (Reuters) – South Africa’s trade deficit widened to 13.03 billion rand ($1.3 billion) in April from 11.39 billion rand in March, data from the South African Revenue Service showed on Friday. Exports in April fell 2.6 percent to 77.42 billion rand, while imports decreased by 1 percent to 90.45 billion rand. The latest data brings the cumulative … Read more
JOHANNESBURG (Reuters) – Shares of struggling South African lender African Bank Investments tumbled nearly 5 percent on Friday after Moody’s cut its international debt rating to “junk” status on concerns about its spiralling bad loans. Abil, as the bank is known, has been hammered as its target market of low-income borrowers have been squeezed by … Read more
By Jan Harvey LONDON (Reuters) – Platinum prices, undisturbed by a South African mine strike now in its fifth month, could soon begin to rise as the metal stocks built up by producers in anticipation of the strike finally run low. While market watchers estimate that the strike – the longest and costliest in South … Read more
JOHANNESBURG (Reuters) – Growth in credit demand from South Africa’s private sector slowed to 8.27 percent year-on-year in April from a revised 8.73 percent in March, data from the Reserve Bank showed on Friday. Expansion in the broadly defined M3 measure of money supply also braked to 6.98 percent in April from 7.86 percent the previous … Read more
JOHANNESBURG (Reuters) – A federation of companies in South Africa’s metal and engineering sector said wage talks with unions deadlocked on Thursday, raising the threat of a strike by almost 200,000 workers. Three employer organisations declared a dispute with the country’s largest union, the National Union of Metalworkers of South Africa (NUMSA), the United Association of South Africa (UASA) and two smaller … Read more
JOHANNESBURG (Reuters) – South Africa’s rand was softer against the dollar on Friday, shedding a couple of cents after central bank data showed a slowdown in private sector credit extension, suggesting there might not be scope for more interest rate hikes this year. The rand could later extend losses if April trade numbers due out at … Read more
(Reuters) – South Africa’s third-largest apparel retailer Foschini Group beat forecasts with a slight 6 percent rise in full-year profit on Thursday as debt-laden shoppers chased after its budget-friendly but low-margin merchandise. Foschini, which also sells jewellery and furniture, said diluted headline earnings per share totalled 903 cents in the year to end-March, a touch above … Read more