rand

Rand under strain as strikes drag on

JOHANNESBURG (Reuters) – South Africa’s rand was under pressure on Tuesday, tracking weaker Asian currencies due to political uncertainty in that region, while investors are increasingly worried about the impact of a protracted platinum sector strike on the local economy. The rand was trading at 10.4125 versus the dollar by 0720 GMT, down 0.57 percent from … Read more

Striking miners chant slogans as they march to Lonmin's head quarters in Johannesburg, April 3, 2014. REUTERS/Siphiwe Sibeko

Lonmin fires over 200 striking essential workers

JOHANNESBURG (Reuters) – South Africa’s Lonmin has dismissed 235 essential services workers who were on an unsanctioned strike and defied orders to return to their jobs, the Business Report newspaper reported on Tuesday. The newspaper quoted Lonmin spokesman Happy Nkhoma as saying the workers embarked on the boycott on Jan. 23, when members of the Association ofMineworkers and Construction Union (AMCU) went on … Read more

Reunert interim results – 8% decrease in normalised HEPS

Reunert was most recently in the spotlight after announcing that its subsidiary, Nashua Mobile would be selling its subscriber base. Today Reunert has announced its interim trading results, the group is trading just 0.27% up on the year and is currently offering a PE ratio 11.92. Highlights Normalised headline EPS from group, including nashua mobile, … Read more

PPC

PPC reports 50% increase in HEPS

PPC, the cement producing giant has released its interim results today, PPC currently boasts a market cap of just under R20 billion. PPC shares have gained 6.02% on the year, and have a seen erratic movement over the last 3 years. Today PPC is trading at a PE ratio of 18.41, with a dividend yield … Read more

DA Nkandla SMS appeal: why the judgment should be welcomed

[box]This piece by Dario Milo @Dariomilo and Ben Wink @BenWinks was published first on Milo’s blog, Musings on Media[/box] On the very eve of democratic South Africa’s fifth general election, the Electoral Court delivered a landmark judgment on the rules of electoral engagement, setting a standard for the way political parties express themselves in future elections. … Read more

Warren Buffett

Buffett: teach kids financial literacy to spark entrepreneurship

By Luciana Lopez NEW YORK, May 19 (Reuters) – Billionaire investor Warren Buffett has a double life – as a cartoon character. In his “Secret Millionaires Club,” an animated series online and on television, Buffett teaches a group of kids about financial literacy and entrepreneurship. In real life, the club includes an annual “Grow Your … Read more

President of South Africa's Association of Mine workers and Construction Union (AMCU) Joseph Mathunjwa addresses striking mine workers before the workers submitted a memorandum at Impala Platinum Holdings Ltd offices in Johannesburg March 27, 2014. REUTERS/Siphiwe Sibeko

Platinum extends gains on strikes; gold firm

SINGAPORE, May 20 (Reuters) – Platinum extended gains to a second session on Tuesday as labour strikes at top producer South Africa continued into a 17th week, disrupting supply of about 40 percent of global output. Gold held below $1,300 an ounce as a lack of major economic data and significant developments in geopolitical tensions … Read more

Vodacom prices Neotel deal at $676m

By Helen Nyambura-Mwaura JOHANNESBURG (Reuters) – South African mobile operator Vodacom Group said on Monday it had reached an agreement to buy unlisted telecoms firm Neotel in a deal worth 7 billion rand ($676 million) although it would not assume any of the company’s debt. Neotel, majority-owned by India’s Tata Communications, is South Africa’s second-biggest fixed-line phone operator and gives Vodacom … Read more

Lonmin workers on strike listen to President of South Africa's Association of Mine workers and Construction Union (AMCU) Joseph Mathunjwa (not in picture) as he delivers his speech at the Wonderkop stadium in Nkaneng township outside the Lonmin mine in Rustenburg May 14, 2014. The president urged its members on Wednesday to remain united and strong in the face of efforts by the three major platinum companies to force miners to end a 16-week stoppage. REUTERS/Siphiwe Sibeko

Platinum producer Lonmin says strikes cut third of annual output

LONDON/JOHANNESBURG (Reuters) – South African platinum producer Lonmin said on Monday it had lost a third of its annual production due to a mining strike over wages that is entering its 17th week. South Africa’s longest and costliest mining strike has turned violent this month, with four miners killed as more employees try to report for … Read more