South Africa’s net reserves rise

From Reuters JOHANNESBURG (Reuters) – South Africa‘s net gold and foreign exchange reserves beat expectations in February, rising to $45.337 billion from $44.918 billion in January, Reserve Bank data showed on Friday. Gross reserves also rose, to $50.137 billion at the end of February, from $49.350 billion in January and against market expectations for an increase … Read more

Sun International buying into GPI pokies

Entrepreneur Hassen Adams of Grand Parade Investments is negotiating to strengthen his ties to Sun International (SI). They are partners in Cape Town’s Grand West, the country’s most profitable casino. They published a joint SENS cautionary warning of  “negotiations regarding the possible acquisition by Sun International of a material interest in GPI Slots.” GPI’s Slots, … Read more

China bond default prompts fund raising delays

From Reuters: The threat of China’s first domestic bond default has prompted Suining Chuanzhong Economic Technology Development to delay a one billion yuan ($164 million) debt issue and two other companies have halted deals blaming market volatility. The postponements were announced after loss-making Chinese solar equipment maker Shanghai Chaori Solar Energy Science and Technology Co Ltd warned it could not … Read more

Bitcoin ‘father’ denies ties, in LA car chase

From Reuters: A Japanese American man thought to be the reclusive multi-millionaire father of Bitcoin emerged from a modest Southern California home and denied involvement with the digital currency before leading reporters on a freeway car chase to the local headquarters of the Associated Press. Satoshi Nakamoto, a name known to legions of bitcoin traders, practitioners and boosters around the world, … Read more

Obama orders sanctions against Russian over Ukraine

President Barack Obama on Thursday ordered sanctions on people responsible for Moscow’s military intervention in Ukraine’s Crimea Peninsula, including travel bans and freezing of their U.S. assets, and said a referendum by the region to join Russia would violate international law. U.S. officials said a list of people targeted by the sanctions had not yet been drawn up but that Russian … Read more

AMCU marches, no end to platinum strike

From Reuters: Thousands of South African platinum miners from the AMCU union marched through Pretoria on Thursday to protest what it says are state and company efforts to break its six-week old wage strike against the world’s three top producers of the precious metal. Clad in their trademark green shirts, the Association of Mineworkers and Construction … Read more

Telkom, MTN in talks over network sharing

From Reuters: South African fixed-line phone operator Telkom SA SOC Ltd said on Thursday it is in talks with MTN Group about sharing each others networks, a move that could save both firms money. Telkom, under Chief Executive Sipho Maseko, is in the middle of a turnaround plan that include selling underperforming assets, slashing jobs and finding … Read more

Reuters

Aspen reports rise in profits on overseas business

From Reuters JOHANNESBURG (Reuters) – South African generic drug maker Aspen Pharmacare reported a 23 percent increase in first-half profit on Thursday, boosted by robust performance from its overseas business. Africa‘s biggest maker of generics said diluted normalised headline EPS totalled 468.1 cents in the six months to end-December compared with 380 cents a year earlier. Headline … Read more

Expect more power cuts, minister warns

From SAPAStaggered power cuts are likely to continue beyond Thursday, Public Enterprises Minister Malusi Gigaba said. “It is anticipated this emergency will continue until after the evening peak tonight, and we will continue to manage the system,” he told MPs in the National Assembly. Gigaba confirmed that heavy rainfall in Mpumalanga had left the power … Read more

SA does not have energy crisis: Govt minister

From SAPA The wave of power cuts being experienced throughout the country is a temporary setback, Water and Environmental Affairs Minister Edna Molewa said on Thursday. Briefing journalists at Parliament on behalf of Cabinet, Molewa said Eskom had assured government there was adequate energy in the electricity grid. “It is as temporary as temporary can … Read more