Middle East & Africa
Thursday, 16 May 2013 19:37
24
JOHANNESBURG: Miners at South Africa's Anglo American Platinum will strike from Thursday evening over proposed job cuts, a union official said, driving its shares lower and sending the rand to a four-year low."The night shift today is not going underground, and also the day shift tomorrow is not going to work," said the branch official of the AMCU union, who did not want to be identified. He could not say how long the action might last.Amplats, an arm of Anglo American and the world's biggest platinum producer, said last week it would cut 6,000 jobs from its mines near Rustenburg, less than an initial plan to slash 14,000 that had triggered outrage in the government and unions.Still the Association of Mineworkers and Construction Union (AMCU), whose sudden emergence last year has roiled South Africa's mining industry, vowed to take action.Months of violent labour unrest in the mining sector last year, ...
JOHANNESBURG: South Africa's rand was on the back foot against the dollar on Monday and bonds also weakened on worries that job cuts in the mining sector could spark a repeat of last year's violent strikes which dented investor sentiment.The yield on the benchmark 2026 government bond was up 6 basis points at 6.735 percent while the 2015 issue added 4 basis points 5.04 percent.The rand briefly flirted with 9.1555, its weakest level in more ...
NAIROBI: The Kenyan shilling slipped on Friday on corporates buying dollars, but traders said they expected the currency to firm next week on continued foreign investor flows into local shares.At 0859 GMT, commercial banks quoted the shilling at 83.75/95 per dollar, weaker than Thursday's close of 83.60/80."There is a bit of corporate demand for dollars. They feel the shilling gains have bottomed out at 83.60," said Sheikh Mehran, a senior trader at Kenya Commercial Bank.Some ...
JOHANNESBURG: South Africa's rand edged lower against the dollar on Monday amid thin trade due to holidays in Britain and Japan and a slightly weaker euro.The rand was at 9.0210 to the dollar at 1444 GMT, down 1.2 percent from Friday's New York close. "It's a mixture of a thin holiday market and the euro has come off a little bit," said Rand Merchant Bank trader Jim Bryson.The euro slipped on Monday after business surveys ...
JOHANNESBURG: South Africa's rand fell against the dollar on Thursday on softening precious metal prices, erasing modest gains made earlier in the week.The rand was at 9.0425 to the dollar at 0632 GMT, 0.8 percent weaker than its close in New York on Tuesday. The market was closed on Wednesday for a public holiday.Data released on Tuesday showing a narrower-than-expected trade deficit in March bolstered the rand but a fall in commodities prices put it ...
JOHANNESBURG: South Africa's rand traded little changed from overnight closing levels against the dollar on Tuesday although it retreated slightly after central bank data showed a slowdown in private sector credit extension.Trade data due out later in the day could add pressure on the currency if it shows a wider-than-expected trade deficit for March.The rand was at 8.9950 per dollar by 0633 GMT, down just 0.06 percent from Monday's close at 8.99.The currency gave up ...
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