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South African mine wage demands roil shares, rand JOHANNESBURG: Big wage hikes demanded by the government-allied trade union in South Africa's coal and gold industries helped push the rand to a four-year low on Monday, highlighting the ripple effect of the prospect of more turmoil in the industry.The National Union of Mineworkers' (NUM) call for pay rises of up to 60 percent in a submission to the Chamber of Mines seen by Reuters on Sunday rattled mining investors after wildcat strikes at platinum and gold mines killed 50 people and cost billions in lost output last year.Employers and workers are squaring off for next month's salary bargaining period against a backdrop of high inflation and shrinking company margins in Africa's largest economy due to soaring costs and sinking commodity prices.This is making South Africa vulnerable, said George Glynos, managing director at financial consultancy ETM Analytics."Commodity prices are retreating, you have wage negotiations which look like they are turning ...

Nigeria says switching to foreign debt to lower costs LAGOS: Nigeria will increase the amount it borrows overseas to around 40 percent of all debt over the next three to five years, from 12 percent currently, to lower its funding costs, the head of the debt office said on Monday.DMO Director General, Abraham Nwankwo, said he expected Nigeria's debt to GDP ratio to fall to 17 percent over the same period from 21 percent, as Africa's second-biggest economy switches into cheaper foreign debt.The move ...
Improving rains boost optimism for strong I.Coast cocoa ABIDJAN: Increased rainfall and abundant sunshine across most of Ivory Coast's main growing regions have increased optimism among growers following a turbulent start to mid-crop harvesting, farmers and analysts said on Monday.While the majority of traders and exporters expect an abundant April-to-September mid-crop, harvesting got off to a slow start after dry, hot conditions at the beginning of the year caused many flowers and small pods to wither on the trees.Farmers and exporters complained last ...
Boosting Ethiopia's economy, one shoe at a time ADDIS ABABA: For Bethlehem Tilahun, the answer to ending poverty in Africa is not aid or sympathy or donations from the West. It's shoes.Specifically, building a successful shoe manufacturing business that creates jobs, empowers employees, like the one she founded SoleRebels, the first ever global footwear company to come out of a developing country."You don't build your economy based on aid, you want to build your economy based on the way SoleRebels built its business, ...
Zimbabwe's top rights lawyer won't relent JOHANNESBURG: As Zimbabwe approaches watershed elections, a renowned lawyer at the forefront of defending human rights activists, vowed never to give up even after her own arrest earlier this year.Beatrice Mtetwa spoke to journalists in Johannesburg Friday at the screening there of a film about her fight for the rule of law in Zimbabwe.Mtetwa was arrested in March when she went to represent clients during a raid of Prime Minister Morgan Tsvangirai's office. But she ...
Armed Tuareg, Arab groups clash in northern Mali BAMAKO: Fighting has broken out in northern Mali between Tuareg separatists and local Arab-led gunmen, only days after the African country won a $4.2 billion aid pledge to help it recover from a conflict with rebels affiliated to al Qaeda.Rebel and military sources both confirmed the clashes, although they differed over precisely which groups were involved.The violence highlights how pockets of fighters who escaped a four-month French-led offensive against the al Qaeda-linked militants in the ...
Armed groups bomb Libyan military posts in Benghazi BENGHAZI: Armed groups attacked military posts in Libya's second city Benghazi with bombs and a rocket-propelled grenade, an army commander said on Saturday.Nearly two years after the uprising that ended Muammar Gaddafi's 42-year rule, the government still exerts little control over the armed brigades that helped overthrow him.Oil-producer Libya is largely split into fiefdoms of such brigades that are competing for influence.No one was hurt in the four overnight attacks on three Benghazi army posts, ...

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyMay
Trade Balance $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJune 25, 2015
Reserves $17.457 bln