Strong start to 2009 for Standard Chartered

Standard Chartered has started the year strongly, but faces more challenges as the world economy struggles through its worst downturn in decades.

Old Mutual: Nedbank sale is market speculation

Old Mutual has declined to comment on a weekend report that it is planning to offload its 53% holding in South Africa's Nedbank.

SA banks in good shape

Global markets and the JSE continued to clock up losses with the All Share Index now below levels seen two years ago.

Will foreign companies stay the course in Zimbabwe?

British companies doing business in Zimbabwe must find the noise from their government and the international community disconcerting.

The big firms that prop up Zim

Last month British Prime Minister Gordon Brown urged British companies to stop investing in Zimbabwe, saying his government was preparing sanctions.

Mugabe warns business to get on side

President Robert Mugabe rejected fresh calls for economic reform at a rare meeting with the heads of Zimbabwe’s largest business groups this week.

PPI jumps, points to possible big rate rise

South Africa's producer price inflation (PPI) accelerated unexpectedly to 12,4% year-on-year in April, increasing the possibility of a bigger than previously expected interest-rate hike in June. Statistics South Africa said on Thursday headline PPI -- which represents domestic output -- accelerated from an upwardly revised 11,9% in March.

MTN: No 'specific proposal' for takeover

South African mobile services operator MTN said on Friday that it had not received any "specific proposal" from any company regarding a takeover of the company. MTN was responding to a report that India's Bharti Airtel is considering a bid for the company.

FTSE dips as US recession fears offset oils

Britain's FTSE 100 index dipped by mid-session on Monday as concerns of a looming United States recession offset gains in oil shares, HSBC and potential bid target Friend Provident. By 1201pm GMT, the FTSE 100 was down 6,6 points at 5 693,3, well off its day's high of 5 718,8.

Inflation surge boosts rate-hike chances

South Africa's consumer inflation, which jumped unexpectedly in January, raised the risk of further monetary tightening despite worries over slowing economic growth. Statistics South Africa said on Wednesday that targeted CPIX (consumer inflation less mortgage costs) stood at 8,8% year-on-year in January compared with 8,6% in December.

South Africa records strong growth for 2007

South Africa's economic growth jumped unexpectedly in the fourth quarter of 2007, keeping expansion for the year near a two-decade record at 5,1% as buoyant corporates outweighed slower consumer spending. Africa's biggest economy has remained resilient despite higher interest rates, although growth is likely to slow in 2008.

Govt: No investment threat from power cuts

South Africa's crippling power crisis will not put off investors nor limit its ability to stage the 2010 Soccer World Cup, Public Enterprises Minister Alec Erwin said on Wednesday. Rolling power cuts have plagued homes, businesses and the mining industry in South Africa for weeks and are likely to continue for about five years, according to state power utility Eskom.

Kenya opposition to resume mass action

Kenya's opposition said on Friday it planned to restart protests across the East African nation against President Mwai Kibaki's disputed re-election after the failure of African Union mediation. Kibaki's government has made clear it will not tolerate opposition marches. Previous protests have led to bloody clashes between opposition supporters and security forces.

Fears that Kenya chaos could halt economic boom

The bitter dispute over the Kenyan presidency could have long-lasting economic repercussions, observers warn, fearing that financial turmoil could quickly derail an, until now, booming economy. Considered an investor-friendly haven of relative stability on its way to becoming an "African Tiger", Kenya is experiencing its worst political unrest in 25 years.

SA inflation jumps, backs rate rise

South African consumer inflation raced further away from the central bank's band in November, backing the case for another interest rate rise, despite a slowdown in retail sales. The targeted CPIX gauge -- which strips out mortgage costs -- jumped to 7,9% year-on-year from 7,3% in October.

ANC race stirs economic concerns

South Africa's economic boom looks set to persist but concerns linger over the direction of policy after the crucial African National Congress (ANC) conference, which seems likely to choose Jacob Zuma as the ruling party's new leader. Economic growth jumped to 5,4% in 2006 -- its fastest rate since 1981 -- and wealth is spreading to a burgeoning black middle class.

Dollar hits fresh record low against euro

The dollar hit a new record low against the euro on Friday in a market worried over lower forecasts for United States growth, dealers said. Europe's single currency struck a new record peak of $1,4922 in morning Asian trade, up from the previous record of $1,4875 reached on Thursday. The unit was created in 1999.

Dollar slumps to fresh low against euro

The dollar struck a new all-time low against the euro on Friday as technical factors offset positive United States jobs data, dealers said. In European trade, the euro rose to a record $1,4525. It later fell back to $1,4484, compared with $1,4422 in New York late on Thursday.

PPI figure 'in line with market expectations'

South Africa's producer price index (PPI) rose by 9,4% year-on-year (y/y) in September, unchanged from August, Statistics South Africa data on Thursday showed. The PPI declined 0,7% on a monthly basis after August's monthly increase of 0,7%. PPI was at 9% y/y a year ago.

Northern Rock chairperson to resign

Britain's Northern Rock on Friday announced the resignation of chairperson Matt Ridley following a turbulent period at the crisis-hit bank. He will be succeeded by Bryan Sanderson, a former chairperson at British-based emerging markets bank Standard Chartered and healthcare firm Bupa, the company said in a statement.

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