Research by retail bank BNP Paribas estimates that unemployment will linger for longer in emerging markets
The finance minister has to close the jaws of the hippo and he’s likely to do this by tightening the country’s belt, again.
Solar and wind farms on shuttered coal mines in Mpumalanga would liberate us from Eskom
Life-changing impacts that benefit the poorest
Leaders of companies who instil purpose and compassion are lauded
Standard Chartered pleaded guilty to currency manipulation (which included the rand) between 2007 and 2013
With investors already on edge over the China-US trade war, the lira’s collapse sparked a sell-off in Europe and New York at the end of last week
Several banks allegedly agreed from at least 2007 to collude on prices for bids in relation to currency trading involving the dollar and rand pairing.
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Consumer Price Inflation exceeded the Reserve Bank’s target band of 3% to 6% for the third time in .
Inflation in Africa’s second biggest economy has bust out of the Reserve Bank’s target band again in May.
The unemployment rate fell to 24.1% or 50 000 according to Statistics South Africa data released on Tuesday.
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/ 22 September 2011
Greece has adopted more austerity measures to secure a bailout instalment, and the IMF warned Europe’s debt crisis is putting banks’ capital at risk.
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/ 12 September 2011
Mounting fears over the possibility of a Greek debt default and signs of division within Europe’s policymaking circles sent bank stocks sharply lower.
A piecemeal ban on short-selling of financial stocks in Europe sparked a rush of alternative proposals from countries and regulators.
Italy’s former central bank governor Antonio Fazio has been sentenced to four years in jail for market-rigging related to a 2005 takeover battle.
Deepening fears about the financial crisis in Europe and doubts about a $700-billion United States rescue sent global stocks plummeting on Monday.
President Thabo Mbeki faces an uphill battle to remain politically relevant in his last year in office after his failure to contain an eruption of violence that has killed dozens of foreign workers in South Africa. Mbeki was already under fire for failing to prevent a crippling power shortage when mobs went on the rampage this month.
Despite sagging global growth, soaring oil prices and the threat of renewed turmoil hanging over share markets, Europe appears to have managed so far to weather the storm unleashed by the upheaval in the United States housing market and fears of a major world economic slump.
Oil edged down on Tuesday for the fourth straight day, relinquishing earlier gains, as fresh concerns about weaker demand in top oil consumer the United States tempted some players to cash in. US crude was down 66 cents to ,20 a barrel by 14.40am GMT, off the day’s high of ,60.
A Paris court on Tuesday freed Jerome Kerviel, the trader accused of causing record losses at French bank Société Générale, pending investigation, his lawyers said. Société Générale unveiled €4,9-billion (,64-billion) of losses in January in the biggest trading scandal in recent history.
An affiliate of United States-based buyout firm Carlyle Group has defaulted on about ,6-billion of debt and expects its lenders to seize remaining assets as the global credit crunch tightens around leveraged investors. A ”successful refinancing is not possible,” Carlyle Capital said.
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/ 12 February 2008
Société Générale launched a discounted â,¬5,5-billion capital increase on Monday to prop up its finances and heal scars from the world’s biggest rogue trading scandal. The one-for-four rights issue at â,¬47,50 per share gives its existing shareholders a bigger-than-expected discount of 38,9% to Friday’s price.
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/ 11 February 2008
Other banks and the French taxman stand to make hundreds of million of dollars as Société Générale boosts its capital with a deeply discounted rights issue after rogue trading and United States subprime losses. An official at the bank said on Monday the company would have to pay taxes on a €1,4-billion capital gain.
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/ 5 February 2008
Société Générale was braced for fresh criticism from France’s top central banker on Tuesday as the man the bank blames for its record trading losses spoke out against his former employer. Jerome Kerviel (31) is under police investigation and said that he would not be turned into a ”scapegoat”.
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/ 30 January 2008
Fresh write-offs at big European and Japanese banks on Wednesday drove investors’ attention firmly back onto the credit crunch after days gazing at Société Générale’s stunning losses, which it blames on a junior trader. With the Federal Reserve expected to cut interest rates for the second week running, Swiss bank UBS illuminated the depth of the crisis.
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/ 29 January 2008
Opec is widely expected to resist consumer calls for more oil when it meets on Friday, worried by a slowing United States economy and the onset of seasonally lower demand in the spring. Oil has fallen to around a barrel from a record ,09 on January 3, easing pressure on Opec to pump more.
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/ 8 November 2007
Oil recouped early losses to resume its march towards the -milestone on Thursday as resurfacing worries of tight winter supplies and continuing dollar weakness put the brakes on some early profit-taking. By 12.57pm GMT, United States crude for December delivery stood 57 cents up at ,94.
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/ 13 September 2007
Oil prices dipped on Thursday but held near the previous day’s record high above a barrel, as dealers watched a hurricane in the Gulf of Mexico after a sharp fall in United States crude stocks. US crude traded 12 cents lower at ,79 a barrel by 8.39am GMT, after climbing ,68 on Wednesday, when it hit a record of ,18.
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/ 12 September 2007
Oil hit a record high of nearly $79 a barrel on Wednesday, after the Organisation of the Petroleum Exporting Countries’s (Opec) modest output increase failed to allay winter supply concerns and ahead of United States inventory data. US light crude for October delivery set a record high of $78,99 a barrel.
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/ 12 September 2007
The dollar plunged to a record low against the euro on Wednesday as an expected interest-rate cut next week from the Federal Reserve has dampened the United States currency’s appeal. The dollar also dropped to a fresh 15-year trough against a basket of currencies.
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/ 4 September 2007
Gaz de France and Suez on Monday agreed to create the world’s third-largest listed power and gas company after President Nicolas Sarkozy stepped in to prevent the 18-month old deal from collapsing. The politically charged ”merger of equals”, delayed by disputes over valuation and control, will be on the basis of 21 Gaz de France shares for 22 Suez shares.