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/ 11 November 2008
Shares in SA banks fell on Tuesday after Fitch downgraded its outlook on Absa, Investec and Nedbank, citing deteriorating conditions in the economy.
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/ 19 October 2008
The cost of offshore borrowing for SA has jumped by 50% in recent weeks while foreigners have withdrawn R30-billion from the country since last month.
Remuneration report shows chief executives are rolling in it.
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/ 29 September 2008
Nedbank is one of the few financial institutions that meets the ownership targets of the Department of Trade and Industry’s BEE codes.
Last week Nedbank announced that Go Banking, its joint venture with Pick n Pay, will be integrated into the bank.
The planned closure of Nedbank’s Go Banking is a "missed opportunity" for consumers, says <i>Justmoney.co.za</i>.
Local banks are set to capitalise on the slump faced by global competitors, writes Maya Fisher-French.
Sumaya Adam, Anel Bosman, Kirsty Davis, Jenny Goddard, Ingrid Hindle, Thando Luhkele, Shamelle Maharaj, Patricia Maqetuka, Maggie Mjapelo and more…
Nedbank Group has reported a 6,8% increase in diluted headline earnings per share from 673 cents to 719 cents for the six months ended June.
The South African Reserve Bank’s August rate decision could go either way, Nedbank’s Economic Unit said on Tuesday.
The Competition Commission looks to streamline debit order systems, writes Maya Fisher-French.
South African banking charges were higher than they would be at competitive levels, according to a Competition Commission enquiry report.
Telecommunications heavyweight Telkom remained the talk of the town during the morning session on Monday as news of a potential buyout and negotiations with the UK’s Vodafone set pulses racing. However, the market as a whole was mixed as resources generally gained some ground, but banks felt the heat from a struggling
sector in the United Kingdom.
Football statistics are weighted in Nigeria’s favour at this weekend’s clash between the Super Eagles and Bafana Bafana. Nigeria may be in a renewal process of their own, but one cannot see how a Bafana side with a new coach, with no proven strikers and playing in front of a hostile crowd, will defeat them, writes Percy Zvomuya.
South African stocks remained modestly weaker at noon on Thursday, with banks weighing heavily on a deteriorating inflation outlook after worse-than-expected producer price inflation data and the South African Reserve Bank governor’s comments that the bank was considering a 200-basis-point interest-rate hike.
Now is the time for budding Bafana Bafana stars to stand up and be counted as South Africa take on Nigeria in a tough 2010 African Nations Cup qualifier in Abuja on Sunday. Kick-off is at 5pm South African time. There is no Benni McCarthy, and three midfield aces in Teko Modise, Delron Buckley and Lerato Chabangu are all nursing an assortment of injuries.
South African stocks were lower at midday on Tuesday, pressured by below-forecast gross domestic product (GDP) data, which showed that the quarterly economic growth rate slowed to 2,1%, traders said. At 12.02pm, the all-share index was down 0,71%. Resources fell 1,01%, while the gold- and platinum-mining indices were off 0,42% and 0,72% respectively.
Bafana Bafana’s technical and communications staff were seemingly in a tizzy on Monday after confirmation that Benson Mhlongo had smashed his ankle and petulant Benni McCarthy had broken his word to arrive at the training camp on Monday prior to Sunday’s crucial African Nations qualifier against Nigeria.
It was going to take a special goal to win Nedbank Cup and the R6-million winner’s cheque. And it was a goal of sheer brilliance from Mamelodi Sundowns midfielder Lerato Chabangu two minutes from time that earned the Brazilians a hard fought and largely undeserved 1-0 win over the gallant Mpumalanga Black Aces.
Mpumalanga Black Aces coach Kenny Ndlazi, who will lead his side to the Nedbank Cup final on Saturday at the Johannesburg Stadium, has at least one attribute nobody can take away. He is the only South African coach to occupy the bench when a South African national team beat their Brazilian counterparts.
Fate has dealt a cruel hand to Mamelodi Sundowns’ budding right back, Papi Mungomeni. The 23-year-old, who has become a regular in the Brazilians’ starting line-up this season, will miss playing in Saturday’s Premier Soccer League (PSL) showpiece, the Nedbank Cup final against First Division Mpumalanga Black Aces at the Johannesburg Stadium.
South African stocks were slightly lower at midday on Wednesday, but off the worst levels as commodity stocks posted modest gains on higher prices. At 11.58am, the JSE’s all-share index was down 0,13%. Resources were up 0,23%, the gold mining index was fairly flat at +0,03%, but the platinum mining index lost 0,47%.
The JSE was taking a breather on Tuesday after its recent strong rally, which took the bourse to successive record highs, as some profit-taking set in. However, earlier the all-share index hit yet another fresh record high when it touched 33 263,148. At noon, the JSE’s all-share index was down 0,88%.
South African stocks remained firm at midday on Wednesday as merger talks surrounding BHP Billiton kept heavyweight miners buoyant, but easing metal prices weighed on other mining counters. At noon, the JSE’s broader all-share index was up 0,88% at 32 280,27.
The percentage of women employed in government positions across all salary levels totals 54,76%, the Business Woman’s Association (BWA) said on Monday. The official results of the Women in Corporate Leadership census were announced by BWA chief executive Yvette Montalbano at a presentation at Nedbank’s head office in Sandton.
Resources stocks were the main feature of the JSE by midday on Thursday, with the overall market generally flat following an overnight decline on Wall Street. At 11.56am, the JSE’s broader all-share index was up 0,12%, helped by a 1,1% rise in resources, 0,89% advance in the gold mining index and a 0,39% rise in the platinum mining index.
Nedbank increased first-quarter net interest income by 21,9% to R3,87-billion but said it expected slower first-half earnings growth. Shares in Nedbank stood 1,59% down at R111,50 by 7.18am GMT on Wednesday, underperforming the JSE Securities Exchange’s Top-40 index which was 0,27% weaker.
The green carpet will be laid on all roads leading to the Johannesburg Stadium on Saturday May 24 for the David versus Goliath Nedbank Cup soccer final. The Cup committee confirmed on Tuesday the final of the inaugural Nedbank Cup between Mpumalanga Black Aces and Mamelodi Sundowns will be played at the Johannesburg Stadium.
Jomo Cosmos are not pushing the panic buttons … just yet. Ezenkosi suffered their ninth defeat of the season when they were beaten 3-1 away to Bloemfontein Celtic on the weekend, which sees them drop to 15th spot on the Absa Premiership with 22 points — the same number as bottom team Black Leopards.
Mamelodi Sundowns created a South African soccer record when they reached their fourth successive cup final on Sunday after beating AmaZulu 1-0 at Potchefstroom’s Olen Park in the semifinal of the Nedbank Cup. Downs were runners up in last season’s Absa Cup — the Nedbank Cup’s predecessor.
It was going to take something special to win this tight Nedbank Cup semifinal between favourites Mamelodi Sundowns and AmaZulu at Potchefstroom’s Olen Park on Sunday. The piece of individual magic came from Downs Zimbabwean international midfielder whose stunning 66th minute goal earned the Brazilians their place in the final.
With what constituted a classic Roy Of the Rovers underdog success, lower division MP Black Aces qualified for the lucrative Nedbank Cup final at Atteridgeville’s Super Stadium on Saturday afternoon after gaining a 1-0 victory over Free State Stars.