The Competition Commission looks to streamline debit order systems, writes Maya Fisher-French.
Founder of the Joy of Jazz festival Peter Tladi tells
Fikile-Ntsikelelo Moya how it all began
South African banking charges were higher than they would be at competitive levels, according to a Competition Commission enquiry report.
Banks confirmed last week that they will refund customers who bought tickets for flights on Nationwide Airlines or concerts by singer Josh Groban using either a debit or credit card.
President Robert Mugabe rejected fresh calls for economic reform at a rare meeting with the heads of Zimbabwe’s largest business groups this week.
Standard Bank Group, 20% owned by the Industrial and Commercial Bank of China (ICBC), will explore global banking acquisition opportunities jointly with its Chinese partner.
Stocks were slightly lower at noon on Tuesday with banks dominating the loser board on inflation worries, but miners capped losses on a weaker rand and firm metal prices, traders said. At 11.56am, the all-share index was down 0,23%, weighed by a 1,70% drop in banks.
In a series of three ATM bombings in less than half a day in Gauteng, gangs of robbers on Friday morning made off with undisclosed sums of cash. In Strijdompark in Randburg, a Standard Bank ATM was blown up at the Motor City Centre, Gauteng police said. ATMs in Atteridgeville and Orange Farm were also targeted.
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.
South African stocks were sharply lower at noon on Wednesday, weighed by miners on falling metal prices and banks after worse-than-expected inflation data.
At noon, the all-share index tumbled 1,26%. Resources fell 2,14%, the gold and platinum mining indices gave up 2,42% and 2,78% respectively.
The JSE extended losses at midday on Friday as profit taking-induced selling on resources offset modest gains among banks and financials, traders said. At 12.03pm, the JSE’s all-share index was down 1,24%, weighed by a 1,75% drop in resources. The gold mining index was off 0.18% but the platinum mining index added 0,17%.
Although the violent nature of crime in South Africa is often highlighted, white-collar crimes are rampant and impact negatively on citizens’ rights. Bribery and corruption were perceived to be the most prevalent crimes, said a South African Human Rights Commission report.
The JSE hit a fresh record high on Thursday, buoyed by miners on firm commodity prices and a weaker rand, but overall the mood was dampened by global inflation worries due to the rising oil price. At noon, the JSE’s all-share index was up 0,98% at 33 230,590 after earlier touching a fresh all-time high of 33 309,820.
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%.
South African stocks hit another fresh high on Friday morning, boosted by strong gains for resources. At 11.56am, the all-share index was up 0,82%, boosted by a 1,48% rise in resources and a 2,06% gain for the platinum-mining index. Banks were up 0,37% and financials were 0,61% better. Industrial were flat (-0,03%) and the gold-mining index eased 0,80%.
South African stocks remained weak at midday on Tuesday with miners the worst causalities on easing metal prices, while falling overseas markets added to selling pressures. At 12.09pm, the JSE’s broader all-share index was down 0,86%, weighed by a 2,88% drop in platinum miners.
South African stocks pulled back from modest gains achieved in early deals to trade flat at noon on Monday, as traders struggled to find a clear-cut path. At midday, the JSE’s broader all-share index was neither here nor there (+0,06%) at 32 154,700. Resources were up 0,20%, while the gold- and platinum-mining indices added 0,53% and 0,22% respectively.
After opening firmer on Friday morning, the JSE had given up its gains by midday and was trading 125 points in the red. A local trader said that after the all-share index posted an all-time high of 32 440,9 earlier, the market saw some profit-taking, particularly in the resources stocks.
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.
South Africa’s economic confidence fell to a five-and-a-half year low in April, weighed down by expectations of slower growth, higher inflation and a longer cycle of tighter monetary policy, a poll showed on Thursday. The monthly survey of 20 economists showed the Reuters Econometer dived to 207,50 last month, its lowest since November 2002.
After two dismal seasons on and off the field, the appearance of Amazulu among the last four clubs remaining in the Nedbank Cup represents a fragile chance to reclaim a tarnished legacy. Last season the lads from the coastal kingdom finished second last on the log, but escaped relegation from the Premiership by winning play-offs against rivals from the lower first division.
South African stocks were weaker at noon on Wednesday with miners under pressure on retreating metal prices, but the session was quiet as most traders are still away on a long weekend break. At noon, the JSE’s broader all-share index was down 0,46%, with the gold and platinum mining indices down 1,47% and 1,65% respectively.
The South African Reserve Bank warned on Thursday that high household debt was a potential source of vulnerability and the growth in non-performing loans must be closely monitored. Elevated and volatile oil prices could also impact on economic and financial stability through higher inflation, interest rates and on an already large current-account deficit, it said.
The JSE was sharply weaker at noon on Thursday, led by banks after worse-than-expected factory-gate price inflation data pretty much sealed the case for another interest-rate hike in June, traders said. By 11.54am the JSE’s broader all-share index was down 0,96%, weighed by a 1,99% drop in banks.
The JSE remained in the black at midday on Wednesday thanks to firm resources stocks, but banks and financials were under a bit of pressure. By 11.54am the JSE’s broader all-share index was up 0,34%. Resources added 1,01%, but the platinum-mining index, after having being stronger earlier, was now off 0,52% and the gold-mining index was down 1,14%.
South African stocks were little changed at noon on Tuesday in a thin-volume session, as some traders remained on the sidelines ahead of Wall Street opening. At midday the all-share index was neither here nor there (-0,06%) at 31 754,380. Resources were up 0,50% but the gold- and platinum-mining indices were down 0,16% and 1,63% respectively.
South African stocks hung on to earlier gains at noon on Monday, supported by firmer overseas markets, but the stronger rand and faltering gold prices restricted gains, traders said. By midday on Monday, the JSE’s broader all-share index was 0,77% in the black. Resources were up 1,21%, the platinum-mining index advanced 0,34% but the gold-mining index fell 0,70%.
World markets were dampened by negative earnings reports from the United States on Monday, causing the JSE to pull back sharply. By midday, the JSE’s broader all-share index had fallen 1,48%. The banking index pulled back 2,51% and financials retreated 1,41%.
The JSE remained quiet by midday on Thursday as investors waited anxiously for the local monetary policy committee’s (MPC) rate decision at about 3pm. The consensus is for an unchanged repo rate at 11%, according to a survey of leading economists.
South African banking group FirstRand on Friday said it was not in talks with a Chinese bank over selling a stake. ”We are not in discussions with a Chinese bank,” FirstRand spokesperson Sam Moss said. Shares in FirstRand rose earlier on Friday after the China Daily reported that a state-owned Chinese bank was in talks to buy a stake in First National Bank.
Resource heavyweights Anglo American and BHP Billiton — which make up a substantial portion of the JSE — helped the bourse extend its gains by midday on Friday, traders said. By noon, the JSE’s broader all-share index had lifted 1,21%. Resources collected 1,83%, and the platinum mining index was up 0,8%, but the gold mining index decreased 1,34%.
A major, but unidentified Chinese bank is in talks to buy a stake in South Africa’s second-largest lender First National Bank, a media report said on Friday. If carried out, the transaction will follow in the footsteps of Industrial and Commercial Bank of China, which recently agreed to buy a 20% stake in Standard Bank.