No image available
/ 22 May 2008

Oil races above $135, stocks and bonds shudder

Record high oil prices at a barrel deepened worries about inflation on Thursday and weighed on some Asian stocks although Japanese shares ended slightly higher, as dealers trimmed their bets on further weakness. The dollar trudged higher against the euro after earlier hitting a one-month low after the Federal Reserve slashed its United States 2008 growth forecast

No image available
/ 17 April 2008

Oil sets yet another record

Oil set a record above a barrel on Thursday as a drop in United States gasoline inventories raised concern of tighter supply and a weak dollar boosted investor demand for commodities. A US government report on Wednesday showed a surprise drop in crude inventories and a larger-than-expected decline in stocks of petrol.

No image available
/ 1 April 2008

Botswana marks peaceful transfer of power

Seretse Khama Ian Khama was inaugurated as Botswana’s President on Tuesday, inheriting a rare political and economic success story. Just next door, millions of Zimbabweans desperate to end economic misery anxiously awaited results of an election in which President Robert Mugabe faced the biggest challenge in 28 years of iron-fisted rule.

No image available
/ 19 March 2008

Zuma needs more than charm to calm unease

A charm offensive by Jacob Zuma may not be enough to dispel deep investor anxiety over whether he will be able to take charge of Africa’s biggest economy, even though he has won over some doubters. Since unseating President Thabo Mbeki as leader of the ruling African National Congress in December, Zuma has moved to consolidate his power.

No image available
/ 7 February 2008

Mbeki to show he’s still in charge

President Thabo Mbeki will strive to show he is still in charge of the country on Friday when he makes his first State of the Nation address since being ousted as leader of the ruling party in December. Jacob Zuma, front-runner to succeed Mbeki as head of state, has already begun to eclipse his rival through control of the party.

No image available
/ 30 January 2008

Crisis inflicts fresh wounds, UBS cut deepest

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.

No image available
/ 24 January 2008

French bank hit by €4,9-billion fraud

French bank Société Générale (SocGen) disclosed one of the biggest alleged frauds in financial history on Thursday, adding to a wave of gloom surrounding world markets battered by credit market losses. SocGen, France’s second-biggest listed bank, said it had uncovered an ”exceptional fraud” by one of its traders. It said this would cost the group â,¬4,9-billion.

No image available
/ 24 January 2008

SA power cuts add to uncertainty

Recent power cuts in South Africa have enraged the public, raised questions over future investment in Africa’s biggest economy and increased scepticism in the country’s leaders at a time of political uncertainty. Economists estimate the cost of the power cuts already runs to hundreds of millions of rands.

No image available
/ 15 January 2008

Record-breaking gold could hit $1 000

The price of gold is hitting new record highs owing to the troubled United States economy and a cocktail of other supportive factors, leading some analysts to predict  000 per ounce could happen soon. In recent days the precious metal has blasted past in a record-breaking run. On the London Bullion Market on Monday, gold blazed a trail as high as ,30 dollars per ounce.

No image available
/ 21 November 2007

JSE dragged lower by world markets

Miserable world markets dragged the JSE deeper into the red by noon on Wednesday. At noon, the all-share index dropped 1,23% and banks retreated 1,98%. Financials retreated 1,57% and industrials were off 1,81%. The platinum-mining index was down 1,36% and the gold-mining index pulled back 0,56%, while resources gave up 0,52%.

No image available
/ 13 October 2007

US court gives nod to apartheid claims

A United States appellate court on Friday allowed claims brought by victims of apartheid against dozens of major companies to go forward, saying a lower court erred in ruling it did not have jurisdiction over the matter. The plaintiffs include South Africa’s non-profit Khulumani Support Group.