Oil prices held close to $58 a barrel on Thursday, underpinned by fund buying as a cold snap in the United States stoked heating fuel demand and further OPEC production cuts looked set to trim supplies.
U.S. light crude for March delivery dipped 29 cents to $57.85 a barrel by 0445 GMT, after Wednesday's $1.17 jump that took gains for the week to over 4 percent. London Brent crude slipped 24 cents to $57.16 a barrel.
Prices have rebounded strongly from a 20-month low of $49.90 seen a fortnight ago as cold weather -- albeit late in the northern winter season -- helped to draw down U.S. distillate fuel stocks for the first time in nearly two months.
Read Full Article at Reuters South Africa
Wednesday, January 31, 2007
Dollar pressured by Fed, caution high before G7
The dollar was on the back foot on Thursday after the Federal Reserve said inflation pressures were likely to moderate, suggesting the U.S. central bank would not raise interest rates in the coming months.
Dollar sentiment also softened on growing wariness ahead of next week's meeting of financial officials from the Group of Seven industrialised nations in Germany.
The Japanese currency was supported against the dollar and euro as market players hedged against the risk of the G7 saying something about the yen's broad weakness, especially as European officials have said the issue would be discussed at the February 9-10 meeting.
Read Full Article at Reuters South Africa
Dollar sentiment also softened on growing wariness ahead of next week's meeting of financial officials from the Group of Seven industrialised nations in Germany.
The Japanese currency was supported against the dollar and euro as market players hedged against the risk of the G7 saying something about the yen's broad weakness, especially as European officials have said the issue would be discussed at the February 9-10 meeting.
Read Full Article at Reuters South Africa
Dow jumps after Fed soothes rate-hike worries
U.S. stocks rallied on Wednesday, driving the Dow to a record intraday high after the Federal Reserve held rates steady and flagged no new concerns about inflation, signalling that a rate hike this year was less likely.
Shares of banks and home builders -- companies sensitive to interest-rate increases -- climbed, while U.S. Treasury bond yields fell after the Fed announced its decision to keep the fed funds rate at 5.25 percent, as expected.
Read Full Article at Reuters South Africa
Shares of banks and home builders -- companies sensitive to interest-rate increases -- climbed, while U.S. Treasury bond yields fell after the Fed announced its decision to keep the fed funds rate at 5.25 percent, as expected.
Read Full Article at Reuters South Africa
IMF urged to sell 400t of gold
A panel of financial states people advised the IMF on Wednesday to sell 400 tons of its gold reserves as part of a new strategy to avert a long-term crunch in its finances.
But the International Monetary Fund should proceed with care in selling any gold to avoid destabilising world markets, the panel members including former Federal Reserve chief Alan Greenspan recommended.
Read Full Article at FIN24.co.za
But the International Monetary Fund should proceed with care in selling any gold to avoid destabilising world markets, the panel members including former Federal Reserve chief Alan Greenspan recommended.
Read Full Article at FIN24.co.za
Rand gains on trade surplus, gold bounce
South Africa's rand firmed against the dollar on Wednesday, bolstered by an unexpected trade surplus for December and a higher gold price, but the move was seen as short-lived.
The local currency was trading at 7.2590 to the greenback at 1530 GMT, a 0.7 percent gain over its previous New York close but off the session's strongest level of 7.2510.
Analysts said the rand gained momentum after official data showed the country notched up a 388 million rand trade surplus in December, thanks to a sharp drop in oil and machinery imports
Read Full Article at Reuters South Africa
The local currency was trading at 7.2590 to the greenback at 1530 GMT, a 0.7 percent gain over its previous New York close but off the session's strongest level of 7.2510.
Analysts said the rand gained momentum after official data showed the country notched up a 388 million rand trade surplus in December, thanks to a sharp drop in oil and machinery imports
Read Full Article at Reuters South Africa
Reunert, Altron merge telecom units
South African electronic groups Reunert and Altron won approval from the country's competition tribunal to merge their telecoms cable production units and assets, the firms said on Wednesday.
The merged entity will be jointly controlled by Reunert and Altron, through their respective subsidiaries and their empowerment partners, they said in a statement.
Read Full Article at Reuters South Africa
The merged entity will be jointly controlled by Reunert and Altron, through their respective subsidiaries and their empowerment partners, they said in a statement.
Read Full Article at Reuters South Africa
As Fed holds steady, Bernanke gains praise
Fourth-quarter snapshot adds to chairman's luster; inflation is still concern
As he finishes his first year as Federal Reserve chairman, Ben Bernanke has dispelled early doubts about his ability to steer the world's largest economy. But his biggest challenge -- bringing the economy in for a soft landing -- lies ahead.
Read Full Article at MoneyWeb.co.za
As he finishes his first year as Federal Reserve chairman, Ben Bernanke has dispelled early doubts about his ability to steer the world's largest economy. But his biggest challenge -- bringing the economy in for a soft landing -- lies ahead.
Read Full Article at MoneyWeb.co.za
The New World Of Emerging Market Currencies
In the shadow of more industrialized economies, interest in emerging market assets has increased in recent years. Although these assets tend to be somewhat volatile, the return is often worth the risk, as emerging market funds have produced higher percentages of wealth than benchmark rates.
Read Full Article at investopedia.com
Read Full Article at investopedia.com
Trade figures 'disappointing'
South Africa's trade balance swung into surplus last month, surprising markets on Wednesday, but analysts said it was not enough to help plug a wide current account gap.
South African Revenue Service data showed Africa's biggest economy recorded a trade surplus of R388 million rand in December, compared to a R10.5bn deficit the previous month.
Read Full Article at FIN24.co.za
South African Revenue Service data showed Africa's biggest economy recorded a trade surplus of R388 million rand in December, compared to a R10.5bn deficit the previous month.
Read Full Article at FIN24.co.za
Boeing leads Dow higher, eyes on Fed
U.S. blue-chip stocks rose on Wednesday after Boeing Co. posted a stronger-than-expected quarterly profit and boosted its outlook, but jitters over the Federal Reserve's impending statement on rate policy prevented a broader advance.
Read Full Article at Reuters South Africa
Read Full Article at Reuters South Africa
Competition body opposes Pick 'n Pay bid
South Africa's Competition Commission said on Wednesday it had recommended against approval for retailer Pick 'n Pay's bid to acquire the Fruit & Veg City franchise.
Compliance manager at the commission, Tembinkosi Bonakele, told Reuters the commission found that Pick 'n Pay and Fruit & Veg City were competitors in the fresh produce market and a merger would stifle competition.
Read Full Article at Reuters South Africa
Compliance manager at the commission, Tembinkosi Bonakele, told Reuters the commission found that Pick 'n Pay and Fruit & Veg City were competitors in the fresh produce market and a merger would stifle competition.
Read Full Article at Reuters South Africa
Gold marks time ahead of US data
Spot gold was range trading early on Wednesday afternoon awaiting the release of US data as well as the Fed's interest rate decision for direction.
At 14:13, spot gold was quoted at $645.57/oz from $645.79/oz late Tuesday, while the euro was bid at $1.2937 from a previous $1.2963.
Read Full Article at FIN24.co.za
At 14:13, spot gold was quoted at $645.57/oz from $645.79/oz late Tuesday, while the euro was bid at $1.2937 from a previous $1.2963.
Read Full Article at FIN24.co.za
Corus deal buoys S.Africa's Mittal, Highveld shares
Shares in South Africa's Mittal Steel SA, a unit of the world's top steel group, jumped 6 percent on Wednesday to a fresh peak, buoyed by fresh consolidation in the global steel sector, traders said.
Shares in Mittal SA, majority-owned by Arcelor Mittal, traded 5.4 percent up at 109.62 rand, leading the blue chip Top-40 index, which lost 0.37 percent at 1303 GMT.
Read Full Article at Reuters South Africa
Shares in Mittal SA, majority-owned by Arcelor Mittal, traded 5.4 percent up at 109.62 rand, leading the blue chip Top-40 index, which lost 0.37 percent at 1303 GMT.
Read Full Article at Reuters South Africa
Trade surplus 'good news'
South Africa recorded a surplus of R387.8m for its trade with non-Southern African Customs Union (Sacu) trading partners in December after a surprise deficit of R10.513bn in November, according to Customs & Excise figures released on Wednesday.
South Africa's foreign trade balance was expected to have to have receded to a R1.293bn deficit in December, a survey by I-Net Bridge found.
Read Full Article at FIN24.co.za
South Africa's foreign trade balance was expected to have to have receded to a R1.293bn deficit in December, a survey by I-Net Bridge found.
Read Full Article at FIN24.co.za
Shareholders ok M-Net sale
Shareholders in media company Johnnic Communications (Johncom) on Wednesday approved the company's sale of its 38.56% interest in pay television channel Electronic Media Network (M-Net) and SuperSport International Holdings.
The shareholders also approved the unbundling to Johncom shareholders of the Naspers Limited shares received as part consideration.
Read Full Article at FIN24.co.za
The shareholders also approved the unbundling to Johncom shareholders of the Naspers Limited shares received as part consideration.
Read Full Article at FIN24.co.za
Brait starts Africa's biggest private equity fund
Investment bank Brait SA has launched Africa's largest private equity fund, the $880 million Brait Fund IV, drawing investment from global players in what executives called a sign of confidence in South Africa.
Brait, whose Private Equity Division is one of the biggest in the South African private equity industry, said foreign investors in the fund include HarbourVest Partners and Princeton University Investment Company.
"We managed to persuade them that South Africa is an excellent destination for private equity as an asset class ... It is not short-term portfolio flows but someone that invests and stays in the economy for a long period," Brait director Eduardo Garcia said on Wednesday.
South Africa has seen a surge in private equity activity in the last year as big players have moved into Africa's biggest economy.
Read Full Article at Reuters South Africa
Brait, whose Private Equity Division is one of the biggest in the South African private equity industry, said foreign investors in the fund include HarbourVest Partners and Princeton University Investment Company.
"We managed to persuade them that South Africa is an excellent destination for private equity as an asset class ... It is not short-term portfolio flows but someone that invests and stays in the economy for a long period," Brait director Eduardo Garcia said on Wednesday.
South Africa has seen a surge in private equity activity in the last year as big players have moved into Africa's biggest economy.
Read Full Article at Reuters South Africa
US listing safe, says DRD
Gold miner DRDGold has received a warning from the US Nasdaq exchange because its stock there is trading below $1, the firm said on Tuesday.
But the company was not in danger of losing that key listing because there were technical ways of increasing the value of the US shares, such as making it worth more than one South Africa share, a spokesperson told Reuters.
Although DRD's primary listing is in South Africa, 65% of its shareholders are in North America.
Read Full Article at FIN24.co.za
But the company was not in danger of losing that key listing because there were technical ways of increasing the value of the US shares, such as making it worth more than one South Africa share, a spokesperson told Reuters.
Although DRD's primary listing is in South Africa, 65% of its shareholders are in North America.
Read Full Article at FIN24.co.za
Sasol in board shake-up
Sasol said on Wednesday that Bheki Khumalo and Reiner Groh have both been elected to serve on various boards.
Khumalo is group general manager, in charge of government relations, corporate affairs and the black economic empowerment office. Groh is general manager for Sasol's chemical businesses.
Read Full Article at FIN24.co.za
Khumalo is group general manager, in charge of government relations, corporate affairs and the black economic empowerment office. Groh is general manager for Sasol's chemical businesses.
Read Full Article at FIN24.co.za
European stocks slip; FTSE up on oil, Vodafone
European shares ticked down on Wednesday but the UK's FTSE 100 index outperformed as oil firms tracked product prices higher and steel maker Corus rallied 7 percent after a higher-than-expected bid price.
Vodafone was another gainer, up 1.7 percent after the British mobile phone company beat third-quarter estimates for customer additions and reiterated its full-year forecast.
Read Full Article at Reuters South Africa
Vodafone was another gainer, up 1.7 percent after the British mobile phone company beat third-quarter estimates for customer additions and reiterated its full-year forecast.
Read Full Article at Reuters South Africa
Vodacom eyes R7.5bn BEE deal
South African mobile operator Vodacom is considering a black economic empowerment deal worth around R7.5bn, the firm said on Wednesday.
Read Full Article at FIN24.co.za
Read Full Article at FIN24.co.za
Subscribe to:
Posts (Atom)