Divisions between the world’s leading economies about coping with the rapidly weakening yen look set to prevent any concerted effort to stabilise the Japanese currency at this month’s Group of Seven finance ministers’ meeting in Germany.
But Japanese officials are braced for informal pressure over the depreciating yen at the Essen meeting, even if it is not raised in the final communiqué or discussed formally.
Tokyo’s nerves have been jangled by expressions of concern from senior officials in the US and Europe as the yen has hit 20-year lows in real terms against other major currencies
Read more at FT.com
Thursday, February 1, 2007
Dollar weaker before US jobs data, G7 looms
The dollar was steady against major currencies on Friday, nursing losses as investors awaited monthly U.S. jobs data and kept an eye out for more comments on the weak yen before next week's Group of Seven meeting.
The yen's 16 percent slide in the past three years to record lows against the euro has become the centre of attention before the G7 gathering as European officials have sought to make the currency's woes a major topic of discussion.
But Japanese and U.S. officials have played down the focus on the yen, with U.S. Treasury Secretary Henry Paulson telling Congress this week that the weak yen reflected Japan's low interest rates in trying to shake off years of deflation.
Read more at Reuters South Africa
The yen's 16 percent slide in the past three years to record lows against the euro has become the centre of attention before the G7 gathering as European officials have sought to make the currency's woes a major topic of discussion.
But Japanese and U.S. officials have played down the focus on the yen, with U.S. Treasury Secretary Henry Paulson telling Congress this week that the weak yen reflected Japan's low interest rates in trying to shake off years of deflation.
Read more at Reuters South Africa
Rand a touch weaker, watches US figures
South Africa's rand eased a bit against the dollar early on Friday, and traders expected it to track a 10-cent range ahead of U.S. employment data later in the day.
The rand was at 7.1830 versus the greenback at 0845 GMT, slightly off levels of 7.1601/dollar when New York closed on Thursday.
"The rand is still very much in ranges and really looking like we are going to move in ranges ahead of U.S. non-farm payrolls today," said Rand Merchant Bank trader Jim Bryson.
"We will go with something in the region of 7.16/21, and then we will follow the euro after non-farms," he added.
Read more at Reuters South Africa
The rand was at 7.1830 versus the greenback at 0845 GMT, slightly off levels of 7.1601/dollar when New York closed on Thursday.
"The rand is still very much in ranges and really looking like we are going to move in ranges ahead of U.S. non-farm payrolls today," said Rand Merchant Bank trader Jim Bryson.
"We will go with something in the region of 7.16/21, and then we will follow the euro after non-farms," he added.
Read more at Reuters South Africa
Harmony Q2 h'dline EPS down 33 pct, misses f'casts
Harmony Gold, the world's fifth biggest gold producer, posted a 33 percent slide in second quarter profit on Friday, worse than analysts' expectations, as output dipped and costs rose.
South Africa's Harmony Gold Mining Company Ltd said headline EPS for the three months to end December fell to 44 South African cents from 66 cents the previous quarter.
Harmony was expected to post a 25 percent fall in EPS to 50 cents, according to an average estimate of 9 analysts polled by Reuters. Their estimates were in a range of 20-70 cents.
Harmony said production for the quarter fell 3.8 percent to 18,724 kg while cash costs increased by 6.8 percent to 104,132 rand per kg.
Read more at Reuters South Africa
South Africa's Harmony Gold Mining Company Ltd said headline EPS for the three months to end December fell to 44 South African cents from 66 cents the previous quarter.
Harmony was expected to post a 25 percent fall in EPS to 50 cents, according to an average estimate of 9 analysts polled by Reuters. Their estimates were in a range of 20-70 cents.
Harmony said production for the quarter fell 3.8 percent to 18,724 kg while cash costs increased by 6.8 percent to 104,132 rand per kg.
Read more at Reuters South Africa
Steel sector mergers to continue
The search for size in the steel sector is set to intensify, analysts said on Thursday, with more deals like the merger of Tata Steel and Corus expected in the future as the industry continues to consolidate.
After the €27bn ($35bn) takeover of European steel group Arcelor by Mittal Steel last year, India's Tata Steel agreed to pay €10bn for British rival Corus on Wednesday.
Arcelor Mittal dwarfs it rivals, producing about three times as much as the second-biggest group in the world, Nippon Steel, while Tata/Corus will be either the fifth- or sixth-biggest supplier when the merger is completed.
Read more at FIN24.co.za
After the €27bn ($35bn) takeover of European steel group Arcelor by Mittal Steel last year, India's Tata Steel agreed to pay €10bn for British rival Corus on Wednesday.
Arcelor Mittal dwarfs it rivals, producing about three times as much as the second-biggest group in the world, Nippon Steel, while Tata/Corus will be either the fifth- or sixth-biggest supplier when the merger is completed.
Read more at FIN24.co.za
European stocks at new 6-yr high, FTSE index leads
European shares hit their highest levels in six years on Thursday, boosted by gains in oil firms and pharmaceuticals which helped the FTSE 100 index outperform, while global equities also rose on U.S. rate cut expectations.
The pan-European FTSEurofirst 300 index rose 1.4 percent to 1,535.6, taking the year's gains so far to 3.5 percent after last year's 16 percent rally. U.S. stocks were also trading higher.
BHP Billiton added 3.5 percent and Anglo American rose 2.7 percent. AstraZeneca advanced 3.4 percent as it unveiled plans to cut 4.6 percent of its global workforce and the pharmaceutical firm also met 2006 forecasts.
Read more at Reuters South Africa
The pan-European FTSEurofirst 300 index rose 1.4 percent to 1,535.6, taking the year's gains so far to 3.5 percent after last year's 16 percent rally. U.S. stocks were also trading higher.
BHP Billiton added 3.5 percent and Anglo American rose 2.7 percent. AstraZeneca advanced 3.4 percent as it unveiled plans to cut 4.6 percent of its global workforce and the pharmaceutical firm also met 2006 forecasts.
Read more at Reuters South Africa
JSE hits new all-time high
The JSE ended at an all-time highest level on Thursday after being buoyed by stronger resources and mining stocks.
The market had earlier touched a record trading high of 25 806.820 points.
The all share index ended 1.32% higher at a new closing high of 25 782.380, while platinum and resources gained 3.36% and 1.94% respectively.
The gold mining index added 0.61% while industrials improved 0.43%. Banks and financials climbed 2.80% and 1.79% respectively.
Read more at FIN24.co.za
The market had earlier touched a record trading high of 25 806.820 points.
The all share index ended 1.32% higher at a new closing high of 25 782.380, while platinum and resources gained 3.36% and 1.94% respectively.
The gold mining index added 0.61% while industrials improved 0.43%. Banks and financials climbed 2.80% and 1.79% respectively.
Read more at FIN24.co.za
Yahoo brand goes 'universal'
Coming off a year in which it was overshadowed by several internet rivals, Yahoo is piggybacking on some of the entertainment industry's leading brands in its latest attempt to bolster its own brand.
The "Brand Universe" initiative, unveiled at a media luncheon in Sunnyvale earlier this week, will showcase a pop-culture potpourri of TV shows, movies, video games and celebrities on 100 different websites that Yahoo plans to create later this year.
The "Brand Universe" initiative, unveiled at a media luncheon in Sunnyvale earlier this week, will showcase a pop-culture potpourri of TV shows, movies, video games and celebrities on 100 different websites that Yahoo plans to create later this year.
Record 2006 profit for Rio
Anglo-Australian mining giant Rio Tinto on Thursday announced a 43% jump in in full-year net profit to a record $7.44bn and forecast continued strong demand for commodities.
The figure was slightly higher than market forecasts for $7.4bn and compared with the $5.22bn net profit notched-up in 2005.
Rio Tinto shares in mid-day trade in London were showing a 0.92% gain at 2 745 pence.
Read More at FIN24.co.za
The figure was slightly higher than market forecasts for $7.4bn and compared with the $5.22bn net profit notched-up in 2005.
Rio Tinto shares in mid-day trade in London were showing a 0.92% gain at 2 745 pence.
Read More at FIN24.co.za
Rand stands firm against $
The rand was a tad firmer against the dollar in late trade on Thursday which traders attributed to a market still slightly long on dollars.
They nevertheless described trade as essentially flow-driven, adding that the rand was expected to remain range bound for now.
Read more at FIN24.co.za
They nevertheless described trade as essentially flow-driven, adding that the rand was expected to remain range bound for now.
Read more at FIN24.co.za
US stocks rise at open on techs, rates view
U.S. stocks rose on Thursday after a key inflation gauge underscored hopes for steady interest rates and technology stocks rose after news that Dell Inc. Chairman Michael Dell would resume his duties as chief executive.
The Dow Jones industrial average was up 17.78 points, or 0.14 percent, at 12,639.47. The Standard & Poor's 500 Index was up 2.24 points, or 0.16 percent, at 1,440.48. The Nasdaq Composite Index was up 9.63 points, or 0.39 percent, at 2,473.56.
Read more at Reuters South Africa
The Dow Jones industrial average was up 17.78 points, or 0.14 percent, at 12,639.47. The Standard & Poor's 500 Index was up 2.24 points, or 0.16 percent, at 1,440.48. The Nasdaq Composite Index was up 9.63 points, or 0.39 percent, at 2,473.56.
Read more at Reuters South Africa
Anglo commited to SA
Anglo American plc chief executive officer-designate, Cynthia Carroll, has pledged to continue working closely with the South African government in the transformation of the country, a statement from Deputy President Phumzile Mlambo-Ngcuka's office said on Thursday.
The statement reported Carroll as saying this during a courtesy visit to the deputy president on Wednesday - at the Union Buildings in Pretoria.
Read more at FIN24.co.za
The statement reported Carroll as saying this during a courtesy visit to the deputy president on Wednesday - at the Union Buildings in Pretoria.
Read more at FIN24.co.za
Nickel bounces after dropping over Sudbury
Nickel futures fell 3 percent in early business at the London Metal Exchange on Thursday after a deal to stop a potential strike at the Sudbury, Ontario operations of miner Xstrata.
Three-months futures traded as low as $35,900 per tonne, down $1,200 from its previous closing price, before rebounding to $36,650 by the end of the official session.
Read More at Reuters South Africa
Three-months futures traded as low as $35,900 per tonne, down $1,200 from its previous closing price, before rebounding to $36,650 by the end of the official session.
Read More at Reuters South Africa
'Huge interest in Coega'
The Coega aluminum smelter project in South Africa has attracted "great interest from a number of industry players", Dick Evans, Alcan president and chief executive said on a conference call on Wednesday.
It will now take "about a year to pull it all together" and get the project off the ground, Evans noted.
Read Full Article at Fin24.co.za
It will now take "about a year to pull it all together" and get the project off the ground, Evans noted.
Read Full Article at Fin24.co.za
Austro sparkles on JSE debut
Woodworking equipment distributor, Austro Group (ASO), enjoyed a sparkling debut on the JSE with shares opening at R1.62 - a massive 62% premium on the placing price.
By 10:51, the group's share was quoted at R1.84 after earlier touching a high of R1.90, raising its market capitalisation to just under R600m. The JSE granted Austro approval for listing of up to 328 261 400 ordinary shares in the industrial suppliers sector.
Read more at Fin24.co.za
By 10:51, the group's share was quoted at R1.84 after earlier touching a high of R1.90, raising its market capitalisation to just under R600m. The JSE granted Austro approval for listing of up to 328 261 400 ordinary shares in the industrial suppliers sector.
Read more at Fin24.co.za
Nickel drops on Sudbury labour deal
Nickel futures fell 3 percent in early business at the London Metal Exchange on Thursday after a deal to stop a potential strike at the Sudbury, Ontario operations of miner Xstrata
The Anglo-Swiss mining firm and the union representing around 1,000 workers reached tentative agreement on a new contract late on Wednesday, narrowly avoiding a strike which would have further tightened supply of the metal.
Three-months futures traded as low as $35,900 per tonne, down $1,200 from its previous closing price, before rebounding to $36,525/36,675 by 1130 GMT.
Read more at Reuters South Africa
The Anglo-Swiss mining firm and the union representing around 1,000 workers reached tentative agreement on a new contract late on Wednesday, narrowly avoiding a strike which would have further tightened supply of the metal.
Three-months futures traded as low as $35,900 per tonne, down $1,200 from its previous closing price, before rebounding to $36,525/36,675 by 1130 GMT.
Read more at Reuters South Africa
FTSE boosted by Fed, commodities and results help
The index of Britain's leading shares soared 1.4 percent on Thursday after the Federal Reserve kept rates steady, with commodity stocks and a flurry of corporate news and results supporting the upside.
On Wednesday, the Fed held interest rates at 5.25 percent and said recent data suggested "somewhat firmer" growth, adding that there were signs of stabilisation in the U.S. housing market.
At 1201 GMT the FTSE 100 was up 85.7 points, or 1.4 percent at 6,288.3 with all stocks in the blue.
Read more at Reuters South Africa
On Wednesday, the Fed held interest rates at 5.25 percent and said recent data suggested "somewhat firmer" growth, adding that there were signs of stabilisation in the U.S. housing market.
At 1201 GMT the FTSE 100 was up 85.7 points, or 1.4 percent at 6,288.3 with all stocks in the blue.
Read more at Reuters South Africa
Building costs set to surge
Those considering building a new house, best do it sooner rather than later.
New housing supply is expected to drop off dramatically over the next 18 months - but not on the back of higher interest rates and slower demand, as most would expect.
In fact, it's actually because South Africa's limited pool of building resources is likely to be allocated increasingly to infrastructure and commercial property development.
Read More at FIN24.co.za
New housing supply is expected to drop off dramatically over the next 18 months - but not on the back of higher interest rates and slower demand, as most would expect.
In fact, it's actually because South Africa's limited pool of building resources is likely to be allocated increasingly to infrastructure and commercial property development.
Read More at FIN24.co.za
Green money bypasses Africa
Africa has missed out on booming investment in clean energy projects partly over worries that it is a tough destination to do business, a UN official said on Tuesday.
The Kyoto Protocol obliges 35 rich nations to cut greenhouse gases by 5% below 1990 levels by 2008-12, mostly through curbing the release of heat-trapping carbon dioxide.
An element of the treaty is the Clean Development Mechanism (CDM) which helps nations meet their reduction targets by funding green energy development in poor countries in exchange for carbon credits.
Read More at FIN24.co.za
The Kyoto Protocol obliges 35 rich nations to cut greenhouse gases by 5% below 1990 levels by 2008-12, mostly through curbing the release of heat-trapping carbon dioxide.
An element of the treaty is the Clean Development Mechanism (CDM) which helps nations meet their reduction targets by funding green energy development in poor countries in exchange for carbon credits.
Read More at FIN24.co.za
Apple revs up Mac attacks
For nearly a year, television and internet audiences have been seeing a familiar string of ads from Apple attacking rival Windows-based computers. With this week's release of Windows Vista, the newest jabs are not any friendlier.
In one ad, the character personifying the PC is dressed in hospital patient garb, talking about how he is set to undergo major surgery to upgrade to Vista. He then saunters off, telling the Mac character that if he does not come back, Mac can have his peripherals.
In another ad, a man pretending to be the Mac character heaps praises for the PC - until the real Mac character steps in, confounded, asking "What's going on?" The fake Mac replies, "Nothing," and then mutters "I'm a fan" as he walks away.
On its own website, Apple Inc tells visitors to get a Mac, stating, "Why upgrade to Vista when you can upgrade past it?"
Microsoft launched Vista on Tuesday, its first major overhaul to the Windows operating system in five years. It features sleek new graphics, better search capabilities, improved security measures and multimedia tools, as well as more advanced parental controls and gaming support.
Read More at FIN24.co.za
In one ad, the character personifying the PC is dressed in hospital patient garb, talking about how he is set to undergo major surgery to upgrade to Vista. He then saunters off, telling the Mac character that if he does not come back, Mac can have his peripherals.
In another ad, a man pretending to be the Mac character heaps praises for the PC - until the real Mac character steps in, confounded, asking "What's going on?" The fake Mac replies, "Nothing," and then mutters "I'm a fan" as he walks away.
On its own website, Apple Inc tells visitors to get a Mac, stating, "Why upgrade to Vista when you can upgrade past it?"
Microsoft launched Vista on Tuesday, its first major overhaul to the Windows operating system in five years. It features sleek new graphics, better search capabilities, improved security measures and multimedia tools, as well as more advanced parental controls and gaming support.
Read More at FIN24.co.za
S.Africa Jan PMI up as business activity grows
South African manufacturing activity grew faster in January and buoyant new sales coupled with upbeat expectations suggest further robust growth ahead, the country's Purchasing Managers' Index (PMI) showed on Thursday.
Sponsors Investec said the PMI index rose to 57.2 in January from 54.8 in December on a seasonally adjusted and annualised basis, moving further above the 50 line that divides growth from contraction.
Read more at Reuters South Africa
Sponsors Investec said the PMI index rose to 57.2 in January from 54.8 in December on a seasonally adjusted and annualised basis, moving further above the 50 line that divides growth from contraction.
Read more at Reuters South Africa
MTN, others axe roaming costs
Three east African mobile phone firms on Thursday scrapped roaming charges for their subscribers in the region in a bid to boost their customer base.
Under the new arrangement, Kenya's Safaricom, South African MTN, which operates in Uganda, and Tanzania's Vodacom joined up to enable more than 10 million subscribers in East Africa to make calls and send messages at local rates.
Read more at FIN24.co.za
Under the new arrangement, Kenya's Safaricom, South African MTN, which operates in Uganda, and Tanzania's Vodacom joined up to enable more than 10 million subscribers in East Africa to make calls and send messages at local rates.
Read more at FIN24.co.za
Rand steady vs dollar, seen little changed
South Africa's rand firmed against the dollar on Thursday, as the greenback came under pressure after indications by the U.S. Federal Reserve that it would not hike interest rates in the next few months.
The rand was trading at 7.2125 per dollar at 0700 GMT, little changed from 7.2150 at the New York close on Wednesday, but up nearly 0.6 percent from its late Johannesburg levels of around.
Traders expected the local currency to hold largely firm in the session, in line with other emerging markets.
Read more at Reuters South Africa
The rand was trading at 7.2125 per dollar at 0700 GMT, little changed from 7.2150 at the New York close on Wednesday, but up nearly 0.6 percent from its late Johannesburg levels of around.
Traders expected the local currency to hold largely firm in the session, in line with other emerging markets.
Read more at Reuters South Africa
Big returns in Make a Million
Competitors in Moneyweb’s Make a Million competition have notched up impressive returns. Over a 100 contestants have notched up more than 25% in little more than two months, an effective annual return of about 150%.
There are 1 340 competitors in the game, 750 of which have made money so far. The returns include trading costs of about R120 a trade.
But there is more than a little luck involved, with top competitors riding the price volatility of small-cap stocks such as Anbeeco, Beige and Acc-Ross. On Wednesday, the top-placed trader was Marlene with a return of 140%; she had turned her initial R10 000 into R24 057.
Read more at MoneyWeb.co.za
There are 1 340 competitors in the game, 750 of which have made money so far. The returns include trading costs of about R120 a trade.
But there is more than a little luck involved, with top competitors riding the price volatility of small-cap stocks such as Anbeeco, Beige and Acc-Ross. On Wednesday, the top-placed trader was Marlene with a return of 140%; she had turned her initial R10 000 into R24 057.
Read more at MoneyWeb.co.za
Northam Platinum H1 earnings surges, sees slower H2
South Africa's Northam Platinum posted a more than doubling of first-half headline earnings per share on Thursday on buoyant metals prices, in line with its own forecast.
The firm said headline EPS for the six months to end December soared to 279.6 cents, up from 130.1 cents in the same period last year.
The company said on January 15 in a trading update that headline EPS was expected to rise to 265-285 cents.
Read Full Article at Reuters South Africa
The firm said headline EPS for the six months to end December soared to 279.6 cents, up from 130.1 cents in the same period last year.
The company said on January 15 in a trading update that headline EPS was expected to rise to 265-285 cents.
Read Full Article at Reuters South Africa
Sappi Q1 earnings of 13 US cents
South African paper producer Sappi posted 13 U.S. cents in first-quarter earnings per share, and said on Thursday it expected even better results in the second quarter, boosting its shares.
Sappi broke even in terms of profit after tex in the corresponding year-earlier period, which runs to end-December.
Shares in Sappi made the strongest gains among blue chips, racing more than 3 percent after the results were released, before paring gains to trade 2.96 percent up at 104 rand by 0724 GMT, beating a 0.71 percent increase in the Top-40 index.
Read Full Article at Reuters South Africa
Sappi broke even in terms of profit after tex in the corresponding year-earlier period, which runs to end-December.
Shares in Sappi made the strongest gains among blue chips, racing more than 3 percent after the results were released, before paring gains to trade 2.96 percent up at 104 rand by 0724 GMT, beating a 0.71 percent increase in the Top-40 index.
Read Full Article at Reuters South Africa
Be your own travel agent
Booking local air tickets – even on low-cost carriers – is now very simple…
There is a slow but significant shakeup happening in the local travel industry. Sites like Expedia and Travelocity have made online comparison travel planning and booking almost the norm in the US and Europe, while in South Africa, up until now, we’ve been forced to use travel agents or surf every single airline’s site
Read Full Article at MoneyWeb.co.za
There is a slow but significant shakeup happening in the local travel industry. Sites like Expedia and Travelocity have made online comparison travel planning and booking almost the norm in the US and Europe, while in South Africa, up until now, we’ve been forced to use travel agents or surf every single airline’s site
Read Full Article at MoneyWeb.co.za
Gold matches 6-month high
Gold matched a six-month high of around $654 an ounce on Thursday as the dollar fell after the US Federal Reserve left interest rates unchanged, but a lack of follow-through buying disappointed some investors.
Spot gold hit an intraday high of $654.70 an ounce, matching the same high hit the previous day. It was gold's best level since early August 2006.
Read Full Article at FIN24.co.za
Spot gold hit an intraday high of $654.70 an ounce, matching the same high hit the previous day. It was gold's best level since early August 2006.
Read Full Article at FIN24.co.za
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