South Africa's rand notched up further gains against the dollar on Thursday as global markets rebounded but remained not far off four-month lows touched a weak ago.
The domestic currency was trading at 7.4140 against the dollar, 0.3 percent stronger than the previous New York close of 7.4350.
But market watchers said the rand's gains were somewhat below par given a rebound in global equity markets from a recent slide sparked by investors dropping riskier assets for low-yielding but less risky currencies like the yen.
Read more at Reuters South Africa
Thursday, March 15, 2007
S.Africa's Eskom lifts spending to $20 bln over 5 yrs
South African state utility Eskom has approved an increase in its 5-year spending on new projects to 150 billion rand from 97 billion rand, it said on Thursday.
The investment is meant to meet the electricity needs generated by South Africa's rapid economic growth, and will nearly double the megawatts (MW) of electricity that Eskom had previously intended, the company said in a statement.
Under the revised plan, which would cover the period from 1 April 2007 to 2011/12, Eskom will now deliver an additional 22,000 megawatts (MW) against the previous target of 12,500 MW.
Generation projects will take up about 72 percent of the 150 billion rand, and transmission projects about 12 percent.
The rest of the funds will be used for improvements to Eskom's distribution network, coal supply lines and other projects to diversify the firm's energy mix, Eskom said
Read more at Reuters South Africa
The investment is meant to meet the electricity needs generated by South Africa's rapid economic growth, and will nearly double the megawatts (MW) of electricity that Eskom had previously intended, the company said in a statement.
Under the revised plan, which would cover the period from 1 April 2007 to 2011/12, Eskom will now deliver an additional 22,000 megawatts (MW) against the previous target of 12,500 MW.
Generation projects will take up about 72 percent of the 150 billion rand, and transmission projects about 12 percent.
The rest of the funds will be used for improvements to Eskom's distribution network, coal supply lines and other projects to diversify the firm's energy mix, Eskom said
Read more at Reuters South Africa
PSG dumps JSE stake
Takes its chips off the table after being unable to increase its bet.
Financial services group PSG announced today that it had liquidated its entire 15% stake in the JSE for a total of R679m. At current market prices, the stake was worth about R750m. It said the disposal was effected in a series of transactions in the open market. PSG said it expects to receive the cash by Friday.
PSG Chairman Jannie Mouton told Moneyweb that the shares were sold over a period of three to four months to who he suspects were foreign buyers. Mouton said he was happy that the price he received was fair.
Rationalising its sale, PSG said that it had been unsuccessful in its stated objective to increase its strategic investment in the JSE beyond 15%. This is because regulators would not allow it to own more shares.
Read more at MoneyWeb.co.za
Financial services group PSG announced today that it had liquidated its entire 15% stake in the JSE for a total of R679m. At current market prices, the stake was worth about R750m. It said the disposal was effected in a series of transactions in the open market. PSG said it expects to receive the cash by Friday.
PSG Chairman Jannie Mouton told Moneyweb that the shares were sold over a period of three to four months to who he suspects were foreign buyers. Mouton said he was happy that the price he received was fair.
Rationalising its sale, PSG said that it had been unsuccessful in its stated objective to increase its strategic investment in the JSE beyond 15%. This is because regulators would not allow it to own more shares.
Read more at MoneyWeb.co.za
Taking The Lead In The Interview Dance
Fred Astaire is one of the most celebrated dancers ever. But have you ever noticed that Ginger Rogers had to follow him, moving backwards and in high heels?
Like partner dancing, an interview has a "leader" and a "follower". It's the role of the hiring manager - as leader - to set the tone of the interview and guide you on its structure. But you are Ginger Rogers. It's your role to listen carefully, take the subtle cues given and follow that lead expertly. Landing a job in the competitive financial industry can take some maneuvering. Read on to learn the steps that will help you glide effortlessly through your next big job interview.
Read the full article at investopedia.com
Like partner dancing, an interview has a "leader" and a "follower". It's the role of the hiring manager - as leader - to set the tone of the interview and guide you on its structure. But you are Ginger Rogers. It's your role to listen carefully, take the subtle cues given and follow that lead expertly. Landing a job in the competitive financial industry can take some maneuvering. Read on to learn the steps that will help you glide effortlessly through your next big job interview.
Read the full article at investopedia.com
Opec output curbs stay in place
Opec agreed on Thursday to keep current oil output restraints, balancing rapidly declining oil stocks in consumer nations against the risk recent selling in share markets could herald an economic downturn.
Iraqi Oil Minister Hussain al-Shahristani confirmed the decision after talks lasting little more than three hours.
Read more at FIN24.co.za
Iraqi Oil Minister Hussain al-Shahristani confirmed the decision after talks lasting little more than three hours.
Read more at FIN24.co.za
Should investors take profits?
With the preliminary report available only in the notoriously user-unfriendly Sens format on the company's own web site and hard copies of the presentation not available at yesterday's briefing, JSE Ltd is hardly a model of the kind of investor relations it encourages from listed companies.
Nor did CEO Russell Loubser win many friends when he snapped at a questioner, who wanted to know what the typical operating margin of international bourses is, that the JSE is aiming for, that she was (a) asking him to do her job for her and (b) trying to incite him to make an improper earnings forecast.
He was more responsive to a questioner on an international conference call, who suggested this margin could be around 50%, against the JSE's 20% last year, and wanted to know whether this would be achieved by cost cutting or higher turnover.
The JSE's costs are largely fixed, Loubser said, so it's trading volume that'll be the main driver.
He added that while liquidity (defined as share trades as a percentage of total market cap), 5%-7% before the introduction of electronic trading, is now up in the 40%s, on the international markets with which the JSE likes to compare itself, it can be 100%, 200% or even more.
Read more at FIN24.co.za
Nor did CEO Russell Loubser win many friends when he snapped at a questioner, who wanted to know what the typical operating margin of international bourses is, that the JSE is aiming for, that she was (a) asking him to do her job for her and (b) trying to incite him to make an improper earnings forecast.
He was more responsive to a questioner on an international conference call, who suggested this margin could be around 50%, against the JSE's 20% last year, and wanted to know whether this would be achieved by cost cutting or higher turnover.
The JSE's costs are largely fixed, Loubser said, so it's trading volume that'll be the main driver.
He added that while liquidity (defined as share trades as a percentage of total market cap), 5%-7% before the introduction of electronic trading, is now up in the 40%s, on the international markets with which the JSE likes to compare itself, it can be 100%, 200% or even more.
Read more at FIN24.co.za
Consumers urged to cut debt
South Africa's central bank is willing to raise interest rates further if the inflation outlook worsens, the bank's governor Tito Mboweni said on Thursday, urging consumers to cut debt.
But he offered a reprieve to commercial banks, saying the Reserve Bank would hold off on raising reserve requirements to give them more time to curb high lending.
The Reserve Bank last month kept its key repo rate unchanged at 9% after increasing rates by 200 basis points between June and December last year, citing a peak in CPIX inflation within the country's 3%-6% inflation target.
Read more at FIN24.co.za
But he offered a reprieve to commercial banks, saying the Reserve Bank would hold off on raising reserve requirements to give them more time to curb high lending.
The Reserve Bank last month kept its key repo rate unchanged at 9% after increasing rates by 200 basis points between June and December last year, citing a peak in CPIX inflation within the country's 3%-6% inflation target.
Read more at FIN24.co.za
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