Monday, July 16, 2018
JOHANNSUBRG — The rand scaled nine-month highs on Monday after Deputy President Cyril Ramaphosa became the new leader of the ruling African National Congress (ANC) party, succeeding President Jacob Zuma. Ramaphosa, a 65-year-old union leader who became a businessman and is now one of South Africa’s richest people, beat sole...
WASHINGTON. — Little action was expected at Wednesday’s US-China Comprehensive Economic Dialogue, but despite the low bar, the event still yielded lackluster results — an indication of further bilateral strains ahead. “It was a little bit of a disappointment,” said Nicholas Consonery, senior director at business advisory firm FTI Consulting. Small...
Twenty miles may have made a $150 billion difference. Estimates for the damage Hurricane Irma would inflict on Florida kept mounting as it made its devastating sweep across the Caribbean. It was poised to be the costliest U.S. storm on record. Then something called the Bermuda High intervened and tripped...
European officials think voters are more important than the institutions that buy their bonds, but that's a costly error. What are the powers that be at the European Union and European Central Bank thinking? They have now concocted a very dangerous scheme to buy back junior bank bonds that were “mis-sold”...
New York. – Even good news can do little to dispel the prevailing pessimism in the oil market. Hedge funds paused a swift increase last month in wagers on declining West Texas Intermediate (WTI) crude prices. But there was little conviction behind a price rise, as futures shook off a...
Last week, another wave of ransomware attacks affected quite a number of local businesses and organisations. The biggest casualty of the latest attacks was a local university. All their emails and student records on their servers were encrypted and became inaccessible to the campus staff. The initiator of the attack demanded...
The worst may be over for Africa’s two largest economies as they likely emerged from a slump in the second quarter. Official data on Tuesday will probably show South Africa’s economy expanded in the three months through June, ending its second recession in less than a decade. Nigeria’s gross domestic...
NEW YORK — A US appeals court on Wednesday blocked the release of a report discussing HSBC Holdings Plc’s progress in improving its controls against money laundering, reversing a judge’s order that the report be made public. The 2nd US Circuit Court of Appeals in Manhattan said US district judge...
British American Tobacco (BAT) and other multinational tobacco firms have threatened governments in at least eight countries in Africa demanding they axe or dilute the kind of protections that have saved millions of lives in the west, a Guardian investigation has found. BAT, one of the world’s leading cigarette manufacturers,...
LONDON. — Banks could face a “Kodak moment” where they approach obsolescence in five to 15 years at the hands of new financial-technology companies, according to former Barclays chief executive officer Antony Jenkins. Traditional banks are already seeing the start of an “Uber moment”, whereby the industry is being transformed...