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  • Fin24.com | Unions hold the cards as Eskom faces fresh strike threat

    Fin24.com | Unions hold the cards as Eskom faces fresh strike threat

    Eskom has accused unions the National Union of Mineworkers (NUM) and the National Union of Metalworkers of South Africa (Numsa) of stalling and condoning ill-discipline among their ranks, as tension remains over potential discipline of members who participated in an illegal strike.  The two unions are yet to sign the latest wage offer of a 7.5% increase for 2018 and... Continue reading

     
  • Fin24.com | Treasury says no bailout approved for state firms

    Fin24.com | Treasury says no bailout approved for state firms

    National Treasury denied that the government has approved a bailout package of R59bn for state-owned companies. A cabinet meeting “is not a place where budget bids are tabled,” the Treasury said in an emailed response to questions after the Sunday Times reported the rescue plan was discussed at a cabinet meeting convened by President Cyril Ramaphosa last week. The South... Continue reading

     
  • Fin24.com | JSE stands its ground as Turkish crisis pummels rand

    Fin24.com | JSE stands its ground as Turkish crisis pummels rand

    The JSE stood its ground on Monday as the fall-out from the Turkish lira slump hit emerging currencies and spilled over to other global equity markets. The contagion arising from the slump of the Turkish lira to a new all-time low overnight, resulted in the rand dropping to a level last recorded in June 2016. The rand dramatically dropped to... Continue reading

     
  • Fin24.com | Rand decline ‘more complicated than domestic issues‘

    Fin24.com | Rand decline ‘more complicated than domestic issues‘

    The reason for the decline of the rand on global currency markets may have more to do with external than domestic factors that many would blame for its weak performance in the week that was. This is according to Peregrine Treasury Solutions’ corporate treasury manager Bianca Botes. When the rand fell this past week, spectators were quick to point the... Continue reading

     
  • Fin24.com | Saudi fund in talks to invest in Tesla buyout deal

    Fin24.com | Saudi fund in talks to invest in Tesla buyout deal

    Saudi Arabia’s sovereign wealth fund is in talks that could see it becoming a significant investor in Tesla as part of Elon Musk’s plan to take the electric car maker private, according to a person with direct knowledge of the fund’s plans. The Public Investment Fund, which has built up a stake just shy of 5% in Tesla in recent... Continue reading

     
  • Fin24.com | Rand plunges in early trade in emerging market rout

    Fin24.com | Rand plunges in early trade in emerging market rout

    Update: The rand was trading at R14.48/$ at 10:28, down 2.7% on the day.  The rand plunged in early trade on Monday to briefly trade under R15/$, before strengthening, as it continued to be dragged lower by the Turkish lira and Russian rouble.  The local currency opened at R14.13/$ and immediately plunged to under R15/$ for the first time since... Continue reading

     
  • Fin24.com | Turkey‘s policy making paralysis promises more tumult in markets

    Fin24.com | Turkey‘s policy making paralysis promises more tumult in markets

    Turkey is set for another week of financial-market turmoil: its face-off with the US shows no sign of abating as the policy making vacuum grows. While officials in Ankara, Istanbul and Washington have the means to stem the mayhem that sent the lira down 25% in the past month, the will to deploy them has been absent, with Recep Tayyip... Continue reading