African Alpha: Blog
The African Alpha is a blog dedicated to opening up discussion on African related news and topics of interest. Viewers have the opportunity to comment on the articles and discussions below.
South Africa Business Confidence Improves In November: SACCI
RTT News | Dec 9th 2010South Africa´s business confidence indicator rose to 87 in November from 85.9 in October, a survey report from the South African Chamber of Commerce and Industry or SACCI showed on Thursday.Among the sub indicators, seven indices were positive during the month while four were negative and two remained unchanged, SACCI said.Five of the seven sub-indices on real economic activity had a negative impact on the index in November on an annual basis. Four of the six sub-indices reflecting on the ´financial´ environment were positive year-on-year...know more
Rand Trading Near 3 Year High Against the Dollar
Business Day | Dec 23rd 2010South Africa´s rand firmed to its strongest in nearly three years against the dollar on Thursday, supported by investors´ appetite for riskier emerging market assets.By 11h30, the rand was trading at 6.7706 to the dollar, after touching 6.76 earlier, its strongest since mid-January 2008. It closed at 6.8075 in New York on Wednesday.Earlier the rand was bid at 8.8910 to the euro from 8.8942 before and at 10.4556 against sterling from 10.4417 at its previous close.The euro was bid at US$1.3130 from US$1.3114."There is no correlation...know more
South Africa to Join BRIC to Boost Emerging Markets
BusinessWeek | Dec 26th 2010South Africa has been formally asked to join the BRIC group of major emerging markets, comprising Brazil, Russia, India and China, bolstering its position as Africa’s champion.Chinese President Hu Jintao wrote a letter to his South African counterpart, Jacob Zuma, to inform him of the decision and inviting him to the BRIC’s third heads of state meeting in Beijing next year, Chinese Foreign Minister Yang Jiechi said in a statement on his ministry’s website today.South Africa, which has a population of 49 million compared with China’s 1.36...know more
Best Bank in Africa Named
iAfrica.com | Dec 3rd 2010Standard Bank, Africa´s largest bank by assets, has been named 2010´s Best Bank in Africa and best bank in five individual African countries by The Banker, a leading journal of the global banking and finance industry.In addition to Best Bank in Africa, The Banker named Standard Bank the best bank in South Africa, Lesotho, Malawi, Uganda and Zimbabwe.The annual Bank of the Year awards recognise banks that succeed in gaining strategic advantage and delivering shareholder returns in spite of volatile market conditions. The Banker recognised Standard...know more
South African Bonds Rise as ECB Plan Boosts High-Yield Allure
Businessweek.com | Dec 3rd 2010South African bonds rose on bets investors bought the securities to benefit from their yield advantage following the European Central Bank decision yesterday to continue providing liquidity to its financial system. The benchmark 13.5 percent security due September 2015 gained for a third day in four, climbing 42 cents to 124.47 rand by 4:47 p.m. in Johannesburg. That reduced the yield by 9 basis points, or 0.09 percentage point, to 7.33 percent.ECB President Jean-Claude Trichet said late yesterday that policy makers will continue offering banks unlimited...know more
Busa Calls for Action On Govt´s New Growth Path
AllAfrica.com | Dec 2nd 2010 Business Unity South Africa (BUSA) has cautioned government that concrete action needs to accompany the country´s new growth plan."We know what the problems in the economy are, it is time for action," BUSA CEO Jerry Vilakazi told media during a briefing on Thursday.BUSA met with Economic Development Minister Ebrahim Patel on Monday to discuss the new growth plan.The plan aims to create five million jobs in the next 10 years in strategic areas of the economy, including the green economy, agriculture, mining, manufacturing and tourism...know more