JOHANNESBURG, Oct 29 (Reuters) – Nedbank Group
announced on Monday that it is on track for double-digit
earnings growth this year, the latest South African bank to
benefit from a rise in higher-risk lending.
Hampered by weak corporate demand for credit, the country’s
big banks have ramped up unsecured lending – the profitable but
riskier practice of giving loans that are not backed by
JOHANNESBURG, Oct 26 (Reuters) – Cynthia Carroll’s
resignation as chief executive of Anglo American has
highlighted the miner’s exposure to South African platinum, an
industry crippled by violent strikes in recent months.
Carroll, who stepped down on Friday under pressure from
investors over the miner’s lagging share price and continued
dependence on strike-hit South Africa, spearheaded investments
in iron ore and other resources to diversify beyond platinum.
JOHANNESBURG (Reuters) – AngloGold Ashanti Ltd, the world’s No.3 gold producer, has told striking South African miners to return to work or face dismissal, joining rivals taking an increasingly hard line against labor unrest that has choked off output.
South Africa is struggling to resolve violent unrest that has poisoned industrial relations and marred its image overseas. On Monday the commission investigating the killing of 34 miners by police on August 16 heard opening statements.
JOHANNESBURG (Reuters) – The former Goldman Sachs Group Inc (GS.N: Quote, Profile, Research, Stock Buzz) vice president who publicly accused the bank of taking advantage of unsuspecting clients said he never intended his book to be an expose of practices at the Wall Street firm.
Preliminary reviews of Greg Smith’s “Why I Left Goldman Sachs,” which hits bookstores on Monday, have been lackluster. Critics say the book contains few revelations, given that it had been hyped as a “tell all” look at the investment bank.
JOHANNESBURG (Reuters) – Two months of crippling labor turmoil are likely to force South Africa to look again at its economic growth forecasts, the central bank’s deputy governor said on Sunday.
Wildcat strikes that started in the platinum mines have left more than 50 dead and spilled to other industries, undermining investor confidence in Africa’s biggest economy and tarnishing President Jacob Zuma’s government.
JOHANNESBURG (Reuters) – South African police fired tear gas and rubber bullets at protesters hurling petrol bombs after a march on an Anglo American Platinum mine turned violent overnight, the latest sign of festering labor unrest.
Africa’s top economy is under increasing pressure to mend industrial relations. Almost 100,000 workers, mostly in mining, have launched often illegal and violent strikes since August, eroding investor confidence and already shaky growth.
JOHANNESBURG, Oct 13 (Reuters) – A U.S. court has delayed
ruling on a $4.2 billion suit by Turkish mobile operator
Turkcell against South African rival MTN Group
, pending a Supreme Court decision on a separate case,
the two companies said.
Turkey’s largest cell phone operator sued MTN in a U.S.
federal court in March, alleging the Johannesburg-based company
used bribery and attempted trafficking of political influence to
win a mobile licence in Iran that was first awarded to Turkcell.
IKANINI, South Africa, Oct 7 (Reuters) – The rules of the
game in South Africa’s labour market have changed and the new
players are workers such as Tshepo Modise and Thulani Soko,
wildcat strikers at mining giant Anglo American Platinum
They feel underpaid, stretched to the limit financially and
betrayed by established unions they say are more concerned about
ties with politicians and management than workers in the shafts.
JOHANNESBURG/LONDON (Reuters) – Wildcat strikes in South Africa’s platinum belt have entered a sixth week with no resolution in sight and investors are worried about the government’s inability to quell the unrest.
Critics say Pretoria’s response to the strikes has been slow and ineffective, exposing the ruling African National Congress and President Jacob Zuma as ill-equipped to handle crisis and lifting the chances of a credit downgrade.
BATHOPELE MINE, South Africa (Reuters) – Labor unrest sweeping through South Africa’s mining sector hit top world platinum producer Anglo American Platinum on Wednesday, with stick-waving miners blockading roads leading to shafts and calling for a shut-down of operations.
At the firm’s Bathopele shaft in the heart of the platinum belt, a column of 1,500 chanting marchers confronted riot police who were backed by armored vehicles. The protesters jeered at workers inside the plant, a repeat of action taken on Monday at rival Lonmin’s nearby Marikana mine, where police shot dead 34 protesters on August 16.