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  • Rand extends gains against dollar, JSE positive

    04 January 2019 8:44 AM 39

    The rand extended gains against the dollar on Friday morning, firming by almost 1%. On Thursday the local currency reversed earlier losses to the end the day over 1% stronger against the greenback as the dollar weakened. The rand opened Friday at 14.29/$ and was trading at 14.16/$ at 10:17. This is its best level since mid-December 2018. Bianca Botes

  • Saudis said to seek advisers for biggest bank merger since 2016

    02 January 2019 5:04 PM 48

    National Commercial Bank and Riyad Bank are seeking advisers for a potential merger that would create the Gulf region’s third-biggest lender with $182bn in assets, according to people with knowledge of the matter. The banks have sent out so-called request for proposals to firms including Citigroup, Credit Suisse, Goldman Sachs, HSBC, JPMorgan Chase & Co and UBS, the people

  • British demand for Irish passports rises as Brexit looms

    01 January 2019 7:28 AM 40

    British demand for Irish passports surged in 2018 as Brexit moved closer. Out of the total number of applications in the year to December 14, 98 544 came from Great Britain, an increase of 22% from the year-earlier period, the foreign ministry said in Dublin. The UK’s vote to leave the EU has raised concerns that its citizens could lose the right to live and work in Europe

  • UK needs leadership, US Ambassador says as Brexit looms

    31 December 2018 12:39 PM 105

    The UK is in need of leadership, US Ambassador to London Woody Johnson said, as he also cast doubt on the chances of a bilateral trade deal if Prime Minister Theresa May manages to push her Brexit agreement through Parliament. “I’m feeling the country is in need of leadership,” Johnson said on Monday in a BBC Radio interview. “You can see the frustration

  • Gold barrels into 2019 as growth concerns spur demand for haven

    31 December 2018 7:20 AM 47

    Gold is closing out 2018 on a strong note, with haven demand in the ascendant amid volatile trading in global equities, rising concern about the economic outlook and a drawn-out government shutdown in the US. Spot bullion is holding near a six-month high after topping $1 280 an ounce, and the metal is set for the best monthly gain in almost two years

  • Energy department confirms huge fuel price drop for January

    28 December 2018 9:55 AM 47

    The retail price of petrol (93 ULP & LRP) will go down by R1.22 per litre in January, the Department of Energy announced on Friday. Petrol (95 ULP & LRP) will decrease by R1.23 per litre, while diesel (0.05% sulphur) will go down by R1.53 per litre and diesel (0.005% sulphur) will decrease by R1.55 per litre. Over the same period the rand - on average

  • China to speed up approval for foreign-owned financial firms

    28 December 2018 9:31 AM 43

    China will speed up approvals for securities firms and fund-company joint ventures in which foreign investors have majority stakes, a senior official said, another sign that policy makers are pressing ahead with efforts to open up the country’s financial system. The comments were made by China Securities Regulatory Commission Vice Chairman Li Chao, according

  • Trump wanted others to pay more at UN. No one picked up the tab

    26 December 2018 11:53 AM 102

    President Donald Trump’s promise to save American taxpayers money by getting other countries to contribute more to international organisations has been put to the test at the United Nations. American diplomats in New York lobbied countries including India, Brazil, and Turkey to increase their financial support for the UN’s $6.7bn-a-year peacekeeping

  • Biggest Saudi Arabia bank starts talks to create mega lender

    25 December 2018 4:04 PM 62

    National Commercial Bank, Saudi Arabia’s biggest lender, started initial talks with Riyad Bank for a merger, a deal that would create the Gulf’s third-biggest lender with $182 billion in assets. Talks may not result in a transaction, National Commercial Bank said in a statement. The lender said it has coordinated the move with the central bank and that a deal isn’t

  • Ghosn lawyer challenges latest financial misconduct allegations

    23 December 2018 10:51 AM 53

    Carlos Ghosn’s lawyer challenged allegations by prosecutors that the former Nissan chairperson transferred personal financial losses to the Japanese automaker. On Friday, while rearresting Ghosn, the prosecutors alleged Ghosn used Nissan’s money to pay a person who helped him meet payments to maintain a personal trading position during the 2008 global