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  • Banks stuck with $1.6bn of unsold loans amid market rout

    22 December 2018 1:23 PM 60

    A rout in the once-hot market for risky corporate loans has some of Wall Street’s largest banks stuck with at least $1.6bn of unwanted leveraged buyout debt. Banks including Barclays Plc, Goldman Sachs Group Inc. and Bank of America Corp. -- among the top providers of loans for LBOs -- have struggled in recent weeks to sell loans they’ve agreed to make for private

  • SA investors have unrealistic expectations, global study finds

    21 December 2018 5:45 PM 60

    A global study found that South African investors expect their portfolios to return nearly 13% annually over the next five years – almost 3% higher than the global average and 8.4% higher than their actual returns over the past five years. South Africa shows the third highest difference between expected returns and actual returns (8.4%), trailing only Russia

  • Minister grants interim relief fishers access to West Coast Rock Lobster

    21 December 2018 4:25 PM 41

    Minister of Agriculture, Forestry and Fisheries Senzeni Zokwana has approved a request by interim relief fishers to grant them access to a portion of the 140 tonne West Coast Rock Lobster (WCRL) offshore allocation apportioned to the small-scale fishing sector for the 2018/2019 fishing season. The Department of Agriculture, Forestry and Fisheries (DAFF)

  • Richards Bay coal line cut with blowtorch in act of 'sabotage'

    21 December 2018 12:20 PM 40

    Police are investigating a case of sabotage after the Richards Bay coal export rail line was on Thursday cut in half with a blow torch, causing the derailment of 51 wagons carrying coal. The 51 wagons were part of a jumbo 200 wagon coal train headed for Richards Bay Coal Terminal. Transnet, in a statement on Friday, said that no one was injured in the derailment

  • Markets LIVE: Tokyo stocks track Wall Street lower, UK unveils immigration plan

    20 December 2018 6:38 AM 48

    South Africa should “never be complacent” about protecting key institutions such as the central bank or National Treasury as it tries to boost economic growth, International Monetary Fund Managing Director Christine Lagarde said. The rise of populism in developed economies has brought with it a wave of attacks on central banks in the US, UK, Europe and South

  • Glencore billionaire among directors banned, fined by Canada

    18 December 2018 6:48 PM 62

    Glencore’s billionaire head of copper trading, Aristotelis Mistakidis, was among executives fined and banned from being a director by Canada after admitting that its Congolese copper and cobalt unit misstated how much metal it mined. Mistakidis, who is retiring from Glencore at the end of this year, was hit with a C$2.45m (R26m) fine and a four-year

  • Naspers becomes largest firm to list on A2X exchange

    18 December 2018 10:03 AM 38

    Naspers [JSE:NPN] announced on Tuesday that its shares have been approved to trade on the local A2X stock exchange as a secondary listing with effect from December 27, 2018. The global media giant, which is the third largest company by market capitalisation on the Johannesburg Stock Exchnage, said its primary listing on the JSE would be unaffected

  • UK said to prepare migration policy favouring high earners

    18 December 2018 4:15 AM 99

    Theresa May’s government is on the point of agreeing its post-Brexit immigration policy, after months of internal arguments over which applicants should be favored to enter the UK. Under the proposals, preference will be given to higher earners and people from favoured nations. These are likely to be the countries whose citizens are currently allowed

  • All I (don't) want for Christmas...South Africans weigh in

    17 December 2018 5:15 AM 46

    From sweets to Christmas cards, shoppers the world over have revealed what they don't want for Christmas. The global survey, which included South Africa, was conducted in 34 countries - and also included what most were hoping to receive in their Christmas stocking instead. In SA, according to the survey, the most desirable gifts seem to be jewellery

  • Edcon chief confirms recapitalisation drive

    16 December 2018 11:59 AM 45

    South African retailer Edcon confirmed to Fin24 on Sunday that it is in discussions with stakeholders, including landlords and suppliers, regarding the group’s continued recapitalisation programme. The group includes Edgars, Jet and CNA. Sunday Times reported on Sunday that Edcon is "on the brink of collapse", putting 140 000 jobs at risk. "Edcon’s balance