Nedbank News
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Updated 10 minutes ago
South Africa’s central bank kept its benchmark interest rate unchanged as the rand’s plunge adds to pressure on inflation.
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The rand fell for a 10th day in its longest losing streak in five years after Federal Reserve Chairman Ben S. Bernanke said monthly bond purchases may be slowed and South African clothing workers went on strike.
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The rand declined for a ninth day, weakening to a four-year low, as violent protests at a South African chrome mine renewed concern that labor disruptions will cut mining output and slow economic growth.
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Zimbabwe’s stock exchange regulator said a planned law to force banks to sell their shares on the local bourse will only work once the nation has addressed issues holding back equity valuations.
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Transnet SOC Ltd., South Africa’s state-owned ports and rail operator, is giving up a state guarantee for its debt as borrowing costs fall amid a seven-year infrastructure spending plan.
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South Africa’s rand weakened for a sixth day, set for its longest losing streak in a year, on concern that falling commodity prices and labor unrest at mines are threatening the nation’s credit rating.
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Ecobank Transnational Inc. may shelve plans to buy a stake this year in South Africa’s Nedbank Group Ltd. to focus on its business in 33 other African countries, said Chief Executive Officer Thierry Tanoh.
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South African bond yields plunged to a record as the manufacturing and mining industries unexpectedly contracted, adding to speculation that the central bank will cut interest rates.
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Adcock Ingram Holdings Ltd., South Africa’s largest supplier of hospital products, said it received offers to buy the company or a controlling stake, sending the stock to its highest level since 2010.
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Zimbabwe Central Bank Governor Gideon Gono said plans to force foreign banks to sell majority stakes to black Zimbabweans are “uninformed.”
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