Nedbank First-Half Net Rose 42 Percent as It Boosted Corporate Lending

(Bloomberg) -- Nedbank Group Ltd., South Africa's
fourth-biggest bank, said first-half profit rose 42 percent,
boosted by gains in corporate lending. The company expects 2007
earnings to increase by as much as 33 percent.

Net income in the six months to June 30 advanced to
2.78 billion rand ($389 million), or 7.05 rand a share, from
1.95 billion rand, or 5.77 rand, a year earlier, the Johannesburg-
based company said in a statement today. Annual profit-per share
will rise 22 percent to 33 percent, it said.


Read more at Bloomberg Emerging Markets News

S.Africa's largest oil refinery shuts down due to strike

(Reuters) - SAPREF, South Africa's largest oil refinery, said on Monday it had shut down due to a strike that has crippled the industry and led to petrol shortages at filling stations.

"In response to CEPPAWU's call for a national strike, a safe shutdown has been completed at the SAPREF refinery," Prudence Mbatha said in a statement.


Read more at Reuters Africa

Rand softer, to remain under pressure

(Reuters) - South Africa's rand started the week on the backfoot versus the dollar and will probably remain under pressure as investors continue to fret over woes in the U.S. mortgage credit sector.

The rand was trading at 7.1525 versus the dollar at 0625 GMT, about 0.4 percent softer than its New York close of 7.1250 on Friday.


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South Sudan awards gold, uranium mining contracts

(Reuters) - South Sudan has awarded two companies exploration licenses for gold and uranium in areas thought to be rich in minerals, an official from the semi-autonomous region said.

British/South African New Kush Exploration and Mining Company and the UK-listed Brinkley Mining Plc paid $5,000 for one-year exploration licenses in the area bordering Kenya.


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AU plans African Investment Bank to fund development

(Reuters) - The African Union (AU) plans to establish an investment bank in the next three years as part of an effort to raise an annual $25 billion for development projects, an AU official said on Thursday.

Maxwell Mkwezalamba, the AU's Commissioner for Economic Affairs, said in an interview the resource-rich continent is increasingly growing frustrated over wealthy countries' failure to live up to pledges to double aid for Africa by 2010.


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Miners, banks push S.Africa Top-40 index 1 pct up

(Reuters) - South Africa's blue chip Top-40 index gained over one percent in early trade on Friday, boosted by mining and bank stocks as global stock markets recovered.

The Top-40 index rose as much as 1.28 percent to 25,518 points. By 0748 GMT, the index was 0.97 percent firmer at 25,493 points.


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New AngloGold Ashanti CEO to tackle mine deaths

(Reuters) - The incoming chief executive at the world's third biggest gold producer, AngloGold Ashanti Ltd, wants to cut the firm's mine fatalities as a top priority, he said on Friday.

Increasing deaths at South Africa's treacherous underground mines have thrust safety into the spotlight recently. The government briefly closed one of AngloGold's mines last week after two more miners were killed in a rock fall.


Read more at Reuters Africa

S.Africa fuel strike into 5th day, motorists queue

(Reuters) - A strike by South African fuel workers entered a fifth day on Friday, prompting motorists in the economic capital to queue at filling stations as stocks dwindled.

"It has been a mad rush since 3 a.m. (0100 GMT) this morning," said Ashwin Chiba, manager of a filling station in the centre of Johannesburg, one of the few still with fuel.


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S.African stocks slide on global jitters; Lewis up

(Reuters) - South African stocks hit an almost four-month low on Friday as weaker global markets rattled financial stocks but retailer Lewis bucked the trend after it said sales rose and its credit book was in good shape.

The Johannesburg Top-40 index of blue-chip stocks dropped 1.11 percent to 24,915.31 points, its lowest closing level since April 11. The All-share index fell 1 percent to 27,582.01 points.


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Richards Bay Coal Exports Fell 3 Percent in July After Train Derailment

(Bloomberg) -- South Africa's Richards Bay Coal
Terminal, the world's biggest coal-export terminal, shipped 3
percent less coal in July than a year earlier after a derailment,
an official familiar with the matter said.

The terminal shipped 5.57 million metric tons of coal, the
official said, compared with 5.74 million tons a year earlier. On
July 16, the terminal said a derailment on a line transporting coal
to the port on South Africa's northeast coast delayed the delivery of
150,000 tons. In June, the port shipped 5.45 million tons.


Read more at Bloomberg Energy News

Polish Zloty Set for Weekly Gain as Investors' Appetite for Risk Revives

(Bloomberg) -- The Polish zloty was poised for a
weekly gain, advancing to an eight-day high against the euro as
investors regained their appetite for emerging-market assets.

Investors resumed buying stocks and higher-yielding
currencies such as the zloty, the Turkish lira and the South
African rand as concern abated that losses on U.S. subprime
mortgages would slow global economic growth.


Read more at Bloomberg Currencies News

BA CEO expects fines provision to suffice

(Reuters) - BA set aside the provision in May and this week U.S. and UK authorities unveiled fines worth almost 270 million pounds.




Authorities in Europe, Canada, Australia, South Africa and New Zealand are also probing BA's fuel surcharges.


Read more at Reuters.com Business News

Rand holds onto overnight gains, in range

(Reuters) - South Africa's rand held onto overnight gains on Tuesday, taking a breather after sharp losses racked up over the past week and shrugging off a wider trade deficit.

The domestic currency was trading at 7.0990 to the dollar at 1530 GMT, virtually unchanged from its close in New York on Monday, when it rebounded from a one-month low of 7.1999.


Read more at Reuters Africa

S.Africa credit points to rate hike, trade gap up

(Reuters) - Demand for credit by South Africa's private sector grew at a faster pace in June, hardening the case for higher interest rates to curb spending, while a wider trade deficit pointed to continued pressure on the current account.

The Reserve Bank has raised its repo rate by 250 basis points to 9.5 percent since mid-2006 to tame inflation and robust consumer demand, but spending, driven by credit, remains high.


Read more at Reuters Africa

S.African stocks firmer, led by resources and banks

(Reuters) - Heavyweight miners Anglo American and BHP Billiton and bank shares led South Africa's bourse higher on Monday after sliding over 3 percent last Friday, spooked by a global market sell-off.

A Johannesburg-based trader said both Anglo and Billiton were recovering from being oversold last week, along with other resource stocks and banks.


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Angloplat H1 headline EPS up 47 pct, cuts FY output

(Reuters) - South Africa's Anglo Platinum posted a 47 percent jump in interim headline earnings per share on Monday, at the top end of its own forecast, and cut its output estimate for the year.

Angloplat, the world's biggest platinum producer, said headline EPS for the six months to end June increased to 29.43 rand from 22.02 rand in the same period last year, mainly due to strong metals prices.


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China CNPC strikes oil of commercial value in Chad

(Reuters) - China National Petroleum Corp. (CNPC) has struck oil of commercial value for the first time in Chad, after buying a 50 percent share of an oil exploration partnership in the landlocked African nation last year.

CNPC, China's top oil and gas producer, did not provide any estimates of oil in place or an even more useful gauge such as recoverable reserves in a news release posted on its Web site (www.cnpc.com.cn) on Monday.


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Sarkozy preens, ruffles feathers on African tour

(Reuters) - Making his first visit to sub-Saharan Africa since his
election as French president in May, Sarkozy set out his Africa
policy in a public speech to Senegal's main university late on
Thursday, acknowledging colonialism's ills and calling for
democracy, liberty, justice and law, to a mixed reception.




"Cliches, more cliches and still cliches. What an insult!"
the Dakar daily Sud Quotiden said on its front page on Friday.


Read more at Reuters.com Bonds News

Afrox says set for "real growth" in earnings

(Reuters) - South African gas group African Oxygen posted 9-month headline earnings per share of 117 cents compared with 93.7 cents in the six months to end June 2006, and said on Thursday it was positioned for "real growth" in earnings.

Afrox is changing its financial year to end December from end September to align itself with its holding company, Germany's Linde Group, so was unable to provide comparative figures.


Read more at Reuters Africa

Anglo says S.Africa zinc, copper unit hit by long strike

(Reuters) - The world's third biggest mining group, Anglo American Plc, said on Thursday that output at its Black Mountain zinc and copper production unit in South Africa had been hit by prolonged industrial action.

Anglo did not say exactly how much output had been lost at Black Mountain which also produces lead and silver.


Read more at Reuters Africa