S.Africa won't impose windfall tax on synfuel firms

(Reuters) - South Africa's National Treasury said on Monday the country will not impose a windfall tax on synthetic fuel producers such as Sasol and PetroSA.

"(The) government has also decided not to proceed with a tax on the windfall profits earned by existing synthetic fuel producers in the interest of a conducive environment for additional investments in domestic fuel security," the National Treasury said in a statement.


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Panic-buying as S.African petrol wage talks resume

(Reuters) - A six-day-old strike by South African fuel workers caused petrol shortages and panic-buying on Saturday when wage talks resumed.

Motorists were queuing up to 30 minutes to fill up at the few petrol stations that had not run dry.


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S.Africa's c.bank governor says household debt costs to bite

(Reuters) - South Africa's central bank Governor Tito Mboweni warned on Friday that rising debt services costs were going to bite, and repeated calls for consumers to be careful about acquiring credit.

Official data last week showed growth in demand for credit by South Africa's private sector quicked to 24.92 percent year-on-year in June from 24.84 percent, hardening the case for higher interest rates later this month.


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S.Africa artisans' union gets coal strike permission

(Reuters) - South African union Solidarity has received a certificate that allows it to launch a strike in the coal mining industry, the union said on Friday.

South African coal industry sources said that because Solidarity represents artisans or skilled workers, a strike by Solidarity would be likely to have more impact on coal production than that by the National Union of Mineworkers (NUM) which represents mostly unskilled workers.


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South African Rand Posts Biggest Weekly Decline in 5 Months on Global Risk

(Bloomberg) -- South Africa's rand had its biggest
weekly slide against the dollar in almost five months as global
stocks slumped and investors sold emerging-market assets.

The rand also dropped against the yen and the Swiss franc
as investors sold South African stocks and bonds to unwind so-
called carry trades. Government debt declined for a third week
as traders raised cash to pay back loans in yen and francs used
to fund purchases of emerging-market securities.


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S.African stocks tumble to 3-week low, miners hit

(Reuters) - South African blue-chip stocks tumbled as much as 2.2 percent to their lowest level in more than three weeks as softer metal prices hit mining stocks and weaker global equities hurt broader sentiment.

The Johannesburg Top-40 index of blue-chip stocks fell 1.98 percent to 25,809.55 points -- its lowest level since July 2. The Johannesburg All-share index slid 1.88 percent to 28,559.50 points.


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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.


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Anglo, BHP, Standard Bank pull S.Africa bourse down

(Reuters) - Anglo American led volatile South African shares lower on Wednesday as base metal prices slipped, and the market was further weakened by local interest rate hike concerns and a decline on Wall Street.

The Johannesburg Top-40 index of blue-chip stocks fell 1.77 percent at 26,331.06 points. The broader All-share index dropped 1.64 percent to 29,105.27 points.


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S.Africa tells AngloGold to shut mine shaft

(Reuters) - South Africa has instructed gold producer AngloGold Ashanti to shut the shaft at its Moab Khutsong mine after two miners were killed in a rock fall at the weekend, the government said on Tuesday.

The Department of Minerals and Energy said senior officials would visit the mine on Wednesday to check if the company was meeting safety standards. It did not say how long the shaft would remain shut.


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Nedbank shares surge on StanChart talks report

(Reuters) - Shares in South Africa's fourth-biggest bank, Nedbank Group Ltd, jumped six percent on Thursday after a report that Standard Chartered was in talks to acquire the group.

Nedbank shares rose as much as 6.25 percent to 144.50 rand, adding 3.9 billion rand to its market value, after Business Day quoted unnamed sources as saying the South African bank had been in talks with Standard Chartered for some time.


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High River revives Burkina's commercial gold sector

(Reuters) - High River Gold Mines Ltd has poured its first gold in Burkina Faso, reviving commercial gold mining in the West African country after an eight-year halt, the Canadian-listed company said on Wednesday.

The mine is the first of three due to be commissioned this year, kick-starting the sector in the impoverished country between Ghana and Mali, Africa's second and third biggest gold producers after world No. 1 South Africa.


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Rand weaker, eyes US and retail sales data

(Reuters) - South Africa's rand was weaker on Wednesday on profit-taking but remained within recent ranges ahead of retail sales data due later in the session.

The rand was trading at 6.9770 to the dollar at 0630 GMT, 0.24 percent weaker than its previous New York close of 6.96, after earlier touching 6.9475 against the greenback.


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Rand stagnant versus dollar, lacks impetus

(Reuters) - The South African rand remained caught in tight ranges against the dollar on Tuesday amid a lack of market moving domestic economic data, traders said.

The local currency was at 6.9630 to the dollar at 1520 GMT, 0.2 percent firmer than Monday's close of 6.9750 after trading between 6.9570 and 6.9925 during the session.


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Palamin Q2 copper concentrate output falls 22 pct

(Reuters) - South Africa's biggest copper miner, Palabora Mining Company (Palamin), posted a 22 percent fall in output of copper in concentrates to 17,600 tonnes in the second quarter compared to the previous quarter, the firm said on Tuesday.

The sharp fall was mainly due to the transfer of low-grade stock from the concentrator to the smelter for sale during the first quarter, the firm said in a statement.


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Shoprite Holdings Full-Year Sales Rise 16 Percent on Consumer Spending

(Bloomberg) -- Shoprite Holdings Ltd., South Africa's
second-largest grocer, said annual sales gained 16 percent after
faster economic growth boosted consumer spending.

Sales in the 12 months through June 30 reached 38.9 billion
rand ($5.6 billion), compared with the year earlier, Cape Town-
based Shoprite said in a stock exchange statement today. Revenue at
the main Shoprite brand increased 14 percent while the Checkers
chain advanced 15 percent, the company said.


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Mboweni:Zimbabwe far from joining rand union - report

(Reuters) - Zimbabwe is a long way from being ready to join southern Africa's rand monetary union, South African Reserve Bank Governor Tito Mboweni was quoted as saying on Monday.

"A very high degree of macro-economic convergence is necessary. They have a very long way to go," he told South African news agency I-Net Bridge.


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Rand Holds Near 2-Week High; Gains Already Reflect Interest-Rate Outlook

(Bloomberg) -- South Africa's rand traded little
changed, holding near a two-week high against the dollar, on
speculation that recent gains already reflect the outlook for
higher interest rates.

The rand earlier touched its highest since July 3, supported
by investors seeking out South Africa's 9.5 percent interest rate
in trades funded by borrowing Japanese yen or Swiss francs more
cheaply. The Reserve Bank has increased borrowing costs five
times in the past year and is expected to continue doing so to
curb inflation.


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Rand Drops on View Recent Gains Already Reflect Interest-Rate Outlook

(Bloomberg) -- South Africa's rand fell against the
dollar, snapping a three-day gain, on speculation that recent
gains already reflect the outlook for higher interest rates.

The rand last week touched its highest in almost two weeks,
supported by investors seeking out South Africa's 9.5 percent
interest rate in trades funded by borrowing Japanese yen or Swiss
francs more cheaply. The Reserve Bank has increased borrowing
costs five times in the past year and is expected to continue
doing so to curb inflation.


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Cash machine attacks have S.Africa banks stumped

(Reuters) - Blowing up cash dispensers is becoming a favourite tactic of South African bank robbers, and the country's embattled police as well as its banks are struggling to find a way to prevent it.

Banks report a dramatic rise in this type of crime over the past three years. In the past two weeks alone, five attacks on cash machines have been reported in the coastal city of Durban and police say they have made no arrests.


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Emerging market sentiment weighs on S.African rand

(Reuters) - South Africa's rand weakened against the dollar on Tuesday, as a drop in U.S. stocks prompted investors to move away from emerging markets.

At 1455 GMT, the rand stood at 7.01 versus the dollar. It was about 0.55 percent softer than its last New York close of 6.9688 but had rebounded from 7.0450 earlier in the day.


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