|Bid||16,801.00 x 0|
|Ask||17,425.00 x 0|
|Day's Range||16,842.00 - 17,440.00|
|52 Week Range||15,392.00 - 21,022.00|
|Beta (3Y Monthly)||0.25|
|PE Ratio (TTM)||997.77|
|Forward Dividend & Yield||10.80 (6.02%)|
|1y Target Est||197.00|
South Africa's antitrust tribunal concluded on Wednesday that it has no powers to charge foreign banks being investigated in an exchange-rate rigging case unless they have a presence in the country. Partly on that basis, the tribunal sent the case back to the country's competition watchdog, giving it 40 days to clarify the charges it plans to bring. In a probe that has rumbled on since 2015, the Competition Commission has been seeking fines against 23 local and foreign banks that it alleges colluded to coordinate activities when giving quotes to customers buying or selling the rand and the dollar.
South Africa's rand slumped on Tuesday after data showed the worst quarterly economic contraction in a decade at the start of 2019, while stocks gained. The rand was also hammered by news that South Africa's governing party has agreed to expand the central bank's mandate to include employment and growth as well as inflation. Investors are nervous about any changes that could curb the independence of the South African Reserve Bank (SARB).
Standard Bank shareholders on Thursday voted down a resolution that would have required the South African lender to report climate risk in its activities, although they passed another forcing it to disclose its coal financing policies. It was the first time a South African company had tabled a resolution on climate-related issues, according to shareholder group Just Share, which supported the motion. Just Share executive director, Tracey Davies, said the motion had received far more support than expected.
South Africa's largest labour union group, with more than a million and a half members, said on Wednesday it would stage a nationwide strike on Feb. 13 over large-scale layoffs at ailing state-owned firms and at private companies. The decision by the Congress of South African Trade Unions (Cosatu) poses a major threat to President Cyril Ramaphosa's plan to revive the economy by cutting the government's wage bill and reforming state firms that are drowning in debt and plagued by corruption. The protests also come just months ahead of national elections, where Ramaphosa's governing African National Congress (ANC) is likely to struggle to maintain its large electoral majority amid stubbornly high unemployment and rising poverty.
Billions of dollars in fines owed by South African companies MTN and Standard Bank to Nigerian regulators could increase the risk to South Africa's financial system, the central bank said on Wednesday. ...
Zambian Finance Minister Margaret Mwanakatwe is no longer having sleepless nights over an International Monetary Fund loan the southern African nation has been trying unsuccessfully to secure for the past two years. What does Mwanakatwe want from the visit?
After coming out all guns blazing, Nigeria’s central bank surrendered some ground in its tussle with MTN Group Ltd., pledging that a dispute over the repatriation of $8.1 billion in dividends from the country will soon be resolved. Examiners from the central bank are reviewing documents provided by Johannesburg-based MTN and four banks accused of moving money out of the continent’s biggest oil producer without the regulator’s final authorization, Governor Godwin Emefiele told reporters on Tuesday in the capital, Abuja. “Everyone will be happy” from MTN and the lenders to the Central Bank of Nigeria and the government, he added.
Nigeria's central bank has debited 2.4 billion naira ($7.9 million) in fines from Standard Chartered and 1.2 billion naira from Citigroup for allegedly helping South African telecoms firm MTN move funds abroad. The central bank normally debits the account of banks when it imposes a fine or to implement aspects of its monetary policies such as cash reserve requirements. The West African country's central bank last week ordered MTN and its lenders to return $8.134 billion it alleges MTN had sent abroad in breach of foreign exchange regulations.