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The wave of blockchain technology is looming over the banking sector globally. South Africa's rand weakened on Tuesday with emerging assets struggling for clear direction as risk demand eased bites of a foundry before Congress by U. Brian Molef, outgoing Eskom CE, has been hailed for doing great things plunge the state-owned company.
From our Word of the Year announcement: Investing in Art Creative Miners. Things don't get less serious in They will bitcoin to focus on reducing their short-term debt as soon as possible and consolidate long-term debt.
It has since settled around the R The sponsorship consists of a significant cash amount which is administered by the Team Powerhouse Trust. SA used to get the credit for being quite a good kid in a bad neighbourhood. Rand firms, stocks rise in emerging assets recovery EWN. However, it will continue in its attempts to recover unpaid e-tolls by pursuing defaulters in the courts. South Africa's rand slips, stocks dragged lower by Bidvest Sharenet. Reserve Bank cuts growth forecast to 0.
Zim coup can 'spill over' to rand Fin His plans are expected to disappoint, which could lead to a weaker dollar. Rand catches its breath after strong run Business Live. South Africa's junkies rating worry insurers. The volatility of Bitcoin is set to continue as crypto-currencies find their feet in the mainstream economy.
This is the view of industry players and experts following the recent massive drop in the Bitcoin price. Farzam Ehsani, blockchain lead at RMB and chairman of the South African Financial Blockchain Consortium, comments that the Bitcoin community has been engaged in a multi-year debate about how to scale Bitcoin to increase the number of transactions per second. Treasury rocked as budget chief quits Fin National Treasury has been rocked by the resignation of its long-time budget head, Michael Sachs.
Fin24 has obtained independent confirmation from two sources close to Treasury that Sachs, a deputy director general who headed up the budget office, quit last week over interference by the Presidency. The issue of free higher education, that is being steamrolled by Zuma, has pushed Sachs, a Treasury veteran of ten years, to resign.
Rand reaches one-month low to the dollar, as market eyes Business Live. Bitcoin is going bananas! Why is bitcoin so valuable? Economic growth in sub-Saharan Africa is expected, according to the International Monetary Fund, to rise to 3. Rowing in SA has always been something of a neglected little brother, receiving less funding and support than a lot of other sports.
Yet South African rowing has produced some incredible world class results. A slow decline from the region's 'first in class' to underperformer is reversible Business Day.
Now it is increasingly becoming the laggard in an improving neighbourhood. Two reports in the past couple of weeks make the point in different ways. Women in finance need role models to break glass ceiling Careers Young South African women need exposure to strong role models in the financial industry if gender imbalances are to be corrected, say industry leaders. Sanral throws in towel over e-toll debts older than 3 years Moneyweb. FirstRand's shares were up 0.
Bond market - and why foreigners are dumping South African bonds interview. Yields — or what Government has to pay to holders of those bonds — surged by 56 basis points to 9. What are bonds, and what is the bond market? Bitcoin tops R for the first time Techcentral. Bitcoin is changing hands at over R on some trading platforms as of Wednesday morning. The price touched a new all-time high of R on local platform Luno and was last quoted at R However, bitcoin is trading at a higher price in South Africa for a number of reasons, according to cryptocurrency expert Farzam Ehsani.
Rand shaky in early trade as volatility returns to market Business Live. The rand was a little shaky and volatile on Wednesday morning, suggesting that sentiment towards the local currency remained fragile. Rand Merchant Bank currency strategist John Cairns expects continued volatility in the currency this week, but this time the influence is likely to come from the overseas markets, which await the announcement of the a new US Federal Reserve chief this week.
JSE announces winners of 16th annual Spire Awards. The JSE announced the winners of the 16th annual Spire Awards, recognising excellence in South Africa's fixed income, currency and commodity derivatives markets, at a gala dinner last month. Rand Merchant Bank took home the big awards. Rand recovers slightly after torrid week Asset News Hub. Finance Minister Malusi Gigaba shocked markets on Wednesday by flagging sharply weaker growth expectations, wider deficits and rising government debt in a closely watched budget speech.
The projects fall into the Small Projects Independent Power Producers SPIPP programme, a renewable energy programme led by the department and aimed at small and medium-sized enterprises and new entrants to the renewable energy sector. Rand on recovery path after bruising week Business Live. Rand takes another big knock as dollar surges Business Live.
Hard to predict how rating agencies will react Cape Argus. Finance Minister Malusi Gigaba said it was difficult to predict how rating agencies would react to his maiden mediumterm budget, which flagged weaker growth expectations and rising government debt.
After Gigaba outlined government spending plans for the next three years on Wednesday, the rand fell to its lowest level in 10 months against the dollar and bonds weakened. Rand hammered by surging dollar eNCA. Gigaba says difficult to predict rating agencies' reaction to budget. South African Finance Minister Malusi Gigaba said on Thursday it was difficult to predict how rating agencies would react to his maiden medium-term budget, which flagged weaker growth expectations and rising government debt.
Foreign money is deserting SA The Times. The rand and South African bonds continued to be hammered in the wake of the sobering summary of the sad state of the economy in Wednesday's mediumterm budget policy statement.
Foreign investors dumped the currency and notes in the wake of Finance Minister Malusi Gigaba's forecasts of higher public debt and wider budget deficits in the next three years. Divisive polls offer Kenya democracy a stern test FinNews Africa.
The election rerun is set to proceed after what an analyst described as a series of controversies and false starts. However, according to Rand Merchant Bank Africa strategist, Ronak Gopaldas, the poll would be tainted by major credibility and legitimacy issues, taking place amid a highly fractured political environment, which has seen the main opposition candidate, Raila Odinga, declare his intention to boycott the race. The Kenyan business community has reiterated calls for the upholding of the rule of law during elections set for Thursday.
Expect Gigaba to increase taxes Moneyweb. There's something about the rousing common language of music and song that has been so impeccably and emotively harnessed by RMB that their Starlight Classics, hosted in the bucolic setting of the Country Club Johannesburg, proved to be the most charming ever. The JSE announced the winners of the 16th annual Spire Awards, recognising excellence in South Africa's fixed income, currency and commodity derivatives markets on 19 October.
Kirsten McCann made it into the finals and had the race of her dreams to get her the win and bring home a gold medal. Rand on the backfoot after cabinet reshuffle Moneyweb. At GMT the rand had weakened 0. The rand fell to a low of Rand has traders scratching their heads Business Live. The rand crept lower on Tuesday morning, suggesting consolidation following a sharp rally over the past week.
Tepid US inflation lights a fire under rand Business Live. The rand extended earlier gains on Friday afternoon, after US inflation for September came in slightly lower than expected. Year-on-year inflation in the US was recorded at 2. The consumer price index, measuring what Americans pay for everything from groceries to theatre tickets, advanced 0.
Political crisis with no clear end grinds down Kenyan economy IOL. Analysts at Rand Merchant Bank and ING Groep predict the South African currency, the second-worst emerging-market performer in the past month, will rebound against the dollar by year-end as the pull of improving fundamentals and the hunt for yield support buyers amid lingering political and fiscal risks.
Why the rand is weakening The Money Show. The rand is weakening… … or is it merely the dollar that is strengthening? RMB forecasts the rand at R13 to the dollar by the end of the year. The rand was trading at R Corporate clients buoy up big banks Sunday Times. FirstRand's Rand Merchant Bank says that its corporate and investment banking business is in good health, despite significant macro pressures, characterised by difficult credit markets and lower economic growth.
The disconnect between market euphoria and the real world could hardly be bigger. The JSE hit record levels again this week, despite the fact that our politics is increasingly messy, personal debt levels are high and, even though the data suggests otherwise, it feels like we are in a recession. Thanks to its deteriorating economic prospects, SA has lost the top spot as Africa's most attractive investment destination to fastgrowing Egypt, showing just how easy it is for once proud nations to fall behind less-industrialised but faster-reforming economies.
The sponsorship comes after a two year association between the bank and the sport. The share price leapt to R Rand steady ahead of local inflation, Fed meeting Moneyweb. Farzam Ehsani on why crypto money is so revolutionary TechCentral. In the podcast, he talks about the nature of money, as well as the open letter he wrote to JPMorgan Chase CEO Jamie Dimon, and the role of banks as government-backed fiat currencies become undermined and possibly destroyed by crypto systems.
Vast sums of money are being thrown into blockchain by individuals, organisations, venture capitalists, banks and even entire countries. Money is no more 'real' than bitcoin Business Times. Virtual money shifting global trading trends Business Day. Cryptocurrencies are the most undervalued asset class in the world, says Farzam Ehsani, leader of Rand Merchant Bank's blockchain initiative. Business confidence up marginally in the third quarter. Almost seven out of ten respondents therefore remained unsatisfied with business conditions — a troubling outcome to say the least.
SA clambers out of recession but retail sector is likely to retard growth BDLive. Even as SA clambered out of recession, it is unlikely to experience meaningful growth on the back of a slump in the retail sector.
The sector grew less than expected at the start of the third quarter with marginal growth of 1. Business confidence up marginally in Q3 Moneyweb.