LONDON, April 29 (Reuters) &#8211; Oil prices extended gains on Thursday as bullish forecasts of recovering demand, strong U.S. economic data and a weak dollar outweighed concerns about the impact of rising COVID-19 cases in Brazil, India and Japan.



Brent rose $1.30, or 1.9%, to $68.57 a barrel by 1337 GMT, and U.S. West Texas Intermediate crude was up $1.21, or 1.9%, at $65.07 a barrel.



This is the third consecutive day that both contracts have climbed.



&#8220;The performance of the past few days demonstrates the unbroken faith of the market in healthy economic and demand recovery,&#8221; Tamas Varga, analyst at PVM Oil associates said.



&#8220;It also implies that the perilous and devastating COVID nightmare engulfing in India, Japan and Turkey, amongst others, is not expected to have a long-lasting impact on economic expansion.&#8221;



The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, stuck to its plans this week for a gradual easing of oil production curbs from May to July.



OPEC+ expects global stocks to reach 2.95 billion barrels in July, taking them below the 2015-2019 average.



&#8220;A closer look at the state of global oil inventories suggests that the market may be closer to the point of rebalancing than what OPEC+ may think,&#8221; Citi analysts said, adding that the market has absorbed most of the crude inventory overhang, although refined products inventories are still relatively high.



The bank expects vaccination campaigns in North America and Europe to boost oil demand to a record high of 101.5 million barrels per day (bpd) over the northern hemisphere summer months, but said rising COVID-19 cases in Brazil and India could hit local demand if stricter lockdowns are reimposed.



&#8220;The outbreak in India is holding back oil&#8217;s rally,&#8221; Howie Lee, an economist at Singapore&#8217;s OCBC bank, said.



Europe&#8217;s major energy companies profited from a rise in oil prices to report big increases in first-quarter earnings, putting the worst of a pandemic-linked slump in fuel demand behind them.



BP &lt; BP.L&gt;, Total and Equinor reported first-quarter profits above pre-pandemic levels.



Investors also focused on a ramp-up in U.S. refinery operating rates and a drawdown in distillates stocks last week, in data released by the Energy Information Administration on Wednesday.



A weak dollar also lent some support to oil. The dollar was pinned near nine-week lows as a dovish outlook from the U.S. Federal Reserve and bold spending plans from the White House gave a green light for the global reflation trade.



U.S. economic growth accelerated in the first quarter, supporting crude prices. Gross domestic product increased at a 6.4% annualized rate last quarter. That was the second-fastest GDP growth pace since the third quarter of 2003. 



(Reporting by Bozorgmehr Sharafedin in London, additional reporting by Florence Tan and Roslan Khasawneh in Singapore; Editing by Barbara Lewis and Bernadette Baum)

oil-rig-industry-oil

Oil prices rise, bullish demand outlook offsets India concerns

<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/6VLBHAYZXJJYNIJ7IOBENQRP4M-820x547.jpg" alt="" class="wp-image-402815" width="839" height="560" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/6VLBHAYZXJJYNIJ7IOBENQRP4M-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/6VLBHAYZXJJYNIJ7IOBENQRP4M-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/6VLBHAYZXJJYNIJ7IOBENQRP4M-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/6VLBHAYZXJJYNIJ7IOBENQRP4M.jpg 960w" sizes="auto, (max-width: 839px) 100vw, 839px" /><figcaption>Photo: via Reuters</figcaption></figure>



April 29 (Reuters) &#8211; A dovish message from the U.S. Federal Reserve and more stimulus from Washington saw emerging markets&#8217; stocks and currency indexes scale two-month peaks on Thursday while Turkey&#8217;s central bank flagged inflation pressures and pledged a tight policy.



MSCI&#8217;s indexes of emerging currencies and stocks jumped 0.4%, extending a recent multi-day run of gains.



The Federal Reserve said it wants to keep monetary policy loose for the foreseeable future, helping global risk assets in addition to optimism from a $1.8 trillion stimulus package.



The Turkish lira firmed 0.4% against the dollar after Central Bank Governor Sahap Kavcioglu said in his first quarterly inflation report that tight policy will be maintained on high inflation expectations as the economy suffers from a jump in coronavirus infections and a weak currency.



However, the lira has dropped some 9% so far this year, making it one of the worst performing emerging market currencies.



South Africa&#8217;s rand strengthened 0.3% to its highest since January 2020, extending a stellar run that has seen it become the best performing emerging market currency over the past 12 months.



&#8220;The currency has been well-supported by a host of factors, including current account surplus, positive real yields and contained inflation as well as relatively low positioning among real money investors,&#8221; said JPMorgan&#8217;s Saad Siddiqui, raising its exposure on the currency to &#8220;overweight&#8221; from &#8220;market weight&#8221;.



Russia&#8217;s rouble eked out small gains to hover above the 74 level, helped by rising oil prices and improving geo-political tensions.



The rouble is set for its best month since last December after Russia said it would withdraw some troops from the border with Ukraine, easing fears of new sanctions against Moscow after the United States barred its banks from buying OFZ government bonds in primary auctions from mid-June.



&#8220;The rouble exchange rate was rocked by a combination of fresh U.S. sanctions and military escalation along Russia&#8217;s border with Ukraine, volatility from those developments largely calmed down, but anxiety lingers among investors because major threats were exchanged when things were heated up,&#8221; said Tatha Ghose, an analyst at Commerzbank.



Most central European currencies traded flat against the euro, with Hungary&#8217;s forint being the top gainer, up 0.3% after its average annual wages jumped 9.6% in February, the Central Statistics Office (KSH) said.



Meanwhile the Polish zloty recorded only marginal gains in cautious trade as investors focus on an European court decision on FX mortgages.



Central Europe&#8217;s rate-setters for the most part look set to weather a looming spike in inflation and let their economies rebound with a vengeance from the COVID-19 shutdown, propelled by strong domestic demand, investments and European Union funds.



For GRAPHIC on emerging market FX performance in 2021, see <a href="http://tmsnrt.rs/2egbfVh">http://tmsnrt.rs/2egbfVh</a> 



For GRAPHIC on MSCI emerging index performance in 2021, see <a href="https://tmsnrt.rs/2OusNdX">https://tmsnrt.rs/2OusNdX</a>



(Reporting by Shashank Nayar in Bengaluru, editing by Karin Strohecker and Sherry Jacob-Phillips)

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Fed, U.S. stimulus hopes lift currencies, equities to 2-month high

April 29 (Reuters) &#8211; Gold prices reversed course to trade lower on Thursday as the dollar firmed, with investors awaiting U.S. GDP data for more cues after the Federal Reserve acknowledged a brighter economic outlook though it stood pat on its dovish policy stance. 



Spot gold was down 0.1% at $1,780.10 per ounce by 0803 GMT. U.S. gold futures rose 0.4% to $1,780.50 per ounce.



&#8220;The fact that the Fed was optimistic about the economic recovery means that gold will find it difficult to break higher immediately. In the United States, the economic momentum has also meant that yields have an upward bias, which will keep gold capped,&#8221; said Harshal Barot, a senior research consultant for South Asia at Metals Focus. 



Gold prices closed higher on Wednesday after the Fed decided to keep interest rates low and said it was too early to consider rolling back its emergency support. 



U.S. President Joe Biden also unveiled a sweeping $1.8 trillion package plan for families and education in his first speech to Congress. 



&#8220;The gold market lacks confidence. Having reached $1,790 overnight and once again failed to challenge $1,800, the conviction among traders remains low,&#8221; said Saxo Bank analyst Ole Hansen. 



&#8220;The market keeps a close eye on correlation to other markets and with a slightly stronger dollar and real yields moving higher, profit-taking and selling emerged.&#8221; 



Elsewhere, auto-catalyst metal palladium rose 0.7% to $2,948.43 per ounce, having scaled an all-time peak of $2,962.50 on Tuesday. 



&#8220;Investment demand for palladium is minimal and… we expect it to benefit more than platinum from a rebound in autocatalyst demand as it is used primarily in gasoline vehicles,&#8221; Capital Economics wrote in a note.



Combining this with supply disruptions from the two mines in Russia, the palladium deficit is expected to widen this year and help prices reach $3,000 per ounce, it added. 



Platinum was steady at $1,219.01 while silver gained 0.8% to $26.37 per ounce. 



(Reporting by Shreyansi Singh and Swati Verma in Bengaluru; Editing by Krishna Chandra Eluri, Subhranshu Sahu and Sherry Jacob-Phillips)

Close-Up Of Gold Ingots On Table

Gold turns negative as dollar strengthens; focus on U.S. GDP data

LONDON/HONG KONG, April 29 (Reuters) &#8211; Global shares extended gains on Thursday after the Federal Reserve said it was too early to consider rolling back emergency support for the economy, and U.S. President Joe Biden proposed a $1.8 trillion stimulus package.



The MSCI world equity index, which tracks shares in 49 countries, was 0.2% higher, on course for its best month since November.



The pan-European STOXX 600 opened 0.4% firmer, while E-mini futures for the S&amp;P 500 index rose 0.4% and Nasdaq futures advanced 0.6%.



U.S. Treasury yields advanced 1.8 basis points to 1.6486, still short of Wednesday&#8217;s two-week high, while euro zone government bond yields remained below two-month highs.



Fed Chair Jerome Powell said on Wednesday that &#8220;it is not time yet&#8221; to begin discussing any change in policy after the U.S. central bank left interest rates and its bond-buying programme unchanged, despite taking a more optimistic view of the country&#8217;s economic recovery.



The Fed&#8217;s stance, strong U.S. corporate earnings and the notion that Biden is going big on infrastructure were all supportive for markets, said François Savary, chief investment officer at Swiss wealth manager Prime Partners.



&#8220;The Fed confirmed the roadmap for any change in policy, which is a reassuring factor,&#8221; he said. &#8220;It looks like tapering won&#8217;t materialise until 2022 and that has induced weakness for the dollar, is supportive of market liquidity and means less pressure on emerging markets.&#8221;



HUGE STIMULUS



Biden proposed the sweeping new $1.8 trillion plan in a speech to a joint session of Congress on Wednesday, pleading with Republican lawmakers to work with him on divisive issues and to meet the stiff competition posed by China.



He also made an impassioned plea to raise taxes on corporations and rich Americans to help pay for what he called the &#8220;American Families Plan&#8221; in his maiden speech to Congress.



He has also proposed nearly doubling the tax on investment income, which knocked stock markets last week.



Stephen Dover, Franklin Templeton&#8217;s chief market strategist in California, said the effect of the tax package on markets is hard to measure for now.



&#8220;If it passes, I think it will have an impact on individual stocks that will pay a higher rate of tax or companies with founders who will pay capital gains and could sell stocks,&#8221; he said.



MSCI&#8217;s broadest index of Asia-Pacific shares outside Japan built on early gains and added 0.48%.



Australia&#8217;s S&amp;P/ASX 200 edged up 0.25%, as strong oil prices lifted energy stocks, closing at their highest level in nearly 14 months.



China&#8217;s blue-chip CSI300 index was 0.88% higher.



Markets in Japan were closed for a holiday but Nikkei futures rose 0.48%.



For the rest of the day, investors will focus on the first estimate of U.S. GDP for the first quarter, which is expected at 13:30 GMT.



DOLLAR IN DOLDRUMS



The Fed&#8217;s doggedly dovish outlook and the White House&#8217;s spending plans hampered the dollar, which traded just off nine-week lows.



Against a basket of currencies, the greenback was at 90.622 , and a long way from the rally peak of 93.439 hit at the end of March.



The euro hit its highest since late February at $1.2150 , before steadying at $1.2121.



Oil prices extended gains on Thursday as bullish forecasts for a demand recovery this summer offset concerns of rising COVID-19 cases in India, Japan and Brazil.



Brent crude for June rose 0.39% to $67.53 a barrel, while U.S. West Texas Intermediate crude for June was at $64.06 a barrel, up 0.31%.



Spot gold added 0.1% to $1,779.63 an ounce.



(Additional reporting by Andrew Galbraith in Shanghai and Scott Murdoch in Hong Kong; Editing by Jacqueline Wong, Kim Coghill and Gareth Jones)

(Photo: Flickr/QuoteInspector.com)

Global shares gain lift from Fed, Biden’s stimulus

NAIROBI, April 26 (Reuters) &#8211; Ethiopia&#8217;s finance ministry said on Monday it had received two bids, from South Africa&#8217;s MTN and a consortium including Kenya&#8217;s Safaricom, for new telecoms operating licences.



The announcement is the latest step in the Horn of Africa nation&#8217;s efforts to liberalise its economy. The country of 110 million people has one of the world&#8217;s last closed telecoms markets.



Vodafone, Vodacom, the United Kingdom&#8217;s CDC Group and Japan&#8217;s Sumitomo Corporation are also part of the consortium, the finance ministry said in a post on Twitter announcing the two bids it had received.



Brook Taye, a senior advisor at the finance ministry, told Reuters it should not take more than a week for the winners of the licences to be announced.



&#8220;We will select the winners after technical and financial evaluation is completed,&#8221; Balcha Reba, director general of the Ethiopian Communications Authority, said at a news conference on Monday. The government may award one or two licences and has the right to cancel the bidding process, he added.



The licences will pave the way to open up Ethiopia&#8217;s telecoms industry, which is considered the big prize in the country&#8217;s push to liberalise the economy.



The liberalisation will also involve the sale of a 45% stake in Ethio Telecom, which has said it also plans to launch mobile money transfer services.



&#8220;It seems companies like Orange and Etisalat are more interested in buying a stake in Ethio Telecoms,&#8221; Brook said, referring to the French and the United Arab Emirates mobile operators.



Kenya&#8217;s Safaricom said in a statement that &#8220;for structuring purposes, the respective consortium members may invest through special purpose investment vehicles&#8221;.



The company estimated in 2019 that it would have to pay about $1 billion for a new licence.



Vodacom Group CEO Shameel Joosub said the consortium had submitted a &#8220;strong tender&#8221;.



Ethiopia&#8217;s licencing process &#8220;represents the last and largest telco liberalisation opportunity in the world,&#8221; MTN Group President and CEO Ralph Mupita said in an email to Reuters.



The bid winners will secure full operating licences, but they will not be allowed to operate mobile phone-based financial services, government officials said last year.



They will also be required to set up their own network infrastructure, such as cellphone towers, they said. 



(Reporting by Nairobi Newsroom, additional reporting by Nqobile Dludla in Johannesburg; writing by Omar Mohammed; editing by Maggie Fick, Emelia Sithole-Matarise and Bernadette Baum)

MTN-logo

Ethiopia receives two bids for two telecoms operating licences

<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/MTN-logo.jpg" alt="" class="wp-image-402622" width="834" height="762" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/MTN-logo.jpg 656w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/MTN-logo-300x274.jpg 300w" sizes="auto, (max-width: 834px) 100vw, 834px" /><figcaption>Photo via &#8211; Wikimedia Commons</figcaption></figure>



NAIROBI, April 26 (Reuters) &#8211; Ethiopia&#8217;s finance ministry said on Monday it had received two bids, from South Africa&#8217;s MTN and a consortium including Kenya&#8217;s Safaricom, for new telecoms operating licences.



The announcement is the latest step in the Horn of Africa nation&#8217;s efforts to liberalise its economy. The country of 110 million people has one of the world&#8217;s last closed telecoms markets.



Vodafone, Vodacom, the United Kingdom&#8217;s CDC Group and Japan&#8217;s Sumitomo Corporation are also part of the consortium, the finance ministry said in a tweet announcing the two bids it had received.



Brook Taye, a senior advisor at the finance ministry, told Reuters that it should not take more than a week for the winners of the licences to be announced.



&#8220;We will select the winners after technical and financial evaluation is completed,&#8221; Balcha Reba, director general of the Ethiopian Communications Authority, said at a press conference on Monday.



The licences will pave the way to open up Ethiopia&#8217;s telecoms industry, which is considered the big prize in the country&#8217;s push to liberalise the economy.



The liberalisation will also involve the sale of a 45% stake in Ethio Telecom, which has said it also plans to launch mobile money transfer services.



&#8220;It seems companies like Orange and Etisalat are more interested in buying a stake in Ethio Telecoms,&#8221; Brook said, referring to the French and the United Arab Emirates mobile operators.



Kenya&#8217;s Safaricom said in a statement that &#8220;for structuring purposes, the respective consortium members may invest through special purpose investment vehicles&#8221;.



The company estimated in 2019 that it would have to pay about $1 billion for a new licence.



Vodacom Group CEO Shameel Joosub said the consortium had submitted a &#8220;strong tender&#8221;.



MTN had no immediate comment.



The bid winners will secure full operating licences, but they will not be allowed to operate mobile phone-based financial services, government officials said last year.



They will also be required to set up their own network infrastructure, such as cellphone towers, they said. 



(Reporting by Nairobi Newsroom; writing by Omar Mohammed; editing by Kirsten Donovan, Maggie Fick and Emelia Sithole-Matarise)

MTN, Safaricom Consortiums Bid for Ethiopian telecoms license

LONDON, April 26 (Reuters) &#8211; European stocks clawed their way higher on Monday as world markets began the week in a relatively upbeat mood following further signs last week that economies are recovering rapidly.



The start to the week was relatively quiet, however, as investors refrain from taking on large positions ahead of a two-day Federal Reserve meeting beginning on Tuesday and quarterly gross domestic product numbers for the United States.



But the general sentiment remained bullish with Wall Street hitting another intraday record-high on Friday and European shares not far off record highs in early Monday trading.



The broader Euro STOXX 600 gained 0.23% while Germany&#8217;s DAX rose 0.22%. Britain&#8217;s FTSE 100 climbed 0.21%.



Asian shares also rallied where MSCI&#8217;s broadest index of Asia-Pacific shares outside Japan reached its highest since March 18, despite a late sell-off in Chinese shares.



Wall Street futures pointed to a slightly weaker open .



The MSCI world equity index, which tracks shares in 49 countries, rose 0.2%.



Stocks are basking in a massive rally &#8211; the MSCI world index has suffered only three down months in the past 12 and is up nearly 5% this month and 9% for the year as investors bet on a rapid post-pandemic economic rebound turbocharged by vast government and central bank stimulus.



Analysts, however, say stocks look a little too confident and that the rally will run into hurdles after setting such a lightning pace and with so much of the recovery and fiscal stimulus splurge already priced in.



&#8220;The real crux of the issue, however, is what&#8217;s in the price. The year-to-date rally has increasingly eliminated upside to our targets,&#8221; noted Andrew Sheets, a strategist at Morgan Stanley.



&#8220;Across four major global equity markets (the U.S., Europe, Japan and emerging markets), only Japan is currently below our end-2021 strategy forecast.&#8221;



BOLSTER CONFIDENCE



Still, recent data pointing to a solid global economic recovery has only served to bolster confidence. Strong corporate earnings and the continued rollout of COVID-19 vaccinations in developed economies have also supported sentiment.



Early April manufacturing activity indicators out last week pointed to a robust start to the second quarter with data hitting record highs in the United States and signalling an end to Europe&#8217;s double-dip recession.



First-quarter U.S. gross domestic product data due later in the week is likely to show activity probably returned to pre-pandemic levels, analysts said.



&#8220;We estimate that the economy will close the output gap and rise above potential in the second half of this year,&#8221; ANZ economists wrote in a morning note, suggesting more upside for shares.



&#8220;(Europe) cannot match this, but as 2021 progresses into 2022, the growth differential to the U.S. will narrow,&#8221; they added.



In bond markets, government debt yields rose as investors dumped safer assets.



The U.S. 10-year Treasury yield rose 1 basis point to 1.5773% but that is some way off the plus 1.7% levels hit earlier this month when fears about a spike in inflation rattled markets.



In currencies, the dollar &#8212; which had benefited from rising Treasury yields &#8211; fell against a basket of currencies to its weakest since early March &#8212; another sign of the bullish mood of global investors this month.



Turkey&#8217;s lira edged lower, adding to a recent slide and nearing an all-time low as a chill settled on relations with the United States and after the new central bank chief signalled that rate hikes would harm the economy.



In commodities, U.S. crude fell 57 cents to $61.57 per barrel and Brent eased 57 cents to $65.64.



Gold climbed 0.1% to $1,779 an ounce.



(Additional reporting by Swati Pandey in Sydney, editing by Ed Osmond)

Stock market report. 3d illustration

Stocks start week in upbeat mood as recovery bets dominate

April 23 (Reuters) &#8211; Palladium extended its blistering rally to an all-time high within striking distance of $3,000 on Friday on supply concerns and bets for improving demand, while gold pulled back on strong U.S. economic data. 



Palladium jumped more than 3% to a record high of $2,925.14 per ounce, poised for a second straight weekly gain. 



Many analysts expect a further run towards $3,000 as automakers ramp up purchases of the metal, worsening a supply shortage. 



&#8220;We&#8217;re expected to outstrip supply for multiple years out,&#8221; said Phillip Streible, chief market strategist at Blue Line Futures in Chicago. 



&#8220;There&#8217;s a big push for environmental reform, countries are all in, companies are pushing for more green energy and lowering emissions, and an effective way to do it is by retooling catalytic converters and relying on more electric vehicles. So that&#8217;s a lot of palladium, platinum, and copper demand right there.&#8221; 



Platinum rose 1.9% to $1,226.55 per ounce by 10:23 a.m. EDT (1423 GMT). 



Spot gold , meanwhile, was 0.6% lower at $1,773.45 per ounce, giving up initial gains driven by a weaker dollar and subdued U.S. yields. 



U.S. gold futures dipped 0.4% to $1,774.20 per ounce. The dollar held near multi-week lows as investors waited for a U.S. Federal Reserve meeting next week, while U.S. Treasury yields slipped as traders also weighed prospects of a new tax plan from U.S. President Joe Biden. 



&#8220;The focus is turning to the Fed as in recent times we have seen significant improvement in U.S. data. That&#8217;s raising speculation that the Fed might signal its intention to reduce its emergency stimulus measures in the coming months,&#8221; said Fawad Razaqzada, market analyst with ThinkMarkets. 



Contributing to gold&#8217;s pullback, data showed U.S. factory activity powered ahead in early April, while a rebound in new home sales exceeded expectations in March. 



Silver fell 1.1% to $25.89 per ounce. 



(Reporting by Arpan Varghese and Eileen Soreng in Bengaluru; Editing by Kirsten Donovan)

41912388962_faae3d288c_z

Palladium soars to within sight of $3,000 in record run

<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/Electric_pylons_over_N1_-_panoramio.jpg" alt="" class="wp-image-402513" width="841" height="560" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/Electric_pylons_over_N1_-_panoramio.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/Electric_pylons_over_N1_-_panoramio-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/Electric_pylons_over_N1_-_panoramio-768x512.jpg 768w" sizes="auto, (max-width: 841px) 100vw, 841px" /><figcaption>Photo: via Wikimedia Commons</figcaption></figure>



JOHANNESBURG, April 23 (Reuters) &#8211; South Africa plans to lift the licensing threshold for small-scale power generation projects to 10 megawatts (MW) from 1 MW, a government notice showed on Friday, giving a boost to firms anxious to curb their reliance on ailing state utility Eskom.



Africa&#8217;s most industrialised economy regularly suffers electricity outages because of faults at Eskom&#8217;s creaking coal-fired power stations.



But onerous regulations have prevented many companies, such as miners, from setting up their own generation facilities.



According to the notice published in the government gazette on Friday, generation projects of up to 10 MW will need to register with energy regulator Nersa, despite being exempt from requiring a licence.



The notice was signed by Mineral Resources and Energy Minister Gwede Mantashe and invited the public to comment on the proposed change.



President Cyril Ramaphosa promised that the licensing threshold would be raised during a state of the nation address in February, as part of reforms aimed at ending the country&#8217;s power crisis.



At the time he said easing licensing requirements for so-called &#8220;embedded generation&#8221; projects could unlock up to 5,000 MW of additional capacity.



Some local experts have said the threshold should be lifted to 50 MW, given the extent of the power shortfall and the fact that many companies want to build facilities larger than 10 MW.



Miner Gold Fields in February won approval for a 40 MW solar plant, four years after it first submitted a licence application. 



(Reporting by Alexander Winning; editing by Barbara Lewis)

Electric_pylons_over_N1_-_panoramio

South Africa to lift power generation licence threshold to 10 MW

April 23 (Reuters) &#8211; Gold was little changed on Friday but was set to post a third straight weekly gain after U.S. President Joe Biden&#8217;s proposal to hike capital gains tax weighed on U.S. Treasury yields, while a weaker dollar also supported. 



Spot gold was steady at $1,783.24 per ounce by 0723 GMT. The metal jumped to its highest since Feb. 25 at $1,797.67 on Thursday, and has added about 0.4% so far this week. 



U.S. gold futures rose 0.2% to $1,785.60 per ounce. &#8220;The knock-on effect from the tax hike (proposal) is attracting bond investors and the yields have dropped, and this is providing a little bit of lift-off for gold,&#8221; said Stephen Innes, chief global market strategist at financial services firm Axi. 



&#8220;The big question now facing gold markets is a decision on how the U.S. Federal Reserve is going to play next week.&#8221;



The U.S. 10-year Treasury yield ticked lower on news that Biden will roll out a plan to raise taxes for high earners. 



A subdued dollar also raised gold&#8217;s appeal for other currency holders. 



Underlining a revival in Asian bullion demand, shipments to India leapt to their highest since 2013, driving Swiss gold exports to a 10-month high. 



Despite signs of strong pent-up demand for physical gold in India, rising coronavirus cases and renewed lockdown measures are threatening to kill off that revival, ANZ analysts wrote in a note. 



India recorded the world&#8217;s highest daily tally of COVID-19 infections on Thursday. 



Palladium rose 0.4% to $2,847.63 per ounce but was off a record $2,891.50 hit on Thursday. Many analysts expect a further run towards $3,000 as automakers ramp up purchases of the metal, worsening a supply shortage. 



Silver was down 0.4% at $26.06 per ounce, but set for a third straight weekly gain. Platinum gained 0.5% to $1,209.11. 



(Reporting by Shreyansi Singh in Bengaluru; Editing by Shailesh Kuber and Emelia Sithole-Matarise)

Gold ingots and coins

Gold heads for weekly rise on subdued U.S. Treasury yields, dollar

SHANGHAI, April 23 (Reuters) &#8211; Asian shares advanced on Friday, lifted by rising Chinese blue-chips and a decision by the European Central Bank to maintain stimulus, while investors largely shrugged off the impact of a possible U.S. capital gains tax hike.



But equity markets in Europe were set to open lower after two days of gains. In early European trades, pan-region Euro Stoxx 50 futures were down 0.25%, German DAX futures slipped 0.35% and FTSE futures shed 0.43%.



Modest moves in equities markets contrasted with ructions in cryptocurrencies as investors fretted over the impact of tax changes.



Bitcoin&#8217;s rout deepened, dropping below the $50,000 level to a low of $48,338.37, its lowest level in nearly seven week. Ethereum plunged nearly 12% before trimming losses, and last hovered just below $2,200, down more than 8.5% on the day.



The ECB&#8217;s decision to leave policy on hold came despite its prediction of a strong rebound in the euro zone economy from mid-year as COVID-19 infections are brought under control.



&#8220;There were a couple of subtle acknowledgements today that an upgrade to forecasts is likely coming at the June 10 meeting,&#8221; said Ray Attrill, head of FX strategy at National Australia Bank. &#8220;Lagarde did highlight the pick-up in vaccinations and noted high frequency data are confirming to ECB staff that their previous view of an improvement in the medium-term (is) on course.&#8221;



In a hit to stock market sentiment overnight, the administration of U.S. President Joe Biden was reported to be seeking an increase in the capital gains tax to near 40% for wealthy individuals, almost double the current rate. The Dow Jones Industrial Average ended down 0.94%.



&#8220;The move on the Dow overnight I think needs to be seen in the context that its had a remarkable run up,&#8221; said James McGlew, executive director of corporate stockbroking at Argonaut. &#8220;I don&#8217;t think people are completely negative on the fact that those tax changes are being flagged. Ultimately it&#8217;s money that will feed back into the economy.&#8221;



In Asia on Friday MSCI&#8217;s broadest index of Asia-Pacific shares outside Japan shook off early small losses to rise 0.43%.



Chinese blue-chip shares rose 0.51%, supported by green and healthcare stocks. Hong Kong&#8217;s Hang Seng rose 0.54% and Seoul&#8217;s KOSPI added 0.2%.



Japan&#8217;s Nikkei stock index slid 0.57%.



In the currency market, the euro edged up less than 0.1% on the day to $1.2029 after dipping a day earlier. The dollar was slightly lower against the yen at 107.92 and the dollar index, which tracks the greenback against a basket of currencies of other major trading partners, fell 0.11% to 91.188.



The yield on benchmark 10-year Treasury notes was slightly higher at 1.5613% after the capital gains tax reports pulled yields lower on Thursday.



U.S. crude rose 0.73% to $61.88 a barrel and global benchmark Brent crude added 0.54% to $65.75 per barrel as investors looked for an economic recovery to drive fuel demand in the United States and Europe.



Spot gold was flat at around $1,784 per ounce, but was still set for a weekly rise on soft Treasury yields and a subdued dollar.



(Editing by Richard Pullin and Jacqueline Wong)

Asian shares shake off U.S. tax fears; cryptocurrencies slump

JOHANNESBURG, April 22 (Reuters) &#8211; South Africa&#8217;s Nedbank will stop financing new thermal coal mines from 2025 and cut direct funding of new oil and gas exploration projects with immediate effect, it said on Thursday amid growing pressure on banks from climate activists.



South Africa&#8217;s lenders &#8211; some of the biggest banks on the continent &#8211; are facing pressure from environmental groups to stop funding fossil-fuel power projects that are seen as a major risk to global plans to tackle climate change.



South Africa, the continent&#8217;s biggest greenhouse gas emitter, gets most of its power from coal-fired power stations.



Nedbank, one of the country&#8217;s four biggest banks lenders, has made the strongest commitments so far to curb its lending to the coal, oil, and gas sectors.



&#8220;Nedbank&#8217;s energy policy serves to guide the bank&#8217;s transition away from fossil fuels while still providing appropriate support to existing energy requirements,&#8221; said Nedbank chief financial officer Mike Davis.



Nedbank also said it aimed to finance local small-scale renewable power generation to the tune of 2 billion rand ($141 million) above its 50 billion rand commitment to the country&#8217;s renewable energy tendering process. ($1 = 14.2327 rand) 



(Reporting by Tanisha Heiberg; Editing by David Clarke)

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South Africa’s Nedbank to stop funding new coal mines

LONDON/TOKYO, April 22 (Reuters) &#8211; Global stocks ground higher while oil ebbed on Thursday as markets haggled over whether to bet on economic recovery in the United States and other developed markets or worry about a surge in COVID-19 cases in countries including India.



The push-pull of that trading dynamic comes as vaccination rates in Britain and other countries continue to improve and pandemic-weary citizens embrace more freedoms to drive economic growth, something reflected in some recent corporate earnings.



After a recent mini sell-off, MSCI&#8217;s broadest gauge of stocks across the globe was up 0.3% in early European trade to trade back within 1% of its all-time closing high.



Europe&#8217;s top indexes also all opened higher ahead of the latest meeting of the European Central Bank, with the broad STOXX Europe 600 up 0.5%, bolstered by upbeat earnings from Nestle and Volvo.



&#8220;The European Central Bank isn’t expected to ruffle any feathers this Thursday, with analysts predicting that it will be another steady session from Christine Lagarde and Co.,&#8221; said Connor Campbell, financial analyst at Spreadex.



&#8220;But with a while until the next meeting – the central bank skips May – the ECB could use this opportunity to sharpen its forward guidance. There are also hawks lurking among the doves, meaning the get-together may not go as smoothly as forecast.&#8221;



The buoyant start to the day followed overnight gains in Asia, where Japan&#8217;s Nikkei 225 rose 2.4% and MSCI&#8217;s broadest index of Asia-Pacific shares outside Japan rose 0.3%.



U.S. stock futures pointed to a flat open on Wall Street.



Despite stocks being generally upbeat, oil &#8211; another asset geared to perceptions of economic growth &#8211; fell after a resurgence of COVID-19 cases in India and Japan, and a recent surprise stock build in the United States, weighed on sentiment.



U.S. crude was last down 0.4% at $61.08 per barrel while European benchmark Brent was down 0.4% at $65.06.



&#8220;An unexpected and high increase in U.S. inventories fuelled concerns over weak demand which came against expectations for a strong recovery in demand,&#8221; said Satoru Yoshida, a commodity analyst with Rakuten Securities.



&#8220;What is hurting market sentiment is also the fact that the COVID-19 pandemic is spreading again at a fast pace in India and Japan despite the fact there had been hopes that the spread of vaccination would improve the infection situation,&#8221; he said.



Elsewhere, U.S. Treasury yields stayed depressed, with the yield on benchmark 10-year notes at 1.5486% on Thursday, a level last seen in early March.



In currency markets, the dollar remained pinned near multi-week lows, down 0.1% against a basket of major peers as U.S. yields stayed subdued.



Against that backdrop, spot gold steadied near a two-month high and within touching distance of $1,800 an ounce. It last traded at $1,792.8 an ounce.



The European Central Bank decides policy later on Thursday, with no change expected.



The U.S. Federal Reserve and Bank of Japan follow next week.



(Additional reporting by Yuka Obayashi in Tokyo; Editing by Kim Coghill and Hugh Lawson)

World map with charts and graphs as symbols of global finance

Global stocks grind higher on growth hopes, oil ebbs on COVID-19 fears

<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/download-_6_-820x515.jpg" alt="" class="wp-image-402353" width="838" height="526" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/download-_6_-820x515.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/download-_6_-300x188.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/download-_6_-768x482.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/download-_6_.jpg 868w" sizes="auto, (max-width: 838px) 100vw, 838px" /><figcaption>Photo: via Reuters</figcaption></figure>



LONDON, April 22 (Reuters) &#8211; Mining group Anglo American&#8217;s first-quarter production rose 3% year on year despite some operations running at 95% capacity because of COVID-19 disruptions, it said on Thursday.



Copper production climbed 9% to 160,000 tonnes in the quarter from 147,000 tonnes in the same period last year, but down from 168,000 tonnes in the previous three months. Diamond output slipped 7% year-on-year, partly due to excessive rainfall in southern Africa and a COVID-19-related shutdown in Canada.



Iron ore production was up 1% at 16.2 million tonnes in the first quarter, while production of platinum group metals rose to 1.02 million ounces from 955,000 in the same period a year ago.



Anglo expects copper output to reach between 640,000 tonnes and 680,000 tonnes this year. It also kept its output targets unchanged for other resources, including iron ore and platinum group metals.



But it cut its guidance for metallurgical coal to between 14 and 16 million tonnes from 18-20 million earlier, as the Moranbah operation in Australia remains suspended.



&#8220;The company has maintained its full year 2021 production guidance, except for met coal… we do not see major earnings changes for consensus earnings on the back of production results,&#8221; Citi analysts said in a note.



The London-listed miner is in the process of spinning off its South African thermal coal business into a new company, as it moves to transition out of assets that mine the most polluting fossil fuel.



&#8220;Anglo American&#8217;s portfolio is increasingly tilted towards future-enabling metals and minerals, with our recently proposed demerger of our thermal coal operations in South Africa moving us further in that direction,&#8221; Chief Executive Mark Cutifani said in the company&#8217;s production statement. 



(Reporting by Clara Denina. Editing by David Goodman and Mark Potter)

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Miner Anglo American’s first-quarter production up 3%

<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/GettyImages-109438462-1-820x547.jpg" alt="" class="wp-image-401247" width="840" height="560" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/GettyImages-109438462-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/GettyImages-109438462-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/GettyImages-109438462-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/GettyImages-109438462-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/GettyImages-109438462-1.jpg 1920w" sizes="auto, (max-width: 840px) 100vw, 840px" /><figcaption>Photo: via Getty Image</figcaption></figure>



April 21 (Reuters) &#8211; The COVID-19 pandemic this year has dented oil consumption and brought forward forecasts by energy majors, producers and analysts for when the world&#8217;s demand for oil may peak.



The rise of electric vehicles and a shift to renewable energy sources were already prompting downward revisions in forecasts for long-term oil demand.



While there is no consensus on when oil demand could peak, the revised predictions mark a boon to the fight against climate change and could weigh on oil companies&#8217; plans to explore for and develop new resources.



BP &#8211; Could be as early as 2019



BP forecasts COVID-19 will knock around 3 million barrels per day (bpd) off by 2025 and 2 million bpd by 2050 in its central scenario.



In its two aggressive scenarios, COVID-19 accelerates the slowdown in oil consumption, leading to it peaking last year. In the third scenario, oil demand peaks at around 2030.



Equinor &#8211; 2027-2028



Norwegian oil and gas firm Equinor expects global oil demand to peak by around 2027-2028, two to three years earlier than the company previously forecast.



&#8220;Earlier assumptions for peak oil demand to happen around 2030 may be challenged,&#8221; the Norwegian oil major said in its annual energy outlook.



Equinor sees oil demand at 99.5 million barrels per day (bpd) in 2030, and falling to 84 million bpd in 2050, under its central scenario, dubbed Reform.



Bernstein Energy &#8211; 2025-30



Analysts at Bernstein Energy say IMF projections for GDP growth means global oil demand will again stand at 2019 levels of around 100 million bpd by 2023 before soon plateauing.



&#8220;Oil demand has not peaked, but it is likely not that far off either … we expect demand will not peak until sometime in 2025-30.&#8221;



Rystad Energy &#8211; 2026



Norway&#8217;s biggest independent energy consultancy Rystad Energy sees global oil demand peaking at 101.6 million barrels of oil per day (bpd) in 2026, down from a forecast made in November of a peak in 2028 at 102.2 million bpd.



&#8220;The adoption of electrification in transport and other oil-dependent sectors is accelerating and is set to chip away at oil sooner and faster than in our previous forecast,&#8221; Rystad wrote.



IEA &#8211; within the next 10 years



The Paris-based International Energy Agency said peak oil demand is already a reality in advanced economies but is offset by a rise of 9 million bpd in developing economies between 2019-2030.



&#8220;The era of global oil demand growth will come to an end within the next 10 years, but in the absence in a large shift in government policies, I don&#8217;t see a clear sign of a peak,&#8221; IEA chief Fatih Birol told Reuters.



&#8220;A global economic rebound would soon bring oil demand back to pre-crisis levels,&#8221; he said in an interview.



Goldman Sachs &#8211; after 2030



The rise in electric cars, renewable energy and plastics recycling will sap oil demand but growth in developing countries will push a peak beyond 2030, Goldman Sachs said.



&#8220;We do not expect global oil demand to peak before 2030 in our base case driven by solid fundamental economic growth, emerging market demographics and relatively low oil prices,&#8221; the bank said.



OPEC &#8211; Around 2040



In its first ever prediction for global oil demand to peak, the Organization for the Petroleum Exporting Countries said demand would recover in the next two years but plateau by 2040.



&#8220;At the global level, oil demand is expected to increase by almost 10 million bpd over the long term, rising from 99.7 million bpd in 2019 to 109.3 million bpd in 2040 and to 109.1 million bpd in 2045,&#8221; it said in its World Oil Outlook.



That 2040 level stood at 1 million bpd below those the producer club predicted last year.



Shell &#8211; no prediction



Royal Dutch Shell has held off on giving any prediction, but CEO Ben van Beurden told reporters this year that the pandemic may have already brought about a peak in demand.



&#8220;Demand will take a long time to recover if it recovers at all,&#8221; van Beurden said.



&#8220;Energy demand, and certainty mobility demand, will be lower even when this crisis is more or less behind us. Will it mean that it will never recover? It is probably too early to say, but it will have a permanent knock for years,&#8221; he added.



(Reporting By Noah Browning; editing by David Evans and Bernadette Baum)

Silhouette of oil pump jack on rig

Pandemic brings forward predictions for peak oil demand

<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Small_format_Pick_n_Pay_store_in_Kenilworth_Cape_Town-820x615.jpg" alt="" class="wp-image-378031" width="839" height="629" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Small_format_Pick_n_Pay_store_in_Kenilworth_Cape_Town-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Small_format_Pick_n_Pay_store_in_Kenilworth_Cape_Town-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Small_format_Pick_n_Pay_store_in_Kenilworth_Cape_Town-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Small_format_Pick_n_Pay_store_in_Kenilworth_Cape_Town-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Small_format_Pick_n_Pay_store_in_Kenilworth_Cape_Town-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Small_format_Pick_n_Pay_store_in_Kenilworth_Cape_Town-1110x833.jpg 1110w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Small_format_Pick_n_Pay_store_in_Kenilworth_Cape_Town-696x522.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Small_format_Pick_n_Pay_store_in_Kenilworth_Cape_Town-1068x801.jpg 1068w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Small_format_Pick_n_Pay_store_in_Kenilworth_Cape_Town-1920x1440.jpg 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Small_format_Pick_n_Pay_store_in_Kenilworth_Cape_Town-600x450.jpg 600w" sizes="auto, (max-width: 839px) 100vw, 839px" /><figcaption>Photo: via Wikimedia Commons</figcaption></figure>



JOHANNESBURG, April 21 (Reuters) &#8211; South Africa&#8217;s Pick n Pay plans to invest a further 2.5 billion rand ($175 million) in new stores in lower to middle-income communities as it looks to get a bigger piece of the 595 billion rand food and grocery retail market.



Grocery retailers have been fine-tuning their strategies of capturing the larger share of either the premium or less affluent market by offering gourmet prepared meals or moving their shops closer to townships where millions of social grant recipients reside.



Pick n Pay currently holds about a 16% share of the food and grocery market, of which the majority is in the more affluent and middle-income market, said Chief Executive Richard Brasher. However, less affluent shoppers make up most of South Africa&#8217;s overall market.



&#8220;The group&#8217;s new space growth strategy focuses on increasing its store footprint in the lower to middle-income communities of South Africa,&#8221; the grocer said.



&#8220;The group believes that this area of the South African retail market will deliver the greatest growth over the medium- to long-term, driven by an expanding working-age population, urbanisation, and the ongoing formalisation of the informal market.&#8221;



Brasher said the retailer&#8217;s discount grocery chain Boxer and Pick n Pay&#8217;s value format were &#8220;very well placed&#8221; to accelerate growth in this part of the market, where it is currently under-represented.



Pick n Pay, with 1,994 stores, has made some inroads in the discount grocery market, where it competes with rival Shoprite , through offering value promotions, including multibuys and centralising its supply chain to improve on-shelf availability.



The new 2.5 billion rand investment will also go towards the group&#8217;s central supply chain, it said.



Pick n Pay reported a 21.4% decline in annual headline earnings per share, weighed down by a ban on the sale of alcohol and other products and by one-off compensation and COVID-19 related costs.



Group turnover growth of 4.3% was significantly impacted by bans on the sale of alcohol, cigarettes and other tobacco products, which resulted in an estimated 4 billion rand in lost sales.



($1 = 14.2977 rand) 



(Reporting by Nqobile Dludla; editing by Jason Neely and Steve Orlofsky)

Small_format_Pick_n_Pay_store_in_Kenilworth,_Cape_Town

South Africa’s Pick n Pay eyes lower to mid-income communities with new stores

<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Small_format_Pick_n_Pay_store_in_Kenilworth_Cape_Town-820x615.jpg" alt="" class="wp-image-378031" width="842" height="632" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Small_format_Pick_n_Pay_store_in_Kenilworth_Cape_Town-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Small_format_Pick_n_Pay_store_in_Kenilworth_Cape_Town-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Small_format_Pick_n_Pay_store_in_Kenilworth_Cape_Town-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Small_format_Pick_n_Pay_store_in_Kenilworth_Cape_Town-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Small_format_Pick_n_Pay_store_in_Kenilworth_Cape_Town-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Small_format_Pick_n_Pay_store_in_Kenilworth_Cape_Town-1110x833.jpg 1110w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Small_format_Pick_n_Pay_store_in_Kenilworth_Cape_Town-696x522.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Small_format_Pick_n_Pay_store_in_Kenilworth_Cape_Town-1068x801.jpg 1068w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Small_format_Pick_n_Pay_store_in_Kenilworth_Cape_Town-1920x1440.jpg 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Small_format_Pick_n_Pay_store_in_Kenilworth_Cape_Town-600x450.jpg 600w" sizes="auto, (max-width: 842px) 100vw, 842px" /><figcaption>Photo: via Wikimedia Commons</figcaption></figure>



JOHANNESBURG, April 21 (Reuters) &#8211; South African grocery retailer Pick n Pay reported a 21.4% decline in annual earnings on Wednesday, weighed down by a ban on the sale of alcohol and other products and by one-off compensation costs.



Headline earnings per share (HEPS), the main profit measure in South Africa, for the 52 weeks ended Feb. 28 fell to 229.31 cents from 291.90 cents.



Comparable HEPS, which excludes hyperinflation accounting, fell by 16.8%.



Group turnover growth of 4.3% was significantly impacted by bans on the sale of alcohol, cigarettes and other tobacco products, which resulted in an estimated 4 billion rand ($280 million) in lost sales.



Sales in core food and groceries in South Africa grew by 10%, while liquor and tobacco sales fell 31%. Clothing sales increased 1.3%.



Online sales jumped with a 150% increase in active online customers, said the retailer, which also operates in Zimbabwe and Zambia, as people avoided crowded malls and shops.



Trading expenses grew 8.1%, due to 200 million rand ($13.99 million) in additional costs related to the group&#8217;s COVID-19 operational response.



They also reflected 200 million rand in one-off compensation costs related to voluntary and structured employee severance programmes.



($1 = 14.2977 rand) 



(Reporting by Nqobile Dludla; editing by Emma Rumney and Jason Neely)

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Global stocks grind higher on growth hopes, oil ebbs on COVID-19 fears

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Pandemic brings forward predictions for peak oil demand

South Africa’s Pick n Pay eyes lower to mid-income communities with new stores

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Economy

Oil prices rise, bullish demand outlook offsets India concerns

Fed, U.S. stimulus hopes lift currencies, equities to 2-month high

Gold turns negative as dollar strengthens; focus on U.S. GDP data

Global shares gain lift from Fed, Biden’s stimulus

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Gold heads for weekly rise on subdued U.S. Treasury yields, dollar

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Global stocks grind higher on growth hopes, oil ebbs on COVID-19 fears

Miner Anglo American’s first-quarter production up 3%

Pandemic brings forward predictions for peak oil demand

South Africa’s Pick n Pay eyes lower to mid-income communities with new stores

South Africa’s Pick n Pay annual profit hit by alcohol ban

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