JOHANNESBURG (Reuters) &#8211; South Africa’s rand weakened early on Thursday, remaining near two-months lows, as investors continued to worry about the chances of a global economic recovery.



At 0700 GMT, the rand was down 0.32% at 17.3850 per dollar, backtracking again after a brief advance in the previous session, as the dollar fell amid a stalling economic recovery in the United States.



A bleak fiscal backdrop locally has largely been overshadowed by hopes global growth will recover, but that enthusiasm has faded this week as U.S. lawmakers disagreed on an extended stimulus program.



The rand has failed to benefit from the dollar’s decline, though, crashing to its lowest level since early June, with investors sitting on the fence.



The rand’s inability to capitalise on dollar weakness may, at least to some degree, be a function of South Africa’s own risks, said market economists at ETM Analytics in a note.



The country has Africa’s highest number of COVID-19 cases at more than 500,000 infections and was already in a three-quarter economic recession before the pandemic struck. It’s likely to see a slower recovery than its emerging-market peers, reducing demand for the rand.



On Wednesday, the HIS Markit Purchasing Managers’ Index



showed factory activity remained in contraction, a mark of the slow pace of the rebound after strict lockdown was lifted in June.



Bonds gained, with the yield on the benchmark 2030 bond down 2 basis points at 9.305%.

money-bill-note-south-africa

South Africa’s rand weaker in tentative trade

LONDON (Reuters) &#8211; Glencore said on Thursday it was scrapping its dividend to focus on lowering debt as the COVID-19 pandemic forced it to book a $3.2 billion impairment charge.



The miner and trader, which had expected to pay $2.6 billion in dividends, the economic outlook was too uncertain due to the coronavirus crisis to make the payout.



“The board has concluded that it would be inappropriate to make a distribution to shareholders in 2020, instead prioritising the acceleration of net debt reduction to within our target range,” Chief Executive Ivan Glasenberg said.



Glencore’s adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) fell 13% to $4.8 billion in the six months to June compared to a year ago, beating the $4.3 billion expected by 14 analysts compiled by Vuma.



The miner posted a net loss of $2.6 billion in the period versus earnings of $226 million a year ago.



Glencore’s trading or marketing arm saw a record adjusted earnings before interest and taxes (EBIT) of $2 billion in the first-half as it benefitted from extreme volatility in the oil market.

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Glencore scraps $2.6 billion dividend as first-half earnings fall

JOHANNESBURG (Reuters) &#8211; South African mobile operator MTN Group said on Thursday it will be exiting the Middle East over the medium term, starting with the sale of its 75% stake in MTN Syria as part of plans to focus on Africa.



MTN is in advanced discussions to sell the stake in MTN Syria to TeleInvest, which is the minority shareholder in MTN Syria with a 25% holding, Group President and Chief Executive Officer Rob Shuter told media on a conference call as the firm reported its half-year results.



“As part of the review of our portfolio, we believe the group is best served to focus on its pan-African strategy and to simplify its portfolio by exiting the Middle East region in an orderly manner,” Shuter said.



The Middle East assets, which also include operations in Afghanistan and Yemen, contributed less than 4% to group earnings before interest, taxes, depreciation, and amortization in the first-half ended June 30.



The group also has a 49% minority holding in Irancell.

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South Africa’s MTN to exit Middle East over medium-term

Covid-19 has forced businesses globally to re-evaluate their business models and to adapt to new working environments. As whole industries adjust and new ones are born, many occupations will undergo a fundamental transformation. Technological, socio-economic, geopolitical and demographic developments and the interactions between them will generate new categories of jobs and occupations while partly or wholly displacing others. Given the rapid pace of change, business model disruptions are resulting in near-simultaneous impact on employment, demanding new skill sets and it is critical for businesses to stay ahead of these trends and changes.



Through a series of expert panel discussions, CNBC Africa; a leader in business, financial data, news and insight, in partnership with Forbes Africa and prominent sponsors, will be hosting a first-of-its-kind virtual Pan African summit on 20 August 2020.&nbsp;The Future of Work Virtual Conference aims to find solutions to the crisis in Africa’s work and job system, and to drive home the need for a much more effective implementation strategy.&nbsp;The day-long summit is a must for all business owners, C-suite decision makers, tech specialists, and leaders in digital innovation and development to &nbsp;attend.



“This pandemic has also forced us as a media company to find alternative means to broadcast captivating and informative content, while adhering to Government’s health and safety protocols, and to identify digital platforms that would allow us to keep our viewers informed. Using the power of technology and our newsroom, we are able to connect the continent through live in-person and online virtual experiences.” Says Roberta Naicker, Managing Director of the ABN Group. “This virtual conference, consisting of industry leading panellists, will examine how technology will enable digital transformation and change the way we work in the future.” She further added.



What will organisations look like after the pandemic? How will we collaborate and conduct business? What productivity gains can we unlock through robotic process automation, AI and cloud computing. What are the new threats companies need to identify and mitigate against? These are some of the critical questions that will be addressed, with themes like cybersecurity, cloud computing and Artificial Intelligence (AI), forming the main focal points of this half-day virtual conference, set to take place on the 20th of August.



Attendees will be able to register to attend this virtual event, and watch it live for free. Allowing them to take part in the day’s discussions via Q&amp;A sessions, and also get the opportunity to network with other attendees.



For more information on the Future of Work Virtual Conference or to register for the event, please visit&nbsp;<a href="https://click.icptrack.com/icp/relay.php?r=&amp;msgid=0&amp;act=111111&amp;c=1681970&amp;destination=https%3A%2F%2Fwww.cnbcafrica.com%2Ffuture-of-work%2F&amp;cf=6110&amp;v=d3ee25f19e2ebbb1e9b4e0501db0b4f9469428a24a6c8c47b959fdd2f2db63f2" target="_blank" rel="noreferrer noopener">https://www.cnbcafrica.com/future-of-work/</a>, or follow us @cnbcafrica for more updates

1200px-CNBC_Africa.svg

Redefining Africa’s Workforce Through Digital Transformation

JOHANNESBURG/TORONTO (Reuters) &#8211; Mining companies need more skilled engineers if they are to meet strict new global safety standards for tailings dams aimed at preventing catastrophic failures like those in recent years that have killed hundreds of people and inundated nearby communities with mine waste.



“Most companies are realizing that there is a skills gap, because you have senior people moving out and not enough younger people moving in,” said mining engineering professor Priscilla Nelson, who is setting up a new tailings program at the Colorado School of Mines.



Experts said miners had not placed as much importance on tailings management, with little prestige attached to the unglamorous work of trekking to remote mine waste dams, where engineers analyze the consistency of the slurry and verify the integrity of the structure.



In Brazil, more than 250 people died in 2019 when the Vale SA’s (<a href="https://www.reuters.com/companies/VALE3.SA">VALE3.SA</a>) Brumadinho upstream tailings dam collapsed, flooding the nearby community with mine waste.



<h4 class="wp-block-heading">RELATED COVERAGE</h4>



<ul class="wp-block-list"><li><a href="https://www.reuters.com/article/us-mining-tailings-skills-factbox/factbox-miners-get-new-safety-standards-to-avert-tailings-dam-disasters-idUSKCN2511MC">Factbox: Miners get new safety standards to avert tailings dam disasters</a></li></ul>



The disaster, which came not long after another fatal tailings dam collapse in Brazil, prompted a year-long effort by an industry, investor and U.N. panel, which launched the global tailings standard on Wednesday.



In June, Reuters exclusively reported details of the standard, which the International Council of Mining and Metals (ICMM) says its members will adhere to within three to five years depending on tailings dams’ risk classification. The standard is not binding but the panel expects that miners will adhere to it.



ICMM CEO Tom Butler said members that are “consistently non-compliant” with the new standard may face expulsion from the organisation.



“We want to see every company that has a tailings facility adopt the standard,” he said.



Bruno Oberle, chair of the tailings review panel, said the standard does not however apply to abandoned tailings dams with no owner.



<h3 class="wp-block-heading">‘LIFTING THEIR GAME’</h3>



Tailings dams, some of which tower dozens of meters high and stretch for several kilometers, are the most common waste-disposal method for miners.



The industry will struggle to implement the new safety rules without new training and investment in tailings management and academic courses to feed a dwindling pipeline of new talent.



A submission published with the standard said deep technical know-how is concentrated among a “relatively small” group of tailings specialists globally. After that there is a “rapid fall-off” of expertise among management and other key players, like regulators.



“There is a lack of resources within the mining industry to manage tailings,” said John Howchin, secretary-general of the Council on Ethics of the Swedish National Pension Funds, which helped craft the standard.



Brumadinho showed how devastating a tailings failure could be. Brazilian state prosecutors have charged Vale’s former CEO with homicide over the disaster.



“Any more failures &#8211; no matter whose mine it is &#8211; will affect the whole industry. Everyone has to lift their game,” said Andy Fourie, director of a new tailings management training program at the University of Western Australia.



BHP and Rio Tinto each contributed 2 million Australian dollars ($1.43 million) to the program, which will offer training for free to their employees and, for a fee, to other mining companies.



Rio Tinto said the new global standard would likely increase demand for tailings expertise across the industry and said it would “prioritise our resources to the facilities with the highest consequence classifications.”Slideshow&nbsp;(4 Images)



More than a third of the world’s tailings dams are at high risk of causing catastrophic damage to nearby communities if they crumble, a Reuters analysis of company data found last year.



Adam Matthews, director of ethics and engagement at the Church of England pensions board, said on Wednesday companies that don’t take the standard up will present a “very clear risk” to investors.



Angelica Andrade, a Brumadinho community member, gave an emotional tribute to her sister who died in the disaster.



“I don’t care how much it’s going to cost to implement the standard,” she said. “It is time for the mining sector to stop being all about profits, and act with humanity.”



Environmental NGO Earthworks said the standard does not provide sufficient safeguards for communities as, among other things, it does not include a minimum recommended distance between dams and neighbouring communities

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Miners need more engineers to meet new tailings dam safety standard

NEW YORK (Reuters) &#8211; U.S. stocks climbed on Wednesday on the heels of a surprise quarterly profit from Disney and as investors stayed optimistic that a deal was near for a U.S. coronavirus fiscal aid package.



Walt Disney Co’s (<a href="https://www.reuters.com/companies/DIS.N">DIS.N</a>) shares jumped, to put it among the biggest boosts to the S&amp;P 500 and Dow. The stock notched its biggest daily percentage gain since March 24 as revenue declines for Disney parks and media networks were not as bad as feared.



“That is helping the Dow and that has been a laggard versus the S&amp;P this year, but it is more than that,” said Willie Delwiche, investment strategist at Baird in Milwaukee. “At a time when everyone is talking about how big and how important these megacaps are to the S&amp;P, kind of quietly you are starting to see a little bit of a leadership rotation.”



Unofficially, the Dow Jones Industrial Average&nbsp;<a href="https://www.reuters.com/finance/markets/index?symbol=.DJI">.DJI</a>&nbsp;rose 373.71 points, or 1.39%, to 27,202.18, the S&amp;P 500&nbsp;<a href="https://www.reuters.com/finance/markets/index?symbol=.SPX">.SPX</a>&nbsp;gained 21.52 points, or 0.65%, to 3,328.03 and the Nasdaq Composite&nbsp;<a href="https://www.reuters.com/finance/markets/index?symbol=.IXIC">.IXIC</a>&nbsp;added 58.22 points, or 0.53%, to 10,999.39.



Square Inc (<a href="https://www.reuters.com/companies/SQ.N">SQ.N</a>) surged after the payments processor reported a 64% rise in second-quarter revenue, as consumers increased online buying and used its peer-to-peer Cash App platform during the pandemic.



As quarterly results have come in better-than-feared and heavyweight technology and technology-related companies have surged, a heavy dose of fiscal and monetary stimulus have helped fuel a rally in equities to bring the S&amp;P 500 to less than 2% from its closing record on Feb. 19.



With 384 companies in the S&amp;P having reported earnings through Wednesday morning, results are coming in 23.5% above expectations, in aggregate, according to Refinitiv data, the highest on record back to 1994.



Economic data painted a mixed picture, as U.S. services industry activity gained momentum in July, according to an ISM survey, with new orders jumping to a record high. However, hiring declined, supporting views that a recovery in the labor market was faltering.



Earlier, the ADP National Employment Report, which can be an inconsistent precursor to the government payrolls report set for Friday, showed U.S. private employers hired far fewer workers than expected last month.



“We know we had this tremendous rebound off the lows but what we need now is sustained strength,” said Delwiche.



U.S. Congressional Democrats and White House officials were set to resume negotiations on coronavirus relief legislation on Wednesday, with administration officials aiming for an agreement by Friday.



Financials .SPSY, industrials .SPLRCI and materials .SPLRCM, that track economic growth, outperformed among the major S&amp;P sectors.



Teladoc Health Inc (<a href="https://www.reuters.com/companies/TDOC.N">TDOC.N</a>) fell after agreeing to buy chronic care provider Livongo Health Inc (<a href="https://www.reuters.com/companies/LVGO.O">LVGO.O</a>) in a deal valuing the company at $18.5 billion, betting on a boom in online care and consultations spurred by the coronavirus crisis. Livongo shares also fell.



Electric truck maker Nikola Corp NKLA.O slumped after it reported a bigger quarterly loss in its first results as a listed entity.



Reporting by Chuck Mikolajczak; Editing by David Gregorio

wall street

Wonderful world of Disney boosts Wall Street

BANJUL (Reuters) &#8211; Gambia, mainland Africa’s smallest country, imposed a three-week curfew on Wednesday after coronavirus cases surged over 60% in the last seven days to nearly 800.



Authorities attributed the rise to people relaxing their guard on protective measures that had so far kept Gambia’s case total the lowest in Africa. Testing has also increased in the country, where the number of deaths is 16.



A 10 p.m. to 5 a.m. curfew will go into effect on Thursday, public gatherings will be banned and markets will have to close by 2 p.m., government spokesman Ebrima Sankareh told the national broadcaster.



He had said earlier in the day that authorities would increase police, paramilitary, marine and immigration presence on its border with Senegal as scores of Senegalese who live in Gambia return from celebrating Eid al-Adha with their wider families. Senegal has recorded over 10,500 cases.



The minister for women’s affairs, children and social welfare, Fatou Kinteh, tested positive on Wednesday for COVID-19, becoming the fourth minister to do so this week.



Vice President Isatou Touray also tested positive on July 29, leading President Adama Barrow to enter self-isolation. The government said on Tuesday the president had tested negative.



The Health Ministry said six people who were confirmed cases were still at large, while two other positive cases had fled from a treatment centre in the capital

Clarification on COVID-19 “hotspots” as SA moves to level 3 lockdown

Gambia imposes curfew as coronavirus cases surge 60% in a week

CAPE TOWN (Reuters) &#8211; Somalia expects to announce the winners of its first oil and gas licensing round early next year, as the country seeks petro dollars to help rebuild its struggling economy, a senior government oil official said on Wednesday.



Battered by violence and an Islamist insurgency since clan warlords overthrew a dictator in 1991, Somalia is offering seven deep water offshore blocks in its maiden licensing round in one of the world’s last frontier markets.



The oil and gas auction officially opened on Tuesday.



“We are expecting that in the first quarter of next year to finalise and award the block contracts,” Ibrahim Ali Hussein



told Reuters in his first interview with international media since his appointment last week as the CEO of the Somali Petroleum Authority (SPA).



The government had previously mooted offering 15 blocks in this licensing round but cut this down to seven due to capacity constraints, Hussein, a former advisor to Somalia’s energy minister, said. Seismic data previously indicated the 15 blocks could contain around 30 billion barrels of oil.



He said the coronavirus pandemic had delayed talks between the government and a joint venture of legacy rights holders Shell and Exxon Mobil to convert their existing concession into a production sharing agreement (PSA).



“If there was not coronavirus, the roadmap that we agreed &#8230; was to get the contract back before the end of this year, December,” he said.



Converting the concession into a PSA would also help end a force majeure by the oil majors that has been in place since 1990, Hussein said. Shell and Exxon hold exclusive petroleum exploration and production rights over five shallow water offshore blocks.



“We have an ongoing and constructive dialogue with the Somali authorities about a roadmap potentially to convert the existing concession to a production sharing agreement,” a Shell spokesman said.



No-one at Exxon was immediately available to comment.

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Somalia expects to announce winners of first petroleum auction early 2021

JOHANNESBURG (Reuters) &#8211; South Africa’s Shoprite Holdings will lay off 115 staff and close another Kenyan store, less than a year after its opening as part of the supermarket’s expansion into the east African country, a letter seen by Reuters shows and the company confirmed.



In the letter, addressed to the Kenyan Union of Commercial Food and Allied workers (KUCFAW), Shoprite said it will close its City Mall store in Nyali, Mombasa.



“It is contemplated that the intended date of termination on account of redundancy will be August 31, 2020,” Shoprite said in the letter dated July 30 and seen by Reuters on Wednesday. It added trading would cease before the end of August.



In an emailed response, Shoprite confirmed the closure and said it was evaluating all of its operations across Africa “based on current and future performance”.



“It is unfortunate that we have no alternative but to terminate the employment of the valued employees that have helped to establish this store. The decision was not taken lightly,” it said.



In April, Shoprite closed one of its four stores in Kenya, citing a few months of “trading in a difficult economic climate”, after the store was opened last September.



The closure of the Nyali store, which opened on Aug. 29 last year, will leave two in Kenya.



Shoprite, owner of supermarket chain Checkers, has been reviewing its long-term options in Africa as currency devaluations, supply issues and low consumer spending in Angola, Nigeria and Zambia have reduced earnings.



On Monday it said it was considering reducing or selling all of its stake in its Nigerian subsidiary.



It opened its first supermarket in Kenya at Westgate Mall, Nairobi, in December 2018.



The retailer, with stores in 14 African countries, had hoped to take advantage of disarray in Kenya’s grocery sector after the collapse of Uchumi Supermarkets and Nakumatt, two of Kenya’s top three retailers, potentially made way for international chains such as Shoprite and Carrefour.

Shoprite,_Zeerust

South Africa’s Shoprite to close another store in Kenya, 115 jobs to go

JOHANNESBURG (Reuters) &#8211; Three South African provinces considered coronavirus hotspots have seen new infections slow in recent weeks, though it is too early to say whether the country’s peak has passed, the health minister said on Wednesday.



South Africa has the world’s fifth highest number of infections, with cases passing 500,000 over the weekend, despite a strict lockdown since late March.



On Wednesday the World Health Organisation (WHO) said it was sending a “surge team” of 43 experts to the country to help the Health Ministry with “surveillance and streamlining of epidemiological systems and WHO global COVID-19 response guidelines”.



Financial hub Gauteng, tourist centre Western Cape and the Eastern Cape have seen steep rises for months, with total cases at roughly 183,000, 97,000 and 80,000 respectively.



“The number of new infections is increasing at a lower rate than what had been happening in the whole of June and up to the middle of July. That clearly indicates to us that there is a declining trend,” Health Minister Zweli Mkhize told a news conference, referring to Gauteng.



Mkhize noted a presentation showing the average number of new cases in the country’s nine provinces and said that in Gauteng, Western Cape and Eastern Cape, surges in infections might have peaked.



Despite signs of progress, Mkhize warned that two other provinces, KwaZulu-Natal and Free State, had seen high rates, and that a failure to follow containment measures such as wearing masks could see infections rebound.



“We may well be over this peak sometime towards the end of August. But if we don’t insist on distancing and use of masks we actually can have a second surge,” he said.



An earlier easing in lockdown rules from June coincided with a surge, with more than 13,000 new cases on some days.



The minister said while bed capacity in hospitals and field hospitals had not been breached, the system was showing signs of strain. “We are not out of the woods yet, because those who are managing the admissions and treatment and hospitalisation of patients can still feel that the wards are full.”

Zweli Mkhize on SA’s plan to deal with the coronavirus outbreak

COVID-19 cases slow in South African hotspot provinces, minister says

JOHANNESBURG (Reuters) &#8211; Three South African provinces considered coronavirus hotspots have seen new infections slow in recent weeks, though it is too early to say whether the country’s peak has passed, the health minister said on Wednesday.



South Africa has the world’s fifth highest number of infections, with cases passing 500,000 over the weekend, despite a strict lockdown since late March.



Financial hub Gauteng, tourist centre Western Cape and the Eastern Cape have seen steep rises for months, with total cases at roughly 183,000, 97,000 and 80,000 respectively.



“The number of new infections is increasing at a lower rate than what had been happening in the whole of June and up to the middle of July. That clearly indicates to us that there is a declining trend,” Health Minister Zweli Mkhize told a news conference, referring to Gauteng.



Mkhize noted a presentation showing the average number of new cases in the country’s nine provinces and said that in Gauteng, Western Cape and Eastern Cape, surges in infections might have peaked.



Despite signs of progress, Mkhize warned that two other provinces, KwaZulu-Natal and Free State, had seen high rates, and that a failure to follow containment measures like wearing masks could see infections rebound.



“We may well be over this peak sometime towards the end of August. But if we don’t insist on distancing and use of masks we actually can have a second surge,” he said.



An earlier easing in lockdown rules from June coincided with a surge, with more than 13,000 new cases on some days.



The minister said while bed capacity in hospitals and field hospitals had not been breached, the system was showing signs of strain. “We are not out of the woods yet, because those who are managing the admissions and treatment and hospitalisation of patients can still feel that the wards are full.”

JOHANNESBURG (Reuters) &#8211; South Africa’s diamond industry, famed for sales the world over and supplying gems for the British crown jewels, is looking closer to home to revive its fortunes following the coronavirus slump.



Even before the new virus triggered the COVID-19 pandemic, diamond prices and demand were weak. Global economic weakness has exaggerated that and Anglo American’s De Beers unit last week reported a plunge in earnings. 



Some of the many small players who polish the rough diamonds that De Beers and other miners unearth say they have been pleasantly surprised by the extent of lockdown jewellery-buying as enforced proximity kindled romance and feel-good spending.



South African cutting and polishing firm Nungu Diamonds said its custom-made jewellery sales have grown 60% since South Africa imposed a strict lockdown in March.



Customers used their weeks at home for online consulations and were lining up for their purchases when stores reopened in June, the company’s founder Kealeboga Pule said.



“We remain resilient. We fight on,” Pule said at his shop in a Johannesburg suburb. June was the best month in a year, he said, with sales including engagement and wedding rings.



Bucking the trend of rising unemployment, Nungu has hired an in-house jewellery designer &#8211; joining a team of 5 polishers and 9 jewellers.



Nungu says jewellery prices have held steady. Profit margins, however, could improve as lower global demand has depressed the prices of uncut, unpolished rough stones bought from the mines.



Thoko’s Diamonds, another South African company whose business was based on selling rough and polished stones, said it was turning to jewellery.



Zipho Dlamini, co-owner of Thoko’s Diamonds, said in a typical year the family business would supply more than 500 carats.



So far this year, the company had sold less than 20 carats and profits have fallen 65% as the exports that account for more than half of its business dried up.



Thoko’s hopes its new line in earrings will appeal to the local market.



“Because of COVID-19 we have managed to move into the jewellery space,” Dlamini said.

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South Africa’s diamond polishers look to lockdown lovers to add shine

JOHANNESBURG (Reuters) &#8211; South African miner Gold Fields said on Wednesday booming gold prices could drive up half-year profits by more than 300%, triggering a 10% rally in its shares.



Gold Fields has already said the COVID-19 pandemic would have a limited negative impact on its performance, even though miners have had to shut operations during lockdowns and infections among employees.



Now, it says it is set to reap hefty gains as an ultra-low interest rate environment and expectations of more economic stimulus packages to offset the economic impact of the pandemic have driven gold, its main product, to record highs.



It said its headline earnings per share &#8211; the main profit measure in South Africa &#8211; for the six months to June 30, were likely to be between 290% and 310% higher than the $0.05 per share reported last year.



“The increase in earnings for the period is driven largely by the increase in the gold price received,” it said in a trading statement, adding that attributable gold equivalent production rose only marginally.



Gold Fields kept its production guidance for the full-year at the same level, but said its costs could be higher than previously flagged after these rose during the first half.

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South Africa’s Gold Fields sees 300% profit rise on gold rally

JOHANNESBURG (Reuters) &#8211; South Africa’s rand inched up on Wednesday after dropping to two-months lows the day before, as some risk demand returned amid concern over the global economy.



At 0650 GMT the rand was up 0.4% to 17.3000 per dollar, after falling to 17.5350 in the previous session, its worst since early June.



“The rand traded on the back foot yesterday, despite local sellers of USD. This supply was easily absorbed by offshore-driven demand, with the rand an apparent proxy for all emerging-market currencies,” analysts at Nedbank said in a note.



“This morning, the rand has recovered from its worst levels. Globally, headlines are dominated by the news that the trade agreement between China and the U.S. would be evaluated later in the month.”



A delay in agreement over the latest coronavirus relief package in the United States has also slowed demand for the dollar, leading to some recovery in emerging-market assets.



Gold climbed to a record high on Wednesday, extending a run above $2,000. Demand for the safe haven reflected waning hopes for a quick recovery in the global economy.[GOL/]



Bonds gained, with the yield on the benchmark 2026 bond down 1.5 basis points to 9.320%.

ArcelorMittal South Africa fined R3.64 million over hydrogen sulfide emissions

South African rand creeps up after slipping to two-month low

NAIROBI (Reuters) &#8211; Activity in Kenya’s private sector rose at its fastest pace in a year last month on the back of a gradual easing of coronavirus lockdown measures, a survey showed on Wednesday.



The Markit Stanbic Bank Kenya Purchasing Managers’ Index (PMI) jumped to 54.2 in July, from 46.6 in the previous month, well above the 50.0 mark that separates growth from contraction. July’s level was the highest since June last year.



“The removal of county travel restrictions supported output and business sentiment in July,” said Jibran Qureishi, head of Africa Research at Stanbic Bank, referring to the opening up of the capital Nairobi and the port city of Mombasa.



He said the outlook was uncertain, however.



Firms continued to shed jobs in July, the survey found, but a slower pace than in the previous months.



The government cut its GDP growth forecast for this year to about 2.5% due to the pandemic, from an initial 6%.

Stanbic_Bank_Bill_Board

Kenya private sector expands at strongest level in a year – PMI

JOHANNESBURG (Reuters) &#8211; South Africa’s economic downturn extended into last month, though businesses still reeling from the impact of the COVID-19 pandemic reported slightly less steep in output and new orders, a survey showed on Wednesday.



The pace of job losses also slowed, but July still saw the third-fastest reduction in employment on record.



The IHS Markit Purchasing Managers’ Index (PMI) rose to 44.9 from 42.5 in June, its second increase in a row but still far below the 50 mark that separates expansion from contraction.



Africa’s most industrialised economy imposed a hard lockdown in late March to contain the spread of the coronavirus. It has gradually eased curbs on most economic activity since.



The July reading was the 15th in succession below 50, showing the downturn began well before the pandemic.



David Owen, economist at IHS Markit, said: “Businesses that remained closed or under working-from-home policies continued to report a weak level of sales, with exports also falling steeply.”



This led to a further cut-back to output, and further job losses.



“However, some firms are beginning to operate closer to normal capacity and are seeing an increase in demand. As lockdown restrictions are loosened, we expect more firms to move towards a recovery,” he said.



South Africa has recorded more than a half a million cases of COVID-19, the most in Africa, with the number of infections continuing to rise rapidly in recent weeks.



Government forecasts are for gross domestic product to shrink by at least 7% this year.

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South Africa’s sharp economic downturn extends into July – PMI

JOHANNESBURG (Reuters) &#8211; South Africa’s Labour Court on Tuesday ordered state defence firm Denel to pay workers outstanding salaries for May, June and July by no later than Friday, Aug. 7, a copy of the court judgment showed.



The case against Denel was brought by two trade unions, Solidarity and UASA, on behalf of their members after the weapons manufacturer did not pay salaries in full.



A Denel spokeswoman said the company was preparing to comment in a statement.

Newsletter

South Africa’s rand weaker in tentative trade

Glencore scraps $2.6 billion dividend as first-half earnings fall

South Africa’s MTN to exit Middle East over medium-term

Redefining Africa’s Workforce Through Digital Transformation

Miners need more engineers to meet new tailings dam safety standard

Wonderful world of Disney boosts Wall Street

Gambia imposes curfew as coronavirus cases surge 60% in a week

Somalia expects to announce winners of first petroleum auction early 2021

South Africa’s Shoprite to close another store in Kenya, 115 jobs to go

COVID-19 cases slow in South African hotspot provinces, minister says

COVID-19 cases slow in South African hotspot provinces, minister says

South Africa’s diamond polishers look to lockdown lovers to add shine

South Africa’s Gold Fields sees 300% profit rise on gold rally

South African rand creeps up after slipping to two-month low

Kenya private sector expands at strongest level in a year – PMI

South Africa’s sharp economic downturn extends into July – PMI

South Africa’s Denel ordered to pay outstanding salaries by Friday

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South Africa’s rand weaker in tentative trade

Glencore scraps $2.6 billion dividend as first-half earnings fall

South Africa’s MTN to exit Middle East over medium-term

Redefining Africa’s Workforce Through Digital Transformation

Miners need more engineers to meet new tailings dam safety standard

Wonderful world of Disney boosts Wall Street

Gambia imposes curfew as coronavirus cases surge 60% in a week

Somalia expects to announce winners of first petroleum auction early 2021

South Africa’s Shoprite to close another store in Kenya, 115 jobs to go

COVID-19 cases slow in South African hotspot provinces, minister says

COVID-19 cases slow in South African hotspot provinces, minister says

South Africa’s diamond polishers look to lockdown lovers to add shine

South Africa’s Gold Fields sees 300% profit rise on gold rally

South African rand creeps up after slipping to two-month low

Kenya private sector expands at strongest level in a year – PMI

South Africa’s sharp economic downturn extends into July – PMI

South Africa’s Denel ordered to pay outstanding salaries by Friday

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