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Jacob Zuma's shock reshuffle hurts South Africa's economy
Jacob Zuma's shock reshuffle hurts South Africa's economy
(about 9 hours later)
With the economy crumbling and the mining industry in freefall, the last thing South Africans wanted was more uncertainty. But that’s what they got when President Zuma fired the highly respected finance minister Nhlanhla Nene and replaced him with the relatively unknown David van Rooyen.
With the economy crumbling and the mining industry in freefall, the last thing South Africans wanted was more uncertainty. But that’s what they got when President Zuma fired the highly respected finance minister Nhlanhla Nene and replaced him with the relatively unknown David van Rooyen.
The shock move to oust the outspoken Mr Nene, who reportedly vetoed Jacob Zuma’s wish to buy a new presidential jet among other outlandish spending plans, sent shockwaves through the already shaky economy, a fifth of whose GDP stems from mining.
The shock move to oust the outspoken Mr Nene, who reportedly vetoed Jacob Zuma’s wish to buy a new presidential jet among other outlandish spending plans, sent shockwaves through the already shaky economy, a fifth of whose GDP stems from mining.
The rand crashed to new lows, hurting Old Mutual and Investec, the financial services groups listed in both London and Johannesburg.
The rand crashed to new lows, hurting Old Mutual and Investec, the financial services groups listed in both London and Johannesburg.
A note from broker RBC heaped more pressure on the FTSE 100 giant Old Mutual by cutting its recommendation to “underperform” and warning that “such significant exposure to the rand will hold back the share price”.
A note from broker RBC heaped more pressure on the FTSE 100 giant Old Mutual by cutting its recommendation to “underperform” and warning that “such significant exposure to the rand will hold back the share price”.
Old Mutual crashed 21.2p or 11 per cent to 174.2p, while Investec, a FTSE 250 member, dropped 58.6p or 11 per cent to 469.9p.
Old Mutual crashed 21.2p or 11 per cent to 174.2p, while Investec, a FTSE 250 member, dropped 58.6p or 11 per cent to 469.9p.
The FTSE 100 made it six consecutive days of declines, down another 38.63 points yesterday at 6,088.05.
The FTSE 100 made it six consecutive days of declines, down another 38.63 points yesterday at 6,088.05.
The clothing retailers Next, down 230p to 7,500p, Primark owner Associated British Foods, 78p cheaper at 3,436p, and N Brown, 19p off at 325p, were on the losing side as their stocks went “ex-dividend”. That meant investors buying now will not get their hands on the latest payout.
The clothing retailers Next, down 230p to 7,500p, Primark owner Associated British Foods, 78p cheaper at 3,436p, and N Brown, 19p off at 325p, were on the losing side as their stocks went “ex-dividend”. That meant investors buying now will not get their hands on the latest payout.
Federal Reserve Bank Chair Janet Yellen holds a news conference where she announced that the Fed will raise its benchmark interest rate for the first time since 2008 at the bank's Wilson Conference Center December 16, 2015 in Washington, DC.
Chip Somodevilla/Getty Images
Profits at the Italian luxury goods group Prada fell 38 per cent in the quarter to 31 October, hit by slumping sales in China. Europe and Japan were the only two areas that saw modest growth for the fashion house, whose 2016 lines were modeled at the Milan Fashion Week. But a strong dollar held back travelers headed to the United States.
TIZIANA FABI/AFP/Getty Images
A man in a space suit watches a television with school children at the Science Museum ahead of the launch of space mission Principia in London.
European Space Agency Astronaut Tim Peake is the first publicly funded Briton in Space.
The value of the space sector in the UK has grown from £6.5 billion in 2007 to £11.8 billion in 2014. It currently employs nearly 35,000 skilled workers, with current government ambitions for the sector to grow to £40 billion by 2030 and a further 100,000 jobs.
Ben Pruchnie/Getty Images
Commission President Jean-Claude Juncker jokes with a Member of the European Parliament ahead of a debate on the future of the Economic and Monetary Union at the European Parliament in Strasbourg, France, December 15, 2015
REUTERS/Vincent Kessler
A robot arm, developed by Nachi Robotic Systems was on show at the International Robot Exhibition in Tokyo on Wednesday December 3. The Bank of England recently published research that 15 million UK jobs could be at risk of automation in the coming decades.
REUTERS/Thomas Peter
Elizabeth Holmes is the only woman that has made it on the Forbes magazine “America’s richest entrepreneurs under 40” list. Elizabeth Holmes who founded the blood-testing company Theranos came sixth with $4.5 billion (£2.9 billion). Facebook’s Mark Zuckerberg topped the ranking with $47.1 billion.
Kimberly White/Getty Images for Breakthrough Prize
Peppa set out to hog the market - The film and TV distribution company Entertainment One said it was on course to double merchandise sales for the pre-school favourite Peppa Pig to $2bn (£1.3bn) by 2020. Sales of Peppa toys will begin in China next year, following the launch of the TV show there. E1's underlying annual profits climbed by 42 per cent to £52m, on sales up 2 per cent at £337m.
Rob Stothard/Getty Images)
The Eiffel Tower illuminated with the French national colors in tribute to the victims of the November 13, 2015 Paris terror attacks. Tourism and travel stocks fell on Monday in the wake of Friday’s jihadist attacks in Paris – as a leading European policymaker warned that the killings could compound the region’s economic woes.
AFP PHOTO / BERTRAND GUAY
A model holds a 12.03-carat blue diamond during a press preview by auction house Sotheby's in Geneva on November 4, 2015. A 12.03-carat blue diamond could fetch a record $55 million (47 million Euros) when it goes under the hammer by Sotheby's on November 11 in Geneva. Categorised as a fancy vivid blue diamond, the Blue Moon, discovered in South Africa in January last year, is the largest cushion-shaped stone in that category to ever appear at auction
FABRICE COFFRINI/AFP/Getty Images
Burberry shares were down 12 per cent after it missed forecasts for sales in the first half of 2015 as Chinese customers cut back on luxury goods.
Polaroid's owner C&A is suing Go Pro over its Hero4 Session camera, claiming the ice-cube shaped device is a rip-off of the Polariod Cube camera and infringes its patent. Shares in Go Pro, which denied the announcement, fell to an all-time low.
Alamy
In the aftermath of the Volkswagen emissions scandal BMW shares have fallen by more than 5 per cent after claims one of its models exceeded European emissions limits by more than 11 times.
DPA/Getty Images
The coffee chain will provide an interest-free loan to pay a rental deposit that should be repaid within 12 months
Reed Hastings, founder and CEO of Netflix has said that companies greatly underestimate the importance of reference checks when hiring
YouTube/Screen shot/KPCB
VW CEO Martin Winterkorn ousted over diesel emissions that could cause thousands of premature deaths
Groupon has cut 10% of its workforce and closed its operations in 7 countries. When it went public in 2011 it was valued at $12.8bn
2011 Getty Images
Britain's Chancellor George Osborne has urged closer business ties with China when he visited Shanghai, the country's commercial hub, on Tuesday. He declared that the UK and China will "stick together", despite stock market turmoil and faltering economic growth in the world's second-largest economy.
Getty
Manchester United's absence from the Champions League hurt more than the fans' pride last year - it also dented the bottom line. Revenues at the New Uork listed club dipped 8.8 per cent to £395.2m in the year to June, triggering a £1.2 million loss after broadcasting and sponsorship deals dried up. The club said it was now looking to raise $400m from a share issue.
2015 Manchester United FC
Production of the next Star Wars movie has brought an economic impact of some £150 million to Britain, according to company accounts. The seventh movie in the series, The Force Awakens, will be released in December.
The Net-a-Porter founder Natalie Massenet decided to quit the online fashion retailer during "a summer of reflection" that included a spectacular 50th birthday party on the Almalfi coast.
Copyright (c) 2015 Rex Features. No use without permission.
The chief executive of Yahoo, Marissa Mayer, said that she was expecting twin girls in December. She said she would "approach the pregnancy and delivery the same way as I did with my son three years ago, taking limited time away and working throughout". In 2012, she took two weeks off when her first child was born.
2014 Getty Images
Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump
Getty
Micro Focus shot to the top of the mid-cap index, up 185p or 14 per cent to an all-time high of 1,516p, on the back of strong results following last year’s $2.5bn (£1.6bn) takeover of Attachmate Group.
Micro Focus shot to the top of the mid-cap index, up 185p or 14 per cent to an all-time high of 1,516p, on the back of strong results following last year’s $2.5bn (£1.6bn) takeover of Attachmate Group.
Imaginatik, the AIM-listed software minnow in which disgraced former Quindell boss Rob Terry has a 15.6 per cent stake, fell 0.5p or 9 per cent to 5.13p as the company confirmed it will be “considering various funding options” – comments that are likely to prick the ears of Mr Terry, who has publicly stated his desire to take part in another funding round.
Imaginatik, the AIM-listed software minnow in which disgraced former Quindell boss Rob Terry has a 15.6 per cent stake, fell 0.5p or 9 per cent to 5.13p as the company confirmed it will be “considering various funding options” – comments that are likely to prick the ears of Mr Terry, who has publicly stated his desire to take part in another funding round.
Vague takeover chatter energised the fitness tracker firm Fitbug, up 0.55p or 67 per cent to 1.38p.
Vague takeover chatter energised the fitness tracker firm Fitbug, up 0.55p or 67 per cent to 1.38p.
