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European stocks decline as optimism over Greece wanes: Tumisang Ndlovu – Moneyweb

Dwindling commodity prices likely to lead to job cuts.’

HANNA BARRY: Good evening and welcome to the SAfm Market Update with Moneyweb. My name is Hanna Barry.
    Well, if you’d like snapshot of what’s going on in the global economy and would like to understand the dynamics playing out in different economic regions, then you are going to want to hear our interview with Henk Potts, who is a director of global investment strategy for Barclays Wealth. He does that in a very accessible sound bite coming up later.
    After the markets we will be chatting to Phil Billingham, a UK-based financial adviser, to hear his views on how financial advice regulation, namely RDR [Retail Distribution Review], already in full force in the UK and coming to South Africa soon, has impacted the financial advice landscape there.
    And then our SME feature features Sibusiso Bless Mlangeni, the founder of Nutcase Art.
     So lots to look forward to. David Shapiro is watching the markets for us today. But first, Tumisang Ndlovu has your business news headlines.

TUMISANG NDLOVU: Thanks, Hanna. Good evening.
    Analysts say dwindling commodity prices are set to lead to job cuts. This comes as Anglo American has proposed a cut of 420 managerial and supervisory positions. That forms part of the company’s plans aimed at improving its financial sustainability. Labour expert Terry Bell shares his views.

TERRY BELL: Over the past few years platinum mines and platinum companies, in particular the mining houses, have made vast fortunes. As now of course they close down – and that means suffering for the miners – but hires them back. Hires them back when? When the thing turns. There is no stability.

TUMISANG NDLOVU: Meanwhile oil prices have extended gains. This comes amid expectations of a decline in US crude oil inventories – that coupled with robust economic data from the Eurozone.
    And European stocks have declined after Greece’s creditors rejected the country’s proposals for a debt agreement. This comes a week before a week before Greece’s bailout expires. A solution had looked possible after a bitter five-month standoff to avoid default.

    Financial indicators this hour: the rand is at R12.15/dollar, R19.05/pound and R13.58/euro. Gold is at $1 172.87/oz, platinum at $1 071.57/oz and Brent crude oil is trading at $64.45/barrel.

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