HANNA BARRY: Good evening and welcome to the SAfm Market Update with Moneyweb. My name is Hanna Barry, in for Siki Mgabadeli tonight.
We have a packed line-up for you this evening. Anglo American Platinum issued less than spectacular results for the year to end-December this morning, but certainly did well considering that five-month platinum strike last year. We will chat to CEO Chris Griffith about those results and his predictions on the platinum price and supply/demand dynamics in that sector.
We check in with the Mining Indaba that kicked off today in Cape Town and we chat to Moneyweb journalist Patrick Cairns.
And then Sbu Shabalala, CEO of Adapt It, tells us about the ICT company’s plan for expansion.
Our guest market watcher this evening is Maudi Lentsoane, managing director of Lehumo Capital.
Lots to look forward to, to get us going, but first Tumisang Ndlovu has your business news.
TUMISANG NDLOVU: Thanks, Hanna. Good evening.
Relief on South Africa’s electricity grid through the Medupi power station has again been subjected to delays. This as the deadline for synchronising the first unit at Medupi has been postponed to the end of March, This comes as Eskom has again rolled out Stage 1 load-shedding today following more than five consecutive says of blackouts amid more technical problems, power supply and financial challenges. Eskom Khulu Phasiwe has warned of a tough week ahead.
KHULU PHASIWE: The risk of load-shedding is high. It does not necessarily mean that we’ll have load-shedding for the whole week, but all we are saying is that because we are starting from a low base of not having enough generating capacity, that may necessitate the implementation of load-shedding.
TUMISANG NDLOVU: Mineral Resources Minister Ngoako Ramathlodi is looking to boost investor confidence during the 2015 African Mining Indaba underway in Cape Town. As a leading mining player on the continent, South Africa has had a tough few years in the mining sector involving violent industrial action. Policy matters are also set to top the agenda after President Jacob Zuma sent the Mining Bill back to parliament for re-consideration.
And there is mounting pressure on a probe into HSBC’s Swiss unit over clients’ tax evasion, money laundering and the financing of terrorist groups. According to the so-called Swiss League’s secret files published over the weekend, the bank allegedly helped clients in more than 200 countries evade taxes on accounts containing $119bn. The files also suggest hundreds of South Africans have stashed more than R23bn.
Financial indicators this hour: the rand is trading at R11.59/dollar, R17.50/pound and R13.12/euro. Gold is trading at $1 240.81/oz, platinum at $1 281.75/oz and Brent crude oil at $58.4/barrel.
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