Page 6 - Firstrand Ltd News Today

Naspers extended gains for a third day, up 2.1% to provide the biggest boost to the index Anglo American halted a two-day slide, rising 1% as iron ore prices rebounded, leading the gauge for mining stocks higher for the first day in three. South African stocks rose on Thursday, gaining 0.6% as of 10:55 in Johannesburg and heading for a fresh all-time record close, as miners recovered amid optimism over a global recovery and as a stronger rand boosted banks. Johannesburg stocks joined peers in p...

Standard Bank reports 51% profit decline By Roxanne Henderson (Bloomberg) – Standard Bank Group Ltd. said any economic recovery from the Covid-19 pandemic in Africa would likely take until late this year or even 2022, warning of the long wait ahead for lenders struck by a slump in borrowing and spending. The continent’s largest bank reported a 51% decline in profit after taxes and other adjustments for the year through December, according to a statement on Thursday. The Johannesburg-based c...

As recovery still fragile.

(Bloomberg) -- South African business confidence unexpectedly fell in the first quarter as company executives remain concerned about the fragile nature of the economy’s recovery. A quarterly gauge measuring the business mood dropped to 35 from 40 in the previous three months, FirstRand Ltd.

South Africa’s cryptocurrency exchanges say they are having to move headquarters abroad due to uncertainty over potential government regulation.

Crypto Havens Lure Firms Fleeing South Africa Regulator Fear Bloomberg 3/9/2021 Loni Prinsloo and Roxanne Henderson (Bloomberg) -- The world’s biggest cryptocurrency scam of last year was a jolt to South Africa’s regulator -- and not everyone will wait to see how it shakes out. Popular Searches As major financial hubs like Singapore redraw legislation to lure crypto firms and with the U.K. government facing calls to embrace digital currencies, South Africa’s burgeoning e...

Financial hubs like Singapore and UK are redrawing rules to lure crypto firms as digital currencies go mainstream.

SA authorities “have been incredibly slow in terms of regulation in the industry and that leads to businesses looking internationally,” Revix CEO Sean Sanders said.

The world’s biggest cryptocurrency scam of last year was a jolt to South Africa’s regulator – and not everyone will wait to see how it shakes out.

Delivering a sign of confidence even with the continent’s vaccine plans at an early stage.