Harmony expects Q4 headline loss between 130-160 cts

(Reuters) - South African gold miner Harmony Gold expects to report headline loss per share of between 130-160 cents per share for the June 2007 quarter, the firm said in a statement on Monday.

Harmony, the world's fifth-biggest gold producer, said it expected to report headline profit of between 20-30 cents per share for the 2007 financial year, compared with a headline loss of 269 cents.


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South Africa Oil Companies Improve Pay Offer to Try End Strike, Union Says

(Bloomberg) -- BP Plc, Royal Dutch Shell Plc and
other oil refiners in South Africa improved their wage offer to
local workers in a bid to end a strike that has led to fuel
shortages in Africa's largest economy.

``We can't say yet what the improvement is,'' Welile
Nolingo, secretary-general of the Chemical, Energy, Paper,
Printing, Wood and Allied Workers' Union (CEPPWAWU) said by phone
from Johannesburg today. ``We're still negotiating.''


Read more at Bloomberg Energy News

Workers at Vodacom halt strike

(Reuters) - Workers at South African mobile phone operator Vodacom have halted a strike around union recognition and pay, Vodacom said on Thursday.

The Communication Workers Union -- which has around 1,200 members -- went on strike last month after it said Vodacom had refused to recognise it on the grounds that it is too small.


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Miners, banks push S.Africa Top-40 index 1 pct up

(Reuters) - South Africa's blue chip Top-40 index gained over one percent in early trade on Friday, boosted by mining and bank stocks as global stock markets recovered.

The Top-40 index rose as much as 1.28 percent to 25,518 points. By 0748 GMT, the index was 0.97 percent firmer at 25,493 points.


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S.Africa's Mboweni warns on inflation, hints on rates

(Reuters) - South African central bank chief Tito Mboweni warned on Friday inflationary pressures were "more worrying", hinting interest rates may have to rise again in Africa's biggest economy.

The Reserve Bank governor told parliament's finance committee there was no other instrument to tame inflation except rates, referring to commercial bank reserve requirements and restrictions on credit providers.


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S.African stocks slide on global jitters; Lewis up

(Reuters) - South African stocks hit an almost four-month low on Friday as weaker global markets rattled financial stocks but retailer Lewis bucked the trend after it said sales rose and its credit book was in good shape.

The Johannesburg Top-40 index of blue-chip stocks dropped 1.11 percent to 24,915.31 points, its lowest closing level since April 11. The All-share index fell 1 percent to 27,582.01 points.


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Rand holds onto overnight gains, in range

(Reuters) - South Africa's rand held onto overnight gains on Tuesday, taking a breather after sharp losses racked up over the past week and shrugging off a wider trade deficit.

The domestic currency was trading at 7.0990 to the dollar at 1530 GMT, virtually unchanged from its close in New York on Monday, when it rebounded from a one-month low of 7.1999.


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S.Africa credit points to rate hike, trade gap up

(Reuters) - Demand for credit by South Africa's private sector grew at a faster pace in June, hardening the case for higher interest rates to curb spending, while a wider trade deficit pointed to continued pressure on the current account.

The Reserve Bank has raised its repo rate by 250 basis points to 9.5 percent since mid-2006 to tame inflation and robust consumer demand, but spending, driven by credit, remains high.


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S.Africa June credit quickens to 24.92 pct yr/yr

(Reuters) - Growth in demand for credit by South Africa's private sector quickened to 24.92 percent year-on-year in June from 24.84 percent in May, central bank data showed on Tuesday.

During the same period, the broadly defined M3 measure of money supply grew by 23.35 percent, just slightly below forecasts, compared to 22.67 percent in May.


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S.African strike hits Nampak, petrol firms spared

(Reuters) - More than 20,000 workers have gone on strike at South African companies including Nampak , a union said on Monday, adding it had put off a strike in the petroleum sector after receiving a fresh wage offer.

The petrol companies include Sasol, the world's biggest coal-to-fuels maker and petrochemical group which supplies about 40 percent of the oil in Africa's biggest economy, and other petroleum refiners, which presented the new offer on Friday.


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China CNPC strikes oil of commercial value in Chad

(Reuters) - China National Petroleum Corp. (CNPC) has struck oil of commercial value for the first time in Chad, after buying a 50 percent share of an oil exploration partnership in the landlocked African nation last year.

CNPC, China's top oil and gas producer, did not provide any estimates of oil in place or an even more useful gauge such as recoverable reserves in a news release posted on its Web site (www.cnpc.com.cn) on Monday.


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Physical Newcastle coal prices firm slightly

(Reuters) - Prices for prompt loading parcels of Australian coal firmed on Friday to around $68.50 a tonne FOB Newcastle from $67.50 on Thursday, traders and utilities said.

South African prompt loading cargo values have been steady all this week at around $57.50-$58.50 a tonne FOB Richards Bay.


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Mozambique rail firm keen to cut Spoornet wagon link

(Reuters) - Mozambique's state-run railway company said on Friday it was investing $30 million to upgrade its commercial fleet in a move to cut $100 million in wagon hiring fees charged by South African rail freight firm Spoornet.

CFM, which operates the African nation's railways and ports, plans to refurbish 820 refurbished wagons with the investment, more than doubling the current number that travel lines to South Africa and Zimbabwe, spokesman Antonio Libombo said.


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South African Rand Headed for Weekly Decline on Risk Aversion

(Bloomberg) -- South Africa's rand headed for its
biggest weekly decline in almost five months as investors sold
emerging-market assets on concern losses related to defaults on
U.S. subprime mortgages will slow the global economy.

The rand is the second worst performer among the 16 most
heavily traded currencies this week while investors also reduced
holdings of bonds as inflation stayed above target for a third
consecutive month. South African stocks are set for their biggest
weekly fall since the beginning of March.


Read more at Bloomberg Currencies News

Mr Price Q1 sales up 28 pct, sees slower growth

(Reuters) - South African fashion and homeware retailer Mr Price posted a 27.6 percent rise in first-quarter sales on Thursday but said sales growth for the rest of the year would be "more challenging".

The company said like for like sales stripping out the impact of new stores increased 10.9 percent in the quarter to end June.


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Albidon hedges Zambia nickel output, boosts exploration

(Reuters) - Australia's Albidon Ltd has locked in high nickel prices for the first years of its flagship Munali project in Zambia, its managing director said on Wednesday.

Albidon is seeking to expand regional exploration, with exploration projects in four other African countries,


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AFGRI shares fall after halts unbundling plan

(Reuters) - Shares in South Africa's farm group AFGRI fell 4.25 percent on Wednesday after the company said it had shelved plans to spin off its products unit and list it separately.

"The board has following further investigation, resolved not to proceed with the unbundling and separate listing of the products division as it is not satisfied that such a step will add significant value to shareholders," AFGRI said.


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FNB launches Mozambique operations

(Reuters) - First National Bank, a unit of South Africa's second biggest banking group, FirstRand, said on Tuesday it had launched its Mozambican operation, FNB Mozambique.

The launch follows parent company FirstRand's purchase of an 80 percent stake in Banco Desenvolvimento e Comercio (BDC) from majority shareholder Montepio Geral Group in Portugal and other shareholders.


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UPDATE 1-GE sees 30-40 pct growth in emerging markets

(Reuters) - GE sold $30 billion in the emerging economies of China,
India, Southeast Asia, Middle East and Africa, and Latin
America last year.




"By 2010, we're estimating sales of $50 billion," said GE
International's chief executive, Ferdinando Beccalli-Falco.


Read more at Reuters.com Mergers News

S.Africa gold miners' unions reject higher pay offer

(Reuters) - Trade unions have rejected an increased wage offer from the three biggest gold firms in South Africa, the world's biggest producer of the precious metal, a labour spokesman said on Monday.

The unions rejected a 7.25 percent wage offer from the Chamber of Mines, but agreed to meet again on August 1, Reint Dykema, spokesman for Solidarity trade union, said.


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