Archive for November 3rd, 2009

The IMF has quietly sold 200 TONNES of gold to India while the London Bullion Market Association had a pow-wow in Edinburgh. The news has set the market alight, with bullion late Tuesday bursting through all technical levels to reach record highs. In an EXCLUSIVE interview, Goldcast talks to the CEO of the world’s most… »

The SARB needs to do many things, and one is to employ a writer who knows plain English. Chris Hart sifts through the verbal spew that was released today and does an admirable job at interpretation. Chris always sounds a dire warning. Have a… »

Jan van Niekerk, the deputy CEO, takes us through the interim period of the niche financial services player that has been battered by the markets preceeding this period, and by the failed management… »

The International Monetary Fund said on Monday it sold 200 tons of gold to the Reserve Bank of India for $6.7 billion, quietly executing half of a long-planned bullion sale that had threatened to slow gold’s rally.

While the IMF’s plan to sell some of its gold holdings had been flagged for a year before it… »

Financial services investment group Peregrine Holdings (PGR) on Tuesday reported a 129% leap in headline earnings per share to 58 cents for the six months ended September.
Operating revenue of R641 million fell by 22%, however, reflecting the tougher trading environment for the group’ broking and structuring divisions and its global… »

Building material retailer Cashbuild (CSB) said on Tuesday in a quarterly trading update that its revenue was up by 10% compared with the first quarter of the previous financial year.
The group said that 14 new stores opened since July 1, 2008 contributed 6% of the increase, while its 170 existing… »

MPs examining the medium term budget policy statement presented in Parliament last week by Finance Minister Pravin Gordhan heard an extremely gloomy view of the present situation given by Jac Laubscher, Sanlam’s group economist.
It is, he suggested, “a fiscal calamity”.
Giving evidence to a joint… »

The October smoothed data for median house prices yielded a rate of contraction of 4.6% y/y, improving slightly from the declines recorded in August and September, according to the latest Standard Bank House Price Index released on Tuesday.
In real terms, using the bank’s estimate of CPI in October to deflate… »

South African new vehicle sales in October were down 16.9% year-on-year compared with a fall of 22.4% y/y in September, figures from the National Association of Automobile Manufacturers of South Africa (NAAMSA) on Tuesday showed.
Aggregate NAAMSA reported new vehicle sales for October 2009 at 31,622 units reflected a decline of… »

BERLIN (Dow Jones)–BMW AG (BMW.XE) said Tuesday that third-quarter net profit slumped 74% year-on-year, reflecting a steep fall in demand for luxury cars amid the recession, but said it expects to post a full-year profit and a gradual market recovery in 2010.

Net profit fell to EUR78 million from EUR298 million in the same period… »