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Stuff from Johannesburg

Harmony Gold’s profit soars 336% to R5.8bn, dividend declared

Johannesburg, Gauteng, South Africa in the news:

  1. Harmony Gold’s profit soars 336% to R5.8bn, dividend declared: The net profit of gold-mining company Harmony Gold soared by 336% to R5.6-billion in the six months to the end of December. The Johannesburg- and New York-listed company, headed by CEO Peter Steenkamp … – “Johannesburg” – BingNews
  2. Nomination for engineering gong validates SA innovators: Two SA innovators have been selected among 14 others to compete in a continental engineering competition set to take place this year. Indira Tsengiwe, 31, of Cape Town, and Tshepo Mangoele, 26, of … – “Johannesburg” – BingNews
  3. Unsold at IPL auction, New Zealand’s Devon Conway smashes 59-ball 99: Was there something amiss about the recent IPL auction? Those who watched Devon Conway bat today, or, in the days before, might think so. For, four days after going unsold in the auction that was held … – “Johannesburg” – BingNews
  4. Mall operators will continue to provide rental relief in 2021: Two of SA”s prime commercial property owners will extend rental relief to struggling tenants this year, in a sign the impact of Covid-19 is far from over for hard-hit real estate firms. – “Johannesburg” – BingNews
  5. Motshekga: Class of 2020 held their own under difficult circumstances: Picture: GCIS. JOHANNESBURG – Basic Education Minister Angie Motshekga said that while her department was beginning to reach the required stability there were still stubborn inequalities that … – “Johannesburg” – BingNews

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Did you know this about Johannesburg? Johannesburg is the world’s largest city not built on a coastline, or on a lake or river. That’s why Joburg is also called the world’s biggest ‘dry port’. More than half of the cargo that arrives through the ports of Durban and Cape Town arrives at the container terminal at City Deep.

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Africa’s Economic Heartbeat and the JSE

Johannesburg is the undisputed financial capital of the African continent. It is classified as an “Alpha Global City,” meaning it plays a primary role in the global economic network. The city generates roughly 16% of South Africa’s GDP and is the headquarters for 74% of the major multinational companies operating in Sub-Saharan Africa.

At the center of this economic power is the Johannesburg Stock Exchange (JSE). Founded in 1887, just one year after the city’s birth, the JSE was initially a way to raise capital for deep-level mining. Today, it is the largest stock exchange in Africa and ranks among the top 20 in the world by market capitalization. The financial district has moved from the historic city center to Sandton, an area often called “Africa’s Richest Square Mile.” This shift reflects Johannesburg’s evolution from a rough-and-tumble mining camp into a sophisticated service-and-finance economy. Despite the decline in actual mining, the city remains the “command and control” center for the continent’s mineral wealth, telecommunications, and banking sectors.