MyJHB

Stuff from Johannesburg

South Africa’s rand holds steady at 16-month high against dollar

Johannesburg, Gauteng, South Africa in the news:

  1. South Africa’s rand holds steady at 16-month high against dollar: South Africa’s rand steadied early on Monday, holding at a 16-month high against the dollar hit in the previous session, after subdued U.S. jobs data supported hopes that interest rates would remain … – “Johannesburg” – BingNews
  2. AngloGold Q1 earnings rise to 3m despite lower production, higher costs: Gold mining company AngloGold Ashanti reported first quarter (Q1) headline earnings of $ 203-million, driven by the higher gold price. Q1 production of 2021 of 588 000 oz was down on the 630 000 oz for … – “Johannesburg” – BingNews
  3. LIVESTREAM: Lucky Montana back at state capture inquiry: At his last appearance, Lucky Montana insisted the Gupta brothers were never involved with the passenger rail agency. – “Johannesburg” – BingNews
  4. Clicks Plans to Buy 25 Pick N Pay Pharmacies: South African pharmacist Clicks said on Monday it plans to acquire 25 in-store pharmacies, their drug stocks and staff from retailer Pick N Pay. In a joint statement the companies said the sale, … – “Johannesburg” – BingNews
  5. Retrenched? Changing jobs? Best handle your retirement savings with care: “Investing for retirement is a long-term objective. It’s a bit like taking a long drive. Say you are driving from Johannesburg to Durban but an hour outside Johannesburg you hit roadworks. Are you … – “Johannesburg” – BingNews

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Did you know this about Johannesburg? City Deep is the world’s largest dry port: Johannesburg the world’s largest city that isn’t located near a coastline or navigable river. City Deep was developed 1977 by South African Railways to accommodate 50% of the city’s cargo (which comes from ports in Cape Town and Durban).

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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.