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Stuff from Johannesburg

UPDATE 2-South Africa’s Implats earnings up nearly 400% on weak rand, costly metal | MyJHB.co.za

Johannesburg in the news:

  1. UPDATE 2-South Africa’s Implats earnings up nearly 400% on weak rand, costly metal: South Africa’s Impala Platinum’s (Implats) annual earnings jumped by nearly 400% after higher metal prices and a weaker rand offset the impact of the COVID-19 pandemic, the company said on Thursday. – “Johannesburg” – BingNews
  2. One of Europe’s biggest brothels goes bust after coronavirus restrictions: One of Europe’s biggest brothels has filed for bankruptcy after being unable to operate for months due to coronavirus restrictions. German … – “Johannesburg” – BingNews
  3. Mark Wood says England are ‘desperate’ to beat Australia in white-ball series: Australia currently have the urn, retaining it with a 2-2 series draw last summer, while England are scheduled to tour down under in 2021/22 with the aim of winning the Ashes back for the first time … – “Johannesburg” – BingNews
  4. The Latest: One of Europe’s biggest brothels goes bust: Only six people in Hong Kong have tested positive for the coronavirus out of a batch of 128,000 residents who had undergone the mass-testing program that began on Tuesday. Four of the six were … – “Johannesburg” – BingNews
  5. Massive data breach in SA: Did Experian do enough?: The data breach was announced by Experian South Africa (Experian) on August 19 in a statement to the effect that: “Our investigations indicate that an individual in South Africa, purporting to … – “Johannesburg” – BingNews

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Did you know this about Johannesburg? The busiest airport in Africa: Johannesburg’s OR Tambo International Airport serves an estimated 28 million passengers every year.

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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.