Fast News

Qatar set to be outstripped as world’s richest place by Macau

Qatar is on track to lose its status as the richest place in the world to the Chinese gambling enclave of Macau. The global casino hub’s economy will reach the equivalent of about $143 116 per person by 2020, according to projections from the International Monetary Fund. That will put Macau ahead of the current No. 1 Qatar, which will reach $139 151 in the same time frame. A former

More pain seen as economists lower key South African forecasts

South African President Cyril Ramaphosa had hopes of lifting economic growth to 3% in 2018. Economists think that goal is even more unattainable than before. Average gross domestic product will be 1.4% this year, according to the median prediction by 22 respondents in a Bloomberg survey, which takes place monthly. This less than the 1.5% forecast in the July poll and is the fourth consecutive reduction in the outlook, which

More pain seen as economists lower key forecasts

South African President Cyril Ramaphosa had hopes of lifting economic growth to 3% in 2018. Economists think that goal is even more unattainable than before. Average gross domestic product will be 1.4% this year, according to the median prediction by 22 respondents in a Bloomberg survey, which takes place monthly. This less than the 1.5% forecast in the July poll and is the fourth consecutive reduction in the outlook, which

Tencent slump shows what happens when Beijing flips the switch

China long celebrated Tencent as a national champion. Now, the tech giant is getting a taste of what it’s like to be on the other side of government patronage. Tencent tumbled on Thursday after reporting its first profit drop in a decade as Chinese authorities froze approval of digital games the company needs to make money. Once the most valuable company in Asia, Tencent has seen its market cap fall

Tiger Brands plunges as costs, listeriosis recall hurt profit

Tiger Brands tumbled after Africa’s largest listed packaged-food maker said full-year profit fell as much as 37% after one of its plants was blamed for South Africa’s listeriosis outbreak. The shares dropped as much as 9.8%, the most since March 5, the day after the South African government identified a Tiger Brands factory as the source of the outbreak that has killed more than 200 people. The company recalled products

Copper tumbles into a bear market

Copper plunged into a bear market as concerns mount that Turkey’s financial crisis and the US-China trade spat will stymie global economic growth. The red metal for delivery in three months fell 4% to settle at $5 801 a metric ton at 5:52 pm Wednesday on the London Metal Exchange. That’s a more-than 20% drop from its high of $7 332 a ton in June, meeting the common definition of

For once, Turkey’s not to blame for rand’s slump

It’s been a tough day for the rand, and for once it’s not entirely Turkey’s fault. The currency slumped more than 3% as investors digested downbeat assessments of the economy by Moody’s Investors Service and the governor of the South African Reserve Bank, the ruling African National Congress’s view that white farmers should hand over “excess” land to the state, and a steep drop in commodity prices. To make matters

Rand sinks as a downbeat Moody’s, Naspers spur a perfect storm

South Africa’s rand headed for its biggest drop against the dollar since 2016, buffeted by headwinds including a downbeat assessment of the economy by Moody’s Investors Service and a plunge in the biggest company on the Johannesburg Stock Exchange. The currency sank as much as 3.4% against the dollar after Moody’s said the pace of South Africa’s fiscal consolidation will be slower than government forecasts as weaker-than-expected economic growth and

Crypto’s millennial mining tycoon is said to plan $3bn IPO

Bitmain Technologies, the world’s biggest producer of cryptocurrency mining chips, is planning a Hong Kong initial public offering that could raise as much as $3 billion, people with knowledge of the matter said. The Beijing-based company, whose 32-year-old co-founder Jihan Wu is one of the most powerful players in crypto, plans to file a listing application with the Hong Kong stock exchange as early as September, according to the people.

Copper collapses below $6 000 as investors flee from commodities

Copper sank below $6 000, while the dollar climbed and stocks fell, as investors fret that the Turkish crisis will spill over into emerging markets, hurting demand already threatened by a US-China trade war. Other metals, crude oil and gold declined too. The price of copper fell 1.9% to $5 928 a metric ton, the lowest since July last year, as BHP Billiton and the main union at its giant