News in short
Zim tightens screws on miners' export earnings
HARARE - The Reserve Bank of Zimbabwe has ordered platinum and chrome miners to surrender 80% of their export earnings to the central bank as the country struggles to contain a crippling US dollar note shortage.
Previously miners in the southern African nation were required to retain 50% of their earnings.
Mining is the single largest earner of foreign currency in Zimbabwe, making up 62% of total exports in 2016. – Nampa/Reuters
LME zinc again close to decade-high
SYDNEY - Zinc prices rallied close to decade-highs for the second time this week on Friday, leading mixed trading in base metals.
Traders said zinc was lifted by expectations of robust demand for steel in China. The metal is primarily used to galvanise steel.
The gains came despite data showing China's home price growth slowed in July, reinforcing expectations that property price growth may stagnate over the course of the year, a negative for industrial commodities. – Nampa/Reuters
Ukraine warns of new cyber-attack risk
KIEV - The Ukrainian central bank said on Friday it had warned state-owned and private lenders of the appearance of new malware as security services said Ukraine faced cyber attacks like those that knocked out global systems in June.
The June 27 attack, dubbed NotPetya, took down many Ukrainian government agencies and businesses, before spreading rapidly through corporate networks of multinationals with operations or suppliers in eastern Europe.
Kiev's central bank has since been working with the government-backed Computer Emergency Response Team (CERT) and police to boost the defences of the Ukrainian banking sector by quickly sharing information. – Nampa/Reuters
Chinese banks battle slowing loan growth
BEIJING/SHANGHAI - Chinese banks are set to see a slowdown in lending growth in the second half of the year, having exhausted most of their annual credit quota, raising the spectre of corporate defaults as financing costs climb further in the world's No.2 economy.
Beijing's crackdown on riskier lending has already stretched financing costs and hurt profit margins. Analysts estimate banks have used 80% of their yearly credit quota over January-June, versus the usual 60%, amid a regulatory push to bring shadow financing activities to the main loan book.
China's economic growth showed signs of fading in July as lending costs rose, but a hard landing is unlikely with Beijing keen to ensure stability ahead of a once-in-five-years Communist Party leadership reshuffle later this year. – Nampa/Reuters
HARARE - The Reserve Bank of Zimbabwe has ordered platinum and chrome miners to surrender 80% of their export earnings to the central bank as the country struggles to contain a crippling US dollar note shortage.
Previously miners in the southern African nation were required to retain 50% of their earnings.
Mining is the single largest earner of foreign currency in Zimbabwe, making up 62% of total exports in 2016. – Nampa/Reuters
LME zinc again close to decade-high
SYDNEY - Zinc prices rallied close to decade-highs for the second time this week on Friday, leading mixed trading in base metals.
Traders said zinc was lifted by expectations of robust demand for steel in China. The metal is primarily used to galvanise steel.
The gains came despite data showing China's home price growth slowed in July, reinforcing expectations that property price growth may stagnate over the course of the year, a negative for industrial commodities. – Nampa/Reuters
Ukraine warns of new cyber-attack risk
KIEV - The Ukrainian central bank said on Friday it had warned state-owned and private lenders of the appearance of new malware as security services said Ukraine faced cyber attacks like those that knocked out global systems in June.
The June 27 attack, dubbed NotPetya, took down many Ukrainian government agencies and businesses, before spreading rapidly through corporate networks of multinationals with operations or suppliers in eastern Europe.
Kiev's central bank has since been working with the government-backed Computer Emergency Response Team (CERT) and police to boost the defences of the Ukrainian banking sector by quickly sharing information. – Nampa/Reuters
Chinese banks battle slowing loan growth
BEIJING/SHANGHAI - Chinese banks are set to see a slowdown in lending growth in the second half of the year, having exhausted most of their annual credit quota, raising the spectre of corporate defaults as financing costs climb further in the world's No.2 economy.
Beijing's crackdown on riskier lending has already stretched financing costs and hurt profit margins. Analysts estimate banks have used 80% of their yearly credit quota over January-June, versus the usual 60%, amid a regulatory push to bring shadow financing activities to the main loan book.
China's economic growth showed signs of fading in July as lending costs rose, but a hard landing is unlikely with Beijing keen to ensure stability ahead of a once-in-five-years Communist Party leadership reshuffle later this year. – Nampa/Reuters
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