MONEY LIVE | Sun International’s earnings jump as its Covid-19 rebound continues | Fin24

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MONEY LIVE | Sun International’s earnings jump as its Covid-19 rebound continues | Fin24
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MONEY LIVE | Sun International’s earnings jump as its Covid-19 rebound continues -

Sun International’s annual earnings have increased by more 80%, as its Covid-19 recovery continues.

Resorts and hotels had a 62% earnings increase to R977 million and Sun Slots saw income growth of 15%, while Sun Bet’s grew by 34%. The deal is worth R1.5 billion. Grindrod Bank has a big corporate and business banking customer base in SA who had deposited just over R11.2 billion with it at the end of 2021.Asian markets mostly fell Tuesday as investors struggled to maintain a recent rally while weighing central banks' inflation-fighting rate hikes and the possibility of a recession.

Hong Kong was among the big losers, with tech firms reversing the previous day's surge, while there were also losses in Shanghai, Tokyo, Seoul, Singapore, Taipei, Jakarta and Wellington.Another pledge by the central People's Bank of China to provide support to the world's number two economy had little impact on sentiment.

Oil prices jumped, building on a rally that has seen Brent and WTI pile on more than eight percent since Wednesday. Both main contracts had fallen heavily earlier in the month on recession worries. The company finally blew the JSE's kudu horn on Monday morning. The company, which will fall under diversified retailers, anticipates an initial market capitalisation of about R2.2 billion. It has floated 461.4 million shares on the JSE's main board.

E-commerce fashion platform Superbalist, saw a 55% revenue jump and an improvement of almost 2 percentage points in its trading loss margin, to 7%. Earlier, London stocks rallied 2.7 percent with investors brushing aside news of bruising defeats for Britain's ruling Conservatives in by-elections on Thursday.

But he warned that stock markets remain"vulnerable to another onslaught if the news does not improve".Asian stock markets closed higher after Thursday's gains on Wall Street. Analysts have been pointing to falling commodity prices, a primary driver of inflation, in the face of a possible recession reducing the need for sharp interest rate hikes as one possible explanation for the renewed bullish sentiment on equity markets.Stocks rose in Asia on Friday following another rally on Wall Street as investors try to process central bank moves to fight soaring inflation with the growing possibility that those measures will induce a recession.

However, analysts said speculation that a recession is on the way has helped push yields down in recent days and led traders to scale back their expectations for the length of rate hikes. "While a tall order and still a near-term unlikely combination scenario, the fall in commodity prices, especially oil, should be music to the Fed's ears, so some could be ticking one or two of those boxes off."

Employment opportunities are also tight."Only 38% of respondents indicated increasing their staff component at present while expectations on job opportunities were unchanged for the next six months," the report read.The board of property group Calgro M3 has endorsed replacing PwC as its auditor with Mazars.

And on Wednesday the head of the most powerful central bank in the world told lawmakers that it was"certainly a possibility". Hong Kong, Sydney, Singapore and Wellington were slightly higher but Tokyo, Shanghai, Seoul, Taipei, Manila and Jakarta fell. Elon Musk, JP Morgan boss Jamie Dimon and Nouriel Roubini are among several others to have made similar forecasts.

Brent and WTI have dropped around 15 percent over the past week, even with sanctions on Russian crude exports and China's gradual reopening from lockdowns."A slowdown in global growth is a risk to oil demand, which could help ease some of the tightness in the market," Warren Patterson, at ING Groep, said.JSE, global stocks down, oil prices plunge on recession fears

US Federal Reserve boss Jerome Powell's two-day testimony to Congress this week will be pored over for an idea about officials' plans for fighting runaway prices, which are being fanned by supply chain snarls, China's lockdowns and the war in Ukraine. "Swiftly rising interest rates act as a vacuum for economic growth, and this isn't lost on the market today," noted Sophie Lund-Yates, equity analyst at Hargreaves Lansdown.

Surging energy costs are fuelling global inflation, with official data Wednesday showing the British annual rate hitting a fresh 40-year high above nine percent. The building material manufacturers index plunged from 55 points in the first quarter to 12."… The drop in confidence is supported by a broad deterioration in underlying business conditions. Growth in domestic sales and production was particularly weak in the quarter," highlighted FNB senior economist Siphamandla Mkhwanazi.

But there were improvements to the"core" building sector, which excludes the building material manufacturing and the hardware retail sectors. It climbed four points to 35 in the second quarter. The Constitutional Court has ruled that Transnet was entitled to terminate a long-term pricing agreement, put in place in the apartheid era, and relating to the transportation of crude oil to Sasol and Total.The Constitutional Court considered whether an agreement between the parties that had existed for about 50 years could be terminated and if Transnet acted lawfully in terminating it.

Fears about a global contraction have also put downward pressure on oil prices, despite China's reopening moves, the US holiday driving season and tight supplies. "The Fed has entered into a policy cocktail that we would describe as hammer time," Gene Tannuzzo, at Columbia Threadneedle Investments, told Bloomberg Television.

"Despite the uptick in risk sentiment, it still feels we are eons away from shaking the event-driven bear market blues due to prevailing recession obsession headwinds." Japanese Prime Minister Fumio Kishida's comment that it"is up to the central bank" how to maintain its easy money policy adding to pressure on the country's unit though famed economist Nouriel Roubini said he expects Tokyo to take action if the yen hits 140.

Her replacement on the Truworths International board would be announced in due course, the statement said.JSE-listed construction firm Raubex has made an offer to buy out the remainder of mining and exploration company Bauba Resources and delist it from the JSE. "Without the assistance of a major investor such as Raubex to support ongoing funding requirements, no finance is currently available to the group in the public market and the group will be better placed to secure funding support for its operations in an unlisted environment."

"The board thanks Bridgitte for her contribution to the company over the past five years and wishes her well in her future endeavours."Equities rose Tuesday in Asia as some stability returned to markets after last week's upheaval. Still, analysts warned of further pain for traders after central bank officials hinted at further interest rate hikes to reel in inflation.

The Fed announced a three-quarter point lift last week, after inflation data days earlier had smashed forecasts and hit a four-decade high. "There might be a narrative that we've hit a bottom, we are oversold, the Fed is taking inflation seriously and that might be slightly bullish in the interim," Frances Stacy, of Optimal Capital, told Bloomberg TV.

he gains have been helped by optimism for a boost to demand as China gradually eases out of its period of Covid containment, while the US summer driving period picks up.Vodacom has announced the death of the company's non-executive board member, David Brown, who passed away on Sunday at the age of 59.

Brown served as CEO of Impala Platinum from 1999 to 2012 and was also chairman of Northam Platinum at the time of his death, a position he assumed on 22 June 2021.Asian markets fell again Monday and oil prices extended losses on growing fears that central bank moves to rein in soaring inflation will induce a recession.

She told CBS's"Face The Nation" on Sunday that while she was not predicting a contraction, the Fed's decision not to act sooner to fight rising prices was hurting the economy.

 

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