Flash Briefing: 75% of 'born frees' unemployed; FirstRand profits rise as SA recovers; short-sellers hit Anglo

Loading player...
* 75% of youth in South Africa are unemployed, reports The Times of London.
* FirstRand sees profit rising more than expected, and by at least 35%, after the South African economy rebounded strongly from the early stages of the coronavirus pandemic.
* Anglo American South African coal mines, which will be listed in a new vehicle this week, are worthless given the scale of environmental clean-up costs, according to a research report from short-seller Boatman Capital.
* The rand’s value was helped as offshore investors bought South African stocks and bonds.
* El Salvador may become the first country to make bitcoin legal tender, President Nayid Bukele has announced.
* Former finance minister Trevor Manuel, in an interview with the IMF, says the decade under Jacob Zuma wasn’t just ‘lost as though everything was static...the country regressed'. Learn more about your ad choices. Visit megaphone.fm/adchoices
7 Jun 2021 9AM English South Africa Investing · Business News

Other recent episodes

BN Daybreak - Fri 12 June 2026: Trump halts Iran strikes; SA's overlooked gold fortune; PA surge; World Cup fees

In today's BizNews Daybreak: Global markets rallied after President Trump halted planned military strikes against Iran. In South Africa, the Patriotic Alliance clinched a major by-election victory in Malmesbury, weakening established parties. Meanwhile, Alec Hogg unpacked South Africa’s overlooked multi-billion rand gold mining fortune. Finally, we highlight Adobe’s executive shakeup…
11 Jun 11PM 15 min

The Daily Edge: Gold at $4,100 and SA is sitting on a fortune it can't see

Alec Hogg opens with a thesis from Merrill Lynch veteran Dr. Duarte de Silva: South Africa's abandoned gold mines and tailings dumps — written off at $300–$800/oz — are generating margins above $3,000 per ounce at today's prices. The Witwatersrand Basin still holds as much gold as has ever been…
11 Jun 7AM 19 min