Absa Bank


Absa sees higher 2007 earnings

Staff Reporter

Absa, South Africa's biggest retail bank, said on Monday it expects group headline earnings per share and EPS to be between 15% and 19% higher in 2007. Absa, which is majority-owned by Britain's Barclays, said headline EPS and EPS for the bank unit would be between 25% and 28% higher than the previous year.

Absa appoints new executive director


Absa Group chief operations officer Peter Mageza has been appointed as an executive director on the boards of Absa Group and Absa Bank, with effect from September 10. Mageza who has been with the Absa Group since 2000, was appointed as COO three years ago.

November PPI slows to 9,1%

Staff Reporter

South Africa's producer price inflation (PPI) slowed to 9,1% year-on-year in November, below forecasts, from a 9,5% rise in October. On a monthly basis, PPI rose by 0,3% after a 1,1% jump in October. Economists had forecast that annual PPI would come in at 9,7%, while the monthly rate of increase was seen at 0,8%.

'Tired' JSE led down by weak world markets

Nicole Rego

A tired-looking JSE was 89 points in the red by noon on Monday as weak global markets continued to weigh. By midday, the broader all-share index had shed 0,32%. The gold-mining index pulled back 1,42%, resources added 0,05% and the platinum-mining index was up 0,97%. Industrials fell 0,77%, financials were down 0,29% and banks gave up 0,29%.

JSE extends losses, follows world markets

Nicole Rego

The JSE continued to extend its reach into the red at midday on Thursday, following nervous world markets. By noon on the JSE, the all-hare index was 1,14% lower, led by a 1,87% retreat in resources. The gold mining index pulled back 1,06% and the platinum mining index was off 0,89%.

Stofile: 'Balance is needed'

Staff Reporter

Sport and Recreation Minister Makhenkesi Stofile spoke to Lucky Sindane about the new Sports Amendment Act, which allows government to intervene in all sporting matters. He said that once the playing grounds have been levelled, our children will start from the same starter blocks with an equal preparation and opportunity to win.

Manuel says PSL deal is 'corrupt'


The Premier Soccer League (PSL) has expressed disappointment with Finance Minister Trevor Manuel for involving himself in its affairs and has written to Sports Minister Makhenkesi Stofile, asking him to intervene, the South African Broadcasting Corporation reported on Monday.

PSL commission payments in spotlight

Sy Lerman

It has been described by one newspaper as "splitting the Premier Soccer League [PSL] down the middle." But what Finance Minister Trevor Manuel described as "morally reprehensible" commission payments amounting to hundreds of millions of rands to PSL officials has seemingly united 45-million South Africans in outraged opposition to the professional soccer organisation.

Amateur football should benefit from deals

Lucky Sindane

It is 4.45pm at Meadowlands High School in Soweto. On the football field five different teams from around the area gather to prepare for their next league match. Two teams are using the partly grassed and already dusty field. On the sidelines there are about 20 players from Mighty Solutions FC.

KZN judge returns Sexwale shares

Staff Reporter

KwaZulu-Natal (KZN) Judge President Vuka Tshabalala said on Wednesday that he had returned all the shares in Absa Bank worth millions of rands, which were given to him by a consortium headed by businessman Tokyo Sexwale. "I have returned the shares. That's the end of the matter," said Tshabalala.

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