Yearly Archives: 1999

THE Sage Group is expecting a high rating at the end of the month from US insurance rating agency AM Best. Sage is the only South African financial services firm to hold a life insurance subsidiary in the US, Sage Life of America. The rating will be a cue to open the American firm for […]

THE Absa Group has won the bid to buy the majority shareholding of Tanzanian bank NBC Ltd. Reliable sources said at the weekend that the Tanzanian cabinet met in Dodoma on Friday and approved a presidential parastatal sector reform commission recommendation to accept the Absa Group tender. “This is not the go ahead for ABSA […]

OWN CORRESPONDENT, Sun City | Monday 1.20pm. SCOTT DUNLAP’S errors were insignificant as he swept to a five-stroke victory and the first prize of R316_ 000 in the Dimension Data Pro-Am at the Gary Player Country Club in Sun City on Sunday, which is more than can be said for his caddie. Dunlap was initially […]

THE new chief of staff of the Indian navy, Admiral Sushil Kumar, will visit South Africa for a week from Monday. Hiss visit follows one to India last October by South African Navy chief Vice-Admiral Robert Simpson-Anderson. “The visit serves to strengthen the ties of friendship and good co- operation between the South African and […]

OWN CORRESPONDENT, Johannesburg | Monday 12.30pm. DONALD GORDON, founder and chairman of Liberty Life, announced his retirement this weekend, clearing the way for a proposed merger between the firm and Standard Bank Investment Corporation (Stanbic). Business Day reports that the retirement will herald shifts in Gordon’s control of the Liberty Group, and may allow a […]

THE 10-year-old land dispute between the Bafokeng people of North-West Province and Impala Platinum Limited has been resolved, SABC television news reports. The report said the Bafokeng supreme council accepted an offer by Implats which gives the tribe one million shares in the mining company and 22% of its taxable income. The Bafokeng will also […]

FOLLOWING a substantial drop in sales, from an average 1600 a month to around 1000 in January, Hyundai Motor Distributors is planning to retrench up to 10% of its sales staff as part of ongoing restructuring. But workers at Hyundai’s Botswana assembly plant in Gaborone are not expected to be affected. Hyundai is not alone […]

DONALD Gordon, the founder and chairman of South Africa’s Liberty Life (LibLife), unexpectedly announced his retirement on Friday — news that created speculation of a merger with Standard Bank. In a short statement, the insurer said the future of bourse-listed Liberty Investors Ltd, through which the Gordon family exercises control of its dominant shareholding in […]

SEVERAL major diamond producers — Rembrandt’s Trans Hex, Ocean Diamond Mining Holdings and Benguela Concessions — are about to merge, with the first two likely to buy out Benco. A joint cautionary statement was issued on Thursday. Analysts believe the move is inevitable, given Benco’s current listlessness. ODM would stand to gain not only Benco’s […]

THE Johannesburg Stock Exchange wants the laws regulating financial markets changed to allow it to merge with the country’s bonds and futures exchanges, its representatives told Parliament on Thursday. Addressing the finance committee, JSE legal counsel Nicky Newton-King said the merger will make for increased efficiency and lowered costs, making the new exchange internationally competitive.