TUESDAY, 11.30AM
FINANCE Director General Maria Ramos said on Monday that SA plans to borrow R4-billion in foreign currency during the rest of this financial year.
Speaking at the South Africa in Europe conference, Ramos said her department is aiming at a R2-billion yen issue in about a fortnight, to be followed by a similar-sized dollar issue in the Yankee bond market. The yen issue will have a maturity of up to 10 years, while the dollar issue will mature after more than 10 years.
Ramos said the borrowings form part of SA routine deficit financing.
BUSINESS BRIEFS
FERROCHROME SMELTER FOR N PROVINCE A MAJOR ferrochrome smelting palnt is to be established in the Northern Province in co-operation with foreign investors, the provincial government said on Monday. The smelter will be located at Dilokong Mine, near Burgersfort, where a metal beneficiation project was launched at the weekend by Mineral and Energy Affairs Minister Penuell Maduna.
RECORD MAIZE FUTURES THE SA Maize futures market, launched last year, hit a record turnover of R106-million last month according to the SA Futures Exchange. Turnover so far this year was R305-million, with last month’s contracts leading to the delivery of 44 900 tons of maize.
BUS PLANT TO INDIA HEAVY engineering group Dorbyl is to close down its loss-making Eastern Cape bus building plant and relocate the enterprise to India, Dorbyl transport division MD Rob Duff said Monday. The closure will result in the loss of 167 jobs. The bus division lost R2-million last year and is pegged to lose R5-million this year.