TUESDAY, 11.30AM
JOHANNESBURG Consolidated Investments on Monday psotponed for the third time retrenchments at its Randfontein Estate Gold Mine to allow the National Union of Mineworkers time to complete a report on the proposed axing of 4 100 jobs. At the same time as it announced the new postponement, the company warned the NUM that the delay is costing R300 000 per day and jeopardising the jobs of the remainder of the workforce.
The NUM’s technical adviser has until Friday to complete his report, which is being used by the union to motivate for better severance packages for its members. JCI, meanwhile, has accused the union of blocking the process of voluntary retrenchment by withholding the names of members willing to accept the severance package offered.
BUSINESS BRIEFS
STALS WAITS FOR SLOWDOWN RESERVE Bank governor Dr Chris Stals will not cut interest rates before the second half of this year, when slower expansion in bank lending and money supply will signal slower economic growth, Stals said on Monday.
MAIZE PRICES DROP MAIZE prices are weakening despite a supply squeeze caused by a delayed harvest and exports of white grain to Kenya. Markets are awaiting an expected bumper US crop later this year, and the local harvest is imminent.