TUESDAY, 11.30AM
THE SA Chamber of Business, which represents English-speaking business leaders, has appointed its first black president.
Humphrey Khoza, group personnel manager of Nestle SA, was elected as the new head at the chamber’s national convention, held in Somerset West. Outgoing deputy president Christoph Kopke of Mercedes Benz, who had been tipped to take the presidency, stepped down for personal reasons following the death of his wife in a car accident.
Meanwhile, Sacob made submissions to parliament’s labour committee on Monday, saying that the Basic Conditions of Employment Bill would stifle small businesses, and went “way beyond the provision of basic conditions.”
Sacob said that although it could handle a reduction in the work week from 46 to 45 hours, a further reduction would be unacceptable. So would be time and a half for Sunday work when Sunday is a normal working day: Sacob’s director of labour affairs, Gerrie Bezuidenhout, told the committee the provision was outdated, as South Africa is not a Christian country.
Sacob told the committee in its view the Bill would increase unemployment through such provisions as an increase in overtime rates.
BUSINESS BRIEFS
NIGERIA OIL CRISIS EXPORT of crude oil from Nigeria slowed nearly to a standstill this week as a strike hit seven of the country’s nine export terminals. At issue is a pay raise approved by the government two years ago but never implemented — and the government’s apparent laxity in paying salaries to dockworkers, who claim their paycheques are months in arrears.
STALS STEPPED IN RESERVE Bank governor Chris Stals says the bank sold dollars in the currency market on Monday to protect the rand, but “there was no large scale intervention … we provided liquidity because there was a shortage of dollars.” It remains bank poicy to keep out of the forward currency market.
NAIL BUYING CU? BLACK empowerment group New Africa Investments Limited (Nail) is reported to be interested in buying a 24,1% stake in Commercial Union, which GoldFields SA plans to sell. All three parties have denied holding talks.
STRONG FOREIGN BUYING FOREIGN traders bought R1,097 billion worth of shares on the JSE last week, despite the global stock market crisis, the JSE said on Monday. In the same week last year, they bought only R162,7 million shares. Foreigners have spent R22,4 billion on the JSE so far this year, compared to R5 billion over the same period last year.