TUESDAY, 11.00AM:
THE Common Market for Eastern and Southern Africa has begun a restructuring programme that will see several of its divisions merged, to leave the body with four divisions.
The four divisions to remain will be: trade, customs and monetary affairs; investment promotion and private sector development; infrastructure development; and information.
Comesa acting secretary-general Erastus Mwencha said the restructuring of the Lusaka-based trading bloc will see the development of a free trade area for agricultural products, a sector where tariff protection is generally low.
The restructuring will also involve a recruitment drive to staff the four new directorates, said Mwencha.
BUSINESS BRIEFS
DAIRY FARMERS HAPPY WITH TARIFFS SOUTH African dairy farmers have welcomed new tariff adjustments on a range of imported dairy products including butter, milk, cream and buttermilk. Milk Producers’ Organisation chairman Boy Blanckenberg said farmers are pleased with increased tariffs on imported dairy products — the tariff on butter went from R3,20/kg to R5/kg, and chesses are now subject to a R5/kg tariff from the previous sliding scale.
STATION ‘NEEDS NEW BOARD’ A DELEGATION from the Sowetan newspaper that met the Independent Broadcasting Authority on Monday in an attempt to intervene on behalf of the Voice of Soweto community radio station was told that the station should call an urgent meeting to appoint a new board. The IBA last week rescinded the station’s broadcasting licence, allegeing that it is in breach of licencing requirements and the Broadcasting Act.
DUTCH EURORAND BOND DUTCH Bank Nederlandse Gemeenten on Monday issued a R100-million 10-year Eurorand bond with a 13,75% coupon. Lead manager Hambros bank said the issue is intended to satisfy demand among Dutch investors for eurorand bonds and to plug a gap for 10-year paper.
MARKET CAPITALISATION SLIPS THE Johannesburg Stock Exchange’s market capitalisation slipped by 0,1% last year to 1 129-billion. Turnover, however, leapt 77% to R206,8-billion from R117,1-billion in 1996.
UNITA LOSES MINES MINING sources say that Angolan rebel movement Unita has lost most of the diamond mines it used to finance its 21-year civil war. Unita apparently started abandoning its mines last October when the Angolan government began deploying troops at the mines.
PQ HOLDINGS ON BUYING TRAIL PERSETEL Q Data Holdings said on Monday it has expanded its European base with the acquisition of Germany’s KryptoKom and France’s Nomea. KryptoKom is a leader in cryptographic information security, while Nomea provides network-related services.