WEDNESDAY, 1.00PM:
THE private sector may soon own police stations and magistrate’s courts if a proposal by investment bank Theta Securities and Property Asset Managers is approved, Business Day reported on Wednesday.
Under Theta’s plan police stations and courts will be built and acquired by private sector investors, then rented back to the state, which will have an option to purchase the land at a later stage.
The management of the properties will be entrusted to Cape-based Property Asset Managers. Theta — specialists in raising finance for social projects — canvassed institutions with a view to investing in a bond to be listed on the bond exchange prior to Tuesday’s response deadline. Property Asset Managers’ managing director Royden du Plooy described Tuesday’s initial response form investors as positive.
The plan is one of many being devised by investment banks with the purpose of injecting private sector funding into crime prevention.
BUSINESS BRIEFS
ZAMBIAN MINE SELL-OFF NIGH
ZAMBIAN President Frederick Chiluba has announced a huge step in his country’s privatisation programme. At the end of February, the country’s major foreign currency earner, its copper mines, will be handed over to foreign private firms. Negotiations for the privatisation of the giant Zambia Consolidated Copper Mines (ZCCM), the country’s biggest employer, are almost over.
NEDLAC TRIES TO HALT NUM STRIKE
NATIONAL Economic Development and Labour Council chairman Jayendra Naidoo will convene an emergency management committee meeting on Wednesday in response to the National Union of Mineworkers’ announcement of its intention to strike. The NUM informed Nedlac on Tuesday that a 24-hour strike protesting massive retrenchments following the fall in the gold price will go ahead unless negotiations with mine management are resolved.
5% GROWTH BY 2000
FINANCE Minister Trevor Manuel said on Tuesday that he anticipates South Africa to achieve an economic growth of 5% by the year 2000. Expected economic growth for this year is around 3%, although some economists place it closer to the 2% mark.
BOND DEALER SHORT-LIST
THE government is compiling a short-list of potential primary dealers in government bonds, a banking source said on Tuesday. Although not finalised, the list includes ABN-Amro, JP Morgan, Merrill Lynch, Socit Generale, First National Bank, Investec, Nedbank, Rand Merchant Bank and Standard Corporate & Merchant Bank.
NOGXINA NAMED D-G
FORMER deputy director-general in the Public Service and Administration Department Sandile Nogxina has been appointed director-general of Mineral Affairs and Energy Department. He replaces Dick Bakker, who will move to head up the department’s mining inspectorate.
LAND CLAIMS CASE POSTPONED
AN urgent court application by the Land Claims Commission and Legal Resources Centre on behalf of two communities wanting to stop the privatisation of resort group Aventura has been postponed until later in February, the Land Claims Court announced on Tuesday.
LABOUR OPPOSES EXPORT ZONES
THE labour arm of the tripartite National Economic, Development and Labour Council will oppose the government’s bid to create “industrial development zones” — calling them nothing short of “concentration camps” on Tuesday. Rejecting the various names the government uses for its proposal, labour declared its vehement opposition to the creation of any zone that involves export processing, labour convener at Nedlac’s trade and industry chamber Herbert Mkhize said.
ANGOLA JOINS ECOWAS
ANGOLA has joined the Economic Community of Central African States, becoming its 11th member, at a community summit in Libreville, Congo. The community’s members include Burundi, Cameroon, Chad, Central African Republic, Democratic Republic of Congo, Republic of Congo, Gabon, Equatorial Guinea, Rwanda and Sao Tome & Principe.
NEW BOURSE IN TANZANIA
TANZANIA has established a stock exchange in the capital Dar es Salaam, trading securities and bonds. The exchange at present has only one listed company, Tanzania Oxygen. Tanzania Breweries, BP (Tanzania), Agip (Tanzania) and Dar es Salaam and Tanga Cement Factories are likely to join soon. Demand for the 7,5-million shares floated by Tanzania Oxygen Limited has been high.
ZAMBIAN HRC PROBES SHOPRITE
THE Zambian Human Rights Commission is investigating allegations that Shoprite Checkers in Lusaka maintains “near slave labour conditions and treatment not benefiting the dignity of human beings”. Shoprite Checkers is reported to be paying staff an average of 40 000 kwacha (about $28) a month, while local labour law stipulates a minimum of 60 000-70 000 kwacha. Shoprite Checkers has denied the claims.