MONDAY, 10.30AM:
THE Finance Department has decided to allow market-makers in South African government bonds to quote wider spreads between buying and selling prices than the two basis points allowed thus far during periods of volatility in the bond market. Analysts say the move is a sign that some primary bond dealers were particularly hard hit by recent ups and downs in bonds.
The Finance Department’s Coen Kruger has confirmed that some market makers have asked to quote wider spreads in difficult conditions. After a meeting between the department and primary dealers last week, Kruger said that it was accepted that the spread will widen during volatile periods.
BUSINESS BRIEFS
LABOUR COURT LAUNCHED
JUSTICE Minister Dullah Omar on Friday opened the Johannesburg Labour Court and Labour Appeal Court, which will hear disputes in terms of the new Labour Relations Act. In theory, the new courts will replace the Industrial Court. However, the Industrial Court will continue operating until it has cleared its backlog of 5000 cases.
SA TO PAY R475m FOR ADB STAKE
SOUTH Africa will pay R475-million over the next eight yearsto finance its increased stake in the African Development Bank, according to Deputy Finance Minister Gill Marcus. South Africa and other shareholders of the bank, based in the Ivory Coast capital Abidjan, last week agreed to increase the general capital of the bank by 35%. SA’s R475-million payment will increase its stake from 1% to 6%.
TOTAL INVESTS R1bn IN NATREF
FRENCH oil company Total, with its financial partners, is to invest R1-billion in the Natref oil refinery in Sasolburg, according to French embassy official Marc Bouteiller The investment will include building an additional fual pipeline between Durban and the refinery. Total commissioned Natref together with Sasol in 1972.
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