No one can deny that the late Brett Kebble had good taste: Ferraris, a couple of private jets, a portfolio of luxury properties, expensive art pieces and all the usual trappings of the billionaire lifestyle to which he aspired. He also had political friends on the payroll, something that will no doubt cause acute embarrassment for some.
Shareholders in Illovo Sugar have never had it so sweet. The share price has doubled to more than R16 in recent months as a bidding war was declared between two European sugar producers eager to bag Africa’s largest sugar producer. European producers are looking for less-developed-country supplies ahead of deregulation of the European sugar market.
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/ 28 February 2006
Trade experts say the United States is demanding far deeper market access than South Africa is willing to give, particularly in the area of services that are covered by regulatory protection rather than tariffs. South African business appears to be waking up late to the fact that the country may be walking away from a free trade deal with the US.
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/ 24 February 2006
Anglo American, the mining empire built by the Oppenheimers on the goldfields of the Free State and Witwatersrand, is saying goodbye to gold. It announced recently that it would sell down its interest in AngloGold Ashanti, though it still intended to retain a significant shareholding in the medium term.
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/ 16 February 2006
There are a few staples in Minister of Finance Trevor Manuel’s annual Budget speech that seem to get an airing each year. Last year he thanked everyone who offered Budget suggestions, including the person who recommended scrapping income taxes altogether. After giving it due consideration, Manuel decided against it.
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/ 10 February 2006
Controversial mining magnate Mzi Khumalo is at the centre of a $7,4-million damages claim that got under way this week in the Harare High Court. This is reportedly the highest ever damages claim in Zimbabwe’s history, and relates to the purchase of Lonmin’s gold mines in Zimbabwe by Khumalo’s Pemberton International Investments for $15,5-million in 2002.
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/ 17 October 2005
It is up to 40% cheaper to buy South African-made steel in foreign countries than it is in the local market, even after shipping, wharfage and other costs have been paid. That’s because Mittal Steel (previously Iscor) prices its goods in the domestic market as if they were imported — known as import parity pricing.
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/ 30 September 2005
The murder of mining magnate Brett Kebble in Johannesburg this week comes just weeks after being ousted as head of Western Areas, JCI and Randgold & Exploration amid accusations of financial irregularities and corporate governance lapses. His name has also been tied to the mysterious disappearance of 14,4-million shares in Randgold Resources, worth about R1,5-billion at current prices.
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/ 23 September 2005
Spurned in its bid to acquire Celtel, which has licences in 13 African countries, MTN has set its sights on the Middle East. First prize would be a stake in the Irancell consortium, now potentially up for grabs after the Iranian government baulked at handing over 70% of the licence to Turkish operator Turkcell.
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/ 2 September 2005
Opinions are divided as to whether Old Mutual seems to have settled for second prize in its bid for Skandia, the distressed Swedish life and funds management group. Old Mutual has been looking to add new legs to its international business and had peered under the skirts of companies such as United Kingdom-based Britannic before eyeing Skandia, which has fallen on hard times.