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/ 19 October 2004
South African joint venture brandhouse, newly formed between Diageo, Heineken and Namibia Breweries, is notching up success in the local spirit-cooler sector through the recent launch of two South African-designed brand innovations — Smirnoff Triple Spin and Archers Aqua.
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/ 19 October 2004
Listed retailer Pick ‘n Pay has managed the current South African environment of very low inflation and deflation in some categories by improving its operational efficiencies as well as encouraging higher sales volumes, reflected in an improvement in its operating profit margin to 2,6% from 2,4% a year earlier.
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/ 18 October 2004
The recent launch of the National Treasury’s Urban Renewal Tax Incentive is certain to stimulate further investment in Cape Town’s central city and immediate surrounds, according to Cape Town Partnership CEO Andrew Boraine. The incentive will first apply to Cape Town and Johannesburg.
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/ 14 October 2004
The strategic black economic empowerment (BEE) partnership between listed financial services group Metropolitan and black-owned investment group Kagiso Trust Investments, details of which were announced in June, has been officially finalised with the transfer of both shares and money on the part of both partners.
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/ 13 October 2004
The South African National Treasury is currently dealing with 150 cases of unauthorised, irregular or fruitless and wasteful spending across the various government departments, involving amounts totalling approximately R1-billion, it emerged at Parliament on Wednesday.
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/ 12 October 2004
Black economic empowerment (BEE) financial services group Arch Equity is rapidly building up its asset base to become one of the largest BEE players in the Western Cape, with plans to list on the JSE Securities Exchange before year-end. CEO Desmond Lockey said the company has already started the process to list the company on the JSE.
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/ 11 October 2004
The share price of financial services group PSG Group jumped as high as 14,2% or 57 cents in afternoon trade on Monday after the group reported a 19,6% rise in its headline earnings per share for the six months to the end of August 2004, to 36,9 cents from 33,1 cents a year earlier.
The board of Absa has accepted UK group Barclays’ bid for a greater than 50% stake in the South African bank, according to South African Reserve Bank Governor Tito Mboweni. He made the disclosure while addressing Parliament’s Finance Committee on Friday, where he also attempted to dampen press speculation that the possible purchase by Barclays would result in a substantial inflow of foreign currency-denominated investment into the country.
South Africa’s inflation rate is expected to remain within the target range of between 3% and 6% CPIX (consumer inflation less mortgage rates) within the forecast period, South African Reserve Bank (SARB) forecast models show, according to the SARB’s head of research Monde Mnyande.
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/ 27 September 2004
Global diamond giant De Beers, which is 45% owned by Anglo American, is "cautiously optimistic" on its outlook for diamond jewellery sales after having benefited from estimated growth of 8% in world diamond jewellery sales in the first half of the year.