South African bonds moved about six basis points weaker across the curve in morning trade, given direction by a softer rand and amidst general caution ahead of the release of the June Unied States producer price index (PPI), later on Thursday.
In what will be the first major inner-city development in South Africa for a black economic empowerment group, South Africa’s Coessa Holdings — acting in partnership with a Johannesburg businessman — plans to develop a new, R390-million residential, commercial and retail lifestyle centre in Cape Town, to be known as Icon.
Leading alcoholic beverages groups Diageo, Heineken and Namibia Breweries have finally unveiled details surrounding their new South African joint venture company, which will trade under the name of brandhouse. The new company will be a formidable competitor in the local market, boasting sales of about R3-billion a year.
A member of listed financial services group Alexander Forbes, Lane Clark & Peacock LLP, has acquired Libera AG, Switzerland’s largest independent employee benefits consulting business, from Ernst & Young for a consideration of approximately 20-million Swiss francs (R98-million).
South African Deputy President Jacob Zuma has urged the National Council of Provinces (NCOP) to exercise strong oversight of local governments to improve service delivery as a matter of national importance. He was speaking at an NCOP workshop in Cape Town on Monday focusing on challenges facing the council.
Although the South African government had not envisaged any initial public offerings (IPOs) from state-owned enterprises for the current financial year, it would consider IPOs where appropriate in the future, while concentrating on concessions, joint ventures and public-private partnership arrangements, according to Minister of Public Enterprises Alec Erwin.
South African Finance Minister Trevor Manuel has welcomed the "positive tone and content" of the International Monetary Fund (IMF)’s 2003 Article IV Report on South Africa, an annual review the government’s conduct of monetary, fiscal and other economic policies.
United Kingdom- and South Africa-listed Old Mutual plc is looking to improve the performance of its South African operations through a combination of strategies, including cost cutting in its back office and implementing more efficient systems, as well as boosting the numbers of its sales force, according to CEO Jim Sutcliffe.
Swiss-based, South Africa-listed luxury goods group Richemont has outperformed market expectations for its financial year ending March 31 2004, analysts said on Thursday, reporting a 3% rise in fully diluted earnings per unit of €1,193 and boosting its dividend by 25% to €0,4 per unit.
Engen Petroleum, South Africa’s largest fuel retailer, has launched its Dynamic Unleaded fuel in South Africa, the latest in its range of fuels marketed under the Dynamic product line, the company announced on Wednesday. From Wednesday, Dynamic Unleaded will be available nationwide at approximately 900 Engen sites.