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/ 21 October 2005
South African Reserve Bank Governor Tito Mboweni has cautioned that the long period of lower interest rates (monetary policy accommodation) may be coming to an end, despite the current level of inflation being within the target range. He was addressing Parliament’s portfolio committee on finance on Friday.
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/ 19 October 2005
Swedish insurer Skandia, the target of a R38-billion takeover bid by South Africa- and United Kingdom-listed financial-services group Old Mutual, on Wednesday unveiled to shareholders details of a plan that would allow it to remain independent. It also gave hard-hitting reasons why shareholders should reject the Old Mutual offer.
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/ 18 October 2005
The wage strike at retail chain Clicks, owned by listed health and beauty group New Clicks Holdings, continued on Tuesday with Clicks management and members of the South African Commercial, Catering and Allied Workers’ Union finally going into mediation as the stayaway entered its 12th day.
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/ 18 October 2005
Listed food retailer Pick ‘n Pay has reported a 16,7% rise in its headline earnings per share for the six months to the end of August 2005 to 55,31 cents from 47,41 cents a year earlier. The company declared an interim dividend up 17,7% to 23,3 cents per share, compared with the 19,8 cents declared at the interim stage in 2005.
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/ 12 October 2005
Old Mutual, the United Kingdom- and South Africa-listed international financial-services group, has published the prospectus for its 43,5-billion Swedish kronor (R38-billion) offer for Swedish financial-services group Skandia, Old Mutual announced on Wednesday.
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/ 12 October 2005
United Kingdom- and South Africa-listed SABMiller plc has completed its $7,8-billion acquisition of a controlling 71,8% interest in Bavaria SA, South America’s second-largest brewer, the company announced on Wednesday. The merger creates the world’s second-largest brewing company by volume.
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/ 10 October 2005
The wage strike at retail chain Clicks, owned by listed health and beauty group New Clicks Holdings, entered its fourth day on Monday with all Clicks stores open and operating as usual, Clicks said. Michael Harvey, brand leader of Clicks, estimated that 70% to 80% of staff within the bargaining unit in Gauteng remained away from work through Monday.
Strike action by staff of beauty and pharmacy retailer Clicks who are members of the South African Commercial, Catering and Allied Workers Union was under way across the country on Friday, although most stores were open, both the union and New Clicks said.
The chairperson of Skandia Insurance, Bernt Magnusson, has decided to resign from the company’s board due to differences of opinion with fellow board members about Old Mutual’s bid for the firm, AFX reported from Stockholm on Friday. The board of the Swedish insurer was split over the R38-billion bid from Old Mutual.
Listed beauty, health and pharmacy retailer New Clicks is facing strike action by members of the South African Commercial, Catering and Allied Workers’ Union, who are set to embark on what they termed would be a "protracted" stayaway over wage differences starting on Friday.