No image available
/ 23 February 2007
Nedbank — once regarded by many as the doyen of South Africa’s so-called "big four" banks before losing some of its sheen — continues to make major strides in its turnaround strategy. For the year to the end of December, the group improved headline earnings by 40%, posting a R4,435-billion headline profit.
No image available
/ 20 November 2006
Peter Moyo, CEO of financial and risk services provider Alexander Forbes, says the group is now firmly focused on extracting growth and shareholder value from its businesses in South Africa and internationally. This follows the conclusion of an independent review of historical business practices across its South African operations.
No image available
/ 7 November 2006
Despite a firmer rand, the JSE hit a new all-time high on Tuesday morning, with the all-share index breaking through the key 24 000 barrier. However, some traders described the tempo in the market as more of a trot than a gallop at the moment, saying the market was looking ”a bit tired” after its record run on Monday which saw the all share index add 360 points or 1,5%.
Despite a slightly stronger rand, the JSE was up almost 100 points in midday trade on Monday, with resource stocks leading the charge. Dealers said resource stocks had received a boost from higher precious metals prices, which were being fuelled by concerns about claims by North Korea that it had conducted a nuclear test over the weekend.
A stronger rand and some profit-taking saw the JSE in the red in noon trade on Wednesday after two days of strong gains. Dealers said profit-taking on resources giant Anglo American, which went ex-dividend in London on Wednesday morning, and on BHP Billiton, which presented strong results during the morning session, was leading the market’s downside.
With the base of demand for new cars growing substantially over the past five years and overall rates of economic growth expected to remain buoyant, the remaining months of 2006 are likely to yield further record-breaking months for new-vehicle sales, according to vehicle manufacturers.
First National Bank (FNB), which is heavily invested in South African soccer, announced on Thursday that it will sponsor the 2010 Fifa World Cup to the tune of $30-million (about R216-million). FNB is the first South African corporate to sign up officially as a national supporter of the 2010 Fifa World Cup.
Spiralling fuel costs, a strike and a later-than-planned introduction of new routes saw South African Airways’ (SAA) operating profit for the year ended March dwindle from R1-billion to just R300-million, it was revealed on Tuesday. Fuel costs rocketed by a whopping 51,5% over the 12-month period, resulting in a 17,7% spike in operating expenses.
Flamboyant United Kingdom businessman Sir Richard Branson on Monday launched the Virgin Money credit card in the South Africa, predicting that it would lead to the biggest shake-up ever in the South African credit-card market. Branson vowed to break what he called the country’s "banking beast", charging that South Africans were being "ripped off".
Hypodermic needles have been designated as dangerous items — as opposed to prohibited articles — on passenger aircraft by the chief of civil aviation. This follows the alleged attempted hijacking of a local passenger airliner last weekend by a man who threatened the crew with a hypodermic syringe, demanding that the plane be diverted to Maputo.