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/ 28 February 2005
One of the country’s most established banks, Mercantile Lisbon Bank, has undergone a complete makeover and hopes to return to profitability this year. As part of the makeover, it has changed its name to simply Mercantile Bank and exchanged its somewhat staid image for a fresh look to match the new course on which it is embarking.
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/ 22 February 2005
The recovery programme implemented by South African banking group Nedcor in 2004 is delivering tangible benefits as is evidenced by the vastly improved results for the past financial year, which saw headline earnings grow from R55-million to R1,45-billion. CEO Tom Boardman says the group has delivered on its commitment made to shareholders.
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/ 10 January 2005
South African banking group FirstRand reiterated on Monday that it will consider any takeover offers from foreign banks but declined to comment on reports that it was in talks with United Kingdom emerging-market specialist banker Standard Chartered. The news helped the rand to firm on Monday.
Barclays/Absa deal approval awaited
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/ 19 November 2004
The JSE Securities Exchange (JSE) was flat and very much a mixed bag in noon trade on Friday, with little or anything to drive the market as players took a bit of a breather after the bourse’s recent record highs. At 12.10pm, the all-share index was flat (0,02%). Industrials were 0,24% stronger.
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/ 17 November 2004
South African financial services and insurance giant Old Mutual plc said on Wednesday it had hoped to make an announcement on a black economic empowerment (BEE) deal before the end of this year but will have to postpone this until next year. "We’ve been a bit optimistic," said the group’s financial director.
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/ 16 November 2004
As the tit-for-tat war between South African gold-mining giants Harmony and Gold Fields raged on, Gold Fields chairperson Chris Thompson made an impassioned appeal on Tuesday to shareholders to reject Harmony’s hostile bid for Gold Fields, saying it has already destroyed R7-billion in combined potential value for shareholders.
<li><a class=’standardtextsmall’ href="http://www.mg.co.za/Content/l3.asp?cg=BreakingNews-Business&ao=125597">Gold miners clash over spy claim</a>
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/ 15 November 2004
African Bank Investments Limited (Abil) said on Monday that the corruption debacle involving its Gilt Edged Management Services (Gems) subsidiary is an isolated issue and will not affect the group’s ability to deliver on its financial targets. Gems has pleaded guilty to charges of corruption resulting from payments made to union officials.
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/ 9 November 2004
While most South Africans agree that black economic empowerment (BEE) is necessary to uplift standard and correct the wrongs of the past, there is a strong feeling that it has benefited only a select few, a survey has found. The survey shows that 70% of the sample felt that BEE has enriched only a select few.
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/ 8 November 2004
The JSE Securities Exchange (JSE) was firmer in noon trade on Monday on the back of a weaker rand, despite the dollar remaining under pressure with ongoing concerns over the United States economy, particularly its huge deficits. At 12.15pm, the all-share index was up 0,19%, while the industrial index was down 0,29%.
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/ 4 November 2004
South African banking group FirstRand announced on Thursday that black economic empowerment (BEE) groupings will acquire 10% of the group. A binding memorandum of understanding has been entered into with BEE partners and discussions with a number of third-party funders are at an advanced stage, it said.