THE Justice Department is investigating claims that the police “untouchable” unit, the Scorpions spent hundreds of thousands of rands on luxury homes and office space without authorization. A local newspaper reported that Scorpions chief Frank Dutton and the deputy prosecutions head Percy Sonn, were being investigated for buying luxury homes and furnishing them with public […]
OWN CORRESPONDENT and REUTERS, Johannesburg | Wednesday 09.30am. IRON and steel giant, Iscor, denied that it was fighting off a hostile takeover of all or any of its assets, despite media speculation to the contrary. The company has not been approached by a predator seeking to take over the metals and minerals producer or any […]
INVESTIGATORS are focusing their attention on the port engine of the doomed French Concorde, after it was revealed that the pilot reported engine failure shortly before the crash. French deputy public prosecutor, Elisabeth Senot, who is leading a judicial investigation into the crash, said that experts had made a transcript from the cockpit voice recorder […]
SHARES in South African oil firm Energy Africa rose after it announced promising reservoir results from an investment in offshore Equatorial Guinea. Energy Africa shares were trading 4.9 percent higher at R15 after it announced the Ceiba-5 offshore well confirmed the primary reservoir under four other Ceiba wells. Energy Africa has a 15 percent stake […]
AUSTRALIAN miner Aquarius Platinum and South Africa’s Kroondal Platinum indicated they intended to merge their firms to create a company worth $304m. A joint statement said the two firms had reached a merger deal which would be financed by Aquarius offering 100 of its shares from a newly-listed subsidiary on the Johannesburg bourse for every […]
SOUTH African mining company Kroondal Platinum and Australia’s Aquarius Platinum have merged to create a precious metals giant worth 200m pounds. Aquarius and Kroondal announced plans to merge through a paper swap where 100 Aquarius shares would be offered for every 100 Kroondal shares through the Australian firm making a secondary listing on the Johannesburg […]
SOUTH Africa’s Nedcor Investment Bank (NIB) has reached an agreement in principle with Franklin Templeton to establish an asset management joint venture by merging their respective asset management activities in South Africa. NIB, a subsidiary of Nedcor Ltd, said that while the financial impact on of the proposed joint venture on its earnings and net […]
WINSPEAR Diamonds said it has agreed to waive the application of its shareholders rights plan to a hostile C$259 m all-cash offer by De Beers. This will buy it more time to court shareholders and try to find a white knight against the attempted hostile bid. Winspear’s chief financial officer, Don MacDonald, said the move […]
The Iranian Film Festival opens in Cape Town at the Cinema Nouveau V&A Waterfront on Friday, July 28. The festival will showcase a selection of seven films and promises to be a feast for any film buff, reports Nicola Davies.
OWN CORRESPONDENT, Abuja | Tuesday 09.00am. NIGERIA is to boost its electricity supply by some 450 megawatts in a deal with one of the Italian oil and gas majors already operational in the country. In a Memorandum of Understanding between Agip and the Nigerian government, the Italian oil giant will build and operate a power […]