Hurricane Katrina claimed its first victims in Louisiana early on Monday as it dumped torrential rain on the southern state and other parts of the United States Gulf of Mexico coast, threatening death and massive destruction. Although slightly weaker, the monster storm forced tens of thousands of New Orleans residents to flee the city.
Oil prices hit new record highs after crossing a barrel in Asian trading hours Monday as powerful Hurricane Katrina threatened the crude-producing Gulf of Mexico region in the United States. With the psychological barrier now breached, some analysts said prices could now aim for the once unthinkable a barrel.
Fifth seed Marat Safin of Russia has been forced to pull out of this week’s United States Open because of a knee injury. The 25-year-old, who won the Flushing Meadows tournament in 2000, has been bothered by tendonitis in his left knee for most of the summer.
The JSE Securities Exchange (JSE) was weaker just before midday on Monday as concerns about the effect of the record high oil price on global growth knocked world markets. Volumes were light due to the bank holiday in the United Kingdom. By 11.53am, the all-share and all-share industrial indices shed 0,51% and 0,44% respectively.
The ANC’s Sauer street headquarters in Johannesburg will be closed on Monday after a fire over the weekend, a party spokesperson said. Steyn Speed said it appeared that the office of Secretary-General Kgalema Motlanthe and that of deputy Secretary-General’s Sankie Mthembi-Mahanyele had escaped major fire damage.
Champion fast bowler Glenn McGrath faces a fitness battle as Australia begin their preparations for next month’s must-win fifth Ashes Test at the Oval. McGrath missed the fourth match of the series, which England won in dramatic fashion by three wickets at Trent Bridge here on Sunday, with an elbow injury and the loss of his accurate seam bowling was a major blow to Australia.
Shares in South Africa’s steel and vanadium producer Highveld Steel and Vanadium (Hiveld) on Monday plunged 28% after the payment of the company’s interim and special dividends. At 10.20am, Hiveld’s shares on the JSE Securities Exchange were quoted at R48,95, down 28% or R19,25 from its previous close.
Junior platinum-miner Barplats on Monday reported a headline loss per share for the year to June 2005 of 14 cents, from an 18,9 cent loss for the 2004 year. Revenue for the year declined to R40,177-million from R112,893-million in 2004. Gross profit for the year totalled R3,454-million from a loss of R5,675-million.
Global resources group BHP Billiton on Monday announced that it has extended its share buy-back programme by 12 months to September 30 next year. The group also increased the maximum number of shares that may be purchased by BHP Billiton Limited under the buy-back programme from 186-million to 358-million.
The board of Swedish financial-services group Skandia has reportedly rejected as being too low an offer by South Africa’s Old Mutual to acquire the company, according to reports by Swedish newspapers on Monday. Skandia is set to make an announcement on the issue on Monday, the newspapers said.