African investment received a shot in the arm with the launch of the Investment Climate Facility (ICF) for Africa, at the World Economic Forum in Cape Town recently. The forum also heard South African President Thabo Mbeki extend his theme of the ”Age of Hope”.
Former Movement for Democratic Change MP Roy Bennett was last week denied asylum by South Africa’s department of home affairs, which found that he does not face persecution in Zimbabwe. He has appealed against the decision to the Refugee Appeals Board. Bennett is affectionately known in Zimbabwe as Pachedu ("We can do it on our own").
The pension funds adjudicator has issued another ruling, this time against a preservation fund, the major issue involving the underlying investment in an Old Mutual smooth bonus policy. Like the Alexander Forbes case that saw the company agree to pay out R380-million to pension fund members for not disclosing fees, the issue again boils down to disclosure.
Last week I received the following e-mail. It appeared to have emanated originally from some dusty fissure in the “humanities” division at the University of Cape Town. I use the word “division” advisedly. Our universities are gradually becoming wholly commercial in intent, their function to hand out degrees to recipients eager to get qualifications for jobs.
The battle for South Deep, billed as the last piece of gold real estate on God’s green earth, could get a lot more interesting should AngloGold enter the fray alongside Harmony and Gold Fields. All three mining houses already own pieces of the gold mine through Western Areas, which has a 50% share of the mine.
Waking in a cold sweat. Could this be a measure of the impact of the Apartheid Grand Corruption Report released this week? At the very least the majority of South Africans would wish sleepless nights for corrupt politicians and business people who live off the spoils of ill-gotten gains.
The Mozambican public prosecutor’s office has reportedly charged businessman Nyimpine Chissano, oldest son of former president Joaquim Chissano, with the murder in November 2000 of the country’s top investigative journalist, Carlos Cardoso.
Seven years ago Australian Prime Minister John Howard was fêted for the way in which his government helped the people of East Timor — located only 700km from Australia’s north-west coast –gain their independence from Indonesia, which had occupied the island since 1975.
Mittal Steel this week played down suggestions that it could keep a minority stake in bid target Arcelor if its hostile â,¬24-billion takeover bid fails, claiming it was confident its offer would win shareholder backing and see off Arcelor’s plans to merge with Russia’s Severstal.
The notorious ”death buses” taking Peruvians and tourists up the Andean nation’s snaky mountain roads have killed 68 people in road accidents so far this year. Travelling in Peru, whose Inca ruins attract tourists from around the world, has become the road version of Russian roulette as many buses are built out of old truck chassis.