Business

JSE opens flat in thin trade

The JSE Securities Exchange SA opened a tad firmer on Tuesday in quiet trade. Gold stocks opened flat after posting big losses on Monday. With the US markets closed on Monday and the gold price and rand steady, there was little direction for the local bourse. US markets were closed on Monday for the Presidents Day Holiday.

Maluti Fruit Co-op faces double-edged sword

Faced with fierce global competition from heavily subsidised farmers in Europe and elsewhere, Maluti Fruit Co- operative, one of South Africa's largest new apple growers, says the South African government should assist the apple industry.

Nedcor project register up 113% in 2002

Banking group Nedcor's capital expenditure project listing for South Africa showed a 113% jump in announced capital projects (valued at more than R20-million) to R53,4-billion in 2002.

Gold stocks take strain at start

Gold stocks tumbled into the red at the opening on Monday on the back of a lower bullion price and a poor performance by their ADRs in the US on Friday. Leading the upside were heavyweight dual-listed stocks, which were reaping the benefits of a softer rand and strong close on Wall Street.

Gold stocks race ahead at start

Gold stocks were off to a strong start on the JSE Securities Exchange South Africa (JSE) on Friday, buoyed by a better bullion price and a strong performance by the ADRs in the US overnight. However, overall the market was flat, with the firmer currency doing little to help heavyweight dual-listed stocks.

Erwin sees more projects at Richards Bay

South Africa's Trade and Industry Minister Alec Erwin has ruled out any additional smelters at Richards Bay, however, he says there are "four or five" major industrial projects in the pipeline involving ferro-alloys, mineral processing, agro-processing as well as aluminium linked projects.

SA manufacturing soars to R614bn

South Africa's total manufacturing production soared by 5,4% in 2002, Statistics South Africa (Stats SA) reports. This was the highest annual increase since 1995, when manufacturing production surged by 8,1% after six years of subdued growth.

Jonathan Leslie takes over as Sappi CEO

South African pulp and paper producer Sappi on Monday announced that Jonathan Leslie, currently Chief Executive of the Diamonds and Gold Group of Rio Tinto plc, will join the group in April this year as Chief Executive Officer.

Mdladlana warns farmers threatening retrenchments

South African Minister of Labour Membathisi Mdladlana on Friday warned farmers and their representative bodies to stop threatening to retrench agricultural workers as a way to get the government to change agricultural legislation.

Most small companies in SA still using dial-ups

Preliminary results from a survey of the small, micro and medium enterprise sector in Cape Town, Durban and Gauteng show 83,3% of small companies connect to the Internet via modem and ISDN.

House prices to rise by 12%

South African house prices are expected to increase by about 12% on average in 2003, according to banking group ABSA.

Have a Big Mac

This week two indicators told differing stories about the value of the rand, while offering insights into the currency and its exchange value.

Gold in for a ‘nasty’ time

The strengthening of the rand and falling output herald "nasty" times ahead for South Africa's gold mining industry. Three of the four largest gold producers this week reported an earnings crash, while the largest, AngloGold, predicted a rough six months ahead.

SA gold shares shine

Shares in South Africa's top three gold miners, AngloGold, Gold Fields and Harmony, were up early on Wednesday in line with the spot gold price which is trading above $380 a troy ounce for the first time since November 1996.

SA wholesale, retail workers now on minimum wage

South African wholesale and retail workers are now entitled to a minimum wage, according to the sectoral determination for the sectors which has come into effect, the Labour Ministry has noted in a statement.

Resources give JSE a lift

The JSE Securities Exchange South Africa opened in positive territory on Tuesday, buoyed by heavyweight resources counters. This was after Iraq war jitters saw the gold price soar above the $375 an ounce level for the first time since November 1996.

Gencor claimants face Feb 3 settlement deadline

Gencor, the South African mining holding company, has set Monday, February 3 as the deadline for claimants to against the company for alleged asbestos mining-related illnesses to accept its settlement offer.

Uncertainty reigns over Johnnic sell-off

While uncertainty reigns over whether or not Johnnic Communications (Johncom or JCM) will dispose of any of its assets in the near future, it appears there would be no shortage of takers if it did decide to sell.

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