Business

Miller Brewing Company CEO resigns

SABMiller's John Bowlin, incoming President and CEO of the Miller Brewing Company, is resigning, to be replaced by Norman Adami, currently chairman and managing director of South African Breweries ltd, effective from February. 1, 2003.

kulula.com’s funky fleet takes to the skies

South African budget airline kulula.com on Tuesday ushered in its new fleet of three 737-400s, replacing its old fleet of 727s.

JSE forges ahead as rand flounders

The JSE Securities Exchange South Africa forged ahead at the start on Wednesday, led by heavyweight rand hedge stocks. This followed the rand's depreciation above the 8,90 to the dollar level and warnings by currency traders that the rand was heading back above 9 to the greenback.

Rand steady in good two-way trade

The South African rand was little changed against major currencies late Tuesday morning compared with its previous close. Dealers said the market had been characterised by good two-way trade, which had seen the rand trade in a range of between 8,59 and 8,65 to the US dollar.

Rand should be less volatile this year: S&P

The rand should be less volatile this year, said international credit ratings agency Standard & Poor's managing director for Europe, Middle East and Africa sovereign ratings, Konrad Reuss on Monday.

Who’s Bush going to war with? The poor

We are the masters now, is the message coming loud and clear from the Republicans -- not just in foreign policy but also when it comes to domestic politics.

Mugabe comments hurt rand

The South African rand lost ground against major currencies early on Tuesday afternoon after Zimbabwe President Robert Mugabe denied reports of a plan that would see him step down.

US FDI in Sub-Saharan Africa totaled $798m in 2001

US direct investment flows to Sub-Saharan Africa totaled $798-million in 2001, or less than 0,1% of total US direct investment abroad, a recently compiled report shows.

Siemens probes claims of assistance in SNO bid

Siemens Telecommunications said on Friday it had appointed a task team to conduct an internal audit to establish whether any current or former Siemens employees may have provided unauthorised assistance to two of the bidders for the country's Second Network Operator licence.

Reversal of fortunes sees JSE flat

The JSE Securities Exchange South Africa (JSE) retreated into the red at the start on Thursday in fairly quiet trade. The opening saw a reverse of the trend over the past two days, with gold stocks gaining ground boosted by a higher bullion price, but heavyweight rand hedge stocks slipping on the back of a firmer currency.

SA govt to set minimum wage for taxi industry

The South African government is investigating the taxi sector and the Minister of Labour, Membathisi Mdladlana, expects to announce a minimum wage and prescribe working conditions for the industry by July.

JSE seen firmer on weaker rand

The JSE Securities Exchange South Africa is set to open in the black on Tuesday on the back of a weaker rand. The rand and gold are expected to be the main drivers of the market.

Union asks US to ban Telkom listing

The 128 000 member Solidarity trade union has asked the US government and the New York Stock Exchange (NYSE) to ban the listing of South African telecommunications utility Telkom on the NYSE.

Microsoft wins copyright case against SA vendor

Computer vendor Beachware Computers CC has been ordered by the Durban magistrate's court to pay the Microsoft Corporation R243 620 in damages after Microsoft filed claims against the vendor during the middle of last year for infringing copyright laws.

SA property market to remain buoyant

South Africa's residential property market is expected to remain buoyant in 2003 after experiencing strong gains in 2002, boosted by the strengthening of the rand, expected income tax relief in February's national budget, and most importantly, forecast declines in local interest rates.

Rand continues its good run

The South African rand continued its recent strong run on Monday morning, hitting its best level since August 30 2001 in early trade.

SA wheat imports set to slow from early April 2003

South African wheat imports are set to slow or even come to a halt from early April 2003 until at least early August 2003 following the acquisition by the country's millers of between 500 000 to 600 000 tons of almost all European wheat for shipment from October 2002 to March 2003.

JSE ends up helped by gold

The JSE Securities Exchange ended the week in the black, regaining ground in the afternoon session. Better volumes were traded than on Thursday and the bourse was helped on by the higher gold price on the day.

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