The Financial Services Board's proposal to oblige departing directors in the insurance industry to divulge reasons for their departure is a boost for shareholder activism, the country's largest empowered asset manager said on Tuesday.
Media, telecoms and entertainment group Johnnic Communications disclosed on Monday it has appointed advisers to advise it on the implications of the possible disposal by Johnnic Holdings of its 62,5% stake in the company.
The JSE Securities Exchange South Africa followed weaker global markets and opened in the red on Monday, although losses were pared by a rise in gold counters. Gold shares firmed on the back of the bullion price, which moved above $370 an ounce ahead of the UN weapons report on Iraq this afternoon.
Despite recent remarks by South African Reserve Bank governor Tito Mboweni which appear to torpedo hopes of an early interest rate cut, economists at one of the country's biggest financial institutions, ABSA, believe a rate cut as early as March is still possible.
Economists were generally upbeat about the International Monetary Fund's (IMF) country report on South Africa, released on Thursday. The report said the South African government continued to implement sound monetary and fiscal policies.
As the war of words hotted up between the board of investment banking group Corpcapital and former director Nic Frangos over the circumstances surrounding the latter's resignation, Frangos said on Monday night he would give his "fullest cooperation" to any independent third-party inquiry called by shareholders.
South African insurer Santam (SNT) announced on Wednesday that it has taken full and unconditional control of the British niche insurer Westminster Motor Insurance Association for 23,3 million British pounds.
The South African rand traded close to the 8,85 per dollar level late on Friday afternoon in what traders described as "another weak close" for the local unit. Traders expect the rand to again test the 9 per dollar level next week.
South Africa's economy is expected to remain growing at around the 3% level achieved over the last two years, according to Craig B Pheiffer, Chief Investment Strategist at Sasfin Frankel Pollak Securities (SFN).
The recent outbreak of foot and mouth disease in Botswana won't easily spill over into South Africa's Limpopo Province as the provincial agriculture department already has strict control measures along the border, provincial representative Phuti Seloba said in a statement.
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.
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.
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.