MAIL & GUARDIAN: Business

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.

Rand breaks below R8,50 to the dollar

Starting the new year off with a bang, the South African rand continued to firm on Thursday, breaking below the 8,50 per dollar level to touch a new 16-month best level of 8,4630 against the greenback.

Rand surges to 15-month best on gold

Reminiscent of bygone days, the South African rand took its cue from a stronger gold price on Friday, surging to a fresh 15-month best level of R8,7490 against the dollar as the bullion price bulleted to a three-year high.

AMB on the watch list after R150m loss

CA-Ratings said on Friday it was continuing to monitor the operating position of African Merchant Bank (AMB) after the specialist investment banker reported a net loss of R150-million for the year to the end of September.

ABSA House Price Index eases to 11%

South African commercial bank ABSA today released its monthly House Price Index, which showed that the year-on-year (y/y) increase in house prices slowed to 11% y/y, the slowest y/y increase since November 1999, from 11,7% y/y in October and this year's peak y/y rate of 12,4% in July.

Telkom IPO ‘coming at a bad time’

The listing of Telkom on the JSE and New York Stock Exchange next year is likely to be one of the biggest business stories of 2003, however its success is by no means guaranteed and many market players are thinking carefully about investing in the share.

Rampant rand sees JSE retreat

The JSE Securities Exchange South Africa (JSE) retreated in opening trade on Thursday as the firmer currency dragged heavyweight rand hedge stocks down.

Rand posts early gains vs dollar

The rand was around four cents firmer against the US dollar in early trade on Wednesday in a repetition of a pattern seen in early trade on Tuesday.

Rand firmer, but still range bound

The rand was marginally firmer, but still range bound in noon trade on Tuesday after some consolidation in the market after last week's rally which saw the local currency surge to an almost 14-month best level of 9,0585 against the dollar.

JSE moves higher in early trade

The JSE Securities Exchange South Africa opened firmer on Thursday morning, although gold counters were under pressure at the start.

Bonds softer ahead of PPI

South African bonds were slightly softer in early trade on Wednesday ahead of the release of October producer inflation data.

Gold stocks shine on flattish bourse

A stronger bullion price saw gold stocks lead the upside of the JSE Securities Exchange South Africa (JSE) on Monday. Overall, however, the market was flat and volumes thin.

Mining to dig deep

The government is well placed to develop the junior mining sector over the next decade -- but is likely to be forced to rethink key aspects of its proposals for empowerment in the mining industry.

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