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MAIL & GUARDIAN: Business

R38,9m — that’s South Africa’s top salary

Banking boss Jacko Maree of Standard Bank was the country's highest paid chief executive last year with total earnings of R38,9-million. Human capital management company Mabili says in its annual report on directors' remuneration that banking bosses earn top dollar, the financial sector proving to be lucrative for both executive and non-executive directors.

A single click will publish your pics

I have never been a big fan of photo-sharing websites such as Flickr.com, even when they are given fancy names like ''social networking''. It is bad enough having to fend off friends advancing towards you with fat wads of holiday snaps without having half the bloggers in the world trying to nobble you into watching their smiling faces blot out whatever building is lurking behind.

JSE down slightly, Anglo dominates

After firming earlier in the session on Thursday, the JSE was lower at midday, with global resources giant Anglo American continuing to dominate trade. Trade in Anglo -- 2,6-million shares valued at R522,8-million in 68 deals -- made up a quarter of the JSE's total volume.

PPI ‘a bit of a disappointment’

South Africa's September 2005 producer price index (PPI) rose by 4,6% year-on-year (y/y) from a 4,2% y/y increase in August, Statistics South Africa said on Thursday. The month-on-month (m/m) figure was down 0,5% in September compared with a 0,5% rise in August 2005. The PPI was expected to rise to a 4,5% y/y increase.

Star Wars creator launches studio in Singapore

The company of legendary United States film director George Lucas, creator of the Star Wars saga, on Thursday launched an animation studio in Singapore to produce television shows and feature films for the global market. Lucasfilm Animation Singapore will take part in the development of a TV spin-off from Star Wars.

Shoprite reports increase in turnover

Listed supermarket group Shoprite has recorded an increase of 11,8% in its total turnover for the first three months of its 2006 financial year (July to September 2005) compared with the same period a year earlier, the group said in a trading statement on Thursday.

Richard Branson launches SA business school

British tycoon Richard Branson launched a business school on Wednesday in Johannesburg aimed at budding entrepreneurs from disadvantaged backgrounds in South Africa. The Branson School of Entrepreneurship at Cida City Campus is the first project to carry his name.

Anglo continues to dominate JSE

The JSE remained strong at midday on Wednesday as the market continued to be buoyed by news that global resources group Anglo American (Anglo) plans to reduce its shareholding in gold miner AngloGold Ashanti, and make other major changes. By noon, the all-share index had added 1,46%.

Airbus seeks to woo Japan’s manufacturers

Japan's top three manufacturers have so far rejected offers from Airbus of contract work on the planned A350 jets, citing their order commitments to rival Boeing, Airbus chief executive Gustav Humbert said on Wednesday.

CPIX figures ‘a very pleasant surprise’

South Africa's consumer price index excluding mortgage rate changes (CPIX) for metro and other areas, which is used by the South African Reserve Bank for its inflation target, rose by 4,7% year-on-year (y/y) in September after increasing by 4,8% y/y in August, Statistics South Africa said on Wednesday.

New Clicks reports ‘disappointing’ results

Listed health, beauty and pharmacy retailer New Clicks Holdings has reported a 13,3% decline in its diluted headline earnings per share from all operations for the year to the end of August 2005, to 63,2 cents from 72,9 cents a year earlier. The company described its results as "disappointing".

Anglo American announces rationalisation plan

Anglo American, one of the world's largest mining groups, plans to reduce its shareholding in gold miner AngloGold Ashanti in order to give it more flexibility to pursue its own strategic agenda, the company said on Wednesday. It may also opt to establish pulp and paper group Mondi as an independent business.

New-format @home stores to open

Listed clothing and homeware retailer Foschini will open its very first @home livingspace store on Thursday, a larger-format version of its @home chain offering an expanded range of home decor and furniture. The first @home livingspace store will open in the new Willowbridge shopping centre in Tygervalley, Cape Town.

Mboweni: Oil won’t cause inflationary spiral

The South African Reserve Bank (SARB) will not allow the impact of high oil prices to develop into an inflationary spiral, SARB Governor Tito Mboweni warned on Tuesday night. He said the SARB will continue to give explicit content to the CPIX (consumer inflation less mortgage costs) rate target range set by the government.

Fallen Marconi sells assets to Ericsson

British telecoms equipment maker Marconi, a victim of the high-tech bubble, agreed on Tuesday to sell most of its assets to Swedish rival Ericsson for about £1,2-billion ($2,12-billion) in cash. Ericsson, the world's biggest supplier of mobile telecommunication systems, said later that it planned to cut up to a fifth of the 6 500-strong workforce it would inherit.

Major Coega investment announced

A R1,1-billion investment in the Coega industrial development zone -- in the form of a chlorine refinery project and desalination plant -- was announced on Tuesday. Straits Chemicals, a joint South-East Asian and South African company, will run the project in the zone in the Port Elizabeth area.

JSE extends gains on global markets

The JSE was higher on Tuesday afternoon on positive global markets as well as bargain hunting in oversold sectors, especially industrials and banks, stockbrokers said. By 12.25pm, the all-share index was up 0,39%, the industrial index was up 0,31%, financials were 0,29% firmer and resources climbed 0,54%.

Greece wins exclusive European rights to ‘feta’ name

The European Union's highest court weighed on Tuesday into a long-standing battle over the use of the feta name for cheese, ruling that it can only be used by Greek producers. The decision marks a key victory in Greece's long legal struggle to prevent producers elsewhere in Europe from using the feta name for white cheese soaked in brine.

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