Twelve years ago, Hulamin was valued at R600-million within the Tongaat-Hulett Group, as it was known then. On Monday, the specialised aluminium manufacturer listed as a standalone entity on the JSE with a market capitalisation of more than R8-billion. The listing also signals a new beginning for Tongaat Hulett
While it was absolutely no surprise that South Africa’s gold output continued to slide in the first quarter, the sharp rise in costs ahead of tough wage negotiations that get under way next month must be a worry for gold-mining companies, which invested an impressive R1,6-billion in capital expenditure between the beginning of January and the end of March.
AngloGold Ashanti, the last of South Africa’s big gold mines to report on its March quarter, had its usual slow start-up at home, but showed good signs of finally getting to grips with the Ghana and Mali-based assets it acquired through Ashanti. It also made good headway in Argentina.
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/ 21 February 2007
Finance Minister Trevor Manuel has unveiled personal-tax cuts totalling R8,4-billion across all income brackets in the budget for the 2007/08 financial year. The relief, which is being implemented through upward adjustments to all of the income-tax bracket levels, has been made possible by the R29-billion in revenue overruns experienced in the current 2006/07 financial year.
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/ 21 February 2007
The 2007/08 budget represents a watershed for South Africa’s taxation regime as it scraps retirement fund tax, does away with the unpopular secondary tax on companies and paves the way for the introduction of a social-security system. These are far and away the most significant taxation features of Finance Minister Trevor Manuel’s 11th budget.