A new equity law passed by President Robert Mugabe to ensure the population gets a majority stake in public-owned firms will plunge Zimbabwe into deeper economic woes, analysts predicted on Monday. "It will entail the destruction of the economy," Harare-based economist Godfrey Kanyenze said.
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/ 20 February 2008
Former Absa CEO and chairperson Dr Danie Cronje has been appointed as the independent non-executive chairperson of Sappi, the global pulp and paper group announced on Wednesday. He succeeds Eugene van As, whose impending retirement as chairperson and from the board was announced earlier.
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/ 19 February 2008
Absa increased full-year headline earnings per share by about 19% and played down the potential impact of a slowdown in the domestic economy. Absa said on Tuesday that headline EPS rose to R14,01 in 2007 from R11,81 while headline earnings increased to R9,413-billion from R7,872-billion.
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/ 11 February 2008
Absa, South Africa’s biggest retail bank, said on Monday it expects group headline earnings per share and EPS to be between 15% and 19% higher in 2007. Absa, which is majority-owned by Britain’s Barclays, said headline EPS and EPS for the bank unit would be between 25% and 28% higher than the previous year.
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/ 5 December 2007
Absa will increase its bank charges by 4,2% on average for 2008, it announced on Wednesday. However, it said a number of products and services would cost less or be free of charge from January 1. The new pricing was aimed at encouraging customers to use the cheaper digital banking rather than going into branches, Absa said in a statement.
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/ 4 December 2007
A blue pick-up truck pulls to a sudden halt outside Tiriri health centre in Uganda. Many hands surround it, lift the woman lying in the back and carry her inside to the examination room. She cannot speak and her breathing is laboured. Sister Mary Magdalene Anyait, the only member of the medical staff, has a look and takes the woman’s blood pressure.
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/ 31 October 2007
The Premier Soccer League (PSL) has set aside R70-million with which to pay members as a ”token of gratitude” for their part in securing rights and sponsorship deals. The amount would be ”apportioned to the members of the negotiating team and other role players” and would be a one-off payment.
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/ 19 October 2007
The responsibility of addressing South Africa’s apartheid past lies within the country itself and not the United States courts, Justice and Constitutional Development Minister Brigitte Mabandla said on Friday. In a statement issued by her office, she reiterated the government’s stance against the case brought by a group of apartheid victims in US courts.
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/ 15 October 2007
Victims who filed suit for $400-billion against United States businesses allegedly complicit with the former South African apartheid regime have found new hope following a federal court ruling in the US. "The appeal court decision is a major victory," said Michael Hausfeld, a lawyer for the victims on the heels of Friday’s decision by a Manhattan federal court.
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/ 17 September 2007
Thousands of customers queued to withdraw savings from embattled British bank Northern Rock on Monday and its shares plunged again, heightening pressure for a sale of the business or its assets. Britain’s fifth-biggest mortgage lender said there was no need for investors or customers to panic
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/ 16 September 2007
Troubled British bank Northern Rock faced break-up rumours on Sunday as it sought to reassure panicking customers and investors following an emergency bail-out by the Bank of England. Worried customers besieged Northern Rock on Friday and Saturday to withdraw their savings — despite assurances that it would not fall victim to the global credit squeeze.
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/ 14 September 2007
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African National Congress (ANC) deputy president Jacob Zuma may not intervene in the state’s plan to extend an investigation into him to the United Kingdom. Judge Willie van der Merwe ruled against an application brought by Zuma to intervene in the state’s request to obtain information from banks and lawyers.
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/ 10 September 2007
European stocks fell by midday on Monday in a choppy session as gains in commodity stocks were overshadowed by mounting concern that the United States economy could be headed for recession after Friday’s dismal jobs report. Oil and gas shares were the top performers on the broader European market in spite of a fall in crude oil futures.
United States President George Bush will outline reforms on Friday to help struggling subprime mortgage borrowers and his central bank chief will deliver a speech which will be pored over for hints of a looming rate cut. Federal Reserve chairperson Ben Bernanke speaks on ”Housing and Monetary Policy” at around 2pm GMT.