Ciaran Ryan

Eric Samson is probably South Africa’s richest resident, though you don’t hear much of him. His unlisted Macsteel Holdings business empire generates revenue of nearly R70-billion a year, roughly equivalent in size to Sasol, and supplies much of the steel used in the local industry. Macsteel, one of the 10 largest companies in South Africa, is part of a probe into steel pricing by the Competition Tribunal.

South Africans are about to get hit with an avalanche of pay TV options from next year — some of them delivered to your cellphone. Until now MultiChoice — which owns M-Net and DStv — has been the sole provider of subscription TV in South Africa, but that’s about to change.

The last two weeks were the most expensive in Gold Fields’s history. It plonked deals worth about R25-billion on the table, in the process establishing itself as the world’s top gold mining group in terms of ounces in the ground. Recently, it unveiled a R4,7-billion investment aimed at deepening its flagship Driefontein and Kloof gold mines, giving it access to an additional 10,8-million ounces of gold.

There were denials all round this week that Anglo American was a potential take­over target. In a high-stakes poker game, that’s what you do: you pretend to fold before the game has really started. Anglo’s share price exploded in the past two months as rumours of a possible takeover started to circulate.

Businesses are bracing themselves for a rand at R8 or even R8,50 to the United States dollar after the shock 20% weakening in the local currency since early May. The Reserve Bank is likely to tighten interest rates aggressively from here to stem the slide in the rand. Some economists are forecasting a further 1,5% to 2% increase in rates over the next year.

Sydney Maree, the former 1 500m world-record holder, is running the race of his life. The former champion athlete and one-time head of the state-owned National Empowerment Fund (NEF) appeared in court recently in an effort to clear his name of charges that he stole R1-million from the NEF.

Mild panic has gripped the world’s financial markets as the stock market rout that started in early May continued, with many stocks losing up to 10% of their value in as many days. Asset managers attempted to douse the growing panic by advising investors to stay calm, though those who heeded the same advice in 1998 had to wait nearly two years to recover from the 40% drop in stock prices.

Wine, one of the great South African export stories of the past decade, is beginning to lose its fragrance. Most South African wines are now being exported at a loss as profit margins tumbled from the giddy heights of 2001, when the rand traded at R18 to the pound and R12 to the United States dollar.

Shareholders in Illovo Sugar have never had it so sweet. The share price has doubled to more than R16 in recent months as a bidding war was declared between two European sugar producers eager to bag Africa’s largest sugar producer. European producers are looking for less-developed-country supplies ahead of deregulation of the European sugar market.

Harmony CEO Bernard Swanepoel has emerged as something of a consumer champion after his recent testimony against steel producer Mittal at the Competition Tribunal. "I’ve been flooded with letters of support from smaller businesses that cannot afford to pick a fight with Mittal because they are too intimidated," said Swanepoel.

Trade experts say the United States is demanding far deeper market access than South Africa is willing to give, particularly in the area of services that are covered by regulatory protection rather than tariffs. South African business appears to be waking up late to the fact that the country may be walking away from a free trade deal with the US.

The banks have come out swinging over comments by Reserve Bank Governor Tito Mboweni that they are making "prosperous" margins. Mboweni told the Financial Mail he saw no justification for the 3,5% margin between the Reserve Bank’s 7% repo rate and the 10,5% prime rate charged by the banks.

Controversial mining magnate Mzi Khumalo is at the centre of a $7,4-million damages claim that got under way this week in the Harare High Court. This is reportedly the highest ever damages claim in Zimbabwe’s history, and relates to the purchase of Lonmin’s gold mines in Zimbabwe by Khumalo’s Pemberton International Investments for $15,5-million in 2002.

It is up to 40% cheaper to buy South African-made steel in foreign countries than it is in the local market, even after shipping, wharfage and other costs have been paid. That’s because Mittal Steel (previously Iscor) prices its goods in the domestic market as if they were imported — known as import parity pricing.

Spurned in its bid to acquire Celtel, which has licences in 13 African countries, MTN has set its sights on the Middle East. First prize would be a stake in the Irancell consortium, now potentially up for grabs after the Iranian government baulked at handing over 70% of the licence to Turkish operator Turkcell.

Opinions are divided as to whether Old Mutual seems to have settled for second prize in its bid for Skandia, the distressed Swedish life and funds management group. Old Mutual has been looking to add new legs to its international business and had peered under the skirts of companies such as United Kingdom-based Britannic before eyeing Skandia, which has fallen on hard times.