Johannesburg

Defence parastatal Denel reduced its net loss from R1,363-billion to R549,1-million for the year to the end of March — a 60% improvement. This was achieved on the back of a 17,8% growth in revenue from R2,773-billion to R3,268-billion. Gross profit for the 12 months rose to R754-million — a 675% improvement on the previous year’s profit of R131,1-million.

The latest Ernst & Young Banking Confidence Index shows that both retail and investment banks faced slower growth in income flows in the first quarter of 2007. Coupled with this, there was definite pressure on interest margins. Despite these concerns, all banks reported they remain satisfied with the current business conditions.

With a rapidly and continuously changing tax environment and a heightened focus on sound corporate governance, South African companies are facing the necessity of dealing effectively with corporate risk of a new sort: managing tax risk. This includes effective tax planning for the best benefit of the organisation to avoid lost opportunities whilst ensuring full compliance with the law.

Nissan Diesel and its dealer network are to spend R89-million on new infrastructure developments across South Africa, the truck manufacturer has announced. An additional R6-million will be invested in the training of much-needed technical apprentices and sales personnel.

South African steel producer, Mittal Steel South Africa, says its R578-million relining of the Vanderbijlpark Blast Furnace D to increase capacity at the plant is scheduled to start in February 2007. This forms part of the company’s R8-billion capital expenditure programme to increase its production of liquid steel.

The Distell Group advised on Tuesday that basic earnings per share (HEPS) and headline earnings per share for the six months ended December will be between 55% and 65% higher than the corresponding reporting period of the previous year. This is largely attributable to an improvement in trading income and reduced financing costs, the group said.

Wireless broadband provider iBurst has struck a deal with listed telecommunications company Datapro and consumer-focused ISP @lantic Internet Services, the company said on Wednesday. iBurst has a subscriber base of almost 30 000 and this has the potential to grow significantly with the partnership.

South Africa’s auto sales edged up 5,6% during September at 57 617 units — an improvement of 3 057 units — compared to 54 560 new vehicles sold during the corresponding month last year, data released on Tuesday by the National Association of Automobile Manufacturers of South Africa showed.

Old Mutual has unveiled its much anticipated black economic empowerment (BEE) transaction in Namibia which will result in a broad range of black stakeholders acquiring direct ownership of N$308-million of the Old Mutual Group’s Namibian businesses.

South African listed retailer Woolworths Holdings on Wednesday reported headline earnings per share (HEPS) of 105 cents for the year ended June, up 17,4% from 89,4 cents a year ago. On a diluted basis, HEPS were up 18% to 103 cents from 87,3 cents before.

The increase in 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, was up 4,1% year-on-year in May after a 3,7% y/y increase in April, Statistics South Africa said on Wednesday.

There were a number of worrying signs across the metals market that suggested that a significant correction was close at hand within the current longer term bull market, technical analysts for JP Morgan wrote on Thursday. "We suggest some profits are booked on any further strength," JP Morgan added.

An agreement was formally concluded between Telkom and the Communication Workers Union (CWU) earlier on Wednesday, ending the industrial dispute between the two parties with immediate effect. Members of CWU had been engaged in industrial action since April 18 and the company exercised its rights by responding with a lockout of bargaining unit CWU members.

South African brand management group Barloworld said on Wednesday that it plans to repurchase its own ordinary shares held by its wholly-owned subsidiary Barloworld Investments. Barloworld Investments acquired the ordinary shares in Barloworld in 2000 and 2003 and holds a total of 19 090 900 shares — or 8,3% of Barloworld’s entire ordinary issued share capital.

Standard Bank on Thursday opened its first new, full service branch in Alexandra township, north of Johannesburg. Residents of the 93-year-old township, which covers an area of over 800ha with an estimated population of 350 000 inhabitants, had to travel to nearby Sandton and Bramley for their full banking services or rely on a few automated teller machines.

A South African tribunal is hearing a case against the biggest steel producer in Africa, Mittal Steel, following complaints of overpricing by two gold mining companies. The Competition Tribunal started hearing the case brought by Harmony Gold and Durban Roodepoort Deep Gold on Wednesday.

Ford Motor Company has announced further massive retrenchments plans of thousands of workers, the National Union of Metalworkers of South Africa said on Tuesday. The trade union attributed the potential retrenchments to the relocation of Volvo and Land Rover production operations in Pretoria’s Ford assembly plant to Europe.

Sasol has reacted with "astonishment" to the Democratic Alliance’s proposed plan to reduce the price of fuel. The DA on Tuesday called on petro-chemical giant Sasol to pay between R2,5-billion and R4-billion in an additional "supertax" to bring down government fuel tax between 15 cents and 20 cents a litre.

The JSE was back in the black in noon trade on Friday as buyers returned following three days of profit-taking. Retailers put in a strong showing following solid results reported by Truworths on Thursday. At 12.03pm, the all share and all share industrial indices were 0,76% and 0,61% stronger respectively.

Absa and Barclays appear confident that they will get the necessary shareholder support for Barclays to acquire the 60% stake it is seeking in the South African bank. Absa shareholders on Monday voted overwhelmingly in favour of a scheme proposed by Barclays to acquire 32% of all Absa ordinary shares.

Vodacom’s revenue for the period ended in March 2005 rose 19,5% to R27,3-billion, with profit from operations increasing 24% to R6,5-billion, the firm announced on Monday. During the period under review, the company’s subscriber base surged 38% to 15,5-million.

The ICT deregulation roadmap draft — which is on hold pending the finalisation of the Convergence Bill — will help Dimension Data clear the hurdles for future expansion in the country. Didata CEO Brett Dawson said as a result of the deregulation changes being introduced in the information and communications technology sector, the group stood "to benefit".

South African farmer body Grain South African has recently met with banking group Absa to discuss the difficult position grain farmers face as a result of the expected huge maize surplus and the current low price of grain, most especially maize, GSA said on Thursday.

The Gauteng provincial government and Gautrain project team has failed to meet its April deadline on the announcement relating to the successful bidder for the rapid rail link. Instead, Gauteng premier Mbhazima Shilowa will name the winner in late May — two years later than initially planned.

Hospital group Network Healthcare Holdings on Thursday announced an envisaged R1-billion deal that will result in broad-based empowerment groupings acquiring 10% of the group. The group said the BEE grouping would be newly constituted so as to "empower people in the most extensive sense".

Old Mutual, South Africa’s largest financial services group, on Tuesday announced a black economic empowerment transaction which will see 12,75% of its South African businesses placed in black hands. The total value of all the shares to be issued under this proposal is R7,2-billion, R7,1-billion of which will go to black shareholders.

World number six gold miner Harmony Gold remains "absolutely" committed to completing its bid for rival Gold Fields and is awaiting the Competition Tribunal’s decision on the proposed merger of the two entities, Harmony chief executive Bernard Swanepoel said on Monday afternoon.