Johannesburg

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.

Global resources group Anglo American saw 49 fatalities at its managed operations worldwide during its 2004 financial year, up from 44 deaths in the group’s previous financial year, Anglo chairperson Mark Moody-Stuart said in the group’s 2004 annual report.

While telecommunications group Telkom’s spending on black economic empowerment (BEE) entities rose to R4,6-billion rand in 2004 — more than five times the R838-million spent on empowerment suppliers in 1998, Telkom CEO Sizwe Nxasana said the group wants to spend more on BEE firms in the future.

African media group Primedia on Tuesday reported a 34,4% increase in headline earnings per share for the six months ended in December 2004 to 43 cents from 32 cents a year earlier. The group increased its interim distribution per share by 40,1% to 22 cents from 15,7 cents a year ago.

African Oxygen Limited (Afrox) is presently spearheading more than 40 growth projects, one of which is a R100-million re-engineering of its gases operations centre in Germiston on the East Rand. These projects cover organic growth as well as new greenfield’s projects and acquisitions.

Dual-listed media and entertainment group Naspers announced on Monday that its subsidiary MIH will invest in the soon-to-be listed Beijing Media Corporation, a marketing and advertising sales vehicle for print media in China. MIH will buy 9,9% in the initial public offering of BMC, which will be floated on the Hong Kong Stock Exchange on December 22.

Dual-listed telecommunications group Telkom on Monday announced the repurchase of 22,257-million Telkom ordinary shares — or 4% of issued ordinary shares — through the order book operated by the JSE Securities Exchange South Africa.

The finalists of the 2004 Businesswoman of the Year Award were announced by the Businesswomen’s Association late on Wednesday night. This year’s candidates represent the hospitality, financial services, IT and advertising industries. The winner of the award will be announced on August 25.

The Tobacco Institute of South Africa (Tisa) says it is "highly surprised" that the Tobacco Bill will be published on Friday without even the least form of consultation. "Although we have not studied the bill, it appears from the Health Department’s statement that it does not only contain a few minor changes," said Tisa CEO Francois van der Merwe.

Medu Capital, a majority black owned and managed investment management company founded by Phares Mkwanazi and Ernest January, launched on Tuesday with R250-million of private equity capital earmarked for investment.

M-Net and Supersport shareholders have given the green light to the distribution of the 11 386-million Naspers (NPN) shares held by Supersport and a cash distribution of R37,5-million from SuperSport and R37,5-million from M-Net, by way of a capital reduction.

South African airline Comair on Monday reported a 38% fall in attributable earnings of R13,4-million for the six months ended December 31 from R21,5-million in the same period a year ago.

Gold stocks were off to a strong start on the JSE Securities Exchange South Africa (JSE) on Friday, buoyed by a better bullion price and a strong performance by the ADRs in the US overnight. However, overall the market was flat, with the firmer currency doing little to help heavyweight dual-listed stocks.