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/ 27 October 2004
De Beers Consolidated Mines (DBCM), the South African division of global diamond giant De Beers, has concluded the sale of Dancarl Diamonds, a mine in the Northern Cape, to a black-owned partnership consisting of Sedibeng Mining and Meepong, a women’s grouping, together with Australia’s Crown Diamonds NL.
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/ 21 October 2004
Health and beauty retailer New Clicks Holdings is confident that its model for including pharmacy dispensaries and related health services across its Clicks chain of stores will prove profitable, even if the current regulations fixing dispensing fees and establishing single exit prices for medicines prove to be permanent.
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/ 19 October 2004
South African joint venture brandhouse, newly formed between Diageo, Heineken and Namibia Breweries, is notching up success in the local spirit-cooler sector through the recent launch of two South African-designed brand innovations — Smirnoff Triple Spin and Archers Aqua.
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/ 19 October 2004
Listed retailer Pick ‘n Pay has managed the current South African environment of very low inflation and deflation in some categories by improving its operational efficiencies as well as encouraging higher sales volumes, reflected in an improvement in its operating profit margin to 2,6% from 2,4% a year earlier.
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/ 18 October 2004
The recent launch of the National Treasury’s Urban Renewal Tax Incentive is certain to stimulate further investment in Cape Town’s central city and immediate surrounds, according to Cape Town Partnership CEO Andrew Boraine. The incentive will first apply to Cape Town and Johannesburg.
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/ 14 October 2004
The strategic black economic empowerment (BEE) partnership between listed financial services group Metropolitan and black-owned investment group Kagiso Trust Investments, details of which were announced in June, has been officially finalised with the transfer of both shares and money on the part of both partners.
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/ 13 October 2004
The South African National Treasury is currently dealing with 150 cases of unauthorised, irregular or fruitless and wasteful spending across the various government departments, involving amounts totalling approximately R1-billion, it emerged at Parliament on Wednesday.
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/ 12 October 2004
Black economic empowerment (BEE) financial services group Arch Equity is rapidly building up its asset base to become one of the largest BEE players in the Western Cape, with plans to list on the JSE Securities Exchange before year-end. CEO Desmond Lockey said the company has already started the process to list the company on the JSE.
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/ 11 October 2004
The share price of financial services group PSG Group jumped as high as 14,2% or 57 cents in afternoon trade on Monday after the group reported a 19,6% rise in its headline earnings per share for the six months to the end of August 2004, to 36,9 cents from 33,1 cents a year earlier.
The board of Absa has accepted UK group Barclays’ bid for a greater than 50% stake in the South African bank, according to South African Reserve Bank Governor Tito Mboweni. He made the disclosure while addressing Parliament’s Finance Committee on Friday, where he also attempted to dampen press speculation that the possible purchase by Barclays would result in a substantial inflow of foreign currency-denominated investment into the country.
South Africa’s inflation rate is expected to remain within the target range of between 3% and 6% CPIX (consumer inflation less mortgage rates) within the forecast period, South African Reserve Bank (SARB) forecast models show, according to the SARB’s head of research Monde Mnyande.
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/ 27 September 2004
Global diamond giant De Beers, which is 45% owned by Anglo American, is "cautiously optimistic" on its outlook for diamond jewellery sales after having benefited from estimated growth of 8% in world diamond jewellery sales in the first half of the year.
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/ 21 September 2004
After a year of research and consultations with the local aerospace industry, the South African government has decided to help support growth in the industry through the creation of a joint institution, called the Aerospace Industry Support Initiative, according to Minister of Trade and Industry Mandisi Mpahlwa.
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/ 16 September 2004
SABMiller, the world’s second-largest brewer by volume, has declined to comment on Thursday on media reports that the group is in talks regarding a possible joint acquisition of Canada’s Molson. SABMiller spokesperson Nigel Fairbrass said the group couldn’t comment on Thursday’s report in the <i>Wall Street Journal Europe</i>,
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/ 16 September 2004
Minister of Finance Trevor Manuel has spoken out against the trend of exorbitantly high salaries and greed among professionals, and has called instead for them to give something back to help to reduce the growing levels of inequality and poverty in the country.
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/ 14 September 2004
South African furniture, electronic goods and appliances retailer Lewis Group has opened the book building process for its initial public offering and listing on the JSE Securities Exchange South Africa, in which it plans to offer to the public 40-million ordinary shares of one cent each.
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/ 1 September 2004
Shareholders of Metropolitan, one of South Africa’s top five life insurers, have voted overwhelmingly to approve the company’s proposed partnership with broad-based empowerment consortium Kagiso Trust Investments, thus paving the way for KTI to take ownership of a 10% stake in Metropolitan.
Although "carry trade" has played a role in the strength of the rand, the activities of exporters and importers have the biggest impact on the rand’s exchange rate, according to South African Reserve Bank Governor Tito Mboweni, who was addressing a meeting of Parliament’s joint finance committees on Friday.
The South African Reserved Bank (SARB) will be watching carefully the impact of the high oil price on inflation in the country, SARB Governor Tito Mboweni said on Friday at a meeting of Parliament’s joint finance committees. He acknowledged that there is nothing to be done to influence high oil prices.
Short-term insurance policy holders in South Africa are under-insured by about 45% on average, according to market research conducted by Santam, South Africa’s largest short-term insurance company. This means policy-holders will only receive partial compensation after submitting an insurance claim.
South African retailer Pick ‘n Pay is set to introduce 200 000 new Proudly South African shelf labels into its stores as a way of helping consumers keen to contribute to the local economy identify those products. Unveiling its initiative on Monday, Pick ‘n Pay said its pilot project will encompass 37 of its Gauteng stores.
Vincor International, one of North America’s largest producers of wine and related products, has acquired the shares of UK-based privately held Western Wines, the largest independent wine importer and distributor in the United Kingdom and the largest importer of South African wines to the UK.
South African bonds moved about six basis points weaker across the curve in morning trade, given direction by a softer rand and amidst general caution ahead of the release of the June Unied States producer price index (PPI), later on Thursday.
Levi Strauss & Co is planning to continue its expansion in South Africa, the group revealed on Friday, despite already being able to claim a 27% share of the local denim market. Levi’s South Africa manufactures its clothing locally and also exports garments to the United States.
The South African rand, along with the Turkish lira, is among the most vulnerable currencies to a possible reversal in risk appetite among investors, according to international investment bank Lehman Brothers. Investor sentiment could be tested after the upcoming release of United States inflation data, a recent research note said.
In what will be the first major inner-city development in South Africa for a black economic empowerment group, South Africa’s Coessa Holdings — acting in partnership with a Johannesburg businessman — plans to develop a new, R390-million residential, commercial and retail lifestyle centre in Cape Town, to be known as Icon.
Leading alcoholic beverages groups Diageo, Heineken and Namibia Breweries have finally unveiled details surrounding their new South African joint venture company, which will trade under the name of brandhouse. The new company will be a formidable competitor in the local market, boasting sales of about R3-billion a year.
Leading alcoholic beverages groups Diageo, Heineken and Namibia Breweries have finally unveiled details surrounding their new South African joint venture company, which will trade under the name of brandhouse. The new company will be a formidable competitor in the local market, boasting sales of about R3-billion annually.
A member of listed financial services group Alexander Forbes, Lane Clark & Peacock LLP, has acquired Libera AG, Switzerland’s largest independent employee benefits consulting business, from Ernst & Young for a consideration of approximately 20-million Swiss francs (R98-million).
South African Deputy President Jacob Zuma has urged the National Council of Provinces (NCOP) to exercise strong oversight of local governments to improve service delivery as a matter of national importance. He was speaking at an NCOP workshop in Cape Town on Monday focusing on challenges facing the council.
Although the South African government had not envisaged any initial public offerings (IPOs) from state-owned enterprises for the current financial year, it would consider IPOs where appropriate in the future, while concentrating on concessions, joint ventures and public-private partnership arrangements, according to Minister of Public Enterprises Alec Erwin.
United Kingdom- and South Africa-listed Old Mutual plc is looking to improve the performance of its South African operations through a combination of strategies, including cost cutting in its back office and implementing more efficient systems, as well as boosting the numbers of its sales force, according to CEO Jim Sutcliffe.