Thebe Mabanga

Old Mutual has bought a 20% stake in Amabubesi Investments, the company chaired by former director of national prosecutions Bulelani Ngcuka. Making the announcement in Johannesburg on Thursday, Old Mutual MD Roddy Sparks said the deal continues the work the company has done since 1996, when it began investing in empowerment companies.

The export boom could be declared well and truly over in 2005. The export sector has come under renewed pressure from the strong rand and, with the exchange rate of R6 to the dollar expected to persist, there is no respite in sight. Last week Statistics South Africa released figures showing that manufacturing production grew 5,8% in the year to November.

The JSE Securities Exchange powered into the new year on a record high, picking up from where it left off last year. On Tuesday the FTSE/JSE Africa all share index reached 12 784,34 points, the latest in a series of records that have been displaced since October. Tuesday’s performance took place in a relatively thin trading volume, with turnover at roughly R1,5-billon.

In a world-beating move by the Department of Education, fraud and corruption study is to be added to secondary school curricula. It is an attempt to further prepare learners for a sucessful life in the New South Africa.

The Department of Health has announced what it describes as thrilling new research undertaken by the original inventors of the controversial anti-Aids drug, Virodene.

Four institutions only will make up South Africa’s higher education system within a year. There will be one vast mega-university, plus the Walter Sisulu University for Technology and Science (WSU), the University of the Western Cape and Mangosuthu Technikon (MT).

Capetonians expressed dismay and disappointment this week after a man they watched fall from a 14-floor window struck the pavement — and died. Alfred Swan had been trying to water the flower boxes outside his office, when he slipped and fell.

A covert Russian space probe, The Semteski III, has captured an extraordinary battle between two Earth robotic vehicles on the surface of Mars. The robotic explorers were photographed attacking each other, trying to snatch samples from each other’s baskets.

An imaginative solution has been found to the problem of parliamentary travel. This follows on the “Travelgate” scandal, which last year became a threat to the dignity of the politicians elected to serve in this forum of democratic endeavour.

The Minister of Environmental Affairs and Tourism, Marthinus van Schalkwyk, this week revealed his plans for “an innovative new initiative” to attract the growing numbers of “theme tourists” to South Africa.

A group of elderly women has been arrested in Victoria Falls, Zimbabwe, accused of plotting to assassinate President Robert Mugabe. They were allegedly equipped with binoculars and “tubular objects that pose a danger to national security”.

United States President George W Bush and British Prime Minister Tony Blair have met in Iraq for a secret summit before that country goes to the polls for its first democratic elections.

Patrice Motsepe may not have been there to sign off on the decision, but Nafhold has finally agreed on a way to distribute its shares to members. Motsepe skipped the meeting that made the decision, in a move seen by some insiders as a sign he is still unhappy with the share allocation. The move nevertheless is seen as the beginning of the end of a long-standing dispute.

Reserve Bank Governor Tito Mboweni took the cautious option on Thursday, leaving the repo rate unchanged at 7,5%. The rates standstill prompted Chris Malikane, head of economic research at Pan African Advisory Service, to complain that the bank had missed an opportunity to "show it is concerned about unemployment".

The construction industry has set itself the task of drafting a black economic empowerment charter — amid sharp differences over ownership targets and skills development. Mike Wylie, co-chairperson of the charter work group, told the <i>Mail & Guardian</i> last week that the sector should not be trapped by a "fixation on ownership".

Finally, Anglo American struck back last week — briefing journalists and editors on the risk imbroglio between President Thabo Mbeki and its CEO, Tony Trahar.
It was a mild strike. The company downplayed its global reach and ambition, painting itself as more proudly South African than Venter trailers and boerewors. It’s going to take more than a charm offensive to heal the rift between the government and big business.

Petrochemical giant Sasol unveiled details of long-awaited plans to grow in the Middle East, and possibly China, this week, against the troubled backdrop of a devastating accident and labour dissidence at Secunda. Unveiling Sasol’s results up to June, CEO Peter Cox put a brave face in reaction to the blast that had claimed seven lives by Wednesday and left hundreds injured.

Record monthly sales in new vehicles, a continued recovery of the manufacturing sector and brisk growth in credit demand indicate that the South African economy is on a roll. Further evidence of manufacturing growth came on Wednesday, when the Investec Purchasing Manufacturing Index (PMI) remained at 59 points, its highest level this year.

Producer inflation for July grew more slowly than in June, while consumer inflation was lower than expected, Statistics South Africa figures showed this week. The figures point to a positive inflation outlook for the rest of this year. On Thursday, Statistics South Africa reported that the producer price index (PPI) grew by 0,7% for the year to July, down from 1,2% in June.

South Africa has significantly improved regulation on insider trading over the past five years, but successful criminal prosecutions remain elusive, said analysts last week. They were reacting to a survey undertaken for the Financial Services Board by Genesis Analytics, which found that the impact of the overhauled insider regime was pronounced.