Articles from fin24.com

1. Glencore boss on acquisition trail Explore fin24.com (May 1 2013) Metals & Minerals After years of on-off talks, months of brinksmanship and bitter negotiations, Glencore's head Ivan Glasenberg gets to complete the $30bn acquisition of Xstrata. But even as the champagne pops, investors and rivals are asking where the highly ambitious South African will look for his next deal. Many are already pointing to vulnerable or undervalued rivals, including Anglo American. (Read Full Article)

   Comment Mentions:   London   Brazil   European Union

2. PetroSA chairperson steps down Explore fin24.com (Apr 1 2013) Procurement Ethics , Supplier Diversity PetroSA chairperson Benny Mokaba has vacated his position at the company, it was announced on Monday.  Mandla Tyala, spokesperson for the Central Energy Fund (CEF) which owns the company, said CEF chairperson Sankie Mthembi-Mahanyele announced Mokaba's departure on Monday morning. "The move follows the conclusion of an investigation which was ordered by the Minister of Energy... Dipuo Peters to investigate the robustness of the procurement system at PetroSA," Tyala said. (Read Full Article)

   Comment Mentions:   Johannesburg

3. Big food firms embroiled in horsemeat saga Explore fin24.com (Feb 1 2013) Procurement Ethics , Risk Management , Retail & CPG/FMCG  The world's biggest food company, Swiss-based Nestle, and the world's top beef producer, JBS of Brazil, were on Tuesday the latest in a long list of firms to be caught up in Europe's spiralling horsemeat scandal. Their involvement in the fast-moving drama marked another milestone in a scandal that has seen supermarket chains across Europe pull from their shelves millions of "beef" products that are thought to contain horsemeat.   (Read Full Article)

   Comment Mentions:   Tesco   Brazil   Paris

4. Cipla ups offer for SA's Cipla Medpro Explore fin24.com (Feb 1 2013) Indian drugmaker Cipla on Thursday sweetened its offer by 17% to take over South Africa's third-largest drugmaker, Cipla Medpro South Africa ending the uncertainty of an earlier offer that had been put on hold by the Indian company. Cipla, India's fifth-largest drugmaker by sales, said it would spend about $512m, or R10 a share, to acquire Cipla Medpro and then delist the South African drugmaker. (Read Full Article)

   Comment Mentions:   Reuters   India   South Africa

5. Super Group on acquisitions trail Explore fin24.com (Feb 1 2013) Manufacturing & Automotive , Transport & Logistics Super Group says its strong balance sheet positions it to continue with a strategy of organic growth and acquisitions. This means the company is bent on growing earnings by making acquisitions this year, despite the fact that the South African trading environment remains highly competitive.  In the six months to December 2012 the company did not declare a dividend. This was in line with its strategy of using cash to make acquisitions and repurchase shares.        (Read Full Article)

   Comment Mentions:   South Africa   Johannesburg

6. Fire ravages ArcelorMittal SA plant Explore fin24.com (Feb 1 2013) Manufacturing & Automotive , Metals & Minerals A fire has caused extensive damage at ArcelorMittal's steel-making plant in Vanderbiljpark, forcing it to shut down, the company says.  ArcelorMittal SA CEO Nonkululeko Nyembezi-Heita said all employees were evacuated unharmed during the fire on Saturday.  "A comprehensive assessment is underway, but it is too early to quantify the exact production shortfall and economic impact," she said.  The company would not be in a position to completely fulfil its orders and force majeure (a contractual provision removing liability for unavoidable catastrophes) would be issued to the customers and suppliers affected. (Read Full Article)

   Comment Mentions:   Johannesburg

7. Dell to go private in landmark $24bn deal Explore fin24.com (Feb 1 2013) Manufacturing & Automotive , Electronic & High Tech  Michael Dell struck a deal to take Dell private for $24.4bn in the biggest leveraged buyout since the financial crisis, partnering with the Silver Lake private equity firm and Microsoft to try to turn around the struggling computer company without Wall Street scrutiny.  The deal, which requires approval from a majority of shareholders excluding Dell himself, would end a 24-year run on public markets for a company that was conceived in a college dorm room and quickly rose to the top of the global personal computer business.......................   (Read Full Article)

   Comment Mentions:   Reuters   IBM   San Francisco

8. Motorists owe Durban R1.4bn in fines Explore fin24.com (Nov 22 2012) Public Sector , Transport & Logistics Durban - Errant motorists owe the eThekwini municipality R1.4bn in traffic fines, the Mercury reported on Thursday. Only 14% of the fines were paid this year, according to a report the city's metro police tabled at the city's finance and procurement committee on Wednesday. According to the report, R3.7m of the outstanding fines dated back to 2005. The latest figures show that in September a total of 3 145 fines were issued for red traffic light violations, 13 403 for speeding, 16 867 for parking (Read Full Article)

   Comment Mentions:   KwaZulu-Natal

9. Shanduka to start on wind power plant Explore fin24.com (Nov 22 2012) Sustainable Procurement , Public Sector , Utilities Cyril Ramaphosa's company Shanduka and its consortium partners will shortly begin construction of a 73.8MW wind power project near Victoria West in the Karoo.  The project‚ Noblesfontein Wind Power Project‚ reached financial close earlier this month‚ Shanduka said on Thursday.  The project is one of those identified by the Department of Energy as part of the first round of its Independent Power Producer Procurement Programme. (Read Full Article)

   Comment Mentions:   Johannesburg   Eskom

10. Vodacom’s smooth operator Explore fin24.com (Nov 16 2012) Electronic & High Tech , Leadership Vodacom CEO Shameel Joosub has been with the company for a remarkable 18 years, rising rapidly in the ranks and fulfilling several roles. What’s more impressive, however, has been his rapid rise to the C-suite, having joined in 1994 as a senior accountant – a few days before his 23rd birthday.  In a cutthroat and competitive business environment, where rival companies often poach prodigal leaders, Shameel Joosub is something of an anomaly. . (Read Full Article)

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11. Barloworld sees profits jump up to 50% Explore fin24.com (Nov 7 2012) Manufacturing & Automotive , Capital Equipment Industrial group Barloworld [JSE:BAW] said on Wednesday it expected its headline earnings per share in the year ended September 2012 to rise by between 40% and 50%‚ from 465 cents in the same period a year ago.  The news pushed the shares over 2% higher on the JSE, with the counter last changing hands up 2.2% at R74.26 . It said Equipment Southern Africa delivered “record” sales of large mining equipment to customers‚ contributing to growth in operating profit.   (Read Full Article)

    Comment Mentions:   Russia   Johannesburg   JSE

12. SABMiller doubles African beer operations Explore fin24.com (Oct 11 2012) Retail & CPG/FMCG SABMiller plc announced on Thursday that it has expanded its African beer brand, Chibuku, into 10 countries across the continent. Chibuku is an opaque beer based on traditional African recipes using maize and/or sorghum, depending on local tastes.  In a press release, SABMiller [JSE:SAB] said the expansion of the brand more than doubles the number of Chibuku markets from four (Botswana, Malawi, Zambia and Zimbabwe) at the start of 2011.SABMiller has expanded its African beer brand Chibuku into 10 countries from the original four, creating 200 direct and 1500 indirect jobs. (Read Full Article)

    Comment Mentions:   Africa   Google   Zambia

13. Grindrod, Vitol deal approved Explore fin24.com (Sep 25 2012) Fuels & Lubricants , Transport & Logistics Johannesburg - The European and South African Competition authorities have approved the transaction announced in March 2012 in which Grindrod [JSE:GND], the integrated logistics and shipping business‚ agreed to sell a 50% interest in Cockett Marine Oil (Cockett) to Vitol‚ the largest independent energy trading business in the world. (Read Full Article)

    Comment Mentions:   Google   Johannesburg   Grindrod

14. Woolworths joins sustainability index Explore fin24.com (Sep 17 2012) Sustainable Procurement Johannesburg – Upmarket retailer Woolworths is among five South African companies’ to be included in the Dow Jones Sustainability Index (DJSI) this year. Other local companies in the index are Goldfields‚ Investec‚ Nedbank and Sasol.Woolworths is the only South African retailer to be listed on the DJSI. (Read Full Article)

    Comment Mentions:   Google   Johannesburg   Sasol

15. Retail sector 'needs BEE charter' Explore fin24.com (Jul 12 2012) Preferential Procurement , Supplier Diversity , Retail & CPG/FMCG Empowerment experts have called for government to introduce a broad-based black economic empowerment charter to ensure retailers remain fully compliant with BEE codes of practice, according to Business Report. Despite black economic empowerment programmes by retail giants such as Pick n Pay, Massmart and Clicks, experts say the sector is not fully compliant. (Read Full Article)

    Comment Mentions:   Johannesburg   Pick n Pay

16. PPC enters R1bn empowerment deal Explore fin24.com (Jul 12 2012) Supplier Diversity , Construction & Building Cement maker Pretoria Portland Cement is to sell a 6.5% stake to its staff and black investors in a deal worth about R1.1bn, to meet affirmative action rules. PPC said the deal - the second in four years - would take shareholding by black investors in its domestic operations to 26% and enable it meet the rules set out by the government. (Read Full Article)

    Comment Mentions:   South Africa   Johannesburg

17. Building bigwigs in bid-rigging probe Explore fin24.com (Jul 6 2012) Procurement Ethics , Construction SA Construction companies found guilty of collusion and bid-rigging by the Competition Commission could be banned for up to 10 years from doing public sector work, said Business Report.The industry's top listed companies, Aveng [JSE:AEG], Group Five [JSE:GBF], Murray & Roberts Holdings [JSE:MUR], Wilson Bayley Holmes-Ovcon [JSE:WBO] and Basil Read Holdings [JSE:BSR] could be left out of the government's R844.5bn infrastructure expenditure programme, it was reported.. (Read Full Article)

    Comment Mentions:   South Africa   Johannesburg

18. Nokia's long goodbye Explore fin24.com (Jun 25 2012) Manufacturing & Automotive The iconic Finnish firm is reaching the end of the road. (Read Full Article)

    Comment Mentions:   Apple   Asian   Brazil

19. Cement and steel monopolies could hike prices Explore fin24.com (Apr 22 2012) Sourcing , Supplier Diversity Government officials are seriously concerned ArcelorMittal SA (Amsa) and other large companies will inflate the cost of government’s infrastructure projects. (Read Full Article)

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20. Randgold: Mali output unaffected by coup Explore fin24.com (Apr 9 2012) Resources , Metals & Minerals Randgold Resources has welcomed the political settlement agreed in Mali, and says the disruption sparked by a coup had not significantly affected its operations there. (Read Full Article)

    Comment Mentions:   Reuters   London   European Union

21. Sony to axe 10 000 jobs globally Explore fin24.com (Apr 9 2012) Supplier Diversity Sony will cut 10 000 jobs worldwide this year as it attempts to carry out sweeping reforms aimed at reviving the iconic electronics giant, the Nikkei newspaper reports. (Read Full Article)

    Comment Mentions:   Reuters   European Union   Japan

22. SA eyes nuclear fuel facilities Explore fin24.com (Apr 2 2012) Sourcing , Resources , Metals & Minerals South Africa is mulling the re-establishment of its uranium enrichment and conversion facilities, which were dismantled during the apartheid era, as it seeks to secure fuel for a new fleet of nuclear power stations. (Read Full Article)

    Comment Mentions:   Reuters   South Africa   Pravin Gordhan

23. Anglo JV stunts competition - Uk watchdog Explore fin24.com (Feb 21 2012) Procurement Ethics A joint venture between Anglo American and cement maker Lafarge threatens competition in the construction market, says Britain's Competition Commission. (Read Full Article)

    Comment Mentions:   London   Greece   Britain

24. Transnet breached regulations - report Explore fin24.com (Jan 25 2012) Procurement Ethics , Public Sector Transnet Freight Rail breached regulations when it procured goods and services from consulting companies, a report says. (Read Full Article)

    Comment Mentions:   Reuters   Greece   European Union

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