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The former furniture unit of failed lender African Bank Investments [JSE:ABL] says it owes creditors R1.3bn ($117m), nearly half of that to major lenders including FirstRand [JSE:FSR] and Standard Bank [JSE:SBK], documents showed.(Read Full Article)
The debt reflects the extent to which Abil's failure in August has rippled across corporate South Africa, knocking credit ratings, investor confidence and even hurting small suppliers such as florists and panel beaters.
PetroSA recorded an overall net loss of R1.65bn in the 2013/14 financial year, the company said on Tuesday.
While the company made an operating profit of R2.2bn, this was against the R3.4bn impairment charge against PetroSA's onshore and offshore assets, spokesperson Thabo Mabaso said in a statement.
"This is the result of a volatile economic environment, creep in project costs and delays in the feedstock drilling programme (Project Ikhwezi)." Impairment is the reduction in a company's stated capital.
Nosizwe Nokwe-Macamo, PetroSA group CEO, said the company had a trying year with the main focus ...(Read Full Article)
There is a massive opportunity in South Africa for logistical and transport companies dealing with fast moving consumer goods (FMCG), according to Nicholas de Canha, CEO of Imperial Fleet Management.
“The transportation of fast moving consumer goods has experienced a significant growth of late in South Africa and Africa."
In South Africa, for instance, imports of containers into Durban ports increased by 5% in 2013. Most of the imports into Gauteng are consumer goods.
"While a fair amount of investment is being made by various stakeholders to upgrade the country’s rail networks to be sufficient to meet future demand,(Read Full Article)
Public benefit organisation Boycott, Divestment and Sanctions in South Africa (BDS SA) on Monday vowed to step up its protest action against Woolworth for "refusing to resolve the issue of the company trading with Israel".
This comment by BDS SA's Kwara Kekana follows protest action on Saturday, which led to the temporary closure of the Woolworths store in Rosebank, Johannesburg. The protest there included a flash mob outside the store and the distribution of pamphlets on why shoppers should boycott Woolworths.(Read Full Article)
BHP Billiton's chief executive Andrew Mackenzie said on Thursday the global mining giant was switching its focus to energy, with iron ore and coal to receive less emphasis as China's demand for steel slows.(Read Full Article)
Nampak, Africa's biggest packing firm, is considering doubling the capacity of its Nigerian beverage can factory to meet its fast-growing demand.(Read Full Article)
It took Western safety inspectors only about an hour to tour a factory the size of three football fields before ordering a partial shutdown of Sonia & Sweaters, a Bangladesh clothing supplier to Wal-Mart Stores and Debenhams.
Two weeks later, the group that the inspectors represented changed its mind and allowed the factory to stay open, even though none of the repairs they suggested had been carried out.
Such erratic decision-making poses a new set of problems for Bangladesh's $22bn garments industry, whose safety record has been under the microscope since the collapse of a factory near Dhaka that killed ...(Read Full Article)
South Africa has been shortlisted for the 2014 European Outsourcing Association (EOA) Offshoring Destination of the Year Award. Winners will be announced at the awards ceremony in London on July 10.(Read Full Article)
South Africa, the current EOA Offshoring Destination of the Year, will compete against seven international outsourcing and offshoring locations.
Now in its fifth year, the EOA Awards, recognises and celebrates the efforts of companies and individuals who have demonstrated best-practice in outsourcing.
Global brewer SABMiller announced a new cost-savings target on Thursday to help cushion it against difficult trading in a range of markets, sending its shares higher as investors anticipated a consequent boost to earnings.(Read Full Article)
The maker of Miller Lite and Peroni beers is struggling to grow in Europe and North America - like many consumer goods companies - and new revenues from an emerging middle-class in developing markets have been dented by weak currencies in many of those countries of late.
Australian retailer David Jones has agreed to a takeover by Woolworths that values the company at US$1.9bn. Woolworths [JSE:WHL] has offered R21.4bn to acquire the entire issued share capital of Australian retailer David Jones for AUS$4.00 per share. The offer represents a 25.4% premium to the closing David Jones share price on April 8 2014.(Read Full Article)
The David Jones board of directors has unanimously recommended that its shareholders vote in favour of the transaction. The combination of Woolworths and David Jones will create a retailer with revenue of over R51bn from 1 151 stores ...
Australian-based Mineral Commodities Ltd says its Tormin mineral sands mine project will inject over R1bn a year into the provincial economy over five years. Mineral Commodities Ltd (MRC) positions its Tormin mineral sands mine project as a niche supplier to a market which is experiencing growing demand, with limited new supply.(Read Full Article)
The mine, located on the West Coast about 400 km north of Cape Town, has active beach deposits of heavy minerals zircon, rutile, ilmenite and garnet. Extraction started in December 2013, from a beach north of Strandfontein.
The world's top mobile infrastructure supplier Ericsson is betting that the fast-growing African mobile broadband market will remain dominated by 3G services over the next years as the newest 4G smartphones remain too expensive for local consumers.(Read Full Article)
Africa's rapid telecoms expansion has come to symbolise the continent's economic growth, with the World Bank estimating a 10% increase in broadband coverage could add 1.4 percentage points to economic output.
Vodacom will consider its options regarding the telecommunications regulator Icasa's new call cost regulations that favour rivals Cell C and Telkom Mobile.
The Independent Communications Authority of South Africa (Icasa) on Wednesday halved the fees mobile phone companies can charge rivals to use their network, part of a plan to reduce call costs in Africa.
The focus of the next lottery licence period will be a more African one in tune with the government's aims, Eighteen companies are vying for the national lottery operator contract valued at R40bn, the National Lotteries Board (NLB) said on Tuesday. "The focus for the third licence period is a more African lottery that responds to our government's call to address localisation issues," NLB chairperson Alfred Nevhutanda said. "Bidding companies have to demonstrate a commitment to align their operations to the procurement act, information technology regulations, broad based black economic empowerment principles, and to empower local businesses by ...(Read Full Article)
- Transport and Logistics company Imperial Holdings has announced the appointment of Osman Suluman Arbee as its finance director. (Read Full Article)
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)
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)
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.
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)
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.
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)
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.......................
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)