• Friday, November 27 2015
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Financial Services

Absa buys majority stake in Instant Life to grow bancassurance division


Online life insurance distribution platform has an average 14,000 policies with the average sum insured of about R700,000 per policy

Transport & Tourism

DA says ‘henpecked’ finance minister needs to deal with SAA fiasco

Finance Minister Nhlanhla Nene.  Picture: TREVOR SAMSON

Finance spokesman tells National Assembly that minister seems ‘powerless to act’ against chairwoman, despite SAA’s ‘acute’ financial distress


Myeni’s preferred adviser changes tune about working with SAA


SAA-selected company says it made unsolicited proposal to airline on leasing of A330 aircraft as well as funding proposal


Call for De Beers chief to step aside

TARGETED: De Beers CEO Philippe Mellier. Picture: FINANCIAL MAIL

Prominent industry player also demands De Beers cut prices for rough diamonds radically to save industry


Vukile to grow residential portfolio


Company’s first residential project will see Randburg Square Office Tower converted into residential apartments

Retail & Consumer

Quantum Foods feels benefits of improved conditions in poultry sector


Egg and broiler prices improve, and maize and soya meal costs fall, helping the company to improve earnings despite a dip in revenue


Balwin Properties upbeat for growth as earnings double


Company doubles headline earnings per share on strong demand for lock-up-and-go accommodation

Financial Services

Funds flow to Sygnia as listing boosts profile

Magda Wierzycka. Picture: SUPPLIED

Company brings on board Alexander Forbes professionals to help launch low-cost umbrella fund

Financial Services

PSG-linked services firm on the prowl


CSG head says company determined to build more annuity income streams away from contract-based income




Ceres Beverages pour out wholesome profit by focusing on its fruit juice brands and the Edcon group finds itself in a Catch-22 as it awaits the announcement of a turnaround plan from the new Edcon boss

Metair CEO Theo Loock.  Picture: ROBERT BOTHA

COMPANY COMMENT: Vodacom; Metair

Rivals want Vodacom to pay legal expenses and move into UK should boost Metair’s presence in Europe

Financial Services

Investec deal may produce new offering

Investec. Picture: MARTIN RHODES

New alternative investment vehicle will raise R10bn in fresh equity and debt

Retail & Consumer

Game fails to overturn High Court judgment

A Game store, operated by Massmart, in Rosebank, Johannesburg. Picture: SUNDAY TIMES

Supreme Court of Appeal says retailer Masstores acted in breach of restraint clause in lease with CapeGate shopping centre

Retail & Consumer

Bounty Brands makes first international acquisition

MD Bounty Brands of Stefan Rabe. Picture: HETTY ZANTMAN

South African consumer goods group is upbeat about its first international acquisition — a food product manufacturer in Poland


Botswana seeks to expedite nickel deal

Mineral Resources Minister Mosebenzi Zwane speaks during a visit to Harmony Gold's Doornkop Mine on Tuesday.  Picture: GCIS

Nickel a central platform Botswana’s government will use to diversify its economy away from diamonds


SacOil beset by legal issues, but maintains focus on Africa projects

Oil. Picture: REUTERS

Forensic investigation confirms irregularities in Congo licence bids as legal proceedings in Nigeria continue


Grand Parade puts R15m into incubator pot

Grand Parade Investments chairman Hassen Adams. Picture: FINANCIAL MAIL

Investment group looks for entrepreneurs to extend its reach and attract millenials to gambling market


Safari on track to reach goal for growth


Property firm Safari Investments on course to grow to a R3bn fund in 18-24 months


COMPANY COMMENT: Remgro; interest rates

Johann Rupert. Picture: SUNDAY TIMES

Rupert keeps views on SA to himself while expectation of further interest rate hikes puts more pressure on banking shares, property stocks and retailers

International companies


Brazilian corruption probe widens, with senator and BTG Pactual CEO arrested

Andre Esteves, CEO Brazilian BTG Pactual bank is pictured during an interview in Sao Paulo July 22, 2014. Brazilian investment bank BTG Pactual SA confirmed that Chief Executive Andre Esteves was arrested on Wednesday and said it was available to cooperate with investigations. Picture taken July 22, 2014. REUTERS/Nacho Doce

CE of investment bank, leading senator in governing coalition are arrested on suspicion of obstructing country’s most sweeping corruption investigation ever


Banking giants accused of blocking fund managers from interest rate swaps

A tougher Franco-Swiss tax accord seeks the co-operation of banks such as Credit Suisse in clamping down on financial fiscal fraud. Picture: BLOOMBERG/PHILIPP SCHMIDLI

An antitrust suit filed in New York says buy-side investors are stuck in banks’ ‘inefficient and antiquated’ over-the-counter market


HSBC sees pain giving way to gains in emerging bonds in 2016

A HSBC bank branch in London. Picture: AFP

Global funds’ appetite for emerging-market bonds is seen rebounding in 2016 after currency losses outweigh returns on securities this year, according to HSBC


LafargeHolcim sets strenuous targets even as sales decline


Cement giant LafargeHolcim increases dividend as CEO focuses on cash flow


Barclays fined £72.1m for £1.9bn ‘elephant’ deal

Britain’s Financial Conduct Authority says the bank did not follow procedures in a deal put together for wealthy clients who should have been more closely monitored


Even Hong Kong property bears are bullish on real estate stocks

Hong Kong. Picture: THINKSTOCK

Analyst says as long as property market cools rather than crashing, there’s plenty of room for stocks to rally


Thomas Cook back in black despite global terror attacks

A worker changes the window display of Thomas Cook in Loughborough, the UK. Picture:  REUTERS/DARREN STAPLES

Tour operator reports full-year profit for the first time in five years and adapts travel offerings to safer destinations

Co-operative Governance and Traditional Affairs Minister Pravin Gordhan. Picture: TREVOR SAMSON

Parastatals are a cesspit of disgrace, forum told

The ANC must grow up and get serious about tackling corruption, government minister tells business forum


Hilton hacking leads to credit card fears


Hackers in spate of attacks on Hilton, Starwood and Trump hotel groups over past few months to gain credit card information


Omnia slides as mining drags profit down

Omnia MD Rod Humphris. Picture: MARTIN RHODES

Diversified chemical firm’s mining division drags heavily on the bottom line, while agriculture and chemicals divisions perform well

Transport & Tourism

SAA in limbo as Treasury mulls Airbus deal change

Nhlanhla Nene. Picture: TREVOR SAMSON

Board’s intention to restructure transaction led to collapse of previous agreement with Airbus, triggering contractual fees for SAA

Financial Services

Sanlam gets new African springboard


Moroccan-based insurance business Saham gives Sanlam access to markets in 26 other African and Middle Eastern countries

Retail & Consumer

Maiden dividend and lofty profit sees Rhodes Foods stock soar 4%


Company more than doubles annual profit after acquisitions pay off and local demand for canned food rises


Renault in campaigners’ sights as diesel ripples spread

The Espace is one of Renault's most famous people movers and is not confirmed for SA. Picture: MARK SMYTH

German green lobby group accuses Renault’s flagship Espace van of toxic diesel emissions 25 times higher than EU limit amid widening test manipulation scandal


De Beers bets big on Christmas sales in US

HYPED: Rahul Kadakia of Christie’s holds The Blue diamond in New York last year. Two coloured diamonds are tipped to set auction records. Picture: REUTERS/CARLO ALLEGRI

De Beers is pouring tens of millions of dollars into advertising diamonds in the US with hopes on good sales in the weeks before Christmas in the US and during the Chinese New Year next year.


Rolls-Royce boss targets cost-cutting to up profit

Rolls-Royce Holdings named board member Warren East to succeed CEO John Rishton, who has come under pressure in the wake of several profit misses and investor discontent. Picture:  Bloomberg/SIMON DAWSON

Rolls-Royce CE to strip out costs and complexity than sell parts of business, under pressure to outline revival strategy after four moths on the job


HP profit forecast falls short as it faces PC slump

Hewlett-Packard gives disappointing forecast in first quarter as stand-alone company, hurt by dependence on lacklustre market for PCs, printers


Investors cheer plan to forgive Sharp’s loans

A man rides an escalator past Sharp advertisements at an electronics retail store in Tokyo. Picture: REUTERS

Shares in electronics manufacturer climb for third day after reports its main lenders are considering forgiving loans to facilitate investment by investment fund


Absent boss sees Chinese brokerage plunge


Guotai Junan International Holdings plunges 17% in Hong Kong after brokerage says it is unable to contact its chairman and CEO Yim Fung


Netcare results show healthy profit

BULLISH: Netcare CEO Richard Friedland says most of the group’s revenues are derived from SA, although it has also shown growth in the UK. Picture: MARTIN RHODES

Strong growth in SA complemented by UK business, which benefits from outsourcing at financially strapped National Health Service


Sirius rolls out capital expenditure programme after strong results


Sirius is rolling out a capital expenditure programme, initiatives include transformation of difficult space into Smartspace products


Transnet and Eskom find infrastructure funders

Siyabonga Gama. Picture: BUSINESS DAY

State-owned freight and logistics company secures R12bn for its locomotive programme, while power utility raises R2.36bn from French entities


Conciliation body called in to intervene in Foskor deadlock

factory worker XXX  Picture: THINKSTOCK

Strike brings activity at chemical producer’s Richards Bay plant down to 10% for past three weeks


Business must act despite state failures on Marikana

Miners strike at Marikana in 2012. The Marikana commission found that Gen Riah Phiyega was untruthful. Picture: REUTERS/SIPHIWE SIBEKO

Corporate leaders should proactively recalibrate their government relations and social stakeholder engagement strategy




Unfashionable sales slump for Mr Price while MTN still faces major uncertainty around $5.2bn fine

Financial Services

Meago grew from humble beginnings

SMILING: Meago founders Thabo Ramushu and Jay Padayatchi are riding high after quitting their lucrative jobs a decade ago. Picture: MARTIN RHODES

Founders used savings and bond equity to start asset manager, writes Phakamisa Ndzamela


Tesco settles US overstatement lawsuit for $12m


The UK retailer has denied wrongdoing in settling with US shareholders who claimed its profit overstatement inflated its share price

Retail & Consumer

Krispy Kreme targets malls for its South African venture


Global doughnut and coffee group opens the first of 31 South African stores with local partners Fournews and John & Gerry’s Brands

Financial Services

Transaction adds services for taxis

Picture: SOWETAN

Company’s plan to open largest minibus panel-beating shop opens way to finance, insurance, panel beating offerings


Eskom’s interim profit up 22% despite load shedding

Eskom CEO Brian Molefe. Picture: MARTIN RHODES

CEO says gains will be hard to repeat in second half


Listed property on track to be top asset


Demand for property scrip underscored by amount of capital raised so far this year, says analyst


BlackRock sees more commodity pain on slowing China, dollar

Picture: REUTERS

World’s largest money manager says worst commodity selloff in generation still has room to run as growth in China slows


Internal documents detail internal lapses at Takata

ROCKY ROAD: Technician Edward Bonilla holds a recalled Takata air bag inflator after he removed it from a Honda Pilo. The yellow circular device is the airbag inflator. The head of Japan’s Takata’s head Corpsaid an internal probe into its potentially deadlyair bag inflators was not progressing well, but vowed to stay at the helm until trust in the safety of its products was restored. Picture: REUTERS

Employees at company raised concerns internally about misleading testing reports on air bags that later became prone to explosions


Yahoo’s Mayer faces morale challenge

Marissa Mayer. Picture: REUTERS

Yahoo CE Marissa Mayer’s ‘jiu-jitsu’ data fool few as dozens of executives instrumental to her turnaround plan leave


Drug maker Turing suggests it will not cut list price of Daraprim


Drug maker that raised price of anti-infective drug by more than 5,000%, suggests it will not cut drug’s list price, instead offering to negotiate discounts with hospitals

Transport & Tourism

Dudu Myeni’s chosen advisers deny involvement in Airbus deal


Adviser named in Airbus transaction Quartile Capital adamant there has been no formal approach from South African Airways or Dudu Myeni

Telecoms & Technology

Vodacom changes tack on Neotel tie-up

Picture: THE TIMES

Vodacom may lower price after seeking extension to restructure R7bn deal for ‘moving target’ Neotel

Retail & Consumer

Remgro’s Milestone takes long view on Chinese prospects

Johann Rupert. Picture: SUNDAY TIMES

Johann Rupert says company has tweaked its strategy on China to take longer-term positions in opportunities


Eskom ‘not entitled to 11-hour changes to tender criteria’

Eskom’s Koeberg nuclear plant looms over Melkbosstrand in Cape Town. Picture: SUNDAY TIMES

Toshiba subsidiary Westinghouse argues at appeal Eskom not entitled to 11-hour changes to tender criteria in R5bn tender decision

Retail & Consumer

Rhodes declares maiden dividend

Supermarket retail. Picture: THINKSTOCK

The producer of convenience foods says it generated strong operating cash flows, with normalised headline earnings per share more than doubling

Telecoms & Technology

MTN has already paid millions in Nigerian fines, with more expected

A man passes an MTN board in Lagos, Nigeria. Reports on Thursday quoted an MTN Nigeria official as saying the Nigerian Communications Commission 'did not accept recommendations' that the fine was too heavy. Picture:  AFP PHOTO/PIUS UTOMI EKPEI

The Nigerian Communication Commission’s compliance report shows that in addition to the $5.2bn mega fine, MTN incurred numerous penalties in the July-September quarter

Financial Services

Reunert’s earnings halve after sale


Earnings per share decline after company sells mobile service provider Nashua Mobile and makes no sizeable acquisitions


ArcelorMittal SA prices R4.5bn rights offer, shares jump

ArcelorMittal SA's Vanderbijlpark plant. Picture: FINANCIAL MAIL

Unit of world’s largest steel maker prices its cash call at more than 50% premium as it battles falling steel demand, rising costs, sending its shares soaring


Eskom signs R2.3bn credit deal with French agency


Parastatal, French funding agency sign credit facility agreement to finance Eskom’s distribution projects in Eastern Cape, KwaZulu-Natal, Limpopo


Sasol wins polymers pricing case in top court

Sasol's headquarters in Rosebank, Johannesburg. Picture: FINANCIAL MAIL

Competition Commission remains worried by pricing behaviour of dominant players despite top court’s dismissal of Sasol Chemical Industries case with costs

JSE Sens

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