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Anglo CEO Mark Cutifani.  Picture: REUTERS/MARK WESSLES

Mining industry has itself to blame for glut, says Cutifani

Anglo American CEO Mark Cutifani does not expect a reversal of the commodities price slump any time soon and says 2016 looks set to be the ‘most challenging yet’

Land & Agriculture

Illovo parent indicates interest in buying rest of company

Sugar cane. Picture: BLOOMBERG

Associated British Foods currently owns a 51.35% stake in locally listed Illovo, but Illovo says there is no certainty that discussions will result in a transaction

Retail & Consumer

Edcon to cut some of its 3,000 head-office jobs

LONG ROAD:  At a results presentation on Wednesday, recently appointed Edcon CE Bernie Brookes outlines changes the heavily geared apparel retailer is making to bring customers back and streamline operations. Picture: MARTIN RHODES

This is the second round of job cuts at Edcon’s head office, following last February’s retrenchments, and the process is expected to be completed by March

Financial Services

Kieswetter steps down as Alexander Forbes CEO

Edward Kieswetter. Picture: MARTIN RHODES

Edward Kieswetter will retire at the end of March 2017, and in the meantime chief financial officer Deon Viljoen will assume the role of interim group CEO


Longest Murray & Roberts winning streak in two years hits sixth day

Murray & Roberts CEO Henry Laas. Picture: FINANCIAL MAIL

SA’s second-largest construction company rose as much as 11% before paring gains to trade 5.9% higher at R9.72 by lunchtime on Monday


Stricken Evraz Highveld’s sale tanks

STALLED: Workers at the Evraz Highveld steel plant in Emalahleni. Picture: SUNDAY TIMES

A deal to buy Evraz Highveld Steel and Vanadium has fallen through, leaving the country’s second-largest steel maker in business rescue


Amplats impairments and restructuring push it deep into the red

Amplats CEO Chris Griffith. Picture: MARTIN RHODES

All of Anglo American Platinum’s mines generated cash, and debt was reduced, says CEO Chris Griffith, as the miner details the suspension of its Twickenham mine

Transport & Tourism

Prasa asks court to declare contracts invalid


Passenger Rail Agency of SA says in affidavit that Siyangena Technologies was given an advantage through ‘bid-rigging’ and process involved ‘corrupt activities’


NEWS ANALYSIS: Rally does not tally with dire profit warning

Picture: ISTOCK

Investors may be taking comfort from Kumba’s efforts to cut costs drastically in its time of distress, writes Shaun Harris


Barclays urged to ditch Africa unit and focus on core UK business


Analyst warns investment unit is the ’elephant in the room that needs major surgery' while African business lacks synergies with rest of the bank


All systems Go for SA’s new pay-TV service

Time will tell if the platform can compete with satellite and video streaming, writes Thabiso Mochiko


Harmony in a spot over Hidden Valley

Peter Steenkamp. Picture: RUSSELL ROBERTS

New CEO Peter Steenkamp faces tough call as producer runs into conundrum at its Hidden Valley mine in Papua New Guinea

Financial Services

Finbond acquires four payday lenders in the US and Canada


The acquisitions will give Finbond, SA’s largest short-term microlender, a branch network of 85 branches in the US and six in Canada

Transport & Tourism

Sanral bond issue success suggests it is business as usual


Agency still faces uphill battle to bring in revenue from toll fees, following a wide-scale revolt by road users

Financial Services

Finbond buys US ‘payday lenders’


Group clinches deals to buy TV Profile, Cash in a Flash Advertising and half of Cashback in the US, as well as the Cash Shop in Canada


COMPANY COMMENT: ArcelorMittal SA; Brikor

Steel coils.  Picture: BLOOMBERG

Steel ball is firmly in government’s court while there has been a glimmer of good news from Brikor


COMPANY COMMENT: Barloworld; Blue Financial Services


Barloworld’s geographic and industry diversity helps it to stabilise while Blue Financial Services faces a drought

International companies


CBS head makes bold move to take on Netflix

The Netflix app. Picture: BLOOMBERG

More original content and subscription-based series part of new chairman’s strategy, writes Jessica Toonke


Adblock Plus, scourge of websites, seeks industry deal


German firm behind Adblock Plus is reaching out to its adversaries to find an ‘acceptable’ level and form of advertising on the net

Chinese markets. Picture: AFP/FRED DUFOUR

Small investors and quick bucks

A new breed of small investor is riding China’s roller-coaster stock markets, looking for a quick buck and thriving on the volatility that has sent others scurrying to the exit
Picture: ARDBEL

South32 targets $1.7bn writedown

Producer says 60%-owned Samancor Manganese joint venture will resume production but at ‘significantly reduced volumes’

Financial Services

Coronation denies Theo Botha’s request

Theo Botha. Picture: SUNDAY TIMES

CEO Anton Pillay says fund manage complied fully with JSE and Companies Act requirements onremuneration disclosures


Eskom’s need to reduce costs puts coal under the spotlight

Eskom Medupi power station.

Department of Mineral Resources is concerned about containing electricity cost increases to avoid undermining competitiveness and development

Telecoms & Technology

Mix Telematics posts increase in subscription revenue

MiX Telematics. Picture: SUPPLIED

Vehicle tracking company says it achieved growth in third quarter of 2015 financial year despite ‘increasingly difficult trading conditions’


Eskom’s tariff hike plea gets a public beating


Industry leaders hammer home message that poor management — delays and cost overruns — behind proposed tariff increases


Twitter users decry reported plan to prioritise tweets

Picture: ISTOCK

Report says social media platform will reorder tweets to prioritise those it believes more users will want to see


LinkedIn value declines one-third on forecast of slower revenue growth


The professional networking site is facing a slowdown in its marketing-services business, used by firms to find potential customers and to generate sales leads


Evraz Highveld deal with China’s International Resources fails

STALLED: Workers at the Evraz Highveld steel plant in Emalahleni. Picture: SUNDAY TIMES

Chinese company International Resources will no longer buy ailing steel producer Evraz Highveld, which is undergoing business rescue, union Solidarity says


STOCKWATCH: South32 surges after restructuring announcement

Mining. Picture: SUPPLIED

Miner says its South African manganese division will undergo major restructuring, including laying off 620 employees


Plunging ore prices tear into Kumba profits

The Kumba Iron Ore mine at Sishen in the Northern Cape. Picture: KEVIN SUTHERLAND/SUNDAY TIMES

Annual profit hit by R6bn impairment at South Africa’s largest iron ore producer — with basic earnings for year to fall up to 96%


Eskom tackles future coal supply prospects

PRECONDITIONS: Eskom is working with coal miners to ensure that investment funds are available to sustain their volumes. Picture: BLOOMBERG/DEAN HUTTON

Power utility ‘working hard to ensure the capital available where cost-plus mines make sense’, says executive


Tower buys Croatian malls


Property fund spends €66m on biggest acquisition to expand and diversify asset base

Financial Services

African Bank curator expects green light when creditors vote

African Bank curator Tom Winterboer. Picture: MARTIN RHODES

Curator Tom Winterboer confident ahead of meetings from February 29 to March 1 for investors to vote on planned ‘good bank’ debt shift


Truck maker Volvo benefits from offloading costs including 5,000 jobs

Heavy commercial vehicles are showing reasonable growth in 2015. Picture: NEWSPRESS UK

Volvo’s profit margin rose to more than 8% from 3% the previous year owing to cost reductions and positive currency development, an analyst said


Toshiba lifts loss forecast to $6bn after profit-padding scandal

Masashi Muromachi, chairman and interim president of Toshiba Corporation (left) sits with Hisao Tanaka, outgoing president and chief executive officer, during a news conference in Tokyo, Japan, on Tuesday. Picture: BLOOMBERG/AKIO KON

The Japanese conglomerate said in January it was inflating tenfold a damages claim against a group of former executives in the wake of its accounting scandal


ArcelorMittal reviews role of second major operation

ArcelorMittal SA's Vanderbijlpark plant. Picture: FINANCIAL MAIL

Loss-making ArcelorMittal SA places Saldanha Works under review as company braces for deeper loss than forecast

Telecoms & Technology

Vodacom pitches next revenue numbers lower

Shameel Joosub. Picture: MARTIN RHODES

Robust international operations' revenue up 15.8% while customer numbers rise to 31.1-million


Eskom updates system ahead of hearings

Brian Molefe. Picture: TREVOR SAMSON

CE Brian Molefe says utility has clocked up almost six months without load shedding and trend set to continue


Time for ANC to befriend business

President Jacob Zuma, centre, accompanied by his Cabinet ministers, listens to former UK Prime Minister Gordon Brown at the Africa Infrastructure Breakfast at the WEF Congress Centre on Friday.  Picture:  GCIS

Ruling party needs to boost investor confidence if SA is to have any hope of reverting to 5% or more annual growth in gross domestic product and overcome its huge unemployment problem

Financial Services

Expanding EasyPay base benefits Net1


Payment group expands offerings and aims at a million-strong customer base in the next few months


Eqstra’s first-half HEPS expected to decline by one-fifth


Eqstra is currently closing or selling other noncore operations, including its heavy equipment business in the industrial equipment division


Resilient shows strong results as dividend up 25%

Property fund. Picture: THINKSTOCK

Strong results reflect effect of capital raisings, particularly a rights issue last June that reduced funding costs

Financial Services

BayHill to focus on clients’ share portfolios


Cannon Asset Managers will focus on unit trusts and attracting funds from institutional investors, such as pension funds


Quality sacrificed for pricing in infrastructure projects

Lynne Pretorius. Picture: SUPPLIED

Private sector needs to raise investment in public infrastructure to alleviate strain as state’s coffers run dry


Harmony’s restructuring pays off

UPBEAT: New Harmony Gold CEO Peter Steenkamp at the group’s results presentation in Sandton on Thursday. Mr Steenkamp views Harmony’s investment case as still very strong. Picture: MARTIN RHODES

Gold miner says higher production has strengthened cash flow while margins are growing


Upbeat Toyota raises both profit and sales forecasts

The new facade of the LandCruiser 200 echoes that of former generations. Picture: QUICKPIC

The world’s best-selling vehicle maker said it expected to post a record net profit of ¥2.27-trillion ($19.43bn) in the year to March


Shell pins hopes on BG as profit slides

NEW ERA:  An employee sweeps at a Shell station in Brentwood, UK, this week. Shell is buying BG Group in the sector’s largest deal in a decade. Picture: BLOOMBERG/CHRIS RATCLIFFE

Oil major bets $50bn acquisition of BG Group will help it maintain dividends and increase crude and gas output as cash flow shrinks


Gupta firm mute on how to fire up colliery

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

Mineral Resources minister raises eyebrows with visit to Optimum’s owner Glencore in Switzerland as part of Tegeta delegation


ChemChina chief thinks big with Syngenta offer


Chinese offer for Swiss seeds group is country’s largest ever, write Matthew Miller and Chen Aizhu


Toyota parts factories in Japan to shut for a day next week

Vehicles drive past the Durban Toyota plant. Picture: REUTERS

The vehicle maker will also temporarily stop vehicle production in Japan due to a components shortage following an explosion at a supplier

Telecoms & Technology

New technologies lift Pinnacle


Information technology group says interim revenue grew ‘in a satisfactory manner’ with growth coming from infrastructural products

Financial Services

Standard Bank systems to be down on Sunday

Standard Bank. Picture: MARTIN RHODES

However, customers will still be able to use Standard Bank debit, cheque or credit cards to make in-store purchases and cash withdrawals at ATMs

Retail & Consumer

Milk glut sees cut in price and earnings


Current oversupply of milk is good news for consumers, who can expect to pay lower prices, but not for shareholders of Clover Industries


Stor-Age stacks up space for future growth

STARTING POINT:  Stor-Age CEO Gavin Lucas addresses investors and media at the group’s listing on the JSE’s main board on Monday. Picture: MARTIN RHODES

Critics say there is too little demand for storage facilities in SA to support big listed companies


Nearly one in seven people uses WhatsApp, says Zuckerberg


Facebook chief Mark Zuckerberg says the number of people using WhatsApp has more than doubled since Facebook bought the service for $19bn in 2014


Get real, Müller tells carbon police

Matthias Müller. Picture: REUTERS/RALPH ORLOWSKI

VW Group CEO Matthias Müller calls for more realistic testing of vehicles as well as fast-tracked charging networks to power hordes of battery-electric plug-ins on the way, writes Michael Taylor


Alphabet set to become most valuable company


Google parent poised to take crown from Apple on higher profit and sales fuelled by booming advertising business


Anglo in danger of getting the boot from UK’s blue-chip index


Risk of demotion may spark a sell-off worsened by tracker funds rebalancing portfolios to account for Anglo’s fall from grace


Metals sector to see structural shifts

Steel coils.  Picture: BLOOMBERG

As globalisation speeds up South Africa must upgrade plants, stabilise supply and ensuring high-quality product

Telecoms & Technology

Network investment pays off for Vodacom

Vodacom branding on the Ponte Building in Hilbrow, Johannesburg, in 2011. Picture: GALLO IMAGES/FOTO24/FELIX DLANGAMANDLA

Mobile communications company says the quarter’s biggest highlights were the accelerated service revenue growth in SA and the increase in group customer base

JSE Sens

Standard Bank

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