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Mining

STOCKWATCH: Assore shares drop after warning of drop in earnings

Rio Tinto’s Hamersley Iron ship is loaded with iron ore in Western Australia in this undated company handout photo. Picture: BLOOMBERG

Shares in mining company slide to 10-year lows after it announces it expects more than 50% decline in full-year headline earnings

Financial Services

Investec plans to spread chief duties

Investec. Picture: MARTIN RHODES

Investec’ s board approves plan that will see group CEO Stephen Koseff and MD Bernard Kantor delegate more of their operational responsibilities — perhaps a sign that group is preparing for their departure

Companies

Cold comfort for Shoprite in top court’s ruling on wine licence

Deputy Chief Justice Dikgang Moseneke. Picture: MARTIN RHODES

By a narrow majority, the Constitutional Court decided a licence to sell wine alongside other groceries was ‘property’ in terms of the Constitution

Telecoms & Technology

Stringent terms for Vodacom-Neotel merger

Tembinkosi Bonakele. Picture: FINANCIAL MAIL

Conditions cover black economic empowerment stake and infrastructure investment

Media & Advertising

Naspers sees e-commerce as the key to future growth

Picture: THINKSTOCK

CEO Bob van Dijk says India features high in their development spend and M&A spend, as well as Nigeria, SA, Brazil and Turkey

Europe

Davis’s X2 turns its focus to Rio Tinto coal

Mick Davis. Picture: BLOOMBERG

Former Xstrata boss under pressure to find deal to invest $5.6bn fund, writes Silvia Antonioli

Picture: GETTY IMAGES

Rumbles over Uber as bus system deal inked

City of Johannesburg wants ‘some regulation over moving force’ of app-based taxi service Uber

Property

Indluplace buys nine buildings for R420m

Picture: THINKSTOCK

JSE’s first residential-focused real estate investment trust acquires nine high-rise apartment buildings in Hillbrow and Joubert Park

Odgers Berndtson

Odgers Berndtson connects SA’s top CEOs and MBA students

Odgers Berndtson MD Leon Ayo. Picture: MIKE TURNER

For second year running leading executive search firm Odgers Berndtson will connect SA’s top CEOs and MBA students with its CEO For A Day programme, writes Leon Ayo

Featured Partner

Opinion

COMPANY COMMENT: Naspers; Coast2Coast

Picture: SHELLEY CHRISTIANS

Naspers needs more than a sterling effort while the bigger C2C stake stems from a funding arrangement on one of Ascendis’s earlier acquisitions


International companies


Asia-Pacific

Australian iron ore exports set to surge

Rio Tinto’s Hamersley Iron ship is loaded with iron ore in Western Australia in this undated company handout photo. Picture: BLOOMBERG

Forecasts see 10% export rise — more than double the gain this year — as new mine backed by billionaire Gina Rinehart ramps up output

Americas

Willis Group, Towers Watson agree $18bn merger

Picture: THINKSTOCK

Insurance broker Willis Group Holdings to combine with financial services provider Towers Watson & Co to create new insurance, personnel and risk company

Workers drill in a gold mine in Kibali, Democratic Republic of Congo. Picture: BLOOMBERG/SIMON DAWSON

Congo miner reveals sale after IMF rebuke

DRC’s Gecamines discloses sale of copper mine to Glencore’s Mutanda unit after IMF and the Carter Center criticises its lack of transparency
Picture: THINKSTOCK

Oando sells downstream assets for $461.3m to ease net debt

Sold downstream assets include Oando Marketing, a fuel retailing business with more than 400 outlets in Nigeria, Ghana and Togo among others

Telecoms & Technology

MTN Zakhele granted extension to continue trading shares until October

Picture: THINKSTOCK

Financial Services Board grants MTN Zakhele licence exemption though to end October ahead of news of listing

Industrials

Argent returns to black despite strike action

Picture: THINKSTOCK

Company to close Giflo in automotive side because of ‘poor margins’ and ongoing labour dispute with the National Union of Metalworkers of SA

Europe

Bank wary of ultra-low global interest rates

Picture: THINKSTOCK

Bank for International Settlements warns global economic growth remains uneven, debt in many areas high and rising, and explosion of credit growth shows renewed financial imbalances

Americas

Sony plans $3.6bn offering

Picture: REUTERS

Sony to issue new shares for first time since 1989, part of capital-raising plan that highlights potential of its fast-growing sensor business, but leaves some investors nervous

Companies

Rio Tinto smelter in New Zealand faces possible power crunch

Smoke billows from chimneys at the Rio Tinto alumina refinery in Gove, 650km east of Darwin in Australia's Northern Territory.  Picture: REUTERS

Aluminium smelter, which has suffered losses in two of last three years, faces July 1 deadline to decide whether to extend power supply contract with Meridian Energy

Asia-Pacific

China eases rates to prop up markets

A vendor waits for buyers at her pet fish stall in Beijing. Although the Chinese stock market rallied last year, this did not have a trickle-down effect on retail sales figures. However, this does not mean that a stock market downturn would similarly not affect them. Picture:  EPA/WU HONG

Decision to cut both lending rates and reserve requirements at some banks seen as almost entirely driven by the need to stabilise Chinese bourses after they lost 20% in a few weeks

Media & Advertising

Naspers ploughs R10.7bn into growth sectors

Picture: SHELLEY CHRISTIANS

Rocketing video-entertainment segment attracts 2-million more subscribers in the year and revenue hits R42.4bn — up 17%

Retail & Consumer

Steinhoff updates on German listing

Frankfurt stock exchange. Picture:  REUTERS

Steinhoff plans secondary listing in Frankfurt for the fourth quarter and announces it has raised its stake in PSG to just above 25%

Financial Services

Zico looks for new ventures for second fund

Picture: THINKSTOCK

Black-controlled investment firm looks north of the border as it re-evaluates investment in advertising media company Outdoor Network

Financial Services

Old Mutual man rises to new heights in firm reshuffle

Iain Williamson. Picture: FINANCIAL TIMES

Iain Williamson leaves MD post at insurer’s ‘retail affluent’ segment to serve as finance director

Americas

Amazon to offer loans to sellers in China, seven other countries

OVERKILL: Amazon’s Mechanical Turk online work marketplace proved a useful resource for researchers wanting to discover at what point in-your-face advertisements become counterproductive.  Pcture: BLOOMBERG/DANIEL ACKER

E-retailer will launch loan plan for small sellers later this year in eight more countries where credit is becoming key factor in competing for new vendors

Europe

Sky mulls bid of £4.5bn for Formula One

Formula One commercial supremo Bernie Ecclestone. Picture: REUTERS

Bidders line up for one of the most valuable prizes in global broadcasting, but Grand Prix team chiefs have warned of empty seats, fewer television viewers and races increasingly dominated by a handful of drivers

Asia-Pacific

Hanoi to lift business restrictions

A man drives past the Hanoi Stock Exchange, in Hanoi, Vietnam, on Friday. Vietnam's government has approved the removal of foreign ownership caps on most listed firms. Picture: REUTERS

Communist government scraps rules limiting the stake foreigners can own in some locally listed companies in move to boost growth

Opinion

ON THE MONEY: BEE deals beneficial, but be careful

American and European monetary policy makers are largely to thank for the R317bn in black wealth creation in SA

Europe

German prosecutors investigate Deutsche Bank

Deutsche Bank. Picture: BLOOMBERG/KRISZTIAN BOCSI

Prosecutors say they are investigating five individuals in connection with Deutsche Bank’s participation in global interest rate rigging scandal

Companies

Mahindra aims for double-digit growth in Africa

The extended wheelbase provides for a larger load box.  Picture: QUICKPIC

Utility and tractor producer sets up Africa-focused business unit, hopes aggressive expansion will help spur 10-fold increase in business

Industrials

KWV seeks to tap into Russia and US

Bid for new overseas markets to increase profit and make KWV Holdings a global, diversified alcoholic beverages group

Financial Services

New African Bank set for slow rise from ashes

Tom Winterboer.  Picture: RUSSELL ROBERTS

Questions remain on what led to the failure of the unsecured lender and who should be held responsible

Telecoms & Technology

Cost routing is TeleMasters’ future bet

Picture:  THINKSTOCK

Communications group has faith in least-cost routing market deemed unviable in recent years because of falling mobile prices

Opinion

COMPANY COMMENT: Listed property index; KWV

Picture: THINKSTOCK

Property sticking to comeback promise while Paarl-based liquor group KWV’s annual general meeting of probably won’t be a festive occasion given that the over-the-counter share price has stumbled to 550c

Opinion

COMPANY COMMENT: Barclays Africa; Eskom

Maria Ramos. Picture: MARTIN RHODES

Manager’s exit allows group CEO Maria Ramos to restructure while Eskom’s short-sighted and self-serving decisions make it hard to pity the power utility

Industrials

Hudaco reaps rewards of acquisitions

Picture: THINKSTOCK

Industrial products distributor Hudaco reports stellar results as acquisition strategy to reduce dependence on SA’s mining and manufacturing sectors ‘pays off’

Property

SA office spaces are all dressed up — with no one to fill them

Picture: THINKSTOCK

Sluggish economy hits property funds as few companies seek new office space, writes Alistair Anderson

Financial Services

African Bank reduces first-half loss

Picture: MICHAEL ETTERSHANK

Troubled unsecured lender says lower monthly disbursements, paydown of loans, which decreased income from operations, affected earnings

Mining

Political royalty told to pay for Aurora

EQUAL: President Jacob Zuma and Michael Hulley at the Constitutional Court in 2008. Picture: THE TIMES

Aurora Empowerment Systems’s directors and management — including elements of SA’s political elite — stand personally liable for about R1.7bn

Mining

Risk-aware Exxaro pulls back on capex

Exxaro finance director Wim de Klerk. Picture: RUSSELL ROBERTS

Exxaro’s shares picks up almost 1% after the company’s operational update

Mining

Wescoal passes dividend after cautious outlook

Picture: THINKSTOCK

Coal miner and trader Wescoal’s trading outlook hit by increased competition, load shedding and slowing demand from the steel sector

Industrials

Invicta posts good results in tough time

Charles Walters. Picture: FINANCIAL MAIL

Earnings per share down 6% amid global slowdown and difficult domestic conditions, including ‘debilitating labour unrest’ and power shortages

Property

Safari builds a desirable asset portfolio

Picture: THINKSTOCK

Township-mall focused Safari Investments’ fast-growing portfolio, including first clinic, may attract larger funds

Standard Bank

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