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  • Record boost for Barloworld's Russian Equipment division

    21 May 2018 2:43 PM 17

    overall interim revenue has grown by 1%, headline earnings per share have increased by 14% year-on-year, with profits growing by 16.7% to R1.001bn. Revenue increased to R30.9bn, primarily on the back of improved performance in Equipment Russia and Equipment Southern Africa, the group said. Barloworld Limited's Equipment Russia, meanwhile, delivered record

  • Rand at its weakest in 2018 – analysts

    21 May 2018 10:21 AM 19

    R12.77/$ on Monday morning, already having been weaker during early Asian trade, according to a market update from NKC Economics. Last week it closed 1.4% weaker to the dollar at R12.72/$, its lowest level in six months. NKC expects the currency to trade within a range of R12.60/$ and R12.85/$. By 12:18 the local unit was trading 0.33% weaker at R12.81 to the greenback

  • Government wage deal to go ahead, despite urgent call for more consultation

    21 May 2018 7:29 AM 18

    Johannesburg - The Public Service Coordinating Bargaining Council (PSCBC) will on Monday morning present the agreement to trade unions and government to be signed, as the Federation of Unions of South Africa (Fedusa) has called for a postponement and asked for more time to consult with members. Fedusa’s affiliate, the Public Servants Association (PSA)

  • State bank won't necessarily aid transformation

    18 May 2018 5:08 PM 23

    Shivambu drafted amendments to the Banks Act of 1990, to allow the state the power to incorporate a bank that would be empowered with all the functions of a commercial finance services institution, with a view to driving economic development and transformation. In an opinion piece for Daily Maverick, Shivambu said the Banks Amendment Bill was geared

  • Steinhoff begins creditor talks on restructuring ailing retailer

    18 May 2018 12:29 PM 29

    FTI Consulting is working with bank lenders and hedge funds Attestor Capital and Davidson Kempner Capital Management, which bought bank debt and contributed new loans to Steinhoff after the December disclosure of accounting irregularities sent its securities plummeting, the people said. The members of FTI’s committee will be allowed in the meeting alongside

  • Workers 'dumped' at Pan African's Evander 8 Shaft

    17 May 2018 11:51 AM 21

    Johannesburg – Unions say mine workers are being "dumped" following the closure of Pan African Resources' [JSE: PAN] Evander 8 Shaft. In a note to shareholders on May 2, Pan African Resources said the closure at Evander had been confirmed, resulting in the retrenchment of about 1 700 employees. National Union of Mineworkers (NUM) national spokesperson

  • Richemont wraps up YNAP takeover, online retailer to delist

    17 May 2018 10:59 AM 20

    Swiss luxury goods group Richemont [JSE:CFR] has acquired 94.99% of online retailer YOOX Net-A-Porter Group’s (YNAP) shares, exceeding the minimum requirement of 90% of YNAP’s share capital. YNAP will delist from the Milan Stock Exchange with effect from June 20, 2018. YNAP’s trade will be suspended from June 18. Richemont, which is owned by South African

  • Investec bleeds R220m on Steinhoff exposure

    17 May 2018 8:26 AM 22

    Johannesburg – Investec Bank [JSE:INP] lost R220m as a result of credit exposure to Steinhoff, the company said on Thursday, as it released financial results for the year ended March 31. Investec said the credit exposures, through Steinhoff Africa Retail, "represent a small portion [of] the group’s balance sheet". In December, Investec said in a statement

  • SAA seeks urgent funding after latest loss

    17 May 2018 7:09 AM 21

    The carrier’s precarious balance sheet is among the most urgent tasks on the to-do list of Finance Minister Nhlanhla Nene, who is already under pressure to revive the country’s own stretched finances. SAA Chief Executive Officer Vuyani Jarana said last month the airline needs R5bn immediately, while looming debt payments next year may require further

  • Treasury hails oversubscribed bond note issuance as sign of confidence in SA economy

    16 May 2018 8:30 AM 21

    Cape Town – National Treasury announced on Wednesday that it had successfully placed US$2bn (R25.1bn) worth of 12 to 20 year notes in the international capital markets, hailing it as a sign of the international market’s confidence in South Africa’s economic policy framework. National Treasury said the 12-year maturation notes had a total issuance amount