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  • KPMG bleeds another client

    04 May 2018 12:27 PM 38

    Cape Town – Redefine Properties [JSE:RDF] has joined a growing list of companies and institutions to cut its business with auditing firm KPMG short. The diversified real estate investment trust (REIT) announced on Friday that it would renege on its annual general meeting proposal to re-appoint KPMG as its independent external auditor. Redefine CEO Andrew

  • Lancewood cheese owner Libstar raises R3bn ahead of JSE listing

    04 May 2018 10:02 AM 31

    The South African owner of Lancewood cheese, which also supplies Woolworths’ [JSE:WHL] own-branded honey and spices, placed shares at R12.50 each, compared with a target of R12.50 to R16, the company said in a statement on Friday. That raised R1.5bn, while existing shareholders led by Abraaj Group sold shares worth the same amount. The Johannesburg initial

  • Steinhoff to meet with lenders to discuss debt

    03 May 2018 2:41 PM 41

    Steinhoff International Holdings [JSE: SNH] will face up to lenders in London next week to discuss a plan to reorganise $12.5bn (almost R160bn) of debt, a meeting that could prove critical to the future of the retailer weighed down by an accounting crisis. The owner of Conforama in France and Mattress Firm in the US will hold the meeting in private on May 18, a spokesperson

  • Bus strike: Unions, employers in 'last ditch' talks to break deadlock

    03 May 2018 7:53 AM 33

    In yet another last ditch attempt to end the national bus strike, employers and union representatives will meet at 10:00 on Thursday in Johannesburg. After a lengthy caucus meeting on Wednesday, the five unions reported back on consultations with their members. The unions have not adopted a rigid approach and have all apparently been mandated by their

  • Standard Bank to the rescue as Zim exporters struggle

    03 May 2018 4:05 AM 35

    Harare – The Zimbabwean unit of Standard Bank [JSE:SBK] has come to the rescue of the country's foreign currency-starved export market producers by availing a facility to cover up to 60% of their working capital needs. Zimbabwean manufacturers have been unable to pay for imported raw materials and equipment for their operations, owing to a crippling

  • Vehicle sales up despite holidays, strike action

    02 May 2018 1:36 PM 31

    Cape Town - Latest vehicle sales and export numbers are in line with general industry expectations, the National Association of Automobile Manufacturers (Naamsa) said on Wednesday. Domestic new vehicle sales in April were 36 346 units - an improvement of 1 260 vehicles (3.6%) compared to April last year. In April 2018 aggregate export sales were 24 422 vehicles

  • Court decides in favour of Lewis regarding club fees, extended warranties

    02 May 2018 9:29 AM 30

    Cape Town - The National Credit Act (NCA) does not prevent credit providers from offering the services of a club to consumers, provided these services are not part of the “cost of credit”. This was part of a Gauteng High Court judgment in an appeal by the National Credit Regulator (NCR) in a case against retailer Lewis Group [JSE:LEW]. The NCR initiated

  • Cosatu should be consistent and treat Ramaphosa like Zuma – AMCU

    01 May 2018 9:46 AM 34

    President Cyril Ramaphosa still has the cloud of the Marikana Massacre over his head and the Congress of South African Trade Unions (Cosatu) should reconsider his address at the congress's main rally, said the Association of Mineworkers and Construction Union (AMCU). AMCU on Monday issued a statement indicating it would not commemorate Workers Day on May 1. Instead

  • Trade continues recovery path with R9.4bn March surplus

    30 April 2018 6:33 PM 29

    South Africa’s year-to-date trade deficit is at R18.63bn, a stark difference to the R4.22bn trade surplus recorded for the same period last year. The South African Revenue Service released the trade statistics for March on Monday, reflecting a R9.47bn trade surplus. South Africa recorded a trade deficit of R27.7bn in January as a result of a 22% surge

  • Growth in household credit, bond balances to remain subdued

    30 April 2018 1:55 PM 27

    Cape Town - The value of outstanding credit balances in the South African household sector was R1 564.1bn at the end of March and showed 3.9% year-on-year (y/y) growth up to the end of the first quarter of 2018, according to Jacques du Toit, property analyst at Absa Home Loans. The value of outstanding mortgage balances is the net result of all property