JOHANNESBURG, July 3 (Reuters) –Â South Africa’s private sector contracted slightly in June, a survey showed on Thursday, reflecting the impact of a protracted strike in the mining sector. The HSBC Purchasing Managers’ Index (PMI) edged down to 49.5 in June from 49.7 in May, pointing to a further deterioration in operating conditions for local firms. … Read more
The SA Revenue Service (Sars) is failing to collect maximum revenue from the private sector, particularly from the mineral resources sector, the EFF said on Wednesday. The Economic Freedom Fighters made the statement following a Sars briefing to the portfolio committee on finance. Party parliamentary Chief Whip Floyd Shivambu said Sars claimed easy victories concerning … Read more
JOHANNESBURG (Reuters) – South African furniture retailer Steinhoff said on Thursday it had raised 7.8 billion rand ($725 million) in an accelerated bookbuild as part of a drive to raise international funds ahead of a planned Frankfurt listing. The company said the bookbuild was fully subscribed and 150,100,412 Steinhoff ordinary shares will be issued at 52 rand per ordinary share, a … Read more
With only two matches left in the round-robin stage of the 2014 Super Rugby competition, the Lions will be looking to finish with a flourish to complete one of their best seasons. Coach Johan Ackermann said on Tuesday his team would be looking to bow out of this year’s edition with seven victories but they … Read more
By Tiisetso Motsoeneng and Stella Mapenzauswa JOHANNESBURG (Reuters) – More than 220,000 South African engineering and metal workers launched a strike over wages on Tuesday, hot on the heels of a crippling platinum dispute and dealing a further blow to an already weak economy. Members of the National Union of Metalworkers of South Africa (NUMSA), … Read more
WELLINGTON (Reuters) – Disgraced former New Zealand cricketer Lou Vincent has admitted match-fixing and is expected to receive a life ban from all participation in the sport in England on Tuesday, a punishment he is prepared to accept. The 35-year-old Vincent had previously said he was co-operating with anti-corruption officials from both the International Cricket … Read more
By Ed Stoddard JOHANNESBURG, June 27 (Reuters) – Are mispricing and the opacity of commodities trading in Switzerland contributing to Africa’s underdevelopment? The world’s poorest continent remains heavily dependent on natural resources and so is extremely vulnerable to manipulations in the price of the commodities it extracts and exports, with very real consequences for its … Read more
JOHANNESBURG (Reuters) – The South African rand firmed slightly on Friday, reversing recent losses after hitting a week low in the previous session on news metal union NUMSA plans to go on strike on July 1. The rand opened 0.13 percent stronger from its New York close at 10.6215 rand by 0618 GMT. The local … Read more
Just as South Africa is starting to recover from the longest strike on record in almost 100 years, the workers at NUMSA, the National Union of Metalworkers of South Africa, are gearing up for their own strike in sectors ranging from communications to engineering. Almost a quarter of a million South Africans may go on … Read more
Suing a company like Investec is always going to be an uphill battle. Investec has deep pockets, all the time in the world, and no conscience to answer to, so the potential for delays, nitpicking, and endless argument is enormous. Randgold shareholders, who are suing Investec over claims that it helped the now deceased Brett … Read more