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Latest news and views in Brief
JSE-listed physical gold ETF Newgold has repurchased almost R250m worth of its units after investors cashed in 2m of the listed debentures. The repurchase represents just under 20 000 ounces of gold. The Newgold Gold ETF holds a combined 1.3m ounces of gold, worth R16.3bn. The company’s Platinum ETF earlier today announced the creation of … Read more
The eThekwini municipality wants Ravi Jagadasan, whose company built the Tongaat mall which collapsed last month, to be jailed for contempt of court, The Star reported on Thursday. Alternatively, the city also asked the Durban High Court to impose a fine on Jagadasan’s company, Rectangle Property Investments. Two construction workers died and 29 were injured … Read more
New Zealand’s GDP grew at an annual rate of 5.6 percent in the third quarter, up 3.5% year on year. The September quarter was the strongest in nearly four years, driven by a 17% increase in agricultural output as farmers recovered from drought. International dairy prices have also been robust. New Zealand’s economy relies on … Read more
US stock markets set new records after its Federal Reserve chairman Ben Bernanke announced that it would scale back its monthly cash injection via a bond-buying programme from $85bn to $75bn. This indicates the Fed intends keeping interest rates low. The Dow rose 1.8% to 16 168 and the S&P500 was up 1.7% at 1 … Read more
The furore around the dismissal of Cape Times editor Alide Dasnois has taken a new turn as the Right2Know Campaign drafted a strongly worded Memorandum to Iqbal Surve’ new head of Independent News & Media SA. It describes Surve’s response as “spinning the incident as a labour relations matter rather than owning up to your … Read more
Graham Mackay, 64, who took SABMiller from a geographically-bound, sprawling industrial conglomerate into the world’s second biggest brewer passed away surrounded by his family. Mackay, an engineer, joined SA Breweries in 1978 , became MD nineteen years later and CEO in 1999. He was appointed non-executive chairman earlier this year. Read Bloomberg’s excellent obituary here.
The bogus sign language interpreter at former president Nelson Mandela’s memorial service on December 10 has been admitted to Sterkfontein Psychiatric Hospital, The Star reported on Thursday. According to the report, Thamsanqa Jantjie’s wife Siziwe took her husband to the hospital in Krugersdorp for a check-up on Tuesday, where it was suggested he be admitted … Read more
Hi there, Just after Biznews.com launched, mining entrepreneur Bernard Swanepoel wrote us a piece lamenting how hostile takeovers are so difficult under South African law. Swanepoel, of course, spoke from experience. He was Harmony’s CEO when it launched that hostile bid for Goldfields Limited – but failed because of a system that allowed Goldfields to drag things … Read more
Hi there, There are worse ways to spend 90 minutes than watching The Internship. Especially once you accept it’s really a long Google advert masquerading as a movie. At R25 through Box Office, it’s money and time well invested. The movie is mostly fun with lots of jokes. But a serious message does emerge: just how … Read more