Newgold signal for gold to platinum switch

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

Durban Metro wants to jail Tongaat builder

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

Kiwi GDP improves to 5.6% after dairy boost

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

Tapering sends US stocks to record highs

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

Cape Times editor supported after dismissal

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

Bloomberg obit to late SABMiller CEO Mackay

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.

Bogus sign interpreter into mental asylum

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

Adcock Ingram vote going down to the wire; The ten most popular reads of the past week

Hi there, Just after 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