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Is it feasible to be more inclusive in retrenchment talks in the mining sector?

By Eugene Phajane, a Partner at Webber Wentzel and specialist in employment law. Amcu has challenged the inclusivity of the Section 189(1) provisions of the Labour Relations Act, arguing retrenchments are so important that everyone needs to be consulted individually. But in our view, Section 189(1) is the most practical solution and in line with the principle of majoritarianism that runs throughout SA law. As 2019 begins, a combined 23 500 jobs are under threat at Impala Platinum and Lonmin, a reflection of the unrelenting revenue and cost pressures SA's platinum group metals (PGM) miners have faced since 2012. Understandably, negotiations over retrenchments are becoming more heated. In 2017 SA's PGM mines employed 172 171 people, according to Minerals Council of SA statistics.

WATCH: Rand trades weaker overnight

To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video JOHANNESBURG - The rand strengthened against the US dollar during yesterday's European trading session according to NKC Research.  Broad greenback softness made it easier for the South African currency to dip below the R14/$ level, buoyed by hopes that Wednesday's national budget would be enough for Moody's not to place South Africa on negative watch at its next scheduled review of the country's credit rating on March 29. At the close of local trade, the rand quoted 0.7 percent stronger at R13.92/$, after trading in a range of R13.87/$ - R14.05/$. The rand traded somewhat weaker overnight.

Mabuza announces Telkom exit ahead of Zondo appearance

Jabu Mabuza announced he is stepping down as Telkom chairman on the eve of his appearance at the Zondo commission of inquiry into state capture, where he testifies in his other role as Eskom board chairperson. Telkom said yesterday that Mabuza's resignation from the role he has held since November 2012 will be effective as of 31 May. "Jabu Mabuza has chaired the Telkom board through some rough times since he joined the board in 2012," said Sipho Maseko, group CEO of Telkom. "On departure, he will leave a strong and stable organisation." Maseko expressed the board's gratitude to Mabuza for his leadership over the past six years, saying his skills and experience have been extremely valuable to Telkom. Mabuza is reportedly scheduled to be the first witness at the state capture inquiry today. The commission has set down the next three weeks to focus on the state-owned power utility. Mabuza took over as Eskom chairperson in January 2018, along with a number of new board members, "as an immediate measure to strengthen governance and management at the parastatal", the Presidency said at the time. When he was appointed, the Presidency directed the new board to "immediately remove all Eskom executives who are facing allegations of serious corruption and other acts of impropriety". His testimony is expected to shine light on the state of the parastatal when the new board took over and the clean-up effort at the power utility ever since. New blood Mabuza will be replaced at Telkom by Sello Moloko, an independent non-executive director already on the Telkom board and "a seasoned director". Moloko is also the non-executive chairman of Sibanye-Stillwater and previously chaired the board of Alexander Forbes.

Zambezi interim results December 2018

Share of earnings from associate for the interim period jumped to R171.9 million (2017: R55.5 million) while loss for the period narrowed to R456.5 million (2017: loss of R517.8 million). Going concern Zambezi incurred a net profit of R342.9 million (31 December 2017: profit of R925.5 million and 30 June 2018: loss of R1.8 billion) for the period ended 31 December 2018 and, as of that date, the company?s total liabilities exceed its total assets by R3.6 billion (31 December 2017: R1.2 billion and 30 June 2018: R4.0 billion). Northam Platinum Ltd.

5 things you need to know in SA business today and 12 signs you're a bad listener

1. The rand remained stable at R14.00/$ after it blew out to R14.37 on Budget Day. Ratings agency Moody's said yesterday that the announcement in the Budget that government will have to raise its expenditure ceiling by R16 billion over three years would not weaken fiscal policy credibility - but it wants to see a detailed plan on Eskom before it announces its ratings decision on SA next month. Meanwhile, Standard & Poor, another rating agency, told Reuters that while government's payouts to Eskom are concerning, SA's current account deficit is still relatively small and the US central bank's decision not to hike rates mean that "on the external front the situation is not so threatening".

EOH CEO in fight to save graft-tainted South African IT company

EOH Holdings CEO Stephen Van Coller is in a race against the clock to restructure the sprawling South African IT business before shareholders and lenders run out of patience. Van Coller, a former executive at Barclays Africa Group and MTN Group, was brought in to turn around the troubled business and improve its corporate reputation after allegations of corruption linked to government contracts. He plans to break Johannesburg-based EOH into different parts to release greater value from a portfolio of more than 270 companies, while appointing PwC as an internal auditor and launching a whistle blower app. "EOH is like a vegetable soup, where it's not clear if it's 10% carrots or 90% carrots," the CEO said in an interview in Johannesburg.

De Beers says laboratory-grown diamond wholesale prices fall by up to 60%

LONDON - Wholesale prices for laboratory-grown diamonds have fallen by up to 60% since De Beers began selling synthetic stones for jewellery in September, CEO Bruce Cleaver said on Thursday, adding margins for the sector would continue to fall. De Beers, part of mining group Anglo American, shocked the diamond industry last year when it announced it was reversing a decades-old policy of selling natural diamonds only for jewellery and synthetic stones for industrial uses. Its Lightbox brand, created for the new synthetic venture, is starting small, selling 20 000 ct by the end of 2019, but De Beers has invested in a synthetic diamond factory in the US state of Oregon, which should produce more than half a million rough carats a year when fully operational in 2020. Already, the impact on synthetic pricing had been huge, Cleaver said, citing De Beers' analysis that showed an up to 60% fall in wholesale prices. He said the slide would continue as improved technology increases the quality and volume of laboratory-grown diamonds.

China's little-watched prime rate in spotlight as cbank eyes rising money markets

SHANGHAI, Feb 22 (Reuters) - China's primary money rates rose this week amid higher month-end corporate demand for cash, even as authorities remain focused on keeping borrowing costs low to reduce the risk of a sharper economic slowdown. The volume-weighted average rate for the benchmark seven-day repo in the interbank market, considered to be the best indicator of general liquidity in China, rose about 35 basis points (bps) this week and was at 2.5671 percent by Friday afternoon. The Shanghai Interbank Offered Rate (SHIBOR) for the same tenor rose 24.9 bps on the week to 2.6000 percent.

WESCOAL HOLDINGS LIMITED - Appointment of chief executive officer and reconstitution of the board

Wrap Text Appointment of chief executive officer and reconstitution of the board WESCOAL HOLDINGS LIMITED Incorporated in the Republic of South Africa (Registration number 2005/006913/06) Share code: WSL ISIN: ZAE000069639 ("Wescoal" or the "Company" or the "Group") APPOINTMENT OF CHIEF EXECUTIVE OFFICER AND RECONSTITUTION OF THE BOARD 1. Introduction In compliance with paragraph 3.59 of the Listings Requirements of the JSE Limited, shareholders are advised of changes to the Wescoal board of directors (the "Board"). A recent update to shareholders by Chairman Muthanyi Robinson Ramaite touched on the Board's revitalisation project in anticipation of an imminent announcement. The appointment of Dr HLM Mathe to the role of Acting CEO, for the period 01 February 2019 to 30 April2019, has spearheaded a strong plan, focusing on operational efficiencies, integration and leadership renewal. 2.

Mabuza announces Telkom exit ahead of Zondo appearance

Jabu Mabuza announced he is stepping down as Telkom chairman on the eve of his appearance at the Zondo commission of inquiry into state capture where he testifies in his other role as Eskom board chairperson.Telkom said yesterday that Mabuzas resignation from the role he has held since November 2012 will be effective as of 31 May.Jabu Mabuza has chaired the Telkom board through some rough times since he joined the board in 2012 said Sipho Maseko group CEO of Telkom. On departure he will leave a strong and stable organisation.Maseko expressed the boards gratitude to Mabuza for his leadership over the past six years saying his skills and experience have been extremely valuable to Telkom.Mabuza is reportedly scheduled to be the first witness at the state capture inquiry today. The commission has set down the next three weeks to focus on the stateowned power utility.Mabuza took over as Eskom chairperson in January 2018 along with a number of new board members as an immediate measure to strengthen governance and management at the parastatal the Presidency said at the time.When he was appointed the Presidency directed the new board to immediately remove all Eskom executives who are facing allegations of serious corruption and other acts of impropriety.His testimony is expected to shine light on the state of the parastatal when the new board took over and the cleanup effort at the power utility ever since.New bloodMabuza will be replaced at Telkom by Sello Moloko an independent nonexecutive director already on the Telkom board and a seasoned director.Moloko is also the nonexecutive chairman of SibanyeStillwater and previously chaired the board of Alexander Forbes.

FTSE 100 rises, led by mining shares; Dairy Crest gains on buyout deal

(For a live blog on European stocks, type LIVE/ in an Eikon news window) * FTSE 100 up 0.3 pct * FTSE 250 up 0.2 pct * Miners top boosts to main index * Dairy Crest jumps on M&A news Feb 22 (Reuters) - Britain's main stock index edged higher on Friday, led by gains in mining shares as optimism grew over global trade talks, while mid-cap Dairy Crest rose after agreeing to a takeover. The FTSE 100 rose 0.3 percent but still looked set for losses for the week. The FTSE 250 was up 0.2 percent by 0840 GMT.

We are tax compliant: MTN Uganda responds to govt queries

MTN denies understating figures Uganda's biggest telecommunications company MTN has denied government accusations it has been understating its revenues, insisting that it was fully meeting all its tax obligations. "MTN revenues are independently audited and we remain firmly of the view that all revenues have been correctly accounted for and we are compliant on all tax matters," MTN Uganda said in an email to Reuters on Thursday. "Where queries are raised during tax assessments … MTN works with the relevant authorities to resolve the queries according to the law." MTN Uganda earned $373.99 million in revenues in 2017, up 10 percent from the previous period.

Retail: How the mighty have fallen in Kenya

Editor's note: The opinions in this article are the author's, as published by our content partner, and do not represent the views of MSN or Microsoft. Once the undisputed leaders of the booming East African retail market, today some of the biggest names in Kenyan retail are no more. The collapse of leading household brands stands in stark contrast to the hype around high-investment returns expected from Africa's "burgeoning" middle class, not to mention the conviction of a string of reports claiming outright local domination over multinational competitors in the opaque African consumer market.

BBE Group air-cooling consulting crucial to African mining prospects

Consulting and engineering services business Bluhm Burton Engineering (BBE) Group's air-cooling consulting and services are crucial to its involvement in several mining projects, with construction and delivery of design and build turnkey cooling solutions to mines across the African continent. Currently, these include diamond exploration and mining company De Beers Group's flagship Venetia diamond mine, in Limpopo; platinum group metals producer Impala Platinum's No 16 Shaft, in the North West; gold producer Newmont's Subika gold mine, in Ghana; and copper producer Palabora Copper's mine, also in Limpopo. "Africa is probably more of a market for us than South Africa. We're getting ambitious about going further afield with our project expertise - that's where we're looking at opportunities. We're not considering entering the heating, ventilation and air conditioning locally, we are staying in our market - where people fear to tread," states BBE director Richard Gundersen. He notes that construction at the Venetia project, which started towards the end of 2018, is expected to continue throughout 2019.

Van Coller in race against the clock to restructure EOH

EOH Holdings CEO Stephen van Coller is in a race against the clock to restructure the sprawling South African IT business before shareholders and lenders run out of patience. Van Coller, a former executive at Barclays Africa Group and MTN Group, was brought in to turn around the troubled business and improve its corporate reputation after allegations of corruption linked to government contracts. He plans to break Johannesburg-based EOH into different parts to release greater value from a portfolio of more than 270 companies, while appointing PwC as an internal auditor and launching a whistle blower app.

Chaka Khan to celebrate 40 years of music at #CTIJF2019

Cape Town Yvette Marie Stevens known to many by her stage name Chaka Khan needs no real introduction to South African audiences. The 10time GRAMMY® awardwinning artist will be gracing our shores to perform at the 20th annual Cape Town International Jazz Festival (CTIJF) taking place at the Cape Town International Convention Centre at the end of March.The singer who is celebrating over 40 years in the music industry has released 22 albums and has racked up ten #1 Billboard magazine charted songs. I am honoured and blessed to celebrate 40 years in music and entertainment says Chaka. I am so humbled by the love support and gracious spirit of my fans in South Africa and I look forward to sharing 40 years of music with them.A songwriter actor author philanthropist entrepreneur and activist Chaka Khan has influenced generations of recording artists.

Tim James: On canteen wine and papsak

Home Opinion & Analysis Opinion & Analysis Tim James: On canteen wine and papsak By Tim James - February 22, 2019 0 SHARE Facebook Twitter Did you know that "papsak" was one of five South African words added to the august Oxford English Dictionary in 2015? Why it took them so long to discover this one, I'm not sure, but I'm glad they found it at last. Even in my Oxford Dictionary of South African English, 1978 edition, it's not given with its wine-related meaning (the liquid-holding container in boxed wine). As I started pursuing the history of the papsak, however, I discovered why.

Builders Warehouse Tokai Under Fire For Pathetic Wrongful Arrest

South Africa is a funny place sometimes. Undermine our democracy and capture the state, building a criminal enterprise second to none, and you can jet off to Dubai and throw lavish R100 million weddings , whilst workers at the mines you own go unpaid. Head to Builders Warehouse with a hinge you bought, in order to ensure that you buy the identical product again to fit the rest of your house, and you can land up being arrested and charged with shoplifting.

Housekeeping forces Woolies to sacrifice dividends for growth

JOHANNESBURG Woolworths (Woolies) again cut its dividend to shareholders in the halfyear to December as it battles to turn its retail business around and recover from losses incurred by its Australian chain store David Jones. Woolies took a R7billion writedown in early 2018 on David Jones and a spate of recent resignations at David Jones has rattled shareholders who are worried about the turnaround.Woolies said its shareholders would receive 92cents a share for the 26 weeks ended December down 15.2percent from 108.5c per share in the prior period.In a surprise move the JSElisted retailer which sells food and clothing said it had cut the dividend at its struggling Australian subsidiary which comprise David Jones and Country Road Group by 15percent for the second consecutive year and aimed to halve the debt by A$200million (R2.01bn). Woolworths group chief executive Ian Moir said yesterday that the cutting of the dividend was necessary to boost the balance sheet and had been welcomed by shareholders.Shareholders have told us that cutting the dividend is the right thing to do Moir said. He said the companys food division had continued to deliver a strong performance. The food division has been taking market share from competitors over the last seven years. We are very happy with the good growth he said adding that the group had put a lot of work into turning around the fortunes of David Jones.Woolworths said its food business was the star performer in the period under review with a 6.3percent increase in sales.

EOH in a race to restructure before shareholders and lenders run out of patience

EOH Holdings Ltd chief executive officer Stephen Van Coller is in a race against the clock to restructure the sprawling South African IT business before shareholders and lenders run out of patience. Van Coller, a former executive at Barclays Africa Group Ltd. and MTN Group Ltd., was brought in to turn around the troubled business and improve its corporate reputation after allegations of corruption linked to government contracts.

European shares flat, results from Elekta, Sika, Sopra Steria drive big swings

(For a live blog on European stocks, type LIVE/ in an Eikon news window) LONDON, Feb 22 (Reuters) - Europe's main stock markets barely budged on Friday but results from companies including Sweden's Elekta, Switzerland's Sika, and France's Sopra Steria kept trading lively while investors waited with bated breath for news from crucial U.S.-China trade talks. The STOXX 600 and Germany's DAX were both flat by 0830 GMT, with the main action at the stock level. Shares in Sopra Steria topped the STOXX 600 with a 17 percent gain after the French IT services and consulting firm reported full-year results.

Housekeeping forces Woolies to sacrifice dividends for growth

Woolies said shareholders would receive 92c a share for the 26 weeks ended December, down 15.2?percent from 108.5c per share in the prior period. File Photo: IOL JOHANNESBURG - Woolworths (Woolies) again cut its dividend to shareholders in the half-year to December as it battles to turn its retail business around and recover from losses incurred by its Australian chain store, David Jones.  Woolies took a R7?billion write-down in early 2018 on David Jones and a spate of recent resignations at David Jones has rattled shareholders who are worried about the turnaround. Woolies said its shareholders would receive 92?cents a share for the 26 weeks ended December, down 15.2?percent from 108.5c per share in the prior period.

European shares flat, results from Elekta, Sika, Sopra Steria drive big swings

(For a live blog on European stocks, type LIVE/ in an Eikon news window) LONDON, Feb 22 (Reuters) - Europe's main stock markets barely budged on Friday but results from companies including Sweden's Elekta, Switzerland's Sika, and France's Sopra Steria kept trading lively while investors waited with bated breath for news from crucial U.S.-China trade talks. The STOXX 600 and Germany's DAX were both flat by 0830 GMT, with the main action at the stock level. Shares in Sopra Steria topped the STOXX 600 with a 17 percent gain after the French IT services and consulting firm reported full-year results. Chipmaker ASM International jumped 6.3 percent after it said fourth-quarter order intake hit a record high of 301.6 million euros, well above its forecast. In other strong results, Swiss construction chemicals maker Sika rose 4.6 percent after full-year profit beat expectations. Meanwhile Elekta brought up the rear with a 10.6 percent slide after the Swedish radiation therapy equipment maker reported third-quarter earnings well below market expectations, and cut its full-year margin forecast. The food and beverage sector was the worst-performing, down 0.6 percent, after U.S.-based Kraft Heinz reported weak results, sending its shares down 20 percent in after-hours Wall Street trade. AB Inbev fell 2.3 percent, Nestle lost 0.6 percent and Danone dipped 0.4 percent. Unilever also dropped 0.9 percent. Saint Gobain shares fell 3.1 percent after the company reported a slump in annual net profit, blaming asset impairments amid uncertainty over the economy. Shares in car parts maker Valeo see-sawed in early deals after its results, up just 0.7 percent by 0830 GMT. In the UK, M&A livened up trading. Dairy Crest shares surged 12.9 percent after Canada's Saputo bought Britain's largest dairy food company for about 975 million pounds ($1.3 billion). (Reporti

ZAMBEZI PLATINUM (RF) LIMITED - Release of reviewed interim results

Wrap Text Release of reviewed interim results ZAMBEZI PLATINUM (RF) LIMITED (Incorporated in the Republic of South Africa) (Registration number 2014/106927/06) JSE preference share code: ZPLP ISIN code: ZAE000202552 ("Zambezi Platinum" or the "company") RELEASE OF REVIEWED INTERIM RESULTS Zambezi Platinum advises its preference shareholders that the reviewed interim results for the 6 months ended 31 December 2018 are available on the Zambezi Platinum website: www.northam.co.za/zambezi/ and are also available for inspection at the company's registered office on request. Johannesburg 22 February 2019 Debt Sponsor One Capital Date: 22/02/2019 07:06:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS.

FIRSTRAND LIMITED - Trading statement - financial impact of Discovery card transaction

Wrap Text Trading statement - financial impact of Discovery card transaction FIRSTRAND LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1966/010753/06) JSE ordinary share code: FSR ISIN: ZAE000066304 JSE B preference share code: FSRP ISIN: ZAE000060141 NSX ordinary share code: FST (FirstRand or the group) TRADING STATEMENT - FINANCIAL IMPACT OF DISCOVERY CARD TRANSACTION Shareholders were previously advised that FirstRand received the final consideration for the Discovery Card transaction (the Discovery transaction) on 21 November 2018, with a resultant profit for the group of approximately R2.3 billion. In terms of International Financial Reporting Standards (IFRS), this profit will be included in FirstRand's consolidated attributable earnings for the six-month period to 31 December 2018, however, given the non-operational nature of the profit on the Discovery transaction, it will be excluded from FirstRand's headline earnings (in terms of the South African Institute of Chartered Accountants Circular 4/2018). It will also be excluded from normalised earnings, which the group believes most accurately reflects its economic performance. In terms of the Listings Requirements of the JSE Limited, an issuer is required to publish a trading statement as soon as it becomes apparent that financial results (in this case earnings per share (EPS) and earnings attributable to ordinary shareholders) for the next period to be reported on are expected, with a reasonable degree of certainty, to differ by at least 20% from those of the previous corresponding reporting period. Accordingly, the table below provides guidance for the increases in the group's earnings attributable to ordinary shareholders and basic earnings per share for the six months ended 31 December 2018. As reported for the Guidance Guidance increase six months ended 31 increase for the for the six months

Sika interested in parts of BASF's construction chemicals business

By John Revill ZURICH, Feb 22 (Reuters) - Switzerland's Sika would be interested in buying some parts of BASF's construction chemicals business but has ruled out bidding for the whole business, Chief Executive Paul Schuler told Reuters on Friday. The Swiss chemicals maker is still awaiting a sales pack from bank Goldman Sachs which has been appointed by BASF to oversee the sale of the business which could carry a price tag of up to 3 billion euros ($3.4 billion). Schuler said Sika would be interested in parts of BASF's business, for example its sealants, flooring and mortar units. But competition concerns means Sika would not launch a bid for the whole business, he said. "We would have a look at it," Schuler said. "BASF have some fantastic businesses in there, they have a lot of interesting things which we would pick up if we could." "But buying the whole thing is out of the question." Funding a deal would not be a problem for Sika, which is mainly concerned about an overlap between the two companies business in concrete admixtures, used to waterproof or strengthen building projects. In some markets a combination of Sika and BASF's concrete admixtures businesses would have a market share of up to 80 percent, meaning a tie-up could fall foul of market regulators. Sika would instead wait on when and how BASF decided to dispose of the business, Schuler said. One possibility could be Sika teaming up with other industry players, who would divide the business after buying it. Schuler declined to comment on this approach, saying only: "We look at all the options." Schuler declined to say how much Sika would offer for the parts of BASF his company was interested in. "How much would I pay? I don't know, the cheaper the better," he said. Sika will press ahead with integrating Parex, the French mortar compan

Abalone confiscated at the Durban business premises

In a raid conducted by SAPS, SARS, Customs, Immigration Officers and Department of Agriculture Forestry and Fisheries, abalone with an estimated value of R72 840 was recovered. NATIONAL NEWS - An Operation Pakisa raid conducted by SAPS, SARS, Customs, Immigration Officers and Department of Agriculture Forestry and Fisheries was carried out yesterday at 12:00, at a business premises on West Street in Durban. A 28-year-old suspect was arrested for possession of abalone, line fish, east coast rock lobster, oysters, mussels, langoustines, crabs and prawns.

BLUE LABEL TELECOMS LIMITED - Trading statement for the six months ended 30 November 2018

Wrap Text Trading statement for the six months ended 30 November 2018 Blue Label Telecoms Limited (Incorporated in the Republic of South Africa) (Registration number 2006/022679/06) Share code: BLU ISIN: ZAE000109088 ("Blue Label" or "the Group") Trading statement for the six months ended 30 November 2018 Shareholders are advised that the basic, headline and core headline earnings per share for the six months ended 30 November 2018 are expected to decrease by more than 20% as against the six months ended 30 November 2017. The table below illustrates the ranges anticipated against the comparative period: Range Nov 2017 Nov 2018 Decrease to Nov 2018 cents per share cents per share cents per share Earnings per share 167.43 (15.74) - (9.44) (183.17) - (176.87) Headline earnings per share 166.68 (18.78) - (11.27) (185.46) - (177.95) Core headline earnings per share 168.42 (14.23) - (8.54) (182.65) - (176.96) Although the core businesses of the Blue Label group generated positive growth, the once off underlying financial adjustments relating to Cell C had a negative impact thereon. The financial results for the comparative six month period ended 30 November 2017 included the recognition of a deferred tax asset by Cell C, of which the group's share equated to R864 million. This was a once- off recognition to earnings in the comparative period. As part of the restructure of Cell C's debt to third party lenders, The Prepaid Company ("TPC") was obligated to purchase bond notes issued by SPV1 with a capital redemption value of USD21 million at a coupon rate of 8.625% per annum for a purchase consideration of USD9 million and to provide liquidity support to SPV2 of up to USD80 million in the form of subordinated funding.

How two Eritrean brothers built a solar power business in some of Africa riskiest markets

Within an hour of landing in Nairobi, Kenya in July 2016, Metkel Zerai received word that a fresh round of fighting had broken out in Juba, South Sudan. "We were freaking out - we just had $2.2 million worth of [solar equipment] delivered," he says. "That was our whole company, and Juba was being looted!" As the booming East African solar market brings in significant foreign competition, Aptech Africa Ltd , a start-up founded by two Eritrean brothers, is holding its own against better financed firms in some of the continent's riskiest markets.

Inevitable disruptive waves facing the media and communications business - Let's debate and connect the dots

Each and every year we read and attend different sessions outlining trends that are going to impact different industries. There are so many of these trends to a point that we loose track of what is already impacting our businesses - "seems like the aliens are already here"! AMASA would like to invite you to join a panel of industry professionals to our upcoming forum discussion on 27 February 2019 to engage in a robust debate with audiences from agency, media owner and marketing clients. Let's unpack market forces impacting the media and communication industry today and beyond...

ANGLO AMERICAN PLC - Director Declaration

Wrap Text Director Declaration Anglo American plc (the "Company") Registered office: 20 Carlton House Terrace, London SW1Y 5AN Registered number: 3564138 (incorporated in England and Wales) Legal Entity Identifier: 549300S9XF92D1X8ME43 ISIN: GBOOB1XZS820 JSE Share Code: AGL NSX Share Code: ANM Director Declaration The Company announces that Stephen Pearce, the Company's Finance Director, will be appointed as a non-executive director of BAE Systems plc on 1 June 2019. This notification satisfies the Company's obligations under Listing Rule 9.6.14 (2). Clare Davage Deputy Company Secretary 22 February 2019 The Company has a primary listing on the Main Market of the London Stock Exchange and secondary listings on the Johannesburg Stock Exchange, the Botswana Stock Exchange, the Namibia Stock Exchange and the SIX Swiss Exchange. Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 22/02/2019 02:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS.

Taste of Parsley given the recipe to business success from Westcon-Comstor

Feb 22nd, 2019 Bheki Mokoena and the team from Taste of Parsley, will now be able to extend their catering business following Westcon-Comstor Sub-Saharan Africa's investment in growing their business. Taste of Parsley has been a supplier to Westcon-Comstor for several years, but the prohibitive costs of hiring equipment to cater for larger events made it difficult to scale the business and explore their true potential. "Taste of Parsley has a passionate team of aspiring cooks who never stopped chasing their dreams, which prompted us to look at how we could help them develop and grow the business with the intention of making a difference," states Elmien Du Toit, COO at Westcon-Comstor Sub Saharan Africa.

Entities need Mboweni's tough love, says Business Leadership SA

Business Leadership SA CEO Bonang Mohale has praised Finance Minister Tito Mboweni for tabling a "well-adjusted, sensible and reassuring" maiden budget speech, which included tough talk for lagging state-owned entities. The budget speech in Parliament on Wednesday was characterised by a commitment to assist Eskom with R69bn over the medium term and R150bn over the next ten years. However, Mboweni had stern words for parastatals that continually asked for bailouts while failing to show improvement in financial management and governance.

KUMBA IRON ORE LIMITED - Dealings in securities by the Kumba bonus share plan

Wrap Text Dealings in securities by the Kumba bonus share plan Kumba Iron Ore Limited A member of the Anglo American plc group (Incorporated in the Republic of South Africa) (Registration number 2005/015852/06) Share code: KIO ISIN: ZAE000085346 ("Kumba") DEALINGS IN SECURITIES BY THE KUMBA BONUS SHARE PLAN In compliance with the JSE Limited Listings Requirements, shareholders are advised that the Kumba Bonus Share Plan ("BSP") has, in accordance with its terms, purchased Kumba shares in the open market on behalf of Kumba BSP participants in order to fulfill the grant and acceptance of bonus shares. Date of transaction: 21 February 2019 Nature of transaction: On market purchase of securities Class of securities: Ordinary shares Number of securities: 38,759 Purchase price: VWAP R380.41 Highest price: R380.49 Lowest price: R379.25 Total transaction value: R14,744,311.19 Nature of Interest: Direct beneficial Clearance obtained: Yes 22 February 2019 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) For further information, please contact: Company Secretary Celeste Appollis celeste.appollis@angloamerican.com Tel: +27 683 7063 Mobile: +27 82 941 7535 Investors Media Penny Himlok Sinah Phochana penny.himlok@angloamerican.com sinah.phochana@angloamerican.com Tel: +27 12 622 8324 Tel: +27 12 683 7019 Mobile: +27 82 781 1888 Mobile: +27 76 066 0655 Notes to editors: Kumba Iron Ore Limited, a member of the Anglo American plc group, is a leading value-adding supplier of high quality iron ore to the global steel industry. Kumba produces iron ore in South Africa at Sishen and Kolomela mines in the Northern Cape Province. Kumba exports iron ore to customers in a range of geographical locations around the globe including China, J

Zimbabwe: Markets Serene After Central Bank s Monetary Policy Measures

[Zimbabwe Independent] Markets largely remained unperturbed following monetary policy measures announced this week that saw the central bank abandon its fixed exchange rate management system for a managed floating approach to address underlying currency volatility and inflationary pressures in the economy..

BLUE LABEL TELECOMS LIMITED - CELL C CEO Jose Dos Santos to take on new role

Wrap Text CELL C CEO Jose Dos Santos to take on new role Blue Label Telecoms Limited (Incorporated in the Republic of South Africa) (Registration number 2006/022679/06) Share code: BLU ISIN: ZAE000109088 ("Blue Label" or "the company") CELL C CEO JOSE DOS SANTOS TO TAKE ON NEW ROLE Shareholders of Blue Label are advised that the Board of Cell C has announced that Jose Dos Santos will step down as Cell C's Chief Executive Officer effective 01 March 2019. Jose will take up a role as a consultant to the chairman of the Cell C Board in delivery of Cell C's strategic intent. The Board of Blue Label would like to thank Jose for his tireless work over the past six years leading Cell C through the recapitalisation of the business and design of its new strategic direction. An interim CEO will be announced shortly until a permanent appointment is announced. 22 February 2019 Sandton Sponsor Investec Bank Limited Date: 22/02/2019 12:16:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS.

Business News - 21 Feb 2019

Government's rising debt levels are blamed on Eskom, Discovery says its decline in profit is temporary and Woolworths is confident that it has the right strategy to tackle challenges..

BLUE LABEL TELECOMS LIMITED - Cell C Limited - Binding Term Sheet with The Buffet Consortium

Wrap Text Cell C Limited - Binding Term Sheet with The Buffet Consortium Blue Label Telecoms Limited (Incorporated in the Republic of South Africa) (Registration number 2006/022679/06) Share code: BLU ISIN: ZAE000109088 ("Blue Label" or "the company") CELL C LIMITED - BINDING TERM SHEET WITH THE BUFFET CONSORTIUM Blue Label wishes to announce that Cell C Limited ("Cell C") has concluded a binding term sheet with The Buffet Consortium ("Buffet") in terms of which Buffet shall, subject to the fulfilment of certain conditions precedent, become a minority shareholder in Cell C. With Buffet support the Cell C balance sheet will be bolstered and ensure Cell C's sustainable growth for the future. A further detailed announcement shall be made once the parties have executed the transaction documents required to give effect to the principles recorded in the binding term sheet. 22 February 2019 Sandton Sponsor Investec Bank Limited Date: 22/02/2019 02:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').

You're invited to a Business Day Dialogue with Sanral on road infrastructure in SA

At this Business Day Dialogues and Sanral event, hear about the future of infrastructure development and road construction in SA Join Randall Cable, Sanral western region manager, at a Business Day Dialogue with industry thought leaders on the topic of road infrastructure development in SA over the past 20 years - and how to pave the way for the next decade of road construction. The event will present a critical review of: the economic importance of national roads; roads and transport infrastructure needs; and the relevance and importance of new technologies. Event details Date: March 1 2019 Venue: Cape Town Time: 7.30am for 8am How to attend Send an email with the subject line "Road infrastructure" to Phila Nkanunu on nkanunup@tisoblackstar.co.za by 5pm on Monday February 25 2019 to reserve your seat at no cost. Event details will be emailed to you on confirmation of attendance..

OPINIONISTA: Iqbal Survé's Top Misinformation Tips for Boys and Girls

The truth is that most people can spot the crudely inept sort of fake news that Iqbal Survé's attack poodles peddle, but it's not about entirely fake news and disinformation any more, but about the steady feeding of misleading misinformation into the mainstream, designed to exacerbate the already stark divisions in South Africa. The trail of misinformation scarring the South African social media landscape is marked by irruptions, key moments in real-time history that provoke the conditions allowing trolls, bots and liars to flourish. Events like the ANC 54th national elective conference, #SheepGate, the #GuptaLeaks, and many others you could list with a heartfelt groan.

Horizon Media aims for more than half its ad deals to be guaranteed on business outcomes in next five years

Horizon Media is aiming for more than half of its ad deals to be guaranteed on actual business outcomes, rather than the standard age and gender demographics, within the next three to five years. To this end, Horizon is introducing a new agency, Big, that will operate under a 100 percent performance-based model, says Horizon CEO Bill Koenigsberg. This means Horizon will only get paid if it's media deals effect business outcomes, like driving website traffic or test drives of a car.

Thorts - The future for Africa's mining sector

While the past two years have been relatively slow in terms of M&A activity in the South African and African mining sectors, we have seen some notably large transactions. Examples of these include the acquisition of Anglogold assets by Harmony Gold and the still to be finalised takeover of Lonmin by Sibanye-Stillwater. Early signs in 2019 point to the likelihood of a slight uptick in M&A activity in the mining sector.

ANALYSIS: It is perfectly legitimate to scrutinise Ramaphosa's business buddies during his presidency - here's why

Billionaire businessman Patrice Motsepe took the unusual step this week of calling a press conference to deny rumours that he would benefit in any way from Eskom's asset sale. But though such claims are clearly being used as ammunition by conspiracy theorists and critics of President Cyril Ramaphosa, the fact remains that it is legitimate - and indeed necessary - to keep an eye on the business activities of President's former colleagues, friends and family members..

OP-ED: Retail: How the mighty have fallen in Kenya

A general view of customers shopping at a Nakumatt supermarket in Nairobi, Kenya,20 July 2008. Nakumatt is a Kenyan supermarket chain with 18 stores across Kenya and a staff of some 3,200 people. The company has announced plans to expand to Uganda, Rwanda and other East African countries.

PE Business News: Isuzu Motors SA celebrates first year as standalone brand

Promote your business on BuyPE and MyPR . Isuzu Motors SA celebrates first year as standalone brand : Among the many aspects of repurposing systems to align with Isuzu's international standards and protocols was the mammoth task of relocating its truck production facilities to the company's new HQ in … Source: "Port Elizabeth" business - BingNews . In the driving seat with Toyota boss Johan van Zyl : There was Gordon Murray from Durban, the designer of the McLaren F1 supercar, for example, and Brian Gush from Port Elizabeth , who heads Bentley … As someone with a doctorate in business economics f… Source: "Port Elizabeth" business - BingNews .

EOH CEO in fight to save company

EOH Holdings Ltd. Chief Executive Officer Stephen Van Coller is in a race against the clock to restructure the sprawling South African IT business before shareholders and lenders run out of patience. Van Coller, a former executive at Barclays Africa Group Ltd. and MTN Group Ltd., was brought in to turn around the troubled business and improve its corporate reputation after allegations of corruption linked to government contracts.

Italtile: Italian Arrival with Atlas Concorde's The Klif Range

A new rock icon for a modern era, exclusive to Italtile, Klif-stone Klif stone-look porcelain tiles are here for floors and walls. It is an authentic reimagining of natural stone that pays homage to the glacier-hewn grandeur of the Italian alps. The researchers and designers at Atlas Concorde found inspiration for their latest collection of floor tiles and matching wall tiles in the magnificent beola stone found only in the breathtaking D'Ossola mountain region.

Paving his way from homeless to own business

Business owner, Vangai Rice has overcome illegal immigration, homelessness and isolation. Vengai Rice has overcome illegal immigration, homelessness and isolation but now years later, as the owner of his own business based in Hout Bay, he can say it was all worth it. "Yes, the tunnel is dark, but at the end, there might be light," he says.

SA business advisory service flourishes

Business advisory specialist Ariston Global reported financial year growth of 91%, recording more than 50% growth since the previous year. The exponential growth, according to group MD: finance and operations Reginald Pillay, lies in the business advisory services offered and how these are packaged to clients of all sizes, including the small and medium sector. The group plans to expand its reach into Africa, and will also leverage growth opportunities within the United Kingdom.

Discovery business initiatives sink profit but group remains upbeat

Exterior view of the new global headquarters of Discovery in Sandton. Photo: Supplied JOHANNESBURG - Listed financial services group Discovery on Thursday posted a 16?percent fall in its interim profit on the outlay in new business initiatives, particularly its banking offering, which saw its budget overshoot initial estimates, as well as huge claims in its insurance business.  However, the company said it was well placed for future growth through its "bold" new strategy for 2023 to be leading a global transformation of financial services.  This is as the group declared an interim dividend of 101?cents per share and 506c per share on preference shares in the period. For the six months ended December, the company's headline earnings decreased 18?percent to R2.2?billion, while its normalised headline earnings fell 16?percent to R2.3bn.

Optimising data storage has many business benefits

Digitisation has revolutionised the business world, enabling organisations to store, access and analyse far more information than ever before. The power of information is such that data has become strictly regulated to ensure it is maintained and cannot be used for nefarious purposes. However, one of the issues that hav arisen from this is the fact that enterprises across all industry sectors tend to simply keep all of their data forever.

EMERGING MARKETS-Emerging market assets rise on trade progress but global growth fears weigh

Feb 22 (Reuters) - Emerging market stocks rose on Friday, on track to post weekly gains as investor sentiment buoyed mostly on trade talk progress between the United States and China, but data reflecting a deteriorating global economy kept gains in check. U.S. Treasury yields rose after data showed signs of weaker than expected global growth, underpinning the dollar index and lifting developing world currencies which were positioned to end higher for the week.

South Africa's Northam Platinum H1 profit soars

JOHANNESBURG, Feb 22 (Reuters) - South Africa's Northam Platinum said on Friday half-year profit surged 192 percent on the back of higher sales volumes, an increase in the basket price of platinum group metals (PGM) and a weakening rand. Normalised headline earning per share (HEPS) for the six months ended Dec. 31 rose to 108.5 cents, from 37.1 cents during the same period a year earlier.

Uber Eats close to selling Indian food delivery business to Swiggy - ET

Feb 22 (Reuters) - Uber Eats, the food delivery arm of ride-hailing app Uber Technologies Inc, is close to a deal to sell its Indian business to Bengaluru-based Swiggy, the Economic Times reported bit.ly/2SRZnNb on Friday. The share-swap deal is expected to close by next month and will give Uber a 10 percent stake in food delivery service Swiggy, the paper said, citing people privy to the development. Separately, the Times of India reported bit.ly/2GSIfQm that Uber was considering the sale of its food delivery arm in India and has been in talks with Swiggy and Gurugram-based Zomato.

WATCH: Glencore vacates employees due to illegal protest action

Mineworkers from Glencore Mine is on edge after been vacated from mines in the area earlier this week. Contractors as well as mineworkers were asked to leave several mines in the Emalahleni mining area on February 19. WITBANK NEWS was told that a group of people want to mine the mine dumps Glencore plans to rehabilitate soon.

GLENCORE PLC - GLN: Transactions In Own Shares-21 February 2019

Wrap Text GLN: Transactions In Own Shares-21 February 2019 Glencore plc (Incorporated in Jersey under the Companies (Jersey) Law 1991) (Registration number 107710) JSE Share Code: GLN LSE Share Code: GLEN HKSE Share Code: 805HK ISIN: JE00B4T3BW64 Baar, Switzerland 22 February 2019 Transactions in own shares-21 February 2019 Glencore plc (the Company) announces today it has purchased the following number of its ordinary shares of USD 0.01 each on the London Stock Exchange from Citigroup Global Markets Limited. Date of purchase: 21 February 2019 Aggregate number of ordinary shares of USD 0.01 each purchased: 2,000,000 Lowest price paid per share (GBp): 299.8000 Highest price paid per share (GBp): 308.9500 Volume weighted average price paid per share (GBp): 303.2936 The Company will hold the repurchased shares in treasury. Following the above transaction, the Company holds 664,473,255 of its ordinary shares in treasury and has 14,586,200,066 ordinary shares in issue (including treasury shares). Therefore the total voting rights in Glencore plc will be 13,921,726,811. This figure for the total number of voting rights may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules. These share purchases form part of the second part of the Company's existing buy-back programme which is expected to be completed over the period from 8 August 2018 to 20 February 2019, details of which were announced by the Company on 5 July 2018 and 25 September 2018. Aggregated information Volume weighted Trading venue

Abalone confiscated at the Durban business premises

Media Statement from KwaZulu Natal Media Centre Corporate Communication and Liaison South African Police Service An Operation Pakisa raid conducted by SAPS, SARS, Customs, Immigration Officers and Department of Agriculture Forestry and Fisheries was carried out yesterday at 12:00, at a business premises on West Street in Durban. A 28-year-old suspect was arrested for possession of abalone, line fish, east coast rock lobster, oysters, mussels, langoustines, crabs and prawns. The estimated street value of the items seized is approximately R86 000-00.

UPDATE 1-South Africa's Northam Platinum H1 profit soars, sees solid FY output

(Adds CEO comment, detail) JOHANNESBURG, Feb 22 (Reuters) - South Africa's Northam Platinum said on Friday half-year profit surged 192 percent boosted by higher sales volumes, an increase in the basket price of platinum group metals (PGM) and a weakening rand. Normalised headline earning per share (HEPS) for the six months ended Dec. 31 rose to 108.5 cents, from 37.1 cents during the same period a year earlier.

‘We'd be crazy to copy!'

Woolworths on Thursday reported net profits of R1.89 billion for the first half of its financial year. It's very disappointing what's happened to Woolworths over the past couple of years… It's not going to get any better… I think Woolworths, quite frankly, is headed the same way as Steinhoff; I'm not suggesting it's a fraud, but the shares have already lost 50% of their value… What was a good company once, has been totally ruined… — Woolworths shareholder (calling in to the show) It's an opinion. Everybody is entitled to an opinion.

Maduro shuts border with Brazil as Guaido goes in search of aid

President Nicolas Maduro ordered the closure of Venezuela's border with Brazil on Thursday in an increasingly fraught power struggle with Juan Guaido , the opposition leader spearheading efforts to bring humanitarian aid into the country despite a military blockade. Guaido set out in a convoy of vehicles to personally pick up US aid being stockpiled on the other side of the Colombian border, defying Maduro's military to stop him. Recognised as interim president by more than 50 countries, he left the capital Caracas for the Colombian border in a convoy of several vehicles for the 900 kilometer trip.

Telkom appoints new executives

On Thursday, February 21, Telkom SA SOC Ltd announced the resignation of Jabu Mabuza as an independent non-executive director and Chairman of the Telkom Board. The resignation is effective 31 May 2019. Mabuza will be replaced by Sello Moloko, an independent non-executive director on the Telkom Board and a seasoned director, who will be elected as the new chairman of the Telkom board with effect from 1 June 2019.

Dear Finance Minister Tito Mboweni

On Wednesday morning at 6.45am, I was standing on the Gautrain Rosebank station platform in Johannesburg. It was budget day, and I was on my way to Pretoria for the lock-up. South Africa's issues are well known.

Chaka Khan to celebrate 40 years of music at #CTIJF2019

Cape Town - Yvette Marie Stevens, known to many by her stage name, Chaka Khan, needs no real introduction to South African audiences. The 10-time GRAMMY award-winning artist will be gracing our shores to perform at the 20th annual Cape Town International Jazz Festival (CTIJF), taking place at the Cape Town International Convention Centre at the end of March. The singer, who is celebrating over 40 years in the music industry, has released 22 albums and has racked up ten #1 Billboard magazine charted songs.

EOH CEO in fight to save company

EOH Holdings Ltd. Chief Executive Officer Stephen Van Coller is in a race against the clock to restructure the sprawling South African IT business before shareholders and lenders run out of patience. Van Coller, a former executive at Barclays Africa Group Ltd. and MTN Group Ltd., was brought in to turn around the troubled business and improve its corporate reputation after allegations of corruption linked to government contracts.

Van Coller in race against the clock to restructure EOH

EOH Holdings CEO Stephen van Coller is in a race against the clock to restructure the sprawling South African IT business before shareholders and lenders run out of patience. Van Coller, a former executive at Barclays Africa Group and MTN Group, was brought in to turn around the troubled business and improve its corporate reputation after allegations of corruption linked to government contracts. He plans to break Johannesburg-based EOH into different parts to release greater value from a portfolio of more than 270 companies, while appointing PwC as an internal auditor and launching a whistle blower app.

INTU PROPERTIES PLC - TR-1: Standard form for notification of major holdings

Wrap Text TR-1: Standard form for notification of major holdings INTU PROPERTIES PLC (Registration number UK3685527) ISIN Code: GB0006834344 JSE Code: ITU LEI: 213800JSNTERD5CJZO95 TR-1: Standard form for notification of major holdings NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)I 1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are at- Intu Properties Plc tachedii: 1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate) Non-UK issuer 2.

Abalone confiscated at the Durban business premises

In a raid conducted by SAPS, SARS, Customs, Immigration Officers and Department of Agriculture Forestry and Fisheries, abalone with an estimated value of R72 840 was recovered. NATIONAL NEWS - An Operation Pakisa raid conducted by SAPS, SARS, Customs, Immigration Officers and Department of Agriculture Forestry and Fisheries was carried out yesterday at 12:00, at a business premises on West Street in Durban. A 28-year-old suspect was arrested for possession of abalone, line fish, east coast rock lobster, oysters, mussels, langoustines, crabs and prawns.

Newsdeck: Truck Spills Acid on Bus Near Glencore Mine, Killing 18

The tanker was heading to the Mutanda Mine, a copper and cobalt operation near Kolwezi in the southeast of the country, Samy Kayombo Mukanza, the health minister for Lualuba province, said. Nine people are also injured, he said. "The acid was sprayed over people and vehicles," Jean-Marie Tshizainga, mines minister for the province, said.

Business Combines Hand-Painting And Digital Printing With Durst Order

Durst has reported the order of a Durst P10 160 with heavy duty roll following the relocation of entrepreneur David Qian's business from Hong Kong to the UK. His wallpaper designs are customised to meet the demands of major brands. A rapid growth in digital printing and a desire to be closer to US customers led to Qian moving to Nottingham and setting up a production hub to grow business in the UK and expand into Europe.

Stephen van Coller in race to save graft-tainted EOH

JOHANNESBURG — Recent events at EOH that have included Microsoft giving it the boot in a key alliance as well as four board members - including the chairman and founder Asher Bohbot - suddenly resigning have rattled the IT company. To be fair, EOH has been dogged by allegations of corruption since 2017 when its share price started sliding amid its controversial association with Keith Keating in a SAPS tender . That sliding of the share price has only gathered pace since then with EOH being the worst performer on the JSE this year thus far.

How two Eritrean brothers built a solar power business in some of Africa riskiest markets

Within an hour of landing in Nairobi, Kenya in July 2016, Metkel Zerai received word that a fresh round of fighting had broken out in Juba, South Sudan. "We were freaking out - we just had $2.2 million worth of [solar equipment] delivered," he says. "That was our whole company, and Juba was being looted!" As the booming East African solar market brings in significant foreign competition, Aptech Africa Ltd , a start-up founded by two Eritrean brothers, is holding its own against better financed firms in some of the continent's riskiest markets.

ANALYSIS: It is perfectly legitimate to scrutinise Ramaphosa's business buddies during his presidency - here's why

President Cyril Ramaphosa and Patrice Motsepe during the Motsepe Foundation national day of prayer on November 25, 2018 in Johannesburg, South Africa. (Photo by Gallo Images / Frennie Shivambu) Billionaire businessman Patrice Motsepe took the unusual step this week of calling a press conference to deny rumours that he would benefit in any way from Eskom's asset sale. But though such claims are clearly being used as ammunition by conspiracy theorists and critics of President Cyril Ramaphosa, the fact remains that it is legitimate - and indeed necessary - to keep an eye on the business activities of President's former colleagues, friends and family members.

DealMakers Annual Awards

Despite repeated affirmation that the problems at Eskom could derail SA Inc, semi-privatisation has been ruled out in Ramaphosa's State of the Nation Address and this week's Budget Speech, sadly suggesting that the split into three entities may be more cosmetic than substantive. With this top of mind, it is of concern that SA is looking to spend billions of rand to secure energy from megaprojects elsewhere in Africa - a disjuncture with Ramaphosa's aim to lure $100bn in investment for SA over the next five years. While the President's appearance at the Mining Indaba early this month was well received with foreign investors appearing more optimistic in the direction SA is heading, particularly on the mining front, much still needs to be done before funds start flowing into the country. Locally, however, business confidence is more realistic in its outlook, unlike the euphoria that swept the markets when Ramaphosa assumed office last year.

BBE Group air-cooling consulting crucial to African mining prospects

Consulting and engineering services business Bluhm Burton Engineering (BBE) Group's air-cooling consulting and services are crucial to its involvement in several mining projects, with construction and delivery of design and build turnkey cooling solutions to mines across the African continent. Currently, these include diamond exploration and mining company De Beers Group's flagship Venetia diamond mine, in Limpopo; platinum group metals producer Impala Platinum's No 16 Shaft, in the North West; gold producer Newmont's Subika gold mine, in Ghana; and copper producer Palabora Copper's mine, also in Limpopo. "Africa is probably more of a market for us than South Africa. We're getting ambitious about going further afield with our project expertise - that's where we're looking at opportunities.

How Pemex 'destroyed' $1 bln with erratic business choices

MEXICO CITY, Feb 21 (Reuters) - Mexico's state-oil company Pemex burned through $665 million at its fertilizer unit, ignored consultants and made high-risk investments with no discernible business strategy, according to a devastating government audit of its 2017 operations. The report, published late on Wednesday, offers insight into how Pemex ended up creaking under $106 billion of debt during the six-year term of former President Enrique Pena Nieto. Mexico's Federal Audit Office (ASF) used unusually frank language in its assessment of Pemex's use of public resources, particularly with regard to the company's fertilizer subsidiary and a failed power generation unit.

Anglo American's earnings beat estimates

The global mining giant has grown full-year earnings by 13% but disappointed with a slight decline in its dividend for the year. Anglo American produced 10% more metals and minerals on a copper equivalent basis last year - on just half the assets it owned in 2012. It says that's the result of its focus on improving its efficiency and productivity following a restructuring of its operations, which has left it focused on a key basket of metals and minerals.

GLOBAL MARKETS-Asian shares tread water as investors watch trade talks

* Asian stock markets: tmsnrt.rs/2zpUAr4 * Wall St falls on U.S. data showing weakening outlook * MSCI Asia ex-Japan index barely moves By Andrew Galbraith SHANGHAI, Feb 22 (Reuters) - Shares in Asia were flat in early trade on Friday following a fall on Wall Street, with a deteriorating global economic outlook outweighing more signs of progress in trade talks between China and the United States. Early in the Asian trading day, MSCI's broadest index of Asia-Pacific shares outside Japan was up less than 0.1 percent.

Northam Platinum reports record operating profit

Northam, which is in the throes of a growth programme, withheld its dividend again, but reported sound results to underpin its strategy Northam Platinum produced a strong set of interim results as operating profit trebled on the back of higher production and improved prices for the basket of metals it produced. Northam, which is in the throes of a growth programme at its Booysendal assets and incurring hefty capital expenditure, withheld its dividend again, but reported sound results to underpin its strategy. The bottom line profit line is distorted by a preference share scheme put in place when Northam introduced a 31.4% black ownership scheme that pumped more than R4bn onto its balance sheet. Northam reported a post-tax loss of R64m for the six months to end-December, an improvement from the R284m loss a year earlier. Accounting for the nearly R620m related to dividend payments to the preference shares, Northam reported normalised headline earnings of R553m up from R189m. Operating profit reached a record R1bn in the interim period, up from R339m in the same period a year earlier and more than 2018's full-year operating profit of R823m. Revenue increased by 48.6% to R4.98bn on the back of a 40% increase in metal sales as Northam supplemented mined production with stockpiled material to take advantage of higher prices.

NORTHAM PLATINUM LIMITED - Condensed reviewed interim financial results for the six months ended 31 December 2018

Wrap Text Condensed reviewed interim financial results for the six months ended 31 December 2018 Northam Platinum Limited Incorporated in the Republic of South Africa Registration number 1977/003282/06 Share code: NHM ISIN: ZAE000030912 Debt issuer code: NHMI Bond code: NHM002 Bond ISIN: ZAG000129024 Bond code: NHM003 Bond ISIN: ZAG000129032 Bond code: NHM004 Bond ISIN: ZAG000150764 Bond code: NHM005 Bond ISIN: ZAG000151242 CONDENSED REVIEWED INTERIM FINANCIAL RESULTS These condensed reviewed interim financial results have been prepared under the supervision of the chief financial officer, AH Coetzee CA(SA). The condensed interim financial results of the group have been reviewed by Ernst & Young Inc., under the supervision of E Dhorat CA(SA), a registered auditor. A copy of their unmodified reviewed report is available for inspection at the company's registered office. The condensed reviewed interim financial results of the group will be available on the company's website at http://www.northam.co.za on Friday, 22 February 2019. Interim condensed consolidated statement of profit or loss and other comprehensive income Reviewed Reviewed Audited 6 months 6 months 12 months ended ended ended 31 December 31 December 30 June 2018 2017 2018

COLUMN-Strange days for coal with Glencore's cap, China curbs: Russell

(The opinions expressed here are those of the author, a columnist for Reuters.) By Clyde Russell SINGAPORE, Feb 22 (Reuters) - It's been weird in the coal world in recent days, with the world's largest shipper saying it's capping output, biggest seaborne buyer China putting restrictions on some imports, and an Australian court saying mines must factor in climate change. Throw in an executive at a major Indian coal-fired power generator saying his company won't build any new plants as coal can't compete with renewables, and it's little surprise that environmental activists may be tempted to pop champagne corks. The common theme at work is that coal is finding it harder to secure a long-term future in the world's energy mix.

Chinese search giant Baidu's online marketing business stable, streaming surges

* Q4 revenue 27.2 bln yuan vs estimate of 26.3 bln yuan * Q4 adjusted EPS 13.18 yuan/ADS vs estimate of 11.83 yuan/ADS * Online marketing rev up 10 pct, iQiyi rev up 55 pct * Shares rise 3 pct after hours (Adds detail from release, background) By Cate Cadell BEIJING, Feb 22 (Reuters) - Chinese search engine operator Baidu Inc beat market estimates for fourth-quarter revenue and profit on Thursday, as its core online marketing business stayed resilient and revenue surged in its Netflix-like streaming service iQiyi. The online marketing business, which includes search, news feeds and a video app and accounts for more than three quarters of the company's revenue, grew 10 percent to 21.2 billion yuan ($3.15 billion) in the quarter ended Dec. 31. Revenue from iQiyi jumped 55 percent to 7 billion yuan. Baidu has invested heavily in new content for iQiyi, which competes fiercely with Alibaba Group Holding Ltd service Youku. The service gained 36.6 million subscribers last year. Content costs, mostly for iQiyi, nearly doubled to 7.3 billion yuan. Baidu's U.S.-listed shares rose 3 percent in extended trading. Total revenue rose 22 percent to 27.2 billion yuan, beating estimates of 26.3 billion yuan, according to I/B/E/S estimates from Refinitiv. The company, which had previously flagged a hit from stricter Chinese regulations and the Sino-U.S.

5 things you need to know in SA business today and 12 signs you're a bad listener

1. The rand remained stable at R14.00/$ after it blew out to R14.37 on Budget Day. Ratings agency Moody's said yesterday that the announcement in the Budget that government will have to raise its expenditure ceiling by R16 billion over three years would not weaken fiscal policy credibility - but it wants to see a detailed plan on Eskom before it announces its ratings decision on SA next month. Meanwhile, Standard & Poor, another rating agency, told Reuters that while government's payouts to Eskom are concerning, SA's current account deficit is still relatively small and the US central bank's decision not to hike rates mean that "on the external front the situation is not so threatening".

PE Business News: Renwick Business Brokers - Port Elizabeth

Promote your business on BuyPE and MyPR . Renwick Business Brokers - Port Elizabeth : A brokerage above the rest, Renwick Business Brokers, the professionals providing service excellence, specialising in Southern Africa; particularly Eastern Cape, KZN, Western Cape, Gauteng, Free State … Source: "Port Elizabeth" business - BingNews . Business Management jobs in Port Elizabeth, Eastern Cape 6000 : "These jobs have been sourced from a website, company or service that identifies roles that can be performed by people from designated groups as defined by the Employment Equity Act and its amendments … Source: "Port Elizabeth" business - BingNews .

Harnessing Ethio-Eritrean relations through music, culture and business

A delegation of high level Eritrean officials led by the country's foreign minister to assess progress made in the bilateral cooperation that was renewed when the two countries signed a peace deal last year. Eritrea's information minister, Yemane Gebremeskel, said the delegation which arrived in Ethiopia's capital Addis Ababa on Thursday, had delivered a message from president Isaias Afwerki to prime minister Abiy Ahmed. Eritrean delegation led by FM Osman Saleh on visit to Et delivered message of President Isaias Afwerki to Prime Minister Abiy Ahmed on bilateral relations regional developments.On sideline of visit,Joint High Level Committee met to assess progress in bilateral cooperation pic.twitter.com/DqyVavhkoY— Yemane G.

UPDATE 1-Australia seeks to reassure investors over coal ban at China port

* China bans Australian coal at northern port - Reuters * Australian dollar, resource stocks under pressure * Central bank governor seeks to calm market * Australian ambassador to make enquiries in Beijing (Recasts, adds details, quote from RBA) By Colin Packham SYDNEY, Feb 22 (Reuters) - Australia sought to calm investors on Friday about the state of bilateral ties with China following a ban on coal imports at the northern port of Dalian, as coal stocks fell and the local dollar remained under pressure. The Australian currency dropped more than 1 percent to a 10-day low of $0.7070 on Thursday after Reuters reported that customs at the Chinese port had banned imports of Australia's biggest export earner since the start of February. China is the largest buyer of Australian coal, taking 89 million tonnes last year, worth A$15 billion ($10.7 billion), according to data from the Australian Bureau of Statistics (ABS).

PE Business News: Renwick Business Brokers - Port Elizabeth

PE : Renwick Business Brokers - Port Elizabeth : Promote your business on BuyPE and MyPR. Renwick Business Brokers - Port Elizabeth: A brokerage above the rest, Renwick Business Brokers, the professionals providing service excellence, specialising in Southern Africa; particularly Eastern Cape, KZN, Western Cape, Gauteng, Free State … Source: "Port Elizabeth" business - BingNews. Business Management jobs in Port Elizabeth, Eastern Cape 6000: […] - MyPE News PE Business News: Isuzu Motors SA celebrates first year as standalone brand : Promote your business on BuyPE and MyPR.

Inspired by late Prof Lester, SmartFunder helps 'missing middle'

JOHANNESBURG — BizNews doesn't only keep its readers up-to-date with the latest happenings in the business world, but it can even inspire new entrepreneurs to kickstart their own exciting ventures. This has been the case with Henco Wiid and Francois Liebenberg who - after listening to Alec Hogg's interview with the now late Professor Matthew Lester about the 2017 National Budget  - decided to start their own business to help the so-called ‘missing middle' with paying their family members' school or university fees. Wiid and Liebenberg subsequently launched ‘ SmartFunder ‘ which now helps around 70 companies with reducing their employees' educational expenses through an innovative form of tax relief that forms part of national legislation.

FTSE 100 rises, led by mining shares; Dairy Crest gains on buyout deal

(Refiles to say Non-Standard Finance gained 5.6 percent, not .6 percent in ninth paragraph) * FTSE 100 up 0.3 pct * FTSE 250 up 0.2 pct * Miners top boosts to main index * Dairy Crest jumps on M&A news Feb 22 (Reuters) - Britain's main stock index edged higher on Friday, led by gains in mining shares as optimism grew over global trade talks, while mid-cap Dairy Crest rose after agreeing to a takeover. The FTSE 100 rose 0.3 percent but still looked set for losses for the week. The FTSE 250 was up 0.2 percent by 0840 GMT. Mining companies led the FTSE 100 gains, as falling inventories and optimism around the Sino-U.S. trade talks pushed copper prices higher.

Tim James: On canteen wine and papsak

Did you know that "papsak" was one of five South African words added to the august Oxford English Dictionary in 2015? Why it took them so long to discover this one, I'm not sure, but I'm glad they found it at last. Even in my Oxford Dictionary of South African English , 1978 edition, it's not given with its wine-related meaning (the liquid-holding container in boxed wine). As I started pursuing the history of the papsak, however, I discovered why.

How AI and data science are revolutionising the BI/analytics space

This year's Business Intelligence & Analytics Summit 2019, taking place next month, has evolved to reflect the continually changing nature of this space. The 'new kids on the block', AI and data science, are fast becoming an integral part of BI and analytics. But, what is the reality of implementing these technologies in your organisation, and how soon will you see tangible results and achieve a ROI? To answer these and other important questions around these emerging technologies, the second day of the summit will have a strong focus on data science and AI. The first morning will feature an international keynote presentation on how to implement an effective data science blueprint with the modern stack.

WATCH: Rand trades weaker overnight

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Northam and Mustek help to cheer the JSE

An overnight US slump led by Kraft Heinz failed to spoil the JSE's buoyant mood on Friday morning The JSE was buoyant on Friday morning, undaunted by a 21% crash in the share price of US food producer Kraft Heinz. The group created by a $49bn merger in 2015, said in its quarterly results on Thursday night that it was writing down the value of its Kraft and Oscar Mayer brands by $15.4bn. Dow Jones reported Kraft Heinz "has been struggling to keep up with consumer shifts towards simpler ingredients and healthier food. Many of the company's brands, like Jell-O desserts and Kool-Aid drink mix, clash with current trends." The JSE's all share index was up 0.32% to 55,664 points at 9.20am. Computer hardware seller Mustek rose 7.4% to R8.70 after releasing its interim results for the six months to end-December. Mustek grew net profit 32% to R57.6m, while revenue was nearly flat at R2.7bn. "The growth in fibre to the home is not only assisting our fibre sales, but also increasing the demand for new devices in order to fully benefit from the faster internet speeds," the company said in its results statement. "The smart education and learning market is expected to grow as more education institutions realise the importance of digitisation in the mobile and connected world.

Builders Warehouse Tokai Under Fire For Pathetic Wrongful Arrest

South Africa is a funny place sometimes. Undermine our democracy and capture the state, building a criminal enterprise second to none, and you can jet off to Dubai and throw lavish R100 million weddings , whilst workers at the mines you own go unpaid. Head to Builders Warehouse with a hinge you bought, in order to ensure that you buy the identical product again to fit the rest of your house, and you can land up being arrested and charged with shoplifting.

Northam lifts H1 earnings, Booysendal on track for FY22 steady-state production

JOHANNESBURG (miningweekly.com) - JSE-listed Northam Platinum has reported normalised earnings a share of 108.5c for the six months ended December 31, 2018, compared with the 37.1c reported for the six months ended December 31, 2017. This was on the back of normalised headline earnings having increased by 192% to R553-million, compared with R189-million in the prior comparable period. The higher headline earnings was the result of higher sales volumes, an increase in the basket price of platinum-group metals (PGMs) and a weakening rand. The company, which is headed up by CEO Paul Dunne, narrowed its loss a share to 18.2c for the period, compared with a loss a share of 81.1c for the prior comparable period. Northam declared no dividend.

In the case of Rose Kotze versus Builders Warehouse, it all hinged on a receipt

Have you ever gone back to a hardware shop with something you've bought from it previously, to make sure you buy the identical product? If you made the mistake of failing to "declare" it as you entered, and especially if it happened to still be in its original packaging, you could well have ended up being arrested on a charge of shoplifting. That's what happened to Rose Kotze, 30, on December 19 in the Builders Warehouse Tokai, Cape Town, branch, after a roving security camera happened to capture her putting her R100 pack of door hinges back into her handbag. She had taken it out a minute or two earlier - before the camera happened to settle on her - and was holding it up to a number of hinges on display to find a perfect match.

MTN GROUP LIMITED - Retirement and Appointment of Company Secretary

Wrap Text Retirement and Appointment of Company Secretary MTN Group Limited (Incorporated in the Republic of South Africa) Registration Number 1994/009584/06 Share code: MTN ISIN: ZAE000042164 ("MTN Group" or "Company") RETIREMENT AND APPOINTMENT OF COMPANY SECRETARY In compliance with paragraph 3.59 of the Listings Requirements of JSE Limited, shareholders are advised that Bongi Mtshali has reached the Group's mandatory retirement age and will be retiring as the Company Secretary for MTN Group and its subsidiaries, with effect from 31 March 2019. The Board takes this opportunity to express its appreciation for her invaluable contribution during her tenure at MTN Group and wishes her a well-deserved retirement. In Bongi's stead, Thobeka Sishuba has been appointed as Company Secretary of MTN Group and its subsidiaries, with effect from 01 April 2019. She will assume the role of Company Secretary Designate from 01 March 2019. Thobeka has broad executive experience and has worked in several multi-national companies with a footprint in Africa and beyond. She has overseen a number of company secretarial, governance and risk and compliance structures. She holds a master's degree in Tax law (UCT), a certificate in Risk Management (Astrotech), a BCom Hons in Economics (UWC), and a BA Administration degree (UWC). The Chairman and the Board is satisfied that she has sufficient experience and expertise to fulfil her role. Fairland 22 February 2019 Lead Sponsor JP Morgan Proprietary Limited Joint Sponsor Tamela Holdings Proprietary Limited Date: 22/02/2019 09:17:00 Produced by the JSE SENS Department.

EOH in a race to restructure before shareholders and lenders run out of patience

EOH Holdings Ltd chief executive officer Stephen Van Coller is in a race against the clock to restructure the sprawling South African IT business before shareholders and lenders run out of patience. Van Coller, a former executive at Barclays Africa Group Ltd. and MTN Group Ltd., was brought in to turn around the troubled business and improve its corporate reputation after allegations of corruption linked to government contracts.

PRESS DIGEST- New York Times business news - Feb 22

Feb 22 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - Kraft Heinz Co, the food giant whose products include Jell-O and Oscar Mayer meats, on Thursday released a surprising batch of bad news that included a multibillion dollar write-down signaling a plunge in the value of some of its most famous brands.

Italtile: Italian Arrival with Atlas Concorde's The Klif Range

A new rock icon for a modern era, exclusive to Italtile, Klif-stone Klif stone-look porcelain tiles are here for floors and walls. It is an authentic reimagining of natural stone that pays homage to the glacier-hewn grandeur of the Italian alps. The researchers and designers at Atlas Concorde found inspiration for their latest collection of floor tiles and matching wall tiles in the magnificent beola stone found only in the breathtaking D'Ossola mountain region.

Strange days for coal with Glencore's cap, China curbs: Russell

(The opinions expressed here are those of the author, a columnist for Reuters.) By Clyde Russell SINGAPORE, Feb 22 (Reuters) - It's been weird in the coal world in recent days, with the world's largest shipper saying it's capping output, biggest seaborne buyer China putting restrictions on some imports, and an Australian court saying mines must factor in climate change. Throw in an executive at a major Indian coal-fired power generator saying his company won't build any new plants as coal can't compete with renewables, and it's little surprise that environmental activists may be tempted to pop champagne corks. The common theme at work is that coal is finding it harder to secure a long-term future in the world's energy mix. But it's worth unpacking the various developments and assessing the likely real impacts beyond public relations spin. The most significant development this week was Glencore's announcement on Feb. 20 that it will cap its annual output around its current capacity of 145 million tonnes. Glencore is the world's fourth-biggest coal mining company but also the largest supplier to the seaborne market, as miners that produce more - Coal India, China Shenhua Energy and Peabody Energy of the United States - are focused on their domestic markets. Glencore said it was taking the step to help mitigate climate change, prompting commentators and activists to claim another victory in the campaign to end burning of the polluting fuel. A PROFITABLE DEATH While Glencore may genuinely be trying to do its part to halt global warming, it's also likely the mining giant has calculated that restricting coal output will be good for business. It is accepted that coal consumption is likely to drop in the coming decades, to virtually nothing in Europe and North America, and will even start to decline in Asia. But Glencore has probably calculated t

SA's footprint in international markets must grow

Mike Mlengana, director-general of the Department of Agriculture, Forestry and Fisheries (DAFF), recently spoke at a workshop of the Delegation of the European Union to South Africa and African Farmers Association of South Africa (AFASA). Mlengana was addressing market opportunities for South African emerging farmers in the growing European market for sustainably produced goods. The objectives of the event include sharing information about the general concepts of Organic, Fair Trade and EU Ethical Trade policy and informing stakeholders about market opportunities for Organic, Fair Trade and Ethical Trade for the benefit of SA companies.

AMCU to extend Sibanye gold strike to other South African miners from Feb 28

21ST FEBRUARY 2019 BY: REUTERS JOHANNESBURG/LONDON - Workers led by South Africa's Association of Mineworkers and Construction Union (AMCU) plan to down tools at gold and platinum mines next week in support of colleagues at Sibanye-Stillwater who are striking over wages and job cuts. AngloGold Ashanti, Harmony Gold, Anglo American Platinum, Lonmin, Village Main Reef and DRDGold have received notices of the strike action, which is expected to begin on February 28 and last until March 7, industry body, the Minerals Council South Africa, said on Thursday. ADVERTISEMENT Sibanye last week said it could cut nearly 6 000 jobs at its gold mining operations, where AMCU has been on strike since mid-November over a wage dispute. AMCU reached wage agreements with AngloGold, Harmony Gold and Village Main Reef last year. ADVERTISEMENT South Africa is home to the world's biggest platinum group metals deposits and accounts for just over 90% of global production. Lonmin's South African listed shares fell 8.29%, while its London-listed shares slipped 6% by 1215 GMT after it said it had received a strike notice. The miner said it was in the process of obtaining legal advice on AMCU's notice. Lonmin, which is in the process of being bought by Sibanye, has been crippled by soaring costs and subdued platinum prices. The firm has been cutting spending to conserve cash and retain a positive cash balance, one of the conditions upon which Sibanye's takeover is contingent. "Any disruption is obviously bad news. The deal with Sibanye hasn't been finalised yet and Sibanye wants Lonmin to be in a cash positive position so obviously if there is a prolonged strike this could affect things," said Yuen Low, mining analyst at Shore Capital. Workers led by the AMCU also plan to extend their strike at Sibanye-Stillwater's gold shafts to its platinum mines next week, the company said on Thursday. "We have strike plans. It's not going to change our view," said Sibanye CE Neal Froneman. AMCU said in a strike not

Van Coller in race against the clock to restructure EOH

EOH Holdings CEO Stephen van Coller is in a race against the clock to restructure the sprawling South African IT business before shareholders and lenders run out of patience. Van Coller, a former executive at Barclays Africa Group and MTN Group, was brought in to turn around the troubled business and improve its corporate reputation after allegations of corruption linked to government contracts. He plans to break Johannesburg-based EOH into different parts to release greater value from a portfolio of more than 270 companies, while appointing PwC as an internal auditor and launching a whistle blower app.

SOUTH32 LIMITED - Appendix 3Y: Change of Directors Interest Notice

Wrap Text Appendix 3Y: Change of Director's Interest Notice South32 Limited (Incorporated in Australia under the Corporations Act 2001 (Cth)) (ACN 093 732 597) ASX/JSE/LSE Share Code: S32 ISIN: AU000000S320 Rule 3.19A.2 Appendix 3Y Change of Director's Interest Notice Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public. Introduced 30/09/01 Amended 01/01/11 Name of entity South32 Limited ABN 84 093 732 597 We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act. Name of Director Dr Ntombifuthi Temperance Mtoba Date of last notice 7 May 2018 Part 1 - Change of director's relevant interests in securities In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part. Direct or indirect interest Direct Interest Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest. Date of change 19 February 2019 No. of securities held prior to change 37,405 South32 Limited shares Class Ordinary fully paid shares in South32 Limited Number acquired 16,500 Number disposed

EOH CEO in fight to save graft-tainted IT company

EOH Holdings Chief Executive Officer Stephen Van Coller is in a race against the clock to restructure the sprawling South African IT business before shareholders and lenders run out of patience. Van Coller, a former executive at the Barclays Africa Group and MTN, was brought in to turn around the troubled business and improve its corporate reputation after allegations of corruption linked to government contracts. He plans to break Johannesburg-based EOH into different parts to release greater value from a portfolio of more than 270 companies, while appointing PwC as an internal auditor and launching a whistle blower app.

South Africa's Northam Platinum H1 profit soars, sees solid FY output

JOHANNESBURG (Reuters) - South Africa's Northam Platinum said on Friday half-year profit surged 192 percent boosted by higher sales volumes, an increase in the basket price of platinum group metals (PGM) and a weakening rand. Normalised headline earning per share (HEPS) for the six months ended Dec. 31 rose to 108.5 cents, from 37.1 cents during the same period a year earlier. HEPS is the main profit measure used in South Africa which strips out certain once off items. Revenue rose 49 percent to 5 billion rand ($357.2 million)for the period, the platinum miner said. Northam said its strong financial position, financial controls and development of shallow, mechanisable operations at its Booysendal and Eland mine would allow it to take advantage of improved market conditions going forward. "Our operations are performing well, and we expect to deliver a solid production performance for the full year," said Northam Chief Executive Paul Dunne.

Markets LIVE: Asia stocks drop on growth concerns

Asian stocks posted modest losses Friday following a weak US session as investors mulled an uncertain economic backdrop and mixed signals on trade negotiations. Treasury yields pared Thursday's gains. Shares from Tokyo to Hong Kong edged lower after weaker than expected data on US durable goods orders and home sales reignited worries about global growth.

KZN Growth Fund transforming small business

Buddying enterprises in KwaZulu-Natal have over five years been provided with financial support worth R1.1 billion. The support, which came through the KwaZulu-Natal Growth Fund (KZNGF) went towards investment in diverse sectors of the economy including manufacturing, healthcare, transport, logistics and as well as the telecommunications sector. KZN Economic Development, Tourism and Environmental Affairs MEC, Sihle Zikalala, said the projects had created a total of 9 795 job opportunities to date.

Maduro shuts border with Brazil as Guaido goes in search of aid

Several of the trucks were stopped by security forces and their drivers forced to get out, but the rest of the caravan was allowed to continue, lawmakers said. FILE: This handout picture released by the Venezuelan presidency press office shows Venezuelan President Nicolas Maduro during a meeting with doctors in Caracas, Venezuela on 21 February 2019. President Nicolas Maduro said Venezuela would shut its border with Brazil on Thursday "until further notice" amid a tense standoff with opposition leader Juan Guaido over allowing in humanitarian aid.

EOH CEO in fight to save graft-tainted South African IT company

EOH Holdings CEO Stephen Van Coller is in a race against the clock to restructure the sprawling South African IT business before shareholders and lenders run out of patience. Van Coller, a former executive at Barclays Africa Group and MTN Group, was brought in to turn around the troubled business and improve its corporate reputation after allegations of corruption linked to government contracts. He plans to break Johannesburg-based EOH into different parts to release greater value from a portfolio of more than 270 companies, while appointing PwC as an internal auditor and launching a whistle blower app. "EOH is like a vegetable soup, where it's not clear if it's 10% carrots or 90% carrots," the CEO said in an interview in Johannesburg.

Police arrest suspected shooter in Hankey business robbery

Jeffreys Bay Jeffreys Bay " data-medium-file="https://i0.wp.com/www.jbaynews.com/wp-content/uploads/2014/10/crime-handcuffs-bars.jpg?fit=300%2C168" data-large-file="https://i0.wp.com/www.jbaynews.com/wp-content/uploads/2014/10/crime-handcuffs-bars.jpg?fit=400%2C225"> Police detectives have arrested a suspect who shot and injured a shop owner during a robbery of a Hankey spaza shop on Monday, 18 February 2019. On Thursday, 21 February 2019 around 08:30am, Hankey police detectives nabbed a man for allegedly shooting and injured a shop owner during a robbery of a spaza shop in Hankey three days ago. The 21-year-old suspect is due to appear at the Hankey Magistrate's Court today on charges of attempted murder and business robbery.

Van Coller in race against the clock to restructure EOH

EOH Holdings CEO Stephen van Coller is in a race against the clock to restructure the sprawling South African IT business before shareholders and lenders run out of patience. Van Coller, a former executive at Barclays Africa Group and MTN Group, was brought in to turn around the troubled business and improve its corporate reputation after allegations of corruption linked to government contracts. He plans to break Johannesburg-based EOH into different parts to release greater value from a portfolio of more than 270 companies, while appointing PwC as an internal auditor and launching a whistle blower app.

'R23 million for rent a month seems huge. I don't think we could've done better'

Our business model now touches 21.6m lives, has a presence in 19 countries… We were previously in five different buildings… Had we owned the building it would just increase costs. We're not in the property business… R23 million is a huge number but we're a massive organisation… We're comfortable with the cost per square metre. I don't think we could've done better... Discovery on Wednesday reported a decrease of 4%, to R3.799 billion, in normalised profit from operations in the six months to 31 December 2018. The decline in profits is mainly due to substantial new investments and volatility in large claims. Discovery invested 21% of its earnings in new initiatives, most notably Discovery Bank. It intends to start rolling out the bank to the public next month. Normalised headline earnings fell 16% to R2.376 billion.

MTN Uganda denies it understates revenues says it is fully taxcompliant

INTERNATIONAL The Ugandan unit of South African telecommunications firm MTN Group has denied government accusations it has been understating its revenues and said it was fully meeting all its tax obligations. Relations between the telecoms firm and the East African country have been strained over a series of issues including deportations of its top executives accusations of underreporting revenues and delayed renewal of its operating licence. MTN revenues are independently audited and we remain firmly of the view that all revenues have been correctly accounted for and we are compliant on all tax matters MTN Uganda said in an email to Reuters on Thursday.

Saudi Alhokair's mall business seeks $1 bln from IPO - sources

(Updates with Moelis, Morgan Stanley declining to comment) By Hadeel Al Sayegh DUBAI, Feb 21 (Reuters) - Shopping malls operator Arabian Centres Company, owned by Fawaz Alhokair Group, is seeking $1 billion from a public share listing in the second quarter, sources told Reuters. Arabian Centres, which has applied for an initial public offering with the Capital Market Authority, is looking to sell a 30 percent stake to investors on Riyadh's stock exchange, the Tadawul, sources told Reuters in January. Goldman Sachs and EFG Hermes have been appointed as bookrunners and Credit Suisse and Citigroup, may also join, two sources who declined to be named due to commercial sensitivities said on Thursday. They also said that Moelis was acting as an independent financial adviser, Morgan Stanley as global coordinator and Saudi investment banks Samba Financial Group, and National Commercial Bank as financial advisers. Arabian Centres, a developer, owner and operator of 19 malls across 10 cities in Saudi Arabia, did not immediately respond to a Reuters request for comment. Goldman Sachs, EFG Hermes, Credit Suisse, Citigroup, Moelis and Morgan Stanley declined to comment. Samba and NCB were not immediately available to comment. Saudi Arabia is encouraging more family-owned companies to list in a bid to deepen its capital markets under a reform push aimed at reducing the kingdom's reliance on oil revenues. The IPO will come more than a year after Fawaz Alhokair, a major shareholder in Fawaz Alhokair Group, became the subject of an anti-graft probe by Saudi authorities under which dozens of senior officials and businessmen were detained at Riyadh's Ritz Carlton Hotel in late 2017. Many, including Alhokair, were released after being cleared or reaching settlements with the government. The crackdown increased caution among banks in their dealings with those firms and in

ACCENTUATE LIMITED - Disposal of Pentafloor business

Wrap Text Disposal of Pentafloor business Accentuate Limited (Incorporated in the Republic of South Africa) (Registration number 2004/029691/06) JSE Share code: ACE ISIN: ZAE000115986 ("Accentuate" or "the Company") DISPOSAL OF PENTAFLOOR BUSINESS INTRODUCTION: Accentuate is a group of companies involved in the water treatment, chemical blending, industrial and commercial cleaning and metal treatment sectors, as well as the flooring market. In terms of section 9.15 of the Listings Requirements, shareholders are advised that Accentuate, has agreed to the key terms of a proposed transaction ("Sale of Shares, Claims and Cancellation Agreement") with Pentafloor Proprietary Limited ("Pentafloor") whereby Accentuate will dispose of its entire 100% shareholding in Pentafloor to the original Pentafloor vendors. Finalisation of the transaction is subject to the fulfilment of conditions precedent set out below. THE PURCHASERS: Bianca and Larry Shakinovsky, ("the Purchasers") will jointly purchase the entire issued share capital in Pentafloor. RATIONALE FOR THE TRANSACTION: In August 2017 Accentuate entered into a sale agreement ("2017 Sale Agreement") with the Purchasers in terms of which the Purchasers sold their entire shareholding in Pentafloor to Accentuate. Pursuant to the 2017 Sale Agreement 5 317 431 Accentuate ordinary shares were issued to the Purchasers as part payment of the purchase consideration ("the Accentuate Shares"). However the transaction has not delivered on the expectations of the parties. Accentuate will continue to focus on the core business during a challenging macro environment. The cash component of the transaction will be used by the Company to settle the outstanding balance on the term loan that was obtained to purchase part of the shares of Pentafloor. Accentuate is required to obtain shareholder approval to buy back the Accentuate Shares from Pentafloor within 180 days with effect from 28 February 2019 in terms of the Sale of Shares, Claims and Cancellation Agreement

US envoy urges tighter business ties between Israeli settlers and Palestinians

Call angers Palestinian leaders, who see this as an attempt to normalise the occupation of the West Bank and other areas Jerusalem — The US ambassador to Israel on Thursday urged deeper business ties between Israeli settlers and Palestinian businesspeople in the occupied West Bank, angering Palestinian leaders. David Friedman, who was appointed by US President Donald Trump, was speaking in Jerusalem at a forum to encourage business links between Israeli settlements and Palestinians. "There are many, many Palestinians that would like to be freed up to engage in business ventures with Israelis, and they're entitled to that opportunity," Friedman told Reuters at the two-day forum attended by Israeli government officials, international businesspeople and a handful of Palestinians. Friedman's remarks were immediately attacked by Palestinian officials as encouraging settlement activity in the Israeli-occupied West Bank, territory captured in a 1967 war and which Palestinians seek as part of a future state. "This constitutes a stab in the back of the Palestinian people," said Wasel Abu Youssef, a member of the Palestine Liberation Organisation's executive committee. "We warn against any involvement or participation of any Palestinian in projects with settlers, or meetings called by the American ambassador." Most of the world considers the settlements illegal under international law, a position Israel rejects. US criticism of Israeli settlement building has died down since Trump took office. Many Palestinians view engagement with the settlements as "normalisation", arguing that doing business with Israelis in the West Bank legitimises their presence and hinders future Palestinian sovereignty. However, thousands of Palestinians work in settlements, often in manufacturing or construction jobs, which they say offer higher wages than similar jobs in Palestinian cities. Haldun al-Husseini, a Palestinian garment manufacturer from Jerusalem who attended the forum, said business with Israelis is key to

GLOBAL MARKETS-U.S. stocks fall on weak economic view; oil, gold fall

* Weak U.S. economic data weighs on Wall Street * U.S., China working on six memoranda of understanding * Trade, Brexit hopes spur selling of U.S., German bonds * Aussie dollar reels from China's Dalian port ban on coal import * Graphic: World FX rates in 2019 tmsnrt.rs/2egbfVh (Updates market action, changes dateline, previous LONDON) By Richard Leong NEW YORK, Feb 21 (Reuters) - Wall Street stocks fell on Thursday due to a deteriorating economic outlook that was only partially offset by signs of trade progress between China and the United States, while gold and oil prices retreated from their recent peaks. The dollar held steady against most major currencies, while the Australian dollar tumbled on jitters about a ban on that country's coal by a Chinese port.

Business welcomes Mboweni's commitment to bailout SOEs with conditions

Business has welcomed Finance Minister Tito Mboweni's commitment to the bailout the SOEs with strict and tough conditions attached. Mboweni announced that government bailouts of State Owned Enterprises will come with stringent conditions during his maiden budget speech. For more news, visit: sabcnews.com.

NEPI ROCKCASTLE PLC - Update to financial reporting schedule

Wrap Text Update to financial reporting schedule NEPI Rockcastle plc Incorporated and registered in the Isle of Man Registered number 014178V JSE and Euronext share code: NRP ISIN: IM00BDD7WV31 ("NEPI Rockcastle" or "the Company") UPDATE TO FINANCIAL REPORTING SCHEDULE Shareholders are referred to the business update released on 26 November 2018, including the Company's Financial Reporting Schedule for the 2019 calendar year, and are advised that the Financial Reporting Schedule has been revised as set out below: Publication of the 2018 audited financial statements 27 February 2019 For further information please contact: NEPI Rockcastle plc Mirela Covasa +40 21 232 1398 JSE sponsor Java Capital +27 11 722 3050 Euronext Listing Agent ING Bank +31 20 563 6799 21 February 2019 Date: 21/02/2019 03:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS.

Australia's Wesfarmers H1 profit rises on hardware business

(Adds dividend, segment revenues, background) Feb 21 (Reuters) - Australian conglomerate Wesfarmers Ltd posted a 10.4 percent rise in first-half profit on Thursday, defying a retail downturn on a strong performance of its domestic hardware business in its first results after spinning off supermarket chain Coles Group. The results underline the success of a restructuring initiated by Managing Director Rob Scott under whom the conglomerate has embarked on its biggest portfolio overhaul in a decade - exiting an ill-fated hardware expansion in Britain as well as spinning off Coles - to focus on areas of faster growth. The company reported net profit from continuing operations of A$1.08 billion ($773.28 million) for the six months to December, compared to A$978 million a year ago. Revenue from continuing operations for the period rose 4.2 percent to A$14.39 billion. Domestic hardware business revenue, which accounts for a majority of Wesfarmers' earnings, rose 5.2 percent to A$6.91 billion. The department stores business, which has been renamed Kmart Group, posted tepid revenue growth. Last month, the Perth-based conglomerate warned that its discount department stores had slower-than-expected sales over Christmas, highlighting Wesfarmers' increased vulnerability to discretionary spending since spinning off Coles. Data released earlier this month showed that Australia's retailers had their worst quarter in a year in the three months to December amid a property downturn which further crimps sales. On a statutory basis, Wesfarmers reported a net profit of A$4.54 billion, significantly higher than the A$212 million reported a year ago as it benefited from a series of divestments. Wesfarmers declared an interim dividend of A$1.00 per share and a special dividend of A$1.00 per share. Years of low margins after billions of dollars of investment and ruthless supermarket competit

Gulfstream intends to deliver first G600 business jet in first half of 2019

Feb 20 (Reuters) - Gulfstream Aerospace intends to deliver its first G600 business jet during the first half of 2019, President Mark Burns said on Wednesday, in a boost for the large-cabin, corporate plane program. Gulfstream, a division of U.S. aerospace and defense company General Dynamics Corp, said in January the G600 would be certified during the first half of 2019, with deliveries to start this year. Gulfstream is "working through" the backlog created by delays from a 35-day, partial U.S. government shutdown that ended on Jan.

Business Nissan and Volkswagen's aggressive investments in Africa

Last week, Japanese automaker, Nissan Motor Co., Ltd., signed a joint venture agreement with Groupe Hasnaoui, a private partner in Algeria to build a car assembly plant that will cost a According to "Nissan will bring new models and innovative technology to meet the growing expectations of customers in Algeria. Working with Groupe Hasnaoui, we already have a strong heritage of excellent products and service in the country. Using our Japanese engineering expertise, we will build a manufacturing hub and work to develop the supplier industry," As part of its commitment to Africa and its "We are committed to Africa.

Days of Zondo: Gupta Inc's Eskom woes reloaded before Justice Zondo

Deputy Chief Justice Raymond Zondo, chair of the commission of inquiry into State Capture, was urged to invoke his powers to compel those implicated in the Eskom scandal to provide a written response to allegations against them. (Photo by Gallo Images / Netwerk24 / Felix Dlangamandla) The Guptas, McKinsey & Co, Regiments Capital and Trillian Capital Partners, along with their former Eskom enablers, are back in the spotlight as the State Capture commission shifts attention to their deals with the power utility — and this time, with the threat of subpoenas and summons to extract versions from implicated parties. Bald denials, obfuscation and convenient silence may no longer be an option for those implicated at the State Capture commission of inquiry.

ABC sells out of Oscars ad inventory

Despite the absence of a host and a slate of Best Picture nominees that includes a made-for-TV movie, advertisers don't seem to have been particularly anxious about investing in this year's Academy Awards broadcast. And while ABC may have faced some headwinds as it parceled out the last of its Oscars inventoryKevin Hart's sloppily executed self-recusal from the emcee gig back in December left the network in uncharted watersthe sellout reinforces the notion that, aside from the NFL, there's no business like show business. In a statement issued Wednesday afternoon, Disney-ABC TV Group's ad sales team confirmed that it had sold off the last available unit in the 91st Academy Awards, which kicks off Sunday at 8 p.m.

OPINIONISTA: South Africa faces a crisis of representation and legitimacy

South Africa is facing a challenge of the legitimacy of its political and socio-economic system. A growing number of our citizens are being left behind. They are angry and they feel they are not being represented by any political party, trade union or civil society formation.

UPDATE 1-South Africa's MTN says chief of Iranian associate to retire

(Adds detail, context) JOHANNESBURG, Feb 21 (Reuters) - South African telecoms group MTN said the head of its Iranian associate MTN Irancell is to retire, to be replaced by an academic with expertise in the sector. MTN said Alireza Ghalambor Dezfouli, who had headed MTN Irancell since its 2005 inception, had been integral in building Irancell into the country's largest data operator with more than 40 million customers. He will be replaced by university professor Bijan Abbasi Arand.

WATCH: Rand steadies after a volatile session

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UPDATE 1-UK Stocks-Factors to watch on Feb 21

(Adds company news items and futures) Feb 21 (Reuters) - Britain's FTSE 100 index is seen opening up 7 points on Thursday, according to financial bookmakers, while FTSE 100 futures were up 0.15 percent ahead of the cash market open. * BARCLAYS: Barclays reported a lower-than-forecast attributable profit of 3.5 billion pounds ($4.56 billion) for 2018, as it took a 150 million pound provision against Brexit losses and its trading business weathered a difficult fourth quarter. * BAE SYSTEMS: Britain's biggest defence company BAE Systems said its earnings would grow in 2019 compared to a flat 2018, despite ongoing geopolitical uncertainty which could affect its business.

MTN Irancell appoints new CEO

MTN Irancell, an associate company of MTN Group, has announced the appointment of Bijan Abbasi Arand as its new CEO. He is a leading telecommunications expert in Iran and brings decades of experience in both the academic and commercial sectors, said the company. With a postdoctoral degree in communication from Tarbiat Modares University, where he is currently an assistant professor, Abbasi replaces Alireza Ghalambor Dezfouli, who will be retiring after having served as the CEO of MTN Irancell since 2005. "Mr. Dezfouli has played an integral role in building Irancell into a major business serving more than 40 million customers and becoming the largest data operator in Iran," said MTN Group. "MTN Group thanks Mr. Dezfouli for his years of service and congratulates Dr.

UK Stocks-Factors to watch on Feb 21

Feb 21 (Reuters) - Britain's FTSE 100 index is seen opening up 7 points on Thursday, according to financial bookmakers. * GLENCORE: Glencore on Wednesday said it would "vigorously contest" a $680 million tax demand from the British authorities linked to transfer pricing. * STANDARD CHARTERED: Standard Chartered Plc said on Wednesday Britain's financial watchdog had imposed a fine of 102.2 million pounds ($133.34 million) in relation to its investigation into the bank's historical financial crime controls. * ANGLO AMERICAN: Anglo American said on Thursday it has suspended operations at its Moranbah North coking coal mine in Australia after one worker died and several were injured on Wednesday. * EX-DIVS: Carnival, GlaxoSmithKline and Imperial Brands will trade without entitlement to their latest dividend pay-out on Thursday, trimming 7.16 points off the FTSE 100 according to Reuters calculations. * The UK blue chip index closed 0.7 percent higher at 7,228.62 points on Wednesday, as Lloyds gained after promising to return cash to shareholders and optimism prevailed over China-U.S. trade talks. * For more on the factors affecting European stocks, please click on: * UK CORPORATE DIARY: Rights and Issues Investment Trust Full Year 2018 Earnings Hotel Chocolat Group Half Year 2019 Earnings Relx PLC Full Year 2018 Earnings Serco Group PLC Full Year 2018 Earnings RPS Group PLC Full Year 2018 Earnings McBride PLC Half Year 2019 Earnings Go-Ahead Group PLC Half Year 2018 Earnings Wilmington PLC Half Year 2019 Earnings Lighthouse Group PLC Full Year 2018 Earnings Barclays PLC Full Year 2018 Earnings Centrica PLC Full Year 2018 Earnings B

Tackling crime head-on

Finance Minister Tito Mboweni allocates R567 billion for social grant - 15 hours ago WATCH LIVE: Finance Minister Tito Mboweni delivers budget speech - 17 hours ago Police arrest taxi driver for driving in oncoming traffic - 17 hours ago JCPZ says its too early to classify the outbreak of shot-hole-borer as a disaster - 21 hours ago JMPD breakdown of drunken driving arrests by police station - 18 hours ago Bogus Hawks officer arrested in Sandton - February 19, 2019 One suspect killed during house robbery in Bryanston - February 9, 2019 Man sentenced to seven years for robbery in Morningside - February 7, 2019 How safe are you? Love Thy Neighbour - February 6, 2019 Here is a list of the on-ramps and off-ramps affected by the closure of the M2 motorway, as well as alternative routes - February 18, 2019 Joburg Water to spend millions due to load-shedding - February 18, 2019 MMC temporarily shuts down Albert Street Clinic - January 29, 2019 It's all systems go for Mashaba's construction vision for Jozi - January 24, 2019 Guidelines for appealing your valuation objection decision - January 22, 2019 St Stithians College Basketball U16 Tournament a slam dunk - February 19, 2019 Hyde Park celebrates excellence - February 15, 2019 Bryanston High learners host market day to raise funds for their debs ball - February 12, 2019 Brescia House shares fantastic sports results #SchoolSport - February 11, 2019 Raising owlets at Crawford Preparatory Sandton - February 10, 2019 Infographic: A summary of the National Budget Speech 2019 - 10 hours ago Here are the highlights of the Budget Speech 2019 - 10 hours ago Where to watch the Budget Speech 2019 - 21 hours ago Water Wednesday: Last week's rain made a huge impact on SA's dam levels - 22 hours ago Loadshedding and Valentine's Day generated over 1 million SA Google searches - February 18, 2019 Private Property acquires Property Buyer Show - 22 hours ago Caxton Digital introduces travel offering with Safari.com - February 6, 2019 4

Anglo's Cutifani confirms Feb 27 AMCU strike for Amplats, hard on heels of Harmony, AngloGold notices

The Association of Mineworkers and Construction Union (AMCU) has issued seven-day strike notices to AngloGold Ashanti and Harmony Gold, with its members set to down tools Feb 27, two sources with knowledge of the matter have told MiningMX. Anglo American Platinum (Amplats) also received a secondary strike notice, confirmed Anglo American CEO, Mark Cutifani in a conference call today following that group's full-year results announcement. AMCU on Tuesday called out members at its gold, coal and platinum mines on strike to protest the possible retrenchment of about 6,700 workers at the gold mines of Sibanye-Stillwater.

Lucy Quist congratulates new Vodafone CEO Patricia Obo-Nai

By Nana Appiah Acquaye, Accra, Ghana The first Ghanaian woman to be appointed as CEO in Ghana's telecom space, Lucy Quist, has joined many well wishing Ghanaians on various social media platforms to congratulate Patricia Obo-Nai on her latest appointment as the new Chief Executive Officer (CEO) of Vodafone Ghana with effect from 1st April 2019.  The former CEO of defunct Airtel Ghana who currently the Vice-Chairperson of the Normalization Committee took to her social media platform LinkedIn to congratulate the first Ghanaian to be appointed CEO of Vodafone Ghana with the words  "Congratulation to Executive Women Network's very own, Patricia Obo-Nai. Wishing you every success in your new role."  Ms. Obo-Nai was officially introduced to staff of Vodafone in Accra on Tuesday during a brief send off party for Ms. Yolanda Cuba, who is moving to South Africa to head up Vodacom Group as it new CEO in April, after successfully serving her three-year tenure in Ghana.

S.Africa's Sibanye-Stillwater posts FY attributable loss of $178 mln

Miners work deep underground at Sibanye Gold's Masimthembe shaft in Westonaria, South Africa, April 3, 2017. REUTERS/Mike Hutchings/File Photo JOHANNESBURG (Reuters) - Precious metal miner Sibanye-Stillwater posted a full-year attributable loss of 2.5 billion rand ($178.10 million) on Thursday, hit by multiple disruptions at its South African gold operations and a deferred tax charge. The company posted a headline loss per share of 1 cents for the year ended Dec.

Magda Wierzycka paints a gloomy picture for PIC billions in Iqbal Survé's hands

Looted funds from its coffers helped "grease the wheels" of groups like the Broederbond long before 1994, and the Public Investment Corporation's billions are still a "honey pot" for the connected few. This is according to billionaire Magda Wierzycka, who spoke to the Cape Town Press Club on Wednesday about what she believes is the plundering of the PIC. Describing it as "the closest thing South Africa has to a sovereign wealth fund", Wierzycka said the PIC has been used to enrich a small group of individuals through a "project" independent of state capture, but running parallel with it.

Is It Feasible to be More Inclusive in Retrenchment Talks in the Mining sector?

By Eugene Phajane Amcu has challenged the inclusivity of the Section 189(1) provisions of the Labour Relations Act, arguing retrenchments are so important that everyone needs to be consulted individually. But in our view, Section 189(1) is the most practical solution and in line with the principle of majoritarianism that runs throughout SA law. As 2019 begins, a combined 23 500 jobs are under threat at Impala Platinum and Lonmin, a reflection of the unrelenting revenue and cost pressures SA's platinum group metals (PGM) miners have faced since 2012. Understandably, negotiations over retrenchments are becoming more heated. In 2017 SA's PGM mines employed 172 171 people, according to Minerals Council of SA statistics.

Woman perseveres in industry

Kumba Iron Ore's Kolomela Mine is the proud employer of one of the world's most inspira­tional women in mining, Dineo Phaladi. Phaladi, a mine overseer at Kolomela, was selected from 650 nominees worldwide and included in the annual 100 Global Inspirational Women in Mining list recently. The aim of this list is not only to showcase female talent in the global mining industry, but also to identify inspirational role models to encourage future generations of women to consider mining as a career of choice.

French business activity firmer than expected in February - PMI

PARIS, Feb 21 (Reuters) - French business activity stabilised this month, improving more than expected as manufacturing growth helped offset slack in services that has dogged firms in the wake of anti-government protests, a monthly survey showed on Thursday. Data compiler IHS Markit said its preliminary purchasing managers index rose to of 49.9 points from 48.2 in January, beating economists' average forecast for 49.0 in a Reuters poll. The improvement brought the index to a three-month high, but was just a hair below the 50-point threshold dividing an expansion in activity from a contraction. Business confidence tanked at the end of last year in the face of the "yellow jacket" protests that saw some of the worst street violence in the capital in decades. "Although the 'gilets jaunes' protests are still ongoing and panellists have suggested that these are still causing disruption, the economy showed resilience in the latest survey period," IHS Markit economist Eliot Kerr said. Firms stepped up the pace of hiring while the flow of new business declined only marginally after pulling back more sharply since November, the survey showed. "That said, the economy will continue to post below its potential as long as social unrest continues," Kerr said. The index for the manufacturing sector rose to a five-month high of 51.4 from 51.2 in February against expectations for a dip to 51.0. The sector saw its new order flow return to growth this month although foreign demand weakened. That came as firms pushed up prices at the fastest pace since November. Meanwhile, the services index rose to a three-month high of 49.8 from 47.8 in January, easily beating economists' expectations for an improvement to only 48.7. A three-month decline in new business slowed this month and yet firms added to headcount even though they had to trim prices for the first time since August 2017.

Inspiring! Man turns mushroom business into an award-winning establishment

Deciding to resign from your job and start your own business is a terrifying prospect for many, but for award-winning mushroom farmer Peter Nyathi the leap of faith is paying off not only for him, but also his staff The 53-year-old agricultural economist's career was on the rise - having gone from working in the agricultural ministry in Zimbabwe, to marketing, administration and finance for big-name insurance companies in South Africa. It was while working at Denny Mushrooms that he decided that mushroom growing was fascinating. "There is a lot of science in mushroom growing. In normal agriculture you don't find that kind of challenge," he said. With his sights always on either being in a top position, or owning his own company, he had risen fast, but describing himself as a planner, he needed more certainty about his future at the company. He spoke to his boss about how far he would go in the company, and his boss could not say for certain. "So I said to him, I'm going to take my own future into my own hands," said Nyathi. When he told his wife, Bridget, he would do it alone, she was "a little bit scared". "She kept her job," he chuckles, as he explained that the next step was to get financing. Small supplier of the year It took three and a half years of hustling for backing, planning and finding just the right location in the Magaliesberg region and his company, Tropical Mushrooms, was born. Since then, the company has grown and now has 150 staffers producing 800 tons of mushrooms a year "from Sunday to Sunday". Speaking by cellphone while waiting for a flight after a business meeting, he explained that mushrooms are not like other agricultural products which have a resting period, so he and the 150 staffers push themselves every day to meet orders. "Luckily I have a lot of energy," he says. Pick n Pay announced this week that it had just awarded him its "small supplier of the year" title for 2019 in its annual awards under its Enterprise and Supplier Development (ESD) programme. The p

Sony to beef up chip business with new engineers

TOKYO, Feb 21 (Reuters) - Sony Corp said on Thursday it will assign 40 percent of its new engineer hires in Japan over the next two years to the chip business which includes imaging sensors, as it looks for growth from new applications in everything from cars to phones. The allocation is in line with the company's plans to invest 600 billion yen ($5.4 billion) in imaging sensors over the three years through March 2021, or half of the group's planned capital expenditures. Sony controls more than half of the imaging sensor market for smartphones, and the sensor business was a key driver of a turnaround for the conglomerate which in its heyday led the world in consumer gadgets. Investors are looking for the next profit pillar as Sony's gaming business shows signs of slowing, with its popular PlayStation 4 (PS4) console nearing the end of its lifecycle. But the company cut its annual profit outlook for imaging sensors this month to 130 billion yen, accounting for just 15 percent of the group's overall profit, due to weakening global demand for smartphones. Sony plans to hire 320 new engineers annually in Japan this year and the next, up from 250 in 2018. The figures do not include those to be hired by overseas units. Chipmakers have mostly maintained their long-term investment plans as they look to new technology such as fifth-generation (5G) communication networks and artificial intelligence to fuel growth in the industry. SK Hynix Inc on Thursday said it would spend $107 billion building four memory chip factories in South Korea beginning 2022. ($1 = 110.7600 yen) (Reporting by Makiko Yamazaki; Editing by Stephen Coates) 2019-02-21 09.

Australia says coal market 'booming' as it dismisses Glencore cuts

* Australia Resources Minster says Glencore acting in self interest * Glencore says will cap coal output around 145 mln tonnes * Coal is Australia's biggest commodity export revenue generator * Glencore is the world's largest exporter of thermal coal * Australia's coal exports worth $67 bln in 2018-2019 FY - gov't By Melanie Burton MELBOURNE, Feb 21 (Reuters) - Australia needs to capture as much of the ‘booming' coal market as possible, a government minister said on Thursday, a day after major producer Glencore said it would curtail further coal output expansions to limit climate change. Glencore, which produces around one-fifth of Australia's coal, said that it would limit its total coal capacity to current levels of around 145 million tonnes to support a global transition into a low carbon economy and limit increasing the risks from climate change. The call occurred as Reuters reported on Thursday that the Chinese port of Dalian has placed an indefinite ban on Australian coal shipments, which sent the Australian currency lower.

Xerox business printers - what does benchmark security mean?

In today's busy offices, cybersecurity is more important than ever. The proliferation of advanced equipment, new business technologies, and mobile devices has vastly increased the productivity of the modern office environment. At the same time, it has introduced new risks and threat vectors that employees on all levels need to be aware of.

Shaping future supply chains with a business-fit approach

/ MEDIA STATEMENT / This content is not written by Creamer Media, but is a supplied media statement. How the traditional supply chain management structures are being replaced with proactive new models. While technology has been the much hyped driver of radical change within global supply chains for several years, a new way of thinking about logistics solutions will arguably shape the industry in a profound way in 2018. In South Africa, with businesses under economic duress, savvy supply chain specialists are taking a proactive approach to logistics management - as opposed to waiting for the problems to come to them. Tyrone Rennie, executive: Business Solutions Development & Marketing at Barloworld Logistics, says that smart logistics is becoming more about finding a ‘business fit' rather than a solutions fit.

‘They will be dealt with': EOH CEO's warning over corruption

Stephen van Coller Corruption will be "dealt with" and anyone at EOH involved in unethical business practices will not get away with it, the IT services group's CEO, Stephen van Coller, warned on Wednesday at its annual general meeting of shareholders. "When you have 11 500 people in 273 legal entities and you're doing business with the state-captured public sector companies, there's going to be something," he said in an interview with TechCentral after business of the AGM had been concluded. "You just have to deal with it, and we are busy dealing with it.

Steinhoff gets shareholder petition for inquiry before Dutch court

The company has been in the middle of a clean-up of its balance sheet after discovering multi-billion euro holes in its balance sheet more than a year ago. FILE: 's offices in Stellenbosch. Picture: Supplied | JOHANNESBURG - International Holdings N.V.

Steinhoff shareholders want Amsterdam court to launch inquiry

A group of Steinhoff [JSE:SNH]  shareholders has petitioned the Enterprise Chamber of the Amsterdam Court of Appeal to launch an inquiry into the global retailer.  The multinational group is domiciled in the Netherlands, although its headquarters are in Stellenbosch. The enterprise chamber is a division of the Court of Appeal of Amsterdam that can launch inquiries into companies if asked to do so. In a notice to shareholders on Thursday morning, Steinhoff said the petition includes a request to appoint an investigator and an additional member of its supervisory board to ensure that "information is provided to shareholders adequately and in the context of any inquiry to be ordered by the Enterprise Chamber." "The Enterprise Chamber has sent notices to certain interested parties with regards to these proceedings.

EMERGING MARKETS-Emerging stocks rise on trade optimism, FX treads water

* China shares falter, Beijing to not cut rates to spur growth * Most Asian currencies fall after Fed minutes * Rand up, traders see smaller chance of Moody's rating cut By Susan Mathew Feb 21 (Reuters) - Emerging market stocks made cautious gains on Thursday on reports that Sino-U.S. trade negotiators have started to tackle their toughest issues, while the currency index made minor moves as investors digested the U.S. Fed's January meeting minutes.

Shareholders petition Amsterdam court to launch inquiry into Steinhoff

JOHANNESBURG Embattled retail giant Steinhoff International said on Thursday that it has received a petition by a group of shareholders for inquiry proceedings before the Enterprise Chamber of the Amsterdam Court of Appeal."The petition includes a request to appoint an investigator as well as an additional member of the supervisory board of the company whose role will include oversight. "That information is provided to shareholders adequately and in the context of any inquiry to be ordered by the Enterprise Chamber."Steinhoff said the Enterprise Chamber has sent notices to certain interested parties with regards to these proceedings. A hearing is scheduled to take place on 23 May 2019.In January 2019 Dutch Investors Association (VEB) launched a class action against Steinhoff in the Netherlands for the losses suffered by its shareholders in a 2015 share sale.Steinhoffs share price collapsed by more than 90 percent in December 2017 when its auditors flagged accounting irregularities in its books. The company now with a market capitalisation of around R 81 billion in the Johannesburg Stock Exchange was trading at R188 per share on Thursday a 1.1 percent decline from close of trading on Wednesday. African News Agency (ANA).

Value is created when the whole is greater than the sum of the parts

In the era of innovation and connectivity the idea of an economy built from autonomous industries attending to their own clients with their own suppliers is fast becoming outdated. More and more, savvy organisations understand that operating in isolation is no longer viable, and that by partnering across, or indeed within industries, higher efficiencies, cost reductions and improved customer service can be achieved. A good example of such collaboration is the symbiotic relationship between two competing technology giants Samsung and Apple Inc, where the electronics manufacturer is a key supplier of iphone micro chips and the like.

The novelty of Newlands

From its majestic Josephine Mill Museum and Brewery Tours that take you back in time, to its trendy Dean Street corridor, Newlands will satisfy anyone from hipsters to history buffs. Park Inn by Radisson Newlands Although it's tucked away in a quiet pocket between Rondebosch and Claremont, the largely-residential suburb of Newlands in Cape Town, is hardly sleepy. Newlands is famous for many things besides its quaint Victorian cottages and winding back lanes: renowned sports stadia, landmark hotels, excellent restaurants, superlative schools such as SACS and Westerford, gourmet food shops, significant national monuments, a design centre, and a natural spring whose ever-flowing waters defy the ongoing drought in the Western Cape.

Man hospitalized following kitesurfing incident in Tableview

Cape Town A man believed to be in his 60s was hospitalized on Thursday morning following a kitesurfing incident  on a beach in Tableview Western Cape. ER24 paramedics along with Life Healthcare received the emergency call and immediately responded arriving at 11h10. On arrival paramedics found the patient lying on the beach surrounded by members of the public.

Enabling a Sustainable Future - Delivering on Africas Renewable Energy Agenda

African economies have in recent years experienced a surge in business activity, thanks in part to the emergence of an increasingly prosperous middle class. This consumer boom has not only strained retail supply chains but has placed overwhelming demands on national utilities. The World Bank states that more than 25 African countries face an energy crisis, yet the continent abounds with untapped renewable energy resources.

#Budget2019: Black tobacco farmers slam excise duty hike, say it will jeopardise 10,000 jobs

South Africa Finance Minister Tito Mboweni delivers the 2019 Budget in Parliament on Wednesday. PHOTO: GCIS JOHANNESBURG - The Black Tobacco Farmers Association (BTFA) said it was dismayed by government's decision to increase excise taxes.  Finance minister Tito Mboweni in his budget speech on Wednesday announced that the duty on a pack of 20 cigarettes will go up by R1.14 cents to R16.66 from 1 April as government tries to raise  additional revenue of R15 billion in 2019/20.  Ntando Sibisi, BTFA chairperson, said in a statement they feel that the decision to hike excise tax on cigarettes at a time when government is still failing to enforce the law against tax evading tobacco companies, was a callous disregard for law abiding workers.   Sibisi said they had warned government that 10,000 jobs in the sector were on the precipice due to the legal industry rapidly losing share to illegal cigarettes. "In his speech, the minister described himself as a farmer when he briefly said that with correct actions, the South African economy can return to plum times.  Unfortunately, we - t he very same emerging farmers he aims at supporting -  will need a market to sustain our income and our livelihoods," Sibisi said.

TRUWORTHS INTERNATIONAL LIMITED - Unaudited group interim report for the 26 weeks ended 30 December 2018

Wrap Text Unaudited group interim report for the 26 weeks ended 30 December 2018 TRUWORTHS INTERNATIONAL LTD REGISTRATION NUMBER: 1944/017491/06 JSE CODE: TRU NSX CODE: TRW ISIN: ZAE000028296 UNAUDITED GROUP INTERIM REPORT for the 26 weeks ended 30 December 2018 KEY FEATURES Retail sales up 2% to R10.5 billion Gross margin 52.3% Operating margin 21.7% Headline and diluted headline earnings per share down 5% Net asset value per share up 8.5% Cash generated from operations R2.6 billion Interim dividend per share 249 cents GROUP PROFILE Truworths International Ltd (the company) is an investment holding and management company listed on the JSE and the Namibian Stock Exchange. Its principal trading entities, Truworths Ltd and Office Holdings Ltd, are engaged either directly or through subsidiaries, concessions, agencies or franchises, in the cash and account retailing of fashion clothing, footwear, related merchandise and homeware. The company and its subsidiaries (the Group) operate primarily in South Africa and the United Kingdom, and have an emerging presence in Germany, the Republic of Ireland and other sub-Saharan African countries. ADOPTION OF NEW ACCOUNTING STANDARDS During the reporting period the Group adopted the newly effective accounting standards IFRS 9: Financial Instruments and IFRS 15: Revenue from Contracts with Customers.

PIC: Lower returns at heart of the problem

The Government Employees Pension Fund has seen its position deteriorate since 2016 The Mpati commission of inquiry into the Public Investment Corp (PIC) is hearing allegations of impropriety and possible corruption, but budget documents answer a larger question: how has the PIC performed as a fund manager? Short answer: not well. The PIC is by no means on its own in the "poor returns by fund managers department", but the impact of underperforming investment returns in the case of the PIC is worrying because of its huge size: just over R2-trillion. It also illustrates the problem of larger fund managers, which are effectively in the position of tracker funds when markets underperform, and there is none even close to the size of the PIC. The problem is not currently acute, however, because the Budget Review notes that an actuarial valuation, completed in December 2018, showed that the PIC's then R1.8-trillion in assets was sufficient to cover 108.3% of its liability on a "best estimate" basis. A "best estimate" basis measures the present value of future pension liabilities. But the problem is by no means trivial. On a stricter liability measure, taking into account the reserve the fund has to hold to make pension payments and remain solvent, assets cover only 75.5% of liabilities. On both measures, the PIC's client, the Government Employees Pension Fund (GEPF), has seen its position deteriorate since 2016. The report says: "The contributing factors are lower-than-expected investment returns, the introduction of new benefits and improvements to existing benefits. "In addition, contributions to the fund were lower than actuarial assumptions." In fact, National Treasury officials say that by far the biggest problem is the lower-than-expected returns; the others are tiny by comparison. The fund aims for a return of the consumer price index plus 5%. That would normally come out at around 11% in nominal terms per year. In 2016/2017, the asset returns were only 4.3% while in 2017/2018, they were 8.

Lonmin gets strike notice from AMCU

Platinum producer Lonmin says it has received a notice for a sympathy strike from the Association of Mineworkers and Construction Union (AMCU) in support of its ongoing stay-away at Sibanye-Stillwater. The company said that according to the notice the strike will commence on February 28 and last until March 7. Thousands of AMCU members at Sibanye gold operation have been on strike since November 21, demanding higher wage increases.

South Africa's AMCU plans sympathy strike at Sibanye platinum shafts

JOHANNESBURG, Feb 21 (Reuters) - Workers led South Africa's AMCU union plan to extend their strike at Sibanye-Stillwater's gold shafts to its platinum mines next week, the company said on Thursday. The AMCU has given similar notices to Lonmin and Anglo American Platinum. Sibanye-Stillwater last week said that it could cut nearly 6,000 jobs at its gold mining operations, where AMCU members have been on strike since mid-November over a wage dispute.

Warehousing the future: all tech and no people?

Futurists have taken to predicting that, in the next few years, it is likely that warehousing will become a wholly automated function with supply chains. The much-referenced example is Amazon, which currently deploys more than 3 000 robots within its various warehouses, either in fully automated processes or in the facilitation of goods-to-picker functions. Tyrone Rennie, Executive Solution Development and Marketing at supply chain specialist Barloworld Logistics. The reality, however, is that within South Africa, as with the rest of the world, a long tradition of manual warehousing is firmly entrenched within the greater supply chain industry, driven, among others, by the relatively low cost of labour when compared to tech-heavy solutions. Tyrone Rennie, Executive Solution Development and Marketing at supply chain specialist Barloworld Logistics, says despite the relatively low uptake of autonomous warehousing locally, technologies such as self-guided forklifts, automated storage and retrieval systems, robotic palletisers, and vision-guided robots can dramatically increase the efficiencies within a warehouse.

South Africa's AMCU union plans sympathy strike at Amplats

JOHANNESBURG, Feb 21 (Reuters) - Workers led by South Africa's AMCU union plan to strike at Anglo American Platinum in support of colleagues at Sibanye-Stillwater , the company said on Thursday. Amplats is the second company to receive such a notice after Lonmin. Sibanye-Stillwater last week said that it could cut nearly 6,000 jobs at its gold mining operations, where AMCU has been on strike since mid-November over a wage dispute.

GLENCORE PLC - GLN: Transactions In Own Shares-20 February 2019

Wrap Text GLN: Transactions In Own Shares-20 February 2019 Glencore plc (Incorporated in Jersey under the Companies (Jersey) Law 1991) (Registration number 107710) JSE Share Code: GLN LSE Share Code: GLEN HKSE Share Code: 805HK ISIN: JE00B4T3BW64 Baar, Switzerland 21 February 2019 Transactions in own shares-20 February 2019 Glencore plc (the Company) announces today it has purchased the following number of its ordinary shares of USD 0.01 each on the London Stock Exchange from Citigroup Global Markets Limited. Date of purchase: 20 February 2019 Aggregate number of ordinary shares of USD 0.01 each purchased: 4,000,000 Lowest price paid per share (GBp): 298.8500 Highest price paid per share (GBp): 311.4500 Volume weighted average price paid per share (GBp): 306.1072 The Company will hold the repurchased shares in treasury. Following the above transaction, the Company holds 662,473,255 of its ordinary shares in treasury and has 14,586,200,066 ordinary shares in issue (including treasury shares). Therefore the total voting rights in Glencore plc will be 13,923,726,811. This figure for the total number of voting rights may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules. These share purchases form part of the second part of the Company's existing buy-back programme which is expected to be completed over the period from 8 August 2018 to 20 February 2019, details of which were announced by the Company on 5 July 2018 and 25 September 2018. Aggregated information Volume weighted Trading venue

SA cycling legend to make Cape Epic debut

Cape Town - From 2001 until he retired in 2013 there was no better known South African cyclist than Robbie Hunter . The former Rabobank, Phonak and Barloworld sprinter, turned sports agent, took part in 16 grand tours during his professional career; which started in 1999. He rose to fame however when he made his Tour de France debut in 2001 for Lampre-Daikin - becoming the first South African to take part in the world's most famous bicycle race.

WATCH: Rand steadies after a volatile session

To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video JOHANNESBURG - The rand recovered against the US dollar during European trade yesterday according to NKC Research.  The South African currency surged stronger, halfway through the annual budget address, after Minister of Finance Tito Mboweni hardly delivered any market-shaking bombshells during his first budget speech. A quiet greenback took the pressure off emerging market currencies, with the yuan jumping to a near three-week high against the dollar. At close of local trade, the rand quoted 0.2 percent weaker at R14.06/$, after trading in range of R13.98/$ - R14.37/$.

#Budget2019: Black tobacco farmers slam excise duty hike say it will jeopardise 10000 jobs

JOHANNESBURG The Black Tobacco Farmers Association (BTFA) said it was dismayed by governments decision to increase excise taxes.  Finance minister Tito Mboweni in his budget speech on Wednesday announced that the duty on a pack of 20 cigarettes will go up by R1.14 cents to R16.66 from 1 April as government tries to raise  additional revenue of R15 billion in 201920.  Ntando Sibisi BTFA chairperson said in a statement they feel that the decision to hike excise tax on cigarettes at a time when government is still failing to enforce the law against tax evading tobacco companies was a callous disregard for law abiding workers.   Sibisi said they had warned government that 10000 jobs in the sector were on the precipice due to the legal industry rapidly losing share to illegal cigarettes. "In his speech the minister described himself as a farmer when he briefly said that with correct actions the South African economy can return to plum times.  Unfortunately we t he very same emerging farmers he aims at supporting  will need a market to sustain our income and our livelihoods" Sibisi said. "If legal tobacco companies cannot sustain buying South Africa leaf from us we will find ourselves with no option but to let farmworkers go.

MTN says chief of Iranian associate to retire

South African telecoms group MTN said the head of its Iranian associate MTN Irancell is to retire, to be replaced by an academic with expertise in the sector. MTN said Alireza Ghalambor Dezfouli, who had headed MTN Irancell since its 2005 inception, had been integral in building Irancell into the country's largest data operator with more than 40-million customers. He will be replaced by university professor Bijan Abbasi Arand. Iran is one of MTN's largest markets, but its entry into the country has been marred by allegations it used bribes to win a 15 year operating licence, estimated to be worth more than $30-billion, in competition with Turkish rival Turkcell. Abbasi's appointment comes a week after South Africa's former ambassador to Iran was arrested on charges he helped MTN acquire the licence in return for R1.4-million, which he used to purchase property. MTN denies the allegations.

Supply Chains cannot be shrunk into greatness

/ MEDIA STATEMENT / This content is not written by Creamer Media, but is a supplied media statement. No one will argue that South Africans are facing tough economic times. Our inland fuel price just exceeded the R16 per litre mark, inflation is hovering around 4.5%, and our economic growth forecast is a modest 1.7%. These factors, combined with continued uncertainty surrounding policy decisions and the ever-present rating agencies threatening downgrades, have created a particularly challenging environment for local business.

JSE results downpour forecast for Thursday

Companies scheduled to release results include Anglo American, Sibanye-Stillwater, Woolworths, Truworths, Discovery, Adcock Ingram, and JSE Ltd.

Brandwatch appoints YOUKNOW as African channel partner

After four years of supporting Crimson Hexagon in Africa as well as the successful merger of Brandwatch and Crimson Hexagon in 2018, YOUKNOW Digital has been appointed as the official distribution partner to Brandwatch. For more on the Brandwatch + Crimson Hexagon merger, read here . Work to integrate the two products are already underway, and cross-pollination of features are already being seen, such as the ability for Crimson Hexagon to integrate with Brandwatch's Vizia command centre technology .

South Africa's Woolworths half-year earnings drop

JOHANNESBURG (Reuters) - South Africa's Woolworths Holdings reported on Thursday a 2.9 percent drop in half-year earnings, while the retailer's lacklustre fashion, beauty and home businesses dented sales. Woolworths, which also has operations in Australia and New Zealand, said headline earnings per share (HEPS) fell to 200.4 cents, in the 26-weeks ended Dec. 23, from 206.3 cents a year earlier. HEPS is the most widely watched profit gauge in South Africa and strips out certain one-off items. Adjusted diluted HEPS decreased by 9.2 percent to 202.9 cents from 223.4 cents in the year-ago period. The clothing, homeware and food retailer posted a tepid 1.9 percent rise in group sales to 39.4 billion rand ($2.82 billion), a drop from 2.5 percent increase in the 26-week period ended Dec. 24, 2017.

Cutifani says Anglo "found targets" as excitement grows on Brazilian copper discovery

ANGLO American provided further evidence that it may have found a major new copper discovery in Brazil after CEO, Mark Cutifani, said the group had consolidated 37km of ground following intersections of copper at grades typical of today's mining. Although he was keen to curb expectations - it will take 12 more months of exploratory work before increasing confidence on the discovery - Cutifani betrayed some excitement about the prospect. "We have intersected copper mineralisation at grades that you see today as well as length intercepts," he said in a media conference following the group's full-year results presentation in which the UK-listed group turned in another strong performance.

Shareholders petition Amsterdam court to launch inquiry into Steinhoff

A COMPANY sign on the Steinhoff International Holdings company headquarters in Stellenbosch. Dwayne Senior Bloomberg JOHANNESBURG - Embattled retail giant Steinhoff International said on Thursday that it has received a petition by a group of shareholders for inquiry proceedings before the Enterprise Chamber of the Amsterdam Court of Appeal. "The petition includes a request to appoint an investigator as well as an additional member of the supervisory board of the company whose role will include oversight.  "That information is provided to shareholders adequately and in the context of any inquiry to be ordered by the Enterprise Chamber." Steinhoff said the Enterprise Chamber has sent notices to certain interested parties with regards to these proceedings.

Constitution Calls for Redress of Historical Imbalances - Mbangiseni Mahlobo

On the eve of the Budget Speech by the Minister of Finance, Mr Tito Mboweni, Members of the National Assembly (NA) debated South Africa's state of economy. The debate, which was under the theme: "Transforming the Economy to Serve the People", was moved by Mr Mbangiseni Mahlobo. Mr Mahlobo said the debate came at an opportune time when the South African economy is faced with mounting challenges that demand swift intervention to set it on the course of recovery - to bring about inclusive growth and radical transformation, which President Cyril Ramaphosa promised in his 2019 State of the Nation Address.

From vision to keeping positive- 8 habits of successful entrepreneurs [Opinion]

Not all entrepreneurs are created equal. Some fail, some just remain one-man-bands, some go on to create small businesses, and some go on to create massively scaled businesses. Over the years I have met and had conversations with many founders that have built some impressive businesses.

Pit to Port and back again - a massive task

/ MEDIA STATEMENT / This content is not written by Creamer Media, but is a supplied media statement. South Africa, and indeed the entire continent, is awash with mineral resources with the mining contributing signi?cantly to our national GDP. As a nation, mining is woven into our very fabric, with many of our cities and towns having sprung up around gold ?elds in the 1800's, and later on following the coal belts. Over the last three decades the local sector may well have shrunk, but as a whole, it is still a signi?cant contributor to the local economy, both in terms of foreign investment and job creation. Increasing pressure on commodity prices, combined with regional economic and political uncertainty has brought into sharp focus the need for this industry to improve e?ciencies and manage costs across the board.

UPDATE 1-Amplats, Lonmin workers to strike in support of Sibanye

(Adds detail) JOHANNESBURG/LONDON Feb 21 (Reuters) - Workers led by South Africa's Association of Mineworkers and Construction Union (AMCU) plan to down tools at Anglo American Platinum (Amplats) and Lonmin next week in support of colleagues at rival miner Sibanye-Stillwater striking over wages and job cuts, the companies said on Thursday. Sibanye-Stillwater last week said that it could cut nearly 6,000 jobs at its gold mining operations, where AMCU has been on strike since mid-November over a wage dispute. Workers led the AMCU also plan to extend their strike at Sibanye-Stillwater's gold shafts to its platinum mines next week, the company said on Thursday.

MTN Irancell announces new CEO

MTN Irancell, an associate company of the MTN group, has announce the appointment of Dr Bijan Abbasi Arand as its new CEO. He replaces Alireza Ghalambor Dezfouli who is retiring after serving as the CEO of MTN Irancell since its inception in 2005. MTN says that Dezfouli has played an integral role in building Irancell into a major business serving more than 40 million customers and becoming the largest data operator in Iran.

Warehousing the future - all tech and no people?

Futurists have taken to predicting that in the next few years it is likely that warehousing will become a wholly automated function with supply chains. The much-referenced example is Amazon, who currently deploys more than 3000 robots within their various warehouses, either in fully automated processes or in the facilitation of goods-to-picker functions. The reality, however, is that within South Africa, as with the rest of the world, a long tradition of manual warehousing is firmly entrenched within the greater supply chain industry, driven amongst others by the relatively low cost of labour when compared to tech-heavy solutions. Tyrone Rennie, Executive Solution Development and Marketing at supply chain specialist Barloworld Logistics says that despite the relatively low uptake of autonomous warehousing locally, technologies such as self-guided forklifts, automated storage and retrieval systems, robotic palletisers, and vision-guided robots can dramatically increase the efficiencies within a warehouse.

‘They will be dealt with': EOH CEO's warning over corruption

Stephen van Coller Corruption will be "dealt with" and anyone at EOH involved in unethical business practices will not get away with it, the IT services group's CEO, Stephen van Coller, warned on Wednesday at its annual general meeting of shareholders. "When you have 11 500 people in 273 legal entities and you're doing business with the state-captured public sector companies, there's going to be something," he said in an interview with TechCentral after business of the AGM had been concluded. "You just have to deal with it, and we are busy dealing with it.

Shaping future supply chains with a business-fit approach

/ MEDIA STATEMENT / This content is not written by Creamer Media, but is a supplied media statement. How the traditional supply chain management structures are being replaced with proactive new models. While technology has been the much hyped driver of radical change within global supply chains for several years, a new way of thinking about logistics solutions will arguably shape the industry in a profound way in 2018. In South Africa, with businesses under economic duress, savvy supply chain specialists are taking a proactive approach to logistics management - as opposed to waiting for the problems to come to them. Tyrone Rennie, executive: Business Solutions Development & Marketing at Barloworld Logistics, says that smart logistics is becoming more about finding a ‘business fit' rather than a solutions fit.

‘They will be dealt with': EOH CEO's warning over corruption

Stephen van Coller Corruption will be "dealt with" and anyone at EOH involved in unethical business practices will not get away with it, the IT services group's CEO, Stephen van Coller, warned on Wednesday at its annual general meeting of shareholders. "When you have 11 500 people in 273 legal entities and you're doing business with the state-captured public sector companies, there's going to be something," he said in an interview with TechCentral after business of the AGM had been concluded. "You just have to deal with it, and we are busy dealing with it.

MTN Uganda denies it understates revenues, says it is fully tax-compliant

KAMPALA, Feb 21 (Reuters) - The Ugandan unit of South African telecommunications firm MTN Group has denied government accusations it has been understating its revenues and said it was fully meeting all its tax obligations. Relations between the telecoms firm and the East African country have been strained over a series of issues including deportations of its top executives, accusations of under-reporting revenues and delayed renewal of its operating licence. "MTN revenues are independently audited and we remain firmly of the view that all revenues have been correctly accounted for and we are compliant on all tax matters," MTN Uganda said in an email to Reuters on Thursday.

Carbon Tax labelled 'grossly unfair', 'abuse'

The Carbon Tax, effective from June 1, has drawn fierce criticism from various quarters, which labelled it "unfair", "disingenuous" and an abuse of public sentiment.  Finance Minister Tito Mboweni on Wednesday tabled the National Budget before Parliament, where he said the tax would form part of government's efforts to deal with climate change. The carbon tax is based on the "polluter pays" principle. It prices greenhouse gas emissions, and aims to ensure that businesses and households take pollution into account in their production and consumption investment decisions, Treasury explained in the 2019 Budget Review document.

McBride slams Cele's ‘feeble attempt' at peddling ‘discredited' allegations of betrayal

Police watchdog body Ipid's executive head Robert McBride has hit back at Minister of Police Bheki Cele, after the minister reportedly approached police portfolio committee (PPC) member Sibonakaliso Mhlongo and told him that McBride had "sold state secrets to criminals". This followed allegations from Nafiz Modack, a suspect in an Ipid investigation, that McBride was bribed by cigarette manufacturer Adriano Mazzotti to get information on Modack. Now McBride has released a statement calling the allegations against him "nothing but a feeble attempt to prop up a false narrative that I have committed misconduct or that I somehow have a cloud over my head, merely because someone has made allegations".

The novelty of Newlands

Park Inn by Radisson Newlands From its majestic Josephine Mill Museum and Brewery Tours that take you back in time, to its trendy Dean Street corridor, Newlands will satisfy anyone from hipsters to history buffs. Although it's tucked away in a quiet pocket between Rondebosch and Claremont, the largely-residential suburb of Newlands in Cape Town , is hardly sleepy. Newlands is famous for many things besides its quaint Victorian cottages and winding back lanes: renowned sports stadia, landmark hotels, excellent restaurants, superlative schools such as SACS and Westerford, gourmet food shops, significant national monuments, a design centre, and a natural spring whose ever-flowing waters defy the ongoing drought in the Western Cape .

MTN's music business appoints a new music head

MTN Group's newly acquired music streaming entity, Simfy Africa, has appointed Oyebowale Akideinde as the Head of Over the Top (OTT) Music Services. Photo: File DURBAN - MTN Group's newly acquired music streaming entity, Simfy Africa, has appointed Oyebowale Akideinde as the Head of Over the Top (OTT) Music Services.  His appointment, effective 1 February 2019, will enhance the company's digital music streaming services to its customers across Africa and the Middle East. Oyebowale joins MTN from Boomplay Music where he served as the Regional Director for West Africa.

Productivity improvements, higher prices lift Anglo American's FY18 Ebitda to $9.2bn

JOHANNESBURG (miningweekly.com) - Continued productivity improvements in underlying operations and better-than-expected prices have contributed to global diversified miner Anglo American's 4% year-on-year increase in earnings before interest, taxes, depreciation and amortisation (Ebitda) to $9.2-billion for 2018. CE Mark Cutifani said during a conference call on Thursday that disciplined capital allocation has helped the company to strengthen its balance sheet by more than $10-billion over the past three years, with net debt having decreased by 37% year-on-year to $2.8-billion as at December 31, 2018. Cutifani expected to report an additional $3-billion to $4-billion improvement in underlying Ebitda by 2022, relative to 2017. Additionally, the diversified miner generated $3.2-billion of attributable free cash flow and delivered profit attributable to equity shareholders of $3.5-billion in 2018, which is a 12% increase compared with 2017. Anglo proposed a final dividend of $0.51 a share and reported an operating profit of $6.1-billion, compared with $5.5-billion in 2017.

Lonmin braces for Amcu strike after receiving notification

Platinum miner Lonmin Plc confirmed on Thursday that it has received written notice of a secondary strike action from Association of Mineworkers and Construction Union (Amcu) to take place at its operations. Amcu is embarking on a secondary strike in the platinum and coal sectors next week in support of its members who have been on strike for three months in the gold sector at Sibanye-Stillwater. "According to the correspondence received, the strike will commence on next Thursday until March 7.

MTN's music business appoints a new music head

MTN Group's newly acquired music streaming entity, Simfy Africa, has appointed Oyebowale Akideinde as the Head of Over the Top (OTT) Music Services..

Sello Moloko To Replace Jabu Mabuza As Telkom Chairman

Telkom logo (Photo Credit: CubeZoo) Sello Moloko to take over the chairmanship of a stable partially state-owned telecommunications firm Telkom. Moloko will replace Jabu Mabuza, who will be stepping down as an independent non-executive director and the chairman of Telkom. Mabuza will step down as chairman of Telkom from 31 May 2019.

FINTEGIC (RF) LIMITED - FNT009 - Listing of New Financial Instrument

Release Date: 21/02/2019 15:00 Code(s): FNT009 Wrap Text FNT009 - Listing of New Financial Instrument Fintegic (RF) Limited (previously SSI SCF (RF) Limited) (Incorporated in the Republic of South Africa) (Registration number 2017/448717/06) Company code: FTGI Bond Code: FNT009 ISIN: ZAG000157330 ("Fintegic" or "the Issuer") LISTING OF NEW FINANCIAL INSTRUMENT The JSE Limited has granted the Issuer the listing of its Senior Unsecured Fixed Rate Notes, in terms of its Note Programme dated 23 February 2018 ("the Programme") with a payment guarantee issued by Santam Limited, effective 25 February 2019. Type of Debt Security: Fixed Rate Notes Debt Security Code: FNT009 ISIN: ZAG000157330 Nominal Issued: ZAR 14 291 829.00 Issue Price: 100% Issue Date: 25 February 2019 Coupon Rate: 8.45% Interest Commencement Date: 25 February 2019 First Interest Payment Date: 7 May 2019 Interest Payment Date(s): 7 May 2019 Last Day to Register: By 17h00 on 26 April 2019 Books Close: 27 April 2019 Maturity Date: 7 May 2019 Business Day Convention: Following Business Day Final Maturity Amount: 100% of the Nominal Amount Other: The pricing supplement does not contain additional terms and conditions or changes to the terms and conditions as contained in the Programme, however, please note the Features of the Underlying Payment Obligation contained in Annexure A and the payment guarantee contained in Annexure B Summary of Additional Terms: Not Applicable Programme Amount: ZAR 1 000 000 000.00 Total Notes in Issue Under Programme: ZAR 66 078 366, exclusive of this issuance of notes The Notes will be immobilised in the Central Securities Depository and settlement will take place electronically in terms of JSE Rules. 21 February 2019 Debt Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 21/02/2019 03:00:00 Produced by the JSE SENS Department.

UG2 outperfoms as Sibanye-Stillwater positions for new world ­

JOHANNESBURG (miningweekly.com) - The soaring prices of rhodium and palladium have put new focus on the upper group two (UG2) reef, for long the poor cousin of Merensky reef in the hierarchy of platinum group metals (PGMs) mining. Merensky's predominant platinum content has made it the preferred reef for decades but UG2 is currently the new optimal because of its greater palladium and rhodium content, with chrome thrown in as a valuable co-product. This was driven home by Sibanye-Stillwater CEO Neal Froneman on Thursday, when he extolled the value to Sibanye of its UG2 abundance because of its rhodium and palladium richness. Since Sibanye began mining PGMs in 2016, the price of rhodium has risen by 300% and the price of palladium by 150%. At the time of going to press, rhodium was trading at $2 645/oz, palladium at $1 488/oz and even iridium's $1 460/oz was far better than platinum's current doldrums price of $822/oz. "There are significant benefits of mining UG2," said Froneman, who described rhodium as "almost the unsung hero" of the changes in PGM markets. Sibanye's UG2 reef at its Rustenburg mine gives it 10.53% exposure to rhodium; the Kroondal mine gives 9.9% exposure to rhodium "and, of course, the chrome credits are very, very significant and make a big difference to the business". Sibanye, with Lonmin that it is in the process of acquiring, will run neck and neck with Impala Platinum in the number of rhodium ounces it will be producing. Sibanye's South African PGM mix is 77% UG2 reef and 23% Merensky reef and the strength of the rhodium and palladium prices have seen a surge in UG2 basket prices. Sibanye, with Lonmin, will become the biggest platinum producer in the world at a total cost of under R40-billion. "The reason we're able to do that is because we called the market exactly right," said Froneman, with its entry beginning in April 2016 with the acquisition of Aquarius for R4.3-billion. That was followed by the acquisition of Rustenburg in November 2016 for R3.75-billion, St

Stock Watch Picks - 20 Feb 2019

David Shapiro from Sasfin Securities chose the resources sector and is looking at Sasol & BHP and Nick Crail from Ashburton Investments chose Shoprite Holdings Ltd.

PENSIONS: Towards lighter oversight

The regulators want to enable safe, or ‘sandbox', innovation in financial services through greater use of fintech The retirement reform process might not be closely tied to the main role of the budget — it concerns personal and not national savings. But this year's budget coincides almost exactly with the introduction on March 1 of default portfolios. It won't now be necessary to shop around for an annuity, or to go through the difficult process of picking funds in which to invest. These will be available in each and every retirement fund.

Jabu Mabuza resigns as chairman of the Telkom Board

Telkom has announced the resignation of Jabu Mabuza as an independent non-executive director and Chairman of the Telkom Board. The resignation is effective 31 May 2019, the company said in a statement on Thursday (21 February). Mabuza will be replaced by Sello Moloko, an independent non-executive director on the Telkom Board and a seasoned director.

LME copper squeeze will test market's bull credentials: Andy Home

(The opinions expressed here are those of the author, a columnist for Reuters.) By Andy Home LONDON, Feb 21 (Reuters) - Is copper finally about to break up out of its well-trodden seven-month range? London Metal Exchange (LME) three-month copper came tantalisingly close on Wednesday with a mini-surge to $6,426.50, challenging the upper band of the $5,725 to $6,440 range that has defined the market since July 2018. The market was regrouping Thursday around the $6,380 level. Glencore set the ball rolling with an announcement that an "updated mine plan" at its Mutanda copper operations in the Democratic Republic of Congo would reduce output by 100,000 tonnes per year. Momentum came from chart dynamics, specifically a break of the 200-day moving average on Tuesday, and frantic covering by options traders against upside exposure. What really primed the move, however, was a dramatic tightening in LME time-spreads. The benchmark cash-to-three-months period flipped from small contango at Friday's close to $58 backwardation at Monday's close, the tightest the spread has been since October last year. The contraction was sharp and brutal for short position-holders but not entirely unexpected. Stocks of copper registered with the LME are super low. Indeed, global exchange stocks are low, which is why a growing number of copper bulls argue that copper's robust micro dynamics can turn back the bear tide of macro negativity. The return of time-spread tightness is going to put that argument to the test. SHANGHAI STOCKS UP, U.S. STOCKS DOWN The total amount of copper registered with the world's three exchanges -- LME, Shanghai Futures Exchange and CME -- rose by 60,300 tonnes in January and the first half of February. Rising exchange inventory is normal at this time of the year, a seasonal low spot for manufacturing activity.

SIN TAX: Smokers and drinkers feel the squeeze

But share prices remain firm despite extra taxes on tobacco products and a wide range of alcoholic beverages Smokers and drinkers will find little cheer in the 2019 budget, which asks "sinners" to chip in an extra R1bn to the national fiscus in the financial year ahead. Finance minister Tito Mboweni aims to raise R400m from additional excise duties on tobacco product sales, and another R600m from an array of alcoholic beverages. This year's sin tax table breaks down as follows: the excise duty on a can of beer goes up by 12c to R1.74, while a bottle of wine will have an excise duty of R3.15 (a 22c increase). The duty on a bottle of sparkling wine goes up by 84c to R10.16, and the duty on a bottle of whisky will go up by R4.54 to R65.84. Smokers also cough up considerably more for their habit.

How would Warren Buffet react if he had trade union shares in AYO

JOHANNESBURG Over the past months AYO Technology Solutions has become a household name in South Africa. AYO was listed on the Johannesburg Stock Exchange (JSE) on December 21 2017 with more than 75 percent black ownership of which more than 35 percent are black women. AYOs empowerment is one of its many key competitive advantages and the company positions itself well for major acquisitions of larger multinational customers. However Moneyweb argued that 2018 was a very rough year for the South African stock market.

EOH rebounds after departures

Former EOH chief executive Asher Bohbot will be returning to the company he founded. Photo: Simphiwe Mbokazi/African News Agency/ANA DURBAN - The founder  and former chief executive of EOH Holdings, Asher Bohbot, will step down from the board at the end of the month. EOH, the JSE-listed information technology group, said yesterday that the move was to comply with King IV corporate governance.  "In accordance with King IV, a former chief executive should not serve as chairman of the board until a three-year cooling-off period has been observed," the group said.  Currently Bohbot is serving as group chairman, and he was the chief executive for 19 years.  EOH said Bohbot would, on an advisory basis, assist the group until the end of July in the implementation of the strategy shared with the market recently.  The changes come two weeks after multinational technology giant Microsoft announced that it was planning to terminate its contract with EOH Mthombo, a subsidiary of EOH.  EOH Holdings' share price fell nearly 30?percent with the expected termination of the EOH Mthombo contract.  The group said profits could take a R10 ?million hit as a result of the  termination of two contracts by Microsoft.

MTNs music business appoints a new music head

DURBAN  MTN Groups newly acquired music streaming entity Simfy Africa has appointed Oyebowale Akideinde as the Head of Over the Top (OTT) Music Services. His appointment effective 1 February 2019 will enhance the companys digital music streaming services to its customers across Africa and the Middle East.Oyebowale joins MTN from Boomplay Music where he served as the Regional Director for West Africa. His career spans over 17 years primarily in consumer goods ebusiness financial media and digital sectors. He has also worked in IT project management strategy product and business development and marketing.He holds an MSc in Business Information Systems from the University of Hertfordshire a BSc in Computer Science from the University of Lagos and a General Music Studies Specialist certificate from Berklee College of Music.

South Africa's MTN says chief of Iranian associate to retire

JOHANNESBURG (Reuters) - South African telecoms group MTN said the head of its Iranian associate MTN Irancell is to retire, to be replaced by an academic with expertise in the sector. MTN said Alireza Ghalambor Dezfouli, who had headed MTN Irancell since its 2005 inception, had been integral in building Irancell into the country's largest data operator with more than 40 million customers. He will be replaced by university professor Bijan Abbasi Arand. Iran is one of MTN's largest markets, but its entry into the country has been marred by allegations it used bribes to win a 15 year operating licence, estimated to be worth more than $30 billion, in competition with Turkish rival Turkcell. Abbasi's appointment comes a week after South Africa's former ambassador to Iran was arrested on charges he helped MTN acquire the licence in return for 1.4 million rand ($100,352) which he used to purchase property.

Copper slides from 7-month peak on firm dollar, profit-taking

* Declining LME copper stocks support price * GRAPHIC-2019 asset returns: http://tmsnrt.rs/2jvdmXl (Updates throughout, changes dateline from BEIJING) By Zandi Shabalala LONDON, Feb 21 (Reuters) - Copper prices slipped from seven-month highs on Thursday as the dollar firmed and investors cashed in gains from a rally in the previous session fuelled by falling inventories. The dollar found strength in minutes from a U.S Federal Reserve meeting that raised expectations for a possible U.S. interest rate hike this year. Three-month copper on the London Metal Exchange was down 0.4 percent to $6,378.50 a tonne by 1104 GMT, after hitting its highest since July 10 at $6,426.50 in the previous session. On Wednesday LME copper broke through the key technical resistance area of $6,400, which triggered profit-taking alongside a stronger dollar, said Saxo Bank commodities analyst Ole Hansen. "But overall the story driving copper is the worries about supply," he said. Miner and trader Glencore on Tuesday lowered its 2019 copper output forecast to 1.5 million tonnes from 1.54 million due to production cuts at its Mutanda mine in the Democratic Republic of Congo. "(That) supports the idea that supply is tightening in copper, and has helped it move ahead despite the headwinds from the uncertainty related to global economic growth," Hansen said. The metal used in power and construction has seen inventories fall while supply has been constrained by lack of investment in mines and declining grades. STOCKS: Stocks of copper in London Metal Exchange warehouses stand at 137,700 tonnes, close to 10-year lows of 122,500 tonnes hit in early December last year. DOLLAR: The U.S. currency gained against a basket of major currencies.

Telkom chairman Jabu Mabuza resigns

Telkom has announced that Jabu Mabuza has resigned as an independent non-executive director and chairman of the Telkom board. The resignation is effective 31 May 2019, and he will be replaced by Sello Moloko. Sello Moloko, an independent non-executive director on the Telkom board, is the non-executive chairman of Sibanye-Stillwater Limited and has chaired the board of Alexander Forbes, said Telkom. "Jabu Mabuza has chaired the Telkom board through some rough times since he joined in December 2012. On departure, he will leave a strong and stable organisation," said Telkom CEO Sipho Maseko. Maseko said Mabuza's leadership has been extremely valuable to Telkom..

COLUMN-LME copper squeeze will test market's bull credentials: Andy Home

(The opinions expressed here are those of the author, a columnist for Reuters.) By Andy Home LONDON, Feb 21 (Reuters) - Is copper finally about to break up out of its well-trodden seven-month range? London Metal Exchange (LME) three-month copper came tantalisingly close on Wednesday with a mini-surge to $6,426.50, challenging the upper band of the $5,725 to $6,440 range that has defined the market since July 2018. The market was regrouping Thursday around the $6,380 level. Glencore set the ball rolling with an announcement that an "updated mine plan" at its Mutanda copper operations in the Democratic Republic of Congo would reduce output by 100,000 tonnes per year.

Lonmin braces for Amcu strike after receiving notification

JOHANNESBURG Platinum miner Lonmin Plc confirmed on Thursday that it has received written notice of a secondary strike action from Association of Mineworkers and Construction Union (Amcu) to take place at its operations.Amcu is embarking on a secondary strike in the platinum and coal sectors next week in support of its members who have been on strike for three months in the gold sector at SibanyeStillwater."According to the correspondence received the strike will commence on Thursday 28 February 2019 until 07 March 2019. Lonmin is in the process of obtaining legal advice to inform our response to the notice" the group said in a statement. At least 15000 workers affiliated to Amcu have been on a protected strike at Sibanyes gold operations since midnight on 21 November 2018 demanding higher wages.  They downed tools after refusing a threeyear wage agreement signed by the mine and three other unions and were demanding a R1000 annual wage hike over three years.Lonmin was at the centre of a deadly fivemonthlong strike by Amcu members in 2012 where 34 mineworkers were gunned down by police following clashes that left 10 people dead in the preceding week. Amcu president Joseph Mathunjwa said that his union has been consulting its members at Impala Lonmin AngloGold Ashanti Two Rivers mine and all Anglo American mines and has been given a clear mandate to support their colleagues at Sibanye. Mathunjwa said that this coming strike would shut down the entire South African mining industry."Wherever Amcu has a recognition agreement those mines will be joining Amcu. The mines in the West rand will be affected by the secondary strike.

ANGLO AMERICAN PLC - Year end financial report for the year ended 31 December 2018

Wrap Text Year end financial report for the year ended 31 December 2018 Anglo American plc (the "Company") Registered office: 20 Carlton House Terrace, London SW1Y 5AN Registered number: 3564138 (incorporated in England and Wales) Legal Entity Identifier: 549300S9XF92D1X8ME43 ISIN: GBOOB1XZS820 JSE Share Code: AGL NSX Share Code: ANM YEAR END FINANCIAL REPORT for the year ended 31 December 2018 21 February 2019 Anglo American Preliminary Results 2018 Consistent performance improvements deliver 4% increase in underlying EBITDA to $9.2 billion Mark Cutifani, Chief Executive of Anglo American, said: "We are delivering improvements on a consistent basis, with a further 4% increase in underlying EBITDA to $9.2 billion. Our commitment to disciplined capital allocation has helped strengthen our balance sheet by more than $10 billion over three years, with net debt reduced to $2.8 billion at the end of 2018. This strong financial result derives from our continued productivity improvements in the underlying operations and better than expected prices for many of our products. "No degree of financial performance is worth a life, however, and in 2018, five of our colleagues tragically died in workplace safety incidents.

Is it feasible to be more inclusive in retrenchment talks in the mining sector?

By Eugene Phajane, a Partner at Webber Wentzel and specialist in employment law. Amcu has challenged the inclusivity of the Section 189(1) provisions of the Labour Relations Act, arguing retrenchments are so important that everyone needs to be consulted individually. But in our view, Section 189(1) is the most practical solution and in line with the principle of majoritarianism that runs throughout SA law.

MTN Uganda denies it understates revenues, says it is fully tax-compliant

KAMPALA (Reuters) - The Ugandan unit of South African telecommunications firm MTN Group has denied government accusations it has been understating its revenues and said it was fully meeting all its tax obligations. Relations between the telecoms firm and the East African country have been strained over a series of issues including deportations of its top executives, accusations of under-reporting revenues and delayed renewal of its operating licence. "MTN revenues are independently audited and we remain firmly of the view that all revenues have been correctly accounted for and we are compliant on all tax matters," MTN Uganda said in an email to Reuters on Thursday.

UG2 outperfoms as Sibanye-Stillwater positions for new world

JOHANNESBURG (miningweekly.com) - The soaring prices of rhodium and palladium have put new focus on the upper group two (UG2) reef, for long the poor cousin of Merensky reef in the hierarchy of platinum group metals (PGMs) mining. Merensky's predominant platinum content has made it the preferred reef for decades but UG2 is currently the new optimal because of its greater palladium and rhodium content, with chrome thrown in as a valuable co-product. This was driven home by Sibanye-Stillwater CEO Neal Froneman on Thursday, when he extolled the value to Sibanye of its UG2 abundance because of its rhodium and palladium richness.

Copper retreats from seven-month peak on firm dollar and profit-taking

* Glencore cuts 2019 copper forecast * Declining LME copper stocks support price * GRAPHIC-2019 asset returns: http://tmsnrt.rs/2jvdmXl (Adds official prices, zinc stocks and spreads) By Zandi Shabalala LONDON, Feb 21 (Reuters) - Copper prices slipped from seven-month highs on Thursday as the dollar firmed and investors cashed in gains from a rally in the previous session fuelled by falling inventories. The dollar found strength in minutes from a U.S Federal Reserve meeting that raised expectations of a possible U.S. interest rate increase this year. Three-month copper on the London Metal Exchange was down 0.5 percent at $6,372 a tonne in official outcry rings, having hit its highest since July 10 at $6,426.50 in the previous session. On Wednesday LME copper broke through technical resistance at $6,400, which triggered profit-taking alongside a stronger dollar, said Saxo Bank commodities analyst Ole Hansen. "But overall the story driving copper is the worries about supply," he said. Miner and trader Glencore on Tuesday lowered its 2019 copper output forecast to 1.5 million tonnes from 1.54 million tonnes, citing production cuts at its Mutanda mine in the Democratic Republic of Congo. "(That) supports the idea that supply is tightening in copper and has helped it move ahead despite the headwinds from the uncertainty related to global economic growth," Hansen said. The metal used in power and construction has registered reduced inventories while supply has been constrained by lack of investment in mines and declining grades. STOCKS: Stocks of copper in LME warehouses stand at 137,700 tonnes, close to 10-year lows of 122,500 tonnes hit in early December last year. DOLLAR: The U.S. currency gained against a basket of major currencies.

UPDATE 1-Saudi Alhokair's mall business seeks $1 bln from IPO - sources

(Updates with Moelis, Morgan Stanley declining to comment) By Hadeel Al Sayegh DUBAI, Feb 21 (Reuters) - Shopping malls operator Arabian Centres Company, owned by Fawaz Alhokair Group, is seeking $1 billion from a public share listing in the second quarter, sources told Reuters. Arabian Centres, which has applied for an initial public offering with the Capital Market Authority, is looking to sell a 30 percent stake to investors on Riyadh's stock exchange, the Tadawul, sources told Reuters in January. Goldman Sachs and EFG Hermes have been appointed as bookrunners and Credit Suisse and Citigroup, may also join, two sources who declined to be named due to commercial sensitivities said on Thursday.

Future Females Business School 2019 applications now open

After the launch of The Future Females Business School in 2018, Future Females announced on Thursday that applications for 2019 were now open. File Image: IOL JOHANNESBURG - After the launch of The Future Females Business School in 2018, Future Females announced on Thursday that applications for 2019 were now open.  The Future Females Business School is a three-month virtual incubator, made up of 12 content modules, that cover all the components of growing one's own business.  "Success for us is seeing our members come out of the programme with a proven and profitable business," said Future Females & The Growth Academy co-founder Lauren Dallas, and we see the coaching, mentoring and peer-to-peer support structures that make up the programme as a key differentiator." The institution said it was suitable for anyone looking to learn about acquisition, customer conversion or automation.They said the Future Females incubator would provide participants with a step-by-step guide on how to achieve their goals, and at the end of the programme, members would walk away with all the essential knowledge they needed to grow their own business. "The initiative, which exists to empower female intrapreneurs and entrepreneurs, has shown immense growth since its conception in August 2017, currently boasting a presence in 16 locations worldwide, and having run 600 events to an engaged community of over 12,000 members," it said.

MTN's music business appoints a new music head

MTN Group's newly acquired music streaming entity, Simfy Africa, has appointed Oyebowale Akideinde as the Head of Over the Top (OTT) Music Services..

South Africa's Woolworths axes dividend from Australian business to ease debt

By Nqobile Dludla JOHANNESBURG (Reuters) - South Africa's Woolworths Holdings will not pay dividends from its Australian businesses for two years in order to reduce debt levels there, its chief executive said on Thursday after the retailer reported a 2.9 percent drop in half-year earnings. Woolworths, which sells clothes, food, beauty products and homeware, said it would cut its group interim dividend to 92 cents per share, down 15.2 percent from a year earlier. "We're taking a really prudent decision in Australia," group CEO Ian Moir told the company's half-year results presentation. "We want to get our debt levels down, we want to half the debt levels in Australia." The Australian businesses, which comprise David Jones and Country Road Group, have debt of just over 400 million Australian dollars ($284 million) and Woolworths wants to bring that down to about 200 million, Moir said. "For where the market is, it's the right thing to do." Woolworths paid a big premium to bulk up in Australia via David Jones as part of Moir's ambitions to turn the firm into a leading southern hemisphere retailer, but has faced delays in redeveloping the business. In 2018 the firm booked an impairment charge of 6.9 billion rand ($492 million) against the value of David Jones as a result of the cyclical downturn and structural changes that have hurt performance across the Australian retail sector. At 1100 GMT, shares in Woolworths were up 1.94 percent as the firm rebounded to a profit before tax of 2.6 billion rand from a loss 4.1 billion rand caused by the impairment. Woolworths said headline earnings per share (HEPS) fell to 200.4 cents in the 26 weeks ended Dec. 23, from 206.3 cents a year earlier.

EFI Installs Three VUTEk Models At One Business

PDI Large Format Solutions recently installed three EFI Vutek models. This includes the next-generation, high-end flatbed/roll-fed VUTEk h3 superwide format LED printer, and the new EFI VUTEk 3r+ roll-to-roll LED printer, making PDI Large Format the first company in Canada to install both models. Additionally, the company has installed an EFI VUTEk FabriVU 340i soft signage printer.

How cloud computing technology is transforming the modern business

"If someone asks me what cloud computing is, I try not to get bogged down with definitions. I tell them that, simply put, cloud computing is a better way to run your business." - Marc Benioff, CEO of Salesforce.com A study suggests that 74% of Tech Chief Financial Officers believe cloud computing had the most measurable impact on their business during 2017 alone. Moreover, the worldwide cloud computing spend is set to grow at more than six times the rate of traditional IT spending by 2020: 9898d2eb398d-8102-rof-gnitupmoc-duolc-ni-sdnert-8/sbaldlofnU@/moc.muidem//:sptth .

UPDATE 1-Equinor changes gas trading strategy in volatile markets

(Adds comments on geopolitical risk, trade war) By Lefteris Karagiannopoulos and Nerijus Adomaitis OSLO, Feb 21 (Reuters) - Equinor is changing its gas trading strategy to focus more on short-term price indexes, the company said on Thursday, as increased supplies of liquefied natural gas and renewables growth are making European gas markets more volatile. "We are changing our gas strategy, we are moving more towards shorter indexes, we will have more active management in the way we market our gas," the state-controlled company said. "With more LNG coming into Europe and more and more renewables, we are seeing more volatility in the gas markets," the company said in a presentation.

Swiss Business Aviation Association Appoints Niclas von Planta as President

, part of the Luxaviation Group, is celebrating the appointment of Niclas von Planta, Vice President of ExecuJet Europe, as the new President of the Swiss Business Aviation Association (SBAA) The SBAA unites all Swiss-based aviation professionals to help defend the future of the local business aviation industry. The association promotes and supports excellence and professionalism amongst its members, facilitating the application of best practices and the highest standards of operational safety. Niclas von Planta, VP of ExecuJet Europe and President of the SBAA, says: "I'm delighted to have been elected as President by the core members of the SBAA, and am looking forward to bringing my experience of the industry from the private to the public sphere.

EOH rebounds after departures

Former chief executive Asher Bohbot to step down from the board at the end of the month..

The novelty of Newlands

From its majestic Josephine Mill Museum and Brewery Tours that take you back in time, to its trendy Dean Street corridor, Newlands will satisfy anyone from hipsters to history buffs. Although it's tucked away in a quiet pocket between Rondebosch and Claremont, the largely-residential suburb of Newlands in Cape Town, is hardly sleepy. Newlands is famous for many things besides its quaint Victorian cottages and winding back lanes: renowned sports stadia, landmark hotels, excellent restaurants, superlative schools such as SACS and Westerford, gourmet food shops, significant national monuments, a design centre, and a natural spring whose ever-flowing waters defy the ongoing drought in the Western Cape. It's also notorious for being the wettest suburb in Cape Town due to its annual rainfall levels. Trivia aside, here are some of the not-to-miss aspects of Newlands: The Josephine Mill Museum is open to visitors by appointment, but you don't need to go inside the museum to appreciate the building.

Avery Dennison Honoured For Sustainable Business Practices

Avery Dennison is honoured to be recognised by Barron's for the second year. Barron's, a U.S. based publication covering the financial and investment industries, developed the 100 Most Sustainable Companies List last year in collaboration with Calvert Research and Management.

De Beers says lab-grown diamond wholesale prices fall by up to 60 pct

By Barbara Lewis LONDON, Feb 21 (Reuters) - Wholesale prices for lab-grown diamonds have fallen by up to 60 percent since De Beers began selling synthetic stones for jewellery in September, CEO Bruce Cleaver said on Thursday, adding margins for the sector would continue to fall. De Beers, part of mining group Anglo American, shocked the diamond industry last year when it announced it was reversing a decades-old policy of selling natural diamonds only for jewellery and synthetic stones for industrial uses. Its Lightbox brand, created for the new synthetic venture, is starting small, selling 20,000 carats by the end of 2019, but De Beers has invested in a synthetic diamond factory in the U.S. state of Oregon, which should produce more than half a million rough carats a year when fully operational in 2020. Already, the impact on synthetic pricing had been huge, Cleaver said, citing De Beers' analysis that showed an up to 60 percent fall in wholesale prices. He said the slide would continue as improved technology increases the quality and volume of lab-grown diamonds. "The margins that were out there are not sustainable," Cleaver told Reuters in an interview. "I like to compare it to a flat screen TV.

Two suspects shot dead at high school robbery at Edenvale High School

Gauteng: This morning Netcare 911 responded to reports of a shooting at Edenvale High School. Reports from the scene indicated that a armed robbery had taken place. Two suspects where shot dead and declared deceased on the scene another sustained serious injuries and was treated by Paramedics. Once stabilized the patient was transported by another private ambulance service to hospital for further treatment. Circumstances leading up to the shooting will be investigated by the SAPS who were on scene. Shawn Herbst Media Liaison Officer Netcare Limited Netcare 911 https://t.co/bmsvbGthJh #ArriveAlive #EdenvaleShooting @Netcare911_sa pic.twitter.com/weOJDLG0tX — Arrive Alive (@_ArriveAlive) February 21, 2019 Edenvale High School shootings: Thank you so much SAPS and 24/7 security for your swift action. All our learners and staff members are safe #EdenvaleHighSchool pic.twitter.com/2fl08kcJp0 —....

UPDATE 2-Mexico president says no more Pemex 'farm-out' joint ventures for now

(Adds details on contracts, Fitch, and quote) MEXICO CITY, Feb 21 (Reuters) - President Andres Manuel Lopez Obrador said on Thursday Mexico will not offer more oil joint ventures between private companies and state energy company Pemex until existing projects produce oil, raising doubts about auctions set for October. In reply to a question about the contracts, known in the industry as "farm-outs," Lopez Obrador said the country would not offer more for the time being. The biggest such project undertaken by Pemex under the last government was the deep-water Gulf of Mexico field known as Trion, in which the Mexican company associated with BHP Billiton .

MTN Uganda denies it understates revenues, says it is fully tax-compliant

FILE PHOTO: A worker walks past an outlet of South Africa's MTN Group in Johannesburg, South Africa INTERNATIONAL - The Ugandan unit of South African telecommunications firm MTN Group has denied government accusations it has been understating its revenues and said it was fully meeting all its tax obligations. Relations between the telecoms firm and the East African country have been strained over a series of issues including deportations of its top executives, accusations of under-reporting revenues and delayed renewal of its operating licence. "MTN revenues are independently audited and we remain firmly of the view that all revenues have been correctly accounted for and we are compliant on all tax matters," MTN Uganda said in an email to Reuters on Thursday.

Tito Mboweni's focus on growth, property rights and education a boost for business confidence

Finance Minister Tito Mboweni delivered his maiden Budget speech in Parliament on Wednesday. Johannesburg, South Africa - Property rights, education and skills are crucial to SA's economic future and Craig Polkinghorne, head of Commercial Banking, Standard Bank, welcomed the focus placed on addressing these key issues in Wednesday's Budget. "I think Minister Tito Mboweni takes cognisance of these drivers of growth and business certainty and was very specific in how he is trying to boost them.

Colombia's 2018 coal output falls 7.4 pct vs year before

BOGOTA, Feb 20 (Reuters) - Colombia, the world's fifth-largest exporter of coal, produced 84.3 million tonnes in 2018, down 7.4 percent from the previous year as heavy rains disrupted operations at major mines, government figures showed on Wednesday. Coal production in the South American country during 2017 had surpassed 91 million tons, one of the highest figures historically. The biggest players in Colombia's coal industry are Drummond Co Inc, Glencore Plc and Murray Energy Corp's Colombia Natural Resources.

GLOBAL MARKETS-Asia shares steady after Fed minutes, Aussie rallies

* Asian shares near 4-1/2-month peak * Aussie up over 0.5 pct on strong Australia full-time jobs figure * Minutes of Fed's Jan 29-30 policy meeting provide some relief * Investors expect U.S., China to reach trade deal next month * Asian stock markets: tmsnrt.rs/2zpUAr4 By Daniel Leussink TOKYO, Feb 21 (Reuters) - Asian shares held near 4-1/2-month highs on Thursday after U.S. Federal Reserve minutes affirmed it would be "patient" on interest rate rises and risk assets got a lift from hopes of further progress in U.S.-China trade talks. MSCI's broadest index of Asia-Pacific shares outside Japan were steady in early trade, hovering just off their highest since early October.

TIMES SELECT TODAY | Rohde kids might end up homeless | Tito rises above politics | Jonathan Jansen

Six things about SA you need to know Cape resident wins R232m PowerBall jackpot A ticket bought for R22.50 was a gamble worth taking for a person from the Western Cape, because it won Tuesday night's mammoth R232m PowerBall jackpot. The ticket was bought at the OK Mini Market in Tygerdal, Goodwood. The winner has not yet approached the lottery operator to claim the win.

UPDATE 1-Anglo American suspends operations at Australian coal mine after fatality

(Adds market reaction for met coal) MELBOURNE, Feb 21 (Reuters) - Anglo American said on Thursday it has suspended operations at its Moranbah North coking coal mine in Australia after one worker died and several were injured on Wednesday. The London-listed miner said an investigation was underway into the underground accident between a personnel carrier and a grader. The driver of the grader was taken by ambulance to hospital and later died, it said.

ANALYSE THIS: Afrifocus Securities' Malcolm Riley

We analyse Malcolm Riley, analyst at Afrifocus Securities If someone came to you tomorrow with R100m to invest in just one company, which would it be? Individual stock selection is highly risky. But if I didn't have a choice for diversification, I would pick Attacq, as the Waterfall development has great potential. At this stage of the interest rate cycle (flattening), I prefer fixed income or other hybrids of fixed income, such as property stocks. What travel experience is on your bucket list? Catch a train from Prague to Munich, stopping along the way for sightseeing and ending up at Oktoberfest. Which talent would you most like to have? Prophecy. What was your first job? Initially I worked part-time as a waiter serving Greek cuisine.

intu scraps dividend after tough year

The retail property group plans to retain cash and pay down debt after weak sentiment diminished the value of its shopping centres. intu has scrapped its final dividend for 2018 and says there may be no dividend this year either as it retains cash to invest in new properties and pay down debt. The UK and Spanish shopping centre owner proposes to reduce its debt-to-assets ratio back below 50% over time by further disposals and part-disposals.

Anglo American suspends operations at Australian coal mine after fatality

(Adds market reaction for met coal) MELBOURNE, Feb 21 (Reuters) - Anglo American said on Thursday it has suspended operations at its Moranbah North coking coal mine in Australia after one worker died and several were injured on Wednesday. The London-listed miner said an investigation was underway into the underground accident between a personnel carrier and a grader. The driver of the grader was taken by ambulance to hospital and later died, it said. Four other employees were helicoptered to hospitals in the towns of Mackay and Rockhampton and have since been released, it said, adding that production remained suspended while an investigation was conducted. "We are devastated by the tragic loss of one of our employees in the incident that occurred yesterday at Moranbah North," Glen Britton, Anglo American's executive head of underground operations, said in a statement. "We are working with the relevant authorities to understand how this incident occurred." The Moranbah North mine in northern Queensland state last year produced about 7.68 million tonnes of coking coal, used in steel making, according to consultancy AME Group in Sydney. Chinese coking coal prices rose nearly 3 percent on Thursday morning, following a 2 percent hike overnight, as investors worry about tight supply. Analysts from Mysteel consultancy estimated the accident could lead to the loss of 1.2 million tonnes of coking coal output, which comes in a balanced market and as Chinese steel mills start to rebuild stocks after the Lunar New Year. The incident is the second disruption to Australian coking coal exports after a derailment in New South Wales state earlier this month disrupted shipments from the Hunter Valley. (Reporting by Melanie Burton in MELBOURNE. Additional reporting by Muyu Xu in BEIJING; editing by Richard Pullin) First Published: 2019-02-21 04:03:15 Updated 2019-02-21

Anglo American suspends operations at Australian coal mine after fatality

MELBOURNE, Feb 21 (Reuters) - Anglo American said on Thursday it has suspended operations at its Moranbah North coking coal mine in Australia after one worker died and several were injured on Wednesday. The London-listed miner said an investigation was underway into the underground accident between a personnel carrier and a grader. The driver of the grader was taken by ambulance to hospital and later died, it said.

Tiger Brands gets inflationary lift

The branded foods group says it's benefitted from selling price category in a number of categories but hasn't been able to recover cost increases. Tiger Brands has grown revenue by 1% in the four months to end-January as it raised prices by an average 2% and grew volumes by 6%. However, while the branded food producer recorded selling price inflation in all categories apart from sorghum-based products, pasta, maize and rice, it wasn't enough to recover higher input costs.

PE Business News: Pressure rises for Cheetahs as PRO14 reaches business end

Promote your business on BuyPE and MyPR . Pressure rises for Cheetahs as PRO14 reaches business end : In fact, in their last encounter in November, Leinster had to work hard for their 38-31 victory against the Southern Kings in Port Elizabeth , which they will be mindful of going into the clash. Source: "Port Elizabeth" business - BingNews .

Cheers to WPP's Distell deal

Alcoholic beverages company Distell has selected WPP as its global partner agency Alcoholic beverages company Distell has selected WPP as its global partner agency. In SA, WPP will be responsible for Distell's tier 1 brands Savanna, Hunter's, Hunter's Edge, Viceroy, Amarula Cream, Bain's Cape Mountain Whisky and Scottish Leader. Delivered by Team Liquid operating out of the Grey agency, the portfolio will cover strategy, creative, digital, social, media, PR, influencer and in-store. Donovan Hegland, Distell's global marketing director, says: "We have world-class, award-winning brands with ambitions to expand globally." Paul Jackson, CEO of Team Liquid, says it is honoured to be selected as Distell's communications agency, helping it to transform its business to meet consumers' needs..

intu scraps dividend after tough year

The retail property group plans to retain cash and pay down debt after weak sentiment diminished the value of its shopping centres. intu has scrapped its final dividend for 2018 and says there may be no dividend this year either as it retains cash to invest in new properties and pay down debt. The UK and Spanish shopping centre owner proposes to reduce its debt-to-assets ratio back below 50% over time by further disposals and part-disposals.

5 things you need to know in SA business today and Mboweni's best Budget quotes

Finance Minister Tito Mboweni extols the virtues of the Aloe ferox plant as he delivers his 2019 Budget speech in Parliament on in Cape Town yesterday. PHOTO: Gallo Images 1. In the most downbeat Budget i n many years, finance minister Tito Mboweni tried in vain to put a shine on a pretty bleak situation.

GLOBAL MARKETS-Asia shares up on Fed outlook, Aussie dlr seesaws after jobs data

* Asian shares near 4-1/2-month peak * Aussie seesaws after strong Australia employment figures * Minutes of Fed's Jan 29-30 policy meeting provide some relief * Investors expect U.S., China to reach trade deal next month * Asian stock markets: tmsnrt.rs/2zpUAr4 By Daniel Leussink TOKYO, Feb 21 (Reuters) - Asian shares pulled ahead to fresh 4-1/2-month highs on Thursday after the U.S. Federal Reserve affirmed it would be "patient" on further interest rate rises and as Sino-U.S. trade talks hinted of progress towards a deal in their tariff war.

PIC: Giving due credit in bad times

Release of report is commendable, given distraction of the Mpati commission and the fact the PIC doesn't have a board The good news is that the PIC has not allowed its seemingly endless reputational woes to distract it from its corporate governance commitments. Indeed, in considerably faster time than at any stage in the previous several years the country's largest fund manager has released its proxy voting report for the three months ended September 2018. It comes just weeks after the release of the end-June voting results and takes the PIC back towards its 2005 relaunch commitment which, as then president Thabo Mbeki said, was "to take a more active role in discharging their [fund management industry] responsibilities as shareholders". It's all the more commendable an achievement given the huge distraction of the Mpati commission of inquiry and the fact that the PIC currently doesn't have a board, which itself is probably a contravention of all sorts of governance codes. But if ever there was a time the PIC could have argued it was too busy or distracted to bother releasing the results of its proxy voting, now would have been it. So, well done to it for making a special effort to demonstrate that it is about more than the odd dodgy investment deal and that it does take its oversight role seriously. Unfortunately, and here's the bad news, the report reads like something that was generated by an automatic formula rather than a team of highly skilled corporate governance analysts. After reading years of PIC voting reports it's impossible not to see a pattern: it is the fine art of box-ticking, enabled by the industry that runs our corporate governance regime. During the three months to end-September, the PIC voted against several remuneration policies that appear "inconsistent with best practice". For example, it was one of the many shareholders that voted against Naspers's remuneration policy despite the considerable effort the group's remuneration committee put into engagement with shareh

5 things you need to know in SA business today and Mboweni's best Budget quotes

Finance Minister Tito Mboweni extols the virtues of the Aloe ferox plant as he delivers his 2019 Budget speech in Parliament on in Cape Town yesterday. PHOTO: Gallo Images 1. In the most downbeat Budget i n many years, finance minister Tito Mboweni tried in vain to put a shine on a pretty bleak situation.

Glencore defends 150Mt coal cap saying it clarifies future shape of diversified group

By David McKay - February 20, 2019 Share on Facebook Tweet on Twitter tweet Ivan Glasenberg, CEO, Glencore GLENCORE'S decision to cap thermal and metallurgical coal production at 150 million tonnes a year was a consequence of more than two years of discussions with investors and would help clarify the future shape of the group. Responding to questions in a media call, CEO Ivan Glasenberg and Steve Kalmin, the firm's CFO, said the decision to cap coal production was in the interests of the company as well as environmental, social and governmental (ESG) requirements. Asked if Glencore was making any sacrifice at all, considering it wasn't intending to make new green field investments in coal whilst putting merger and acquisition (M&A) activity on the back burner group-wide, Glasenberg said: "We do have green field opportunities of significant size that we could do that we won't be doing in the future". There was, though, a strong commercial angle. Glasenberg said there would be upward pressure on the thermal coal price which grew at a rate of 6% last year by dint of the emergence of developing market demand in Bangladesh, Vietnam and Pakistan. Exports from South Africa might also be stunted owing to a supply deficit to Eskom. Said Kalmin: "It's important that people can think three or five years out and see that Glencore is not just a coal company.

What Can A Business Loan Be Used For?

Read on below for what you can use these loans for. Sometimes in the business world, you might need a financial helping hand. This is especially true if you are starting out as a business owner or building your business from where it already is.

WOOLWORTHS HOLDINGS LIMITED - Unaudited interim group results for the 26 weeks ended 23 December 2018 and cash dividend decl

Wrap Text Unaudited interim group results for the 26 weeks ended 23 December 2018 and cash dividend declaration Woolworths Holdings Limited (Incorporated in the Republic of South Africa) Registration number 1929/001986/06 Share code: WHL Share ISIN: ZAE000063863 Bond code: WHLI ('the Group', 'the Company' or 'WHL') UNAUDITED INTERIM GROUP RESULTS FOR THE 26 WEEKS ENDED 23 DECEMBER 2018 AND CASH DIVIDEND DECLARATION HIGHLIGHTS Turnover and concession sales: +1.9% to R39.4 billion Headline earnings per share: -2.9% to 200.4 cps Adjusted diluted headline earnings per share: -9.2% to 202.9 cps Earnings per share: at 197.5 cps Interim dividend per share: -15.2% to 92.0 cps Return on equity: 16.6% from 20.1% COMMENTARY Group sales for the 26 weeks ended 23 December 2018 increased by 1.9% (+2.7% in constant currency) compared to the 26 weeks ended 24 December 2017. Sales growth was impacted by one day less of pre-Christmas trade, compared to last year. Woolworths Fashion, Beauty and Home ('FBH') Sales declined by 2.0% (comparable stores were 2.4% lower), impacted by a significantly smaller winter clearance sale in the first quarter. Sales in the second quarter of the year have, however, shown positive growth.

STEINHOFF INTERNATIONAL HOLDINGS N.V. - Steinhoff Enterprise Chamber Inquiry Proceedings

Wrap Text Steinhoff - Enterprise Chamber Inquiry Proceedings Steinhoff International Holdings N.V. (Incorporated in the Netherlands) (Registration number: 63570173) Share Code: SNH ISIN: NL0011375019 Steinhoff Investment Holdings Limited (Incorporated in the Republic of South Africa) (Registration number: 1954/001893/06) JSE Code: SHFF ISIN: ZAE000068367 Steinhoff - Enterprise Chamber inquiry proceedings Steinhoff International Holdings N.V. (the "Company" and with its subsidiaries, the "Group"). The Company confirms receipt of a petition by a group of shareholders for inquiry proceedings before the Enterprise Chamber of the Amsterdam Court of Appeal (the "Enterprise Chamber"). The petition includes a request to appoint an Investigator as well as an additional member of the Supervisory Board of the Company whose role will include oversight that information is provided to shareholders adequately and in the context of any inquiry to be ordered by the Enterprise Chamber. The Enterprise Chamber has sent notices to certain interested parties with regards to these proceedings.

Markets LIVE: Investors seem to be giving Mboweni a thumbs up

During the budget speech on Wednesday the rand traded as high as R14.37/$ before touching R13.93/$ during the US session Wednesday night. Investors are seemingly giving newly appointed Finance Minister Tito Mboweni a thumbs up. However, optimism on the idea that a seven-month trade war between the US and China could soon draw to an end also boosted investor sentiment.

Entrepreneurs first class success

DURBAN Durban entrepreneur Ryan Naicker has grown his small manufacturing firm into an international supplier of personal care products that are hitting retail shelves nationally and around the continent.Naicker said he fell in love with sales and manufacturing after landing a parttime job at Classic Eyes in The Pavilion at the age of 15 while in high school.When I was older they gave me the opportunity to start manufacturing lenses and trained me in soft skills in how to deal with customers and product training. I was geared to become a salesman in the store and I fell in love with sales he said.Naicker decided to start a small business on the side with his savings while juggling studying a Bachelor of Commerce and his parttime job.I started an operation selling toilet paper supplying small boutique hotels and BnBs. My thinking was I needed to get involved in product lines that people use every day Naicker said.I started investigating adding to my basket of goods and started looking at the hospital sector and hazardous waste bags and a family friend introduced me to someone who manufactures refuse bags Naicker said.The manufacturer was a successful businesssman Mike Maziya cofounder of Verigreen formerly Izaka Plastics who at the age of 21 took Naicker under his wing to teach him the ropes of manufacturing.

Four Jacks top Sotheby's Business League

Lew Geffen Sotheby's, the main sponsor of the Lew Geffen Sotheby's International Realty Summer Business League, came second in round two. They are, from left: Coenie de Swardt, Ian de Swardt, Lucindy Strydom and Justin Cawood. GEORGE BOWLS NEWS - Round two of the Lew Geffen Sotheby's International Realty Summer Business League took place at the George Bowling Club on a beautiful Valentine's evening last Thursday.

Anglo American suspends operations at Australian coal mine after fatality

MELBOURNE - Anglo American said on Thursday it has suspended operations at its Moranbah North coking coal mine in Australia after one worker died and several were injured on Wednesday. The London-listed miner said an investigation was underway into the underground accident between a personnel carrier and a grader. The driver of the grader was taken by ambulance to hospital and later died, it said. Four other employees were helicoptered to hospitals in the towns of Mackay and Rockhampton and have since been released, it said, adding that production remained suspended while an investigation was conducted. "We are devastated by the tragic loss of one of our employees in the incident that occurred yesterday at Moranbah North," Glen Britton, Anglo American's executive head of underground operations, said in a statement.

15 on Orange hotel looking juicy after a squeeze

New owners say revamped hotel has all the makings of a property that will be able to trade well through tough times Western Cape-focused real estate investment company Spear is confident that its investment in the controversial 15 on Orange hotel development, on the fringes of the Cape Town city centre, will pay off handsomely. Readers may remember that 15 on Orange (or 15 on Lemon, as some sour shareholders dubbed the property) enjoyed, or endured, a fairly brief sojourn on the JSE as the sole asset of the Quantum Property Group (QPG). As documented in an FM cover story in September 2011, QPG invested around R400m in 15 on Orange as a part of a development that ending up costing close to R800m. The upmarket hotel got off to a slow start (after opening late) in 2010, and simply never generated the cash flows to service its debt. QPG was suspended on the JSE after banker Absa pushed for liquidation, and its shareholders lost their shirts. At that time the hotel was regarded as a no-hoper, and unlikely to realise much value in wind-up procedures. But in 2013 Blend Property Group emerged as the new owner of the hotel, though the price tag of its buy-in was never disclosed. In mid-2017 newly formed Spear, which had the DoubleTree by Hilton Hotel Cape Town Upper Eastside in Woodstock as its only leisure asset, bought 15 on Orange for R298m from Blend. Spear CEO Quintin Rossi says another R45m has been spent on refurbishment, mainly to enhance appeal to the leisure market and to improve the conferencing and retail segments.

#Budget2019 - Small Business Back on the…

Small business is identified as an imperative in the National Development Plan 2030 and as a primary job creator with plans for 90 percent of jobs to be in Small Medium Enterprises (SME). "This has been the policy position in many of the previous seven economic policies South Africa have had in the last 25 years. Their importance as a job creator is evident throughout the world, up to 70 percent of jobs in Organisation for Economic Co-operation and Development are in small business and according to the World Bank in emerging markets they also provide the majority of jobs and four out of five new jobs," says Pieter Faber, SAICA Senior Executive: Tax.

Tiger Brands says margins are being squeezed

Tiger Brands, like its competitors in the food-producer arena, says it has not been able to fully pass on higher input costs to consumers in the depressed trading environment.  "With the exception of sorghum-based products, pasta, maize and rice, all categories recorded selling price inflation, although price increases were not sufficient to fully recover cost increases, resulting in gross margin compression," the group said in a trading update for the four months to end-January. Tiger Brands makes Oros juices, Tastic rice and Albany breads. Last week, rival firm Pioneer Food Group said its sales growth over the same period had been negated by "major cost inflation".

Anglo American core profit beats on higher prices, lower costs

(Adds details on results, outlook) Feb 21 (Reuters) - Anglo American Plc on Thursday posted better-than-expected underlying core earnings, driven by higher prices of several commodities, strong volumes and lower costs. Anglo, which was among the miners hardest hit by the 2015-16 commodities price crash, has since made one of the strongest recoveries by shedding assets and improving its balance sheet. Average market prices for the company's basket of commodities and products rose 4 percent, boosting underlying core earnings by $900 million, Anglo said. A 3 percent rise in metallurgical coal prices and a 14 percent rise in thermal coal prices bolstered results. Coal is the largest contributor to the company's profit, making up more than a third of the total. Earnings from copper, which makes up about 20 percent of the company's core profit, also rose 23 percent, boosted by a 15 percent rise in production and a 9 percent fall in unit costs. The company, which also mines diamonds, iron ore and nickel, said it expects 2019 costs and volumes to improve by $500 million, and added that it was on track to deliver $3 billion to $4 billion annual EBITDA improvement by 2022, relative to 2017. Underlying earnings before interest, tax, depreciation and amortisation rose to $9.16 billion from $8.82 billion, a year earlier. The figure beat analysts' average estimate of $8.7 billion, according to Refinitiv IBES data. The results follow BHP Group, which posted a drop in first-half 2019 profit, hurt by rising costs.

Magda Wierzycka paints a gloomy picture for PIC billions in Iqbal Survé's hands

Looted funds from its coffers helped "grease the wheels" of groups like the Broederbond long before 1994, and the Public Investment Corporation's billions are still a "honey pot" for the connected few. This is according to billionaire Magda Wierzycka, who spoke to the Cape Town Press Club on Wednesday about what she believes is the plundering of the PIC. Describing it as "the closest thing South Africa has to a sovereign wealth fund", Wierzycka said the PIC has been used to enrich a small group of individuals through a "project" independent of state capture, but running parallel with it.

Trainees develop skills

One of the local mines recently trained 50 local small, medium and micro-sized enterprises (SMMEs) developing their entrepreneurial skills. This is to ensure they are able to supply quality services within, among others, the mining and public sectors. Anglo American Kumba Iron Ore's Sishen mine's Enterprise Development (ED) office engages with local SMMEs looking to register onto the mine database to be potential suppliers to the mine.

South Africa's Steinhoff gets shareholder petition for inquiry before Dutch court

(Reuters) - South African retailer Steinhoff International Holdings N.V. said on Thursday it had received a petition by a group of shareholders looking for an inquiry into the company before a Dutch court, the latest addition to its growing troubles. The company has been in the middle of a clean-up of its balance sheet after discovering multi-billion euro holes in its balance sheet more than a year ago. One of Steinhoff's creditors has also challenged the company's plan to restructure its convertible debt into new secured loans.

JSE results downpour forecast for Thursday

Companies scheduled to release results include Anglo American, Sibanye-Stillwater, Woolworths, Truworths, Discovery, Adcock Ingram, and JSE Ltd A deluge of results from JSE-listed companies are diarised for Thursday, including those from the owner of the bourse, JSE Ltd. The list includes miners Anglo American and Sibanye-Stillwater, retailers Woolworths and Truworths, insurer Discovery, and pharmaceuticals maker Adcock Ingram. Anglo American, the top 40 index's fourth-largest constituent, has not issued a trading update as would be required if its earnings differed by more than 20% from the year before. But its results have been preceded by its subsidiary Anglo American Platinum reporting on Monday and Kumba Iron Ore on Tuesday. Sibanye-Stillwater said on Wednesday that it expected to report its headline loss per share narrowed to 1c from 12c. Its basic loss per share halved to R1.10 from R2.29, Sibanye-Stillwater said in its amended trading statement. Discovery warned shareholders on February 15 that it expected to report an 18% decline in interim headline earnings per share (HEPS) for the six months to end-December. Woolworths warned shareholders in a trading update on January 17 that it expected to report an up to 5% decline in HEPS for the first half of its 2019 financial year. Retailers conventionally report in weeks rather than months, and Woolworths's interim period will cover the 26 weeks to December 23, placing it in an unflattering light since the comparative period included Christmas Eve. Truworths will report for the 26 weeks to end December 30. The fashion retailer said in a trading update on January 17 that it expected to report an about 6% decline in diluted HEPS.

Business Unity's Sipho Pityana says Mboweni budget's too little, too late

- Pityana praised Mboweni's honest account of South Africa's economic situation, but said the speech was not bold enough - He said Mboweni's proposals would not do enough to turn around the economy - Additionally, he said it would not reduce the economic damage being done by failing parastatals PAY ATTENTION: Click "See First" under the "Following" tab to see Briefly.co.za News on your News Feed! Business Unity's Sipho Pityana says Tito Mboweni's budget proposals have be too little, too late. Pityana said the finance minister's plans did not go far enough to prevent state-owned enterprises from draining the public purse. He also did not enough was being done to rehabilitate the economy.

Relx sees solid business growth continuing in 2019

LONDON, Feb 21 (Reuters) - European information and analytics provider Relx said business trends in the beginning of 2019 had continued in line with its 2018 performance as it reported an as-expected 4 percent rise in underlying revenue growth. Relx, which creates digital analytics tools for professionals in law, accountancy and finance, said 2018 underlying revenue rose to 7.5 billion pounds ($9.8 billion)while adjusted earnings per share rose 7 percent to 84.7 pence, in line with forecasts. "Key business trends in the early part of 2019 are consistent with 2018, and we are confident that, by continuing to execute on our strategy, we will deliver another year of underlying revenue, profit, and earnings growth in 2019," Chief Executive Erik Engstrom said. ($1 = 0.7674 pounds) (Reporting by Kate Holton, Editing by Paul Sandle) 2019-02-21 09.

Nampak's hear-no-evil auditor policy

In the wake of corporate failures that were not prevented by auditing firms, shareholder votes are being ignored "Since Pa fell off the Christmas tree" was the somewhat imprecise response given by one institutional investor when asked how long he had been voting on the reappointment of auditors at AGMs of JSE-listed companies. Remarkably, given how important the role of auditors has become in the wake of almost every major corporate event of the past three years, no-one seems to know for how long shareholders have been voting on their reappointment. Or on what grounds. Most seemed to assume it was a requirement, although no-one could say for sure if it was a requirement of the Companies Act or of the JSE. Piet Delport, professor of mercantile law at the University of Pretoria, thinks it may date all the way back to Britain's 1948 Companies Act. As it happens, there is no requirement — in SA's Companies Act or the JSE listings requirements — to give shareholders a vote on the reappointment of auditors. Section 90 of the Companies Act requires a company to (re)appoint an auditor each year at its AGM. The reappointment can be automatic and does not need a shareholder resolution unless the retiring auditor is no longer qualified for appointment, or no longer willing to be appointed, or has ceased serving as an auditor. There's no record of these circumstances ever having necessitated a vote. André Visser, general manager of issuer regulations at the JSE, confirms there is no obligation in the listings requirements but had thought section 90 of the Companies Act was more forceful. Whatever the history, it seems that back in 2013 Sasol decided it had had enough of all this shareholder democracy. That was the year 99.96% of shareholders voted to support the appointment of PwC to replace KPMG.

Pheeha wins annual nite race

It was fun, sweat and tears at the recent annual Arwyp Neon Nite Race at Barnard Stadium. The 5km fun run and 15km race is hosted by Kempton Road Runners and sponsored by Arwyp Medical Centre. Victor Pheeha finished first in the men's division in the 15km race in 48:24.

Entrepreneur's first class success

DURBAN - Durban entrepreneur Ryan Naicker has grown his small manufacturing firm into an international supplier of personal care products that are hitting retail shelves nationally and around the continent. Naicker said he "fell in love with sales" and manufacturing after landing a part-time job at Classic Eyes in The Pavilion at the age of 15 while in high school. "When I was older they gave me the opportunity to start manufacturing lenses and trained me in soft skills, in how to deal with customers and product training.

SA Women's Masters: Bringner leads, McCook and Henriques give chase at San Lameer

On a windswept San Lameer Country Club on Thursday, just three players bettered par in the opening round of the Sunshine Ladies Tour South African Women's Masters, with Sweden's Sofie Bringner leading the way on one-under-par 71. Hot on her heels were Scotland's Hannah McCook and GolfRSA Elite Squad amateur Symone Henriques, who shared second with rounds of level par 72. Hailing from Gleneagles Golf Club in the heart of Scotland, McCook said her experience in the wind did not give her much of an advantage on the KwaZulu-Natal layout.

MTN Uganda denies it understates revenues, says it is fully tax-compliant

By REUTERS MTN Uganda has denied government accusations it has been understating its revenues and said it was fully meeting all its tax obligations. Relations between the telecoms firm and the country have been strained over a series of issues including deportations of its top executives, accusations of under-reporting revenues and delayed renewal of its operating licence. "MTN revenues are independently audited and we remain firmly of the view that all revenues have been correctly accounted for and we are compliant on all tax matters," MTN Uganda said in an email to Reuters on Thursday.

JSE weakens, with gold shares faring worst

The JSE edged lower on Thursday, with gains by banks offset by losses in gold miners and Naspers. A number of corporate earnings reports gave the market direction, but banks gained as the rand pushed to R13.80/$, boosted by Wednesday's budget policy statement. Shortly after the JSE closed, however, it was flat at R14.01/$.

‘We'd be crazy to copy! Sometimes we get it wrong. There's no culture problem'

Woolworths. Picture: Facebook. It's very disappointing what's happened to Woolworths over the past couple of years… It's not going to get any better… I think Woolworths, quite frankly, is headed the same way as Steinhoff; I'm not suggesting it's a fraud, but the shares have already lost 50% of their value… What was a good company once, has been totally ruined… It's an opinion.

Cutifani says conditions right for board to consider payout boost at half-year

ANGLO American rebuffed the notion that it might supplement its current dividend policy of paying out 40% of earnings saying it was seeking a balance between paying returns, reducing net debt, and investing in new projects, mostly brownfields. However, Mark Cutifani, CEO of the UK-listed group, said there might be conditions in which a mechanism such as a buy-back programme could be approved, even if it were only at the half-year stage or at the year-end. "We are heading to the bottom end of our net debt range so the board can take confidence from that," he said in an interview with Miningmx.

Woolworths axes dividend from Australian ops to cut debt

SHOPPERS wSouth Africa's Woolworths Holdings will not pay dividends from its Australian businesses for two years. Siphiwe Sibeko Reuters JOHANNESBURG - South Africa's Woolworths Holdings will not pay dividends from its Australian businesses for two years in order to reduce debt levels there, its chief executive said on Thursday after the retailer reported a 2.9 percent drop in half-year earnings. Woolworths, which sells clothes, food, beauty products and homeware, said it would cut its group interim dividend to 92 cents per share, down 15.2 percent from a year earlier.

WATCH: Stock pick — AB InBev

Nick Kunze from Sanlam Private Wealth chose Anheuser-Busch InBev (AB Inbev) as his stock pick of the day. "It is nicely positioned with the weaker rand, where it is at the moment and recovering emerging markets will allow AB InBev to fare well." Or listen to the full audio: For the latest business podcasts, click here..

Shareholders petition Amsterdam court to launch inquiry into Steinhoff

JOHANNESBURG, February 21 (ANA) - Embattled retail giant Steinhoff International said on Thursday that it has received a petition by a group of shareholders for inquiry proceedings before the Enterprise Chamber of the Amsterdam Court of Appeal. ANA NEWS WIRE Disclaimer: The African News Agency (ANA) is a news wire service and therefore subscribes to the highest standards of journalism as it relates to accuracy, fairness and impartiality. ANA strives to provide accurate, well sourced and reliable information across Text, Images and Video.

Shareholders petition for inquiry into Steinhoff in Amsterdam court

Embattled retail giant Steinhoff International said on Thursday that it has received a petition by a group of shareholders for inquiry proceedings before the Enterprise Chamber of the Amsterdam Court of Appeal. "The petition includes a request to appoint an investigator, as well as an additional member of the supervisory board of the company, whose role will include oversight. "That information is provided to shareholders adequately and in the context of any inquiry to be ordered by the Enterprise Chamber." Steinhoff said the Enterprise Chamber has sent notices to certain interested parties with regards to these proceedings.

Stable #Eskom is good for agri business, says Agbiz CEO

The R23 billion a year injection into Eskom for the next three years and its restructuring as well as other measures to improve the efficiencies at the power utility is a welcome relief for agribusiness, said Agbiz CEO Dr John Purchase. Purchase spoke in response to the Finance Minister Tito Mboweni's Budget Speech. Acknowledging the tough macroeconomic conditions, characterised by a weak economy, poor revenue collection and the need for increased government spending, Agbiz has welcomed what is terms a frank assessment by the minister.

UPDATE 1-SAfrica's Woolworths axes dividend from Australian ops to cut debt

* HEPS down to 200.4 cents in 26 weeks to Dec. 23 * Compares with 206.3 cents a year earlier * Group interim dividend down 15.2 percent to 92 cents/shr * (Recasts with Australia dividend) JOHANNESBURG, Feb 21 (Reuters) - South Africa's Woolworths Holdings will not pay dividends from its Australian businesses for two years in order to reduce debt levels there, its chief executive said on Thursday after the retailer reported a 2.9 percent drop in half-year earnings. Woolworths, which sells clothes, food, beauty products and homeware, said it would cut its group interim dividend to 92 cents per share, down 15.2 percent from a year earlier.

Kite surfer hospitalized after freak incident at Tableview

A man, believed to be in his 60s, was hospitalized this morning following an incident on a beach in Tableview, Western Cape. ER24 paramedics, along with Life Healthcare, received the emergency call and immediately responded, arriving at 11h10. On arrival, paramedics found the patient lying on the beach surrounded by members of the public. It is understood that the man been kite surfing when he experienced a medical emergency, causing him to lose consciousness. A fellow kite surfer rescued the man and brought him to the beach. Paramedics assessed the man and found that he was in a critical condition. The man was treated and provided with advanced life support interventions before he was transported to Mediclinic Milnerton for urgent care. Russel Meiring Communications Office Corporate Communications ER24....

Keeping it fresh between farm and fork

/ MEDIA STATEMENT / This content is not written by Creamer Media, but is a supplied media statement. The South African food retail industry is estimated to be worth around R460 billion, despite this, alarmingly roughly 33% of all food is lost between production and consumption, creating waste and impacting on food security. With the local population expected to grow by approximately 2 million every five years this industry, and associated cold chain suppliers, need to evolve to provide elevated levels of support in the region. The key to the missing produce is not only within agriculture but the supply chain.

MTN Irancell announces new CEO

MTN Irancell an associate company of the MTN group has announce the appointment of Dr Bijan Abbasi Arand as its new CEO. He replaces Alireza Ghalambor Dezfouli who is retiring after serving as the CEO of MTN Irancell since its inception in 2005. MTN says that Dezfouli has played an integral role in building Irancell into a major business serving more than 40 million customers and becoming the largest data operator in Iran.

Black tobacco farmers ‘dismayed' by Tito's new taxes

The Black Tobacco Farmers' Association (BTFA) said on Friday it was dismayed by government's decision to increase excise taxes. Finance Minister Tito Mboweni in his budget speech on Wednesday announced that the duty on a pack of 20 cigarettes would go up by R1.14 cents to R16.66 from 1 April as government tries to raise additional revenue of R15 billion in 2019/20. Ntando Sibisi, BTFA chairperson, said in a statement they feel that the decision to hike excise tax on cigarettes at a time when government is still failing to enforce the law against tax evading tobacco companies, was a callous disregard for law abiding workers.

The challenge of creating successful Nigerian products

In a bid to diversify its economy following the 2016 recession, Nigeria is looking to boost its manufacturing capabilities. The "business hub" of Africa, Nigeria is home to the continent's biggest population and biggest economy. But the challenge lies in convincing Nigerians to pick locally made products over imported goods.

JSE flat as rand pushes below R14/$

Losses by miners offset gains from banks, after a mild relief rally for the local currency following Wednesday's budget The JSE was flat on Thursday afternoon, as markets digested the implications of Wednesday's budget policy statement. Analysts have welcomed the government's plans to not fully bail out embattled state utility Eskom, whose debt mountain poses a risk to SA's fiscal health, and threatens the country's sovereign credit rating. At 12.10pm, the rand was 0.96% firmer at R13.8806/$, 1.02% stronger at R15.7254/€ and 0.82% up at R18.1408/£. The euro was flat at $1.1329. The all share was flat at 55,693.7 points, while the top 40 had added 0.05%. Banks were up 2.02% and financials 1.34%.

Henkel goes vegan to revive beauty business

German consumer goods company Henkel announced new hair care formulations and brands on Thursday, seeking to tap into consumer demand for more natural ingredients as it tries to revive sluggish growth in its beauty business. Henkel will relaunch its European shampoo brand Schauma with a "vegan" formula, roll out to more markets its Nature Box line of hair and body care products made from cold-pressed oils and launch a new "free-from" hair dye line called OnlyLove. It will also launch a premium vegan brand for professional hair salons called Authentic Beauty Concept, and expand its Pro Nature range of cleaning products.

Xerox business printers - what does benchmark security mean?

In today's busy offices, cybersecurity is more important than ever. The proliferation of advanced equipment, new business technologies, and mobile devices has vastly increased the productivity of the modern office environment. At the same time, it has introduced new risks and threat vectors that employees on all levels need to be aware of.

Fin24.com | Markets LIVE: New CEO for MTN Irancell

MTN Irancell has appointed Bijan Abbasi Arand as its new CEO, replacing Alireza Ghalambor Dezfouli who will be retiring, the company said in a statement on Thursda.

Anglo American defends ‘skinny' dividend payout

Miner says its full-year dividend payment takes account of big spending ahead at its Quellaveco mining project in Peru Anglo American came under criticism from analysts for being a "bit light" on its annual return to shareholders as it stuck rigidly to its recently unveiled dividend policy. Anglo, a major diversified mining company, has shaved $10bn off its debt in three years as the board implemented a tough turnaround strategy with a far smaller but more productive asset base with a unique offering of diamonds, platinum group metals (PGMs), copper, iron ore, coal and nickel. The company is also heading into a period of spending on growth at its Quellaveco copper project in Peru.

European markets boost Bidcorps H1 earnings

Bidcorp has reported a 9.2% rise in interim headline earnings per share thanks to what it calls a standout performance from Europe. The food services group has reported a 9.2% rise in interim headline earnings per share. Joining Business Day TV on the line to take a closer look at the results is the company's CEO Bernard Berson..

Don't just keep all of your data forever - optimised data storage has many business benefits

By Mike Rees, Territory Account Manager for South Africa at Commvault Digitisation has revolutionised the business world, enabling organisations to store, access and analyse far more information than ever before. The power of information is such that data has become strictly regulated to ensure it is maintained and cannot be used for nefarious purposes. However, one of the issues that has arisen from this is the fact that enterprises across all industry sectors tend to simply keep all of their data forever.

Future Females Business School 2019 applications now open

JOHANNESBURG, February 21 (ANA) - After the launch of The Future Females Business School in 2018, Future Females announced on Thursday that applications for 2019 were now open.  ANA NEWS WIRE Disclaimer: The African News Agency (ANA) is a news wire service and therefore subscribes to the highest standards of journalism as it relates to accuracy, fairness and impartiality. ANA strives to provide accurate, well sourced and reliable information across Text, Images and Video. Where errors do appear, ANA will seek to correct these timeously and transparently.

Woolworths CEO confident that right strategies are in place

Woolworths Holdings announced results for the 26 weeks ended 23 December 2018.  Group sales for the first 26 weeks of the 2019 financial year were R39.4bn, an increase of 1.9%, and profit before tax was R2.6bn compared to a loss of R4.1bn in 2018. Adjusted profit before tax of R2.7bn was down 9.2%, with headline earnings per share down 2.9% to 200.4cps. Earnings per share increased to 197.5cps.

Sibanye-Stillwater eyes battery metals potential as new hedge

Precious metals producer Sibanye-Stillwater is not finished with its diversification drive, with CEO Neal Froneman signaling on Thursday that the group may enter the lithium and cobalt spaces regarded as critical to the emerging battery and electric vehicle markets. Froneman made the remarks during the presentation of the company's annual results. As expected, the group's loss for the year measured in basic earnings narrowed to $188.7 million from $3323.2 million.

Excise tax hike slammed by Black Tobacco Farmers Association

The Black Tobacco Farmers Association (BTFA) has criticised the increase in excise tax announced by finance minister Tito Mboweni, saying it will affect their livelihoods. Mboweni announced new increases in sin taxes on Wednesday. In addition to excise duty hikes on alcohol, he said that the price of a pack of 20 cigarettes would rise by R1,14 to R16,66 and would increase by about 64c to R7,80 on a typical cigar.

Lonmin braces for Amcu strike after receiving notification

JOHANNESBURG - Platinum miner Lonmin Plc confirmed on Thursday that it has received written notice of a secondary strike action from Association of Mineworkers and Construction Union (Amcu) to take place at its operations. Amcu is embarking on a secondary strike in the platinum and coal sectors next week in support of its members who have been on strike for three months in the gold sector at Sibanye-Stillwater. "According to the correspondence received, the strike will commence on Thursday 28 February 2019 until 07 March 2019.

Anglo American profits rise on metals output, price rises

LONDON - Mining giant Anglo American on Thursday posted a 12 percent rise in annual net profits thanks to higher production and the rising price of metals. Profit after tax increased to $3.5-billion in 2018 from a year earlier, the company said in an earnings statement. Anglo runs the De Beers diamond company in addition to mining a number of precious and base metals, including palladium, which on Wednesday hit $1,500 an ounce for the first time.

MTN's music business appoints a new music head

MTN Group's newly acquired music streaming entity, Simfy Africa, has appointed Oyebowale Akideinde as the Head of Over the Top (OTT) Music Services. Photo: File DURBAN - MTN Group's newly acquired music streaming entity, Simfy Africa, has appointed Oyebowale Akideinde as the Head of Over the Top (OTT) Music Services.  His appointment, effective 1 February 2019, will enhance the company's digital music streaming services to its customers across Africa and the Middle East. Oyebowale joins MTN from Boomplay Music where he served as the Regional Director for West Africa.

JSE eases as global sentiment remains tentative

The JSE traded mostly flat on Thursday as gains recorded on the financials were offset by losses recorded on the resources index. The ongoing trade talks between the USA and China continue to dominate global market sentiment, and this was more evident today with the release of Manufacturing PMI data from key markets such as Germany, the Eurozone and the USA which came in worse than anticipated. This further highlights the importance of these talks to global trade and ultimately global growth.

Five steps can move your business

Today billions of people exist without knowing their purpose. Imagine a world where every human being discovered their purpose and pursued it with passion? This is the topic Buks Badenhorst covered at Bietjie Kaap on Tuesday, February 5. He explained five easy steps that will move anyone, any business, any community, any country, any organisation, anything from where it is to where it wants to be are..

Woman starts business to raise funds for orphanage by hosting events

Kgomotso Thebe is the manager of the Jehovah Jirah Orphange Centre, which was founded by her mother in an effort to enrich the Soshanguve community but is currently in dire need of funding. Wanting to keep her mother's dream alive and continue to care for the children, Kgomotso and her colleagues decided to start a company. PAY ATTENTION: Click "See First" under the "Following" tab to see Briefly.co.za News on your News Feed! Because she knew her community well and appreciated that they loved food and getting together to share means, Kgomotso realised that her company, The Eatz ZA, could provide a space for the community to do exactly that, Briefly.co.za found.

Is EOH corrupt? Is that why Microsoft ran for the hills? Its CEO explains…

EOH Holdings on Wednesday announced its Group Chairperson, Asher Bohbot, will step down from the board. Bohbot previously served as CEO for 19 years. His resignation comes after , a move that saw the EOH share price collapse by almost 30%. The share price fell another 10% on Monday after talks between Chief Executive Stephen van Coller and Microsoft failed. When you have 11 500 people in 273 legal entities and you're doing business with the state-captured public sector companies, there's going to be something… You just have to deal with it, and we are busy dealing with it. I'm absolutely committed to that. There's no one who is going to get away.

INVESTEC LIMITED - Transaction by a PDMR, Director and Company Secretary in Investec plc and Investec Limited Ordinary Share

Wrap Text Transaction by a PDMR, Director and Company Secretary in Investec plc and Investec Limited Ordinary Shares Investec Limited Investec plc Incorporated in the Republic of South Africa Incorporated in England and Wales Registration number 1925/002833/06 Registration number 3633621 JSE share code: INL LSE share code: INVP NSX share code: IVD JSE share code: INP BSE share code: INVESTEC ISIN: GB00B17BBQ50 ISIN: ZAE000081949 As part of the dual listed company structure, Investec plc and Investec Limited (together "Investec") notify both the London and Johannesburg Stock Exchanges of those interests (and changes to those interests) of (i) directors of both entities and the respective company secretaries, (ii) persons discharging managerial responsibilities (PDMRs) and persons closely associated with them, and (iii) in certain instances the directors of major subsidiaries of Investec Limited, in the securities of Investec plc and Investec Limited which are required to be disclosed under Article 19 of the Market Abuse Regulation (Regulation 596/2014), the Disclosure Guidance, Transparency Rules and Listing Rules of the United Kingdom Listing Authority (the "UKLA") and/or the JSE Listing Requirements. TRANSACTION BY A PDMR IN INVESTEC PLC ORDINARY SHARES 1 Details of the person discharging managerial responsibilities / person closely associated a) Name Malcolm Fried 2 Reason for the notification a) Position/status PDMR b) Initial notification /Amendment Initial notification 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor a) Name Investec plc

Business and the effects of global warming

N ESTLED IN A forest an hour's drive from Providence, Rhode Island, sits what some employees call "the world's biggest facility for property destruction". Here workers for FM Global, an engineer-cum-insurer, set fire to wall cladding, hurl projectiles at reinforced glass or test roofing designs for the gusts of wind they can take before tearing off. The experiments are designed, monitored and replicated with laboratory precision, beams Louis Gritzo, FM Global's head of research.

Sony to beef up chip business with new engineers

Sony said on Thursday that it would assign 40 percent of its new engineer hires in Japan over the next two years to the chip business. Photo: AP INTERNATIONAL - Sony said on Thursday that it will assign 40 percent of its new engineer hires in Japan over the next two years to the chip business which includes imaging sensors, as it looks for growth from new applications in everything from cars to phones. The allocation is in line with the company's plans to invest ¥600 billion (R72bn) in imaging sensors over the three years through March 2021, or half of the group's planned capital expenditures.

Is EOH corrupt? Is that why Microsoft ran for the hills? Its CEO explains…

EOH Holdings on Wednesday announced its Group Chairperson, Asher Bohbot, will step down from the board. Bohbot previously served as CEO for 19 years. His resignation comes after , a move that saw the EOH share price collapse by almost 30%. The share price fell another 10% on Monday after talks between Chief Executive Stephen van Coller and Microsoft failed. When you have 11 500 people in 273 legal entities and you're doing business with the state-captured public sector companies, there's going to be something… You just have to deal with it, and we are busy dealing with it. I'm absolutely committed to that. There's no one who is going to get away.

Woolworths axes dividend from Australian ops to cut debt

JOHANNESBURG South Africas Woolworths Holdings will not pay dividends from its Australian businesses for two years in order to reduce debt levels there its chief executive said on Thursday after the retailer reported a 2.9 percent drop in halfyear earnings. Woolworths which sells clothes food beauty products and homeware said it would cut its group interim dividend to 92 cents per share down 15.2 percent from a year earlier. Were taking a really prudent decision in Australia group CEO Ian Moir told the companys halfyear results presentation.

Long-serving Telkom chairman Jabu Mabuza to step down

Eskom chairman Jabu Mabuza Long-serving Telkom chairman Jabu Mabuza is stepping down from the JSE-listed telecommunications board at the end of May, more than seven years after he assumed the role. Telkom said in a statement to shareholders on Thursday that Mabuza will also step down as an independent nonexecutive director. Sello Moloko, currently an independent nonexecutive director, will be elected as the new chairman with effect from 1 June.

‘We'd be crazy to copy! Sometimes we get it wrong. There's no culture problem'

It's very disappointing what's happened to Woolworths over the past couple of years… It's not going to get any better… I think Woolworths, quite frankly, is headed the same way as Steinhoff; I'm not suggesting it's a fraud, but the shares have already lost 50% of their value… What was a good company once, has been totally ruined… It's an opinion. Everybody is entitled to an opinion. Obviously, we don't share that opinion.

South Africa's Woolworths half-year earnings drop

South Africa's Woolworths Holdings reported on Thursday a 2.9 percent drop in half-year earnings, while the retailer's lacklustre fashion, beauty and home businesses dented sales. Woolworths, which also has operations in Australia and New Zealand, said headline earnings per share (HEPS) fell to 200.4 cents, in the 26-weeks ended Dec. 23, from 206.3 cents a year earlier.

TELKOM SA SOC LIMITED - Changes to the Board of Directors

Wrap Text Changes to the Board of Directors Telkom SA SOC Limited (Registration Number 1991/005476/30) JSE Share Code TKG ISIN ZAE000044897 ("Telkom" or "the Company") Changes to the board of directors In accordance with paragraph 3.59 of the Listings Requirements of the JSE Limited, shareholders are advised that Mr Jabu Mabuza will be stepping down as an independent non-executive director and the Chairman of the board of directors ("the Board") of Telkom, with effect from 31 May 2019. Mr Sello Moloko, currently an independent non-executive director of the Board, will be elected as the new Chairman of the Telkom Board with effect from 1 June 2019. He has a wealth of business experience gained over more than twenty-five years, with an established career in financial services. He holds positions as independent non-executive Chairman of Sibanye-Stillwater Limited, and is the former non-executive Chairman of Alexander Forbes Groups Holdings Limited. He also serves on the boards of Prudential Investment Managers, DG Capital and Stor-Age REIT Limited. Mr Moloko is the Executive Chairman and co-founder of Thesele Group, a wholly Black owned diversified investment holding company.

Business And Labour React To Tito Mboweni's 2019 Budget Speech

There has been a mixed reaction to Minister Tito Mboweni's 2019 Budget Speech, but what do people in top positions in business and labour feel about this budget? Joining CNBC Africa for the CEO and Labour based discussion is Herschel Jawitz, CEO of Jawitz Properties, Matsi Modise, Vice Chairperson, Simodisa and Krister Van Rensburg the Head of Department of organisational development at AMCU. The post appeared first on iAfrica.com ..

SASOL LIMITED - Market Making Services Agreement for Sasol BEE Ordinary (Solbe1) Shares entered into with Ngonyama Capital

Wrap Text Market Making Services Agreement for Sasol BEE Ordinary (Solbe1) Shares entered into with Ngonyama Capital Sasol Limited (Incorporated in the Republic of South Africa) (Registration number 1979/003231/06) Sasol Ordinary Share codes: JSE : SOL NYSE : SSL Sasol Ordinary ISIN codes: ZAE000006896 US8038663006 Sasol BEE Ordinary Share code: JSE: SOLBE1 Sasol BEE Ordinary ISIN code: ZAE000151817 ("Sasol" or "the Company") MARKET MAKING SERVICES AGREEMENT FOR SASOL BEE ORDINARY ("SOLBE1") SHARES ENTERED INTO WITH NGONYAMA CAPITAL PROPRIETARY LIMITED ("NGONYAMA CAPITAL") Sasol has entered into a Market Making Services Agreement (the "Agreement") with Ngonyama Capital, in terms of which Ngonyama Capital will purchase and sell SOLBE1 Shares in the open market with the objective of enhancing the value proposition of SOLBE1 Shares and increasing the liquidity of SOLBE1 Shares in the open market. Under the Agreement, which has been entered into for a period of three (3) years and which may be terminated on notice by either party, Ngonyama Capital will be the beneficial owner of SOLBE1 Shares and will buy and sell SOLBE1 Shares in the open market as a principal, for its own account and sole risk and independent of and without influence by Sasol. Ngonyama Capital will endeavour to purchase 100 000 SOLBE1 Shares in the open market within a period of six months from the date of this announcement. In consideration for rendering the market making services under the Agreement, Ngonyama Capital will be paid a fee calculated at a total of 15%, spread over the three year period of the Agreement, of the average daily net value of SOLBE1 Shares held by Ngonyama Capital.

South Africa's Woolworths axes dividend from Australian business to ease debt

By Nqobile Dludla JOHANNESBURG (Reuters) - South Africa's Woolworths Holdings will not pay dividends from its Australian businesses for two years in order to reduce debt levels there, its chief executive said on Thursday after the retailer reported a 2.9 percent drop in half-year earnings. Woolworths, which sells clothes, food, beauty products and homeware, said it would cut its group interim dividend to 92 cents per share, down 15.2 percent from a year earlier. "We're taking a really prudent decision in Australia," group CEO Ian Moir told the company's half-year results presentation. "We want to get our debt levels down, we want to half the debt levels in Australia." The Australian businesses, which comprise David Jones and Country Road Group, have debt of just over 400 million Australian dollars ($284 million) and Woolworths wants to bring that down to about 200 million, Moir said. "For where the market is, it's the right thing to do." Woolworths paid a big premium to bulk up in Australia via David Jones as part of Moir's ambitions to turn the firm into a leading southern hemisphere retailer, but has faced delays in redeveloping the business. In 2018 the firm booked an impairment charge of 6.9 billion rand ($492 million) against the value of David Jones as a result of the cyclical downturn and structural changes that have hurt performance across the Australian retail sector. At 1100 GMT, shares in Woolworths were up 1.94 percent as the firm rebounded to a profit before tax of 2.6 billion rand from a loss 4.1 billion rand caused by the impairment. Woolworths said headline earnings per share (HEPS) fell to 200.4 cents in the 26 weeks ended Dec. 23, from 206.3 cents a year earlier.

De Beers FY18 revenue up 4% y/y

Anglo American subsidiary De Beers achieved a 4% year-on-year increase in revenue to $6.1-billion in 2018, compared with $5.8-billion in 2017, which was supported by improved high-end jewellery sales at De Beers Jewellers. Its earnings before interest, taxes, depreciation and amortisation, however, decreased by 13% to $1.2-billion, compared with $1.4-billion in 2017. "While unit costs and upstream profit margins were maintained, De Beers undertook incremental expenditure on a number of new initiatives, including the launch of Lightbox Jewellery, Tracr and Gemfair, as well as increasing expenditure in marketing, exploration and evaluation in Canada and increasing provisions in respect of closure obligations," Anglo stated. Margins in the trading business were lower owing to volatile market conditions, and the margin at Element Six decreased as a result of lower sales to the oil and gas market. During 2018, production rose by 6% year-on-year to 35.3-million carats. Anglo stated on Thursday that production increases at Orapa, in Botswana, and the contribution from the ramp-up of Gahcho Kué, in Canada, more than offset the effect of the temporary suspension of production at Venetia, in South Africa, following a fatal incident and the placing of the Voorspoed mine, also in South Africa, on care and maintenance. Rough diamond sales increased by 4% year-on-year to $5.8-billion, compared with $5.2-billion in 2017, which was driven by improved overall consumer demand for diamond jewellery and a 1% increase in the average rough diamond price index. The average realised price in 2018 increased by 6% to $171/ct, compared with $162/ct in 2017, reflecting the lower proportion of lower-value rough diamonds being sold in the second half of the year, which resulted in a 2% decrease in consolidated sales volumes to 31.7-million carats, compared with 32.5-million carats in 2017. 2019 OUTLOOK "Although current economic forecasts remain positive, the outlook for 2019 global diamond jewellery consumer demand f

'Minister Mantashe gave us confidence to inject R6 billion into South Africa'

The Minister deserves credit for really engaging the mining industry… that gave us the confidence to inject R6 billion into the country over the next five years… We'll continue to invest in South Africa for the long term… Shares in the Johannesburg and London-listed miner are up about 14% so far this year. They were trading 0.94% lower by 13.32pm on Thursday. The company's earnings (before interest, tax, depreciation and amortisation) was up 4% to $9.16 billion, slightly beating analysts' forecasts. The miner's final dividend of 51 cents (US$) per share is noticeably lower than that of its peers. Anglo American suspended production at one of its coal mines in Australia on Wednesday after a worker died. The company is investigating the underground accident between a people carrier and a grader. The accident led to the death of the grader's driver while injuring many others. Five Anglo American workers died in 2018 in work-related incidents. No degree of financial performance is worth a life... Our determination to reach and sustain zero harm is our most pressing challenge... The Money Show's Bruce Whitfield interviewed Mark Cutifani, CEO at Anglo American. Listen to the interview in the audio below (and scroll down for quotes from it). We think the fundamentals are pretty good, despite the noise and disagreement between the US and China… We've learned a number of lessons from the halcyon days of 2003 to 2011… The balance of our capital allocation has been much more prudent… The leadership in South Africa is being honest with the people… South Africa is heading in the right direction… Threatening a 7-day strike across the board is unhelpful… Get the 10 most-read articles of the week from Bruce Whitfield's The Money Show, emailed to you every Friday morning.

Long-serving Telkom chairman Jabu Mabuza to step down

Eskom chairman Jabu Mabuza Long-serving Telkom chairman Jabu Mabuza is stepping down from the JSE-listed telecommunications board at the end of May, more than seven years after he assumed the role. Telkom said in a statement to shareholders on Thursday that Mabuza will also step down as an independent nonexecutive director. Sello Moloko, currently an independent nonexecutive director, will be elected as the new chairman with effect from 1 June.

Eskom chair Jabu Mabuza steps down as Telkom chair

Independent board member Sello Moloko, who also chairs the Sibanye-Stillwater board, will take over as Telkom chair in June Jabu Mabuza, who has taken on the mammoth task of turning around state-owned power utility Eskom, will step down as chair of Telkom at the end of May. Telkom said on Thursday Mabuza would also step down as a nonexecutive director of the partially state-owned telecommunications group, which he has chaired since November 2012. "Jabu Mabuza has chaired the Telkom board through some rough times since he joined the board," CEO Sipho Maseko said. "On departure, he will leave a strong and stable organisation." Mabuza told the Telkom board he had served two terms as chair and "believes that he has made a contribution to Telkom's transformation and stability", a spokesperson said. "He believes that a new chair is required for the current phase of the organisation." Telkom's shares lost [0.4% to close at R67.99] on Thursday afternoon. The stock more than quadrupled under Mabuza's watch, versus a 49% gain in the JSE all-share index. Independent board member Sello Moloko, who also chairs the Sibanye-Stillwater board, will take over as Telkom chairman in June, the company said. A former non-executive chairman of Alexander Forbes, Moloko also serves on the boards of Prudential Investment Managers, DG Capital and Stor-Age REIT. Being relinquished of his role at Telkom, Mabuza will presumably have more time to focus on Eskom. He was appointed chairman of the power utility in January 2018. On Wednesday, finance minister Tito Mboweni gave Eskom a R69bn bailout over the next three years, or R23bn a year. Eskom had asked the government to take over R100bn of its R420bn outstanding debt, given that it cannot independently meet all its financial obligations. The utility's financial position has been flagged as the single biggest risk to the economy and public finances. hedleyn@businesslive.co.za.

Amplats, Lonmin workers to strike in support of Sibanye's gold employees

JOHANNESBURG/LONDON - Workers led by South Africa's Association of Mineworkers and Construction Union (AMCU) plan to down tools at gold and platinum mines next week in support of colleagues at Sibanye-Stillwater who are striking over wages and job cuts. AngloGold Ashanti, Harmony Gold, Anglo American Platinum, Lonmin, Village Main Reef and DRDGold have received notices of the strike action, which is expected to begin on February 28 and last until March 7, industry body, the Minerals Council South Africa, said on Thursday. Sibanye last week said it could cut nearly 6 000 jobs at its gold mining operations, where AMCU has been on strike since mid-November over a wage dispute. AMCU reached wage agreements with AngloGold, Harmony Gold and Village Main Reef last year. South Africa is home to the world's biggest platinum group metals deposits and accounts for just over 90% of global production. Lonmin's South African listed shares fell 8.29%, while its London-listed shares slipped 6% by 1215 GMT after it said it had received a strike notice. The miner said it was in the process of obtaining legal advice on AMCU's notice. Lonmin, which is in the process of being bought by Sibanye, has been crippled by soaring costs and subdued platinum prices. The firm has been cutting spending to conserve cash and retain a positive cash balance, one of the conditions upon which Sibanye's takeover is contingent. "Any disruption is obviously bad news.

Mexico president says no more Pemex 'farm-out' joint ventures for now

(Adds details on contracts, Fitch, and quote) MEXICO CITY, Feb 21 (Reuters) - President Andres Manuel Lopez Obrador said on Thursday Mexico will not offer more oil joint ventures between private companies and state energy company Pemex until existing projects produce oil, raising doubts about auctions set for October. In reply to a question about the contracts, known in the industry as "farm-outs," Lopez Obrador said the country would not offer more for the time being. The biggest such project undertaken by Pemex under the last government was the deep-water Gulf of Mexico field known as Trion, in which the Mexican company associated with BHP Billiton . "Until they extract oil, those who received these contracts, that's the agreement, when they start to produce we will review the possibility of continuing these contracts," Lopez Obrador said in his morning news conference. Lopez Obrador has long been a critic of his predecessor's liberalization of the energy industry, which allowed private and foreign companies to bid for oil exploration and production both alone and in association with Pemex. Instead, Lopez Obrador is betting on Pemex raising oil production by issuing service contracts mainly to Mexican companies to squeeze more oil from existing shallow water and onshore fields. Lopez Obrador, who is from oil-producing state Tabasco, has previously said he will give private companies that won projects under the reform three years to start producing before he decides whether to allow more auctions. He has not been clear whether this also applies to the Pemex joint ventures. In December, a few days after Lopez Obrador took office, the National Hydrocarbons Commission canceled two auctions for private energy companies set for February. But it chose to delay until Oct.

Saica blames limited powers for delays in cases

The SA Institute of Chartered Accountants (Saica) says it is dependent on other prosecuting authorities to make decisions about membership of errant accountants, such as Markus Jooste. The accountancy body announced on Wednesday that it has terminated membership of former VBS Mutual Bank board chair Tshifhiwa Matodzi. It also said it has begun hearing the sequestration matter of former VBS CEO Andile Ramavhunga and will continue with that hearing in April 2019. The independent disciplinary committee, which ruled on the termination, has not ordered the publication of its ruling but Saica said the sequestration order against Matodzi made it possible to promptly finalise his case. One of the Saica by-laws allows the disciplinary committee to cancel chartered accountant SA (CA(SA)) membership of accountants who have been provisionally or finally sequestrated.

Gauteng: Pedestrian struck down in Boksburg East

Gauteng: At 08H00 Thursday morning Netcare 911 responded to reports of a Pedestrian vehicle collision on Van Dyk Road in Boksburg East. Reports from the scene indicate that an adult female sustained moderate injuries when she was struck down by a light motor vehicle. The patient was treated on scene before being transported by ambulance to hospital for further assessment. Shawn Herbst Media Liaison Officer Netcare Limited Netcare 911....

THE STANDARD BANK OF SOUTH AFRICA LIMITED - SCIB: The standard Bank Of South Africa - adjustment to share instalment terms a

Wrap Text SCIB: The standard Bank Of South Africa - adjustment to share instalment terms and conditions The Standard Bank of South Africa Limited 2019/02/21 ADJUSTMENTS TO THE TERMS AND CONDITIONS OF THE STANDARD BANK NASPERS LTD SHARE INSTALMENT Following the Naspers Limited ("NPN") unbundling announcement relating to the unbundling of Multichoice, Naspers will unbundle its interest in Multichoice to Shareholders. Each Shareholder will receive one Multichoice Group Limited share for each Naspers Limited share held. The unbundling will be effective on the 27th February 2019. Following this announcement, notice is hereby given that the terms of the NPN share instalments will be adjusted to place the warrant holders in the same financial position as they would have been in prior to the unbundling.

EOH rebounds after departures

DURBAN The founder  and former chief executive of EOH Holdings Asher Bohbot will step down from the board at the end of the month. EOH the JSElisted information technology group said yesterday that the move was to comply with King IV corporate governance.  In accordance with King IV a former chief executive should not serve as chairman of the board until a threeyear coolingoff period has been observed the group said.  Currently Bohbot is serving as group chairman and he was the chief executive for 19 years.  EOH said Bohbot would on an advisory basis assist the group until the end of July in the implementation of the strategy shared with the market recently.  The changes come two weeks after multinational technology giant Microsoft announced that it was planning to terminate its contract with EOH Mthombo a subsidiary of EOH.  EOH Holdings share price fell nearly 30percent with the expected termination of the EOH Mthombo contract.  The group said profits could take a R10 million hit as a result of the  termination of two contracts by Microsoft. The companys shares declined by a further 10 percent on Monday after the group announced that talks between its chief executive Stephen van Coller and Microsoft had failed to yield positive results regarding the decision to terminate its Channel Partner Agreement with EOH Mthombo.  Yesterday with the latest board announcement the share price closed 12.73percent higher on the JSE at R16.47.

METALS-Copper retreats from seven-month peak on firm dollar and profit-taking

* Glencore cuts 2019 copper forecast * Declining LME copper stocks support price * GRAPHIC-2019 asset returns: tmsnrt.rs/2jvdmXl (Adds official prices, zinc stocks and spreads) By Zandi Shabalala LONDON, Feb 21 (Reuters) - Copper prices slipped from seven-month highs on Thursday as the dollar firmed and investors cashed in gains from a rally in the previous session fuelled by falling inventories. The dollar found strength in minutes from a U.S Federal Reserve meeting that raised expectations of a possible U.S. interest rate increase this year.

'Minister Mantashe gave us confidence to inject R6 billion into South Africa'

The Minister deserves credit for really engaging the mining industry… that gave us the confidence to inject R6 billion into the country over the next five years… We'll continue to invest in South Africa for the long term… Shares in the Johannesburg and London-listed miner are up about 14% so far this year. They were trading 0.94% lower by 13.32pm on Thursday. The company's earnings (before interest, tax, depreciation and amortisation) was up 4% to $9.16 billion, slightly beating analysts' forecasts. The miner's final dividend of 51 cents (US$) per share is noticeably lower than that of its peers. Anglo American suspended production at one of its coal mines in Australia on Wednesday after a worker died. The company is investigating the underground accident between a people carrier and a grader. The accident led to the death of the grader's driver while injuring many others. Five Anglo American workers died in 2018 in work-related incidents. No degree of financial performance is worth a life... Our determination to reach and sustain zero harm is our most pressing challenge... The Money Show's Bruce Whitfield interviewed Mark Cutifani, CEO at Anglo American. Listen to the interview in the audio below (and scroll down for quotes from it). We think the fundamentals are pretty good, despite the noise and disagreement between the US and China… We've learned a number of lessons from the halcyon days of 2003 to 2011… The balance of our capital allocation has been much more prudent… The leadership in South Africa is being honest with the people… South Africa is heading in the right direction… Threatening a 7-day strike across the board is unhelpful… Get the 10 most-read articles of the week from Bruce Whitfield's The Money Show, emailed to you every Friday morning.

'R23 million for rent a month seems huge. I don't think we could've done better'

Our business model now touches 21.6m lives, has a presence in 19 countries… We were previously in five different buildings… Had we owned the building it would just increase costs. We're not in the property business… R23 million is a huge number but we're a massive organisation… We're comfortable with the cost per square metre. I don't think we could've done better... Discovery on Wednesday reported a decrease of 4%, to R3.799 billion, in normalised profit from operations in the six months to 31 December 2018. The decline in profits is mainly due to substantial new investments and volatility in large claims. Discovery invested 21% of its earnings in new initiatives, most notably Discovery Bank. It intends to start rolling out the bank to the public next month. Normalised headline earnings fell 16% to R2.376 billion.

Productivity improvements, higher prices lift Anglo American's FY18 Ebitda to $9.2bn

JOHANNESBURG (miningweekly.com) - Continued productivity improvements in underlying operations and better-than-expected prices have contributed to global diversified miner Anglo American's 4% year-on-year increase in earnings before interest, taxes, depreciation and amortisation (Ebitda) to $9.2-billion for 2018. CE Mark Cutifani said during a conference call on Thursday that disciplined capital allocation has helped the company to strengthen its balance sheet by more than $10-billion over the past three years, with net debt having decreased by 37% year-on-year to $2.8-billion as at December 31, 2018. Cutifani expected to report an additional $3-billion to $4-billion improvement in underlying Ebitda by 2022, relative to 2017. Additionally, the diversified miner generated $3.2-billion of attributable free cash flow and delivered profit attributable to equity shareholders of $3.5-billion in 2018, which is a 12% increase compared with 2017. Anglo proposed a final dividend of $0.51 a share and reported an operating profit of $6.1-billion, compared with $5.5-billion in 2017.

ANGLO AMERICAN PLC - Year end financial report for the year ended 31 December 2018

Wrap Text Year end financial report for the year ended 31 December 2018 Anglo American plc (the "Company") Registered office: 20 Carlton House Terrace, London SW1Y 5AN Registered number: 3564138 (incorporated in England and Wales) Legal Entity Identifier: 549300S9XF92D1X8ME43 ISIN: GBOOB1XZS820 JSE Share Code: AGL NSX Share Code: ANM YEAR END FINANCIAL REPORT for the year ended 31 December 2018 21 February 2019 Anglo American Preliminary Results 2018 Consistent performance improvements deliver 4% increase in underlying EBITDA to $9.2 billion Mark Cutifani, Chief Executive of Anglo American, said: "We are delivering improvements on a consistent basis, with a further 4% increase in underlying EBITDA to $9.2 billion. Our commitment to disciplined capital allocation has helped strengthen our balance sheet by more than $10 billion over three years, with net debt reduced to $2.8 billion at the end of 2018. This strong financial result derives from our continued productivity improvements in the underlying operations and better than expected prices for many of our products. "No degree of financial performance is worth a life, however, and in 2018, five of our colleagues tragically died in workplace safety incidents.

Business News - 20 Feb 2019

Mboweni tables a budget for the future. Inflation eases more than expected in January and the European market gives Bidcorp a boost..

UPDATE 2-SAfrica's Woolworths axes dividend from Australian business to ease debt

* HEPS down to 200.4 cents in 26 weeks to Dec. 23 * Compares with 206.3 cents a year earlier * Group interim dividend down 15.2 percent to 92 cents/shr * (Recasts with Australia dividend) JOHANNESBURG, Feb 21 (Reuters) - South Africa's Woolworths Holdings will not pay dividends from its Australian businesses for two years in order to reduce debt levels there, its chief executive said on Thursday after the retailer reported a 2.9 percent drop in half-year earnings. Woolworths, which sells clothes, food, beauty products and homeware, said it would cut its group interim dividend to 92 cents per share, down 15.2 percent from a year earlier.

AMCU to extend Sibanye gold strike to other South African miners from Feb 28

JOHANNESBURG/LONDON - Workers led by South Africa's Association of Mineworkers and Construction Union (AMCU) plan to down tools at gold and platinum mines next week in support of colleagues at Sibanye-Stillwater who are striking over wages and job cuts. AngloGold Ashanti, Harmony Gold, Anglo American Platinum, Lonmin, Village Main Reef and DRDGold have received notices of the strike action, which is expected to begin on February 28 and last until March 7, industry body, the Minerals Council South Africa, said on Thursday. Sibanye last week said it could cut nearly 6 000 jobs at its gold mining operations, where AMCU has been on strike since mid-November over a wage dispute. AMCU reached wage agreements with AngloGold, Harmony Gold and Village Main Reef last year. South Africa is home to the world's biggest platinum group metals deposits and accounts for just over 90% of global production. Lonmin's South African listed shares fell 8.29%, while its London-listed shares slipped 6% by 1215 GMT after it said it had received a strike notice. The miner said it was in the process of obtaining legal advice on AMCU's notice. Lonmin, which is in the process of being bought by Sibanye, has been crippled by soaring costs and subdued platinum prices. The firm has been cutting spending to conserve cash and retain a positive cash balance, one of the conditions upon which Sibanye's takeover is contingent. "Any disruption is obviously bad news.

UPDATE 2-AMCU plans to extend Sibanye gold strike to other S.African miners

* AMCU extends Sibanye gold strike to platinum * AngloGold, Lonmin, Harmony, Amplats served union strike notices * Lonmin shares down (Adds other firms, Sibanye comment, detail) By Tanisha Heiberg and Zandi Shabalala JOHANNESBURG/LONDON Feb 21 (Reuters) - Workers led by South Africa's Association of Mineworkers and Construction Union (AMCU) plan to down tools at gold and platinum mines next week in support of colleagues at Sibanye-Stillwater who are striking over wages and job cuts. AngloGold Ashanti, Harmony Gold, Anglo American Platinum Lonmin, Village Main Reef and DRDGold have received notices of the strike action, which is expected to begin on Feb. 28 and last until March 7, industry body, the Minerals Council, said on Thursday.

Inspiring! Man turns mushroom business into an award-winning establishment

Deciding to resign from your job and start your own business is a terrifying prospect for many, but for award-winning mushroom farmer Peter Nyathi the leap of faith is paying off not only for him, but also his staff The 53-year-old agricultural economist's career was on the rise - having gone from working in the agricultural ministry in Zimbabwe, to marketing, administration and finance for big-name insurance companies in South Africa. It was while working at Denny Mushrooms that he decided that mushroom growing was fascinating. "There is a lot of science in mushroom growing.

SANTAM LIMITED - Trading Statement For the year ended 31 December 2018

Wrap Text Trading Statement - For the year ended 31 December 2018 SANTAM LIMITED (Incorporated in the Republic of South Africa) Registration number: 1918/001680/06 (JSE Share Code: SNT & ISIN ZAE000093779) NSX share code: SNM (‘Santam') or ("the Company") TRADING STATEMENT - FOR THE YEAR ENDED 31 DECEMBER 2018 Shareholders are advised that Santam expects its headline earnings per share (HEPS) for the year ended 31 December 2018 to be between 1 994 cps and 2 204 cps (2017: 1 425 cps), which will be between 40% and 55% higher than the HEPS reported for the comparative period. Earnings per share (EPS) is expected to be between 2 085cps and 2 302 cps (2017: 1 511 cps) which is between 38% and 53% higher. The increase in HEPS and EPS has mainly been driven by significantly improved underwriting results compared to that of the previous year. The net underwriting margin is expected to be above the long-term target range of 4% to 8% of net earned premium.

Agile - It's Not Business, It's Personal

Technology changed everything and as Agile is one of the fastest ways to create technology, it is placed right in the middle of that change which is why it elicits strong responses from both converts and persistent laggards. Agile is not business, it's personal. It speaks to each of Maslow's needs..

Why you should book business-related trips in advance

Business travellers will know that it is hard to determine when you will be flying out for a work-related trip.  However, the sooner one book their trip, the better their chances at planning your schedule to balance home and work life.  A survey done in the UK revealed that 40% of women preferred to arrange their travel between two weeks and a month in advance.  This gave them sufficient time to organise childcare and prepare everything at home. Andrew Grunewald, FCBT Brand Leader, said booking in advance does not only benefit the home life, but it also helps the company save money. "The company can save up to 21% of its travel spend by simply booking flights in advance.

EOH pay the price for alleged illicit contracts

Technology company EOH's share price continues to fall this week after it was announced that Microsoft would be cancelling contracts under suspicious circumstances. For this CNBC Africa Exclusive CEO Stephen Van Coller spoke to Kopano Gumbi to set the record straight..

Minister Mboweni's focus on growth, property rights and education a boost for business confidence, says Standard Bank Commer

Property rights, education and skills are crucial to SA's economic future and Craig Polkinghorne, head of Commercial Banking, Standard Bank, welcomed the focus placed on addressing these key issues in Wednesday's Budget. "I think the Minister takes cognisance of these drivers of growth and business certainty and was very specific in how he is trying to boost them. This in turn creates much-needed business confidence," says Polkinghorne.

Why your business needs a cloud architect

As IT and business strategy align, cloud architects will become integral to growth. As South African businesses look to streamline operational costs and become more globally competitive, cloud computing has become essential. And with the imminent launch of Microsoft Azure and Amazon Web Service data centres in South Africa, local cloud adoption will become even more attractive.

AMCU plans to extend Sibanye gold strike to other S.African miners

* AMCU extends Sibanye gold strike to platinum * AngloGold, Lonmin, Harmony, Amplats served union strike notices * Lonmin shares down (Adds other firms, Sibanye comment, detail) By Tanisha Heiberg and Zandi Shabalala JOHANNESBURG/LONDON Feb 21 (Reuters) - Workers led by South Africa's Association of Mineworkers and Construction Union (AMCU) plan to down tools at gold and platinum mines next week in support of colleagues at Sibanye-Stillwater who are striking over wages and job cuts. AngloGold Ashanti, Harmony Gold, Anglo American Platinum Lonmin, Village Main Reef and DRDGold have received notices of the strike action, which is expected to begin on Feb. 28 and last until March 7, industry body, the Minerals Council, said on Thursday. Sibanye-Stillwater last week said it could cut nearly 6,000 jobs at its gold mining operations, where AMCU has been on strike since mid-November over a wage dispute. AMCU reached wage agreements with AngloGold, Harmony Gold and Village Main Reef last year. South Africa is home to the world's biggest platinum group metals deposits and accounts for just over 90 percent of global production. Lonmin's South African listed shares fell 8.29 percent, while its London-listed shares slipped 6 percent by 1215 GMT after it said it had received a strike notice. The miner said it was in the process of obtaining legal advice on AMCU's notice. Lonmin, which is in the process of being bought by Sibanye, has been crippled by soaring costs and subdued platinum prices. The firm has been cutting spending to conserve cash and retain a positive cash balance, one of the conditions upon which Sibanye's takeover is contingent. "Any disruption is obviously bad news. The deal with Sibanye hasn't been finalised yet and Sibanye wants Lonmin to be in a cash positive position so obviously if there is a prolonge

SANTAM LIMITED - BISAN - Notice to Bondholders regarding a Trading Update

Wrap Text BISAN - Notice to Bondholders regarding a Trading Update SANTAM LIMITED (Incorporated in the Republic of South Africa) Registration number: 1918/001680/06 Company code: BISAN ("Santam" or "the Issuer") NOTICE TO BONDHOLDERS REGARDING A TRADING UPDATE Bondholders are referred to the announcement released by the Issuer on SENS on 21 February 2019 in respect a trading update. 21 February 2019 Debt Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 21/02/2019 02:35:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS.

Anglo American core profit beats, on journey to 'zero harm'

* Share price eases after gains over last year * Supports independent body to oversee tailings dams * Still sees Brazil as favourable place to mine * Open to considering buybacks 'at right time' (Updates with share price, CEO comment, analysts) By Arathy S Nair and Barbara Lewis Feb 21 (Reuters) - Anglo American reported on Thursday better than expected core earnings, driven by higher copper and coal prices, but said no financial performance was "worth a life" and its biggest challenge was eliminating danger at its mines. The mining industry is under scrutiny following the collapse of a dam operated by Vale in Brazil in January, which has rocked confidence in the sector just when balance sheets had been repaired after the commodities crash of 2015-16. Of the major companies, Anglo American was one of the worst hit by the commodity market slump and has made the strongest recovery. Its shares have risen around 14 percent this year and were trading down 0.5 percent by 1030 GMT on Thursday as some analysts said the payout to shareholders of $0.51 a share was low. Other major miners have announced buybacks to keep investors on side. Anglo American's underlying 2018 EBITDA (earnings before interest, tax, depreciation and amortisation) of $9.16 billion was up 4 percent from $8.82 billion a year earlier and beat analysts' average estimate of $8.7 billion, according to Refinitiv IBES data. As investors focus on sustainability, CEO Mark Cutifani said Anglo American was an industry leader and backed calls from BHP earlier this week for an independent body to oversee the tailings dams that store increasingly high volumes of waste generated by mining. He said Anglo American's accident rate was at a record low as the rate of recordable incidents had fallen to 2.66 injuries per million hours worked. The goal, however, is zero harm. "No deg

Budget 2019: Business Panel: Part 1

Ahead of the break, we discussed some of the political implications from today's budget - and now we're shifting focus to what it means for business. Joining me at the desk ... Andre de Ruyter, CEO of Nampak AND Bernard Swanepoel, Executive Director at the Small Business Institute..

DISCOVERY LIMITED - Unaudited interim results and cash dividend declaration for the six months ended 31 December 2018

Wrap Text Unaudited interim results and cash dividend declaration for the six months ended 31 December 2018 Discovery Limited (Incorporated in the Republic of South Africa) (Registration number: 1999/007789/06) Company tax reference number: 9652/003/71/7 JSE share code: DSY ISIN: ZAE000022331 JSE share code: DSBP ISIN: ZAE000158564 JSE bond code: DSY01 ISIN: ZAG000148362 JSE bond code: DSY02 ISIN: ZAG000148347 JSE bond code: DSY03 ISIN: ZAG000148354 JSE bond code: DSY04 ISIN: ZAG000153271 Unaudited interim results and cash dividend declaration for the six months ended 31 December 2018 Core new business API up 16% to R9 049 million Gross inflows under management up 11% to R67 541 million Embedded value up 13% to R68 025 million 21% of Group earnings invested in new initiatives Transfer secretaries Computershare Investor Services Pty Limited (Registration number: 2004/003647/07) Rosebank Towers, 15 Biermann Avenue, Rosebank 2196 PO Box 61051, Marshalltown 2107 Sponsors Rand Merchant Bank (A division of FirstRand Bank Limited) Secretary and registered office MJ Botha, Discovery Limited 1 Discovery Place, Sandton 2146 PO Box 786722, Sandton 2146 Tel: (011) 529 2888 Fax: (011) 539 8003 Directors MI Hilkowitz (Chairperson)(1), ME Tucker (UK) (Chairperson)(2), A Gore* (Chief Executive Officer), HL Bosman, Dr BA Brink, SE de Bruyn, R Enslin (USA), R Farber, HD Kallner*, F Khanyile, NS Koopowitz*, Dr TV Maphai, HP Mayers*, TT Mboweni(3), Dr A Ntsaluba*, AL Owen (UK), A Pollard*, JM Robertson(4), B Swartzberg*, DM Viljoen* (Financial Director), SV Zilwa * Executive. (1) Retired effective 28 February 2019. (2) Appointed effective 1 March 2019. (3) Resigned effective 11 October 2018. (4) Retired 31 August 2018. Interim financial results - prepared by L van Jaarsveldt CA(SA) and A Nel CA(SA) - supervised by DM Viljoen CA(SA) Embedded value statement - prepared by M Curtis FASSA, FIA and P Bolink FASSA - supervised by A Rayner FASSA, FIA Commentary Period of exceptional growth, with a temporary

Shareholders petition Amsterdam court to launch inquiry into Steinhoff

Embattled retail giant Steinhoff International said on Thursday that it has received a petition by a group of shareholders for inquiry proceedings before the Enterprise Chamber of the Amsterdam Court of Appeal. "The petition includes a request to appoint an investigator as well as an additional member of the supervisory board of the company whose role will include oversight. "That information is provided to shareholders adequately and in the context of any inquiry to be ordered by the Enterprise Chamber." Steinhoff said the Enterprise Chamber has sent notices to certain interested parties with regards to these proceedings. A hearing is scheduled to take place on 23 May 2019.

How To Assess How Healthy Your Business Is

Assessing the health of your business requires far more than just a healthy cash-flow.  TUNE IN NOW   A healthy cashflow in your business is in no way the only indicator that your business is necessarily in good form. Hanno Bekker , founder and director of Bekker Attorneys, provides insight into the tools you should be using to assess the wellbeing or your enterprise. Our host, Nadia Hearn catches up with Hanno below: On a daily basis you should be doing three things.

EOH rebounds after departures

Former chief executive Asher Bohbot to step down from the board at the end of the month..

SIBANYE GOLD LIMITED - Operating and financial results for the six months and year ended 31 December 2018

Wrap Text Operating and financial results for the six months and year ended 31 December 2018 SIBANYE GOLD LIMITED Trading as SIBANYE-STILLWATER Incorporated in the Republic of South Africa Registration number 2002/031431/06 Share code: SGL Issuer code: SGL ISIN: ZAE E000173951 Operating and financial results For the six months and year ended 31 December 2018 JOHANNESBURG, 21 February 2019: Sibanye Gold Limited trading as Sibanye-Stillwater (Sibanye-Stillwater or the Group) (JSE: SGL & NYSE: SBGL) is pleased to report operating and financial results for the six months ended 31 December 2018, and reviewed condensed consolidated preliminary financial statements for the year ended 31 December 2018. SALIENT FEATURES FOR THE SIX MONTHS AND YEAR ENDED 31 DECEMBER 2018 - New safe production record of 6.5 million fatality free shifts achieved by the Group - Another consistent operational result from the SA and US PGM operations - acheiving production and cost guidance - High return Fill the Mill project at the East Boulder mine to add further 5% to annual production from US PGM operations by 2022 - Production from SA Gold operations negatively impacted by operational disruptions - Adjusted EBITDA of R8,369 million (US$632 million) only 8% lower despite the prolonged AMCU strike - Progress made on deleveraging with Net Debt to adjusted EBITDA of 2.5x - Significant value creation expected to flow through from PGM strategy as the PGM basket price increases significantly into 2019 - Acquisition of SFA Oxford to facilitate future strategic development in high tech metals US dollar SA Rand Year ended Six months ended Six months ended Year ended Dec 2017 Dec 2018 Dec 2017 Jun 2018 Dec 2018 KEY STATISTICS

Henkel goes vegan to revive beauty business

DUESSELDORF, Germany, Feb 21 (Reuters) - German consumer goods company Henkel announced new hair care formulations and brands on Thursday, seeking to tap into consumer demand for more natural ingredients as it tries to revive sluggish growth in its beauty business. Henkel will relaunch its European shampoo brand Schauma with a "vegan" formula, roll out to more markets its Nature Box line of hair and body care products made from cold-pressed oils and launch a new "free-from" hair dye line called OnlyLove. It will also launch a premium vegan brand for professional hair salons called Authentic Beauty Concept, and expand its Pro Nature range of cleaning products. The move comes as shoppers become more wary of processed chemical ingredients and seek out natural alternatives. The world's biggest cosmetics manufacturer L'Oreal bought vegan beauty product firm Logocos Naturkosmetik last year. Unilever has also launched a fast-growing hair and body brand called Love Beauty and Planet, that is certified as vegan and cruelty-free. Henkel said the Schauma brand's vegan formula will not contain silicones or parabens, while the Authentic Beauty Concept line will include "pure" ingredients. Henkel, the maker of Schwarzkopf shampoo and Persil detergent, made the announcement after warning in January that earnings would fall this year as it steps up investment in brands and digital technology to try to revive growth. The company has underperformed rivals like Procter & Gamble Co (P&G) and Unilever in recent years, with underlying sales in its beauty care business falling 0.7 percent in 2018 and the laundry unit growing just 1.9 percent. Henkel's beauty care unit saw organic sales growth recover to 1 percent in the fourth quarter, but it still lagged behind adhesives and laundry, which grew 2.1 percent and 2.8 percent respectively in the period. Chief Executive Hans van Bylen told an

How would Warren Buffet react if he had trade union shares in AYO?

Fedusa's Dennis George says workers can learn important lessons concerning long term investments from the Oracle of Omaha, Warren Buffet. Photo: Simphiwe Mbokazi/African News Agency (ANA) JOHANNESBURG - Over the past months, AYO Technology Solutions has become a household name in South Africa. AYO was listed on the Johannesburg Stock Exchange (JSE) on December 21, 2017, with more than 75 percent black ownership of which, more than 35 percent are black women.

KZN EDTEA: KZN Government Department Supports Emerging Business With AWhooping R1.1 Billion

The Department of Economic Development, Tourism and Environmental Affairs (EDTEA) in KwaZulu-Natal has provided financial support to emerging businesses worth R1.1 billion.  MEC, Mr Sihle Zikalala announced during the KwaZulu-Natal provincial government Lekgotla today that through the KwaZulu-Natal Growth Fund, his department had provided financial support to scores of buddying enterprises in the past five years. "The performance of the KZN Growth Fund has surpassed our expectations.

Don't just keep all of your data forever - optimised data storage has many business benefits

By Mike Rees, Territory Account Manager for South Africa at Commvault Digitisation has revolutionised the business world, enabling organisations to store, access and analyse far more information than ever before. The power of information is such that data has become strictly regulated to ensure it is maintained and cannot be used for nefarious purposes. However, one of the issues that has arisen from this is the fact that enterprises across all industry sectors tend to simply keep all of their data forever.

RESILIENT REIT LIMITED - BIRPIF - Financial Covenants Notification

Wrap Text BIRPIF - Financial Covenants Notification Resilient REIT Limited (Incorporated in the Republic of South Africa) (Registration No. 2002/016851/06) Company code: BIRPIF (Approved as a REIT by the JSE) ("Resilient" or "the Issuer") FINANCIAL COVENANTS NOTIFICATION Bondholders are advised of the following financial covenant report. The Issuer's financial covenant, applicable to the listed notes, is required to be as follows: • Loan to Value Ratio ("LTV ratio") does not exceed 50% for the Resilient Group. The Issuer confirms that the financial covenant testing for the period ending 31 December 2018 has been completed and was successfully passed, with the LTV ratio measuring 39,60%. This LTV ratio takes into account the negative net asset value of the Siyakha Trusts relating to the loans advanced by Fortress REIT Limited (investment of R1,99 billion and debt owed to Fortress of R3,91 billion). Fortress has no recourse to Resilient for the loans it advanced to the Siyakha Trusts.

U.S.-China trade war rattles agribusinesses, especially Bunge

CHICAGO, Feb 20 (Reuters) - U.S. President Donald Trump's trade war with China has roiled agricultural markets and given the world's top grain merchants the one thing they have long claimed was essential to turn a trading profit: volatility. And yet, Archer Daniels Midland Co, Bunge Ltd , Cargill Inc and Louis Dreyfus Co, the so-called ABCDs of grain, have not performed as well as expected - and, in some cases, failed to deliver the profit windfall promised by company executives, investors and analysts said.

Flash Briefing: Eskom bailout in world headlines; UBS hit with record fine; Glencore caves to activists

The minutes of last month's US Federal Reserve interest rate meeting, released yesterday, disclose that members agreed to pause the tightening phase until there is more clarity on emerging risks to economic growth. Analysts picked up that the word "patient" or derivatives thereof appears 14 times in the minutes. In December the Fed raised US interest rates by a quarter of a percentage point and indicated that another two increases were likely in 2019.

intu soldiers on despite challenging retail and economic environment

John Strachan, intu Chairman, commented: "intu has had a challenging year with a difficult retail and uncertain economic environment, together with responding to two abortive corporate offers for the company. However, our management team has produced a robust operational performance with increased like-for-like net rental income for the fourth consecutive year, 97 per cent occupancy and signed 248 new long-term leases". "This outcome is testimony to our long-term strategy of investing in our centres and the intu brand, making them different, attractive and exciting so retailers look to our centres as key trading locations".

EOH chairman quits for the sake of good governance

Under new CEO Stephen van Coller, the group has committed to strict corporate governance and has appointed ENSafrica to review all public-sector contracts. EOH chairman and founder Asher Bohbot has stepped down as the group tries to salvage its tarnished reputation amid allegations of impropriety in its handling of public sector contracts. The tech services group says in line with the King IV codes of good corporate governance, Bohbot will resign from the board with effect from the end of the month.

Copper eases from 7-month peak as dollar firms on Fed minutes

BEIJING, Feb 21 (Reuters) - London copper prices eased in early Asian trade on Thursday, retreating from a seven-month peak hit in the previous session, as the dollar firmed after the Federal Reserve revived expectations for a possible U.S. rate hike this year. A stronger greenback makes dollar-denominated metals more expensive for holders of other currencies and can weigh on prices.

METALS-Copper eases from 7-month peak as dollar firms on Fed minutes

BEIJING, Feb 21 (Reuters) - London copper prices eased in early Asian trade on Thursday, retreating from a seven-month peak hit in the previous session, as the dollar firmed after the Federal Reserve revived expectations for a possible U.S. rate hike this year. A stronger greenback makes dollar-denominated metals more expensive for holders of other currencies and can weigh on prices. FUNDAMENTALS * LME COPPER: Three-month copper on the London Metal Exchange was down 0.5 percent at $6,370.50 a tonne, as of 0159 GMT.

Leap of faith turns into mushrooming business for office guy turned award-winning farmer

Deciding to resign from your job and start your own business is a terrifying prospect for many, but for award-winning mushroom farmer Peter Nyathi the leap of faith is paying off not only for him, but also his staff.  The 53-year-old agricultural economist's career was on the rise - having gone from working in the agricultural ministry in Zimbabwe, to marketing, administration and finance for big-name insurance companies in South Africa. It was while working at Denny Mushrooms that he decided that mushroom growing was fascinating. "There is a lot of science in mushroom growing.

Asian markets mixed after Fed minutes, eyes on trade talks

Asian markets were mixed Thursday after the Federal Reserve left open the possibility it could lift interest rates this year, while investors kept an optimistic eye on China-US trade talks. Equities and other risk assets have enjoyed a stellar start to the year on hopes for the negotiations as well as expectations the US central bank will slow its pace of monetary tightening - with some even tipping a cut - as growth both at home and globally slows. On Wednesday, the Fed minutes showed its policy board was concerned about the outlook and trade tensions, and said US growth would "step down" from last year's rapid pace.

Zimbabwe: Editorial Comment - New Monetary Measures Will Stabilise Markets

[The Herald] Almost all in business and most Zimbabweans will welcome yesterday s Monetary Policy Statement that legalises and tackles the parallel currency market, and gives more agency to the Reserve Bank of Zimbabwe management of exchange controls, bans dual pricing for goods and services in Zimbabwe, and ensures that exporters must use or sell their retained forex earnings within 30 days..

South Africa's Steinhoff gets shareholder petition for inquiry before Dutch court

Feb 21 (Reuters) - South African retailer Steinhoff International Holdings N.V. said on Thursday it had received a petition by a group of shareholders looking for an inquiry into the company before a Dutch court, the latest addition to its growing troubles. The company has been in the middle of a clean-up of its balance sheet after discovering multi-billion euro holes in its balance sheet more than a year ago.

Business and Labour react to Tito Mboweni's 2019 Budget Speech

There has been mixed a mixed reaction to Minister Tito Mboweni's 2019 Budget Speech, but what do people in top positions in business and labour feel about this budget? Joining CNBC Africa for the CEO and Labour based discussion is Herschel Jawitz, CEO of Jawitz Properties, Matsi Modise, Vice Chairperson, Simodisa and Krister Van Rensburg the Head of Department of organisational development at AMCU..

Business Unity SA says Mboweni's budget is not bold enough

Business Unity South Africa (Busa) said on Wednesday that it was disappointed at the lack of bold steps to contain government debt in the budget, saying that the budget lacked reforms to turn the tide on low economic growth. Busa president Sipho Pityana , in a statement, said finance minister Tito Mboweni  failed to address the fundamental challenges facing South Africans and the economy. "We previously characterised Minister Mboweni's medium-term budget policy statement in October 2018 as a reality check.

South Africa's Woolworths half-year earnings drop

JOHANNESBURG, Feb 21 (Reuters) - South Africa's Woolworths Holdings reported on Thursday a 2.9 percent drop in half-year earnings, while the retailer's lacklustre fashion, beauty and home businesses dented sales. Woolworths, which also has operations in Australia and New Zealand, said headline earnings per share (HEPS) fell to 200.4 cents, in the 26-weeks ended Dec. 23, from 206.3 cents a year earlier.

Brandwatch appoints YOUKNOW as African channel partner

After four years of supporting Crimson Hexagon in Africa as well as the successful merger of Brandwatch and Crimson Hexagon in 2018, YOUKNOW Digital has been appointed as the official distribution partner to Brandwatch. For more on the Brandwatch + Crimson Hexagon merger, read here. Work to integrate the two products are already under way, and cross-pollination of features are already being seen, such as the ability for Crimson Hexagon to integrate with Brandwatch's Vizia command centre technology.

Brandwatch appoints YOUKNOW as African channel partner

After four years of supporting Crimson Hexagon in Africa as well as the successful merger of Brandwatch and Crimson Hexagon in 2018, YOUKNOW Digital has been appointed as the official distribution partner to Brandwatch. For more on the Brandwatch + Crimson Hexagon merger, read here . Work to integrate the two products are already under way, and cross-pollination of features are already being seen, such as the ability for Crimson Hexagon to integrate with Brandwatch's Vizia command centre technology.

Entrepreneur's first class success

Ryan Naicker of RN liquids with staff members Zinhle VIlakazi, left, and Mvelo Zondi. Naicker seized a gap in the market for locally manufactured health and beauty products and is now exporting his range to seven countries. Supplied DURBAN - Durban entrepreneur Ryan Naicker has grown his small manufacturing firm into an international supplier of personal care products that are hitting retail shelves nationally and around the continent.

No money for jam: How not to waste tons of tomatoes

The country's most exclusive, priceless tomato jam is reserved for the country's most food-insecure people - those in shelters, old-age homes and creches. It was the jam that wasn't meant to be - the five tons of tomatoes it was made from were glorious, but surplus, and thus destined either for landfill or to be churned back into the soil they came from. The Cape Town-based company FoodForward SA got the tomatoes free from the farmer, saving him the cost of disposing of them.

Woolworths CEO confident that right strategies are in place

Woolworths Holdings [ JSE:WHL ] on Thursday announced results for the 26 weeks ended 23 December 2018. Group sales for the first 26 weeks of the 2019 financial year were R39.4bn, an increase of 1.9%, and profit before tax was R2.6bn compared to a loss of R4.1bn in 2018. Adjusted profit before tax of R2.7bn was down 9.2%, with headline earnings per share down 2.9% to 200.4cps.

Business Unity SA says Mboweni's budget is not bold enough

Business Unity South Africa (Busa) said on Wednesday that it was disappointed at the lack of bold steps to contain government debt in the budget, saying that the budget lacked reforms to turn the tide on low economic growth. Busa president Sipho Pityana, in a statement, said finance minister Tito Mboweni failed to address the fundamental challenges facing South Africans and the economy. "We previously characterised Minister Mboweni's medium-term budget policy statement in October 2018 as a reality check. This budget is a wake-up call that South Africa has run out of time," Pityana said. "It affects all of us, and we should all be concerned.

Margins are being squeezed - Tiger Brands

Tiger Brands, like its competitors in the food-producer arena, has not been able to fully pass on higher input costs to consumers in the depressed trading environment. "With the exception of sorghum-based products, pasta, maize and rice, all categories recorded selling price inflation, although price increases were not sufficient to fully recover cost increases, resulting in gross margin compression," the group said in a trading update for the four months to endJanuary. Tiger Brands makes Oros juices, Tastic rice and Albany bread.

Magda Wierzycka paints a gloomy picture for PIC billions in Iqbal Survé's hands

The PIC lost billions of rands in the Steinhoff scandal, she said, and the R4.3bn invested in AYO was also at stake. She referred to a recording published by the Sunday Times in which AYO board members, including Survé, allegedly discussed lying to the PIC after his company, African Equity Empowerment Investments, failed to sell its share of British Telecom SA to AYO. "The PIC money was injected on the premise of their stake in BTSA being sold," Wierzycka told the press club.

MCB Group plans to enhance business in Kenya

Mauritius Commercial Bank (MCB), in Nairobi has just announced plans to position itself as a strategic partner of businesses in Kenya and East Africa. The Group's new representative office has been officially opened on January 30 and has given the opportunity to a 16-person strong delegation from Mauritius, led by MCB's CEO Alain Law Min and board chairman, Jean-François Desvaux de Marigny to travel to Kenya. This strong presence on Kenyan soil is a strong statement of MCB's assessment of the Kenyan market in terms of business potential.

Digitalisation exposes business to new and unexpected risks

As organisations transition to a digital-first approach across all transactions, the attack surface of global business expands rapidly - and sometimes in unexpected ways. In other words, thanks to the rapid enhancements and constant changes in technology, the number of touchpoints that cyber criminals can access within a business is growing exponentially, according to Aon's 2019 Cyber Security Risk Report. "In 2018 we witnessed that a proactive approach to cyber preparation and planning paid off for the companies that invested in it, and in 2019, we anticipate the need for advanced planning will only further accelerate," says J Hogg, CEO for cyber solutions at Aon.

Business and Labour react to Tito Mboweni's 2019 Budget Speech

There has been mixed a mixed reaction to Minister Tito Mboweni's 2019 Budget Speech, but what do people in top positions in business and labour feel about this budget? Joining CNBC Africa for the CEO and Labour based discussion is Herschel Jawitz, CEO of Jawitz Properties, Matsi Modise, Vice Chairperson, Simodisa and Krister Van Rensburg the Head of Department of organisational development at AMCU.... The post appeared first on CNBC Africa ..

GLOBAL MARKETS-Asia push, Wall St support lift stocks; oil rises

* MSCI's World Index hits highest since October * U.S. oil hits 3-month high * Fed's FOMC uncommitted in latest minutes (Updates prices, comments; adds Fed minutes) By Rodrigo Campos NEW YORK, Feb 20 (Reuters) - World stocks rose on Wednesday, hitting a four-month high on hopes for progress in trade talks between the United States and China, and a supportive backdrop from major central banks also helped push risk assets higher. Crude prices rose to 2019 highs helped by output cuts from top producers as well as U.S.

Asher Bohbot in impassioned defence of EOH at company AGM

EOH chairman Asher Bohbot Amid a crisis that has seen shares in EOH tank after allegations of corruption so serious that the US Securities and Exchange Commission (SEC) may now be investigating, outgoing chairman Asher Bohbot on Wednesday gave an impassioned speech in defence of the troubled company he founded more than two decades ago. Analysts and investors applauded and offered hearty handshakes at the company's AGM, where Bohbot appealed for people not to judge 11 495 employees badly just because of a few bad apples. This phenomenon of collective punishment was "totally and utterly irrational", he said.

Business Tanzania is on a mission to boost its edible oil sector

Tanzania is facing a huge deficit in the production of edible oil. The country depends on importation to meet the growing demand of consumable oil, with a large import bill currently standing at $294 million. The East African nation imports 64 percent of its total edible oil requirements despite having a vast and promising production potential in palm oil and sunflower sub-sectors. According to the And with demand set to increase by to 700,000 tonnes over the next 11 years, the government is seeking investors in the oil processing sector to help bridge the supply gap, and reduce the huge import burden.

Gauteng: Woman injured in Roodepoort crash

Gauteng: At 16H54 Wednesday afternoon Netcare 911 responded to reports of a collision on the R41 Main Reef Road in Roodepoort. Reports from the scene indicate that two light motor vehicles were involved in a collision. And adult female sustained moderate injuries in the collision. Once the patient was stabilised she was transported to hospital for further treatment. Shawn Herbst Media Liaison Officer Netcare Limited Netcare 911 https://t.co/YVZpKsrV6f #ArriveAlive @Netcare911_sa pic.twitter.com/11qXmznNct — Arrive Alive (@_ArriveAlive) February 20, 2.

Stock Watch Picks - 19 Feb 2019

Chantal Marx from FNB Wealth & Investments chose Mondi Ltd (MND) / R353.93 (+0.06%) as her stock pick of the day and Greg Katzenellenbogen Sanlam Private Wealth chose Anglogold Ashanti (ANG) / R198.78 (+1.00%).

How data management supports the business in a regulatory environment

The past year has been an important period in the timeline of the data economy. Momentum around the Protection of Personal Information Act (Popia) in South Africa and the introduction of the General Data Protection Regulation (GDPR) in Europe were notable, and then the Cambridge Analytica scandal wiped tens of billions of dollars off of Facebook's market value. This doesn't even include the other data breaches that have cost both local and international companies financially and reputationally.

Markets react to fimin Mboweni's #2019budgetspeech

With the Rand falling to R14.36 at the start of Minister Tito Mboweni's Budget Speech and then moving back into positive territory, Rashaad Tayob, Fund Manager at Abax Investments, joined Godfrey Mutizwa to talk about the reaction of the bond and currency markets to the poor headline numbers of the Budget. The post appeared first on CNBC Africa ..

Putin urges 'business freedom' in Russia days after US investor arrest

Russian President Vladimir Putin called for fewer criminal proceedings against businesses on Wednesday, days after the arrest of a prominent US investor in Moscow. "In order to achieve the great tasks our country faces, we need to get rid of everything that limits business freedom," Putin said in his annual state of the nation address. He said "honest businesses" should not "constantly feel the risk of criminal or administrative punishment".

McBride's beef goes back to when he was suspended shortly after taking office in 2014.

McBride's beef goes back to when he was suspended shortly after taking office in 2014. independent Police Investigative Directorate (Ipid) director Robert McBride's fight for survival against Police Minister Bheki Cele is set to become all-out war when he eventually testifies at the Zondo Commission of Inquiry into State Capture. McBride pulled out of testifying at the inquiry after news broke Cele would not be renewing McBride's contract for a second term, leaving many wondering why this was so, and it is understood McBride's statement is likely to contain damning evidence-based allegations.

Zwane's role in alleged Eskom corruption ‘cannot be ignored'

The role of former mineral resources minister Mosebenzi Zwane in alleged corruption at Eskom cannot be ignored, the Zondo commission of inquiry heard on Wednesday. The commission's legal team, led by advocate Vincent Maleka SC, put on record a number of reports relating to Eskom on Wednesday. Maleka indicated that the team had identified a number of gaps left by these reports which require further investigation by the commission.

Asher Bohbot to leave EOH

EOH chairman Asher Bohbot EOH Holdings founder Asher Bohbot is stepping down from the JSE-listed IT services group's board of directors, ending a source of potential conflict with newly appointed CEO Stephen van Coller. Bohbot, who led EOH for 19 years — building it into one of the largest IT companies in Africa — will leave at the end of the month. His exit comes as Van Coller attempts to improve corporate governance at EOH as fresh allegations of corruption involving the group's public sector dealings emerge.

Struggling parastatals to be under 'curatorship': Tito Mboweni

Government has resolved to tighten rules around the granting of loan guarantees to financially struggling to state-owned companies (SOEs). It also intends to effectively put them under administration each time they request a loan guarantee from the National Treasury. Tabling his budget speech in parliament‚ finance minister Tito Mboweni announced that a chief reorganisation officer (CRO) would be appointed to a parastatal whenever it received a loan-guarantee.

Eskom board chairperson to testify at state capture commission

Jabu Mabuza, board chairperson at Eskom, will on Friday testify at the commission of inquiry into state capture. Evidence leader advocate Vincent Maleka on Wednesday mapped the timetable for witnesses, whistleblowers, and experts expected to testify about the embattled power utility in the next few weeks. The legal team examined previous investigations into the state-owned enterprises, including parliament's public enterprises committee's report, that of the National Treasury, and the Denton report, among others.

Struggling state-owned enterprises to be put under 'curatorship': Tito Mboweni

Government has resolved to tighten rules around the granting of loan guarantees to financially struggling to state-owned companies (SOEs). It also intends to effectively put them under administration each time they request a loan guarantee from the National Treasury. Tabling his budget speech in parliament, finance minister Tito Mboweni announced that a chief reorganisation officer (CRO) would be appointed to a parastatal whenever it received a loan-guarantee.

More drama for EOH as directors quit before key AGM meet

JOHANNESBURG — It's Spin City over at the EOH headquarters on Wednesday morning as the company has tried to contain an escalating crisis. It all started last week when TechCentral editor Duncan McLeod broke a huge story detailing how Microsoft had given EOH the boot . At that stage, EOH said it still wasn't supplied with an explanation from Microsoft about the decision.

No smoke without fire: Tobacco companies in quiet return to Formula One

Tobacco giants Philip Morris and British American Tobacco have formed partnerships with their scientific research subsidiaries and Formula 1 teams Ferrari and McLaren more than a decade after cigarette advertising was banned from the sport. United States giant Philip Morris International (PMI), whose Marlboro brand was long associated with Ferrari, re-entered the sport last October, branding Ferrari cars with "Mission Winnow" and a logo that hints at the white-on-red triangles of the old Marlboro packs. "Mission Winnow is aimed at illustrating our commitment to constant development.

Business News - 19 Feb 2019

Radebe stresses the need for new energy generation capacity, operational issues weigh on BHP and Kumba posts weaker annual earnings..

Putin warns new missiles could target ‘decision-making centres'

Finger bone points to early humans in Arabia - 42 mins ago Glencore vows to cap coal output as profits tumble - 46 mins ago 400,000 yr-old half-skull points to mystery people - 2 hours ago South Korea retracts guidelines on look-alike K-pop stars - 3 hours ago Search News feed President Vladimir Putin on Wednesday said Russia would have to deploy missiles targeting "decision-making centres" if Washington sends missiles to Europe. Putin accused Washington of using "far-fetched accusations" to withdraw from the Intermediate-Range Nuclear Forces agreement | © AFP | Alexander NEMENOV Moscow (AFP) | The announcement comes after the US said it would withdraw from a key Cold War-era arms treaty over what it said were Russian violations, prompting a mirror move from Moscow. "Russia does not intend to be the first to deploy such missiles in Europe," Putin said during an annual state of the nation address.

Tiger Brands says margins are being squeezed

Last week, rival firm Pioneer Food Group said margin pressure is expected to continue Tiger Brands, like its competitors in the food-producer arena, says it has not been able to fully pass on higher input costs to consumers in the depressed trading environment. "With the exception of sorghum-based products, pasta, maize and rice, all categories recorded selling price inflation, although price increases were not sufficient to fully recover cost increases, resulting in gross margin compression," the group said in a trading update for the four months to end-January. Tiger Brands makes Oros juices, Tastic rice and Albany breads. Last week, rival firm Pioneer Food Group said its sales growth over the same period had been negated by "major cost inflation". Consumer spending is not expected to improve any time soon, meaning pressure on margins will continue, Pioneer Foods said. Tiger Brands, which has been reeling from the backlash over listeriosis found in some of its meat products, said group revenue from continuing operations was up 1% in the four-month period compared to the year before, aided by three extra trading days this time around. Excluding the value-added meat products unit, which was ground to a halt by the food contamination scandal, group revenue from continuing operations was 8% higher, thanks to price inflation of 2% and volume growth of 6%. Tiger Brands said it has encountered difficulties with the re-launch of the value-added meat products business. "Challenges in managing the factory start-ups have resulted in the inability to fully meet demand in this period, which has had a significant negative impact on [that unit's] operating performance … Good progress is being made to resolve these challenges." In December, the high court in Johannesburg gave the green light to class-action lawsuits against Tiger Brands in respect of the listeriosis outbreak. The group said it has still not received the summons from the class-action lawyers, but that it had product liability insurance

Glencore buys back another $2bn in stock with more to come

(Bloomberg) -  Glencore Plc announced a new $2bn share buyback program and said it will look to increase the program later in the year if commodity prices remain robust. The biggest commodities trader also surprised investors with news it will cap coal production. The company reported adjusted Ebitda of $15.77bn, missing an average estimate of $16.23bn.

WATCH: Kelvin Dushnisky on AngloGold's latest numbers

Miner AngloGold Ashanti delivered solid set of annual results on Tuesday. Headline earnings per share (HEPS) surged more than sevenfold to 53 US cents, fuelled by lower amortisation after the closure and sale of some of its assets, as well as a higher income from its Kibali operations. CEO Kelvin Dushnisky joined Business Day TV to discuss the company's full-year results. Or listen to the full audio: For the latest business podcasts,click here..

Glencore ups commitment to low carbon transition, limits coal output

JOHANNESBURG (miningweekly.com) - Diversified mining company Glencore said on Wednesday that it was furthering its commitment to a low carbon transition, following engagement with the investor signatories of the Climate Action 100+ initiative. As one of the world's largest diversified mining companies, Glencore sees itself as having a key role to play in enabling the transition by prioritising capital investment to grow production of commodities essential to the energy and mobility transition and to limit its coal production capacity broadly to current levels. Commodities in the Glencore portfolio that underpin energy and mobility transformation include copper, cobalt, nickel, vanadium and zinc. The company's commitments include Paris Agreement-consistent capital discipline, developing new longer-term scope one and scope two reduction targets, a regular review of progress, alignment with Task Force on Climate Financial Disclosures recommendations and corporate climate change lobbying review. It recognises climate change science as set out by the United Nations Intergovernmental Panel on Climate Change and believes that the global response to climate change should pursue limiting temperatures in line with the goals of the Paris Agreement and supporting the United Nations Sustainable Development Goals, including universal access to affordable energy. Glencore, headed by CEO Ivan Glasenberg, announced 2018 returns to shareholders totalling $5.2-billion as well as further distributions and share buybacks in 2019. Glencore is one of the world's largest global diversified natural resource companies and a major producer and marketer of more than 90 commodities.

UPDATE 1-Glencore's 2018 earnings rise, announces $3 bln share buyback plan

(Adds details on buyback, BHP results) Feb 20 (Reuters) - Trading company Glencore said on Wednesday it would buy up to $3 billion worth of its shares as higher pricing and production boosted full-year adjusted core earnings by 8 percent. The share repurchase plan follows last year's announcement of a $1 billion buyback, reflecting the recovery in mining companies following the commodity price crash of 2015-16. The miner and trader lowered its 2019 forecast for copper output to about 1.50 million tonnes from an earlier target of 1.54 million tonnes and said output from its Mutanda mine in Congo would fall to would fall to 100,000 tonnes per year.

More drama for EOH as directors quit before key AGM meet

JOHANNESBURG — It's Spin City over at the EOH headquarters on Wednesday morning as the company has tried to contain an escalating crisis. It all started last week when TechCentral editor Duncan McLeod broke a huge story detailing how Microsoft had given EOH the boot . At that stage, EOH said it still wasn't supplied with an explanation from Microsoft about the decision.

Sainsbury's sinks but Lloyds, trade hopes support FTSE 100

* FTSE 100 up 0.1 pct * FTSE 250 up 0.2 pct * Sainsbury's tanks as CMA objects to Asda deal * Financials, miners lead main index higher * Intu Properties slips among mid-caps * Flybe soars on alternate financing proposal (Adds company news items, analyst comment, updates share moves) Feb 20 (Reuters) - Britain's FTSE 100 rose as Lloyds gained after promising to return cash to shareholders and optimism prevailed around the China-U.S. trade talks, while Sainsbury's slumped after regulators objected to its takeover of Walmart's Asda. The FTSE 100 was up 0.1 percent and the FTSE 250 up 0.2 percent by 0951 GMT. A decline in shopping centre owner Intu limited gains on the mid-cap index. Sainsbury's fell more than 14 percent after Britain's competition regulator said its deal with Walmart-owned Asda should either be blocked entirely or require the sale of a significant number of stores and possibly one of the brands. Shares in Sainsbury's were on track for their worst day since October 2008 and had given up all the gains accumulated since the deal was announced in April 2018. Rival Morrisons tumbled 4.4 percent as well. "Sainsbury's is the squeezed middle, losing market share to discounters and simultaneously losing out to more premium brands.

Glencore to reduce coal output in response to climate change

JOHANNESBURG Glencore Plc said on Wednesday that it was putting in place measures to reduce coal output in a bid to reduce greenhouse gas emissions from its operations in response to pressure from investor signatories on climate change.The diversified miner is also set to propose limiting the output of thermal and metallurgical coal at around current guidance levels of 145 million metric tons a year and will not carry out major acquisitions that would add to total production.Starting in 2020 Glencore said it will disclose its longerterm projections for the intensity reduction of Scope 3 emissions including mitigation efforts as part of the transition of the global response to the increasing risks posed by climate change.The miner which runs a portfolio of more than 90 commodities including copper cobalt nickel and zinc said the intensity of Scope 3 emissions were expected to decrease as it rebalances its portfolio towards commodities that support the transition to a lowcarbon economy.In 2017 Glencore announced its first target of reducing its greenhouse gas emissions intensity by five percent by 2020 compared to a 2016 baseline. The miner said it was currently on track to meet this target.Glencores chief executive Ivan Glasenberg said that the shift to a lowcarbon miner was reflecting the strength of Glencores uniquely diversified business model."Our commodity portfolio and its key role in enabling the energy and mobility transition for a lowcarbon economy enables us to look ahead with confidence and to remain focused on creating sustainable longterm value for all our shareholders" Glasenberg said. Glencore reported an eight percent increase to $15.8 billion in interim adjusted earnings before interest taxes depreciation and amortization (EBITDA) in a challenging operating environment while net income rose five percent to the $5.8 billion."Our strong cash generation underpinned the $5.2 billion of announced shareholder returns and buybac

South32 mulling 500 job cuts at Hillside aluminium, according to union Solidarity

SOME 500 jobs could be cut at South Africa's Hillside aluminium smelter owned by South32, said Reuters citing the views of trade union, Solidarity . Hillside aluminium currently provides 1,300 jobs. Solidarity said the Perth-headquartered company was looking at ways to reduce costs and contend with volatility in commodity markets. "The company indicated in its request to the Commission for Conciliation, Mediation and Arbitration (CCMA) that it intends to cut its workforce by 500 jobs," Solidarity's deputy general secretary, Marius Croucamp, said in a statement reported by Reuters.

EOH, buffeted by an anonymous tip, starts whistle-blower app

EOH Holdings, the South African information technology company reeling after an anonymous complaint prompted Microsoft to abruptly cancel a contract, has created an app that will make that process easier for future whistle-blowers. Expose-It, which was made available for download on Monday, enables those with sensitive information about their company or organization to pass it on to relevant authorities without fear of being identified. The app is designed to encourage "the safe, anonymous exposure of wrongdoing, both within EOH and without," CEO Stephen van Coller said in an email to employees. The irony of the timing won't be lost on staff.

Glencore's 2018 earnings rise, announces $3 bln share buyback plan

(Adds details on buyback, BHP results) Feb 20 (Reuters) - Trading company Glencore said on Wednesday it would buy up to $3 billion worth of its shares as higher pricing and production boosted full-year adjusted core earnings by 8 percent. The share repurchase plan follows last year's announcement of a $1 billion buyback, reflecting the recovery in mining companies following the commodity price crash of 2015-16. The miner and trader lowered its 2019 forecast for copper output to about 1.50 million tonnes from an earlier target of 1.54 million tonnes and said output from its Mutanda mine in Congo would fall to would fall to 100,000 tonnes per year. However, it said the overall 2019 production target in all commodities would be higher than 2018. Earlier this week, the world's biggest miner BHP kicked off the reporting season for global majors and reported a drop in first-half 2019 profit as a decline in copper earnings and a series of output disruptions drove up costs. Glencore's adjusted earnings before interest, tax, depreciation and amortization (EBITDA) rose to $15.77 billion for the year ended Dec. 31, below an estimate of $16.14 billion by VUMA consensus. Its marketing adjusted EBIT slumped 17 percent to $2.4 billion, hurt by a challenging cobalt market in the second half of the year. Analysts at Morgan Stanley said the EBITDA and net profit misses were unlikely to repeat in 2019. The company said it would buy back $2 billion worth of its shares in a plan that will run up to end of 2019 and $1 billion more based on delivery of non-core disposals. Glencore shares were up 1.4 percent on Wednesday. The stock has lost over a fourth of its value last year because of tougher mining laws in Congo, a subpoena for documents by the U.S. Department of Justice and its exposure to coal taking a toll. (Reporting by Barbara Lewis in London and Muvija

Tiger Brands posts revenue rise on price inflation, volume growth

JOHANNESBURG (Reuters) - South Africa's Tiger Brands on Wednesday reported a one percent rise in group revenue from continuing operations for the four months to January 31 on Wednesday helped by overall price inflation and volume growth. South Africa's leading food producer had reported a 5 percent fall in revenue in the corresponding period last year. Excluding its Value Added Meat Products (VAMP) unit, which produces cold meat such as polony, group revenue rose 8 percent, driven by overall price inflation of 2 percent and volume growth of 6 percent, it said. For most of 2018, production at its VAMP business was halted after the source of the world's largest ever listeriosis outbreak was traced in March to a factory owned by Tiger Brands' Enterprise Foods unit, prompting the health department to recall tonnes of processed meat products.

Intu Properties scraps final dividend as retail closures weigh

Feb 20 (Reuters) - Intu Properties scrapped its full-year dividend as several high profile retail bankruptcies forced the shopping mall operator to diversify its tenants and look at disposing some assets to pay off debt. "We propose to reduce our debt to assets ratio over time back below 50 per cent by further disposals and part-disposals and retaining the cash generated by our activities rather than distributing it as dividend," said Chairman John Strachan in a statement on Wednesday. The owner of popular shopping malls such as Manchester's Trafford centre said it expects 2019 like-for-like net rental income, including the impact of House of Fraser, to be down by 1 to 2 percent. (Reporting by Tanishaa Nadkar in Bengaluru; Editing by Bernard Orr) 2019-02-20 09.

EOH founders quit in board shake-up as scrutiny intensifies

EOH Holdings said two of its founders resigned in a board shake-up as CEO Stephen van Coller races against time to restructure the South African technology firm and calm investors and lenders. The exodus, which saw four of EOH's seven directors quit, comes on the day the members were up for re-election at the Johannesburg-based company's annual general meeting. It also comes after an anonymous complaint prompted Microsoft to abruptly cancel a contract, causing the shares to plummet.

EOH shares tumble for third day as founders quit

EOH Holdings said two of its founders resigned in a board shake-up as CEO Stephen van Coller races against time to restructure the South African technology firm and calm investors and lenders. The exodus, which saw four of EOH's seven directors quit, comes on the day the members were up for re-election at the Johannesburg-based company's annual general meeting. It also comes after an anonymous complaint prompted Microsoft to abruptly cancel two partner agreements, causing the shares to plummet.

Glencore final results December 2018

Revenue for the year increased to USD219.8 billion (2017: USD205.5 billion), income before income taxes decreased to USD4.7 billion (2017: USD6.9 billion), profit attributable to equity holders of the parent lowered to USD3.4 billion (2017: USD5.8 billion), while headline earnings per share weakened to USD32 cents per share (2017: USD34 cents per share). Distribution Glencore has announced that its Board is recommending an aggregate distribution of USD0.20 per share in respect of the 2018 financial year ended 31 December. Subject to shareholder approval, the distribution will be made from the capital contribution reserves of the Company in two equal tranches of $0.10 payable in the first six months of the 2019 financial year (H1) and second six months of the 2019 financial year (H2).

GLOBAL MARKETS-US-China trade hopes extend equity surge; central banks supportive

* MSCI's World Index hits highest since October * European stocks strengthen after Asia soars * FOMC minutes due as central bank doves dominate * Graphic: World FX rates in 2019 tmsnrt.rs/2egbfVh By Abhinav Ramnarayan LONDON, Feb 20 (Reuters) - World stocks hit a four-month high on Wednesday on hopes of progress in trade talks between the United States and China, with a dovish backdrop at major central banks also helping push markets back into the black. U.S. President Donald Trump said negotiations with China were going well and suggested he was open to extending the deadline to complete them beyond March 1.

Heineken Is Looking Forward To A Very Profitable 2019

Beer sales are on the up and up, and Heineken is understandably stoked about that. The world's second largest brewer is expected to see a massive boost in earning this year, with  Reuters reporting growth in every region last year, sending Heineken's shares up 4%. The reason? More and more people are opting for a brewski, and not just any brewski.

Police arrest taxi driver for driving in oncoming traffic

JCPZ says its too early to classify the outbreak of shot-hole-borer as a disaster - 5 hours ago This is how to protect yourself against vehicle crime and stay safe on the roads - 7 hours ago Balls to the wall, boytjies - it's time for the 2019 Daredevil Run! - 8 hours ago JMPD breakdown of drunken driving arrests by police station - 2 hours ago Bogus Hawks officer arrested in Sandton - 1 day ago One suspect killed during house robbery in Bryanston - February 9, 2019 Man sentenced to seven years for robbery in Morningside - February 7, 2019 How safe are you? Love Thy Neighbour - February 6, 2019 Here is a list of the on-ramps and off-ramps affected by the closure of the M2 motorway, as well as alternative routes - 2 days ago Joburg Water to spend millions due to load-shedding - February 18, 2019 MMC temporarily shuts down Albert Street Clinic - January 29, 2019 It's all systems go for Mashaba's construction vision for Jozi - January 24, 2019 Guidelines for appealing your valuation objection decision - January 22, 2019 St Stithians College Basketball U16 Tournament a slam dunk - 1 day ago Hyde Park celebrates excellence - February 15, 2019 Bryanston High learners host market day to raise funds for their debs ball - February 12, 2019 Brescia House shares fantastic sports results #SchoolSport - February 11, 2019 Raising owlets at Crawford Preparatory Sandton - February 10, 2019 Where to watch the Budget Speech 2019 - 5 hours ago Water Wednesday: Last week's rain made a huge impact on SA's dam levels - 6 hours ago Loadshedding and Valentine's Day generated over 1 million SA Google searches - February 18, 2019 Elections 2019: Here's what South Africans are searching for on Google - February 18, 2019 Teens and sexual cyberbullying - the criminal consequences - February 15, 2019 Private Property acquires Property Buyer Show - 6 hours ago Caxton Digital introduces travel offering with Safari.com - February 6, 2019 4 legacies you can leave behind with Life Insurance - Februa

Glencore annual net profit plunges to $3.4 bn

Glencore said Wednesday its net profits tumbled 41 percent in 2018, although the mining and commodity trading giant said operating profits rose to a record level and it announced a new $2 billion plan to buy back shares. Net profit fell to $3.4 billion (3 billion euros), but the Switzerland-based firm said its measure of operating profit -- adjusted earnings before interest, tax, depreciation and amortisation costs -- rose by 8 percent to a record $15.8 billion. The firm's commodity trading business saw its operating earnings fall by 17 percent to $2.4 billion, but mining rose 15 percent to $13.3 billion.

EOH Holdings CEO to resign

Feb 20 (Reuters) - EOH Holdings, South Africa's largest technology group, said on Wednesday founder and Chief Executive Officer Asher Bohbot would be resigning from the board effective Feb. 28. Bohbot, who has been with the company for 19 years, resigns days after Microsoft terminated its channel partner agreement with EOH Mthombo, which is a unit of EOH.

Intu Properties scraps dividend; looking to cut debt, sell assets

(Adds details on disposals, chairman comments; share price) Feb 20 (Reuters) - Intu Properties Plc scrapped its full-year dividend, as several high profile retail bankruptcies forced the shopping mall operator to diversify its tenants, and said it plans to look at disposing some assets to lower debt. Intu shares were 7.8 percent lower at 109 pence in early trade, taking the stock to the bottom of London's midcap index . Blue chip rivals Hammerson Plc, British Land Company Plc and Land Securities Group Plc were also in the red. The property firm's poor performance was exacerbated by several high profile closures on the High Street and company voluntary arrangements (CVA) including Toys R Us, House of Fraser, New Look and HMV that added to an ailing retail sector. "Intu has had a challenging year with a difficult retail and uncertain economic environment, together with responding to two abortive corporate offers for the company," Chairman John Strachan said in a statement. The company is trying to lower its debt and will look at selling some assets. It plans to hold on to its cash and will not pay a dividend. Intu's current debt to assets ratio is 53.1 percent. "We propose to reduce our debt to assets ratio over time back below 50 per cent by further disposals and part-disposals and retaining the cash generated by our activities rather than distributing it as dividend," said Chairman John Strachan in a statement on Wednesday. The owner of popular shopping malls such as Manchester's Trafford centre had two failed bids last year by Hammerson and a consortium led by some of its biggest shareholders to buy the company. "We consider substantial sales in the UK as challenging until a political resolution on the Brexit issue is achieved and not in shareholders' interest while market sentiment towards UK retail property is so negative," Intu said, adding it had received a num

Tiger Brands posts revenue rise on price inflation, volume growth

JOHANNESBURG (Reuters) - South Africa's Tiger Brands on Wednesday reported a one percent rise in group revenue from continuing operations for the four months to January 31 on Wednesday helped by overall price inflation and volume growth. Boxes of Jungle Oats, one of South Africa's Tiger Brands original products, sit on a shelf in a Cape Town convenience store, November 19, 2015. REUTERS/Mike Hutchings South Africa's leading food producer had reported a 5 percent fall in revenue in the corresponding period last year.

Young boy allegedly raped in Curro school bathroom

Police are investigating a case of rape after a nine-year-old boy was allegedly dragged into a bathroom and raped at a Curro Academy school. Police spokesperson Lt-Col. Adele Myburgh said the boy was waiting for transport to pick him up after school last week.

Nedbank partners with media stakeholders to enhance its overall reach

According to Tatiana Ndlovu, head of Nedbank's Group Media, the bank's new partnership approach to collaborating with media owners was born of the recognition that these media entities can, and should, be far more involved in Nedbank's efforts to strategically leverage paid media channels. The aim is not just to ensure a good return on media investment but, more importantly, to enhance the reach and maximise the positive impact of Nedbank's messaging. "Media owners are obviously critical role players in Nedbank's ability to achieve its media objectives and ensure maximum bang for our buck but we recognise that they can, and should, play a far more integral role in enabling us to achieve our strategic objectives," says Ndlovu.

AngloGold Argentina mine for sale

New CEO Kelvin Dushinsky disposing of assets that don't fit new strategy AngloGold Ashanti's mine in Argentina is up for sale as new CEO Kelvin Dushnisky takes a hard line on assets and exploration tenements that do notfit the new strategy he outlined on Tuesday for the world's third-largest gold miner. AngloGold, which reported a strong return to profit in 2018, has within six months put Sadiola in Mali and Cerro Vanguardia in Argentina up for sale, a process Dushnisky stressed was part of a strategic reorganisation of the company's 14 mines rather than any need to repay debt or to raise capital. Dushnisky's maiden results presentation was notable for the clear, unequivocal strategy he outlined around asset retention criteria, investment hurdles, debt levels, project evaluation and production costs. "We think a clearer approach should be welcomed by the market even if it is potentially not as ‘radical' as some may have hoped," said RBC Capital Markets analyst James Bell. "This is not a ‘big-bang' change but instead includes refinement of aspects of AngloGold's existing strategy namely a focus on margins and balance sheet flexibility," he said. While Cerro Vanguardia is a profitable mine, with one of the lowest costs of production in AngloGold, the operation is an isolated, standalone mine with not much that can be added to it, Dushnisky said, adding there was the need for a new tailings site in the future requiring a capital investment. The focus in AngloGold is to keep assets that are in clusters to exploit a critical mass in supply negotiations and government talks, or to retain mines and exploration prospects that had great geological potential, he said. AngloGold will lower its net debt to earnings before interest, tax, depreciation and amortisation ratio to one times and possible less from 1.5 times, keeping its balance sheet strong and ensuring dividend payments to shareholders, he said. Against those comments and AngloGold's views on Cerro Vanguardia it is difficult to make an

Miners lead JSE higher as palladium races to record high

Royal Bafokeng Platinum was the bourse's best performer at 10am, followed by AngloGold Ashanti Miners led the JSE higher on Wednesday morning, with the resources 10 index rising 2%. Royal Bafokeng Platinum was the JSE's best performer at 10am, with an 8.55% gain to R33, followed by AngloGold Ashanti, which rose 7.4% to R213.49. Palladium cracking the $1,500/oz barrier for the first time cheered the JSE's platinum miners, helping their index gain 4% to 30.75 points. Impala platinum rose 3.8% to R50.98 and Anglo American Platinum 3.4% to R760.14. The miners' rally helped the top 40 gain 1.31% to 49,602 points and the all share index 1.25% to 55,884 points. The rand, which during the early hours of Wednesday morning flirted with under R14/$, had weakened back to R14.11/$ by 10.20am. It was also back over R16/€, and R18.39/£. "Not too much should be read into the slight rand recovery overnight," Mercato trader Nico du Plessis said in an e-mailed note on Wednesday morning. "It was mainly driven by a weaker dollar, not a stronger rand.

Glencore announces $2 bln buyback plan, 2018 earnings rise

Feb 20 (Reuters) - Trading company Glencore on Wednesday announced a $2 billion share buyback program and posted an 8 percent rise in full-year overall adjusted core earnings. The FTSE 100 company's adjusted earnings before interest, tax, depreciation and amortization rose to $15.77 billion for the year ended Dec. 31, below an estimate of $16.14 billion by VUMA consensus. (Reporting by Barbara Lewis in London and Muvija M in Bengaluru; Editing by Arun Koyyur) 2019-02-20 09.

Levels: DJ Sbu Introduces His New International Business Partner

. No one pushes boundaries like DJ Sbu. When many are still struggling with the local market DJ Sbu goes international. His energy drink MoFaya is doing great internationally thanks to his new business partner, Ali Kiba.

Young boy allegedly raped in Curro school bathroom

Police are investigating a case of rape after a nine-year-old boy was allegedly dragged into a bathroom and raped at a Curro Academy school. Police spokesperson Lt-Col. Adele Myburgh said the boy was waiting for transport to pick him up after school last week.

EMERGING MARKETS-Emerging stocks jump on trade talks progress, S.Africa awaits budget

* MSCI EM stock index rises 1 percent * China's yuan up as U.S. seeks currency stability pledge * S.Africa's rand dips ahead of budget By Susan Mathew Feb 20 (Reuters) - Emerging market stocks jumped on Wednesday encouraged by some progress in China-U.S. trade talks, while currencies firmed as minutes of the last U.S.

FTSE 100 rises on Lloyds, Glencore's plans to return cash

(For a live blog on European stocks, type LIVE/ in an Eikon news window) * FTSE 100 up 0.3 pct * FTSE 250 up 0.1 pct * Sainsbury's tanks as CMA objects to Asda deal * Glencore, Lloyds lead main index's * Among mid-caps Intu Properties slips falls Feb 20 (Reuters) - Britain's FTSE 100 rose on Wednesday as Lloyds and Glencore gained after promising to return cash to shareholders, but Sainsbury's slumped after regulators objected to its takeover of Walmart's Asda. The FTSE 100 was up 0.3 percent and the FTSE 250 up 0.1 percent by 0844 GMT. A decline by shopping centre owner Intu limited gains on the mid-cap index.

Amcu secondary strike will shut down mining industry

JOHANNESBURG The Association of Mineworkers and Construction Union (Amcu) has threatened to shut down the mining industry in a bid to oppose SibanyeStillwaters plan to cut about 7000 employees at its ailing gold mines.Amcu president Joseph Mathunjwa said yesterday the union would lead a secondary strike across the platinum and coal sectors in solidarity with about 15000 members at Sibanyes Kloof Beatrix and Driefontein mines who have been on strike since November 2018.It (the secondary strike) will be starting wait and see next week what will happen in South Africa he said.Amcu members downed tools after refusing a threeyear wage agreement signed by the mine and three other unions and was demanding a R1000 annual wage hike over three years.The secondarystrike threat comes as Sibanye announced last week that it had embarked on a consultative process with organised labour on the possible restructuring of its lossmaking Beatrix 1 and Driefontein 2 6 7 and 8 shafts. The company said the restructuring would likely lead to 6678 contractors losing their jobs.SibanyeStillwater was not immediately available for comment.The company which is valued at R34billion previously flagged it would shrug off the Amculed strike at its gold operations saying that its platinum assets would post robust numbers for the year ended December 2018.The market is expecting earnings for the JSElisted company to firm about 400percent on the back of the strong palladium price and the doubling of the rhodium price in the year ending December 2018. SibanyeStillwater has strengthened 48percent in the year to date to trade at R15.58 a share. Amcu has led a crippling fivemonth strike in the platinum belt and wants SibanyeStillwaters chief executive Neal Froneman to be axed and for shareholders to disinvest from the company. They must choose either Froneman or their investment Mathunjwa said. Amcu is calling on all responsible shareholders who invest in SibanyeStillwater to disinvest immediately and send a clear

No summons for listeriosis class action suit yet - Tiger Brands

Tiger Brands [ JSE:TBS ], which had to shut down a number of its factories and issue a massive recall of cold meat products due to a deadly listeriosis outbreak early in 2018, said in a note to shareholders on Wednesday that it has not as yet received a summons in terms of an intended class action suit against it. In December 2018, the High Court of South Africa, Johannesburg Local Division granted an order certifying the four classes of claimants in a class action lawsuit against Tiger Brands. Tiger Brands said on Wednesday that it has product liability insurance cover appropriate for a business of its scale.

Glencore traded oil volumes down 17 pct in 2018

GENEVA, Feb 20 (Reuters) - * Glencore's overall traded oil volumes fell 17 percent year-on-year in 2018 to 4.66 million barrels per day (bpd), according to the mining and trading firm's annual results * Crude saw the bigger decline of 22 percent to 2.58 million bpd, while refined products were down 11 percent at 2.08 million bpd year-on-year * "The Brent curve dropped back into contango, when for most of the year it was comfortably backwardated. The backward crude structure in 2018 compared to 2017 had a dampening effect on our traded volumes," the report said (Reporting by Julia Payne; Editing by Mark Potter) 2019-02-20 11.

South Africa's EOH Holdings CEO Asher Bohbot to resign from board

(Reuters) - South Africa's largest technology group EOH Holdings said on Wednesday its founder and Chief Executive Officer Asher Bohbot would resign from the board, effective Feb. 28. The resignation of Bohbot, who has been at the helm for 19 years, comes days after Microsoft terminated its channel partner agreement with EOH Mthombo, a unit of EOH. EOH, which announced more board changes, did not give a reason for Bohbot's exit from the board in its statement. Shares of the information technology company have plunged over 45 percent since Microsoft scrapped the agreement on Feb. 12.

EOH Holdings CEO Asher Bohbot to resign from board

South Africa's largest technology group EOH Holdings said on Wednesday its founder and CEO Asher Bohbot would resign from the board, effective February 28. The resignation of Bohbot, who has been at the helm for 19 years, comes days after Microsoft terminated its channel partner agreement with EOH Mthombo, a unit of EOH. EOH, which announced more board changes, did not give a reason for Bohbot's exit from the board in its statement. Shares of the information technology company have plunged over 45% since Microsoft scrapped the agreement on February 12. "I have confidence in EOH's management and believe that the new strategy, which is in advanced stages of implementation, will be beneficial to all our stakeholders," said Bohbot. EOH said last week that Microsoft had not officially provided any confirmation for the termination of the agreement and EOH had launched an investigation to look at historical licensing contracts in the public sector space..

Glencore traded oil volumes down 17 pct in 2018

GENEVA, Feb 20 (Reuters) - * Glencore's overall traded oil volumes fell 17 percent year-on-year in 2018 to 4.66 million barrels per day (bpd), according to the mining and trading firm's annual results * Crude saw the bigger decline of 22 percent to 2.58 million bpd, while refined products were down 11 percent at 2.08 million bpd year-on-year * "The Brent curve dropped back into contango, when for most of the year it was comfortably backwardated. The backward crude structure in 2018 compared to 2017 had a dampening effect on our traded volumes," the report said (Reporting by Julia Payne; Editing by Mark Potter).

CORRECTED (OFFICIAL)-South Africa's EOH Holdings founder and chairman Asher Bohbot to resign

(Corrects headline, paragraph 1 and paragraph 2 after company clarifies Bohbot is former, not current, CEO) Feb 20 (Reuters) - EOH Holdings, South Africa's largest technology group, said on Wednesday founder and former chief executive Asher Bohbot would be resigning from the board effective Feb. 28. Bohbot, who served as CEO for 19 years and was its current chairman, resigns days after Microsoft terminated its channel partner agreement with EOH Mthombo, which is a unit of EOH.

Turkey must fix agriculture sector to bring down food inflation - business lobby

ISTANBUL, Feb 20 (Reuters) - Turkish government measures will bring food inflation down temporarily but prices will rise again if structural issues in the agriculture sector are not solved, Turkey's main business lobby TUSIAD said on Wednesday. Food prices surged 31 percent year-on-year in January and have been a key inflation driver in recent months. Ankara has accused retailers of jacking up food prices, calling it "food terror", and set up its own markets to sell cheap vegetables directly to shoppers.

Glencore vows to cap coal output as profits tumble

400,000 yr-old half-skull points to mystery people - 2 hours ago South Korea retracts guidelines on look-alike K-pop stars - 4 hours ago Search News feed Mining giant Glencore pledged on Wednesday to limit its coal production and instead prioritise investment in other commodities needed as part of a transition towards cleaner energy and transportation. Coal, which is major fuel for generating electricity, accounts for 40 percent of carbon dioxide emissions, a key gas responsible for global warming | © AFP/File | Barbara LABORDE Zurich (AFP) | "To meet the growing needs of a lower carbon economy, Glencore aims to prioritise its capital investment to grow production of commodities essential to the energy and mobility transition and to limit its coal production capacity broadly to current levels," the firm said in a statement. Switzerland-based Glencore, which also trades commodities, noted that it was well-positioned to support the transition to a lower-carbon economy with a portfolio that includes copper, cobalt, nickel, vanadium and zinc.

The Carbon Tax Is Coming, And SA Business Is Not Ready

Are you prepared for carbon tax? On June 1 st 2019 carbon tax is coming into effect. Carbon tax penalizes companies and individuals that emit more carbon. Emissions can occur from various sources, the most common is fuel combustion in transportation and electricity generation.

Intu Properties plunges after poor 2018 financial results

UK and Sapnish mall owner says its properties have been devalued and its share price has plunged following two failed takeover attempts Intu Properties's share price fell as much as 13.5% on Wednesday, after a plunge in its full-year net asset value (NAV) per share as UK real estate prices continue to weaken amid Brexit uncertainty. The UK and Spanish shopping centre owner reported its NAV per share had dropped 24% of in the year to December. Intu, which was formed out of a portion of Liberty International's UK property assets a decade ago, saw its diluted NAV per share fell from 411p at the end of December 2017 to 312p at the end of December 2018, annual results released on Wednesday showed. In morning trading, the company's share price touched R19.03 before recovering to trade 9.5% down at R19.91.

Foreign national's truck burnt at his business

A shop owner's truck was burnt in his Cacadu business after he allegedly failed to allow the Cacadu Trucks Association to take loads. The problem started after the association demanded to transport material bought at the owner's hardware store. Police spokesperson captain Namhla Mdleleni said they are investigating a case of malicious damage to property after a one-ton truck was set alight on Tuesday night..

Glencore ups low carbon transition, limits coal output

JOHANNESBURG (miningweekly.com) - Diversified mining company Glencore said on Wednesday that it was furthering its commitment to a low carbon transition, following engagement with the investor signatories of the Climate Action 100+ initiative. As one of the world's largest diversified mining companies, Glencore sees itself as having a key role to play in enabling the transition by prioritising capital investment to grow production of commodities essential to the energy and mobility transition and to limit its coal production capacity broadly to current levels. Commodities in the Glencore portfolio that underpin energy and mobility transformation include copper, cobalt, nickel, vanadium and zinc.

Glencore's net profit plunged in 2018

The miner's CEO announced a new programme to buy back $2bn in shares this year, which could be increased depending on market conditions .

DISTELL GROUP HOLDINGS LIMITED - Voluntary announcement - business update and executive team changes

Wrap Text Voluntary announcement - business update and executive team changes Distell Group Holdings Limited Registration number: 2016/394974/06 JSE share code: DGH ISIN: ZAE000248811 ("Distell" or "the Company") VOLUNTARY ANNOUNCEMENT - BUSINESS UPDATE AND EXECUTIVE TEAM CHANGES The Board of Directors of Distell wishes to inform shareholders and potential investors that as a result of its overall strategy to simplify its operating model, a number of changes have been made to its executive team. The realignment is aimed at strengthening execution across Distell's entire value chain and aligning the business model with the right capabilities required to grow and win in chosen markets. Four key changes include: 1. Creation of a central Growth and Innovation function with more agile and responsive innovation capabilities, insights led strategy and a digitally-enabled growth mandate to create more relevant experiences for our consumers. 2.

#Budget2019: Is small business back on the agenda

Small business is identified as an imperative in the National Development Plan 2030 and as a primary job creator with plans for 90 percent of jobs to in SMEs..

Copper ticks higher for sixth session on trade optimism

(Adds quote, Shanghai closing prices, updates London prices) BEIJING, Feb 20 (Reuters) - London copper prices rose for a sixth consecutive session on Wednesday, striking a fresh two-month high on hopes of a trade deal between China and the United States. U.S. President Donald Trump said on Tuesday talks with China, currently taking place in Washington, were going well and suggested he was open to pushing off the deadline to complete negotiations, saying March 1 was not a "magical" date.

Amcu secondary strike ‘will shut down mining industry'

Amcu president Joseph Mathunjwa said yesterday the union would lead a secondary strike across the platinum and coal sectors in solidarity with about 15?000 members at Sibanye's Kloof, Beatrix and Driefontein mines who have been on strike since November 2018. Photo: Simphiwe Mbokazi/African News Agency(ANA). 1 JOHANNESBURG - The Association of Mineworkers and Construction Union (Amcu) has threatened to shut down the mining industry in a bid to oppose Sibanye-Stillwater's plan to cut about 7?000 employees at its ailing gold mines.

Nine-year-old boy raped at #Curro

Johannesburg - A Curro Holdings school has been rocked by controversy following the rape of a learner within its premises. In yet another case of sexual attack in schools, police in North West confirmed that they were investigating the rape of the nine-year-old schoolboy at Curro Academy Mahikeng last week. According to Mahikeng police spokesperson Lieutenant-Colonel Adele Myburgh, the boy was standing outside the toilets at the elite school last Wednesday, waiting for transport, when he was attacked.

Glencore announces $2 bln buyback plan, 2018 earnings rise

Feb 20 (Reuters) - Trading company Glencore on Wednesday announced a $2 billion share buyback program and posted an 8 percent rise in full-year overall adjusted core earnings. The FTSE 100 company's adjusted earnings before interest, tax, depreciation and amortization rose to $15.77 billion for the year ended Dec. 31, below an estimate of $16.14 billion by VUMA consensus.

WATCH: Rand trades firmer ahead of the #Budget2019 Speech

To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video JOHANNESBURG - The rand recovered versus the US dollar during European trade yesterday according to NKC Research.  A late slide by the greenback helped the South African currency reverse early losses as investors remained on the side lines ahead of tomorrow's annual budget speech. At close of local trade, the rand quoted 0.03 percent weaker at R14.13/$, after trading in range of R14.10/$ - R14.20/$. The rand traded firmer overnight, buoyed by broad US dollar softness, as investors await today's budget policy statement.

Putin warns new missiles could target ‘decision-making centres'

Finger bone points to early humans in Arabia - about 1 hour ago Glencore vows to cap coal output as profits tumble - about 1 hour ago 400,000 yr-old half-skull points to mystery people - 2 hours ago South Korea retracts guidelines on look-alike K-pop stars - 4 hours ago Search News feed President Vladimir Putin on Wednesday said Russia would have to deploy missiles targeting "decision-making centres" if Washington sends missiles to Europe. Putin accused Washington of using "far-fetched accusations" to withdraw from the Intermediate-Range Nuclear Forces agreement | © AFP | Alexander NEMENOV Moscow (AFP) | The announcement comes after the US said it would withdraw from a key Cold War-era arms treaty over what it said were Russian violations, prompting a mirror move from Moscow. "Russia does not intend to be the first to deploy such missiles in Europe," Putin said during an annual state of the nation address.

Anglogold reports higher annual earnings

Miner, Anglogold Ashanti delivered solid annual results today. That's as headline earnings per share surged over 7 fold to 53 US cents - fuelled by lower amortisation after the closure and sale of some of its assets, as well as a higher income from its Kibali operations. We're now joined on the line by CEO, Kelvin Dushnisky, for more perspective on the numbers.

Banks should exit markets where they can't meet anti money-laundering rules - Swedish minister

STOCKHOLM, Feb 20 (Reuters) - Banks operating in countries with high risks related to money laundering should consider their presence in those markets if they cannot guarantee compliance with regulations, Sweden's Financial Markets Minister said on Wednesday. His comments follow a Swedish television report linking Swedbank to suspicious transactions with Danske Bank in the Baltics. "What is important is not which countries you operate in but whether you can operate so that you can guarantee that you are not laundering criminal organizations' money or contributing to the financing of terrorism," Financial Markets Minister Per Bolund said. "If you cannot guarantee that, I think you should really question whether you should be in that kind of market." (Reporting by Simon Johnson; Editing by Mark Potter) 2019-02-20 15.

Govt plans to sell some of its non-core assets - including business units at state-owned enterprises - to find money

State-owned South African Airways. Government plans to sell non-core assets to provide additional funding for SEOs.  This might include selling business units at SOEs, a treasury deputy general director said. During his budget speech, finance Minister Tito Mboweni said South Africa should ask itself if it still needs SOEs.  Additional support for State Owned Enterprises (SOEs) will be provided by selling non-core assets, the 2019 budget, released on Wednesday, reads.

Glencore auditing 140 slimes dams

JOHANNESBURG (miningweekly.com) - Diversified mining company Glencore is auditing 140 slimes dams, 65 of them active and 75 of them closed. The company has been undertaking detailed assessments and audits of all material tailings storage facilities (TSFs) over the past three years, after accumulating a TSF significant asset footprint through mergers and acquisitions and organic growth. Glencore CEO Ivan Glasenberg made these revelations at a media briefing on Wednesday against the background of last month's tragic loss of 170 people at Vale's Córrego do Feijão iron-ore mine in Brazil, which has prompted renewed industry action to ensure that TSFs are not vulnerable to collapse.

Three key business risks face Botswana in 2019

One of the most important trends to emerge in recent years is that it is increasingly difficult to identify individual risks in isolation. Business, society and culture are all complex and that gives rise to an interconnected risk landscape which requires an integrated approach to mitigation. That's the view of Diphetogo Lefhoko, Botswana Country Manager of ContinuitySA. "We live in an increasingly connected world with increasingly interconnected and complex risk triggers. When risks materialise, as they inevitably do, they can play out in unexpected ways," he says.

Ford to close oldest Brazil plant, exit South America truck business

Restructuring of the US company will result in 2,700 job losses as it focuses on a newer factory in the state of Bahia Sao Paulo/Detroit — Ford Motor Company said on Tuesday it will close its oldest factory in Brazil and exit its heavy commercial truck business in South America, a move that could cost more than 2,700 jobs as part of a restructuring meant to end losses around the world. Ford previously said the global reorganisation, to impact thousands of jobs and possible plant closures in Europe, would result in $11bn in charges. Following that announcement, analysts and investors had expected a similar restructuring in South America. Ford CEO Jim Hackett said in January that investors would not have to wait long for the South American reorganisation plan. The factory slated for closure is in Sao Bernardo do Campo, an industrial suburb of Sao Paulo that has operated since 1967. It first produced a number of vehicles before being switched predominantly to trucks in 2001.

#Budget2019: Alexander Forbes hails 'tough but realistic' Mboweni

Finance Minister Tito Mboweni's maiden Budget speech is a structural reform Budget, which aims to reduce the immediate fiscal and economic risks posed by Eskom and other state-owned enterprises' unsustainable balance sheets and operational models, says Isaah Mhlanga, executive chief economist at Alexander Forbes Investments. "Without a doubt, the fiscal numbers show a marginal deterioration when compared with the 2018 Mini Budget, and slightly more so if we compare it with the 2018 Budget Review," commented Mhlanga. The consolidated budget deficit for FY2018/19 slips to 4.2% of gross domestic product (GDP) from the 2018 Mini Budget's forecast of 3.6%, rising to 4.5% of GDP in FY2019/20 before moderating to 4.0% by FY2021/22.

ABSA BANK LIMITED - Interest Payment Notification - BIABS and ABGI

Wrap Text Interest Payment Notification - BIABS and ABGI ABSA BANK LIMITED (Incorporated with limited liability in South Africa under registration number 1986/004794/06) Bond Issuer Code: BIABS (""Absa") ABSA GROUP LIMITED (formerly known as Barclays Africa Group Limited) (Incorporated with limited liability in South Africa under registration number 1986/003934/06) Bond Issuer Code: ABGI ("ABSA Group" or "ABGI") INTEREST PAYMENT NOTIFICATION Noteholders are advised of the following interest payments and their respective interest payment dates. Interest Amount Interest Payment Date Note ISIN Coupon Rate (ZAR) ASN128 ZAG000133836 9.158% 1,141,613.69 25 February 2019 ASN129 ZAG000133844 9.083% 1,132,264.39 25 February 2019 BGL16 ZAG000144254 11.008% 13,722,301.37 25 February 2019 ASN232 ZAG000148461 8.56% 2,157,589.04 27 February 2019 ABFN20 ZAG000144213 8,45% 9,105,164.38 28 February 2019 ABFN21 ZAG000144221 8.75% 12,858,904.11 28 February 2019 ABFN22 ZAG000144239 9.0% 23,922,739.73 28 February 2019 ABFN27 ZAG000153701 8,25% 15,385,232.88 28 February 2019 ABFN28 ZAG000153719 8,5% 23,395,726.03 28 February 2019 ABFN29 ZAG000153727 8,65% 23,937,986.30 28 February 2019 ABFN30 ZAG000153735 8,85% 6,420,735.62 28 February 2019 ABN67 ZAG000102559 7.75% 46,500,000.00 28 February 2019 ASN210 ZAG000146440 8.708% 2,414,382.47 28 February 2019 AS

Asher Bohbot in impassioned defence of EOH at company AGM

EOH chairman Asher Bohbot Amid a crisis that has seen shares in EOH tank after allegations of corruption so serious that the US Securities and Exchange Commission (SEC) may now be investigating, outgoing chairman Asher Bohbot on Wednesday gave an impassioned speech in defence of the troubled company he founded more than two decades ago. Analysts and investors applauded and offered hearty handshakes at the company's AGM, where Bohbot appealed for people not to judge 11 495 employees badly just because of a few bad apples. This phenomenon of collective punishment was "totally and utterly irrational", he said.

Glencore auditing 140 slimes dams

JOHANNESBURG (miningweekly.com) - Diversified mining company Glencore is auditing 140 slimes dams, 65 of them active and 75 of them closed. The company has been undertaking detailed assessments and audits of all material tailings storage facilities (TSFs) over the past three years, after accumulating a TSF significant asset footprint through mergers and acquisitions and organic growth. Glencore CEO Ivan Glasenberg made these revelations at a media briefing on Wednesday against the background of last month's tragic loss of 170 people at Vale's Córrego do Feijão iron-ore mine in Brazil, which has prompted renewed industry action to ensure that TSFs are not vulnerable to collapse. "This is an issue for the mining industry and we support a TSF classification system and requirements for external review, with transparent disclosure to stakeholders and communities," he told Mining Weekly Online. Its own internal team to review all its tailings dams in 2014 and a year later, following the death of 19 people in the Vale-BHP Samarco incident in Brazil, independent consultant Klohn Crippen Berger (KCB) of the Canada, was commissioned to review all its dams continually. KCB caries out regular surveillance and dam safety inspections on a quarterly to yearly basis for operating sites, yearly dam safety inspections for closed sites, and full corporate audits every 12 to 18 months. TSFs are assessed against national regulations and guidelines and against criteria aligned with international guidelines from the Canadian Dam Association, the Australian National Commission of Large Dams and the International Commission of Large Dams. Roles and responsibilities, change management processes, action tracking and documentation have been clearly defined, with all corrective actions being subject to verification. "We're relying on the technical experts and we have employed the best of the best, I understand, in tailings dams, and we're working closely with them to give us the best expert advice about how we secur

Glencore to reduce coal output in response to climate change

Glencore logo FILE PHOTO JOHANNESBURG - Glencore Plc said on Wednesday that it was putting in place measures to reduce coal output in a bid to reduce greenhouse gas emissions from its operations in response to pressure from investor signatories on climate change. The diversified miner is also set to propose limiting the output of thermal and metallurgical coal at around current guidance levels of 145 million metric tons a year, and will not carry out major acquisitions that would add to total production. Starting in 2020, Glencore said it will disclose its longer-term projections for the intensity reduction of Scope 3 emissions, including mitigation efforts as part of the transition of the global response to the increasing risks posed by climate change.

Kumba FY earnings down on revenue dip, lower sales

Kumba Iron Ore released its full-year results today reporting a marginal dip in headline earnings per share driven by a 1% fall in revenue and a 4% decline in total sales. The company has however declared a final dividend of R15.73 bringing the total payout to R30.24, that representing a 100% payout ratio on headline earnings per share. Company's CEO, Themba Mkhwanazi joins us on the line to unpack the detail behind the numbers..

Power pools could benefit Africa's regions

Power pooling is an effective means of mitigating electricity supply risk over a large area served by numerous utilities, information technology services company EOH divisional manager Rob Surtees said during the second day of the Africa Energy Indaba. During a panel discussion on energy trading and power pools, he stressed the need for an interchange of power flow among the various regions in Africa. "Cost disparity between regions is enormous, which poses an opportunity for efficiencies to be achieved. Even in the developing world, more power pools are being established for greater economic efficiencies," he noted. Security of electricity supply relies on increasing the diversity of primary energy sources and ensuring that systems are more robust.

Govt allocates R19.8bn to support industrial business incentives

Government has made a three-year allocation of R19.8-billion to support industrial business incentives, 48% of which goes to manufacturing development, the National Treasury announced on Wednesday. The medium-term expenditure framework (MTEF) allocation includes a reprioritised amount of R600-million for the Clothing and Textile Competitiveness Programme, which aims to reposition South Africa to compete against other low-cost producing countries. Industrial business incentives, along with access to loans for small business intermediaries, accelerated land reform and developing infrastructure, are key components of government's economic development programme.

"Love your Dog Day'.

It's the month of love, and in celebration of Love Your Dog Day, here's a reminder that your four-legged friend loves you absolutely unconditionally! We'll all agree that your doggy deserves some extra attention, love and care to celebrate this special day. Show your paw friend how much they mean to you on Love Your Dog Day (20 February) by planning the ultimate pamper day for your pup. Healthy hearts Studies have shown that dog owners have lower blood pressure, lower cholesterol and experience less anxiety than those without dogs. While your best friend is keeping you healthy, you can easily return the favour with Buchu-based products.

CDH wins prestigious M&A Deal Flow award 10 years in a row

CDH also clinched the coveted M&A Deal Value Award, the Black Economic Empowerment (BEE) Award for Deal Value (the firm came second for M&A deal flow in this category) and the Catalyst Private Equity Deal of the Year - in which Partner, Dave Pinnock advised Vumatel and its shareholders on the multi-billion rand disposal of the equity in Vumatel to CIVH through two consecutive transactions.   Brent Williams, CEO, says that while a decade of M&A deal flow wins undoubtedly demonstrates the firm's consistent, market-leading offering to clients, the Private Equity Deal of the Year award is fitting testament to the firm's belief that partnering with its clients can lead to great things. "We offer our clients a balanced combination of excellence in practice and value for money. This allows us to do both large and smaller deals, and means that our experience base spans a wealth of different deal profiles," says Williams.   Speaking about the BEE Award for Deal Value, Williams says that winning the accolade demonstrates CDH's commitment to meaningful and successful transformation.

#StateCaptureInquiry: Eskom board chairperson Jabu Mabuza to testify on Friday

Johannesburg Eskom board chairperson Jabu Mabuza will be the first witness to take the stand at the inquiry as it starts its investigation into state capture allegations at the power utility. The commissions legal team led by Advocate Vincent Maleka said Eskom would be the first stateowned enterprise to be investigated because of its important role and its complexity as well as its large revenue. Maleka set out the timetable that will be followed regarding the Eskom phase of the investigation which is expected to take several weeks. Mabuza is expected to wrapup his testimony on Monday February 25. Maleka says from Mabuza the commission expects to get a sense of what the new board which was appointed last year is doing to clean up Eskom. Maleka said of interest was what the new leadership found when it first started. On February 27 the commission will hear the testimony of Eskom employee Dan Mashigo. The commission will also hear from an official from Glencore which was pressured into selling its Optimum Coal Mine to Gupta linked Tegeta.

Solidarity to approach CCMA over restructuring process at Richards Bay mine

The company could shed around 500 jobs at its KwaZulu-Natal plant to reduce costs. | JOHANNESBURG - Solidarity says it will approach the CCMA to facilitate the restructuring process at South32's Hillside aluminium smelter in Richards Bay. The company could shed around 500 jobs at its KwaZulu-Natal plant to reduce costs.

JSE's gold index jumps 6% to near six-year high

Safe-haven interest in the precious metal and a softer dollar has boosted local gold miners, with the rand also slightly weaker on Wednesday morning The JSE's gold index pushed past 1,700 points for the first time in nearly six years on Wednesday morning, as the gold price continued to benefit from a weaker dollar and interest in safe-haven assets. Gold is at a ten-month high, boosted in overnight trade on Tuesday, after reports that the US was putting pressure on China to rein in alleged currency manipulation. At 11am the JSE's gold index was up 6.4% to 1,714 points. Gains were led by AngloGold Ashanti, which had risen 8.77% to R216.22. Gold Fields was up 4.7% to R58.77, and Harmony 4.48% to R30.30. Gold was flat at $1,342.22/oz, while the rand was 0.6% weaker at R14.1274/$. The issue of currency devaluation has long been a complaint of the administration of US President Donald Trump, said Oanda analyst Craig Erlam. The yuan had depreciated due to various tariffs imposed by the US, which probably had added to the frustration in the White House, said Erlam. Gold also continued to benefit from signs of continued monetary policy stimulus from global central banks, Erlam said. This was because gold is seen as a hedge against inflation and therefore loose monetary policy.

Palladium breaks through $1,500 as shortages aid miners

(Bloomberg) -  Palladium surged above $1,500 an ounce to a record, extending a powerful rally that's been driven by an acute shortage of supply as car manufacturers scramble to get hold of the material to meet stringent emissions controls. The advance will benefit top suppliers in Russia and South Africa. Spot palladium surged as much as 1.7% to $1,505.46 an ounce, and traded at $1,493.14 at 7:52am in London, with prices set for a seventh straight monthly gain.

Prescribed assets will be brought in via ANC's Trojan horse

The PIC Act is merely a prelude to prescribed assets — which the ANC added to its manifesto in a dubious way The ANC-sponsored parliamentary committee bill to amend the Public Investment Corporation (PIC) Act is likely a Trojan horse that is the prelude to the introduction of prescribed assets by the ANC. At first sight the offending clause introduced by the ANC may seem innocuous, but this Trojan horse is likely to be an ANC move that very different from what its appearance suggests. The offending clause in the bill states that the PIC must seek to invest in what, on the surface would seem to be nice, heartwarming projects such as those that create and protect jobs, and those that industrialise the economy, among others. What these feel-good contents mask is the danger that the inside the Trojan horse is really an unseen agenda that is, perhaps, even unseen by some MPs on the ANC benches who were directly involved with the bill. The real danger of this clause is that it is an initial step towards the introduction of prescribed assets — an ANC position apparently slipped into the ANC 2019 election manifesto, as the corridors will have it, after the manifesto was approved by the ANC National Executive Committee (ANC). The ANC manifesto states that it will "investigate the introduction of prescribed assets on financial institutions' funds to unlock resources for investments in social and economic development". There has been widespread concern and, in many cases, outright rejection of a return to the last-ditch, desperate steps taken by the National Party apartheid government, which took similar steps to force investment in government projects when the government itself simply did not have enough taxpayers' money to use. Of course, this manifesto threat from the ANC is very loosely worded and will not be restricted to the PIC and the more than R2-trillion funds of the Government Employees Pension Fund that it administers.

Mosebenzi Zwane must testify before the Zondo commission - evidence leader

Evidence leader at the commission of inquiry into state capture advocate Isaac Maleka said on Wednesday that former minister of mineral resources Mosebenzi Zwane should appear before the commission to testify on his alleged role in the state capture project at Eskom. Maleka was tabling a number of reports, including former public protector Thuli Madonsela's report on state capture, which the commission will consider in the coming weeks as it probes alleged state capture at the power utility. Madonsela's report led to the establishment of the commission of inquiry into state capture.

Eskom chair Jabu Mabuza to take the hot seat at state capture inquiry

Eskom board chairperson Jabu Mabuza will be the first witness to take the stand at the Zondo commission when it begins its investigation into state capture allegations at the power utility. Evidence leader advocate Vincent Maleka said on Wednesday that Eskom would be the first state-owned enterprise to appear before the commission. Maleka said Mabuza's testimony was expected to paint a picture of the state of Eskom when the new board took over‚ it's work of "cleaning up" and the current state of the power utility.

Zondo urged to summon those implicated in Eskom capture

The state capture commission's legal team has urged its chair — Deputy Chief Justice Raymond Zondo — to invoke his powers to summon individuals implicated in alleged corruption at Eskom. On Wednesday, evidence leader advocate Vincent Maleka SC, asked Zondo to invoke his powers to compel implicated persons to present their versions before the commission. The plea was made as the commission turns its focus on Eskom.

Sin taxes, fuel levies increase #Budget2019

You can still register to vote - 3 hours ago Petrol attendants nabbed in uMhlanga for drugs - 8 hours ago Are you complying with the Minimum Wage Act? - 1 day ago Woman (27) arrested for allegedly dumping baby in Newlands East storm water drain - 1 day ago Petrol attendants nabbed in uMhlanga for drugs - 8 hours ago Woman (27) arrested for allegedly dumping baby in Newlands East storm water drain - 1 day ago uMgeni Park housebreaker nabbed - February 18, 2019 Brass number thieves arrested in Prestondale - February 18, 2019 Glenhills baby home buoyed by community support - February 17, 2019 - 3 mins ago You can still register to vote - 3 hours ago Are you complying with the Minimum Wage Act? - 1 day ago Government to phase in digitised textbooks from next year - February 18, 2019 La Lucia cycle lane in disrepair, poses hazard - February 16, 2019 VIDEO: Northwood learner to swim Midmar Mile to raise funds for local family - February 8, 2019 Department extends matric exam registration deadline - February 7, 2019 Donations help Fatima teacher spread the love - February 3, 2019 Deadline looms for matrics wanting a second chance - January 30, 2019 Help make a difference with Waterloo literacy project - January 20, 2019 Where to watch the Budget Speech 2019 - 5 hours ago Water Wednesday: Last week's rain made a huge impact on SA's dam levels - 6 hours ago Tuesday Life Hack: This toothpaste hack will end your cleaning woes - 1 day ago Loadshedding and Valentine's Day generated over 1 million SA Google searches - February 18, 2019 Elections 2019: Here's what South Africans are searching for on Google - February 18, 2019 Draft municipal spatial development framework (MSDF) 2019 - 2020 - 4 hours ago Private Property acquires Property Buyer Show - 6 hours ago Enjoy great vibes at Tap & Board, Glenashley - February 14, 2019 Caxton Digital introduces travel offering with Safari.com - February 6, 2019 Eat these foods and get a full night's rest - February 6, 2019 Putin warns n

AngloGold's Colombia soil study cannot be halted by mayor -provincial authority

BOGOTA, Feb 20 (Reuters) - Miner AngloGold Ashanti can resume a soil study halted by a municipal council ban on mining activities, the environmental authority in Colombia's Antioquia province said. The mayor of the town of Jerico had ordered a suspension of the work in January after the council voted late last year to ban mining in the area. In a decision dated Feb.

Business Unity SA says Mboweni's budget is not bold enough

JOHANNESBURG, February 20 (ANA) - Business Unity South Africa (BUSA) said on Wednesday that it was disappointed at the lack of bold steps to contain government debt in the budget, saying that the budget lacked reforms to turn the tide on low economic growth..

Business jet deliveries rise 3.8 percent in 2018 -industry group

Feb 20 (Reuters) - Business jet deliveries worldwide rose 3.8 percent on an annual basis to 703 planes in 2018, lifted by demand from North America and the introduction of new models, the General Aviation Manufacturers Association (GAMA) said on Wednesday. Forecasters and corporate plane makers expect higher business jet deliveries in 2019, fueled by the recent entry into service of new aircraft like Bombardier's Global 7500 and U.S. rival Gulfstream's G500. Demand for business jets has slowly rebounded following slumping sales after the 2009 global economic crisis. Deliveries are a closely watched metric since that is the point when customers pay the bulk of the cost of a new plane. General aviation aircraft deliveries rose across all segments in 2018 for the first time in five years, helped by demand for new models, GAMA said. Global airplane deliveries increased to 2,443 planes in 2018, up 4.7 percent on an annual basis, according to data from Washington-based GAMA. Rotorcraft deliveries rose 5.4 percent to 976 aircraft. "This is the first year since 2013 that we've seen all segments up in deliveries," said GAMA President and Chief Executive Pete Bunce in a statement. The "impacts" of a 35-day, partial U.S.

Finance Minister Tito Mboweni allocates R567 billion for social grant

WATCH LIVE: Finance Minister Tito Mboweni delivers budget speech - 3 hours ago Police arrest taxi driver for driving in oncoming traffic - 3 hours ago JCPZ says its too early to classify the outbreak of shot-hole-borer as a disaster - 8 hours ago This is how to protect yourself against vehicle crime and stay safe on the roads - 10 hours ago JMPD breakdown of drunken driving arrests by police station - 4 hours ago Bogus Hawks officer arrested in Sandton - 1 day ago One suspect killed during house robbery in Bryanston - February 9, 2019 Man sentenced to seven years for robbery in Morningside - February 7, 2019 How safe are you? Love Thy Neighbour - February 6, 2019 Here is a list of the on-ramps and off-ramps affected by the closure of the M2 motorway, as well as alternative routes - February 18, 2019 Joburg Water to spend millions due to load-shedding - February 18, 2019 MMC temporarily shuts down Albert Street Clinic - January 29, 2019 It's all systems go for Mashaba's construction vision for Jozi - January 24, 2019 Guidelines for appealing your valuation objection decision - January 22, 2019 St Stithians College Basketball U16 Tournament a slam dunk - 1 day ago Hyde Park celebrates excellence - February 15, 2019 Bryanston High learners host market day to raise funds for their debs ball - February 12, 2019 Brescia House shares fantastic sports results #SchoolSport - February 11, 2019 Raising owlets at Crawford Preparatory Sandton - February 10, 2019 Where to watch the Budget Speech 2019 - 7 hours ago Water Wednesday: Last week's rain made a huge impact on SA's dam levels - 8 hours ago Loadshedding and Valentine's Day generated over 1 million SA Google searches - February 18, 2019 Elections 2019: Here's what South Africans are searching for on Google - February 18, 2019 Teens and sexual cyberbullying - the criminal consequences - February 15, 2019 Private Property acquires Property Buyer Show - 8 hours ago Caxton Digital introduces travel offering with Safari.com -

UPDATE 2-French wheat cheapest offered at Egypt's GASC tender

(Adds cost and freight offers) CAIRO, Feb 20 (Reuters) - An Egyptian state tender for wheat attracted a lowest offer of $235.93 per tonne for 60,000 tonnes of French wheat on a free on board (FOB) basis, traders said on Wednesday. Egypt's state grains buyer, the General Authority for Supply Commodities (GASC), is seeking an unspecified quantity of wheat for shipment on April 5-15. Euronext wheat extended a slight fall to hit a new seven-month low, while Chicago wheat eased as traders awaited the outcome of the Egyptian tender to see if a price slide since last week would stir fresh demand.

The Business of Being Karl Lagerfeld, Creator

"Would you like to take a tour of Coco Chanel's apartment?" I remember being asked this question in Paris in October 2012, and in the split second before I blurted out, "Yes, that would be lovely, thank you!", I thought, can the answer to that question ever be no ? I was at the Chanel headquarters to interview Karl Lagerfeld for the teaching case on Chanel that I was writing, and as I waited for him, I walked through Coco Chanel's apartment. It was very different - ornate, almost baroque - from what I had expected from the woman who is best-known for her modern, streamlined, crisp designs. I was mulling over this discrepancy before I met Lagerfeld, but, after the interview ended, I began to think it wasn't such a discrepancy after all, as I also saw greater similarities than met the eye, between the pony-tailed iconoclast that was Lagerfeld and the storied, elegant Coco Chanel.

"More drama for EOH as directors quit before key AGM meet" - BizNews

And four other of the top stories on Alec Hogg's business news website, 20 February 2019 JOHANNESBURG - The five best-read stories on Alec Hogg's BizNews.com Wednesday 20 February 2019 1.  More drama for EOH as directors quit before key AGM meet 2.  Problematic Elon Musk tweet stirs Tesla production confusion 3.  Downing a Mugabe not always the answer 4.  Airbus wonder proves to be a tactical blunder 5.  BHP: A (mostly) reliable mining giant - The Wall Street Journal BizNews.com is one of South Africa's leading business news websites. Founded by internet publishing pioneer and broadcaster Alec Hogg, it specialises in providing news and expert opinion on money and investments. BizNews.com is a remote company and all employees can be found on email, it's their  first name @biznews.com eg.

Mboweni's budget not bold enough - Business Unity SA

Business Unity South Africa (BUSA) said today that it was disappointed at the lack of bold steps to contain government debt in the budget, saying that the budget lacked reforms to turn the tide on low economic growth. BUSA president Sipho Pityana, in a statement, said Finance Minister Tito Mboweni failed to address the fundamental challenges facing South Africans and the economy. "We previously characterised Minister Mboweni's medium-term budget policy statement in October 2018 as a reality check.

Glencore vows to cap coal output as profits tumble

400,000 yr-old half-skull points to mystery people - 2 hours ago South Korea retracts guidelines on look-alike K-pop stars - 3 hours ago Search News feed Mining giant Glencore pledged on Wednesday to limit its coal production and instead prioritise investment in other commodities needed as part of a transition towards cleaner energy and transportation. Coal, which is major fuel for generating electricity, accounts for 40 percent of carbon dioxide emissions, a key gas responsible for global warming | © AFP/File | Barbara LABORDE Zurich (AFP) | "To meet the growing needs of a lower carbon economy, Glencore aims to prioritise its capital investment to grow production of commodities essential to the energy and mobility transition and to limit its coal production capacity broadly to current levels," the firm said in a statement. Switzerland-based Glencore, which also trades commodities, noted that it was well-positioned to support the transition to a lower-carbon economy with a portfolio that includes copper, cobalt, nickel, vanadium and zinc.

GLOBAL MARKETS-Stocks up on Asia push, muted Wall St eyes Fed minutes

* MSCI's World Index hits highest since October * U.S. oil hits 3-month high * FOMC minutes due as central bank doves dominate (New throughout, updates prices, market activity and comments; new byline, changes dateline, previous LONDON) By Rodrigo Campos NEW YORK, Feb 20 (Reuters) - World stocks rose on Wednesday, hitting a four-month high on hopes for progress in trade talks between the United States and China, and a supportive backdrop from major central banks also helped push risk assets higher. Sterling shot up in mid-morning New York trading to turn positive on the day versus the U.S.

OCEANA GROUP LIMITED - Dealings in Securities by Directors

Wrap Text Dealings in Securities by Directors OCEANA GROUP LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1939/001730/06) JSE share code: OCE NSX share code: OCG ISIN: ZAE000025284 ("Oceana") DEALINGS IN SECURITIES BY DIRECTORS In compliance with paragraphs 3.63 to 3.74 of the Listings Requirements of the JSE Limited ("JSE"), the following information is disclosed: Name of director: Mr Imraan Soomra Name of company: Oceana Class of securities: Ordinary shares Nature of transaction: Off market acceptance of Oceana shares following the vesting of these shares in terms of the rules of the 2013 Oceana Restricted Share Scheme Date of transaction: 18 February 2019 Number of securities: 1 870 Price per security: R 74.89 Total value of transaction: R 140 044.30 Nature and extent of interest: Direct beneficial Clearance to deal obtained: Yes Name of director: Mrs Jacqueline Hurn Name of company: Oceana Class of securities: Ordinary shares Nature of transaction: Off market acceptance of Oceana shares following the vesting of these shares in terms of the rules of the 2013 Oceana Restricted Share Scheme Date of transaction: 18 February 2019 Number of securities: 530 Price per security: R 74.89 Total value of transaction: R 39 691.70 Nature and extent of interest: Direct beneficial Clearance to deal obtained: Yes 20 February 2019 Cape Town Sponsor - South Africa: The Standard Bank of South Africa Limited Sponsor - Namibia: Old Mutual Investment Services (Namibia) Proprietary Limited Date: 20/02/2019 01:01:00 Produced by the JSE SENS Department. The SENS service is an information

Emerson purchases General Electric's Intelligent Platforms business

Emerson recently completed the purchase of Intelligent Platforms from General Electric. The addition of Intelligent Platforms programmable logic controller (PLC) technologies will enable Emerson, a global leader in automation for process and industrial customers, to expand its capabilities in machine control and discrete applications. Intelligent Platforms, with its portfolio of cloud-connected controllers and devices for smart plants, will serve as a strong complement to Emerson's industry-leading Plantweb digital ecosystem. Through this expansion, Emerson is growing opportunities across process and discrete industries as well as hybrid markets such as metals and mining, life sciences, food and beverage, and packaging. Intelligent Platforms is based in Charlottesville, Virginia with approximately 650 employees worldwide and 2017 sales of US$210-million.

INTU PROPERTIES PLC - Audited Results for the year ended 31 December 2018

Wrap Text Audited Results for the year ended 31 December 2018 INTU PROPERTIES PLC (Registration number UK3685527) ISIN Code: GB0006834344 JSE Code: ITU 20 February 2019 intu properties plc John Strachan, intu Chairman, commented: AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER "intu has had a challenging year with a difficult retail and uncertain economic environment, 2018 together with responding to two abortive corporate offers for the company. However, our management team has produced a robust operational performance with increased like-for-like net rental income for the fourth consecutive year, 97 per cent occupancy and signed 248 new long-term leases. This outcome is testimony to our long-term strategy of investing in our centres and the intu brand, making them different, attractive and exciting so retailers look to our centres as key trading locations. Our three core objectives for the year ahead are to continue to deliver strong underlying individual centre performance, continue our strategy of adapting to the changing retail environment and to make smart use of capital. We propose to reduce our debt to assets ratio over time back below 50 per cent by further disposals and part-disposals and retaining the cash generated by our activities rather than distributing it as dividend, to enable us to invest in our winning destinations. I would like to thank our strong management team for their dedication and commitment in a difficult economic environment as we focus on making intu centres winning destinati

Brand South Africa's recipient of the Play Your Part award 2018 for SA Premier Business...

The 6th SA Premier Business Awards preparations are underway and the call for entry is open till the 22nd February 2019. Brand South Africa's recipient of the Play Your Part award 2018 was Clover Mama Afrika whose emphasis was on the spirit of Ubuntu, reflects on the journey since winning the award. The story of Clover Mama Afrika; The Clover Mama Afrika project was founded on the ancient wisdom of Ubuntu. A uniquely African school of thought, where there is a clear understanding that the true meaning of life lies in the community ties that bind us: "I am because you are." But Ubuntu is more than that; it is the sharing of natural resources, built on the principle of equity between generations. It is empathy and compassion for others and a mutual respect for human dignity.

Glencore's 2018 Earnings Rise, Announces $3 Billion Share Buyback Plan

Trading company Glencore said on Wednesday it would buy up to $3 billion worth of its shares as higher pricing and production boosted full-year adjusted core earnings by 8 percent. The share repurchase plan follows last year's announcement of a $1 billion buyback, reflecting the recovery in mining companies following the commodity price crash of 2015-16. The miner and trader lowered its 2019 forecast for copper output to about 1.50 million tonnes from an earlier target of 1.54 million tonnes and said output from its Mutanda mine in Congo would fall to would fall to 100,000 tonnes per year.

This country lets you take six months off work to start your own business

This country's so-called leave of absence for entrepreneurship program entitles all full-time, permanent employees to take six months out to focus on their business, safe in the knowledge that they can return to their job — or a similar one — once the period is up. By Karen Gilchrist Daniella Sjoqvist was 28 when she decided to take her side gig full time. She might have been nervous, except that there was one major factor in her favor — she had a job waiting for her if it all fell through. Sjoqvist's employer, the Swedish government, had given her six months off to pursue her business idea with the guarantee that her job would be waiting for her if she chose to return. "I had already started my company, teaching languages on the side while I was working, but it felt more like a hobby than a job," Sjoqvist told CNBC Make It. The break "allowed me to take the chance of working full time on my company," she said. Six months later, Sjoqvist's burgeoning language academy had seen its customer numbers more than triple, giving her the confidence to quit her admin job permanently and become her own boss. A country of entrepreneurs It may sound like an improbable scenario, but Sjoqvist is not alone.

The 3 main business risks Botswana faces in 2019

Diphetogo Lefhoko, Botswana Country Manager of ContinuitySA One of the most important trends to emerge in recent years is that it is increasingly difficult to identify individual risks in isolation. Business, society and culture are all complex and that gives rise to an interconnected risk landscape which requires an integrated approach to mitigation. That's the view of Diphetogo Lefhoko, Botswana Country Manager of ContinuitySA.

Coal capped at 150 Mt/y - Glencore

JOHANNESBURG (miningweekly.com) - Diversified mining company Glencore has capped its coal capacity at 150-million tonnes of coal a year, a figure that it is close to and which it will not exceed. The company has been working on the cap with its investors since 2016 in the interests of the transitioning to a low carbon global economy. This follows engagement with the investor signatories of the Climate Action 100+ initiative and Glencore's recognition of climate change science as set out by the United Nations Intergovernmental Panel on Climate Change as well as its belief that the global response to climate change should pursue limiting temperatures in line with the goals of the Paris Agreement and support the United Nations Sustainable Development Goals, including universal access to affordable energy.

CDH wins prestigious M&A Deal Flow award 10 years in a row

Advising on 69 M&A deals in 2018, business law firm Cliffe Dekker Hofmeyr (CDH) accounted for 24% of market share over the period. It is this impressive flow of deals, totalling R55-billion in value, which saw CDH recognised by DealMakers as the law firm that has advised on the most M&A deals in South Africa for the tenth consecutive year at the annual DealMakers Awards held on 19 February 2019.   CDH also clinched the coveted M&A Deal Value Award, the Black Economic Empowerment (BEE) Award for Deal Value (the firm came second for M&A deal flow in this category) and the Catalyst Private Equity Deal of the Year - in which Partner Dave Pinnock advised Vumatel and its shareholders on the multi-billion-rand disposal of the equity in Vumatel to CIVH through two consecutive transactions.

#StateCaptureInquiry: Focus on Eskom reports as Jabu Mabuza set to testify

Johannesburg The Zondo commission is expected to use a number of reports compiled on Eskom to bulkup its investigation into state capture at Eskom.  Advocate Vincent Maleka for the commissions legal team said the reports which include Parliaments Eskom inquiry report and the state capture report would be used and on Wednesday he placed them on record for the commission.  Maleka said there were a number of gaps in the reports which the commission would have to fill in with its own investigations. Another report is the Dentons report which Eskom had for a long time blocked from being made public. The report was critical in its assessment of the power utility.  The Public Protectors state capture report will also be used by the commission.

Ballooning debt casts a dark shadow over SA

Moody's downgrade feared due mainly to giving R23bn a year to teetering power utility Eskom Finance minister Tito Mboweni painted a bleak picture of SA's ballooning debt as he announced a massive cash injection into embattled state-owned entity (SOE) Eskom. The debt to GDP ratio, which compares the country's sovereign debt to its economic output for any given year, has increased 0.2 of a percentage point from the medium-term budget policy statement in October. The budget deficit is projected to narrow from 4.2% of GDP in 2018-2019 to 4% in 2021-2022. Gross debt is expected to stabilise at 60.2% of GDP in 2023-2024. This is a huge jump from 27.8% in 2008, before the global financial crisis. "Weak economic performance and residual problems in tax administration have resulted in large revenue shortfalls.

Mark Doumba: What chocolate and batteries can teach us about Globalisation 4.0

The United States is the world's largest producer of chocolate, despite barely growing any cocoa trees. Conversely, the Democratic Republic of Congo (DRC) holds over half of the world's reserves of cobalt, the key raw material for the batteries used to power smartphones and autonomous vehicles. And yet, the DRC barely exports any of these products.

Clover: Israel should not be allowed to practice business in SA - POPCRU

Union says we are keeping a close eye on developments and ready to act when the necessary time comes POPCRU on Israeli-led attempts to take over Clover 20 February 2019 The Police and Prisons Civil Rights Union (POPCRU) joins other progressive trade unions and South Africans in condemning the Israeli-led attempt to take over our dairy company Clover Industries. The Israeli company in question is the notorious Central Bottling Company (CBC). It is our understanding that the South African partner in this sinister move, Brimstone Investments, has taken a decision to "review" its participation in the deal, which was largely influenced by the response of our vibrant civil society, in opposition of this move.  Because of our convictions and support for internationalism and the Palestinian people, we support the call to "actively initiate, support and or join the call for direct-action and a militant but peaceful campaign, including protests and disruptions, against Clover and a boycott of all its products" being made by the broader South African civil society if this take-over of Clover by the Israeli Company CBC goes through.

Glencore defends 150Mt coal cap saying it clarifies future shape of diversified group

GLENCORE'S decision to cap thermal and metallurgical coal production at 150 million tonnes a year was a consequence of more than two years of discussions with investors and would help clarify the future shape of the group. Responding to questions in a media call, CEO Ivan Glasenberg and Steve Kalmin, the firm's CFO, said the decision to cap coal production was in the interests of the company as well as environmental, social and governmental (ESG) requirements. Asked if Glencore was making any sacrifice at all, considering it wasn't intending to make new green field investments in coal whilst putting merger and acquisition (M&A) activity on the back burner group-wide, Glasenberg said: "We do have green field opportunities of significant size that we could do that we won't be doing in the future".

McBride slams Cele's ‘feeble attempt' at peddling ‘discredited' allegations of betrayal

Police watchdog body Ipid's executive head Robert McBride has hit back at Minister of Police Bheki Cele, after the minister reportedly approached police portfolio committee (PPC) member Sibonakaliso Mhlongo and told him that McBride had "sold state secrets to criminals". This followed allegations from Nafiz Modack, a suspect in an Ipid investigation, that McBride was bribed by cigarette manufacturer Adriano Mazzotti to get information on Modack. Now McBride has released a statement calling the allegations against him "nothing but a feeble attempt to prop up a false narrative that I have committed misconduct or that I somehow have a cloud over my head, merely because someone has made allegations".

TIGER BRANDS LIMITED - Appointment to the Board of Tiger Brands

Wrap Text Appointment to the Board of Tiger Brands TIGER BRANDS LIMITED ("Tiger Brands" or "the Company") (Incorporated in the Republic of South Africa) (Registration number 1944/017881/06) Share code: TBS ISIN: ZAE000071080 Appointment to the Board of Tiger Brands In compliance with section 3.59 of the JSE Limited Listings Requirements, the Tiger Brands Board is pleased to announce the appointment of Ms Cora Fernandez as independent non-executive director of the Company with effect from 1 March 2019. Ms Fernandez is a Chartered Accountant (SA) and holds a BComm. degree from the University of Cape Town and BCompt (Hons) from University of South Africa. She currently serves as a non- executive director on the boards of Group Five Limited and Sphere Holdings and a Trustee of Allan Gray Retirement Annuity Fund. Ms Fernandez has significant financial and investment experience through various leadership roles at Sanlam, where she held the position of Chief Executive, Sanlam Investments Institutional Business; Managing Director, Sanlam Investment Management and Chief Executive Officer, Sanlam Private Equity. Her previous roles also included Partner, Tiso Private Equity; Investment Principal, Sanlam Private Equity and Investment Associate, Ethos Private Equity. The Board welcomes Ms Fernandez and looks forward to her contribution in the future. 20 February 2019 Bryanston Sponsor: J.P.

Showmax to ramp up original content after MultiChoice listing

marking its move to a standalone entertainment company. Naspers announced late in 2018 that it would list its "Video Entertainment" business separately, which would be named MultiChoice Group and will include MultiChoice South Africa, MultiChoice Africa, Showmax Africa, and Irdeto. Video Entertainment CEO Imtiaz Patel said at the time: "Listing and unbundling MultiChoice Group is intended to create a leading entertainment business listed on the JSE that is profitable and cash generative. We offer an unmatched selection of local and original content, as well as a world-class sports offering." One of the key elements in MultiChoice Group is Showmax, South Africa's Netflix competitor. Third-party data shows that Showmax and Netflix are are the joint leaders in the South African streaming scene, and both have seen growth since local launch. Showmax told MyBroadband that since its inception - it launched in South Africa in August 2015 - is has seen consecutive years of year-on-year subscriber growth. With its parent company set to list on the JSE and focus on leading the entertainment scene in Africa, Showmax is likely to benefit in terms of a push for more subscribers and an increased amount of original content. The company stated that while it is difficult to make predictions about the potential impact on its subscriber base, it confirmed it is ramping up it content offering. "We launched our first Showmax Original drama - The Girl From St Agnes - earlier this month, which was only our second overall Showmax Original, and we're picking the pace up from there with our third original - Trippin With Skhumba - going live later this month. And there's more in the pipeline for later this year," said Showmax. "On top of that we've been adding more first and exclusive shows, and more ‘Express from the US' content (Vikings, Siren, The Magicians).

Tiger Brands reports a one percent rise in group revenue, what you need to...

South Africa's leading food producer had reported a 5 percent fall in revenue in the corresponding period last year. JOHANNESBURG (Reuters) - South Africa's Tiger Brands on Wednesday reported a one percent rise in group revenue from continuing operations for the four months to January 31 on Wednesday helped by overall price inflation and volume growth.South Africa's leading food producer had reported a 5 percent fall in revenue in the corresponding period last year.Excluding its Value Added Meat Products (VAMP) unit, which produces cold meat such as polony, group revenue rose 8 percent, driven by overall price inflation of 2 percent and volume growth of 6 percent, it said. For most of 2018, production at its VAMP business was halted after the source of the world's largest ever listeriosis outbreak was traced in March to a factory owned by Tiger Brands' Enterprise Foods unit, prompting the health department to recall tonnes of processed meat products. In December authorities gave the food maker permission to re-open the Polokwane processing facility, a few months after production restarted at other facilities. "The re-launch of the VAMP business has been well received by customers and consumers, however challenges in managing the factory start-ups have resulted in an inability to fully meet demand in this period," the group said. This had a significant negative impact on that business' operating performance, it added. It saw good volume in wheat, maize, groceries, snacks and treats, beverages, baby and in particular, home and personal care. Tiger Brands has had to cope with intense competition in a low-growth, value-driven consumer environment, coupled with price deflation in some soft commodities. "With the exception of sorghum-based products, pasta, maize and rice, all categories recorded selling price inflation although price increases were not sufficient to fully recover cost increases, resulting in gross margin compression," it said. The company said it has not received a summons from

Small business in the energy sector - Budget Speech expectations

Staying with budget 2019 ... Let's find out now what small business in the energy sector expect from Finance Minister Tito Moboweni's speech this afternoon.. We cross to our reporter Liabo Setho who is at the Africa Energy Indaba in Sandton...

EOH HOLDINGS LIMITED - Changes to the Board of Directors

Wrap Text Changes to the Board of Directors EOH HOLDINGS LIMITED Incorporated in the Republic of South Africa (Registration number 1998/014669/06) Share code: EOH ISIN: ZAE000071072 ("EOH" or "the Group") CHANGES TO THE BOARD OF DIRECTORS Further to the announcement released on SENS on 15 February 2019, wherein it was stated, inter alia, that EOH would shortly be announcing changes to the board of directors ("Board") to more closely align the Board with King IV, the Board, in compliance with paragraph 3.59 of the Listings Requirements of JSE Limited hereby notifies its shareholders of the following changes: - In accordance with King IV, a former CEO should not serve as chairman of the board until a three-year cooling off period has been observed. Accordingly, Mr Asher Bohbot, founder, non-executive chairman and CEO for 19 years, will be resigning from the Board effective 28 February 2019. Mr. Bohbot will, on an advisory basis, assist the Group until 31 July 2019 in the implementation of the strategy shared with the market recently. Mr.

CORONATION FUND MANAGERS LIMITED - Results Of The Annual General Meeting

Wrap Text Results Of The Annual General Meeting CORONATION FUND MANAGERS LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1973/009318/06) Share code: CML ISIN: ZAE000047353 ("Coronation" or "the Company") RESULTS OF THE ANNUAL GENERAL MEETING Shareholders are hereby advised that at the annual general meeting of the Company held at 10:00 on Tuesday, 19 February 2019, at Coronation's offices at 7th Floor, MontClare Place, Corner Campground and Main Roads, Claremont, Cape Town ("AGM"), all of the resolutions were passed by the requisite majorities of the Company's shareholders. Details of the results of the voting at the AGM are as follows: Votes Votes for against resolution resolution as a as a Number of Number of percentage percentage shares shares of total of total voted at abstained number of number of Number of AGM as a as a Resolutions shares shares shares percentage percentage proposed at the voted at voted at voted at of shares in of shares in AGM AGM AGM AGM issue issue Ordinary resolution 99.99% 0.01% 250 746 910 71.68% 0.43% number 1 (a): To re-elect, by way of a separate vote, retiring director John Snalam, who is eligible and available for re- election Ordinary resolution 99.97% 0.03% 250 714 710 71.67% 0.44% number 1 (b): To re-elect, by way of a separate vote, retiring director Ms Lulama Boyce, who is eligible and available for re- election Ordinary resolution 95.02% 4.98% 250 760 010

Glencore's net profit plunged in 2018

The miner's CEO announced a new programme to buy back $2bn in shares this year, which could be increased depending on market conditions Zurich — Glencore said on Wednesday that its net profits tumbled 41% in 2018, although the mining and commodity trading giant said operating profits rose to a record level, and it announced a new $2bn plan to buy back shares. Net profit fell to $3.4bn, but the Switzerland-based firm said its measure of operating profit — adjusted earnings before interest, tax, depreciation and amortisation (ebitda) costs — rose by 8% to a record $15.8bn. The firm's commodity trading business saw its operating earnings fall by 17% to $2.4bn, but mining rose 15% to $13.3bn. CEO Ivan Glasenberg said in the earnings statement that "we achieved these results in a challenging operating environment" and that Glencore's strong cash generation would allow it to pay out roughly $2.8bn in dividends to shareholders. He announced a new programme to buy back $2bn in shares this year, which he said could be increased depending on market conditions and progress on sales of non-core assets. The earnings statement also showed that Glencore's net debt rose by some $3.5bn to $14.7bn. Glencore launched a massive cost-cutting drive in 2015 when its debt ballooned to almost $30bn while commodity prices tanked. It scrapped dividends, closed operations and sold assets in an aggressive savings effort that stabilised the company's finances. A rebound in commodity prices helped Glencore post bumper profits in 2017 and pay out a healthy dividend to shareholders. AFP.

Heineken Is Looking Forward To A Very Profitable 2019

Beer sales are on the up and up, and Heineken is understandably stoked about that. The world's second largest brewer is expected to see a massive boost in earning this year, with  Reuters reporting growth in every region last year, sending Heineken's shares up 4%. The reason? More and more people are opting for a brewski, and not just any brewski.

Intu mixes optimism with pessimism, times are tough but top malls are strong

The enormous challenges facing the UK shopping centres sector were made very clear on Wednesday as malls giant Intu Properties reported a less-than-stellar performance and said it would look at disposing of some assets in order to cut its debt. Intu But it mixed both pessimism and optimism in its report, bemoaning the Brexit effect on consumer confidence while also highlighting its focus on its most successful properties and how the best destination malls in the UK should continue to prosper. The company owns many of the UK's key retail destinations (Merry Hill, Trafford Centre, Victoria Centre, Metrocentre, Lakeside and more) and also has a growing presence in Spain.

WATCH: How Kumba rewarded investors

Kumba Iron Ore released its full-year results on Tuesday, reporting a marginal dip in headline earnings per share (HEPS) driven by a 1% fall in revenue and a 4% decline in total sales. The company has, however, declared a final dividend of R15.73, bringing the total payout to R30.24. CEO Themba Mkhwanazi joined Business Day TV to discuss the results. Or listen to the full audio: For the latest business podcasts,click here..

FTSE 100 rises on Lloyds, Glencore's plans to return cash

(For a live blog on European stocks, type LIVE/ in an Eikon news window) * FTSE 100 up 0.3 pct * FTSE 250 up 0.1 pct * Sainsbury's tanks as CMA objects to Asda deal * Glencore, Lloyds lead main index's * Among mid-caps Intu Properties slips falls Feb 20 (Reuters) - Britain's FTSE 100 rose on Wednesday as Lloyds and Glencore gained after promising to return cash to shareholders, but Sainsbury's slumped after regulators objected to its takeover of Walmart's Asda. The FTSE 100 was up 0.3 percent and the FTSE 250 up 0.1 percent by 0844 GMT. A decline by shopping centre owner Intu limited gains on the mid-cap index. Sainsbury's fell nearly 13 percent after Britain's competition regulator said its deal with Walmart-owned Asda should either be blocked entirely or require the sale of a significant number of stores and possibly one of the brands. The stock was on track for its worst day since October 2008. Shares of Morrisons and Tesco tumbled as well. "The implication of these proposals are that an exit of Walmart from the UK grocery market now seems less likely," Jefferies analysts said. Intu Properties dropped 10 percent after it scrapped its dividend, under pressure from several retail bankruptcies. Shares of rival Hammerson fell 3 percent. Glencore rose 3 percent after announcing a $2 billion share buyback and an 8 percent rise in full-year adjusted core earnings. Lloyds Banking Group shares was among those gaining the most.

EOH shares tumble for third day as founders quit

EOH Holdings said two of its founders resigned in a board shake-up as CEO Stephen van Coller races against time to restructure the South African technology firm and calm investors and lenders. The exodus, which saw four of EOH's seven directors quit, comes on the day the members were up for re-election at the Johannesburg-based company's annual general meeting. It also comes after an anonymous complaint prompted Microsoft to abruptly cancel two partner agreements, causing the shares to plummet.

How to simplify your business writing

- 11:08 The majority of business communication is expressed through writing says Isabella Strong, well known communications specialist and writing instructor. Regardless of their job roles almost all employees will be expected to write a business-related document at some point. Whether they are composing contracts, proposals, letters, memos or simple emails, employees need to have a basic level of writing and composition to perform their jobs effectively .

TIGER BRANDS LIMITED - Results of the 74th Annual General Meeting

Wrap Text Results of the 74th Annual General Meeting TIGER BRANDS LIMITED "Tiger Brands" or "the Company" (Incorporated in the Republic of South Africa) (Registration number 1944/017881/06) Share code: TBS ISIN: ZAE000071080 RESULTS OF THE 74 th ANNUAL GENERAL MEETING Shareholders are advised of the details of the results of the business conducted at the Company's Annual General Meeting held yesterday, 19 February 2019, at 3010 William Nicol Drive, Bryanston, Johannesburg, South Africa. All of the resolutions tabled were passed by the requisite majority of votes cast by shareholders' present in person or represented by proxy. - As at Friday, 8 February 2019, being the record date on which shareholders must be recorded in the Company's register of shareholders for the purposes of being entitled to attend and vote at the Annual General Meeting, the total number of the Company' shares in issue was 189 818 926; - The total number of shares eligible to vote was 179 492 168 (excluding treasury shares) ("Total Voteable Shares"); - The total number of shares voted in person or by proxy at the Company's Annual General Meeting was 147 617 766, representing 78% of Tiger Brands issued share capital and 82% of the Total Voteable Shares. - Abstentions are reflected as a percentage of 189 818 926 shares in issue as at the record date of Friday, 8 February 2019. - Details of the voting results are as set out below: 1. Ordinary resolution number 1.1: election of GA Klintworth as a Director For Against Abstain Shares Voted 147 312 638 41 818 263 310 147 354 456 99.97% 0.03% 0.14% 82.10% 2.

Govt allocates R19.8bn to support industrial business incentives

Government has made a three-year allocation of R19.8-billion to support industrial business incentives, 48% of which goes to manufacturing development, the National Treasury announced on Wednesday. The medium-term expenditure framework (MTEF) allocation includes a reprioritised amount of R600-million for the Clothing and Textile Competitiveness Programme, which aims to reposition South Africa to compete against other low-cost producing countries. Industrial business incentives, along with access to loans for small business intermediaries, accelerated land reform and developing infrastructure, are key components of government's economic development programme. In the MTEF period, which includes 2019/20, 2020/21 and 2021/22, spending on economic development would increase by 7%, Treasury stated. Government would provide more support to small businesses and announced the launch of a Small Business and Innovation Fund in 2019/20.

Glencore acquisition of Chevron assets on track

Resources giant expects to own Chevron refinery and distribution assets by end-June Glencore expects to finalise its acquisition of Chevron SA's assets by the end of June 2019, the diversified natural resource company said on Wednesday. "We are going through the process there and expect it to be concluded in the first half of the year," said Glencore's SA-born CEO, Ivan Glasenberg. He said he foresaw no issues in finalising the transaction, and it was not possible for Chevron SA, which has been renamed Astron Energy, to back out of the deal either. Glencore lent Chevron SA's empowerment partner, Off The Shelf Investments 56, $1bn to acquire a 75% stake in the company on condition that the stake was transferred to Glencore.

SIBANYE GOLD LIMITED - Amended trading statement for the year ended 31 December 2018

Wrap Text Amended trading statement for the year ended 31 December 2018 Sibanye Gold Limited Trading as Sibanye-Stillwater Incorporated in the Republic of South Africa Registration number 2002/031431/06 Share code: SGL ISIN - ZAE000173951 Issuer code: SGL ("Sibanye-Stillwater" or "the Group" or "the Company") Amended trading statement for the year ended 31 December 2018 Johannesburg, 20 February 2019. Further to the trading statement released on 14 February 2019, a further review of the effects of recent changes in tax legislation in the United States (US) has resulted in an amendment to deferred tax for the year ended 31 December 2018. Accordingly, shareholders are advised that Sibanye- Stillwater (Tickers JSE: SGL and NYSE: SBGL) expects to report an attributable loss of R2,500 million (US$189 million)] for the year ended 31 December 2018, which compares with guidance of R1,000 million (US$77 million) from the trading statement last week.

Tiger Brands posts revenue rise on price inflation, volume growth

Tiger Brands on Wednesday reported a 1% rise in group revenue from continuing operations for the four months to January 31, on Wednesday, helped by overall price inflation and volume growth. South Africa's leading food producer had reported a 5% fall in revenue in the corresponding period last year. Excluding its Value Added Meat Products (VAMP) unit, which produces cold meat such as polony, group revenue rose 8%, driven by overall price inflation of 2% and volume growth of 6%, it said. For most of 2018, production at its VAMP business was halted after the source of the world's largest ever listeriosis outbreak was traced in March to a factory owned by Tiger Brands' Enterprise Foods unit, prompting the health department to recall tonnes of processed meat products. In December authorities gave the food maker permission to re-open the Polokwane processing facility, a few months after production restarted at other facilities. "The re-launch of the VAMP business has been well received by customers and consumers, however challenges in managing the factory start-ups have resulted in an inability to fully meet demand in this period," the group said. This had a significant negative impact on that business' operating performance, it added. It saw good volume in wheat, maize, groceries, snacks and treats, beverages, baby and in particular, home and personal care. Tiger Brands has had to cope with intense competition in a low-growth, value-driven consumer environment, coupled with price deflation in some soft commodities. "With the exception of sorghum-based products, pasta, maize and rice, all categories recorded selling price inflation although price increases were not sufficient to fully recover cost increases, resulting in gross margin compression," it said. The company said it has not received a summons from class action lawyers representing victims of listeriosis, which claimed more than 200 lives in the country. A South African court in December granted a class action certificate to the victim

Companies face bigger risks than cyber security threat

Contrary to popular belief, a cyber security threat is not the biggest risk posed to a business operating in today's digital era. This is according to Graham Blain, head of IT governance, risk and compliance at Standard Bank Group, speaking at ITWeb Governance, Risk and Compliance 2019, in Johannesburg today. "Governance, risk and compliance (GRC) and IT GRC are under pressure to reinvent themselves to be relevant in this new age," he pointed out. Blain noted that the biggest threat faced by businesses in the digital age is a "technology risk", which poses a greater threat than a "cyber security risk". "How many businesses can you think of that have failed outright due to cyber breaches, data compromise, lack of capacity planning, or third-party risks?" While many companies have been subjected to all these business risks, many such as Facebook went on to succeed even after experiencing these disasters, he continued. "Can you think of any business that has failed as a result of technology-related developments? Absolutely, businesses such as Nokia, Polaroid, Toys R Us and Kodak are among those that have failed due to disruption and their failure to innovate. Technology risk or failure to innovate should be at the top of every organisation's risk list." Blain advised businesses to perform a combined risk assessment approach on both IT and the organisation's operational risk, ensuring proper GRC of all IT systems and processes that support the business operations. This will help businesses detect and mitigate any risk they may face, either operational or in their IT systems and processes, he continued. Back in 2004, the IT division was considered a support department, but today it has transcended to become a business enabler and must now be regarded as an integral part of the organisation. "Today, in many if not most businesses, IT has been thrust onto centre stage and is now the face of the business to its customers. In order for organisations to avoid disruption, its products, services and t

Eskom chair Jabu Mabuza to take the hot seat at state capture inquiry

Eskom board chairperson Jabu Mabuza will be the first witness to take the stand at the Zondo commission when it begins its investigation into state capture allegations at the power utility. Evidence leader advocate Vincent Maleka said on Wednesday that Eskom would be the first state-owned enterprise to appear before the commission. Maleka said Mabuza's testimony was expected to paint a picture of the state of Eskom when the new board took over, it's work of "cleaning up" and the current state of the power utility.

EDITOR'S LUNCHBOX: The EFF may be the ANC's kryptonite

When it comes to Eskom, unions may say ‘no' only because it is easier than coming up with solutions Stories of Note Bytes from the digital world Jacob Zuma claims, "I have become a career obsession of some prosecutors, whose goal is to secure my conviction at all costs." President Cyril Ramaphosa is promising an agricultural revolution. In My Opinion Matters of debate Gareth van Onselen predicts the coming election will see the EFF double the 6.3% of votes it got in 2014. "Like or loathe the EFF, that will be remarkable." Steven Friedman notes that load-shedding has not united South Africans, and accuses the mainstream media of bias against the unions' concerns of opening the electricity market to private-sector competition.

OCEANA GROUP LIMITED - Dealing in Securities by the Oceana Group Limited 2013 Share Plan

Wrap Text Dealing in Securities by the Oceana Group Limited 2013 Share Plan OCEANA GROUP LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1939/001730/06) JSE share code: OCE NSX share code: OCG ISIN: ZAE000025284 ("Oceana") DEALINGS IN SECURITIES BY THE OCEANA GROUP LIMITED 2013 SHARE PLAN In compliance with paragraphs 3.63 to 3.74 and 3.92 of the Listings Requirements of the JSE Limited ("JSE"), the following information is disclosed: Name of share incentive The Oceana Group Limited 2013 Share Plan scheme: ("LTI") Name of company: Oceana Class of securities: Ordinary shares Nature of transaction 1: On-market purchase of ordinary shares on behalf of the LTI in order to settle its obligations to participants under the rules of the LTI Date of transaction: 18 February 2019 Number of securities: 15 995 Price per security: R 74.89 Total value of transaction: R 1 197 865.55 Nature and extent of Direct beneficial interest: Clearance to deal obtained: Yes Nature of transaction 2: On-market sale of ordinary shares on behalf of the LTI in order to settle its obligations to participants under the rules of the LTI Date of transaction: 18 February 2019 Number of securities: 10 824 Price per security: R 74.93 Total value of transaction: R 811 042.32 Nature and extent of Direct beneficial interest: Clearance to deal obtained: Yes 20 February 2019 Cape Town Sponsor - South Africa: The Standard Bank of South Africa Limited Sponsor - Namibia: Old Mutual Investment Services (Namibia) Proprietary Limited Date: 20/02/2019 01:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expres

#Budget2019: Is small business back on the agenda

Small business is identified as an imperative in the National Development Plan 2030 and as a primary job creator with plans for 90 percent of jobs to in SMEs. File Image: IOL DURBAN - Small business is identified as an imperative in the National Development Plan 2030 and as a primary job creator with plans for 90 percent of jobs to be in Small Medium Enterprises (SME). "This has been the policy position in many of the previous seven economic policies South Africa have had in the last 25 years.

SIBANYE GOLD LIMITED - Sibanye-Stillwater Mineral Resources and Mineral Reserves declaration as at 31 December 2018

Wrap Text Sibanye-Stillwater Mineral Resources and Mineral Reserves declaration as at 31 December 2018 Sibanye Gold Limited Trading as Sibanye-Stillwater Incorporated in the Republic of South Africa Registration number 2002/031431/06 Share code: SGL ISIN - ZAE000173951 Issuer code: SGL ("Sibanye-Stillwater" or "the Group" or "the Company") Sibanye-Stillwater Mineral Resources and Mineral Reserves declaration as at 31 December 2018 Johannesburg, 20 February 2019: Sibanye-Stillwater (Tickers JSE: SGL and NYSE: SBGL) is pleased to report updated Group Mineral Resources and Mineral Reserves, as at 31 December 2018. - Highlights - Total group Platinum Group Metals (PGMs) Mineral Reserves increase by 4% from 44.261 Moz to 46.062 Moz, primarily due to ongoing reserve definition drilling at the Blitz Project at Stillwater, where approximately 3.294Moz of Mineral Reserves were added at a 2E PGM grade of 23.7 g/t - Total group PGM Mineral Resources were stable at 204.373Moz - Total Mineral Reserves at the SA gold operations were 12.108 Moz, a 9% year-on- year decline, primarily as a result of the restructuring of marginal operations (2.373Moz) and depletion (1.162Moz), partially offset by the successful conversion of Mineral Resources to Mineral Reserves at the Kloof operations (+1.204 Moz) and the inclusion of attributable (38.05%) DRDGOLD Mineral Reserves (2.245 Moz) following the sale of certain the West Rand Tailings Retreatment Project assets to DRDGOLD - Total SA Gold Project Mineral Reserves decreased by 64% to 4.476 Moz primarily due to the sale of certain West Rand Tailings Retreatment Project (WRTRP) Mineral Reserves to DRDGOLD and the decision to cease further development at the Driefontein Depth Extension Project as part of a rigorous capital and economic review of the SA gold operations - Total gold Mineral Resources increased by 12.789 Moz to 104.221Moz primarily due to the inclusion

How to start a small business in South Africa without money

I want to start a small business but have no money. Is that idea bothering you so much? No need to worry anymore. You only need the will and drive to launch yourself into the world of business, and you could be the founder of the next multi-billion company in a few years.

Glencore pledges to limit coal production

Mining giant Glencore pledged on Wednesday to limit its coal production and instead prioritise investment in other commodities needed as part of a transition towards cleaner energy and transportation. "To meet the growing needs of a lower carbon economy, Glencore aims to prioritise its capital investment to grow production of commodities essential to the energy and mobility transition and to limit its coal production capacity broadly to current levels," the firm said in a statement. Switzerland-based Glencore, which also trades commodities, noted that it was well-positioned to support the transition to a lower-carbon economy with a portfolio that includes copper, cobalt, nickel, vanadium and zinc.

GLENCORE PLC - GLN - Furthering our commitment to the transition to a low-carbon economy

Wrap Text GLN - Furthering our commitment to the transition to a low-carbon economy Glencore plc (Incorporated in Jersey under the Companies (Jersey) Law 1991) (Registration number 107710) JSE Share Code: GLN LSE Share Code: GLEN HKSE Share Code: 805HK ISIN: JE00B4T3BW64 Baar, Switzerland 20 February 2019 Furthering our commitment to the transition to a low-carbon economy As one of the world's largest diversified resource companies, Glencore has a key role to play in enabling transition to a low carbon economy. We do this through our well-positioned portfolio that includes copper, cobalt, nickel, vanadium and zinc - commodities that underpin energy and mobility transformation. We believe this transition is a key part of the global response to the increasing risks posed by climate change. We recognise climate change science as set out by the United Nations Intergovernmental Panel on Climate Change.

Asher Bohbot to leave EOH

EOH chairman Asher Bohbot EOH Holdings founder Asher Bohbot is stepping down from the JSE-listed IT services group's board of directors, ending a source of potential conflict with newly appointed CEO Stephen van Coller. Bohbot, who led EOH for 19 years — building it into one of the largest IT companies in Africa — will leave at the end of the month. His exit comes as Van Coller attempts to improve corporate governance at EOH as fresh allegations of corruption involving the group's public sector dealings emerge.

Three key business risks face Botswana in 2019

One of the most important trends to emerge in recent years is that it is increasingly difficult to identify individual risks in isolation. Business, society and culture are all complex and that gives rise to an interconnected risk landscape which requires an integrated approach to mitigation. That's the view of Diphetogo Lefhoko, Botswana Country Manager of ContinuitySA.

Business travellers, here's why you should book your trips in advance

Business travellers will know that it is hard to determine when you will be flying out for a work-related trip.  However, the sooner one book their trip, the better their chances at planning your schedule to balance home and work life.  A survey done in the UK revealed that 40% of women preferred to arrange their travel between two weeks and a month in advance.  This gave them sufficient time to organise childcare and prepare everything at home. Andrew Grunewald, FCBT Brand Leader, said booking in advance does not only benefit the home life, but it also helps the company save money. "The company can save up to 21% of its travel spend by simply booking flights in advance.

GLENCORE PLC - GLN - 2019 Distribution Timetable

Wrap Text GLN - 2019 Distribution Timetable Glencore plc (Incorporated in Jersey under the Companies (Jersey) Law 1991) (Registration number 107710) JSE Share Code: GLN LSE Share Code: GLEN HKSE Share Code: 805HK ISIN: JE00B4T3BW64 Baar, Switzerland 20 February 2019 2019 Distribution Timetable Glencore plc has today announced that its Board is recommending an aggregate distribution of US$0.20 per share in respect of the 2018 financial year ended 31 December. Distributions will be declared and paid in U.S. dollars, although Shareholders on the Jersey register will be able to elect to receive their distribution payments in Pounds Sterling, Euros or Swiss Francs. Shareholders who hold shares on the Jersey Register, through the Computershare HK Nominee, will receive their distribution payment in Hong Kong Dollars, converted on the Jersey applicable exchange rate reference date.

Coal capped at 150 Mt/y - Glencore

JOHANNESBURG (miningweekly.com) - Diversified mining company Glencore has capped its coal capacity at 150-million tonnes of coal a year, a figure that it is close to and which it will not exceed. The company has been working on the cap with its investors since 2016 in the interests of the transitioning to a low carbon global economy. This follows engagement with the investor signatories of the Climate Action 100+ initiative and Glencore's recognition of climate change science as set out by the United Nations Intergovernmental Panel on Climate Change as well as its belief that the global response to climate change should pursue limiting temperatures in line with the goals of the Paris Agreement and support the United Nations Sustainable Development Goals, including universal access to affordable energy. "We finally came to this agreement.

Companies face bigger risks than cyber security threat

Contrary to popular belief a cyber security threat is not the biggest risk posed to a business operating in todays digital era.This is according to Graham Blain head of IT governance risk and compliance at Standard Bank Group speaking at ITWeb Governance Risk and Compliance 2019 in Johannesburg today.Governance risk and compliance (GRC) and IT GRC are under pressure to reinvent themselves to be relevant in this new age he pointed out.Blain noted that the biggest threat faced by businesses in the digital age is a technology risk which poses a greater threat than a cyber security risk.How many businesses can you think of that have failed outright due to cyber breaches data compromise lack of capacity planning or thirdparty risksWhile many companies have been subjected to all these business risks many such as Facebook went on to succeed even after experiencing these disasters he continued.Can you think of any business that has failed as a result of technologyrelated developments Absolutely businesses such as Nokia Polaroid Toys R Us and Kodak are among those that have failed due to disruption and their failure to innovate. Technology risk or failure to innovate should be at the top of every organisations risk list.Blain advised businesses to perform a combined risk assessment approach on both IT and the organisations operational risk ensuring proper GRC of all IT systems and processes that support the business operations.This will help businesses detect and mitigate any risk they may face either operational or in their IT systems and processes he continued.Back in 2004 the IT division was considered a support department but today it has transcended to become a business enabler and must now be regarded as an integral part of the organisation.Today in many if not most businesses IT has been thrust onto centre stage and is now the face of the business to its customers. In order for organisations to avoid disruption its products services and the entire customer experience have to be purely digita

GLENCORE PLC - GLN - Preliminary Results 2018

Wrap Text GLN - Preliminary Results 2018 Glencore plc (Incorporated in Jersey under the Companies (Jersey) Law 1991) (Registration number 107710) JSE Share Code: GLN LSE Share Code: GLEN HKSE Share Code: 805HK ISIN: JE00B4T3BW64 NEWS RELEASE Baar, 20 February 2019 Preliminary Results 2018 To view the full report on the Glencore website please click here: www.glencore.com/dam/jcr:cc9f472a-2486-4e72-8a21-5197ef393fab/GLEN-2018-Preliminary-Results.pdf To view the full report on the Johannesburg Stock Exchange portal please click here: https://senspdf.jse.co.za/documents/2018/JSE/ISSE/BIBLT/GLEN-2018-Preliminary-Results.pdf Highlights Glencore's Chief Executive Officer, Ivan Glasenberg, commented: "We are pleased to report that we have delivered both record Adjusted EBITDA and significant cash returns to shareholders in 2018. "Reflecting the strength of our uniquely diversified business model and commitment of our people, we achieved these results in a challenging operating environment. Our asset portfolio continued to deliver overall competitive all-in unit costs, which allowed the Company to capitalise on healthy average commodity prices and generate attractive margins. Adjusted EBITDA increased 8% to $15.8 billion and net income before significant items rose 5% to $5.8 billion. "Our strong cash generation underpinned $5.2 billion of announced shareholder returns and buybacks in 2018. Reflecting the strength of these cash flows, we are again recommending to shareholders a 2019 base distribution of $0.20 per share (~$2.8 billion), payable in two equal instalments in 2019.

Glencore pledges to limit coal production

Mining giant Glencore pledged on Wednesday to limit its coal production and instead prioritise investment in other commodities needed as part of a transition towards cleaner energy and transportation. "To meet the growing needs of a lower carbon economy, Glencore aims to prioritise its capital investment to grow production of commodities essential to the energy and mobility transition and to limit its coal production capacity broadly to current levels," the firm said in a statement. Switzerland-based Glencore, which also trades commodities, noted that it was well-positioned to support the transition to a lower-carbon economy with a portfolio that includes copper, cobalt, nickel, vanadium and zinc.

VUKILE PROPERTY FUND LIMITED - Interest payments: VKE13 and VKE14

Release Date: 20/02/2019 11:15 Code(s): VKE13 VKE14 Wrap Text Interest payments: VKE13 and VKE14 VUKILE PROPERTY FUND LIMITED (Incorporated in the Republic of South Africa) (Registration number 2002/027194/06) Company code: VKEI (Granted REIT status with the JSE) ("Vukile") INTEREST PAYMENTS: VKE13 AND VKE14 In accordance with the terms and conditions of the R5 000 000 000 Domestic Medium Term Note Programme dated 6 December 2018, noteholders are advised of the following information in respect of interest payments: Bond code: VKE13 ISIN: ZAG000153602 Interest period: 27 November 2018 to 26 February 2019 Coupon rate: 8.708% Capital amount due: - Interest amount due: R8 450 338.63 Interest payment date:: 27 February 2019 Business date convention: Modified following* Bond code: VKE14 ISIN: ZAG000153610 Interest period: 27 November 2018 to 26 February 2019 Coupon rate: 8.808% Capital amount due: - Interest amount due: R6 105 271.23 Interest payment date:: 27 February 2019 Business date convention: Modified following* * When the interest payment date falls on a non-business day, such interest payment will be paid on the first business day after the weekend or public holiday. However, if the first business day after the weekend or public holiday falls in a new calendar month the last business day before the weekend or public holiday will be used instead. 20 February 2019 Debt sponsor Java Capital Date: 20/02/2019 11:15:00 Produced by the JSE SENS Department.

DISTELL GROUP HOLDINGS LIMITED - Voluntary announcement - business update and executive team changes

Wrap Text Voluntary announcement - business update and executive team changes Distell Group Holdings Limited Registration number: 2016/394974/06 JSE share code: DGH ISIN: ZAE000248811 ("Distell" or "the Company") VOLUNTARY ANNOUNCEMENT - BUSINESS UPDATE AND EXECUTIVE TEAM CHANGES The Board of Directors of Distell wishes to inform shareholders and potential investors that as a result of its overall strategy to simplify its operating model, a number of changes have been made to its executive team. The realignment is aimed at strengthening execution across Distell's entire value chain and aligning the business model with the right capabilities required to grow and win in chosen markets. Four key changes include: 1. Creation of a central Growth and Innovation function with more agile and responsive innovation capabilities, insights led strategy and a digitally-enabled growth mandate to create more relevant experiences for our consumers. 2.

TIGER BRANDS LIMITED - Voluntary Trading Update for the 4 months to 31 January 2019

Wrap Text Voluntary Trading Update for the 4 months to 31 January 2019 TIGER BRANDS LIMITED "Tiger Brands" or "the Company" (Incorporated in the Republic of South Africa) (Registration number 1944/017881/06) Share code: TBS ISIN: ZAE000071080 VOLUNTARY TRADING UPDATE FOR THE 4 MONTHS TO 31 JANUARY 2019 Group revenue from continuing operations was up 1% compared with the corresponding period last year. The four months to January 2019 had 85 trading days versus 82 days last year. Excluding Value Added Meat Products (VAMP), group revenue from continuing operations was 8% higher, driven by overall price inflation of 2% and volume growth of 6%.

Nine year old boy allegedly at Curro

A newly opened Curro Holdings school has been rocked by controversy following the alleged rape of a learner within its premises.In yet another case of sexual attack in schools police in North West confirmed that they were investigating the rape of the nineyearold schoolboy at Curro Academy Mahikeng last week. According to Mahikeng police spokesperson LieutenantColonel Adele Myburgh the boy was standing outside the toilets at the elite school last Wednesday waiting for transport when he was attacked. Myburgh said investigations were continuing and no one had been arrested.The school was opened in Mahikeng in 2015.

How to thrive in the property investment arena

George Muchanya, Head of Corporate Finance at Growthpoint Properties George Muchanya, Head of Corporate Finance at Growthpoint Properties , says the questions he is most often asked are: " Should I be invested in property at all?" - and if so, "should I invest in ‘bricks-and-mortar' property or listed property shares?" Muchanya, who has 27 years of experience in the property industry spanning engineering, management, and consulting, believes that property is a long-term play. "That's the only way to look at it. You cannot invest your money and expect returns on day one.

Kumba CEO Themba Mkhwanazi on main drivers behind strong results

Kumba Iron Ore announced a healthy set of results, with headlining earnings of R30.28 per share and a final cash dividend equal to 100 per cent of HEPS. Kumba CEO, Themba Mkhwanazi spoke to CNBC Africa's reporter, Kopano Gumbi..

UPDATE 1-South Africa's EOH Holdings CEO Asher Bohbot to resign from board

(Adds background on Microsoft agreement) Feb 20 (Reuters) - South Africa's largest technology group EOH Holdings said on Wednesday its founder and Chief Executive Officer Asher Bohbot would resign from the board, effective Feb. 28. The resignation of Bohbot, who has been at the helm for 19 years, comes days after Microsoft terminated its channel partner agreement with EOH Mthombo, a unit of EOH.

Glencore to reduce coal output in response to climate change

JOHANNESBURG, February 20 (ANA) - Glencore Plc said on Wednesday that it was putting in place measures to reduce coal output in a bid to reduce greenhouse gas emissions from its operations in response to pressure from investor signatories on climate change..

7 things CEOs want to see in #Budget2019

The CEO Initiative wants government to demonstrate its commitment to fiscal discipline and growth boosting measures, and this will require unpopular choices, the CEO Initiative has said. The group issued a statement on Tuesday highlighting their expectations for the budget, which will be delivered by Finance Minister Tito Mboweni in Parliament on Wednesday February 20. The CEO Initiative is composed of business leaders from various sectors, and is led by businessman and chairman of both Telkom and Eskom, Jabu Mabuza.

These wipes are all the rage in the sneaker cleaning business

GQ January 21, 2019 Sneaker culture has grown from a subculture to a global industry, and South Africans have been celebrating this culture through sneaker exchange shows. Sneakers have become an investment, and so is having the right products to keep them clean and protected. Sneaker LAB has a range of these in high quality, and the bonus is, they are environmentally friendly.

Young boy allegedly raped in private school bathroom

Police are investigating a case of rape after a nine-year-old boy was allegedly dragged into a bathroom and raped at a Curro Academy school. Police spokesperson Lt-Col. Adele Myburgh said the boy was waiting for transport to pick him up after school last week.

Robbers target a business on the old Middelburg road

A security guard was stunned when uninvited guests surprised him at a business on the old Middelburg Road. He reported that on January 29 he was doing his patrols when someone grabbed him on the shoulder and ordered him to lie down. He was on the floor and alleged that he saw six other males pointing firearms at him, tied his hands with cable ties and left him there.

All change for EOH board

Asher Bohbot has resigned as chairman of EOH Holdings, citing King IV compliance that states a former CEO should not serve as chairman of a company for a period of three years. Bohbot, a founder of EOH, was CEO for 19 years. He has resigned, effective 28 February, but will remain with the group in an advisory capacity until 31 July.

Black Business Council President Sandile Zungu on developing an inclusive economy

By The Breakfast with David Team The President of the Black Business Council Sandile Zungu says it will be hard to persuade long term investors when there is no security of power supply. He was responding to a question about the crisis that power utility Eskom is in. Zungu says power supply is very critical in attracting foreign direct investment in the country.

The Doctor is IN, the Doctor is OUT

Photo: Iqbal Surve/Flickr/CC BY-NC-SA 2.0 Print Email Apart from Eskom and power cuts, some of our media have been giving a lot of attention to Ayo, Sekunjalo, the PIC, its deals and funding. What makes the coverage unusual is that at the centre of much of it is the owner of Independent Media, Dr Iqbal Survé. The issues being covered in the stories are complex, and it appears that there is a deliberate attempt to shift the story from understanding deals and wrongdoing to a "he said, she said" scenario where issues are muddied, and the public, instead of being left with a clear picture of what is going on and who has done what, is left wondering what on earth is going on.

EOH founder resigns as company shakes up board

EOH founder Asher Bohbot has resigned from the board effective February 28, the company has announced. In a SENS statement, the company, a technology services provider, said Bohbot, who was a non-executive chairman and CEO for 19 years, will continue to serve on an advisory basis and assist the Group until July 31. This comes as EOH shares fell more than 14% on Monday in the wake of Microsoft's decision to terminate contracts with one of its subsidiaries last week.

App-based delivery men highlight India's growing gig economy

Suraj Nachre works long hours and regularly misses meals but he treasures his job as a driver for a food delivery startup — working in a booming industry that highlights India's expanding apps-based gig-economy. The increasing use of food-ordering apps such as Zomato gives a much-needed opportunity for Indians to make money | © AFP | CHANDAN KHANNA Mumbai (AFP) | The 26-year-old is one of hundreds of thousands of young Indians who, armed with their smartphones and motorcycles, courier dinners to offices and homes ordered at the swipe of a finger. A surge in the popularity of food-ordering apps like Uber Eats and Swiggy provides a welcome source of income for many as India's unemployment rate sits at a reported 45-year high.

Picture emerging from Anglo companies saying Charter needs amendment on renewals

By Charlotte Mathews - February 19, 2019 Share on Facebook Tweet on Twitter KUMBA Iron Ore is concerned that an important aspect of the Mining Charter - gazetted last September - may be difficult to implement which will have an adverse and unintended consequence for the industry, CEO Themba Mkhwanazi said on Tuesday. Mkhwanazi, however, welcomed an aspect of the very latest amendment to the charter which was gazetted in December and requires the first reports by mining companies on their charter progress to be submitted in March 2020. But it's the substance of the September version of the charter which was retained through to December that calls on the renewal of mining licences once they have expired. Speaking on a media call following Kumba's full year results, Mkhwanazi said the Minerals Council is continuing to engage with the mines minister, Gwede Mantashe, especially around the guidelines for implementation in the charter. He did not rule out the possibility of further changes. Chris Griffith, CEO of Anglo American Platinum - which is also part of the Anglo American group - highlighted similar concerns regarding the Mining Charter. Asked by Miningmx for his view on future amendments to the Mining Charter, Griffith said they might occur and turn on the High Court hearing in November 2017 which found that once mining companies had met empowerment goals, they were always empowered. The Mining Charter as gazetted in December insists that once mining licences have expired, mining companies are required to re-empower themselves. Said Griffith: "We have mining licences that last for 20 years so it's not an immediate risk for us, but there are companies that have to renew their licences.

Nine year old boy allegedly at Curro

A newly opened Curro Holdings school has been rocked by controversy following the alleged rape of a learner within its premises. In yet another case of sexual attack in schools, police in North West confirmed that they were investigating the rape of the nine-year-old schoolboy at Curro Academy Mahikeng last week. According to Mahikeng police spokesperson Lieutenant-Colonel Adele Myburgh, the boy was standing outside the toilets at the elite school last Wednesday, waiting for transport, when he was attacked.

Anonymous complaint prompted Microsoft to cancel EOH contract

EOH Holdings Ltd, the South African IT company reeling after an anonymous complaint prompted Microsoft Corp to abruptly cancel a contract, has created an app that will make that process easier for future whistleblowers. Expose-It, which was made available for download on Monday, enables those with sensitive information about their company or organization to pass it on to relevant authorities without fear of being identified. The app is designed to encourage "the safe, anonymous exposure of wrongdoing, both within EOH and without," chief executive officer Stephen van Coller said in an email to employees.

Only time will tell - five themes forecasted by luxury watch brands at SIHH The timepieces trends to watch out for in 2019

With the US government in shutdown mode, Brexit uncertainties and hints at another global recession, who knows what 2019 holds. However it turns out, we should be the very best versions of ourselves, living the very best lives we possibly can relative to our circumstances, as if each day was our last. This sentiment appears to be shared by the watch industry, if this year's releases so far are anything to go by.  VINTAGE IS ADVANTAGE "Vintage" is an even more prominent theme, not only through homage editions, but due to the boom in the secondary market and because the big luxury brands are entering the fray with certified pre-owned channels.

Food24.com | See inside Wolfgat, the world's best restaurant with chef Kobus van der Merwe

See inside Wolfgat, the world's best restaurant with chef Kobus van der Merwe Chef Kobus van der Merwe's belief in sustainable, back-to-basics cooking won over the judges of the inaugural World Restaurant Awards in Paris. 20 Feb 2019 A small South African spot called Wolfgat  was named Restaurant of the Year and best destination restaurant at the first-ever World Restaurant Awards   in Paris on Monday, drawing the eyes of the globe to remote Paternoster on the West Coast. ALSO READ:  How Wolfgat's win at The World Restaurant Awards changed the way we think about food awards The restaurant's soft-spoken chef, Kobus van der Merwe  (also Eat Out S.Pellegrino & Acqua Panna Chef of the year) has long been a champion of SA's indigenous ingredients, many of which he forages himself from the sand and rocks alongside the shimmering sea.  Strandveld, or beach vegetation, is used in the finely crafted seven-course menu, which heroes hand-picked dune spinach, seaweed, soutlaai and more.

WATCH: UASA says Amcu strike will do more harm than good to SA mining industry

Johannesburg 19 February 2019 , AMCU President Joseph Mathunjwa held a press briefing to announce a secondary strike by union members in support of the prolonged stay away at Sibanye Stillwater which has been going on since November 21 2018 in Sandton Johannesburg.Picture: Simphiwe Mbokazi/African News Agency(ANA). JOHANNESBURG - Trade union UASA on Wednesday urged other unions to work towards saving jobs at Sibanye-Stillwater, saying that calls for disinvestment were "irresponsible" and would do more harm than good. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video This comes after the Association of Mineworkers and Construction Union (Amcu) on Tuesday called for disinvestment from Sibanye and threatened a secondary strike at platinum miners in solidarity with about 15,000 members at Sibanye gold mines who have been on strike since November 2018.

MTN's Simfy Africa Appoints Oyebowale Akideinde As Head of OTT Music…

MTN Launches MusicTime!, A Music Streaming Service Simfy Africa announced on Wednesday the appointment of Oyebowale Akideinde as head of Over the Top (OTT) Music Services. The appointment is effective 1 February 2019 and MTN says Akideinde will enhance the company's digital music streaming services to its customers across Africa and the Middle East. Last November, MTN announced that it has acquired Simfy Africa, a local music streaming service.

Italy's Terna taps Santander to raise cash for Latam business - sources

By Stephen Jewkes and Pamela Barbaglia MILAN/LONDON, Feb 20 (Reuters) - Italian power grid operator Terna has hired Spanish bank Santander to scout investors that could plough cash into its transmission businesses in Brazil, Peru and Uruguay, four sources familiar with the matter told Reuters. Terna could raise 200 million to 300 million euros from the process, two of the sources said. The process kicked off recently and aims to raise funds to help Terna strengthen its footprint in Latin America, the sources said. Terna and Santander declined to comment. Italy's state-controlled power transmitter ranks as one of the world's biggest power grid players with a market value of 10 billion euros ($11.4 billion). But it heavily relies on the Italian market where it makes most of its money from returns set by the regulator to help it improve the country's high voltage transmission grid. As part of its diversification push, Terna is looking to non-regulated businesses and international developments where investments could command fatter returns, fuelling earnings and dividend payments. Terna counts State Grid Corporation of China as its second-biggest shareholder, after state lender Cassa Depositi e Prestiti. One of the sources described South America as a "good platform to boost growth". The Rome-based company has concessions to develop power transmission lines in Brazil, Uruguay and Peru where it has pledged to invest around 245 million euros to 2022. It recently unveiled a new 158 km power line in Brazil to carry power produced from wind farms in the south of the country into the national grid. With over 80 percent of electricity produced from green sources and wind production on the rise, Brazil is seen as one of the world's top energy markets. "Early days but there's been a lot of interest in the Brazilian assets,"

Glencore will 'vigorously contest' $680 million tax demand

LONDON, Feb 20 (Reuters) - Glencore on Wednesday said it would "vigorously contest" a $680 million tax demand from the British authorities linked to transfer pricing. The Swiss-based mining and trading company has offices in London and is London-listed. In its results statement on Wednesday, it said the British tax authorities "issued formal transfer pricing, permanent establishment and diverted profits tax assessments for the 2008 - 2017 tax years, amounting to $680 million".

End of an era for Asher Bohbot

Founder Bohbot resigns as chairman of EOH as part of a governance overhaul Founder Asher Bohbot resigned as chairman of EOH as part of a governance overhaul at the technology group that has seen its share price plummet following graft allegations. The share price has dropped more than 90% from its highs less than three years ago, a slide that became steeper the past week after reports that Microsoft cut ties with the company due to an allegedly corrupt contract with SA's department of defence. On Wednesday the share price jumped almost 13% to close at R16.47 as the markets reacted to Bohbot's resignation. Along with Bohbot, fellow founder Rob Sporen and two other directors — non-executive Tshilidzi Marwala and head of human resources Tebogo Maenetja — will also step down from the board at the end of February. Bohbot initially stepped down as EOH CEO in June 2017 but returned nine months later as chairman to steady the ship as some investors lost confidence in the leadership due to a succession of bad news, including allegations of corruption related to government tenders. Zunaid Mayet was appointed as Bohbot's successor as CEO, but relinquished his role in June 2018 to take up a new role within the company.

LISTEN: Business Unity SA says Mboweni's #Budget2019 is not bold enough

Minister of Finance Tito Mboweni delivers the 2019 budget speech on Wednesday. Business Unity South Africa president Sipho Pityana has said that Mboweni has not addressed the fundamental challenges for South Africans and the economy. Picture: Phando Jikelo/African News Agency(ANA) LISTEN: JOHANNESBURG - Business Unity South Africa (Busa) said on Wednesday that it was disappointed at the lack of bold steps to contain government debt in the budget, saying that the budget lacked reforms to turn the tide on low economic growth.

SA business advisory service flourishes

Ariston Global, reported financial year growth of 91 percent, recording more than 50 percent growth since the previous year..

LISTEN: Zondo commission to tackle Eskom

The commission of inquiry into state capture will this week begin hearings into corruption at state-owned enterprises - starting with Eskom. Evidence leader Vincent Maleka told the commission on Wednesday that his team will begin with evidence relating to procurement and load-shedding. Various officials, including  Eskom executive Thabani Mashego and board chairman Jabu Mabuza, will testify at the commission.  The commission's probe is based on several reports on the power utility, including a report by Parliament's public enterprise's committee, the National Energy Regulator's report on load-shedding in 2008 and former public protector Thuli Madonsela's report into state capture.  Maleka said central to the probe into Eskom is its contract with Gupta-owned Tegeta mine to supply coal.  "You would have picked up from that memo that the introduction of Tegeta into that mine (Optimum Coal Mine) arose in 2015, under circumstances that were worrisome.

Glencore will 'vigorously contest' $680m tax demand

LONDON - Glencore on Wednesday said it would "vigorously contest" a $680-million tax demand from the British authorities linked to transfer pricing. The Swiss-based mining and trading company has offices in London and is London-listed. In its results statement on Wednesday, it said the British tax authorities "issued formal transfer pricing, permanent establishment and diverted profits tax assessments for the 2008 - 2017 tax years, amounting to $680-million". Transfer pricing happens when multinationals sell to their parent or subsidiaries abroad at lower prices, potentially avoiding taxes if they lead to the declaration of lower earnings or even losses. In its results statement, Glencore said it was contesting the assessments following "various legal opinions received and detailed analysis conducted, supporting its positions and policies applied". The world's biggest listed miner BHP late last year signed an agreement with the Australian Taxation Office (ATO) to settle a transfer pricing dispute regarding its marketing operations in Singapore. Glencore on Wednesday reported record core profit of $15.77-billion for 2018, although its trading division's earnings before interest and tax dropped by 17% to $2.4-billion..

Discovery Business Insurance - innovative business insurance cover

Discovery Business Insurance is not your traditional insurance offering. Instead it offers a product that looks at businesses as a whole to help create better and higher performing businesses that can manage their risks. With our business insurance product, we strive to offer the kind of cover that makes a real difference.

SA business advisory service flourishes

Ariston Global, reported financial year growth of 91 percent, recording more than 50 percent growth since the previous year..

Here are the highlights to the Budget Speech 2019

Where to watch the Budget Speech 2019 - 11 hours ago Water Wednesday: Last week's rain made a huge impact on SA's dam levels - 12 hours ago Tuesday Life Hack: This toothpaste hack will end your cleaning woes - 1 day ago Draft municipal spatial development framework (MSDF) 2019 - 2020 - 10 hours ago Private Property acquires Property Buyer Show - 12 hours ago Enjoy great vibes at Tap & Board, Glenashley - February 14, 2019 Caxton Digital introduces travel offering with Safari.com - February 6, 2019 Eat these foods and get a full night's rest - February 6, 2019 Putin warns new missiles could target ‘decision-making centres' - 7 hours ago Finger bone points to early humans in Arabia - 7 hours ago Glencore vows to cap coal output as profits tumble - 7 hours ago 400,000 yr-old half-skull points to mystery people - 8 hours ago South Korea retracts guidelines on look-alike K-pop stars - 10 hours ago Search News feed The 2019 National Budget Speech took place at 2pm this afternoon when Finance Minister Tito Mboweni addressed parliament over the allocation of state funds. 22 mins ago Mboweni, who has taken over the position of Finance Minister from his predecessor Nhlanhla Nene had a mammoth task ahead of him. [Watch] Minister Tito Mboweni arriving in Parliament for the #Budget2019 #RSABudget2019 pic.twitter.com/326Cm56tG1 — South African Government (@GovernmentZA) February 20, 2019 The Budget Speech highlighted key commitments by government and the allocation of funds in different departments including SEOs.

Black Iron in talks with Glencore to finance Ukraine iron project

Canadian junior Black Iron on Wednesday announced that it had signed of a nonbinding memorandum of understanding with a subsidiary of Glencore, pursuant to which the parties agreed to engage in formal negotiations to finance the construction of the Shymanivske iron-ore project, in Ukraine. The agreement contemplates Glencore making an investment to help fund construction of the project in exchange for securing the offtake of up to the full Phase 1 planned production of four-million tonnes a year. The Phase 1 of Shymanivske will require a capital investment of $436-million, the company previously said. Black Iron said that the agreement allowed for allocation of offtake to other equity investors subject to the investment terms offered being equal or superior to those proposed by Glencore. It also noted that it was discussion with other companies that had expressed strong interest in securing supply of the high-grade iron-ore concentrate expected to be produced from the project, in exchange for providing construction financing.

AB InBev buys booze brands and David&Goliath lands an insurance client: Marketer's Brief

Click-and-collect is winning Click-and-collectwhich refers to consumers buying online but picking up in storehas become a potent weapon for retailers against Amazon, according to a new survey of 2,000 consumers by Doddle, which makes technology to enable online ordering for offline pickup. Doddle finds 70 percent of shoppers have made multiple click-and-collect purchases, and 85 percent of them have made an additional in-store purchase when they do. Even discounting a self-interested tech vendor's survey, consider the lackluster-for-Amazon 18-percent growth in North American goods and services sales the (mostly) online retailer reported last quarter.

SA business advisory service flourishes

Business advisory specialist, Ariston Global, reported financial year growth of 91 percent, recording more than 50 percent growth since the previous year. Photo: Supplied DURBAN - Business advisory specialist, Ariston Global, reported financial year growth of 91 percent, recording more than 50 percent growth since the previous year.  This exponential growth according to Reginald Pillay, group managing director, finance and operations at Ariston Global, lies in the business advisory services offered and how these are packaged to clients of all sizes, including the small and medium sector.  The group plans to expand its reach into Africa, and will also leverage growth opportunities within the UK. "There is a clear gap in the market for an advisory role spanning across all business areas.

Right2Know wants state capture commission to probe broadcasters

There is an urgent need for a full and transparent investigation into how state capture could have affected the broadcasting and media sector in South Africa, according to the Right2Know Campaign (R2K). The organisation describes itself as a coalition of people and organisations concerned with promoting openness and the free flow of information. The group, in an open letter, has urged Deputy Chief Justice Raymond Zondo, chair of the judicial commission of inquiry into state capture, to investigate what it calls "evidence and allegations of state capture and associated corruption in South Africa's broadcasting sector".

How beneficial are local cloud data centres for SA business?

There has been an increase in interest by multinationals in the deployment of local cloud data centres in South Africa over the past year, with a few already announcing their intentions to do so. But what does this mean exactly for local businesses? Almost everything is, or will be, moving to the cloud due to the efficiency, flexibility and strategic value that it affords. Businesses can find benefits in the migration of both applications and infrastructure to the cloud, so it's only natural for data centres to make the same move.

App-based delivery men highlight India's growing gig economy

Suraj Nachre works long hours and regularly misses meals but he treasures his job as a driver for a food delivery startup — working in a booming industry that highlights India's expanding apps-based gig-economy. The increasing use of food-ordering apps such as Zomato gives a much-needed opportunity for Indians to make money | © AFP | CHANDAN KHANNA Mumbai (AFP) | The 26-year-old is one of hundreds of thousands of young Indians who, armed with their smartphones and motorcycles, courier dinners to offices and homes ordered at the swipe of a finger. A surge in the popularity of food-ordering apps like Uber Eats and Swiggy provides a welcome source of income for many as India's unemployment rate sits at a reported 45-year high.

Asher Bohbot to leave EOH

EOH chairman Asher Bohbot EOH Holdings founder Asher Bohbot is stepping down from the JSE-listed IT services group's board of directors, ending a source of potential conflict with newly appointed CEO Stephen van Coller. Bohbot, who led EOH for 19 years — building it into one of the largest IT companies in Africa — will leave at the end of the month. His exit comes as Van Coller attempts to improve corporate governance at EOH as fresh allegations of corruption involving the group's public sector dealings emerge.

Nine-year-old boy raped at #Curro

Picture: Supplied Johannesburg - A Curro Holdings school has been rocked by controversy following the rape of a learner within its premises. In yet another case of sexual attack in schools, police in North West confirmed that they were investigating the rape of the nine-year-old schoolboy at Curro Academy Mahikeng last week. According to Mahikeng police spokesperson Lieutenant-Colonel Adele Myburgh, the boy was standing outside the toilets at the elite school last Wednesday, waiting for transport, when he was attacked.

EOH chair Asher Bohbot resigns to comply with King 4

The group also announced the resignations of nonexecutive directors Rob Sporen and Tshilidzi Marwala EOH chair Asher Bohbot is stepping down to comply with King 4 rules, which state that a former CEO should not head a company's board for three years after resigning. Bohbot, EOH's founder and CEO for 19 years until July 2017, was appointed its nonexecutive chair in March 2018, replacing Sandile Zungu. The information technology group also announced on Wednesday morning the resignations of nonexecutive directors Rob Sporen and Tshilidzi Marwala for reasons "also aligned with King 4's stipulation on board member independence". Furthermore, human resources executive Tebogo Maenetja is leaving EOH at the end of April to assume a senior executive position with a large international business. Maenetja's appointment as human resources executive was made in the same statement in March 2018 that announced Bohbot would be rejoining the group as chair. EOH said a process to appoint new board members is under way and shareholders will be advised of such appointments in due course. "I have confidence in EOH's management and believe that the new strategy, which is in advanced stages of implementation, will be beneficial to all our stakeholders," Bohbot said in the statement. The resignations of the three board members and human resources executive on Wednesday morning follow a crash in EOH's share price after Microsoft refused to allow the group to continue selling its products after a whistle-blower handed information involving an SA government contract to the US Securities and Exchange Commission.

App-based delivery men highlight India's growing gig economy

Suraj Nachre works long hours and regularly misses meals but he treasures his job as a driver for a food delivery startup — working in a booming industry that highlights India's expanding apps-based gig-economy. The increasing use of food-ordering apps such as Zomato gives a much-needed opportunity for Indians to make money | © AFP | CHANDAN KHANNA Mumbai (AFP) | The 26-year-old is one of hundreds of thousands of young Indians who, armed with their smartphones and motorcycles, courier dinners to offices and homes ordered at the swipe of a finger. A surge in the popularity of food-ordering apps like Uber Eats and Swiggy provides a welcome source of income for many as India's unemployment rate sits at a reported 45-year high.

Africa: One of Africa s Poorest Start-Up Markets Wants to Up Its Game

[Innovation in Africa] Smaller African countries have a tough time making much of an impact on the noisy African start-up news hyper-sphere. It s not easy being innovative in small, tech-poor markets. Russell Southwood looks at how recent initiatives in Mali are seeking to tackle the problem..

App-based delivery men highlight India's growing gig economy

Suraj Nachre works long hours and regularly misses meals but he treasures his job as a driver for a food delivery startup — working in a booming industry that highlights India's expanding apps-based gig-economy. The increasing use of food-ordering apps such as Zomato gives a much-needed opportunity for Indians to make money | © AFP | CHANDAN KHANNA Mumbai (AFP) | The 26-year-old is one of hundreds of thousands of young Indians who, armed with their smartphones and motorcycles, courier dinners to offices and homes ordered at the swipe of a finger. A surge in the popularity of food-ordering apps like Uber Eats and Swiggy provides a welcome source of income for many as India's unemployment rate sits at a reported 45-year high.

WATCH: Rand trades firmer ahead of the #Budget2019 Speech

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Oakbay gets a March 25 liquidation deadline

Gupta brothers, Ajay and Atul. Gupta-owned Oakbay Investments has until March 25 to oppose a liquidation application lodged at the High Court in Johannesburg. File Photo: IOL JOHANNESBURG - Gupta-owned Oakbay Investments has until March 25 to oppose a liquidation application lodged at the High Court in Johannesburg over a R2.4?million debt by Tegeta Exploration and Resources.

EOH founder Asher Bohbot leaving the company

EOH has announced that Asher Bohbot - founder, non-executive chairman, and CEO for 19 years - is resigning from the company's board. "Mr. Bohbot will, on an advisory basis, assist the group until 31 July 2019 in the implementation of the strategy shared with the market recently," said EOH. It added that the movie is in accordance with King IV - that a former CEO should not serve as chairman of the board until a three-year cooling off period has been observed. "I have confidence in EOH's management and believe that the new strategy, which is in advanced stages of implementation, will be beneficial to all our stakeholders," said Bohbot. Rob Sporen, founding member of EOH and non-executive director, will also resign from the board after 20 years of service, said EOH. Additionally, Tshilidzi Marwala, a non-executive director, and Tebogo Maenetja, HR executive director, will resign from the board effective 28 February and 31 March respectively. The resignations follow a reprot that an EOH subsidiary was involved in a corrupt R120-million contract with the South African Department of Defence. This resulted in Microsoft terminating its partnership agreement with EOH - which sent its share price plunging last week. EOH CEO Stephen Coller has encouraged anyone with evidence of unethical business practices within the company to come forward so that the problems can be rooted out..

#StateCaptureInquiry: Eskom board chairperson Jabu Mabuza to testify on Friday

Eskom chairperson Jabu Mabuza. Picture: Simphiwe Mbokazi/African News Agency/ANA Johannesburg - Eskom board chairperson Jabu Mabuza will be the first witness to take the stand at the inquiry as it starts its investigation into state capture allegations at the power utility.  The commission's legal team led by Advocate Vincent Maleka said Eskom would be the first state-owned enterprise to be investigated because of its important role and its complexity as well as its large revenue.  Maleka set out the timetable that will be followed regarding the Eskom phase of the investigation which is expected to take several weeks.  Mabuza is expected to wrap-up his testimony on Monday, February 25. Maleka says from Mabuza, the commission expects to get a sense of what the new board which was appointed last year is doing to clean up Eskom.

FTSE 100 rises on Lloyds, Glencore's plans to return cash

(For a live blog on European stocks, type LIVE/ in an Eikon news window) * FTSE 100 up 0.3 pct * FTSE 250 up 0.1 pct * Sainsbury's tanks as CMA objects to Asda deal * Glencore, Lloyds lead main index's * Among mid-caps Intu Properties slips falls Feb 20 (Reuters) - Britain's FTSE 100 rose on Wednesday as Lloyds and Glencore gained after promising to return cash to shareholders, but Sainsbury's slumped after regulators objected to its takeover of Walmart's Asda. The FTSE 100 was up 0.3 percent and the FTSE 250 up 0.1 percent by 0844 GMT. A decline by shopping centre owner Intu limited gains on the mid-cap index. Sainsbury's fell nearly 13 percent after Britain's competition regulator said its deal with Walmart-owned Asda should either be blocked entirely or require the sale of a significant number of stores and possibly one of the brands. The stock was on track for its worst day since October 2008. Shares of Morrisons and Tesco tumbled as well. "The implication of these proposals are that an exit of Walmart from the UK grocery market now seems less likely," Jefferies analysts said. Intu Properties dropped 10 percent after it scrapped its dividend, under pressure from several retail bankruptcies. Shares of rival Hammerson fell 3 percent. Glencore rose 3 percent after announcing a $2 billion share buyback and an 8 percent rise in full-year adjusted core earnings. Lloyds Banking Group shares was among those gaining the most.

UASA says Amcu strike will do more harm than good to SA mining industry

Trade union UASA on Wednesday urged other unions to work towards saving jobs at Sibanye-Stillwater, saying that calls for disinvestment were "irresponsible" and would do more harm than good. This comes after the Association of Mineworkers and Construction Union (Amcu) on Tuesday called for disinvestment from Sibanye and threatened a secondary strike at platinum miners in solidarity with about 15,000 members at Sibanye gold mines who have been on strike since November 2018. Sibanye announced last week that it would begin consultation on the section 189 process that could result in the retrenchments of more than 6,600 workers, including contractors, at its gold operations in Beatrix and Driefontein in South Africa due to losses during the past financial year.

EOH launches whistleblower app chairman Bohbot resigns

The launch of a whistleblowing tool for staff by JSElisted EOH may be a little on the nose after an anonymous complaint by a whistleblower reportedly caused the cancellation of a major contract with tech powerhouse Microsoft.The IT services company last week confirmed that Microsoft had given notice of its intention to terminate its channel partner agreement with EOH Mthombo one of its subsidiaries with 30 days notice. It said the termination could potentially result in profit impact of approximately R10 million in the current financial year.Yesterday EOH said Microsoft had still not officially provided any confirmation for the reasons for the notice.However TechCentral this week reported that Microsoft terminated the contract after an anonymous whistleblower filed a complaint with the United States Securities and Exchange Commission about alleged malfeasance to do with a R120 million contract with SAs Department of Defence.In a SENS statement yesterday EOH CEO Stephen van Coller said he encourages anyone who has evidence to please come forward so we can root out any historical unethical business practices both within EOH and the broader country.This as the company this week launched a mobile app for whistleblowing called EXPOSEit. A post on the EOH Forensic Services Web site says EXPOSEit is a powerful whistleblowing tool to provide a safe 100% anonymous and confidential voice to employees who may be victims of or bear witness to inappropriate behaviour of any kind that could impact on them directly or on their institution or organisation.The free mobile app is available to all employees for download to any Android or iOs device.It is used as a highly effective tool to anonymously communicate by way of a simple report or a twoway conversation with a trained independent control centre operator who will debrief the reporting user and assist them as is appropriate.

Boy, 9, allegedly raped at elite school

A NEWLY opened Curro Holdings school has been rocked by controversy following the alleged rape of a learner within its premises. In yet another case of sexual attack in schools, police in North West confirmed that they were investigating the rape of the nine-year-old schoolboy at Curro Academy Mahikeng last week. According to Mahikeng police spokesperson Lieutenant-Colonel Adele Myburgh, the boy was standing outside the toilets at the elite school last Wednesday, waiting for transport, when he was attacked.

Putin reiterates call for ‘business freedom' in Russia as US investor languishes in prison

Michael Calvey, the founder of the Baring Vostok private equity firm, has been placed in pre-trial detention for fraud but says this follows a shareholders' dispute Moscow — Russian President Vladimir Putin called for fewer criminal proceedings against businesses on Wednesday, days after the arrest of a prominent US investor in Moscow. "In order to achieve the great tasks our country faces, we need to get rid of everything that limits business freedom," Putin said in his annual state of the nation address. He said "honest businesses" should not "constantly feel the risk of criminal or administrative punishment". A business can fall apart due to probes "launched for unclear reasons", causing 130 people on average to lose their jobs, Putin said. Last week, Russia arrested prominent US and French investors on suspicion of fraud. The arrest of the American head of a major investment firm Michael Calvey sent shockwaves through Western business circles.

EOH launches whistle-blower app, chairman Bohbot resigns

The launch of a whistle-blowing tool for staff by JSE-listed EOH may be a little on the nose after an anonymous complaint by a whistle-blower reportedly caused the cancellation of a major contract with tech powerhouse Microsoft. The IT services company last week confirmed that Microsoft had given notice of its intention to terminate its channel partner agreement with EOH Mthombo, one of its subsidiaries, with 30 days' notice. It said the termination could potentially result in profit impact of approximately R10 million in the current financial year. Yesterday, EOH said Microsoft had still not officially provided any confirmation for the reasons for the notice. However, TechCentral this week reported that Microsoft terminated the contract after an anonymous whistle-blower filed a complaint with the United States Securities and Exchange Commission about alleged malfeasance to do with a R120 million contract with SA's Department of Defence. In a SENS statement yesterday, EOH CEO Stephen van Coller said he encourages "anyone who has evidence to please come forward so we can root out any historical, unethical business practices both within EOH and the broader country". This as the company this week launched a mobile app for whistle-blowing, called EXPOSEit. A post on the EOH Forensic Services Web site says EXPOSEit "is a powerful whistle-blowing tool to provide a safe, 100% anonymous and confidential voice to employees who may be victims of, or bear witness to, inappropriate behaviour of any kind that could impact on them directly or on their institution or organisation". The free mobile app is available to all employees for download to any Android or iOs device. "It is used as a highly effective tool to anonymously communicate by way of a simple report or a two-way conversation, with a trained, independent control centre operator who will debrief the reporting user and assist them as is appropriate.

UPDATE 1-Sainsbury's sinks but Lloyds, trade hopes support FTSE 100

* FTSE 100 up 0.1 pct * FTSE 250 up 0.2 pct * Sainsbury's tanks as CMA objects to Asda deal * Financials, miners lead main index higher * Intu Properties slips among mid-caps * Flybe soars on alternate financing proposal (Adds company news items, analyst comment, updates share moves) Feb 20 (Reuters) - Britain's FTSE 100 rose as Lloyds gained after promising to return cash to shareholders and optimism prevailed around the China-U.S. trade talks, while Sainsbury's slumped after regulators objected to its takeover of Walmart's Asda. The FTSE 100 was up 0.1 percent and the FTSE 250 up 0.2 percent by 0951 GMT.

EOH shares tumble for third day as founders quit

EOH Holdings said two of its founders resigned in a board shake-up as CEO Stephen van Coller races against time to restructure the South African technology firm and calm investors and lenders. The exodus, which saw four of EOH's seven directors quit, comes on the day the members were up for re-election at the Johannesburg-based company's annual general meeting. It also comes after an anonymous complaint prompted Microsoft to abruptly cancel two partner agreements, causing the shares to plummet.

Vodafone Ghana appoints Obo-Nai as first Ghanaian CEO

Vodafone Ghana has appointed Patricia Obo-Nai as its new Chief Executive Officer (CEO) with effect from 1st April 2019. Obo-Nai is a member of Vodafone Ghana's Executive Committee and is the first Ghanaian to be appointed CEO of Vodafone Ghana. An Engineer by profession, she comes into her new role with 22 years of experience in Information Technology (IT) and Telecommunications.

CVS Health's forecast points to more pain at long-term care business

(Adds analyst comment, background on Omnicare deal, shares) Feb 20 (Reuters) - CVS Health Corp blamed weakness in its long-term healthcare business for a shortfall in its full-year profit forecast, indicating more troubles at the unit it bought about four years ago. The company's shares fell 7 percent as it also revealed a $2.2 billion goodwill impairment charge related to the business, which houses the Omnicare unit, in the fourth quarter, taking the total charges at the unit to more than $6 billion in the past year. The Omnicare business, which the company bought for about $10 billion in 2015, provides prescription drugs to nursing homes and other long-term care centers. It has been hit by lower occupancy rates in skilled nursing facilities and reimbursement pressures in the past few quarters. "The long-term care business has continued to experience industry wide challenges that have impacted our ability to grow the business at the rate that was originally estimated when the company acquired Omnicare," the company said in a statement. CVS said the unit's final budget for 2019 showed a significant deterioration in its forecasts for 2019, resulting in further updates to its long-term forecast beyond 2019. "We are taking comprehensive actions to move past them," Chief Executive Officer Larry Menlo said. The company, which bought health insurer Aetna last year, forecast full-year 2019 adjusted profit of $6.68 per share to $6.88 per share, while analysts on average currently expect $7.41 per share, according to IBES data from Refinitiv. Evercore ISI analysts said the main issues with the company appeared to be long-term care challenges, pharmacy reimbursement pressure, lower drug price rise and questions around rebates. For the fourth quarter, CVS Health earned $2.14 per share excluding items, beating the average estimate of $2.05 per share. Same-store sa

AngloGold's Colombia soil study cannot be halted by mayor - provincial authority

BOGOTA - Miner AngloGold Ashanti can resume a soil study halted by a municipal council ban on mining activities, the environmental authority in Colombia's Antioquia province said. The mayor of the town of Jerico had ordered a suspension of the work in January after the council voted late last year to ban mining in the area. In a decision dated February 18, Corantioquia said it was lifting the stoppage on AngloGold copper subsidiary Minera Quebradona and resolving two environmental complaints filed by a citizen against the company. "Non-compliance with a municipal law is not an argument for invoking the power of prevention," Corantioquia said, adding that the measure did not specify any tangible environmental harm caused by the company's work. Complaints by a citizen that Quebradona was causing damage in two ravines were also dismissed by the authority after visits to the sites.

EOH HOLDINGS LIMITED - Results of Annual General Meeting

Wrap Text Results of Annual General Meeting EOH Holdings Limited Incorporated in the Republic of South Africa (Registration number 1998/014669/06) Share code: EOH ISIN: ZAE000071072 ("EOH" or "the Company") RESULTS OF ANNUAL GENERAL MEETING Shareholders are advised that, at the Annual General Meeting of EOH held on 20 February 2019, all the resolutions as set out in the notice of Annual General Meeting were passed by the requisite majority of shareholders. The following resolutions were withdrawn from the Annual General Meeting following the announcement on SENS on 20 February 2019 regarding the resignation of these directors: - "Ordinary resolution 1.1: To ratify and confirm the appointment of Asher Bohbot"; - "Ordinary resolution 1.2: To ratify and confirm the appointment of Tebogo Maenetja"; - "Ordinary resolution 2.3: To appoint Tshilidzi Marwala as member of the Audit Committee"; and - "Ordinary resolution 2.4: To appoint Rob Sporen as member of the Audit Committee". The following resolutions were withdrawn from the Annual General Meeting as they were considered to be redundant, as announced on SENS on 12 February 2019: - "Ordinary resolution 5: General approval to issue ordinary shares for cash"; and - "Ordinary resolution 6: Approval to issue ordinary shares for cash for B-BBEE purposes". The number of shares voted in person or by proxy was 174 900 141 representing 81% of the total issued share capital of the same class of EOH shares. The resolutions proposed at the meeting, together with the percentage of shares abstained, as well as the percentage of votes carried for and against each resolution, are set out below: % of votes % of votes carried for the against the % of shares Resolution resolution resolution abstained Ordinary Resolution 1: Appointments of executive

#StateCaptureInquiry: Focus on Eskom reports as Jabu Mabuza set to testify

Picture: Karen Sandison/African News Agency(ANA Johannesburg - The Zondo commission is expected to use a number of reports compiled on Eskom to bulk-up its investigation into state capture at Eskom.  Advocate Vincent Maleka, for the commission's legal team, said the reports, which include Parliament's Eskom inquiry report and the state capture report, would be used and on Wednesday he placed them on record for the commission.  Maleka said there were a number of gaps in the reports which the commission would have to fill in with its own investigations. Another report is the Dentons report which Eskom had for a long time blocked from being made public. The report was critical in its assessment of the power utility.  The Public Protector's state capture report will also be used by the commission.

WATCH: UASA says Amcu strike will do more harm than good to SA mining industry

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Japanese firms see flat business spending amid trade frictions, tax hike jitters

* Outlook dims for capital investment * Majority see 2019 wage hikes will undershoot last year's * Push to improve working conditions to drive up personnel costs By Tetsushi Kajimoto TOKYO, Feb 20 (Reuters) - Business investment in Japan has been a rare bright spot in the world's third-largest economy but that may now be fading amid anxiety over an upcoming sales tax hike and global trade frictions, a Reuters monthly corporate survey showed. Just over half, or 56 percent, predict domestic investment in factories and equipment will be flat in the next fiscal year that starts in April, while 30 percent project an increase and 14 percent a decline, the survey of more than 250 companies in Japan found. The outlook for foreign capital expenditure was even less optimistic: two-thirds of firms expect that to remain unchanged while 19 percent see a rise and 15 percent a drop.

Gold prices hold at 10-month highs; markets await Fed minutes

Feb 20 (Reuters) - Gold prices held at 10-month highs on Wednesday, supported by global slowdown concerns and a weaker dollar, with markets eyeing the release of the U.S. Federal Reserve's policy meeting minutes later in the session.

AngloGold Ashanti to sell more mines

The gold producer is divesting of mines that don't deliver the returns it can achieve with other opportunities. AngloGold Ashanti plans to continue streamlining its portfolio after selling some lower-margin SA mines as it focuses on more profitable production. The gold producer has put its interests in the Cerro Vanguardia mine in Argentina up for sale, along with its Sadiola assets in Mali.

Lower exports fail to derail Kumba's dividend

The iron ore producer is returning all of last year's headline earnings to shareholders through its dividend payments. Kumba Iron Ore has maintained its full-year 2018 dividend at roughly the same level as 2017 despite a dip in exports follow disruptions to the Iron Ore Export Channel. The iron ore producer is paying out all its headline earnings as dividends to shareholders after including a once-off top-up cash dividend with its interim earnings due to its strong cash position.

Gold prices hold at 10-month highs; markets await Fed minutes

Feb 20 (Reuters) - Gold prices held at 10-month highs on Wednesday, supported by global slowdown concerns and a weaker dollar, with markets eyeing the release of the U.S. Federal Reserve's policy meeting minutes later in the session.

A BIG financial week ahead

A big financial week lies ahead for South Africa as the nation braces itself for the Budget Speech. Comair has entered into a full and final settlement agreement with SAA over an anti-competition case. What does this mean? Anthea breaks it down, as well as touching on EOH falling a further 25% early in the week and Curro releasing a great set of results.

EOH's JSE meltdown now rivals Steinhoff's

A delisting or a piecemeal break-up of the group could be on the cards, says fund manager Following a series of reputational knocks relating to government contracts, technology group EOH's meltdown on the JSE now rivals Steinhoff's. Thanks to another 16.4% drop on Tuesday to R14.

PE Business News: South Africa seek to bounce back after Perera heroics

PE : South Africa seek to bounce back after Perera heroics : Promote your business on BuyPE and MyPR. South Africa seek to bounce back after Perera heroics: South Africa could also re-think their policy of short-pitched bowling against Asian opponents. It did not work in Durban and the surface in Port Elizabeth also tends to lack the pace and bounce of ot… Source: "Port Elizabeth" business […] - MyPE News Submit and get free press releases here: MyPR Free Press Release .

Uganda authorities question MTN s sales figures

South African telecommunications giant, MTN is facing more challenges in Uganda after authorities on Tuesday accused it of underdeclaring its sales and causing public revenue losses. Last week, Uganda deported MTN Uganda's Chief Executive Wim Vanhelleputte, the fourth MTN official to be expelled from the East African country in less than a month on accusations of compromising national security. The company is a unit of South African telecoms giant MTN Group, which has also had problems in Nigeria where the central bank last year accused it of repatriating $8 billion without the correct paperwork.

METALS-Copper ticks higher for 6th session on U.S.-China trade optimism

(Adds comment, changes dateline, updates prices) BEIJING, Feb 20 (Reuters) - London copper prices rose for a sixth consecutive session on Wednesday, striking a fresh two-month high on hopes of a trade deal between China and the United States. U.S. President Donald Trump said on Tuesday talks with China, currently taking place in Washington, were going well and suggested he was open to pushing off the deadline to complete negotiations, saying March 1 was not a "magical" date. Tariffs on $200 billion worth of Chinese imports are scheduled to rise to 25 percent from 10 percent by March 1 if there is no deal, which analysts expect would weigh on copper demand and prices. "Optimism around the trade deal has been a key reason behind the price recovery, so any trade talks could again spook negative sentiment across the metals," ANZ said in a note. FUNDAMENTALS * SHFE COPPER: The most-traded April copper contract on the Shanghai Futures Exchange gained as much as 0.9 percent to 49,790 yuan ($7,404.16) a tonne, the highest since Dec. 5 and stood at 49,650 yuan a tonne by the end of the morning session. * COPPER SPREADS: The premium of cash copper over the three-month LME contract CMCU0-3 was at $25 a tonne on Tuesday, versus a discount of $14.25 a week earlier, indicating tighter near-term supply. * OTHER METALS: The entire LME complex made modest gains, with aluminium adding 0.5 percent.

EOH share price in further decline after unsuccessful talks with Microsoft

JOHANNESBURG - JSE-listed technology services company EOH Holdings crashed a further 16.37 percent on the bourse yesterday following news of its unsuccessful talks with tech giant Microsoft. The company's shares fell for a sixth consecutive day to close yesterday at R14.61 following a run on its shares after it announced two weeks ago that Microsoft had notified its subsidiary, EOH Mthombo that it was planning to terminate the company's Channel Partner Network Agreement within 30 days. In a SENS announcement on Tuesday, EOH said that the Microsoft investigation forms part of EOH's larger internally-initiated investigation into all public sector contracts over the last five years, with the support of ENSafrica. "This process involves obtaining information from whistleblowers and the corroboration of internal facts as part of a thorough and detailed forensic investigation of these public sector contracts," it said. It allowed that the media may also have access to these contracts and evidence from whistleblowers. "EOH cannot respond each time the media publishes information on the back of their information, but shareholders will be provided with responses to relevant media coverage and advised of developments as appropriate, subject to legal advice," the group said. BUSINESS REPORT.

Is it feasible to be more inclusive in retrenchment talks in the mining sector?

Amcu has challenged the inclusivity of the Section 189(1) provisions of the Labour Relations Act, arguing retrenchments are so important that everyone needs to be consulted individually. But in our view, Section 189(1) is the most practical solution and in line with the principle of majoritarianism that runs throughout SA law. Eugene Phajane, apartner at Webber Wentzel and specialist in employment law Eugene Phajane, apartner at Webber Wentzel and specialist in employment law As 2019 begins, a combined 23,500 jobs are under threat at Impala Platinum and Lonmin, a reflection of the unrelenting revenue and cost pressures SA's platinum group metals (PGM) miners have faced since 2012. Understandably, negotiations over retrenchments are becoming more heated. In 2017, SA's PGM mines employed 172,171 people, according to Minerals Council of SA statistics.

Digitilisation inspires a sustainable business opportunity in Alexandra township

Data collection and its interpretation is a leading factor in economic growth and development and has become an irrefutable part of our future. What we know and understand about the world will continue to be predicted and projected via information garnered from generations gone by; enabling communities, cities and countries to transform, learn and grow. The Fourth Industrial Revolution (4IR) and Digitalisation are often misunderstood terms and viewed with apprehension in many emerging economies.

McBride, Cele set for all-out war

Independent Police Investigative Directorate (Ipid) director Robert McBride's fight for survival against Police Minister Bheki Cele is set to become all-out war when he eventually testifies at the Zondo Commission of Inquiry into State Capture. McBride pulled out of testifying at the inquiry after news broke Cele would not be renewing McBride's contract for a second term, leaving many wondering why this was so, and it is understood McBride's statement is likely to contain damning evidence-based allegations. While McBride was fighting Cele in court for his survival as Ipid head, it was revealed by News24 that Nafiz Modack, a suspect in an Ipid investigation, apparently alleged McBride was bribed by cigarette manufacturer Adriano Mazzotti to get information on Modack.

EOH shares tank as talks with Microsoft fail to yield results

DURBAN - JSE-listed technology services company EOH Holdings slumped to its lowest levels on the course in one year after its talks with Microsoft failed to yield positive results. The company's shares extended losses for the fifth straight day, falling 10.41percent to R17.47 after the group said the multinational technology giant Microsoft had still not officially provided it with any reasons for the cancellation of two contracts last week. EOH's stock has fallen 34.59percent in five days, slashing the company's market capitalisation to the current R3.08billion. Two weeks ago EOH reported that Microsoft had notified its subsidiary EOH Mthombo that it was planning to terminate the company's Channel Partner Network agreement within 30days. EOH said the cancellation would hit its profits by R10million, sending the shares into a downward spiral that saw them closing 30 percent lower. However, the shares recovered 15percent on Friday after the group announced that it was working with Microsoft in a bid to understand the concerns and rationale for the action. EOH has been a Microsoft partner for the past 20 years and is the largest local partner by skills. The group said chief executive Stephen van Coller had been engaging Microsoft to seek further clarity. "Following a recent fruitful meeting between the EOH and Microsoft leadership, Microsoft has advised that it is taking the EOH proposals under consideration and further review.

Glencore doubles down on 2019 shareholder payouts, targets $1bn in non-core asset sales

GLENCORE has targeted non-core asset sales of $1bn, the proceeds of which it would plough into a fresh round of buy-backs of $2bn (totalling $3bn) as well as a $2.8bn in total dividends for its 2019 financial year. In addition, it may deploy another $2bn in free cash flow to either debt repayment or share buy-backs depending on the spot price performance of the metals it mines and markets. Its current net debt stands at $14.7bn within its targeted range of $10bn to $16bn.

Nine-year-old boy raped at #Curro

Picture: Supplied Johannesburg - A Curro Holdings school has been rocked by controversy following the rape of a learner within its premises. In yet another case of sexual attack in schools, police in North West confirmed that they were investigating the rape of the nine-year-old schoolboy at Curro Academy Mahikeng last week. According to Mahikeng police spokesperson Lieutenant-Colonel Adele Myburgh, the boy was standing outside the toilets at the elite school last Wednesday, waiting for transport, when he was attacked.

SA govt's AEMFC to pump R1bn into Optimum Coal after winning interim funding bid

AFRICAN Exploration & Mining Finance Company (AEMFC), a company owned by the South African government, said on Tuesday evening it had been awarded an option to bid for Optimum Coal Mines after business rescue practitioners (BRPs) accepted the firm's post-commencement funding (PCF) of some R1bn. This means AEMFC, which is housed in the government's Central Energy Fund (CEF), will proceed to a management contract negotiation with the BRPs for Optimum Coal Mines. The final ownership of Optimum will be subject to a competitive bidding process, however.

Why business strategy MUST include cybersecurity

By Clayton Naidoo, general manager for Cisco Southern Africa Relentless cyber criminals are becoming smarter and more resourceful by the day. 2018 taught us many lessons and one of them is that companies cannot afford to develop business strategies without cybersecurity being at the heart of it. Many companies that became victims of cyber-attacks witnessed first-hand how difficult, time-consuming and expensive it is to recover from, if at all.

Media Monitoring Africa: The Doctor is IN, the Doctor is OUT

Apart from Eskom and power cuts, some of our media have been giving a lot of attention to Ayo, Sekunjalo, the PIC, its deals and funding. What makes the coverage unusual is that at the centre of much of it is the owner of Independent Media, Dr Iqbal Survé..

UGANDA: MTN faces more problems in probe of its sales figures - QUELLE SURPRISE!

Considered among the pioneers of mobile telephony in Africa, MTN was born in South Africa in 1994 before spreading northward, eventually dominating at least 22 markets in Africa and the Middle East by 2019. PHOTO | NMG  MTN faces more problems in Uganda in probe of its sales figures By REUTERS Uganda accused the country's biggest telecoms operator, MTN Uganda, on Tuesday of underdeclaring its sales and causing public revenue losses, in a further souring of relations with the South African-owned company. Uganda deported MTN Uganda's Chief Executive Wim Vanhelleputte last week, the fourth MTN official to be expelled from the East African country in less than a month on accusations of compromising national security.

PE Business News: South Africa seek to bounce back after Perera heroics

Promote your business on BuyPE and MyPR . South Africa seek to bounce back after Perera heroics : South Africa could also re-think their policy of short-pitched bowling against Asian opponents. It did not work in Durban and the surface in Port Elizabeth also tends to lack the pace and bounce of ot… Source: "Port Elizabeth" business - BingNews .

Media Monitoring Africa: The Doctor is IN, the Doctor is OUT

Iqbal Survé during day 1 of the 10th BRICS Summit at the Sandton Convention Centre on July 25, 2018 in Sandton, South Africa. (Photo by Gallo Images/Wessel Oosthuizen) Apart from Eskom and power cuts, some of our media have been giving a lot of attention to Ayo, Sekunjalo, the PIC, its deals and funding. What makes the coverage unusual is that at the centre of much of it is the owner of Independent Media, Dr Iqbal Survé.

Ford is exiting the heavy truck business in South America

Ford Motor Co said on Tuesday it would exit its heavy commercial truck business in South America and cease production at a Brazilian plant this year as a result, part of a global restructuring meant to end losses in different regions. As part of a broader restructuring that Ford previously said would result in $11 billion in charges, the company said it will cease production at its Sao Bernardo do Campo plant, ending sales of the cargo lineup, F-4000 and F-350 trucks, as well as the Fiesta small car once inventories are sold. Ford said on 10 January that it would cut thousands of jobs and look at plant closures in Europe as part of its plan to return to profit in the region.

Digitilisation inspires a sustainable business opportunity in Alexandra township

Data collection and its interpretation is a leading factor in economic growth and development and has become an irrefutable part of our future. What we know and understand about the world will continue to be predicted and projected via information garnered from generations gone by; enabling communities, cities and countries to transform, learn and grow. The Fourth Industrial Revolution (4IR) and Digitalisation are often misunderstood terms and viewed with apprehension in many emerging economies.

Anonymous complaint prompted Microsoft to cancel EOH contract

EOH Holdings Ltd, the South African IT company reeling after an anonymous complaint prompted Microsoft Corp to abruptly cancel a contract, has created an app that will make that process easier for future whistleblowers. Expose-It, which was made available for download on Monday, enables those with sensitive information about their company or organization to pass it on to relevant authorities without fear of being identified. The app is designed to encourage "the safe, anonymous exposure of wrongdoing, both within EOH and without," chief executive officer Stephen van Coller said in an email to employees.

Asher Bohbot to leave EOH

EOH chairman Asher Bohbot EOH Holdings founder Asher Bohbot is stepping down from the JSE-listed IT services group's board of directors, ending a source of potential conflict with newly appointed CEO Stephen van Coller. Bohbot, who led EOH for 19 years — building it into one of the largest IT companies in Africa — will leave at the end of the month. His exit comes as Van Coller attempts to improve corporate governance at EOH as fresh allegations of corruption involving the group's public sector dealings emerge.

Reach your business leadership potential with an MBA from Wits Business School

As one of the oldest, most established business schools in Africa, Wits Business School (WBS) Over the decades, the School's flagship programme, the Master of Business Administration (MBA) has consistently provided management education and skills development for executives wanting to advance their careers. WBS has graduated the highest number of MBAs in Africa, and has an extensive global alumni network. Some might argue that the MBA no longer enjoys the same relevance in today's fast-paced, digitised world. Wits Business School recognises that now more than ever, as we navigate the fourth industrial revolution, business requires innovative thinking, and the ability to both collaborate and lead effectively. The WBS MBA curriculum reflects this trend by renewing its focus on the individual students.

Ford is exiting the heavy truck business in South America

Ford Motor Co said on Tuesday it would exit its heavy commercial truck business in South America and cease production at a Brazilian plant this year as a result, part of a global restructuring meant to end losses in different regions. As part of a broader restructuring that Ford previously said would result in $11 billion in charges, the company said it will cease production at its Sao Bernardo do Campo plant, ending sales of the cargo lineup, F-4000 and F-350 trucks, as well as the Fiesta smal....

South Africa's EOH Holdings CEO Asher Bohbot to resign

Feb 20 (Reuters) - EOH Holdings, South Africa's largest technology group, said on Wednesday founder and Chief Executive Officer Asher Bohbot would be resigning from the board effective Feb. 28. Bohbot, who has been with the company for 19 years, resigns days after Microsoft terminated its channel partner agreement with EOH Mthombo, which is a unit of EOH.

GLENCORE PLC - GLN - Transactions in own shares 19 February 2019

Wrap Text GLN - Transactions in own shares - 19 February 2019 Glencore plc (Incorporated in Jersey under the Companies (Jersey) Law 1991) (Registration number 107710) JSE Share Code: GLN LSE Share Code: GLEN HKSE Share Code: 805HK ISIN: JE00B4T3BW64 Baar, Switzerland 20 February 2019 Transactions in own shares - 19 February 2019 Glencore plc (the Company) announces today it has purchased the following number of its ordinary shares of USD 0.01 each on the London Stock Exchange from Citigroup Global Markets Limited. Date of purchase: 19 February 2019 Aggregate number of ordinary shares of USD 0.01 each purchased: 2,000,000 Lowest price paid per share (GBp): 296.4500 Highest price paid per share (GBp): 303.8000 Volume weighted average price paid per share (GBp): 300.3054 The Company will hold the repurchased shares in treasury. Following the above transaction, the Company holds 658,473,255 of its ordinary shares in treasury and has 14,586,200,066 ordinary shares in issue (including treasury shares). Therefore the total voting rights in Glencore plc will be 13,927,726,811. This figure for the total number of voting rights may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules. These share purchases form part of the second part of the Company's existing buy-back programme which is expected to be completed over the period from 8 August 2018 to 20 February 2019, details of which were announced by the Company on 5 July 2018 and 25 September 2018. Aggregated information Trading venue Volume weighted Aggregated volume

Rand stronger ahead of budget

The rand went back under R16/€ and nearly back under R14/$ during the early hours of Wednesday morning Can finance minister Tito Mboweni persuade Moody's to refrain from joining S&P and Fitch in downgrading SA's credit rating to junk status with his budget speech at 2pm? Foreign exchange traders appear to be expecting good news, sending the rand back under R16/€ and nearly back under R14/$ during the early hours of Wednesday morning. The rand was trading at R14.04/$, R15.93/€ and R18.33/£ at 6.20am. Less of a cliffhanger than Mboweni's budget is January's inflation figure, which Stats SA is scheduled to release at 10am. Inflation, as measured by the annual change in the consumer price index (CPI), is expected to have slowed from December's 4.5% to about 4.3%. Following worse-than-expected results from BHP on Tuesday, Glencore will hopefully live up the market's high expectations for big mining companies on Wednesday. Another miner scheduled to release results is Pan African Resources, which said on February 13 that it expected headline earnings per share (HEPS) for the six months to end-December to double. JSE-listed UK shopping mall owner Intu said on its website it will release its results for the year to end-December on Wednesday. Transpaco said on Tuesday it expected to report on Wednesday that its interim basic and headline earnings per share declined by about 33%. "An unprecedented prolonged three month plastic industry strike which impacted Transpaco during the company's busiest period, October, November and December, coupled with a depressed consumer environment and a stagnant economy resulted in Transpaco's decline in performance," the packaging group warned shareholders on February 6. Better-than-expected results from Walmart sent its share up 2.21% to $102.20, cheering Asian markets which in turn pointed to the JSE recovering Tuesday's 0.12% drop when it opens on Wednesday. laingr@businesslive.co.za.

UPDATE 1-UK Stocks-Factors to watch on Feb 20

(Adds company news items) Feb 20 (Reuters) - Britain's FTSE 100 futures are seen opening down 0.06 percent ahead of the cash market open on Wednesday. * LLOYDS BANKING GROUP: Britain's biggest mortgage lender Lloyds Banking Group posted weaker-than-expected growth in annual profits on Wednesday but boosted shareholders with a increased dividend and a 1.75 billion pound ($2.28 billion) share buyback. * GLENCORE: Trading company Glencore on Wednesday announced a $2 billion share buyback program and posted an 8 percent rise in full-year overall adjusted core earnings.

App-based delivery men highlight India's growing gig economy

Suraj Nachre works long hours and regularly misses meals but he treasures his job as a driver for a food delivery startup — working in a booming industry that highlights India's expanding apps-based gig-economy. The increasing use of food-ordering apps such as Zomato gives a much-needed opportunity for Indians to make money | © AFP | CHANDAN KHANNA Mumbai (AFP) | The 26-year-old is one of hundreds of thousands of young Indians who, armed with their smartphones and motorcycles, courier dinners to offices and homes ordered at the swipe of a finger. A surge in the popularity of food-ordering apps like Uber Eats and Swiggy provides a welcome source of income for many as India's unemployment rate sits at a reported 45-year high.

Nineyearold boy raped at #Curro

Johannesburg A Curro Holdings school has been rocked by controversy following the rape of a learner within its premises.In yet another case of sexual attack in schools police in North West confirmed that they were investigating the rape of the nineyearold schoolboy at Curro Academy Mahikeng last week.According to Mahikeng police spokesperson LieutenantColonel Adele Myburgh the boy was standing outside the toilets at the elite school last Wednesday waiting for transport when he was attacked.Myburgh said investigations were continuing and no one had been arrested.The childs family are still too traumatised to comment.His mother asked that they be given time to deal with the tragedy.It is alleged that the school was unable to provide CCTV camera footage because there was load shedding when the rape happened so their cameras were not working.Curro Holdings confirmed the matter but declined to comment on what actions they were taking to ensure the safety of learners. They would also not say whether there was any footage of the incident.Instead Curro Holdings said in a statement: The matter is under internal investigation in accordance with Curros policies and procedures.In order to protect the interests and privacy of the individuals involved no statements will be released at this stage.A source who alerted The Star to the tragic incident said the attack had taken place last week during school hours.The private schools group is one of a string of schools where alleged sexual abuse of children has been reported over the past few months across the country.Last week a teacher at a Valhalla primary school in Centurion was arrested and appeared in court for allegedly sexually assaulting a total of 24 learners.The 55yearold teacher had allegedly touched pupils inappropriately from June last year.His alleged abuse was reported by learners after a safety presentation at the school.Earlier this month the Western Cape Education Department revealed that four primary school learners had been raped alleged

EOH, buffeted by an anonymous tip, starts whistle-blower app

(Bloomberg) -- EOH Holdings Ltd., the South African IT company reeling after an anonymous complaint prompted Microsoft Corp. to abruptly cancel a contract, has created an app that will make that process easier for future whistle-blowers. Expose-It, which was made available for download on Monday, enables those with sensitive information about their company or organization to pass it on to relevant authorities without fear of being identified.

App-based delivery men highlight India's growing gig economy

Suraj Nachre works long hours and regularly misses meals but he treasures his job as a driver for a food delivery startup — working in a booming industry that highlights India's expanding apps-based gig-economy. The increasing use of food-ordering apps such as Zomato gives a much-needed opportunity for Indians to make money | © AFP | CHANDAN KHANNA Mumbai (AFP) | The 26-year-old is one of hundreds of thousands of young Indians who, armed with their smartphones and motorcycles, courier dinners to offices and homes ordered at the swipe of a finger. A surge in the popularity of food-ordering apps like Uber Eats and Swiggy provides a welcome source of income for many as India's unemployment rate sits at a reported 45-year high.

EOH founder Asher Bohbot steps down from the board

Asher Bohbot, founder, non-executive chairman and CEO of EOH for 19 years, is set to step down from the board of the company at the end of February. The group said in a statement on Wednesday, that in accordance with King IV, a former CEO should not serve as chairman of the board until a three-year cooling off period has been observed. It said that Bohbot will, on an advisory basis, assist the Group until the end of July 2019 in the implementation of the strategy shared with the market recently.

Picture emerging from Anglo companies saying Charter needs amendment on renewals

By Charlotte Mathews - February 19, 2019 KUMBA Iron Ore is concerned that an important aspect of the Mining Charter - gazetted last September - may be difficult to implement which will have an adverse and unintended consequence for the industry, CEO Themba Mkhwanazi said on Tuesday. Mkhwanazi, however, welcomed an aspect of the very latest amendment to the charter which was gazetted in December and requires the first reports by mining companies on their charter progress to be submitted in March 2020. But it's the substance of the September version of the charter which was retained through to December that calls on the renewal of mining licences once they have expired. Speaking on a media call following Kumba's full year results, Mkhwanazi said the Minerals Council is continuing to engage with the mines minister, Gwede Mantashe, especially around the guidelines for implementation in the charter. He did not rule out the possibility of further changes. Chris Griffith, CEO of Anglo American Platinum - which is also part of the Anglo American group - highlighted similar concerns regarding the Mining Charter. Asked by Miningmx for his view on future amendments to the Mining Charter, Griffith said they might occur and turn on the High Court hearing in November 2017 which found that once mining companies had met empowerment goals, they were always empowered. The Mining Charter as gazetted in December insists that once mining licences have expired, mining companies are required to re-empower themselves. Said Griffith: "We have mining licences that last for 20 years so it's not an immediate risk for us, but there are companies that have to renew their licences.

KZN: Seven hospitalised following Jacobs crash

KwaZulu-Natal: At 03H23 Wednesday morning Netcare 911 responded to reports of a collision on the Inkosi Albert Luthuli Freeway (M4) in Jacobs Durban South. Reports from the scene indicate that two vehicles were involved in a collision. Seven patients, six adult males and one adult female sustained injuries ranging from minor to moderate. Once stabilised all the patients were transported by various ambulance services to hospital for further treatment. Shawn Herbst Media Liaison Officer Netcare Limited Netcare 911....

What business expects from Mboweni's budget 2019

The tabling of the annual national budget speech by Finance Minister Tito Mboweni on February 20 is being rightly heralded by all stakeholders as a significant milestone in President Cyril Ramaphosa 's plans to get South Africa on a high growth path, writes Bonang Mohale, Business Leadership SA CEO . In many ways, however, the success of this year's budget will be measured by its credibility in aligning with SONA's commitment, particularly financing the special unit with the office of the NDPP, cutting back on wasteful expenditure, such as the public wage bill, eradicating theft of public resources, and reducing the money spent on servicing debt. Whilst economic growth this year is expected to be a bit firmer than last year, at 1.7% on latest World Bank estimates, it will hardly be enough to swell the tax base sufficiently to cope with the demands being placed on the fiscus.

Oakbay gets a March 25 liquidation deadline

JOHANNESBURG Guptaowned Oakbay Investments has until March 25 to oppose a liquidation application lodged at the High Court in Johannesburg over a R2.4million debt by Tegeta Exploration and Resources.Tegeta in its papers claims the debt comprises back rent for office space telephones stationery and kitchen facilities.Joint business practitioner Kurt Knoop said in the affidavit that Tegeta wanted Oakbay to be winded up on the basis that Oakbay was unable to pay its debts.The respondent (Oakbay) is in breach of the agreement in that the respondent failed to effect payment of the monthly rentals due to the applicant Knoop said.Tegeta claims that Oakbay owes it rental for the period from June 2018 to last month.To date the respondent has failed or refused to pay the amounts demanded in terms of the notices.Tegeta is one of seven Gupta companies placed under business rescue in February last year.The scandaltainted Oakbay could not be reached to comment on whether it would be opposing the application.Tegeta came into the public limelight in 2015 when it controversially bought one of South Africas biggest coal mines Optimum from global mining giant Glencore.The deal later became a sharp focus of the state capture project.Details from the explosive National Treasury forensic report into Eskom revealed the pivotal role played by erstwhile acting chief executive Matshela Koko and his management team in strongarming Glencore to sell the Optimum coal mine business to Tegeta.The Special Investigating Unit (SIU) has further taken Tegeta and Eskom to court over a R3.7billion coal contract.According to SIUs papers the coal contract is still in effect and is expected to end in 2025 and wants it declared unlawful and invalid. Oakbay in a desperate ditch to save Tegeta in 2017 sold the firm to littleknown Swissbased Charles King in a deal worth R2.9bn.Oakbays demise unfolded in 2017 when South Africas top five banks and its previous auditors KPMG cut ties with the firm.BUSINESS REPORT.

App-based delivery men highlight India's growing gig economy

Suraj Nachre works long hours and regularly misses meals but he treasures his job as a driver for a food delivery startup — working in a booming industry that highlights India's expanding apps-based gig-economy. The increasing use of food-ordering apps such as Zomato gives a much-needed opportunity for Indians to make money | © AFP | CHANDAN KHANNA Mumbai (AFP) | The 26-year-old is one of hundreds of thousands of young Indians who, armed with their smartphones and motorcycles, courier dinners to offices and homes ordered at the swipe of a finger. A surge in the popularity of food-ordering apps like Uber Eats and Swiggy provides a welcome source of income for many as India's unemployment rate sits at a reported 45-year high.

DRC: Glencore to slash output, lay off 2000 in Congo cobalt mining

Glencore to cut output, jobs at copper, cobalt mine in Congo: WSJ (Reuters) - Glencore Plc is planning to cut production at one of its largest copper and cobalt mining operations in the Democratic Republic of Congo, the Wall Street Journal reported, citing sources on Tuesday. The output cut is likely to be temporary as the company looks for new ways to mine copper, the report said. The company also plans to lay off about 2,000 employees, mostly contractors, at the Mutanda mine in the Katanga province, the report said, citing people familiar with the matter.

Two giants get fair share of ARV tender

SA's two biggest pharmaceutical manufacturers have been awarded a quarter of the government's R18.3bn new HIV/Aids drug tender, announced last week. The low-margin, high-volume HIV/Aids drug business is an important part of maintaining a good relationship with the state and using spare manufacturing capacity, rather than boosting the bottom line. The three-year tender is a key aspect of the government's strategy for meeting its goals of ensuring six million people are on treatment by 2020-2021.

WATCH: Rand trades firmer ahead of the #Budget2019 Speech

To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video JOHANNESBURG - The rand recovered versus the US dollar during European trade yesterday according to NKC Research.  A late slide by the greenback helped the South African currency reverse early losses as investors remained on the side lines ahead of tomorrow's annual budget speech. At close of local trade, the rand quoted 0.03 percent weaker at R14.13/$, after trading in range of R14.10/$ - R14.20/$. The rand traded firmer overnight, buoyed by broad US dollar softness, as investors await today's budget policy statement.

Nine year old boy allegedly raped at Curro

A newly opened Curro Holdings school has been rocked by controversy following the alleged rape of a learner within its premises.In yet another case of sexual attack in schools police in North West confirmed that they were investigating the rape of the nineyearold schoolboy at Curro Academy Mahikeng last week. According to Mahikeng police spokesperson LieutenantColonel Adele Myburgh the boy was standing outside the toilets at the elite school last Wednesday waiting for transport when he was attacked. Myburgh said investigations were continuing and no one had been arrested.The school was opened in Mahikeng in 2015.

Picture emerging from Anglo companies saying Charter needs amendment on renewals

By Charlotte Mathews - February 19, 2019 Share on Facebook Tweet on Twitter KUMBA Iron Ore is concerned that an important aspect of the Mining Charter - gazetted last September - may be difficult to implement which will have an adverse and unintended consequence for the industry, CEO Themba Mkhwanazi said on Tuesday. Mkhwanazi, however, welcomed an aspect of the very latest amendment to the charter which was gazetted in December and requires the first reports by mining companies on their charter progress to be submitted in March 2020. But it's the substance of the September version of the charter which was retained through to December that calls on the renewal of mining licences once they have expired. Speaking on a media call following Kumba's full year results, Mkhwanazi said the Minerals Council is continuing to engage with the mines minister, Gwede Mantashe, especially around the guidelines for implementation in the charter. He did not rule out the possibility of further changes. Chris Griffith, CEO of Anglo American Platinum - which is also part of the Anglo American group - highlighted similar concerns regarding the Mining Charter. Asked by Miningmx for his view on future amendments to the Mining Charter, Griffith said they might occur and turn on the High Court hearing in November 2017 which found that once mining companies had met empowerment goals, they were always empowered. The Mining Charter as gazetted in December insists that once mining licences have expired, mining companies are required to re-empower themselves. Said Griffith: "We have mining licences that last for 20 years so it's not an immediate risk for us, but there are companies that have to renew their licences.

Zondo commission to shed light on Eskom capture

Embattled power utility Eskom will be in the spotlight at the Zondo commission of inquiry into state capture on Wednesday. According to the commission, evidence leader Vincent Maleka SC will on Wednesday put on record documents relating to Eskom. The Mail & Guardian understands that Eskom has handed over a large volume of documents to the commission.

SA govt's AEMFC to pump R1bn into Optimum Coal after winning interim funding bid

By David McKay - February 19, 2019 Share on Facebook Tweet on Twitter Optimum Coal Mine AFRICAN Exploration & Mining Finance Company (AEMFC), a company owned by the South African government, said on Tuesday evening it had been awarded an option to bid for Optimum Coal Mines after business rescue practitioners (BRPs) accepted the firm's post-commencement funding (PCF) of some R1bn. This means AEMFC, which is housed in the government's Central Energy Fund (CEF), will proceed to a management contract negotiation with the BRPs for Optimum Coal Mines. The final ownership of Optimum will be subject to a competitive bidding process, however. AEMFC said it was joined in its PCF offer by Lurco Group, a well-known and respected coal mining company which in 2015 bought the Inyanda Colliery from Exxaro Resources in joint venture with Burgh Group. This year, Lurco emerged as the successful bidder for a 50% stake in Sechaba, a coal prospect in Botswana owned by Shumba Coal. AEMFC said a priority destination for the PCF was worker salaries which have been unpaid since October, according to reports, as well as suppliers and creditors.

App-based delivery men highlight India's growing gig economy

Suraj Nachre works long hours and regularly misses meals but he treasures his job as a driver for a food delivery startup — working in a booming industry that highlights India's expanding apps-based gig-economy. The increasing use of food-ordering apps such as Zomato gives a much-needed opportunity for Indians to make money | © AFP | CHANDAN KHANNA Mumbai (AFP) | The 26-year-old is one of hundreds of thousands of young Indians who, armed with their smartphones and motorcycles, courier dinners to offices and homes ordered at the swipe of a finger. A surge in the popularity of food-ordering apps like Uber Eats and Swiggy provides a welcome source of income for many as India's unemployment rate sits at a reported 45-year high.

Q&A w/ Jacquin Botha: Stay curious. Stay hungry. Stay winning!

Hailing from the dusty streets of Riverview, Worcester in the Western Cape, Jacquin Botha is a man who wears many hats (literally and figuratively), including that of creative director, art director, designer and well-known fashion/commercial photographer. Botha has worked for top agencies together with well-known brands and has even bagged some of SA's most sought-after awards. Here, he tells us about his journey thus far, the state of the advertising industry, what makes award-winning work and what's next.

Cash-flush Kumba pays R9.7bn to shareholders

SA's largest iron ore miner pours cash into shareholder returns despite a difficult year, fraught with logistical problems Kumba Iron Ore paid a handsome dividend, returning all of its R9.7bn in annual headline earnings to shareholders despite a drop in profit. Kumba, which is an Anglo American subsidiary and SA's largest iron ore producer, reported post-tax profit of R12.

The Big Small Business Show - 18 Feb 2019: Part 1

Thuthuka Ngobese, founder of Ngobese & Associates, offers financial solutions to his clients. He feels like a manager in the office because his heart is in sales. Is systemisation the answer or is the answer already in the current office set-up?.

AMCU urges all miners to down tools

The Association of Mineworkers and Construction Union (AMCU) has called on its members to down tools at the country's various gold, platinum and coal mine in support of the ongoing strike at Sibanye. "We control these mines," AMCU president Joseph Mathunjwa told reporters in Johannesburg on Tuesday. The proposed strike would include members at AngloGold, Harmony Gold, Lonmin and Impala, but Mathunjwa failed to mention a possible start date.

Watch Budweiser's Oscars ad starring Charlize Theron

It's turning out to be an expensive February of advertising for Anheuser-Busch InBev. The brewer, which flooded the Super Bowl with eight ads, will appear in Sunday's Academy Awards broadcast on ABC with a 60-second spot for Budweiser starring actress Charlize Theron. The 60-second spot by VaynerMedia plugs Budweiser Reserve Copper Lager.

Glencore to cut output, jobs at copper, cobalt mine in Congo - WSJ

Feb 19 (Reuters) - Glencore Plc is planning to cut production at one of its largest copper and cobalt mining operations in the Democratic Republic of Congo, the Wall Street Journal reported https://on.wsj.com/2GxACiU, citing sources on Tuesday.

Karl Lagerfeld, god of Chanel, dies at age 85

He first found real success in the mid-1960s with Chloe, the fashion label now owned by Richemont and to which he was connected off and on till 1997 Paris — Haute-couture designer Karl Lagerfeld has died at the age of 85, French media reported on Tuesday. Lagerfeld was artistic director at Chanel. A spokesperson for Chanel was not immediately available for comment.

SAPPI LIMITED - Dealings in securities by directors of listed companies

Wrap Text Dealings in securities by directors of listed companies Sappi Limited (Incorporated in the Republic of South Africa) Registration number: 1936/008963/06 JSE share code: SAP ISIN code: ZAE000006284 ("Sappi" or "the Company") Dealings in securities by directors of listed companies In terms of paragraph 3.63 of the Listings Requirements of the JSE Limited, we hereby provide the following information regarding dealing in securities of Sappi by directors of the Company and its major subsidiaries. The dealings were on-market and clearance for the dealings were received in terms of Listings Requirement 3.

#FullView NUMBER OF THE DAY: 52%

Our number of the day is 52%. Technology service provider EOH's shares lost 52% of their value so far this year. The shares have been battered over concerns about the company's dealings with the government.

Amcu threatens to shut down coal, gold and platinum sectors

Secondary strike at some of SA's major miners will be in solidarity with workers at Sibanye-Stillwater who have been on strike for four months The Association for Mining and Construction Union (Amcu) is threatening to shut the country's gold, platinum and coal mines as a strike at Sibanye-Stillwater heads into its fourth month. The union said on Tuesday that it would get its members to down tools at platinum, coal and gold mines where it has recognition agreements. This will include members at AngloGold Ashanti, Harmony, Lonmin and Impala Platinum, Amcu president Joseph Matunjwa told reporters.

5 things you may not know about Karl Lagerfeld

Karl Lagerfeld iconic fashion designer and creative director of luxury brand Chanel passed away on Tuesday morning after battling ill health for several weeks. He was 85 years old.Frances Closer magazine reports that he was admitted to hospital in Paris France on Monday evening and passed away this morning.

Business in Africa is booming - if you know how to crack it

Africa offers exciting possibilities for companies looking to access new growth markets in a constrained global economic climate. Acha Leke, co-author of the McKinsey Global Institute's Africa's Business Revolution and chairperson of McKinsey & Company's Africa practice told a Gibs forum that success in Africa depends on innovation and developing a thorough understanding of the local environment. Businesses that do well in the region are those that are deliberate about doing good: driving profitability and sustainable growth by meeting the continent's needs.

How Innovative Companies Help Frontier Markets Grow

Efosa Ojomo, global prosperity lead at the Clayton Christensen Institute, argues that international aid is not the best way to develop poor countries, nor are investments in natural resource extraction, outsourced labor, or incremental improvements to existing offerings for established customer bases. Instead, entrepreneurs, investors, and global companies should focus on market-creating innovations. Just like Henry Ford in the United States a century ago, they should see opportunity in the struggles of frontier markets, target non-consumption, and create not just products and services but whole ecosystems around them, which then promote stability and economic growth.

EOH share price in further decline after unsuccessful talks with Microsoft

EOH share price is in further decline after unsuccessful talks with Microsoft. Photo: Supplied JOHANNESBURG - JSE-listed technology services company EOH Holdings crashed a further 16.37 percent on the bourse yesterday following news of its unsuccessful talks with tech giant Microsoft.

Ford exiting heavy truck business in South America

(Adds comments by Ford executive, company background) DETROIT, Feb 19 (Reuters) - Ford Motor Co said on Tuesday it would exit its heavy commercial truck business in South America and cease production at a Brazilian plant this year as a result, part of a global restructuring meant to end losses in different regions. As part of a broader restructuring that Ford previously said would result in $11 billion in charges, the company said it will cease production at its Sao Bernardo do Campo plant, ending sales of the cargo lineup, F-4000 and F-350 trucks, as well as the Fiesta small car once inventories are sold. Ford said on Jan.

Businesses turn to smart solar solutions as Eskom woes continues

As Eskom resorts to turning off the lights yet again, businesses are looking for ways to lessen their dependence on the beleaguered national power provider. "The long-term risk to business continuity and sustainability is very concerning. Business owners cannot afford to sit on their hands and trust that government will resolve the situation, especially when alternative options are becoming more readily available," says Tim Frankish, Managing Director of international solar energy company SolarSaver.

The Coffee Farmers Betting On Blockchain To Boost Business

On a bustling street near the shiny new international airport in Ethiopia's capital is a small coffee roastery with big dreams.  Nearly 40 Ethiopians - a third of them women - sift, roast and package prized Arabica beans for export to Europe under the Moyee brand, founded by a Dutch social entrepreneur. The roastery, together with the innovative use of blockchain technology to ensure the supply chain is transparent, represents an attempt to keep as much of the profits as possible in Ethiopia, one of the world's poorest countries.

Hunter's launches new campaign to beat the heat

.fb-comments,.fb-comments span,.fb-comments span iframe[style]{min-width:100%!important;width:100%!important} A cider so refreshing, that absolutely nothing is too hot for its rejuvenating powers.

SOE's to review operating models

After much speculation about the unbundling of Eskom , President Ramaphosa in his response to parliament last week, said Eskom will not be privatised, but the three separate parts, - namely generation, transmission and distribution - will be 100% state owned. On Tuesday, South African Airways (SAA) refuted claims that the company may be considering privatisation, saying that the message got lost in translation and that the changes relate to their operating model, and that they will remain a single entity with a reconfiguration of its resources. Meanwhile, trade unions have vowed to fight any form of privatisation.

Nigeria Business Reacts To Postponement Of Elections

INEC's decision to reschedule Nigeria's elections has been received with mixed reactions, with many pointing its impact on businesses and the economy. Joining CNBC Africa to discuss this is Muda Yusuf, Director General, Lagos Chamber of Commerce and Industry and Onyekachi Adekoya, Managing Director, PR24. The post appeared first on iAfrica.

Balwin Properties concludes 4,500 apartment deal for its rentals business

Balwin Properties, the largest sectional title developer in SA, has concluded its first rental apartment deal with a partner as it looks to diversify its income stream. The company, which owns 25% of partner Balwin Rentals, previously only sold units it developed. In terms of the deal, Balwin Rentals retains a right of first refusal to acquire 4,544 rental apartments to be developed by Balwin Properties.

A Call For Disclosure Of Beneficial Owners

By Andrew McGregor, MD of Who Owns Whom (Pty) Ltd The ANC inherited a government debt of 50.4% of GDP from the corrupt apartheid government in 1994, and under the leadership of presidents Nelson Mandela and Thabo Mbeki, this declined to 23.8% by 2008.

Jazz Festival reveals its 2019 espYoungLegend

- Bass player Edgar ‘Eddiebass' Muzah and his band are set to join the prestigious Cape Town International Jazz Festival (CTIJF) line-up, as he has just won the espYoungLegends 2019 online talent competition. Muzah currently lives in Port Elizabeth in the Eastern Cape and plays with Take Note, one of South Africa's fresh, young bands. The espYoungLegends competition is all about ensuring that new talent gets stage space alongside some of the greatest, more experienced jazz musicians in the business.

EOH should disclose why Microsoft ended partnership

TechCentral reports that Microsoft's decision is related to an anonymous complaint to the US SEC about a R120m software deal between EOH and  SA's department of defence.

Dushnisky starts innings with blistering six, but Mponeng may be a googly* in-waiting

ANGLOGOLD Ashanti defended a decision to hedge about 60% of gold produced from its South African assets saying it was a mechanism that was opportunistic and "… sensitive to changes in exchange rate and gold price" as it embarked on phase two of restructuring at the assets, principally Mponeng mine. "The thinking was that South African revenues - and it's a revenue protection mechanism - are sensitive to changes in exchange rate and gold price as the business focuses on phase two of restructuring," said Christine Ramon, CFO of AngloGold Ashanti. "It is important to remain free cash flow positive, and allow management to focus on what's important: stable production and lowering costs.

Price premiums boosting quality-focused Kumba Iron Ore

JOHANNESBURG (miningweekly.com) - South Africa's Kumba Iron Ore, which stands head and shoulders above its peers when it comes to iron-ore quality, is achieving major price premiums well above historical heights. Structural change and strong growth in particularly the China steel market has place the Anglo American group company in pole position to receive record prices going forward.

Amplats rewards its loyal shareholders

JOHANNESBURG Anglo American Platinum (Amplats) the worlds biggest platinum producer has rewarded its shareholders with a bumper R3billion in dividends the biggest in a decade as a platinum group metal prices (PGM) led by palladium and rhodium hit highs in the year to December 2018.Amplats the subsidiary of diversified mining giant Anglo American Plc declared a final dividend of R2billion during the period to bring the total dividend for the year to R3bn.The doubling of rhodium price coupled with the stronger palladium boosted the balance sheet giving Amplats a leeway to change its dividend payout ratio policy to 40percent from 30percent of headline earnings.

Chipmaker TowerJazz sees core business growing in 2019

(Adds details, CEO comments, share reaction) By Steven Scheer JERUSALEM, Feb 19 (Reuters) - Israeli chip manufacturer TowerJazz said it expected its main business units to grow further this year, as it reported higher fourth-quarter profit but cautioned the sector had entered 2019 facing macro-economic headwinds. TowerJazz, which specialises in analogue chips used in cars, medical sensors and power management, sees first-quarter revenue in a range of 5 percent above or below $310 million, in line with expectations. CEO Russell Ellwanger declined to give a full-year forecast after the company recorded $1.

The bears are at the door - and why we should embrace bear markets

By Paul Cluer, Managing Director at Foord Asset Management. One of the longest global bull markets in living memory wound down in 2018. What are bear markets and what do they mean for long-term investors? Bear markets are periods of depressed or falling security prices.

Amcu Threatens To Shut Down SA Mining Industry During Strike

FILE: Amcu president Joseph Mathunjwa. Piture: Kayleen Morgan/EWN JOHANNESBURG - The Association of Mineworkers and Construction Union (Amcu) on Tuesday said it is joining Sibanye-Stillwater on a strike next week. It said it would be embarking on a secondary strike in the platinum and coal sectors to support its members in the gold sector.

VIDEO: Amcu to bring mining sector to 'a standstill' with secondary strike

Amcu President Joseph Mathunjwa held a press briefing to announce a secondary strike by union members in support of of the prolonged stay away at Sibanye Stillwater. Picture: Simphiwe Mbokazi/African News Agency(ANA). JOHANNESBURG - The Association of Mineworkers and Construction Union (Amcu) on Tuesday said that it would be embarking on a secondary strike in the platinum and coal sectors next week in support of its members in the gold sector at Sibanye-Stillwater.

VIDEO: Amcu to bring mining sector to 'a standstill' with secondary strike

Amcu President Joseph Mathunjwa held a press briefing to announce a secondary strike by union members in support of of the prolonged stay away at Sibanye Stillwater. Picture: Simphiwe Mbokazi/African News Agency(ANA). JOHANNESBURG - The Association of Mineworkers and Construction Union (Amcu) on Tuesday said that it would be embarking on a secondary strike in the platinum and coal sectors next week in support of its members in the gold sector at Sibanye-Stillwater.

Glencore to cut output, jobs at copper, cobalt mine in Congo - WSJ

Feb 19 (Reuters) - Glencore Plc is planning to cut production at one of its largest copper and cobalt mining operations in the Democratic Republic of Congo, the Wall Street Journal reported on.wsj.com/2GxACiU , citing sources on Tuesday.

VIDEO: Amcu to bring mining sector to a standstill with secondary strike

JOHANNESBURG The Association of Mineworkers and Construction Union (Amcu) on Tuesday said that it would be embarking on a secondary strike in the platinum and coal sectors next week in support of its members in the gold sector at SibanyeStillwater.At least 15000 workers affiliated to Amcu have been on a protected strike at Sibanyes gold operations for three months since 22 November 2018 demanding higher wages.  Amcu president Joseph Mathunjwa said that his union would close down the entire South African mining industry once they embarked on this strike.

SAPPO Business Intelligence platform launched

The South African Pork Producers' Organisation (SAPPO) announced that its business intelligence online platform is now live. The platform gives access to the latest general industry information including slaughter figures, trade data, retail prices and more. The online platform can be accessed through SAPPO's website.

GLENCORE PLC - GLN - Transactions in own shares 18 February 2019

Wrap Text GLN - Transactions in own shares - 18 February 2019 Glencore plc (Incorporated in Jersey under the Companies (Jersey) Law 1991) (Registration number 107710) JSE Share Code: GLN LSE Share Code: GLEN HKSE Share Code: 805HK ISIN: JE00B4T3BW64 Baar, Switzerland 19 February 2019 Transactions in own shares - 18 February 2019 Glencore plc (the Company) announces today it has purchased the following number of its ordinary shares of USD 0.01 each on the London Stock Exchange from Citigroup Global Markets Limited. Date of purchase: 18 February 2019 Aggregate number of ordinary shares of USD 0.

UPDATE 1-S.Africa's AngloGold posts higher full-year earnings

(Adds detail, CEO comment) JOHANNESBURG, Feb 19 (Reuters) - South Africa's AngloGold Ashanti reported higher full-year earnings on Tuesday, boosted by lower amortisation after the closure and sale of some of its assets, and a higher income from its Kibali operations. The gold miner's headline earnings per share (HEPS) rose to 53 cents ($0.0375), in the year ended Dec.

The Bears Are At The Door - And Why We Should Embrace Bear Markets

One of the longest global bull markets in living memory wound down in 2018. What are bear markets and what do they mean for long-term investors? Bear markets are periods of depressed or falling security prices. They are characterised by lower global liquidity, rising inflation, rising interest rates, negative earnings news and negative sentiment.

BUSINESS OF INSURANCE: Liberty accused of failing to pay commission

Liberty Holdings has denied the claims by a financial adviser who accused the group for failing to pay his commission for January. Johan Minnie a managing executive: client and adviser experience said that in the absence of the details of the financial adviser who made the allegation or the facts surrounding the alleged nonpayment of commission Liberty could only confirm commission was paid in accordance with the contract entered into with a financial adviser and in line with legislation. We are in constant communication with our adviser network and have channels in place to address any such issues Minnie said.

Is it feasible to be more inclusive in retrenchment talks in the mining sector?

Amcu has challenged the inclusivity of the Section 189(1) provisions of the Labour Relations Act, arguing retrenchments are so important that everyone needs to be consulted individually. But in our view, Section 189(1) is the most practical solution and in line with the principle of majoritarianism that runs throughout SA law. As 2019 begins, a combined 23,500 jobs are under threat at Impala Platinum and Lonmin, a reflection of the unrelenting revenue and cost pressures SA's platinum group metals (PGM) miners have faced since 2012.

VIDEO: Amcu to bring mining sector to 'a standstill' with secondary strike

Amcu President Joseph Mathunjwa held a press briefing to announce a secondary strike by union members in support of of the prolonged stay away at Sibanye Stillwater. Picture: Simphiwe Mbokazi/African News Agency(ANA). JOHANNESBURG - The Association of Mineworkers and Construction Union (Amcu) on Tuesday said that it would be embarking on a secondary strike in the platinum and coal sectors next week in support of its members in the gold sector at Sibanye-Stillwater.

KZN Tourism looks to position region as a top business tourism destination

With Meetings Africa, the annual trade show which showcases Africa's diverse offerings of services and products, fast approaching KwaZulu-Natal (represented by the Durban KwaZulu-Natal Convention Bureau) is preparing to use this as an opportunity to continue its work in positioning the region as a top business tourism destination. Business tourism is a global multi-billion-rand dollar industry, sustaining more than 60-million jobs. In South Africa, it contributes more than R115-billion to the country's GDP in South Africa, creating almost 252 000 direct and indirect jobs.

Price premiums boosting quality-focused Kumba Iron Ore

JOHANNESBURG (miningweekly.com) - South Africa's Kumba Iron Ore, which stands head and shoulders above its peers when it comes to iron-ore quality, is achieving major price premiums well above historical heights. Structural change and strong growth in particularly the China steel market has placed the Anglo American group company in pole position to receive record prices going forward.

AMCU calls on all members to strike in support of Sibanye gold employees

The Association of Mineworkers and Construction Union (AMCU) has called on its members at Sibanye-Stillwater's platinum operations to again embark on a strike in support of those AMCU members who have been on strike at the miner's gold operations since November 2018. It has further encouraged its members who are employed at other mines across the country where the union represents the majority, to also join the strike. In addition, it was seeking support from Sibanye investors, calling on them to disinvest from Sibanye.

SMALL BUSINESS FOCUS!

SMALL business owners also have high hopes about the national budget which will be delivered by finance minister Tito Mboweni tomorrow. It's not a surprise that last year's budget did not meet our expectations, which is why we hope the new budget addresses these problems openly and does not disguise them. Government needs to stop hiding its failures and openly admit its failures.

Bogged Down Logging Business Mileage for Tax…

The Journey Organizer from Tiger Wheel & Tyre takes the hassle out of tax and travel claims Tax season is upon us and with it the determination to do things better, like logging business mileage. Now, thanks to the Journey Organizer from Tiger Wheel & Tyre, separating business from personal mileage no longer requires arduous manual logging in a dog-eared, coffee-stained logbook. The Journey Organizer is a smart mobile GPS logger that effortlessly generates compliant tax and travel claims for business purposes.

South Africa's AngloGold Ashanti posts higher full-year earnings

JOHANNESBURG, Feb 19 (Reuters) - South Africa's AngloGold Ashanti reported higher earnings on Tuesday, boosted by lower amortisation after the closure and sale of some of its assets, and a higher income from its Kibali operations. The gold miner's headline earnings rose to 53 cents ($0.0375) per share, in the year ended Dec.

KUMBA IRON ORE LIMITED - Provisional audited annual results for the year ended 31 December 2018 and final cash dividend decl

Wrap Text Provisional audited annual results for the year ended 31 December 2018 and final cash dividend declaration KUMBA IRON ORE LIMITED Incorporated in the Republic of South Africa REGISTRATION NUMBER: 2005/015852/06 JSE code: KIO ISIN: ZAE000085346 INCOME TAX NUMBER: 9586/481/15/3 ("Kumba" or "the Company" or "the group") PROVISIONAL AUDITED ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2018 AND FINAL CASH DIVIDEND DECLARATION DELIVERING ON OUR STRATEGY AND CREATING VALUE FOR ALL OUR STAKEHOLDERS Themba Mkhwanazi, Chief executive of Kumba, said, "In 2018, Kumba continued to achieve important milestones in our strategy of unlocking our full potential through margin expansion and life of mine extension. We kept our commitment on safety and remained fatality-free with significant improvement across multiple safety indicators. Our focus on productivity and efficiency continued to gain traction as we reached 65% of benchmark.

EOH, Microsoft ensnared in SEC corruption complaint

Microsoft terminated longstanding partner agreements with JSE-listed technology services group EOH after an anonymous whistle-blower filed a complaint about alleged malfeasance involving a South African department of defence software procurement deal with the US Securities & Exchange Commission (SEC). TechCentral has seen correspondence that corroborates this and spoken to well-placed sources who say the whistle-blower lodged the complaint with the SEC at the end of November 2018 under the US's tough anti-graft legislation, the Foreign Corrupt Practices Act. At the same time, the whistle-blower, through a firm of attorneys, wrote to Seattle, Washington-headquartered Microsoft's board of directors, asking it to investigate the matter and take appropriate action, the correspondence shows.

MURRAY & ROBERTS HOLDINGS LIMITED - Business Update and Trading Statement for the six months ended 31 December 2018

Wrap Text Business Update and Trading Statement for the six months ended 31 December 2018 MURRAY & ROBERTS HOLDINGS LIMITED (Incorporated in the Republic of South Africa) Registration number 1948/029826/06 JSE Share Code: MUR ADR Code: MURZY ISIN: ZAE000073441 ("Murray & Roberts" or the "Company" or "Group") BUSINESS UPDATE AND TRADING STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2018 The Group has transformed from being a predominantly South African civil and building contractor, to a multinational engineering and construction Group focused on the natural resources market sectors. The Group's three business platforms (Underground Mining, Oil & Gas and Power & Water) provide portfolio diversification. Main market segments and selective complementary market segments are of strategic importance to each of the three platforms, as these segments collectively mitigate the impact of market cyclicality.

INTU PROPERTIES PLC - NED Changes

Wrap Text NED Changes INTU PROPERTIES PLC (Registration number UK3685527) ISIN Code: GB0006834344 JSE Code: ITU LEI: 213800JSNTERD5CJZO95 19 February 2019 intu properties plc ("intu" or the "Company") Intu: NED changes intu announces that Louise Patten, independent non-executive director, has retired from the Board with effect from today's date. Ian Burke has taken over as Chairman of intu's Remuneration Committee. Richard Gordon, non-independent non-executive director, informed the Board today that he would not be seeking re-election at intu's AGM on 3 May 2019.

Get a new website and dashboard for your business with Codehesion

Codehesion is a specialist website and mobile app development house, and is the best company in South Africa to develop your business's new website and online dashboard. Codehesion has designed bespoke websites and dashboards for many South African companies with a 100% success rate. The company specialises in developing bespoke mobile apps, websites, and online dashboards for medium and large businesses with special requirements.

LIGHTHOUSE CAPITAL LIMITED - Dealing in securities by associates of directors of the company

Wrap Text Dealing in securities by associates of directors of the company LIGHTHOUSE CAPITAL LIMITED (formerly Greenbay Properties Ltd) (Incorporated in the Republic of Mauritius on 14 August 2014) (Registration number C124756 C1/GBL) SEM share code: GFP.N0000 JSE share code: LTE ISIN: MU0461N00015 ("Lighthouse" or "the company") DEALING IN SECURITIES BY ASSOCIATES OF DIRECTORS OF THE COMPANY Shareholders are advised of the following information relating to dealings in securities by associates of directors of the company: Name of associate: Boabab Consulting CC Name of director and relationship to director: Stephen Delport, who is the sole member of Boabab Consulting CC Transaction date: 14 February 2019 Class of securities: Ordinary shares Number of securities: 340 010 Highest traded price per security:* ZAR6.93 Weighted average price per security: ZAR6.

No easy solution to power-producer drain on SA economy

Finance Minister Tito Mboweni is looking for a way to keep the country's main power producer from sucking the life out of the economy. Debt at Eskom has ballooned to R419bn and it's struggling to supply Africa's most-industrialized nation with enough power even as it weighs on finances, with most of its borrowings guaranteed by the state. The Department of Public Enterprises says the utility needs a cash injection to survive.

Ex-Kempie wins Dis-Chem Ride for Sight

Marc Pritzen from Kempton Park, hot off his win in the SA Road Champs in the u-23 category, won the 116km Dis-Chem Ride for Sight Cycle Race in Boksburg on Sunday. The ex-Hoërskool Kempton Park learner finished the race in an excellent time of 2:28:17. Ryan Harris was second with Calvin Beneker third.

RUGBY-BULLS: Blue Bulls equity partner Remgro flexing financial muscle - reports

ANA Sports Reporter PRETORIA, February 19 (ANA) - The Bulls' equity partner Remgro has flexed its financial muscle and is behind some of the biggest changes to go on at Loftus Versfeld in the last 20 years. ANA NEWS WIRE Disclaimer: The African News Agency (ANA) is a news wire service and therefore subscribes to the highest standards of journalism as it relates to accuracy, fairness and impartiality. ANA strives to provide accurate, well sourced and reliable information across Text, Images and Video.

The bear and bull case for MultiChoice

Photo: Calvo Mawela/MultiChoice Print Email [ANALYSIS] Ahead of its unbundling from parent Naspers and separate listing on the JSE, the bear case for MultiChoice is fairly well understood - and perhaps even accepted - by the market. It goes something like this: subscribers are abandoning pay-TV in droves for services such as (and primarily) Netflix. The conjecture is that the business is in decline, or at the very least ex-growth, and will become a prodigious generator of cash, and not much more.

No smoke without fire: Tobacco companies in quiet return to Formula One

Source Raphaëlle Peltier, Rebecca Frasquet and Sydney Bureau, AFP | Tuesday, 19 February 2019, 07:19 Ferraris car SF90 car for the 2019 season features the Mission Winnow logo. MOTORING NEWS - Tobacco giants Philip Morris and British American Tobacco have formed partnerships with their scientific research subsidiaries and Formula 1 teams Ferrari and McLaren more than a decade after cigarette advertising was banned from the sport. US giant Philip Morris International (PMI), whose Marlboro brand was long associated with Ferrari, re-entered the sport last October, branding Ferrari cars with "Mission Winnow" and a logo that hints at the white-on-red triangles of the old Marlboro packs.

Still no news on Microsoft's EOH cancellation

EOH Holdings has reported that it has still not received confirmation from Microsoft as to why it's contract with the software giant was terminated. The company has appointed ENS to look at all large historical licensing contracts in the public sector vertical. In a SENS statement, EOH says it will receive regular updates from ENS and is committed to swift and appropriate action.

City Lodge expansion continues despite tourism dip

JOHANNESBURG THE new concept hotel within the City Lodge Hotel Group that is to be developed in Waterfall City in Midrand will expand the groups Courtyard Hotel portfolio to six and boost the total number of hotels in the group to 64 in six countries of East and Southern Africa.The construction of the new 10 storey 168room hotel to be developed on a land and building lease agreement with JSElisted property company Attacq and the Barrow Group was expected to begin next month and be completed in October next year.Attacq chief executive Melt Hamman said the hotel would be developed on the site next to Ellipse the companys first highrise residential apartment development in Waterfall City.

MURRAY & ROBERTS HOLDINGS LIMITED - Business Update and Trading Statement for the six months ended 31 December 2018

Wrap Text Business Update and Trading Statement for the six months ended 31 December 2018 MURRAY & ROBERTS HOLDINGS LIMITED (Incorporated in the Republic of South Africa) Registration number 1948/029826/06 JSE Share Code: MUR ADR Code: MURZY ISIN: ZAE000073441 ("Murray & Roberts" or the "Company" or "Group") BUSINESS UPDATE AND TRADING STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2018 The Group has transformed from being a predominantly South African civil and building contractor, to a multinational engineering and construction Group focused on the natural resources market sectors. The Group's three business platforms (Underground Mining, Oil & Gas and Power & Water) provide portfolio diversification. Main market segments and selective complementary market segments are of strategic importance to each of the three platforms, as these segments collectively mitigate the impact of market cyclicality.

S.Africa's AngloGold posts higher full-year earnings

JOHANNESBURG (Reuters) - South Africa's AngloGold Ashanti reported higher full-year earnings on Tuesday, boosted by lower amortisation after the closure and sale of some of its assets, and a higher income from its Kibali operations. The gold miner's headline earnings per share (HEPS) rose to 53 cents ($0.0375), in the year ended Dec.

Petra appoints former AngloGold CFO Richard Duffy to take helm from Dippenaar

By Charlotte Mathews - February 18, 2019 LONDON-listed Petra Diamonds, which owns the Finsch, Cullinan, Koffiefontein and Williamson mines in southern Africa, has appointed former AngloGold Ashanti executive, Richard Duffy, to replace long-standing CEO Johan Dippenaar, it said on Monday. Duffy was previously CFO of AngloGold Ashanti and headed their African operations before co-founding a company involved in renewable energy, African Energy Management Platform. Duffy "… brings with him an impressive depth of global mining experience which we believe will be critical to drive Petra's transition from a phase of intensive capital expenditure and expansion to a focus on steady-state, cash-generative operations," said the diamond firm's chairman, Adonis Pouroulis.

Brazil iron-ore tragedy brings home reality of mining risk - Kumba

JOHANNESBURG (miningweekly.com) - Following 58 mineworkers dying in South Africa in 2018, Kumba Iron Ore CE Themba Mkhawanazi on Tuesday drew attention to 2019 beginning, globally, with the tragic loss of life at Brumadinho, in Brazil, as a result of an iron-ore tailings dam collapse. Mkhwanazi said at the company's presentation of 2018 that the tragedy brought home the reality of the risk in the mining industry and why the safety of its people should always come first.

Stocks weaker as investors exercise caution ahead of trade talks resumption

Stocks paused on Tuesday as investors struck a cautious tone ahead of the start of the next round of trade talks between China and the US on Wednesday.   In China and Hong Kong equity indices closed weaker, and this sentiment fed onto Europe where most of the major indices traded mostly weaker. Markets are also looking forward to the Fed's FOMC meeting minutes slated for release on Wednesday for more information on the Fed's dovish tone.

Kumba CEO Themba Mkhwanazi on main drivers behind strong results

Kumba Iron Ore announced a healthy set of results, with headlining earnings of R30.28 per share and a final cash dividend equal to 100 per cent of HEPS. Kumba CEO, Themba Mkhwanazi spoke to CNBC Africa's reporter, Kopano Gumbi.

Q&A with Emerging South African Artist Chris Soal

This weekend, the  Investec Cape Town Art Fair 2019  took the Mother City by storm and offered art lovers a wide range of works to admire from various artists. One of these talents was Chris Soal, who has been making waves in the industry over the past few years. Using found materials as the departure point for his works, Chris Soal creates sculptures that are foremost driven by formal concerns such as texture, light and form expressed in an abstract minimalist language.

Brazil iron-ore tragedy brings home reality of mining risk - Kumba

JOHANNESBURG (miningweekly.com) - Following 58 mineworkers dying in South Africa in 2018, Kumba Iron Ore CE Themba Mkhwanazi on Tuesday drew attention to 2019 beginning globally with the tragic loss of life at Brumadinho, in Brazil, as a result of an iron-ore tailings dam collapse that killed 134 people, left many missing and caused major environmental damage. Mkhwanazi said at Kumba's presentation of 2018 that the tragedy brought home the reality of the risks of mining and why the safety of its people should always come first and environmental protection should receive high priority.

Trotro business: husband and wife working together to earn a living

A lot of things comes to play when considering to start and grow a business together. This however becomes a daunting task for many because, there would be incident of trust, transparency and accountability. PAY ATTENTION: Click "See First" under the "Following" tab to see Briefly.

With ironic timing, EOH launches whistle-blower app

EOH Holdings CEO Stephen van Coller EOH Holdings, the South African IT company reeling after an anonymous complaint prompted Microsoft to abruptly cancel partner agreements with it, has created an app that will make that process easier for future whistle-blowers. Expose-It, which was made available for download on Monday, enables those with sensitive information about their company or organisation to pass it on to relevant authorities without fear of being identified. The app is designed to encourage "the safe, anonymous exposure of wrongdoing, both within EOH and without," CEO Stephen van Coller said in an e-mail to employees.

We control these mines, defiant AMCU says amid calls for secondary strike

The Association of Mineworkers and Construction Union has challenged any mining companies who attempt to interdict its planned secondary strike to meet it in court. The union called for a secondary strike in support of an ongoing three-month stayaway at Sibanye-Stillwater, Fin24 earlier reported . Briefing media in Johannesburg on Tuesday, AMCU leader Joseph Mathunjwa said the country should brace for a total shutdown of mines at Impala Platinum in Rustenburg, Harmony and Lonmin.

Amplats rewards its loyal shareholders

Photo: Reuters JOHANNESBURG - Anglo American Platinum (Amplats), the world's biggest platinum producer, has rewarded its shareholders with a bumper R3billion in dividends - the biggest in a decade - as a platinum group metal prices (PGM) led by palladium and rhodium hit highs in the year to December 2018. Amplats, the subsidiary of diversified mining giant Anglo American Plc, declared a final dividend of R2billion during the period to bring the total dividend for the year to R3bn. The doubling of rhodium price coupled with the stronger palladium boosted the balance sheet, giving Amplats a leeway to change its dividend payout ratio policy to 40percent from 30percent of headline earnings.

EOH, buffeted by anonymous tip, launches whistle blower app

Expose-It, which was made available for download on Monday, enables those with sensitive information about their company or organization to pass it on to relevant authorities without fear of being identified. The app is designed to encourage "the safe, anonymous exposure of wrongdoing, both within EOH and without," Chief Executive Officer Stephen van Coller said in an email to employees. The irony of the timing won't be lost on staff.

Gauteng: Motorcyclist critical after Randfontein crash.

KwaZulu-Natal: At 14H13 Tuesday afternoon Netcare 911 responded to reports of a collision on Condor Road, Helikon Park in Randfontein. Reports from the scene indicate that a light motor vehicle and a motorcycle were involved in a collision. The adult male motorcyclist sustained serious injuries and required Advanced Life Support intervention.

UDM: The UDM calls for Presidential and Ministerial intervention in the Sibanye Gold Strike by AMCU members

The ongoing Sibanye Gold strike by South Africa's Association of Mineworkers and Construction Union (AMCU) calls for the immediate intervention by both the President of the Republic as well as the Minister of Minerals. Both these leaders are credited with leading workers in the mines. The President and Minister have a duty to intervene to protect job losses and fair wages.

Proven ways to generate leads for your consulting business

New and fresh leads are the lifeblood for a consulting business because without getting more leads you will soon run out of services no matter what type of consulting services offering you are. In order to succeed, you as a consultant need to make sure there is always an inflow of fresh leads driving into your business regularly. In this age of huge competition, cold calling and blasting messages are not sufficient methods for a consulting business to get more leads.

Designer Karl Lagerfeld has died: here's what made him a fashion icon

German haute-couture designer Karl Lagerfeld, artistic director at Chanel and an icon of the global fashion industry for over half a century, has died, a source at the French fashion house Chanel said on Tuesday. He was 85. Lagerfeld enjoyed the stature of a god among mortals in the world of fashion, where he stayed on top for well over half of a century and up to his death, at an age almost nobody apart from himself knew with to-the-day precision.

MTN faces more problems in Uganda as authorities query its sales figures

KAMPALA, Feb 19 (Reuters) - Uganda accused the country's biggest telecoms operator, MTN Uganda, on Tuesday of underdeclaring its sales and causing public revenue losses, in a further souring of relations with the South African-owned company. Uganda deported MTN Uganda's Chief Executive Wim Vanhelleputte last week, the fourth MTN official to be expelled from the East African country in less than a month on accusations of compromising national security. The company is a unit of South African telecoms giant MTN Group, which has also had problems in Nigeria where the central bank last year accused it of repatriating $8 billion without the correct paperwork.

BUSINESS OF INSURANCE: Liberty accused of failing to pay commission

Liberty Holdings has denied the claims by a financial adviser who accused the group for failing to pay his commission for January.  Johan Minnie, a managing executive: client and adviser experience, said that in the absence of the details of the financial adviser who made the allegation or the facts surrounding the alleged non-payment of commission, Liberty could only confirm commission was paid in accordance with the contract entered into with a financial adviser and in line with legislation.  "We are in constant communication with our adviser network, and have channels in place to address any such issues," Minnie said.

MTN faces more problems in Uganda as authorities query its sales figures

By Elias Biryabarema KAMPALA (Reuters) - Uganda accused the country's biggest telecoms operator, MTN Uganda, on Tuesday of underdeclaring its sales and causing public revenue losses, in a further souring of relations with the South African-owned company. Uganda deported MTN Uganda's Chief Executive Wim Vanhelleputte last week, the fourth MTN official to be expelled from the East African country in less than a month on accusations of compromising national security. The company is a unit of South African telecoms giant MTN Group, which has also had problems in Nigeria where the central bank last year accused it of repatriating $8 billion without the correct paperwork.

BUSINESS OF INSURANCE: Liberty accused of failing to pay commission

Liberty Holdings has denied the claims by a financial adviser who accused the group for failing to pay his commission for January.  Johan Minnie, a managing executive: client and adviser experience, said that in the absence of the details of the financial adviser who made the allegation or the facts surrounding the alleged non-payment of commission, Liberty could only confirm commission was paid in accordance with the contract entered into with a financial adviser and in line with legislation.  "We are in constant communication with our adviser network, and have channels in place to address any such issues," Minnie said.

TANZANIA: Chinese business woman 'Ivory Queen' Yang Fenglan jailed

Image copyright AFP Yang Fenglan was a leading figure in business circles at the time of her arrest Tanzania has sentenced Yang Fenglan, a Chinese businesswoman nicknamed the "Ivory Queen", to 15 years in jail for smuggling hundreds of elephant tusks. Yang was accused of operating one of Africa's biggest ivory-smuggling rings, responsible for smuggling $2.5m (£1.

WhatsApp Business beta for iPhone launched

A beta version of WhatsApp Business has been made available for iPhone users. This variant of WhatsApp is a free-to-download communication tool specifically designed for small businesses. Launched in January 2018, WhatsApp Business had only been made available on Android devices until now.

Retrenchments at South32's Hillside smelter could affect up to 500 jobs - Solidarity

Trade union Solidarity on Tuesday said it had received a retrenchment notice from South32's Hillside aluminium smelter, in Richards Bay. The trade union stated that the retrenchment process could impact the lives of up to 30 000 people and, consequently, the entire Richards Bay area. Solidarity deputy general secretary Marius Croucamp commented that the notice fed growing concern about the South African steel sector, which shed around 8 000 jobs in 2018.

South Africa's cheapest bank accounts: Capitec vs the rest

Capitec has announced its new fees for 2019, bringing price cuts almost across the board as it positions itself in a new digital banking age - and to compete with several new entry-level accounts. While banks offer different value propositions, one of the main criteria consumers look at when it comes to choosing who to bank with, is cost. Capitec's rapid growth over the past decade, and more has been driven primarily through its simplified approach to banking - offering one account with fixed fees - which undercut the pricey and often complicated pricing structures of its competitors.

M&R expects significant improvement in interim HEPS

JSE-listed engineering group Murray & Roberts (M&R) expects a significant improvement in total earnings per share (EPS) and headline earnings per share (HEPS) for the six months ended December 31. Basic EPS for the period are expected to increase by between 57% and 75% year-on-year to between 44c and 49c, while basic HEPS are expected to increase by between 54% and 71% year-on-year to between 43c and 48c. The group noted that the improvement is predominantly the result of a smaller loss in discontinued operations.

Man in court for business robbery

The men allegedly assaulted the shop owner and forced him to give them money from the cash register. CAUGHT IN THE ACT: Security cameras captured the moment a well-known Kimberley businessman robs a foreign national shop owner, Amimul Islam (right), of money on Saturday afternoon. LOCAL businessman Shukri Darries appeared in the Kimberley Magistrate's Court yesterday on charges of business robbery.

Aviva, NatWest to join "Brexodus" of business to EU

* Aviva gets court approval to move assets to Ireland * Part of a wave of banks, insurers moving money * Consultants EY see total moved at around 800 bln stg By Huw Jones, Simon Jessop and Carolyn Cohn LONDON, Feb 19 (Reuters) - England's High Court on Tuesday gave Aviva, Britain's second largest insurer, approval to transfer around 9 billion pounds ($11.69 billion) in assets to a new Irish company just before the starting gun is fired on Brexit. The move, timed for 2259 GMT on March 29, is part of a wider withdrawal of business and money by financial companies seeking to keep contracts and policies within the European Union even after Britain departs.

The EFF is calling for Bosasa to be "expropriated without compensation"

The Economic Freedom Fighters believe they have the solution to the mass retrenchments set to take place at BOSASA- the state must take responsibility for the situation. The party is now calling for the company to be expropriated without compensation. PAY ATTENTION: Click "See First" under the "Following" tab to see Briefly.

‘Time For Business To Roll Up Its Sleeves'

Busi Mabuza has just been appointed Chair of the South African chapter of the BRICS Business Council. Also the chairperson of the Industrial Development Corporation, she speaks to FORBES AFRICA about her plans for trade and investment.  What is your first point of focus as the chair of the South African chapter of the BRICS Business Council? It is still early days.

JSE mining stocks are riding high on bumper financial results

JOHANNESBURG JSElisted gold and mining stocks gathered steam yesterday on Anglo American Platinums (Amplats) bumper financial results for the year ended December 2018.Amplats the worlds biggest platinum producer whose solid financial results saw headline earnings shoot up 95percent to R28.93 per share was a major contributor to the surge in mining stocks analysts said.

Hack your tax

There are only a few days until the end of tax season, but there is still time to ensure that you have taken advantage of the R33,000 that you can invest tax free every year - a nice perk offered to us by National Treasury to encourage us to save - although it is capped at R500,000 for your lifetime. Just to be crystal clear - you will pay no income, dividend or capital gains tax within your tax-free investment. The one catch is that it is up to you to ensure that you don't exceed the annual limit, as any amount in excess of R33,000 that you invest in your tax-free portfolio will be taxed at 40%.

EOH shares tank as talks with Microsoft fail to yield results

Supplied DURBAN - JSE-listed technology services company EOH Holdings slumped to its lowest levels on the course in one year after its talks with Microsoft failed to yield positive results. The company's shares extended losses for the fifth straight day, falling 10.41percent to R17.

Improved margins drive growth in AngloGold's free cash flow generation

JOHANNESBURG (miningweekly.com) - Gold miner AngloGold Ashanti achieved its guidance for the sixth consecutive year, with improved margins driving significant growth in free cash flow generation, the company announced on Tuesday morning. The gold miner further declared a dividend of 95c a share, equal to about $0.

How DStv was started in a caravan

DStv is a continent-wide phenomenon, with its owner MultiChoice delivering satellite broadcast TV and online entertainment to million of viewers. When the company began its journey however, things were very different. M-Net - an abbreviation of Electronic Media Network - was founded in South Africa by Naspers in 1986, and at the time it was one of only two pay TV operators outside of the United States.

Should SA invest in South Sudan's oil industry?

Form here By  Lloyd Gedye A proposed deal that would see the South African government investing $1 billion (about R13.7 billion) in the South Sudanese oil sector could see the state in bed with a South Sudanese oil company that is at the heart of recent corruption and human rights abuse claims. These allegations include Chinese arms deals, the funding of non-state militia, suspect banking practices and oversight, and expensive luxury houses built or acquired by South Sudan's elite in Uganda and Ethiopia.

Duffy to be supported by "seasoned miners", says Petra's Dippenaar as makes final bow

By Charlotte Mathews - February 18, 2019 OUTGOING Petra Diamonds CEO, Johan Dippenaar, who will leave the company at the end of March after more than 12 years in the job, has no immediate plans other than spending time with his family, he said in an interview on Monday. Petra has announced that former AngloGold CFO, Richard Duffy, will replace Dippenaar, after a brief handover period. "Mr.

The bad news for South Africa

South African Finance Minister Tito Mboweni is looking for a way to keep the country's main power producer from sucking the life out of the economy. Debt at Eskom Holdings SOC Ltd has ballooned to R419 billion ($31 billion) and it's struggling to supply Africa's most-industrialized nation with enough power even as it weighs on finances, with most of its borrowings guaranteed by the state. The Department of Public Enterprises says the utility needs a cash injection to survive.

No easy solution to Eskom drain on South African economy

South African Finance Minister Tito Mboweni is looking for a way to keep the country's main power producer from sucking the life out of the economy. Debt at Eskom Holdings SOC Ltd. has ballooned to 419 billion ($31 billion) and it's struggling to supply Africa's most-industrialized nation with enough power even as it weighs on finances, with most of its borrowings guaranteed by the state.

WATCH: Rand stabilises ahead of #Budget2019

To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video JOHANNESBURG - The rand dipped slightly lower against the greenback during yesterday's European trading session according to NKC Research.  The local currency looked seemingly stable as it recovered from the previous week's slide. The rand is likely to stay rangebound in the coming days as investors wait patiently for Wednesday's National Budget speech, and with US markets closed yesterday, while investors remain hopeful that the US and China can settle a trade dispute.

Busy Tuesday for JSE watchers

BHP starts the big miner results week, followed by Glencore on Wednesday and Anglo America on Thursday In a busy week for mining results, Tuesday started with BHP releasing its interim results in Australia ahead of the JSE's opening. BHP will be followed on Wednesday by Glencore, and then Anglo American on Thursday. All the big miners are expected to report bumper profits, boosted by a rally in iron ore and other commodities.

UPDATE 2-Oil hovers just below 2019 highs as markets look to trade talks

* Traders wait for U.S.-China trade talks this week * Overall, oil markets relatively tight due to OPEC supply cuts (Adds graphic, updates prices) By Henning Gloystein SINGAPORE, Feb 19 (Reuters) - Oil prices hovered just below 2019 highs on Tuesday as traders waited for the outcome of U.

Busy Tuesday for JSE watchers

BHP starts the big miner results week, followed by Glencore on Wednesday and Anglo America on Thursday.

S.Africa's Kumba Iron Ore 2018 headline earnings edge lower

JOHANNESBURG (Reuters) - South Africa's Kumba Iron Ore Ltd on Tuesday reported slightly lower full-year headline earnings for 2018, due to a dip in revenue and lower sales volumes. The company, a unit of Anglo American, said headline earnings came in at 30.28 rand ($2.

Home is where the heart is…

There is strong evidence that investors around the world favour their home market and this is reflected in their portfolio holdings.  The phenomenon is known as home bias and has remained a puzzle in academic literature for decades.  Despite barriers to international investment continuing to fall, most individual investors have remained overly invested in their domestic market.

Fasten your seatbelts for a bumpy ride

Isaah Mhlanga - Executive Chief Economist at Alexander Forbes Investments Rowan Burger - Head of Strategy at Momentum Investments Since 2010 there has been a predictable narrative associated with the Budget Speech. We are living in tough economic times; the Budget is a fine balancing act of scarce resources and the public needs to tighten their belts.  Over the years, this narrative was reinforced through the assistance of a number of key tax increases in order to increase revenue.

An easy way to log business mileage

Tax season is upon us and with it the determination to do things better, like logging business mileage. Now, thanks to the Journey Organizer from Tiger Wheel & Tyre, separating business from personal mileage no longer requires arduous manual logging in a dog-eared, coffee-stained logbook. The Journey Organizer is a smart mobile GPS logger that effortlessly generates compliant tax and travel claims for business purposes.

Should all SOE'S review their operating models?

After much speculation about the unbundling of Eskom, in his response to parliament last week, President Ramaphosa said Eskom will not be privatised, but the three separate parts, - namely generation, transmission and distribution - will be a hundred per cent (100%) state owned. Tuesday, South African Airways refuted claims that the company may be considering privatisation, saying that the message got lost in translation and that the changes relate to their operating model and that they will remain a single entity with a reconfiguration of its resources. Meanwhile, trade unions have vowed to fight any form of privatisation.

Kumba pays dividend, boosts safety, explores, creates local jobs

JOHANNESBURG (miningweekly.com) - Product-improving  Kumba Iron Ore generated hefty operational cash flow, paid a competent final 2018 cash dividend, pressed on with exploration in a new area and supported the creation of 2 600 new jobs in the local community, during a fatality-free, safety-boosted year, characterised by higher prices for its products, better logistics and flourishing cooperation with State rail enterprise Transnet. As an Anglo American group producer in the Northern Cape, Kumba exported 43.

EOH shares tank as talks with Microsoft fail to yield results

DURBAN JSElisted technology services company EOH Holdings slumped to its lowest levels on the course in one year after its talks with Microsoft failed to yield positive results.The companys shares extended losses for the fifth straight day falling 10.41percent to R17.

Pending investments put Gauteng back on road to prosperity

Gauteng is expecting about R40 billion in investments towards the end of the year, which is expected to boost the province's already buoyant jobs situation and further accelerate its economic growth, according to Premier David Makhura. The investments included expansion plans in various areas by companies such as AB InBev, train manufacturing operators, and Airports Company SA's investment at OR Tambo International Airport. During his State of the Province (Sopa) address yesterday, Makhura also announced CCL Labs and Cummings Engineering's planned investments in Midrand, Ford Motor Company's plans to expand in Silverton, Tshwane, while Rainbow Junction is also set to undertake a mega investment in Tshwane.

Five things making headlines in South Africa today

Here's what caught our attention on Monday: 1. Amplats results Anglo American Platinum (Amplats) is reporting an increase in headline earnings per share to 7 588 cents for the year ended December 31 2018, this is comparable to the 3 886 cents reported the previous year. Basic earnings per share also increased to 2 599 cents from 741 in 2017.

Tronox completes first stage of ‘redomiciliation' with purchase of Exxaro stake for R2.06bn

By David McKay - February 18, 2019 TRONOX, the New York-listed mineral sands company, had completed the first stage of its redomiciliation, according to Exxaro Resources in a statement to the Johannesburg Stock Exchange (JSE). In terms of the transaction, Tronox has bought Exxaro's 26% in Tronox Sands for about R2.06bn in cash representing Exxaro's indirect share of the loan accounts in Tronox's South African subsidiaries at February 15.

METALS-Shanghai aluminium slips after Malaysia lifts bauxite ban

BEIJING, Feb 19 (Reuters) - Shanghai aluminium prices moved lower in early trade on Tuesday after Malaysia said it would not extend a moratorium on mining bauxite, potentially reducing costs in the aluminium supply chain for top producer China. Bauxite is a rock refined to make alumina, which is then used to make aluminium metal. FUNDAMENTALS * SHFE ALUMINIUM: The most traded April aluminium contract on the Shanghai Futures Exchange slipped 0.

EOH plunges as defence contract adds to its woes

The rough ride for EOH investors resumed on Monday as its shares plunged to their lowest level in eight years after a report that Microsoft's decision to cut ties with the technology company was linked to a tip-off about a contract with SA's defence department. EOH, whose market value has shrunk 88% since December 2016, partly on governance concerns, said last week the global computer giant was ending its resale partnership with the company for reasons that were not yet clear. The JSE-listed technology company's share price slumped more than a quarter through the week, even though Microsoft's move is only expected to dent profits by about R10m in the current financial year, equivalent to 3.

PE Business News: Zambia Mines Minister pledges support for gemstone sector

Promote your business on BuyPE and MyPR . Zambia Mines Minister pledges support for gemstone sector : PORT ELIZABETH - Zambia's minister of mines pledged support for the gemstone sector in Lusaka on Monday after he officially opened the 31st Gemfields auction of emeralds from the Kagem Mine in Lufwany… Source: "Port Elizabeth" business - BingNews . African Soil in bruising battle with Hilton's Arab owner : His business interests span a host of industries … Radisson Blu Le Vendome in Cape Town; and Port Elizabeth 's King Edward Hotel.

Latest ABSA universal branch code and their branch codes

Are you looking for your bank branch code? If you are actively engaged in online or internet banking as a customer of ABSA, knowing the ABSA universal branch code is not just enough. It can be challenging to keep a record of the branch codes, and that is why bookmarking this web page will save you a lot of stress and grant you quick access at every point in time when you need to refer to any of the branch codes. Image: pixabay.

Vukile appoints new CFO Laurence Cohen

Vukile Property Fund has announced it's intention to appoint Laurence Cohen as the group's new CFO. Laurence will join the Vukile team on the 1st of March 2019 as CFO designate. He will succeed Vukile's current Financial Director Mike Potts and to be appointed to the Vukile Board of Directors on the 1st of July, after Potts' planned retirement on the 30th of June 2019.

'All Bosasa-owned youth centres should be expropriated without compensation' - EFF

The EFF says all government departments and institutions that had relationships with embattled African Global Operations (AGO), formerly known as Bosasa, should build internal capacity to provide services that were provided by the company.  The party said this following an announcement by the company on Monday that it was under voluntary liquidation after its banks communicated a decision to close down the company's banking facilities. It added that the state should build capacity for catering in prisons and managing all the youth rehabilitation centres that were run by the company.

Shanghai aluminium slips after Malaysia lifts bauxite ban

BEIJING, Feb 19 (Reuters) - Shanghai aluminium prices moved lower in early trade on Tuesday after Malaysia said it would not extend a moratorium on mining bauxite, potentially reducing costs in the aluminium supply chain for top producer China. Bauxite is a rock refined to make alumina, which is then used to make aluminium metal. FUNDAMENTALS * SHFE ALUMINIUM: The most traded April aluminium contract on the Shanghai Futures Exchange slipped 0.

ANGLO AMERICAN PLATINUM LIMITED - Summarised Preliminary Audited Consolidated Financial Results for the year ended 31 Decemb

ANGLO AMERICAN PLATINUM LIMITED - Summarised Preliminary Audited Consolidated Financial Results for the year ended 31 December 18 February 2019 - 07:00 AM AMS Summarised Preliminary Audited Consolidated Financial Results for the year ended 31 December ANGLO AMERICAN PLATINUM LIMITED Incorporated in the Republic of South Africa Registration number: 1946/022452/06 Share code: AMS ISIN: ZAE000013181 (Amplats, the Company, the Group or Anglo American Platinum) SUMMARISED PRELIMINARY AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2018 Anglo American Platinum Limited's summarised consolidated audited financial results for the year ended 31 December 2018 have been independently audited by the Group's external auditors. The preparation of the Group's audited results for the year ended 31 December 2018 was supervised by the Finance Director, Mr I Botha. KEY FEATURES PGM production (2017: 5.

Nigeria business reacts to postponement of elections

INEC's decision to reschedule Nigeria's elections has been received with mixed reactions, with many pointing its impact on businesses and the economy. Joining CNBC Africa to discuss this is Muda Yusuf, Director General, Lagos Chamber of Commerce and Industry and Onyekachi Adekoya, Managing Director, PR24. https://www.