Growth in ports sends Grindrod shares up
Grindrod shares rose to their highest level in more than four years yesterday as investors bet on earnings growth driven by diversification into ports and terminals. The shipping company’s stock advanced for the ninth time in 10 days, gaining 3.9 percent to close at R19.50. The shares have gained 23 percent this year. “Investors are [...]
Cape hi-tech factory could boost jobs
Cape Town – The opening of a factory manufacturing high-tech gadgets could boost employment not only in the Western Cape but South Africa as a whole, Cape Town premier Helen Zille said on Tuesday. Zille was speaking at the official re-opening of the Tellumat factory in Atlantis, Western Cape earlier on Tuesday. “Government does not [...]
Sugar group seeks import tariffs, EU quota
The South African sugar industry is pushing for the introduction of import tariffs aimed at reducing the amount of sugar imported into the country, as well as for trade agreements to be extended to European markets to increase its sugar exports, which would hopefully add R1 billion to the industry’s inconsistent and struggling revenue growth. [...]
BlackBerry boss takes swipe at Apple
Sydney – The head of Blackberry has taken a swipe at Apple, saying in an interview the iPhone’s operating system was outdated, while promising thousands of new apps as it prepares to launch it’s new Z10 handset. Thorsten Heins said there were signs users were switching to the Canada-based firm, which rebranded itself on launching [...]
International report: Wine and spirit sales fall as tax increases hit consumers
The latest Wine & Spirit Trade Association market report shows that year on year alcohol duty rises have hit consumer spending on alcohol in the on and the off trade. The drop in volume sales of 4% in the on trade and 3% in the off trade, in the last year, shows consumers are cutting [...]
Company bosses: No fishing crisis
Cape Town – Major fishing company bosses on Wednesday described a meeting with Fisheries Minister Tina Joemat-Petterson as a watershed moment. It was the first time the group had sat around one table discussing problems facing the industry. This included last year’s hake certification fiasco, as well as the fisheries research and patrol vessels which [...]
Analysts: No rate hikes soon
Johannesburg – The SA Reserve Bank’s concern about growth and consumer growth in particular shows that interest rate hikes are just not possible, economists say. South Africa’s Reserve Bank left the repo rate unchanged at 5.0% on Wednesday as expected, citing several risks to inflation and growth. The Sarb says the inflation outlook had deteriorated, [...]
Global consumer confidence dips
London – Global consumer confidence dipped at the end of last year, a survey showed on Monday, and more than 60 percent of respondents said the next 12 months would not be a good time to spend. Concerns about US budget talks, which have since eased, and worries about the euro zone crisis weighed on [...]
Sears Canada lays off 700 employees
New York — Sears Canada is letting go of 700 workers as part of a plan to “right-size” the operation. The lay-offs will include 360 department store associates and about 300 distribution center workers, as well as some head office personnel. Sears Canada, majority-owned by Sears Holdings Corp., has falling sales. It is also facing [...]
Income surge relieves US consumers JOBS NEWS
Washington – American income growth surged in December as companies rushed to make dividend payments before higher tax rates set in, while buoyant wage growth also gave a lift to households. US personal income rose 2.6% last month, the biggest increase in eight years, the Commerce Department said on Thursday. While much of the gain [...]
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