Rand steady vs dollar on commodities, euro
The rand was steady against the dollar in early morning trade on Friday as commodity prices rose and the euro held its gains against the greenback. “We see the rand/dollar trading in a range of 6.82 to 6.89 for the day,” a local currency trader said. At 8.42am local time, the rand was bid at [...]
SA may lose out in Africa
Public enterprises Minister Malusi Gigaba said SA should work with Chinese and Indian investors expanding into Africa or risk losing out on opportunities on the continent, the Business Day reported on Friday. South Africa’s investment in Africa is far behind the estimated $3 billion that Chinese and Indian companies poured in last year. “If we [...]
Walmart and Massmart announce R100 million local supplier development fund
Walmart and Massmart maintain the merger conditions are not necessary and propose commitments to demonstrate their goodwill in South Africa. Merging companies announce R100 million local supplier development fund and also commit to respect and honour existing union contracts. In today’s closing arguments before the Competition Tribunal, merging parties Massmart and Walmart maintained that no [...]
Astral Foods earnings up 31%
Poultry producer Astral Foods (ARL) on Monday reported a 31% rise in diluted headline earnings per share to 635 cents for the six months ended March 2011 from 486 cents a year ago. Revenue was 2% lower at 4.21 billion rand due to lower sales by the feed division, whilst the revenue from the poultry [...]
SABMiller’s profit floats higher on strong volume growth
SABMiller’s South African subsidiary, SAB, posted strong results in the year to March as both lager and soft drink volumes increased and a new business strategy launched in 2009 gained traction. The company reported yesterday that revenue increased by 17 percent (8 percent on a constant currency basis) to $5.6 billion (R38.8bn). SAB reports in [...]
Retail sales hit speedbump
Johannesburg – Growth in South Africa’s retail sales slowed to 5.1% year-on-year (y/y) in March from a downwardly revised 5.5% in February, Statistics South Africa said on Tuesday. Stats SA said retail sales grew by 5.6% in the three months to March, compared with the same period a year ago, also at constant prices. A [...]
Kapela Holdings buys 40% BEE stake in XON, owner of Skydirect
Privately held XON, an ICT solutions company, has concluded a BEE deal with Kapela Holdings, which gains a 40% stake in XON for an undisclosed cash amount. In terms of the deal Kapela Holdings executive director Israel Skosana becomes chairman of the board of XON and Kapela Holdings executive director Makhup Nyama becomes an XON [...]
Tetra Pak launches the world’s first aseptic carton bottle for milk
Tetra Pak, the food processing and packaging solutions business, has launched the Tetra Evero Aseptic one litre, the first aseptic carton bottle for milk. Tetra Evero Aseptic for white milk combines the easy handling and pouring of a bottle with the environmental and cost advantages of a carton and employs market-driven insight and breakthrough engineering [...]
Website for Walmart/Massmart hearing launched
Walmart has set up a website to answer any questions raised about the Walmart/Massmart transaction, currently being scrutinized at the Competition Tribunal. The website provides insights into Walmart’s business model and their orientation towards unionization and local procurement, both big issues of contention brought forward by the intervening parties (SACCAWU, SACTWU, the Department of Economic [...]
SABMiller Death, taxes and beer
The Big Feller is fighting allegations of tax avoidance in five African countries, including the Beloved one, brought against it by anti-poverty NGO ActionAid International. At issue are SABMiller’s transfer pricing strategies, by which valuable trademarks for African beers are held in Europe rather than in their country of origin, eating into the profits of [...]
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