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Manuel sets tough Budget of R186b... Fourth estate becomes the property of th... No fanfare at Johnnic parad... SA customs bloodhounds sniffing out il... Peers honour Didata and Ruper... Deliver or be sold, Post Office tol... From adversity to achievemen... Government blamed for Safcol's poor show... Rate hike may not be the right medicin... |
BUSINESS DIGESTEXPANDED NAIL EYES JCI The race for mining house JCI has been thrown wide open amid indications that Cyril Ramaphosa's New Africa Investments Ltd has introduced leading trade unions and businesses into its consortium. THABO KOBOKOANE writes that while no details of the shareholding structure have emerged, the increase in members to 17 is a clear attempt to make the consortium attractive to Anglo American, which is selling a 35% stake in JCI. The consortium - to be called the African Mining Consortium and headed by newly-appointed Johnnic chairman Ramaphosa - apparently includes Patrice Motsepe's Future Mining and Bopang Investments, which was thought to be an independent bidder. Other business members include Lewatle Minerals and Cape-based Ukhozi Investments. Trade union constituents include the SA Commercial, Catering and Allied Workers Union; the newly formed Workers Investment Company; Nactu Investment Corporation and the Food and Allied Workers Union. Anglo is expected to announce the successful bidder this week. Mzi Khumalo's Capital Alliance is considered the frontrunner. If unsuccessful, the Nail-led consortium is likely to make an offer for Anglo's remaining 13% stake in JCI.
SAA BOSS FLIES HIGH SAA's chief executive, Mike Myburgh, has been elected to the board of governors of the International Air Transport Association. At the 52nd IATA annual general meeting held in Geneva, Myburgh and 24 chief executives of other global carriers were elected for a three-year period. IATA looks after the common interests of 249 airlines worldwide. Ironically, Myburgh's appointment comes at a time when Transnet is believed to be thinking of transferring him to Portnet as executive director.
DEMAND FOR GOLD DROPS Gold demand in markets monitored by the World Gold Council totalled 655 tons during the third quarter, 2% off the record 668 tons recorded in the same period last year. In Europe, the US and Japan gold consumption fell 7% on the 1995 third quarter as investors veered away from hoarding bullion, but jewellery purchases grew 1%. Consumption in the markets monitored by the WGC reached 1 942 tons in the first nine months, three percent below the exceptional performance recorded in the same 1995 period.
RCI OWNED BY ODDESSEY A report in last week's Business Times referred to RCI as Sun International's timeshare arm. RCI chairman Bruce Ravenhill says the two companies are not connected and that RCI is wholly owned by the Oddessey Group, a non-listed company. We apologise for the error. ¥ Reports by Business Times staff, Reuter, Sapa-AP-AFP
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