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Government wants to cap lottery fortun... 'Dirty tricks by Nats and Liberty Life d... Clinic chief claims ill dealing... UK casino group has big plan... Legislation to curb insider trading loo... |
BUSINESS DIGESTPETROL PRICE The Central Energy Fund said petrol prices would fall by 1c per litre and diesel would fall by 3c with effect from Wednesday. The CEF said international prices had held broadly steady, but the rand had strengthened against the dollar, making products slightly cheaper in rand terms. The price of 93 octane gasoline in Gauteng will be 223c, while at the coast the price goes to 213c. The price of illuminating paraffin goes up by 1c to 149,53c.
NISSAN STAKE POSSIBLE Nissan Motor president Yoshikazu Hanawa said on Friday that it was possible his company would take a stake in Automakers, manufacturers of Nissan in SA. Asked if Nissan planned to take a stake in Automakers, as has been speculated in the South African media, Hanawa said: "It is possible, but we have not made a decision."
DIAMOND SALES Russia's sales of precious metals and diamonds in 1996 were 50% above the planned level of 4,6-trillion roubles in order to bring in much-needed foreign exchange, a senior source at Russia's audit chamber said Friday. The Chamber is an independent body that is responsible for checking Russia's federal budget. The source also indicated that Russia's diamond stock would be depleted by March next year unless it was built up by newly mined gems.
LIQUIDATIONS The total number of liquidations of companies and close corporations dropped by 11% in 1996 to 2 909 from 3 269 the previous year. The Central Statistical Service said the decrease could be attributed to a 48,1% fall in the number of voluntary liquidations, with the liquidations of companies and close corporations dropping 53% and 40,2% respectively. Compulsory liquidations climbed 22,5%, however, with close corporation liquidations increasing 27,9% and those for companies rising 15,7%. The total number of insolvencies decreased by 24% - from 705 to 536 - over the three months to November compared to the previous three months, and 26,6% against the corresponding period in 1995.
TOP GLAXO JOB FOR SA MAN Sir Richard Sykes, chief executive of UK pharmaceutical giant Glaxo Wellcome, is to become executive chairman in May and will hand over his existing job a year later to a relatively unknown South African, Sean Lance. Lance, 49, was promoted to the newly created position of managing director only last September, and will stay in his existing job until next year's annual meeting. He will then become chief executive. Lance joined Glaxo in 1985 to head its operations in South Africa and joined the board in 1993 after leading the British part of the business.
JSE APPOINTMENT The JSE on Friday appointed Norman Lowenthal as its deputy chairman. Lowenthal will replace Chris Niehaus, who resigned due to business commitments, and will serve in this capacity for the remainder of the committee's term of office. ¥ Reports by BT staff, Sapa-Reuter-AFP
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