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Price war drives Mercedes into the re... Snarl-up in Midrand's development queu... Treatment for the galling cost of being ... Big Mac shows rand is underbeefe... 'Sweeping reform' the only way, Swiss te... Job market takes on international flavou... Sanco accepts the civility of profi... SA's best business read comes in a new p... IDC buys 20% more of local Siemens... Money's spoor leads to the marke... Tourism not laying golden eggs for S... Adding up the ounces in new way ... Government rumblings have insurers runni... Glint of fabulous wealth in 'heart of da... Wiese has other eyes on retai...
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BUSINESS DIGESTANC WON'T BUDGE ON GEAR The ANC has resisted pressure from its labour and communist allies to relax fiscal discipline in favour of growth, but has agreed to set up a joint committee on economic strategy. Sources said there was no consensus on economic policy between the ANC, Cosatu and the SACP at a leadership summit this week. A Cosatu source said the ANC delegation, including President Nelson Mandela and Finance Minister Trevor Manuel, defended its market-friendly macro-economic strategy (Gear). A six-member committee would examine options that could be put to leaders of the three groups at a follow-up summit in June. Sources said there was no question that Gear would be abandoned or radically rewritten, but that labour would press for a revision of some targets. MATHOMO SEALS ELDONS DEAL Mathomo, 27%-owned by the National Union of Mineworkers' investment arm, has bought stationery group Eldons for R24.6-million, to be settled by the issue of 5.5-million shares at 225c. Although Mathomo's share price has been as high as 500c and is at present 460c, negotiations commenced five months ago, when the price was lower. Had the deal been in effect for the past financial year, Mathomo's earnings a share would have been 18% higher at 30.3c. Mathomo, which was listed a year ago, has 91 retail stores at mines and industrial centres at which branded sports, fashion and other goods are sold. Chief executive Michael Charne says workers spend money on their children and education is a high priority. Eldons' range of goods will be added to the outlets to tap this potential. ZAIRE MINING TO RESUME Zaire's state-owned mining group Gecamines, which closed its head offices in Lubumbashi on Monday ahead of approaching rebel forces, will resume normal business tomorrow, says a senior manager. News of the office's closure underpinned a rise in the cobalt price to about $25 a pound in London this week. Zairean cobalt production of about 5 000 tons a year accounts for one fifth of the metal's global supply. Shaba province deputy governor Donatien Mwitaba said he believed Gecamines, recently working at 20% of capacity, could quickly be modernised with help from foreign partners attracted by the prospect of democracy in Zaire. EC TO GET TOUGH WITH ANGLO The European Commission is expected to force Anglo American to sell all or part of its 28% shareholding in Lonrho this month, or give up its voting rights. European officials suggest that this is the likely outcome of a five-month inquiry. An advisory committee has ruled that Anglo's £360-million purchase of a stake in Lonrho was incompatible with EU anti-trust regulations. It said Anglo was the dominant global platinum producer, controlling 36% of output, and should not be allowed to add Lonrho's interest to it. ZAMBIA OFFERS PRIVATISATION The Zambian privatisation agency is inviting bids for the acquisition of 98.47% of Scaw, the country's largest foundry with a production capacity of over 18 000 tons a year. In an advertisement in the South African press, the agency says it hopes to conclude negotiations with the lead bidder by August 1997. TRADE UPSURGE PREDICTED World trade looks set to expand faster in 1997 than the sluggish 4% growth registered last year, according to a new forecast by the World Trade Organisation. The WTO says the improvement in 1997 should be led by a stronger trade performance in western Europe and an expansion of imports into Latin America and Asia. The US headed last year's list of exporters and importers in the world, with purchases valued at $817.8-billion, and exports at $624.8-billion. Germany was second in the world export and import rankings and Japan third. ENTERPRISE AWARD ON OFFER THE annual SA Non-listed Company Award is being presented by joint sponsors , Business DayArthur Andersen and the Wits Business School. It acknowledges innovation and entrepreneurial skill among non-listed companies. Entry forms can be obtained from Linda Levendig at (011) 328-3096 or Mandy Maccallum (011) 328-3301. ý Reports by BT staff, Sapa-AP-AFP and Reuter
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