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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... |
THE WEEK AHEADMONDAY: The long-awaited diamond deal between Russia and De Beers is expected to be signed this week. Earlier this month officials from Russia's largest diamond producer, Almazy Rossii-Sakha (ARS), held talks with the relevant Russian ministries to speed up the signing of the accord. De Beers stopped buying Russian diamonds on January 1 under the broad terms of its Central Selling Organisation in an effort to force approval of a deal with Russia. Instead, it is buying Russian gems on the market. The outlines of a new agreement were approved by ARS, Russia and De Beers in a memorandum almost a year ago, but a detailed trade deal with ARS has been held up since then, mostly by bitter infighting on the Russian side. TUESDAY: Today is the deadline for the final feasibility studies into the merits of establishing a R1-billion deep-water port and the country's first industrial development zone at Coega, 22km north of Port Elizabeth. The document, once drafted, will be forwarded to various government departments for their approval. It is hoped that a national government decision will be made in July. WEDNESDAY: Labour Minister Tito Mboweni's most contentious piece of legislation will be tabled at a Cabinet meeting today. The Ministers will be asked to adopt the draft Employment Bill, amid clear indications that it will be sharply opposed by the business sector, which fears a rise in their wage bills of up to 20% a year. If the government decides to back the draft Bill - which calls for, inter alia, a 45-hour working week, three-weeks' paid leave and higher overtime pay - it will go to Nedlac for negotiations with labour and business. The trade union movement has threatened to engage in mass strikes if the Bill is not implemented and has set aside May 12 for a national stayaway. THURSDAY: This week's release of Gold Fields's results for the three months to end-March kicks off the quarterly reporting season of the gold mining industry. The industry, faced with increasing labour and production costs, has over the past few years been aided by the weaker rand. However, the recent firmer rand and the continued bearish bullion price look set to dampen the results of the industry during the March quarter. A second focus of attention will be the increased consolidation taking place among a number of adjacent gold mines to exploit reserves on a more cost-efficient basis. The merger between Anglo's Elandsrand and GFSA's Deelkraal, announced last month, is the latest step in the rationalisation of the industry. FRIDAY: The Department of Finance releases its final and audited figures for the 1996/97 fiscal year this week amid speculation that the Budget deficit could rise to 5.9% of GDP against the 5.4% reported. Equisec economist Dawie Roodt recently estimated that while revenue income would remain largely as reported in last month's Budget, expenditure for the year would come in at R182-billion, or 16.5% against a budgeted 10.4% rise. Figures provided last week by the department show that financing of the 96/97 Budget at R43-billion exceeded the revised estimate by R2-billion, which required additional borrowings to be undertaken in order to meet end-of-year spending commitments.
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