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Stals shock - rates set to rise in wak... Denel gets lift from Eurocopter... US executives take home the fattest piec... Receiver has another tax-free target in ... Grip of five top SA conglomerates loose... Optimists take heart from dip in inflati... Black empowerment and unbundling rule me... Outrage at Telkom bid to take over the ... The battle for Midrand's big, big gaming... Cape leisure applies the black tin... Strong medicine cures Adcock... For 10 years the terror of businessme... |
BUSINESS DIGESTSHAKE-UP AT CEMENCO In a major management shake-up, Don Beveridge has been appointed managing director of The Cementation Company (Africa) from July, replacing Graham Lotter who steps down as chief executive and chairman. Beveridge was appointed by UK engineering and construction group Kvaerner, which has a 49.9% stake in Cemenco. Bernard van Rooyen, a Cemenco director, will become its non-executive chairman from August. Lotter will remain on the board as deputy chairman. Cemenco has faced difficulties in recent years, the latest being its brief suspension from the JSE earlier this year after discrepancies were found in one of its subsidiaries.
BENZ EXPLAINS RESHUFFLE Three senior boardroom appointments at Mercedes-Benz SA were made in the normal course of events and not as a reaction to the substantial financial losses last year, MBSA said this week. Johan Evertse will join the board as human resource director, while Wilfried Porth has been appointed from Mercedes-Benz AG and will become manufacturing services director. These appointments realign some of the responsibilities previously combined under Ian Russell. Russell has left MBSA to take up a post with Daimler-Benz AG. Peter Waskönig becomes director of finance, replacing Peter Senger who has completed his contract and will return to head office.
JSE APPOINTMENTS The JSE said on Friday that Bobby Johnston and Norman Lowenthal had been re-elected as chairman and deputy chairman respectively.
ANGOLAN DIAMONDS BECKON The Angolan state-owned diamond company and former rebels Unita are just weeks away from signing a deal on how to share Angola's vast diamond deposits, a Unita representative said on Friday. Diamond production in Angola is estimated to be worth $1-billion a year. Up to $600-million of production comes from Unita-held areas. RUSSIAN GOLD JITTERS Russia's gold production is expected to total between 100 and 110 tons this year, but gold miners are asking the government to pay for their work in advance. Russia's Central Bank must pay for all gold production in advance, the head of Gold Miners' Union said this week. According to official statistics, Russia produced 113 tons in 1996 and 122 tons in 1995.
ESKOM ARREARS SHOCKER Eskom was owed R1.31-billion by local authorities that had not paid their bills up to December last year, Public Enterprises Minister Stella Sigcau said this week. Eskom had been in contact with the local authorities having problems paying their accounts and they have agreed on a repayment system over a specific period, she said in parliament. Where payment could not be arranged, Eskom took over the electricity supply to individual customers from local authorities by renting the electricity networks for a nominal fee or transferring them to Eskom in lieu of the outstanding debt.
TRUCK HIJACKING FIGURES A TOTAL of 3 694 truck hijackings took place in 1996, Safety and Security Minister Sydney Mufamadi told parliament this week. Gauteng topped the list with 2 87 hijackings, followed by KwaZulu-Natal with 605 and Mpumalanga with 282. Only six occurred in the Northern Cape, 52 in the Western Cape and 189 in the Eastern Cape.
LYNCH TO RUN YANKEE ISSUE The Department of Finance has appointed Merrill Lynch as lead manager of its planned Yankee bond issue, and Daiwa Securities as lead manager of its Samurai issue. Market conditions would determine the terms as well as the timing of these two deals, which form part of the R4-billion budgeted this year to be borrowed in foreign markets.
WEB AWARDS TO NET SMMES SMALL, Internet-wise companies will have an opportunity to take on the big boys in the 1997 Corporate Web Awards, sponsored by Business Day. Awards will be presented in two categories this year - one for companies with 50 employees or less and the other for larger companies. SAA won last year's award, with Sanlam runner-up. Enter at <www.bday.co.za/webawards>. Closing date is May 23 and the presentation will be on June 18. ı Reports by BT staff, Sapa-AP-AFP, Reuter
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