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Manuel shows he has the mettle to cut sp... NUM threatens strike after talks falte... SA behind on corporate governance race ... Public sector has shed a few gram... Government's spending is all awry, say... Tourism holds greatest job potentia... |
BUSINESS DIGESTRECEIVER'S FINAL CHECKPOINT NEARLY a fifth of the people who applied to take all or part of their R200 000 allowance out of SA in terms of the relaxed exchange controls were found to have been on the wrong side of the Receiver of Revenue, writes Marcia Klein. Finance Minister Trevor Manuel said this week that since the July 1 relaxation of exchange controls, which included an individual allowance of up to R200 000, 5 000 individuals had invested a total of R700-million abroad. The figures reinforce government's earlier confidence that there would not be a massive capital flight. Interestingly, all of these 5 000 people were required to sign a declaration that they were in good standing with the Receiver of Revenue, and Manuel said 802 of them were not. In July it was also announced that companies could transfer up to R50-million to SADC countries and R30-million elsewhere. In terms of this offer, 325 companies had invested R418-million in SADC and R1.65-billion in other countries. About 190 companies applied for asset swaps totalling R42.1-billion but less than half had been executed.
CAPTALL, WOMEN JOIN HANDS Financial services group Capital Alliance and the Women Investment Portfolio (Wiphold), a consortium of black businesswomen, said on Friday they had entered into a R50-million share swap and a strategic business alliance. Wiphold says it expects to benefit from strategic input and access to potential acquisitions as a result of the link to Captall's merchant banking unit. Captall last week split into two separate entities: a financial services unit, including the private equity operations of Capital Partners, and an insurance group, Capital Alliance Life. Wiphold and Captall are already working on strategic acquisitions for Wiphold, the broadening of Wiphold's shareholder base and a listing on the JSE. The deal, effective from January 16, puts Wiphold's net asset value at 333c a share. However, as of February 2, Wiphold's NAV had risen to 449c a share, or R197-million. Captall will be issued Wiphold's low-voting B shares which, together with options, will result in Captall not owning more than 5% of Wiphold. TOBACCO COOLS DOWN Tobacco group British American Tobacco SA has reported a subdued performance for the second half of 1997, compared with the spectacular growth during the first half. Second-half earnings a share rose only a pedestrian 4% to 237c (228c). But 153% growth in the first half helped BTSA post a healthy 54% rise in earnings for the year to 531c versus 344c. A total dividend of 266c (172c) is being paid. Directors said the second-half performance was subdued by "a number of key strategic initiatives rolled out during the second half of 1997, including brand support initiatives and a change management programme". Annual sales rose 13.9% to R453-million from R398-million, while margins improved to 8.8% from 7.1%.
E&Y, KPMG call off merger Accounting giants KPMG Peat Marwick and Ernst & Young said on Friday they had called off a merger that would have created the world's biggest accounting firm. The firms said in a statement that they were facing increasing difficulties with the regulatory process and that the costs and resources required "have made the proposed merger impractical". ý Reports by BT staff, Reuters, Sapa-AP-AFP
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