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'Fundamentalist' Stals may have overstep... No way around it, 1997 was a disaste... |
BUSINESS ROUNDUPABSA SAYS IT'S NOT PAYING ABSA said on Friday it was not aware of any report which concluded that "government could be legally entitled to reclaim the R1-billion lifeline granted by the Reserve Bank to Bankorp". The bank was responding to newspaper reports from London stating that an investigation into the Reserve Bank R1-billion support package for Bankorp (since integrated into Absa) was illegal and Absa could be required to repay the amount. Absa says the Reserve Bank confirmed that Absa complied with all its obligations in terms of agreements with the Bank, which provided a R1.125-billion package over five years after the deal was struck in August 1990 and September 1991. "Absa regards it as inconceivable that there could be any credible basis on which it could be required to repay". The Receiver of Revenue and the Department of Finance could also not confirm whether there is an investigation into the tax implications of the assistance package. PETROL PRICE DROPS Following the continued slump in international oil prices, the Central Energy Fund said on Friday that petrol and diesel prices would fall by 5c and 6c a litre respectively on Wednesday. Paraffin will decrease by 7c a litre. A litre of 93 octane petrol in Gauteng will cost 217c and at the coast 206c while diesel prices will cost 176.8c and 165.9c.
SAB QUIET ON AFCOL TALKS SA Breweries this week declined to discuss talks taking place at its loss-making subsidiary Associated Furniture (Afcol), but said the negotiations still had a way to go. Analysts speculate that SAB is planning to sell its 65.6% stake in Afcol as part of a broader restructuring which began last year with the sale of OK to Shoprite Checkers. Speculation about the buyer has centred on listed furniture group Pat Cornick, which also issued a cautionary notice to shareholders.
EDUCATION HURTS NASPERS Media group Nasionale Pers said on Friday that the crisis in the education system would hit its profits, but it was not able to quantify the damage at this stage. "Indications are, however, that most provincial education departments simply do not have the funds to order any handbooks at all." LONRHO DEAL IMMINENT UK mining group Lonrho said on Friday it hoped it would finalise a long-awaited stake swap deal with JCI soon. Asked if a deal was likely within the week, a Lonrho spokesman said "Yes, that's possible". He added that the first step was for JCI to finalise its gold asset swap with Anglo American. TECHNOLOGY HELD OVER Business Times's monthly Technology section has been held over until next week. ý Reports by BT staff, Reuter, Sapa
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