JSE plans to shorten settlement of equities – Business Day
The JSE plans to launch a shorter settlement cycle for equities trading on Monday, bringing it in line with other exchanges around the world. Equities orders will take three days to settle after execution on the JSE’s new T+3 system, bringing it in line with the US equities market Satish Gosai comments. view article
Brexit spells trouble for SA banks, economy – Moneyweb
Following the market-spinning Brexit vote, commentators warn that Britain could slip into recession and that London may lose its status as a global financial centre, particularly if the UK loses the easy access to European markets that it has enjoyed for 43 years. As a result, local banks and insurers, particularly those with UK exposure, face challenging times. Justin Floor comments. […]
Auditor disclaimer and profit dip tank PPC – Business Day Live
Cement maker PPC on Tuesday scrapped its dividend payment for the first time as it posted a sharp drop in profits in the interim period to March. SA’s largest cement manufacturer also made public a disclaimer stating that auditor Deloitte & Touche could not draw a conclusion on its ability to continue as a going concern. […]
Land sweetens pot for Tongaat Hulett – Business Times
In the year to end-March, Tongaat Hulett generated R1.115-billion of profit from the sale of 121 developable hectares of land, an increase from R829-million from a sale of 108ha last year. Against the backdrop of severe drought in KwaZulu-Natal, the company’s sugar operation profit fell to R124-million from R806-million the year before. However, CEO Peter […]
Diversification pays off for Tongaat – Business Day
Tongaat Hulett turned in record results for its value-added starch and glucose operations and its property development business, as core sugar output withered in severe drought conditions in KwaZulu-Natal and in poor growing conditions in Mozambique and Zimbabwe. Dirk van Vlaanderen comments. view article
PPC downgrade warning hits stock – Business Day
PPC, SA’s biggest cement producer, warned on Monday of a credit rating downgrade and said it was in the advanced stages of a capital raising exercise for up to R4 billion. The capital raise would reduce current debt levels and fund existing investment projects. Gross group debt was set to rise to between R10 billion […]
Bank bid rough for Diamond – Business Times
Former Barclays plc CEO Bob Diamond and his business partners could have a hard time laying their hands on a sought-after stake in Barclays Africa. Jihad Jhaveri comments. view article
Illovo stakeholders favour a takeover by the UK's ABF – Business Report
More than half of Illovo Sugar minority shareholders are in favour of a takeover by Associated British Foods (ABF), the world’s biggest sugar producer, in a R5.6 billion deal that is a boost for investor confidence in SA and the continent. Dirk van Vlaanderen comments. view article
AdvTech bullish on growth prospects – Moneyweb
When private education conglomerate AdvTech rejected takeover advances from its rival Curro Holdings last year, then CEO (now retired) Frank Thompson’s parting shot was “it’s now business as usual”. The group has posted market-pleasing results for the full-year 2015 with revenue growth of 40% to R2.7 billion. Simon Anderssen comments view article
Metair seeks Russian deal – Business Day
Metair is in talks with a leading battery manufacturer in Russia to help it distribute its automotive parts from Turkey that are barred from entering Moscow due to an ongoing political stand-off between the two nations. The SA manufacturer of vehicle components said it was seeking a 50% stake in the Russian company to halt […]