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Zimbabwe currency crisis robs Bell of record year Zimbabwe currency crisis robs Bell of record year
Published: 18 Mar 19
A new currency regime in Zimbabwe robbed Bell Equipment of a record financial year, giving the company a R87.4-million “ankle-tap that went straight to the bottom line”, said CEO Leon Goosen on Monday. “It happened right at the end of the year. It’s incredibly sad.”
Ramaphosa stuck in train with commuters
Published: 18 Mar 19
President Cyril Ramaphosa on Monday experienced first hand the daily struggles of commuters after being stuck for hours on a train with disgruntled commuters while on the election campaign trail. Ramaphosa and the commuters boarded the train at Mabopane Station in Pretoria before 08:00. The train was more than an hour late.
 Looming SA 'expat tax' is ultimately fair – Citadel Looming SA 'expat tax' is ultimately fair – Citadel
Published: 18 Mar 19
Changes to South Africa's Income Tax Act which will from March 2020 see expatriates taxed locally for income from foreign employment exceeding R1-million is ultimately fair given their continued ties in the country, financial services group Citadel said on Monday. The National Treasury held a workshop on the proposals on March 6, amid concern that there is little understanding of the practical issues facing employers and employees.
Channelling Thatcher, South Africa’s President takes on its unions
Published: 18 Mar 19
In 1987, an anti-apartheid firebrand named Cyril Ramaphosa led South Africa’s biggest-ever mining strike. Some 300 000 miners – from a union Ramaphosa himself had founded – walked off the job, protesting pay and working conditions. The mining company “used fascist methods to destroy workers’ lives,” Ramaphosa declared. Over the three-week strike, nine people were killed, 500 were injured and more than 50 000 were fired. Still, it demonstrated the power that organised labour could exercise and the economic damage it could inflict on South Africa.
Agribusiness confidence index rises to 46 in the first quarter
Published: 18 Mar 19
The Agbiz/Industrial Development Corporation (IDC) Agribusiness Confidence Index has improved by four points to 46 in the first quarter of this year. This follows a decline in the last quarter of 2018 to 42, which was the index’s lowest level since 2009.
Wesizwe to scale back Bakubung’s output Wesizwe to scale back Bakubung’s output
Published: 18 Mar 19
Wesizwe has resolved to implement a new mine plan at its Bakubung mine, in Rustenburg, which will entail the development of a one-million-tonne-a-year mine with a one-million-tonne-a-year processing plant to treat the ore. The company explained in a news release that the decision was taken as a result of reduced platinum group metals demand, which has created a negative environment for the mining industry and negatively impacted on Wesizwe’s ability to raise the required additional funding to commission a three-million-tonne-a-year mine and processing facility.
Oriole sampling defines two gold anomalies in Cameroon
Published: 18 Mar 19
Aim-listed Oriole Resources has reported a peak assay of 531 parts per billion (ppb) gold, or 0.53 g/t of gold, from 2 119 soil sampling results received for its Wapouzé project, in Cameroon. The company collected material from about 30 cm to 40 cm below surface, within the upper saprolite zone, as well as 146 rock-chip and lag samples from selective quartz veins and float material.
SA Reit publishes best practice recommendations for public comment
Published: 18 Mar 19
Industry association South African Real Estate Investment Trust (SA Reit) has published a draft second edition of its best practice recommendations (BPR) for public comment. The process of updating the recommendations, which is the accepted standard for reporting key metrics consistently to make the analysis and comparison of different South African real estate investment trusts easier, began in August 2018.
Hulamin expects 2018 headline earnings of 91c a share
Published: 18 Mar 19
JSE-listed aluminium supplier and exporter Hulamin expects to report a 4% year-on-year decrease in headline earnings a share to 91c for the year ended December 31, 2018. In anticipation of reporting its full-year results on March 19, the company on Monday said it expected to report a loss a share of 242c – a 355% year-on-year decrease – but that normalised earnings a share would be up by 20% year-on-year at 77c.
Rio asks shareholders to vote against emissions resolution
Published: 18 Mar 19
Rio Tinto said on Monday it would recommend that shareholders vote against a resolution requiring the miner to report its direct emissions and those of its customers in greater detail. In a notice ahead of its annual general meeting in May, Rio said shareholders should vote against the proposed rule change that would have it set transition plans that adhere to the goals of the Paris Agreement to limit global warming to 1.5 degrees Celsius (2.7 Fahrenheit).
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