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Richemont beats estimates, Asian demand continues

Asian zeal for luxury watches and jewellery saw Swiss giant Compagnie Financiere Richemont post a 43% rise in full year profit to 1.54 billion euro, a performance that has yet again beat analyst forecasts and sent its share price soaring almost 9%.

Stanlib announces two senior appointments

Since the appointment of CEO Thabo Dloti in 2010, STANLIB has taken great strides in meeting its growth objective to be a leading asset manager in Africa.

Sanlam acquires Bermuda-based investment firm

Sanlam Investment Holdings purchased a majority stake in Bermuda-based investment firm, P2international Ltd (P2), the company said on Wednesday.

Gigaba reaffirms SAA financial support

Public Enterprises Minister Malusi Gigaba has expressed government's continued support for SA Airways (SAA), but has shut down the financially strapped operation from speaking publically on its woes.

Water Affairs acts against four mines

Water affairs has taken legal action against four mines that continued operating without water-use licences despite being told to comply, Deputy Water Affairs Minister Rejoice Mabudafhasi said on Wednesday.

More company news

Vodacom enters insurance arena

Vodacom has received the go-ahead to enter the South African insurance market having been recently awarded a long term insurance licence by the Financial Services Board (FSB).

Paladin settles 'in principle' with workers

Canadian uranium miner Paladin Energy is confident the Kayalekera mine, in Malawi, will operate at maximum levels by Wednesday evening, after the company reached an agreement "in principle" with employees to return to work.

Developing markets continue to drive Datatec

Developing markets continue to drive growth for international ICT group Datatec, says CEO Jens Montanana.

Refocus leads to strong turnaround for Ansys

The refocusing of Alt-X listed technology company Ansys on the rail and mining market segments has led to a strong turnaround in the company's financial results for the year ended February 2012.

Omnia headline earnings increase 24-26% to 949-964c

Omnia Holdings advised on Wednesday that for the year ended March 2012, it expects its headline earnings per share to be between 949 cents and 964 cents - an increase of between 24% and 26% on the prior year's HEPS of 766.5 cents.

Crookes Brothers anticipates an increase in headline earnings

Crookes Brothers advised on Wednesday that further to the trading update issued on 27 February, it now expects headline earnings per share for the year ended March 2012 to be between 575 cents and 595 cents compared with HEPS of 203.9 cents reported in the previous corresponding period.

Kelly reports loss for the six months ending March

Recruitment company Kelly Group has reported a loss for the six months ended March 2012, with a headline loss per share of 12.1 cents from headline earnings per share of 13.5 cents a year ago.

Solidarity gives Telkom/KT deal the thumbs up

The much anticipated Telkom/Korea Telecom deal on Tuesday received labour body Solidarity's approval, with the union saying the transaction is beneficial to the country and will provide a cash injection to the embattled operator.

Improved first quarter for Great Basin

An increase in ounces sold and higher gold helped narrow losses at Great Basin Gold in the first quarter ended in March.

Stefanutti net profit takes strain

Delayed contract awards, contract cancellations, lower margin projects and some loss-making contracts took their toll on Stefanutti Stocks' full year net profit.

Old Mutual completes sale of Dwight Asset Mngmnt

International long-term savings, investment and protection group Old Mutual plc announced on Tuesday that it has completed the sale of Dwight Asset Management to Goldman Sachs Asset Management.

Northam smelter damage leads to lower revenues

JSE-listed miner Northam Platinum on Monday said it was implementing plans to rebuild a smelter at its Zondereinde mine.

Trans Hex sees 21.4 percent rise in annual carat production

Diamond miner Trans Hex expects a net profit of R208 million for the year ended in March, compared to a loss of R45,1 million for the previous corresponding reporting period.

Mazor foresees brighter future

Notwithstanding a decline in basic and diluted headline earnings from 8.2 cents to 4.8 cents, construction materials supplier Mazor Group says it felt the first positive effects of a slowly recovering economy to post improved results for the year to February 2012 that saw key financial markers up.

Urbanisation will support iron ore demand: BHP

The increase in the urbanisation of the world's population from 52% of the total in 2010 to 60% in 2003 will support the demand for iron ore, as steel intensity quintuples from 15 kilograms per square meter living space in rural China to more than 75 kilograms per square meter for Chinese living in cities with a population in excess of 1.5 million, BHP Billiton CEO Marius Kloppers told the Bank of America Merrill Lynch Global Metals, Mining and Conference on Tuesday.

Tough conditions weigh on Kelly Group

In what has proved to be a challenging period for Kelly Group, the recruitment company has reported a loss for the first half of the 2012 financial year. It posted a headline loss per share of 12.1 cents for the six months ended March 2012 from headline earnings per share of 13.5 cents a year ago.

Business blasts government inefficiencies in new survey

The message has been sent loudly and clearly by business in SA - inefficient electricity supply and billing, poor roads and traffic lights, red tape and the volatile political climate are adding undue pressure on the ability to make money and compete.
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Absa, UK Trade Investment to boost small business

Local banking group Absa and UK Trade and Investment, through the Micro Enterprise Development Organisation (MEDO), have signed a partnership agreement aimed at providing support to South African small and micro businesses.
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Capco makes progress with strategy

Capital & Counties Properties PLC has had a busy year so far, acquiring three new properties in Covent Garden in March and with tenant activity remaining strong with several recent openings.

Exxaro dismisses environmental laws breach claims

Diversified resources group Exxaro Resources Limited said on Monday that mining operations conducted at its Leeuwpan mine near Delmas in Mpumalanga comply with mining and environmental legislation.

Coronation sticks to rigorous investment philosophy

The country's second biggest fund manager, Coronation Fund Managers, which continues to scoop accolades, says it remains committed to a rigorous investment philosophy that has withstood the test of time.

Large corporates and their tax advisers

Looking at press reports over the last couple of months, it would seem that the issue with South African tax practitioners is that they are not saying "NO" often (or loudly) enough according to the Minister of Finance and the SARS Commissioner.

Final battle with Absa not won yet, says union

After being blasted last week for embarking on "e-mail retrenchments", banking group Absa has temporarily withdrawn notices of retrenchment to around 140 IT staff, but a union says the "final battle" has not yet been fought.
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R5.8 billion fund to improve manufacturing competition

If SA companies are to be relevant in global markets and especially in growing African markets, they have to raise their competitiveness says Trade & Industry Minister Rob Davies.
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Coronation reports solid results

Coronation Fund Managers has produced a solid set of results for the six months ended March 2012, with revenue increasing 11% to R912 million.

Natal Witness merger approved with conditions

The Competition Tribunal on Monday said it approved the merger between Media24 and Paarl Coldset, as the acquiring firms, and Natal Witness Printing and Publishing Company, as the target firm, subject to several conditions.

Atlatsa Resources quarterly production rises 24 percent

Production at Atlatsa Resources, formerly Anooraq Resources, was negatively affected by the slow start-up after the year-end break, safety related stoppages and the national Cosatu stay-away at the end of February.

Velvet Sky going route of Aurora, union claims

Low-cost airline Velvet Sky's service providers and employees should act immediately to avoid landing up as creditors in the same boat as those of Aurora, the liquidated mining group that has not made payments for two years, according to a union.

Lonmin sticking to annual production target

JSE and London listed platinum miner Lonmin Plc is sticking to its production target for the full year, barring any abnormal disruptions, says Ian Farmer CEO of the world's third largest producer of the metal.

Eastplats production down by 4-percent in first quarter

JSE and Toronto-listed platinum miner Eastern Platinum (EPS) recorded a loss attributable to shareholders of US$8.9 million, in the quarter ended March 31, compared to the loss of $5.6 million over the same period last year.