The Bank of England left interest rates unchanged at 5.25% on Thursday, the Bank's Monetary Policy Commitee (MPC) said.
There had been speculation that the central bank would raise rates to head of an expected further rise in inflation.
Read more at FIN24.co.za
Thursday, February 8, 2007
YouTube investors net millions
The investors and founders of online video website YouTube received hundreds of millions of dollars in Google shares as a result of the deal between the two companies late last year, according to new documents.
The big payout was revealed Wednesday in a regulatory filing Google made with the Securities and Exchange Commission. The paperwork offered a more detailed account than previously disclosed of the sale's beneficiaries.
Read more at FIN24.co.za
The big payout was revealed Wednesday in a regulatory filing Google made with the Securities and Exchange Commission. The paperwork offered a more detailed account than previously disclosed of the sale's beneficiaries.
Read more at FIN24.co.za
Asia can do Las Vegas: tycoon
Backed by growing economic affluence, Asia has room to house eight to 10 Las Vegas-style strips offering gaming and entertainment facilities, US casino tycoon Sheldon Adelson said on Thursday.
"There is probably room for 10 Las Vegases throughout Asia," said Adelson, chairman and chief executive of Las Vegas Sands which won a license to build one of Singapore's two integrated gaming resorts.
Read more at FIN24.co.za
"There is probably room for 10 Las Vegases throughout Asia," said Adelson, chairman and chief executive of Las Vegas Sands which won a license to build one of Singapore's two integrated gaming resorts.
Read more at FIN24.co.za
Fraud costs US consumers $1.2bn
Consumers reported over 670 000 cases of fraud and identity theft in 2006 that cost them $1.2bn in losses, the Federal Trade Commission said in its annual report on Wednesday.
For the seventh straight year, identity theft was the most common complaint, the FTC said, accounting for 36%, or 246 035, of the complaints.
Read more at FIN24.co.za
For the seventh straight year, identity theft was the most common complaint, the FTC said, accounting for 36%, or 246 035, of the complaints.
Read more at FIN24.co.za
Investec: Don't bail on equities
Speaking at Investec Asset Management's quarterly media briefing, director Jeremy Gardiner says equities still offer opportunities for investors as long as they don't opt for overpriced assets.
Jeremy Gardiner, director of Investec Asset Management says equity markets still offer opportunities for investors in the year ahead but that the JSE's stellar return of 41% last year should not be expected again in 2007.
Read more at FIN24.co.za
Jeremy Gardiner, director of Investec Asset Management says equity markets still offer opportunities for investors in the year ahead but that the JSE's stellar return of 41% last year should not be expected again in 2007.
Read more at FIN24.co.za
Rand weakens, seen in ranges ahead of MPC
South Africa's rand was softer against the dollar late on Thursday and was seen largely keeping to present ranges ahead of next week's central bank decision on interest rates.
The local unit was at 7.1776 to the dollar at around 1525 GMT, 0.2 percent off the mark of 7.1625 when the New York market closed on Wednesday.
The rand earlier firmed to a high of 7.14/dollar, with traders pointing to news that U.S.-based private equity firm Bain Capital LLC had made a 25 billion rand buyout offer for South Africa's largest fashion retailer Edgars Consolidated Stores in the country's biggest private equity deal yet.
Read more at Reuters South Africa
The local unit was at 7.1776 to the dollar at around 1525 GMT, 0.2 percent off the mark of 7.1625 when the New York market closed on Wednesday.
The rand earlier firmed to a high of 7.14/dollar, with traders pointing to news that U.S.-based private equity firm Bain Capital LLC had made a 25 billion rand buyout offer for South Africa's largest fashion retailer Edgars Consolidated Stores in the country's biggest private equity deal yet.
Read more at Reuters South Africa
"SA's No 1 company"
Electrical engineer appointed new Eskom CEO.
Eskom has announced the appointment of Jacob Maroga, an electrical engineer, as CEO to succeed Thulani Gcabashe as CEO of state-owned power utility Eskom. During a short speech upon the announcements at the Eskom convention centre in Midrand, near Johannesburg, Public Enterprises Minister Alec Erwin described Eskom as the "most important company" in the country.
Read more at MoneyWeb.co.za
Eskom has announced the appointment of Jacob Maroga, an electrical engineer, as CEO to succeed Thulani Gcabashe as CEO of state-owned power utility Eskom. During a short speech upon the announcements at the Eskom convention centre in Midrand, near Johannesburg, Public Enterprises Minister Alec Erwin described Eskom as the "most important company" in the country.
Read more at MoneyWeb.co.za
ECB holds firm on rates
The European Central Bank held its key interest rate steady at 3.5% on Thursday but set the stage for an increase next month.
ECB President Jean-Claude Trichet told reporters that "strong vigilance" was needed on price risks. Each of the last six times he has used the word vigilance, a rate increase was handed down the next month.
Read more at FIN24.co.za
ECB President Jean-Claude Trichet told reporters that "strong vigilance" was needed on price risks. Each of the last six times he has used the word vigilance, a rate increase was handed down the next month.
Read more at FIN24.co.za
De Beers to seal new empowerment deal - source
Diamond giant De Beers and the government are due to announce another South African black empowerment deal on Friday, an industry source said on Thursday.
De Beers finalised a 3.7-billion-rand deal last year to bring black investors into its South African business unit, but the latest deal would be extended to the actual mine operations, the source, who declined to be named, told Reuters.
Read more at Reuters South Africa
De Beers finalised a 3.7-billion-rand deal last year to bring black investors into its South African business unit, but the latest deal would be extended to the actual mine operations, the source, who declined to be named, told Reuters.
Read more at Reuters South Africa
Bain bid for Edcon should succeed
We’ll take the money but the price is not that generous say fund managers.
Bain Capital’s R25bn offer for Edcon is likely to be accepted by all shareholders said fund managers after the offer was announced earlier today.
In the biggest private-equity deal in SA so far, Bain Capital will pay R46 cash for each share, in its bid to acquire the fashion retailer’s entire share capital. If the offer succeeds, Edcon will be delisted from the JSE.
The transaction will be funded by a combination of long-term debt and equity and Barclays Plc and Absa Capital are providing the debt financing.
Read more at Moneyweb.co.za
Bain Capital’s R25bn offer for Edcon is likely to be accepted by all shareholders said fund managers after the offer was announced earlier today.
In the biggest private-equity deal in SA so far, Bain Capital will pay R46 cash for each share, in its bid to acquire the fashion retailer’s entire share capital. If the offer succeeds, Edcon will be delisted from the JSE.
The transaction will be funded by a combination of long-term debt and equity and Barclays Plc and Absa Capital are providing the debt financing.
Read more at Moneyweb.co.za
Preparing For A Career As A Portfolio Manager
One of the most coveted careers in the financial industry is that of the portfolio manager. Portfolio managers work with a team of analysts and researchers, and are ultimately responsible for making the final investment decisions for a fund- or asset-management vehicle. While a portfolio manager is a position that a person must work his or her way up to over the course of a career, there are a few initial steps that you can take to help you on your way to being a portfolio manager.
Read the full article at investopedia.com
Read the full article at investopedia.com
Anglo forms new R7bn coal group
Anglo American plc has formed a new South African coal group, Anglo Inyosi Coal, worth R7bn and 27% held by black investors, the mining group said on Thursday.
Anglo said the new company will incorporate selected key coal projects in South Africa and the Kriel colliery and will have a 4.1 billion tonnes coal resource base with an estimated annual production of 48.5 million tonnes.
Read more at FIN24.co.za
Anglo said the new company will incorporate selected key coal projects in South Africa and the Kriel colliery and will have a 4.1 billion tonnes coal resource base with an estimated annual production of 48.5 million tonnes.
Read more at FIN24.co.za
Bidvest sees higher H1 headline EPS
South African food-to-freight firm Bidvest said on Thursday it expected first-half headline earnings per share (EPS) and basic EPS to increase between 20-25 percent.
Headline EPS is the key profit measure for South African companies and excludes non-trading, capital and certain extraordinary items.
At 0723 GMT Bidvest's shares were unchanged, while the JSE
Read more at Reuters South Africa
Headline EPS is the key profit measure for South African companies and excludes non-trading, capital and certain extraordinary items.
At 0723 GMT Bidvest's shares were unchanged, while the JSE
Read more at Reuters South Africa
Gold steadies above $650
Gold was steady on Thursday after volatile trade in New York but the metal looked vulnerable after several failed attempts to breach a key resistance around $660 an ounce.
Sales of gold scrap from Indonesia and Thailand dominated the physical sector in Southeast Asia, though dealers also noted some buying interest from India, the world's largest consumer.
Read more at FIN24.co.za
Sales of gold scrap from Indonesia and Thailand dominated the physical sector in Southeast Asia, though dealers also noted some buying interest from India, the world's largest consumer.
Read more at FIN24.co.za
Truth and rumours
Recent woes at London-based hedge fund Red Kite - whether truth or rumour - have taken the shine off a number of commodities, but the market jostling may be concealing a secular change in fundamentals. If so, investors would need to closely examine the implications for innumerable listed metal and commodity stocks.
Commodities in general cruised into a protracted bull market early in 2002, in parallel with the dollar's entry into a longer-term bear market. For years, resources stocks have been the leaders on global equity markets, based on robust world economic growth, China's voracious demand for raw materials, and helpful supply-demand idiosyncrasies within each commodity market, ranging from crude oil to uranium.
Read more at MoneyWeb.co.za
Commodities in general cruised into a protracted bull market early in 2002, in parallel with the dollar's entry into a longer-term bear market. For years, resources stocks have been the leaders on global equity markets, based on robust world economic growth, China's voracious demand for raw materials, and helpful supply-demand idiosyncrasies within each commodity market, ranging from crude oil to uranium.
Read more at MoneyWeb.co.za
Beach properties test new highs
Property punters who put money into undeveloped coastal land in recent years have reason to feel rather chuffed with themselves. Prime land values have generally doubled over the past two to three years in many coastal cities and resort towns, whether that's in Clifton or Cape St Francis.
And most industry players expect coastal land prices to continue to outpace general house price growth over the next few years as undeveloped land with good beach access and views becomes increasingly scarce.
Read more at FIN24.co.za
And most industry players expect coastal land prices to continue to outpace general house price growth over the next few years as undeveloped land with good beach access and views becomes increasingly scarce.
Read more at FIN24.co.za
FTSE down amid slew of results, rate uncertainty
Britain's benchmark share index traded just inside negative territory on Thursday in a session packed with corporate results and as investors awaited the Bank of England's interest rate verdict.
On one of the busiest reporting days of the quarter, consumer goods giant Unilever Plc/NV lost more than 2 percent despite topping forecasts with a 27 percent rise in 2006 earnings and saying it expected to deliver underlying sales growth within its target range this year.
Many investors were cautious as uncertainty over the interest rate picture approached its climax ahead of the Bank of England's interest rate decision at 1200 GMT. Interest rates are expected to remain unchanged at 5.25 percent.
Read more at Reuters South Africa
On one of the busiest reporting days of the quarter, consumer goods giant Unilever Plc/NV lost more than 2 percent despite topping forecasts with a 27 percent rise in 2006 earnings and saying it expected to deliver underlying sales growth within its target range this year.
Many investors were cautious as uncertainty over the interest rate picture approached its climax ahead of the Bank of England's interest rate decision at 1200 GMT. Interest rates are expected to remain unchanged at 5.25 percent.
Read more at Reuters South Africa
Can you afford the average house?
Not if you’re earning under R30k a month, apparently
If you’re not earning at least R30 000 a month, the “average” house is out of your reach, at least according to a back-of-a-matchbox calculation.
On Wednesday Absa released its quarterly residential property market report, which found that the average house price is about R811 000. This is for the so-called middle segment of the residential property market (houses of 80m²-400m² and priced at up to R2,7m).
Read more on MoneyWeb.co.za
If you’re not earning at least R30 000 a month, the “average” house is out of your reach, at least according to a back-of-a-matchbox calculation.
On Wednesday Absa released its quarterly residential property market report, which found that the average house price is about R811 000. This is for the so-called middle segment of the residential property market (houses of 80m²-400m² and priced at up to R2,7m).
Read more on MoneyWeb.co.za
R25bn takeover bid for Edcon
Bain Capital LLC has made a R25bn buyout offer for South Africa's largest fashion retailer Edgars Consolidated Stores (Edcon) in the country's biggest private equity deal yet.
Edcon said in a statement the cash offer was R46 per ordinary share and R2 for each preference share. Edcon's board has recommended that shareholders accept the offer.
Read more at FIN24.co.za
Edcon said in a statement the cash offer was R46 per ordinary share and R2 for each preference share. Edcon's board has recommended that shareholders accept the offer.
Read more at FIN24.co.za
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