S.Africa Feb manufacturing output quickens

(Reuters) - South Africa's manufacturing output rose by an unadjusted 7.1 percent in volume terms year-on-year in February, indicating continued robust growth despite higher interest rates, data showed on Wednesday.

Compared with January, manufacturing production in volume terms increased by a seasonally adjusted 0.3 percent, Statistics South Africa said.


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Norway says excludes DRD Gold from $300 bln fund

(Reuters) - Norway said on Wednesday that it had excluded South African DRD Gold Limited from a huge $300 billion pension fund for environmental reasons.

The Government Pension Fund -- Global, commonly known as the "oil fund", invests Norway's oil and gas wealth in foreign stocks and bonds to save for future generations. It is one of the world's biggest pension funds.


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Gold Fields CEO says "not approached" about bid

(Reuters) - The chief executive of South Africa's Gold Fields Ltd said on Wednesday he was aware of a bid rumour, but that the firm has not been approached about a takeover.

"We have been aware of a rumour, but we have not been approached and frankly we never, ever comment on any unsubstantiated rumours, and at this stage it's unsubstantiated," Ian Cockerill told Reuters.


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S&P to roll out recovery ratings, tweaks scale

(Reuters) - Credit ratings agency Standard & Poor's set out plans to assign recovery ratings to an expanded range of "junk"-rated debt and adjusted the recovery scale backing the system to reflect the rating of unsecured debt.

S&P said on Wednesday it would start in May by revising previously assigned recovery ratings on secured debt and would publish recovery ratings for sovereigns rated in the speculative-grade category.


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S.Africa white maize slides after millers back CEC

(Reuters) - South Africa's most traded white maize slid over 1 percent on Wednesday after the country's Chamber of Milling backed the government's forecast for the 2006/07 maize harvest.

Jannie de Villiers, executive director of the chamber, said on Wednesday the group believed the crop would be roughly in line with the 6.9 million tonnes forecast by South Africa's Crop Estimates Committee (CEC).


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PRESS DIGEST - Wall Street Journal - April 11

(Reuters) - * Mortgage lenders are straining to respond quickly to homeowners in trouble, but borrowers complain of red tape amid rising delinquencies.

* Nasdaq Stock Market Inc. is in talks to acquire the Philadelphia Stock Exchange. A deal would give the No. 2 stock market a sizable foothold in the options business.


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UPDATE 4-Japan's Daiei to sell 32 pct of OMC Card -sources

(Reuters) - TOKYO, April 11 - Japanese supermarket Daiei Inc. plans to sell a 31.8 percent stake in its credit card unit OMC Card in an open auction beginning this month, sources close to the matter said on Wednesday.

Credit card firm Credit Saison said it would consider bidding for the OMC shares, which have a market value of about 64 billion yen , while an executive at Sumitomo Mitsui Financial Group has told Reuters that his bank is also interested in the company.


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