Financial Mail articles from January 2007

Financial Mail archives from January 2007

High noon could have been avoided.
January 26, 2007... (From Financial Mail) High noon could have been avoided In retrospect, it's surprising that Barloworld managed for so long to avoid a main-street showdown with Brian Molefe, the feared black economic empowerment (BEE) sheriff. Given...

CCMA is no help to employers.
January 26, 2007... (From Financial Mail) Byline: J Flack CCMA is no help to employers Nazmeera Moola's wish list for 2007 refers (Economic Viewpoint December 22 2006). Move to the top of her list the debacle that is the Commission for Conciliation,...

JO'BURG RENAISSANCE. Diamond of a deal.
January 26, 2007... (From Financial Mail) Byline: Ian Fife JO'BURG RENAISSANCE Diamond of a deal 11 Diagonal St Sale tests dream When 11 Diagonal Street in Johannesburg was commissioned in 1981 it was SA's most revolutionary piece of commercial...

Power vacuum.
January 26, 2007... (From Financial Mail) Byline: ANDREW KENNY Power vacuum We have run out because we did not build power stations 10 years ago when it was obvious we'd need them even with low growth rates Of all the nonsense spoken about our...

The child strays.
January 26, 2007... (From Financial Mail) Byline: Barney Mthombothi BARNEY MTHOMBOTHI The child strays The election of a new leader would give us an opportunity to make a fresh start. With hindsight, we can try to learn from our mistakes The debate over...

REAL PEOPLE DOING UNREAL THINGS. Wired for people.
January 26, 2007... (From Financial Mail) Byline: Sasha Planting REAL PEOPLE DOING UNREAL THINGS Wired for people Patrick Schofield Cofounder of Streetwires THE UNREALITY CHECK Founded Streetwires in 2000 Has an honours degree in Business Science from...

Death of idealism.
January 26, 2007... (From Financial Mail) Byline: Tim Anderson Your cover story The dealership (January 19) on our country's insidiously flourishing kleptocracy recalls for me a heated argument I had in 1995 with a colleague who was emigrating. Why are...

Another world.
January 26, 2007... (From Financial Mail) Byline: Duncan McLeod DUNCAN McLEOD Another world Comedian Jimmy Carr will perform a live show simultaneously in real life in London and in the virtual world of Second Life Millions of people are forging new...

CAPITAL EXPENDITURE. Idling in the driveway.
January 26, 2007... (From Financial Mail) Byline: Brendan Ryan CAPITAL EXPENDITURE Idling in the driveway SA mining companies have earmarked huge amounts of capital for new and replacement projects. Whether the money actually gets invested depends on...

ROYALTY BILL. Second take.
January 26, 2007... (From Financial Mail) Byline: Brendan Ryan ROYALTY BILL Second take Mining companies have until the end of this month to respond to the revised Royalty Bill, which was released by the treasury department in October. The bill will...

Did you hear?
January 26, 2007... (From Financial Mail) During the year he spent at Harvard Law School in 1991, Ronald Suresh Roberts, the Trinidad-born writer plying his trade in SA, wrote a master of laws thesis entitled The Wrongheadedness of Truth. Chapters include...

Did you hear? Prizewinners.
January 26, 2007... (From Financial Mail) You could win a prize or cash by sending news snippets, wit and gossip to Did You Hear? The best reader's contribution each week wins a fashionable Rotary watch, valued at R2450. Berco Express will deliver it to...

TELECOMMUNICATIONS. Undersea wrangling.
January 26, 2007... (From Financial Mail) Byline: Duncan McLeod TELECOMMUNICATIONS Undersea wrangling WHAT IT MEANS Numerous investors looking at undersea cables to Africa Telkom's profitability could be undermined Political interference could undermine...

INTEREST RATES. In search of balance.
January 26, 2007... (From Financial Mail) Byline: Stafford Thomas INTEREST RATES In search of balance WHAT IT MEANS Pressure on the current-account deficit remains high 50 basis point hike in interest rates a given Jac Laubscher Inflation on target If...

ESKOM. Naught for your comfort.
January 26, 2007... (From Financial Mail) Byline: Sven Lunsche ESKOM Naught for your comfort WHAT IT MEANS Eskom got its growth outlook badly wrong State intervention at Eskom backfires Camden power station Adding 1000MW of capacity to the system Jacob...

CAPE TOWN POLITICS. Firmer footing for now.
January 26, 2007... (From Financial Mail) Byline: Carol Paton CAPE TOWN POLITICS Firmer footing for now Helen Zille Two lives left Cape Town mayor Helen Zille must have nine lives: she has survived six attempts to unseat her as well as a chair-throwing...

Property expropriation. 101.
January 26, 2007... (From Financial Mail) Byline: Ian Fife What gives Gautrain the right to expropriate private property? In ancient times land was granted or taken away by chiefs and kings, often violently. This hitting-over-the-head quality flows into...

Another Week.
January 26, 2007... (From Financial Mail) Another Week 100 NAKED animal rights activists from Peta (People for the Ethical Treatment of Animals) and AnimaNaturalis stage a protest against the slaughter of animals for fur coats in central Barcelona last...

ENTREPRENEUR. Business in the bag.
January 26, 2007... (From Financial Mail) Byline: Thandeka Gqubule ENTREPRENEUR Business in the bag Thembeka Mutwa Where does one get the perfect hat for parliamentary shindigs or the July? Paris, of course. But one entrepreneur has made that a touch...

FNB STADIUM. Safa suffers a loss.
January 26, 2007... (From Financial Mail) Byline: Sibonelo Radebe FNB STADIUM Safa suffers a loss FNB Stadium Safa paid for it and will now have to lease it The SA Football Association (Safa) is smarting after losing ownership of its prized asset, the...

BLACKOUTS. It's an ill wind ...
January 26, 2007... (From Financial Mail) Byline: Sherry Shannon BLACKOUTS It's an ill wind... Graham Beyleveld Hard-pressed to meet demand With adversity comes opportunity. Just ask any of the handful of electricity generator retailers in SA. They...

DIPLOMATS AND CRIME. Not made to feel at home.
January 26, 2007... (From Financial Mail) Byline: Thandeka Gqubule DIPLOMATS AND CRIME Not made to feel at home Charles Nqakula Diplomatic incident The vulnerability of diplomatic missions in SA to crime is in essence a violation of the Vienna...

INFRASTRUCTURE. Brace yourselves.
January 26, 2007... (From Financial Mail) Byline: Nicky Smith INFRASTRUCTURE Brace yourselves SA's steel consumption reached a record 5,34Mt of carbon steel in 2006, confirming that SA is well and truly in an infrastructure boom. Carbon steel is most...

BOOK OF THE WEEK. Open to the flaw.
January 26, 2007... (From Financial Mail) Byline: Richard Steyn BOOK OF THE WEEK Open to the flaw THE AGE OF FALLIBILITY By George Soros 266 pages Weidenfeld & Nicolson R239 Of which country could billionaire philanthropist and philosopher manque...

TUMI: Music From My Good Eye (Motif Records).
January 26, 2007... (From Financial Mail) Byline: Randall Abrahams TUMI: Music From My Good Eye (Motif Records) Having caught the attention of the SA scene and toured internationally with fellow MCs and backing group The Volume, Tumi Molekane has been a...

NEIL YOUNG: Live at the Fillmore East (Reprise/Gallo).
January 26, 2007... (From Financial Mail) Byline: Randall Abrahams NEIL YOUNG: Live at the Fillmore East (Reprise/Gallo) For more than a decade Neil Young has been threatening to release a complete set of his recordings, including legendary live...

SIMPHIWE DANA: The One Love Movement: On Bantu Biko Street (Gallo).
January 26, 2007... (From Financial Mail) Byline: Randall Abrahams SIMPHIWE DANA: The One Love Movement: On Bantu Biko Street (Gallo) Since the release of her debut album Zandisile in 2004, Dana has been at the forefront of integrated and sophisticated...

CINEMA. Snakes in suburbia.
January 26, 2007... (From Financial Mail) CINEMA Snakes in suburbia Little Children Directed by Todd Field Rating: **** ***** Flawless **** Slightly flawed *** Mediocre ** Don't see it * Demand your money back Winslet and Wilson (with Sadie Goldstein and Ty...

FOOD FOR THOUGHT. Arms that end in sweaty palms.
January 26, 2007... (From Financial Mail) Byline: JUSTICE MALALA FOOD FOR THOUGHT Arms that end in sweaty palms ***1/2 Zest Greenlyn Village Centre, 13th Street, Pretoria Tel: (012) 460-0275 ***** Superb **** Excellent *** Good ** Arms dealers welcome...

HERITAGE CONSERVATION. Red Line connects the past.
January 26, 2007... (From Financial Mail) Byline: Yvonne Fontyn HERITAGE CONSERVATION Red Line connects the past Cultural activist Ethel Williams-Abrahamse co-owns The Red Line The Red Line and the Gem Theatre, discovers, are breathing new life into...

JAZZ CD REVIEW. Astonishing talent.
January 26, 2007... (From Financial Mail) Byline: Don Albert JAZZ CD REVIEW Astonishing talent I can almost hear you say; Eldar? Who the hang is Eldar? Well, he was born Eldar Djangirov in 1987 in Kyrgyzstan, when it was still part of the Soviet Union....

4 questions for Wayne Barker, The Red Lin'es artistic director.
January 26, 2007... (From Financial Mail) Byline: Yvonne Fontyn Wayne Barker, The Red Line's artistic director FM: What is the importance of having a gallery at 6 Roberts Avenue, Kensington? Barker: It's not strictly a gallery; it's more of an artists'...

WINE. Shown up at last?
January 26, 2007... (From Financial Mail) Byline: Neil Pendock WINE Shown up at last? Gyles Webb Competitions are a lucky dip A total and absolute con and little more than a surrogate marketing ploy KEITH STEWART Have SA wine competitions reached the...

BANKS. Companies borrow big.
January 26, 2007... (From Financial Mail) Byline: Heather Formby BANKS Companies borrow big The borrowing boom continues but now it's being driven by companies. Corporate SA has decided that the economic growth of the past four years will continue and...

BARLOWORLD. A bit too exclusive.
January 26, 2007... (From Financial Mail) Byline: Andrew McNulty BARLOWORLD A bit too exclusive Warren Clewlow Time to go For a large, listed group that prides itself on its standards of corporate governance and emphasises sustainability reporting,...

BIDVEST/COMAIR. Business trip or financial flip?
January 26, 2007... (From Financial Mail) Byline: Andrew McNulty BIDVEST/COMAIR Business trip or financial flip? Brian Joffe More flexibility in approach to ownership Bidvest's acquisition of a 20% stake in Comair may signal a new strategic direction...

CONSTRUCTION. High old time.
January 26, 2007... (From Financial Mail) Byline: Nicky Smith CONSTRUCTION High old time Despite repeated claims that construction shares are more than fully priced (and expensive in terms of the earnings being bought), the past week proved yet another...

SABMILLER. Raise your glasses.
January 26, 2007... (From Financial Mail) Byline: Chris Gilmour SABMILLER Raise your glasses WHAT IT MEANS The shift to premium means more profits South America will be the new focus The formula of quality, efficiency and growth is working globally With...

UNIT TRUSTS 1. Bad timing.
January 26, 2007... (From Financial Mail) Byline: Stephen Cranston UNIT TRUSTS 1 Bad timing WHAT IT MEANS Unit trusts are popular with retirees Pure equity products are not always suitable Johan de Lange Offshore funds reviving The 30% annual return...

Mistakes and mischief.
January 26, 2007... (From Financial Mail) Byline: Ebrahim Rasool Mistakes and mischief Judging by its reference to me, your cover story Soul for sale (January 19) suggests that the superficial research, the scurrilous intent and the factual mistakes...

Government bonds.
January 26, 2007... (From Financial Mail) Byline: Sven Lunsche While local investors in SA government bonds were able to boast real returns of 5% last year, foreign investors saw their investment decline by about 3% in US dollar terms. This was mainly...

GIMME. Shoot up the office!
January 26, 2007... (From Financial Mail) Byline: Larry Claasen GIMME Shoot up the office! The USB Missile Launcher is not the most productive of office toys. This might have something to do with its propensity to irritate work colleagues by firing...

A failure of the power elite.
January 26, 2007... (From Financial Mail) A failure of the power elite Being in power means never having to say you're sorry that appears to be the motto of President Thabo Mbeki's government. Whether it's crime, the electricity supply, education, Aids or...

THE PLACE TO BE OR NOT TO BE. Warm when it's plugged in.
January 26, 2007... (From Financial Mail) Byline: Yvonne Fontyn THE PLACE TO BE OR NOT TO BE Warm when it's plugged in Joe van Staden ESPRESSO JAZZ Where: 4th Ave, Linden, Johannesburg Identity: Caffeine highs meet smooth jazz The place not to be is...

LME aluminium cash price.
January 26, 2007... (From Financial Mail) Aluminium demand in India is set to grow as automobile firms jostle to launch light, trendy, fuel-efficient vehicles in the country's polluted cities. Iron and steel, used in car parts such as doors, bumpers and...

Titles of decay.
January 26, 2007... (From Financial Mail) Byline: JOYCE OZYNSKI Titles of decay The decay of good building stock goes on apace, as a result of the Sectional Title Act. Trustee bodies fall apart, bodies corporate dish out legal fees Imagine a bunch of...

AT LUNCH WITH THE FM. Boyish wonder.
January 26, 2007... (From Financial Mail) Byline: Heather Formby AT LUNCH WITH THE FM Boyish wonder HOW HE CHILLS His priority is spending time with his family He reads books about history with new Barloworld CE Clive Thomson at Mastrantonio, Illovo I...

Mining. Left behind.
January 26, 2007... (From Financial Mail) Byline: Brendan Ryan Left behind WHAT IT MEANS Industry has turned away from SA because of policy and delays Companies may consider claiming compensation SA's mining industry has toughened its attitude towards...

MOTOR INDUSTRY. The middle of the road.
January 26, 2007... (From Financial Mail) Byline: David Furlonger MOTOR INDUSTRY The middle of the road WHAT IT MEANS Regulatory changes are imminent Car prices set to rise marginally Roger Pitot SA-built car sales actually fell SA's car industry is...

MINING. SA coal assets in demand.
January 26, 2007... (From Financial Mail) Byline: Brendan Ryan MINING SA coal assets in demand WHAT IT MEANS Foreign investors looking at SA coal Shanduka still wants more coal assets Rowan Smith Coal still a focus for Shanduka, despite the sale Foreign...

FLASHBACK. Back in a listing mood.
January 26, 2007... (From Financial Mail) FLASHBACK Back in a listing mood A listing boom is predicted for the JSE this year. Last year, for the first time since 2000, the JSE managed to list more companies than were delisted (29 against 23). This got us...

10-DIGIT DIALLING in numbers.
January 26, 2007... (From Financial Mail) The Independent Communications Authority of SA introduced 10-digit dialling last week to free up numbers as the market for telecommunication services expands. 99,5% The number of callers correctly entering the...

QUESTIONS & ANSWERS. Firing on all cylinders.
January 26, 2007... (From Financial Mail) Byline: Shoks Mzolo QUESTIONS & ANSWERS Firing on all cylinders Tjaart Kruger (47), a CA and former executive at Adcock Ingram, replaces Afrox's retiring MD and CEO, Rick Hogben, with effect from March 1. caught...

NATIONAL PROSECUTING AUTHORITY. The dirt spreads.
January 26, 2007... (From Financial Mail) Byline: Peter Honey NATIONAL PROSECUTING AUTHORITY The dirt spreads Marion Sparg Victim of dirty tricks? It is unclear why the justice department has retained three advocates at high cost for nearly a year...

Mistakes and mischief.
January 26, 2007... (From Financial Mail) Byline: Russell Grinker Carol Paton's article Soul for sale, (Cover Story January 19) is useful in its warts-and-all description of shenanigans at local and provincial government level. Clearly the desperate...

Limiting our choices.
January 26, 2007... (From Financial Mail) Byline: James Lapping Limiting our choices One has to travel very little to realise that South Africans are world leaders in the area of coastal development. There is no country on earth that has exploited and...

BOOKS. No folding at the crease.
January 26, 2007... (From Financial Mail) Byline: Richard Steyn BOOKS No folding at the crease OUT OF MY COMFORT ZONE By Steve Waugh 801 pages Penguin R150 If there were one batsman in world cricket upon whom your life depended, you might well opt for...

BOOKS. The secret: give it away.
January 26, 2007... (From Financial Mail) Byline: Richard Steyn BOOKS The secret: give it away HOW TO GET RICH By Felix Dennis 278 pages Random House R230 The self-made, filthy-rich proprietor of computer magazines, The Week and other successful...

CRICKET. Protect the golden goose.
January 26, 2007... (From Financial Mail) Byline: David Williams CRICKET Protect the golden goose Shaun Pollock Over and over again It wasn't the fault of our brave bowlers that we just didn't have enough runs at any stage of the second test against...

EATING OUT. Just like Mama used to make.
January 26, 2007... (From Financial Mail) Byline: Linda Stafford EATING OUT Just like Mama used to make LA MAMA Address: 90 Oxford Street, French Park, Ferndale, Randburg Tel: (011) 792-7111 Open: Tuesday-Sunday, lunch and dinner Danielle and Giulio...

Hot type.
January 26, 2007... (From Financial Mail) Byline: Richard Steyn A UN-inspired collection of 87 short, vividly illustrated vignettes of successful business initiatives throughout Africa, Africa Leads (Unisa Press, R299) highlights the many African...

Diamond: Distell. Dog: Eskom.
January 26, 2007... (From Financial Mail) Byline: Jamie Carr Diamonds & Dogs Diamond Distell News that Distell's earnings have gone through the roof point to a decidedly festive season, as the nation's tipplers put their livers on the line for the...

GREAT BASIN GOLD. The reinvented Ferdi.
January 26, 2007... (From Financial Mail) Byline: Brendan Ryan GREAT BASIN GOLD The reinvented Ferdi Ferdi Dippenaar Still running It's been a year since Ferdi Dippenaar formerly Harmony CEO Bernard Swanepoel's long-serving deputy departed to run his...

THE JSE. Shrinking choice.
January 26, 2007... (From Financial Mail) Byline: Stafford Thomas THE JSE Shrinking choice WHAT IT MEANS Private equity not the only threat Few companies are immune to takeover Noah Greenhill At least a net gain Any company with low gearing and a strong...

UNIT TRUSTS 2. Positive, for a change.
January 26, 2007... (From Financial Mail) Byline: Stephen Cranston UNIT TRUSTS 2 Positive, for a change John Biccard Resources are not tempting It was one of those rare years when every single unit trust in SA provided positive returns though the...

Investment of the week.
January 26, 2007... (From Financial Mail) Byline: Stephen Cranston Investment of the week Who it's for: Investors who want to achieve after-tax returns superior to bank deposits, with a high level of capital stability. How risky: It can hold up to 50%...

It's all untrue.
January 26, 2007... (From Financial Mail) Byline: Essop Pahad It's all untrue Carol Paton, in a story speculating about Tokyo Sexwale's future (Features January 12), seems to have been out to lunch when my denial that I had had talks with him on this...

QUOTE OF THE WEEK.
January 26, 2007... (From Financial Mail) QUOTE OF THE WEEK I am in, and I am in to win HILLARY RODHAM CLINTON finally confirming on her website her intention to campaign to be the next US president

STADIUM CONSTRUCTION. Up and up they go.
January 26, 2007... (From Financial Mail) Byline: Nicky Smith STADIUM CONSTRUCTION Up and up they go WHAT IT MEANS Materials and skills are in great demand Treasury will have to cough up more funds Building costs for stadiums are escalating sharply amid...

WHERE ARE THEY NOW. Happy and carefree.
January 26, 2007... (From Financial Mail) Byline: Shoks Mzolo WHERE ARE THEY NOW Happy and carefree Jackie Shevel threw in the towel as CEO of Netcare in 2005, frustrated with government. The FM caught up with him in sunny San Diego. His resignation...

Whispers around town.
January 26, 2007... (From Financial Mail) Whispers around town The divorce of the Scorpions from the National Prosecuting Authority (NPA) is about to be formalised. The 200-member elite crime-fighting unit will soon be moving out of the Silverton, Pretoria,...

WINNERS & LOSERS.
January 26, 2007... (From Financial Mail) WINNERS & LOSERS LOSER Warren Clewlow will not enjoy chairing the Barloworld AGM this week. Public Investment Corp CEO Brian Molefe has promised to make it long and painful after complaining that Barlows has no...

Retail sales.
January 26, 2007... (From Financial Mail) Byline: Sven Lunsche After slowing in October, retail sales growth rebounded strongly by 12,3% in November. This could mainly be attributed to high consumer spending ahead of the festive season: in the three...

Population and wealth.
January 26, 2007... (From Financial Mail) Byline: Sven Lunsche Half of the world's wealth is held by the richest 2% of the world's adults, says a study by the United Nations University. The study also found that of the richest 1% in 2000 defined as...

Brent Crude.
January 26, 2007... (From Financial Mail) Brent-crude futures fell to 20-month lows last week after Saudi Arabia's oil minister said that Opec's production cuts were adequate and that no action was needed to stem the slide in prices. A big rise in US crude...

Ideals wilt under power's hot breath.
January 19, 2007... (From Financial Mail) Ideals wilt under power's hot breath It is easy to be sanctimonious about what has happened to the ANC, as it watches its great traditions of integrity and self-sacrifice, built over nine decades, being white-anted...

Socialist policies best left in Utopia.
January 19, 2007... (From Financial Mail) Socialist policies best left in Utopia Thabo Mbeki's looming exit from power in 2009 seems to have given some on the so-called Left the confidence to attack the economic policies of his government. This week the...

BEE ENTREPRENEURS 3. Switched on and buzzing.
January 19, 2007... (From Financial Mail) Byline: Themba Hlengani BEE ENTREPRENEURS 3 Switched on and buzzing Peter Maraka Procurement policy gave him a chance 'Tender Park' A transformed Polokwane suburb that reflects the source of residents'...

BEE ENTREPRENEURS 1. Time for pollination.
January 19, 2007... (From Financial Mail) Byline: Sibonelo Radebe BEE ENTREPRENEURS 1 Time for pollination WHAT IT MEANS Black businessmen are disenchanted with BEE policies But entrepreneurs see BEE opportunities The lower-hanging BEE fruit is...

BEE ENTREPRENEURS 2. The new breed.
January 19, 2007... (From Financial Mail) Byline: Sibonelo Radebe BEE ENTREPRENEURS 2 The new breed It's been a tough 18 months for Thabo Ramushu. Since he quit asset management company Stanlib to start his own investment house, the financial services...

ASSET CLASSES (8): PRIVATE EQUITY. Rewarded for lockups.
January 19, 2007... (From Financial Mail) Byline: Stephen Cranston ASSET CLASSES (8): PRIVATE EQUITY Rewarded for lock-ups Paul Boynton Premium returns are available Private equity has enjoyed a high profile as an asset class in recent months, as firms...

Discourteous picture.
January 19, 2007... (From Financial Mail) Discourteous picture The person who selected the cover picture for your final edition of 2006 (Cover Story December 22) deserves to be fired! What possessed you to use such an unflattering photo of a pretty young...

101 MUNICIPAL RATES.
January 19, 2007... (From Financial Mail) Byline: Ian Fife What's the fuss about municipal rates? The new Municipal Rates Act makes all municipalities base their rates on the regularly updated market value of properties, including the buildings on...

Another Week.
January 19, 2007... (From Financial Mail) Another Week THE DAKAR RALLY claims the life of SA motorcycle rider Elmer Symons, killed in an accident during the fourth stage in Morocco. The 29-year-old Symons is the 24th competitor to have died in the 30-year...