The amount, representing R74.17bn, raised by technology giant Apple in a corporate bond sale on 3 February as part of a plan to return more than $130bn (R1.5tr) to shareholders by year-end. While Apple has cash reserves of $178bn (R2tr), nearly 90% of it is held outside the US, but returning it would incur taxes of 35%.
Cotton prices to rise
Egyptian cotton may get even more expensive as farmers have threatened to switch to other crops after the government announced the withdrawal of a subsidy. The US and Egypt dominate the market for superior cottons, each with a market share of 40%, the Financial Times reported. High-quality cotton has longer fibres, which allows it to be spun into fine yarns that can be used to weave luxury fabrics. Egyptian cotton production and exports have been declining for years. Exports totalled 50 000 tons last year, down from 221 000 tons in 2006, according to statistics from the US Department of Agriculture.
Claude Monet’s (1908) was sold for about R410m at an auction in London on 3 February.