$6.5bn

Finweek English Edition - - IN BRIEF -

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.

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