Telkom ’ s upgrade can go ahead but Eskom ’ s supply is squeezed

VILLAGE Main Reef announced it would add thermal coal to its portfolio by committing A$10-million to buy a 19.9% stake in Continental Coal.

Rare Holdings reported that it reduced its headline loss for the six months ended December from R68.8-million to R17.4-million.

Metair reported a 19% increase in its headline earnings a share to R3.10 for the year to December‚ thanks to strong vehicle sales growth.

Iliad Africa’s earnings before interest ‚ tax‚ depreciation and amortisation increased 29% in the year to December.

Telkom won a court dispute with an affiliate of China’s ZTE Corporation that had put on hold Telkom ’ s long-awaited network upgrade plans.

The Public Investment Corporation, the Government Employees Pension Fund and the Old Mutual Investment Group of South Africa signed an agreement to fund the Basa Educational Institute Trust schools.

The total income generated by South Africa’s food and beverages industry increased by 6.2% year on year in January‚ Stats SA reported.

The total income for South Africa’s tourist accommodation industry rose by 7% year on year in January‚ Stats SA reported.

York Timber said it planned to acquire the assets of Iliad Africa’s timber wholesale business for R45.5-million.

Country Bird secured a R231million loan from the International Finance Corporation to increase capacity at its plants.

The number of civil summonses issued for debt decreased by 27.3% year on year in January, Stats SA said.

Bond originator ooba recorded 4.6% growth in the average house price last month to R908 658‚ from R868 174 in February last year.

Employment in South Africa’s formal, non-agriculture sector increased by 0.3% in the fourth quarter last year.

The value of building plans passed increased by 40.6% in January compared with January last year‚ according to Stats SA.

An illegal underground industrial action at copper producer Palabora Mining ended after seven days.

DATATEC lowered its revenue and profit expectations for the year ended February.

Bell Equipment’s profit after tax for the year to December declined to R243-million compared to R297-million the previous year. Earnings a share was down 18% at R2.37.

Eskom said available spare supply on its electricity network had fallen to just over 1% of total capacity due to a sharp increase in unplanned outages.

Sibanye Gold said its output for the quarter to March would be cut by 9 542 ounces due to a two-day power outage at its Driefontein mine after lightning strikes.

AngloGold Ashanti said its first-quarter production would be cut by 20 000 ounces due to a two-day power outage at some of its South African mines.

Foreigners sold a net R4.3billion in South African shares last week, but bought a net R1.6billion worth of local bonds.

Advtech reported a 14% drop in headline earnings a share for the year to December.

Inflation according to the consumer price index increased above expectations to 5.9% yearon-year in February, driven by medical aid premiums, according to Stats SA.

The JSE said the listing of Simmer and Jack Mines will be terminated on April 16 due to the company ’ s failure to inject viable assets to meet the criteria for listing.

The copper theft barometer of the South African Chamber of Commerce and Industry increased slightly from R11.1million in January to R11.2million in February.

The share price of Tencent Holdings‚ China ’ s largest internet company ‚ which is 35% owned by Naspers ‚ fell by 4% after at least seven analysts cut share-price forecasts on the stock.

Sable Holdings said it expects it headline earnings a share for the six months to December to be between 180% and 190% lower than in the six months to December 2011. Earnings a share are expected to be between 290% and 300% lower.

Water Affairs minister Edna Molewa said it would cost billions to plug the country’s ageing and leaking water supply systems.