SA joins Starbucks galaxy, but sheds jobs

STARBUCKS is to open its first outlet in South Africa next month in Rosebank, Johannesburg, the coffee giant’s local licensee, Taste Holdings, said. Its second store will open in late April in the Mall of Africa, in Midrand. SHORT-TERM insurer Santam’s full-year earnings beat expectations by rising 28%, largely due to fewer claims. Diluted headline earnings per share rose to 1 844c from 1 446c a year before, it said. ASPEN Pharmacare Holdings reported a 14% rise in interim profit as revenue growth in most international markets offset a weak showing at home. Normalised headline earnings per share rose to 655c against 569c a year earlier. SOUTH Africa has allowed US chicken‚ pork and beef products to go on sale in the country‚ meeting benchmarks for resolving a trade dispute with the US‚ the US Trade Representative’s office said. THE National Union of Mineworkers said more than 36 000 jobs could be lost in the industry over the next three months, around 7% of the roughly 500 000-strong labour force. The mining industry is under pressure from sinking metal prices and soaring costs. NEW vehicle sales fell 8.1% year on year to 48 189 units in February, data from the National Association of Automobile Manufacturers showed. Exports slipped 1.6% to 29 308 units compared with the same month last year, it said. CLOVER Industries will no longer invest in Nigeria due to a financial crisis caused by the sharp fall in oil prices, the dairy products firm said. It would continue to expand operations in Botswana, Namibia, Lesotho and Swaziland, it said. THE farming sector might need up to R18-billion over the next three years in financial assistance to recover from the drought, Agri SA said. Forecasts are that the dry weather will persist into the southern hemisphere autumn.