Saru profits soar

Saru profits soar

A company restructuring process, increased sponsorships and a new broadcast rights deal all contributed to a significant increase in profit for rugby in 2011, the SA Rugby Union (Saru) said on Tuesday. Saru reported a pre-tax profit of R24 million last year, after an operating loss before taxation of R5.4m in 2010. This happened during […]

Oil drops from near ten month high

Oil drops from near ten month high

Oil prices fell to below $108 a barrel Tuesday in Asia, slipping from near 10-month highs ahead of new data on the U.S. economy. Benchmark oil for April delivery was down 57 cents to $107.52 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose $1.03 to […]

Stats SA: More jobs in the formal sector

Stats SA: More jobs in the formal sector

Employment in the formal non-agricultural sector grew slightly between the third and fourth quarters of last year, Statistics SA said on Tuesday. The December 2011 Quarterly Employment Statistics survey found the number of people employed in this sector increased by 0.3 percent, or by 23,000 employees. In total, about 8.4 million people were in formal […]

EC Automotive Cluster launched in Port Elizabeth

EC Automotive Cluster launched in Port Elizabeth

More support for Auto Sector: (Back left) Buffalo City Mayor, Zukiswa Ncitha and Nelson Mandela Bay Mayor Zanoxolo Wayile attended the launch of the Eastern Cape Automotive Cluster along with (front left) MEC Mcebisi Jonas and Minister of Trade and Industry, Rob Davies. Picture: Riaan Labuschagne The government, labour and the automotive industry in the […]

Chamber celebrates port of Ngqura launch

Chamber celebrates port of Ngqura launch

The Nelson Mandela Bay Business Chamber celebrated the official opening of the Port of Ngqura by President Jacob Zuma on Friday, together with the local and provincial governments, Transnet, the Coega Development Corporation and all the stakeholders who worked to make this vision a reality. “This is a proud day, particularly because the concept of […]

Britain braces for more austerity measures

Britain braces for more austerity measures

Britain unveils an annual budget Wednesday that is likely to build on the coalition government’s deficit-slashing austerity strategy, while also seeking to grow a recession-threatened economy. Finance minister George Osborne presents his 2012-2013 budget before parliament, one week after Fitch warned that Britain’s gold-plated AAA credit rating was increasingly at risk as it placed the […]

Velvet Sky lays off staff

Velvet Sky lays off staff

Troubled low-cost airline, Velvet Sky, has started to lay off staff as it battles with cash flow problems, SABC reported on Friday. When contacted by Sapa, the company’s chief executive officer Gary Webb refused to comment on the matter, saying it was “private”. The broadcaster reported that the airline’s staff have been given notice of […]

Apple to make announcement over huge cash holdings

Apple to make announcement over huge cash holdings

Apple scheduled an announcement Monday on plans for its huge cash balance, estimated to be at least $97 billion from its hugely successful gadgets like the iPad and iPhone. An Apple statement said chief executive Tim Cook and chief financial officer Peter Oppenheimer would hold a conference call at 1300 GMT “to announce the outcome […]

IMF chief cautiously optimistic

IMF chief cautiously optimistic

IMF chief Christine Lagarde said Sunday measures taken to fight financial woes in Europe and the United States were starting to pay off, in a cautiously upbeat assessment of the global economy. Lagarde was in Beijing for a two-day trip to attend a forum on China’s development and hold meetings with her economic counterparts, such […]

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