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30 July 2010
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Development bank reaches out to disadvantaged
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Sure Kamhunga
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The Development Bank of Southern Africa planned to participate in projects worth up to R140bn in the next five years as part of a “major step change” to focus on projects with a wider reach and greater effect, particularly on previously disadvantaged communities, said CEO Paul Baloyi last week. The Development Bank of Southern Africa wanted to adopt an even more aggressive role in complementing government efforts to address key economic and development issues, particularly rampant unemployment, grinding poverty and poor service delivery.
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Business Day
Tuesday, July 06, 2010
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Could SA’s BEE billions have been better spent?
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Hilary Joffe
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What would SA look like now if we had taken R600bn over the past decade and spent it on creating jobs? It’s hard to know how we would have spent that much: even now that the government has made job creation its priority, innovative ideas on how to do it are hard to come by. But huge feats of innovation and creative thinking have gone into the structuring of black empowerment ownership deals over the past decade or two. Jenny Cargill, the author of a new book on black empowerment — Trick or Treat:
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Business Day
Tuesday, July 06, 2010
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Derailed by ‘negligent failure’
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Julius Baumann
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The findings of axed Transnet Freight Rail (TFR) CEO Siyabonga Gama’s sanction hearing, chaired by Mark Antrobus SC last week, paints a picture of a man who did not appear to fully understand the implications of his decisions or the responsibility his office carried. In the findings, Mr Antrobus says “in fairness to the Transnet board it would be a big ask for the board to be required to continue entrusting (Mr) Gama with large management projects when he has exhibited negligent failure of this nature”.
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Business Day
Tuesday, July 06, 2010
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Looks a sure thing
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Stafford Thomas
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Good news stories out of Africa seldom get the applause they deserve. But one that cannot be ignored, and is changing perceptions of investors worldwide, is the 2010 soccer World Cup. “The fact that the World Cup is taking place in SA highlights the stability of the country and draws attention to how it is recovering from the global recession,” says Sonal Pandit, manager of US investment bank JPMorgan’s JPM Africa Equity Fund (AEF).
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Financial Mail
Friday, July 02, 2010
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African Free Trade
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Razina Munshi
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Within a few years, half of the African Union will be formally united into a common free trade area — the product of oft delayed, two-year-long negotiations. A tripartite forum of the Common Market for Eastern & Southern Africa (Comesa), the Southern African Development Community and the East Africa Community brought policy makers together in Tanzania recently, in the hope of making progress.
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Financial Mail
Friday, July 02, 2010
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Strand by sticky strand
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Sasha Planting
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BEE structures are complicated to set up and even more complicated and expensive to unwind. That much is evident as Mvelaphanda and Brimstone unravel the web of companies that made up their 44% stake in Life Healthcare. In order to complete the unbundling Mvela’s and Brimstone’s stakes in the newly listed Life Healthcare will be combined in a new company, Health Strategic Investments, which is to be listed on the JSE.
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Financial Mail
Friday, July 02, 2010
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A slow blend
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Sasha Planting
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“See and be seen” was Ntsiki Biyela’s motto when she first joined the wine industry, once the exclusive preserve of white farmers whose history in the vineyards spans generations. “The more you talk, the more you learn, the more you become part of the club,” says the gregarious 32-year-old, who is SA’s first black female winemaker, second black winemaker and 2009 winemaker of the year. Biyela is an award- winning winemaker at Stellekaya, a boutique wine producer in Stellenbosch.
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Financial Mail
Friday, June 25, 2010
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KPMG awarded top rating for BEE
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Sanchia Temkim
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Audit, tax and advisory firm KPMG was independently rated AAA for its broad-based black economic empowerment (BBBEE) last week, which equates to a level 2 contributor under the Department of Trade and Industry codes. KPMG is the first of the big four accounting firms to achieve a AAA rating, marking a significant milestone in the transformation of the profession.
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Business Day
Monday, June 14, 2010
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Famous Brands offers drivers BEE on wheels
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Michael Bleby
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Famous Brands, the company behind Wimpy, Steers and Mugg & Bean, said yesterday it had started a black empowerment scheme to turn the drivers in its logistics unit into owners of their vehicles within three years. The scheme, under which drivers buy half of the company’s 105 vehicles over the next three years, matches the company’s model of not owning stores. All of the 1779 restaurants in its stable are franchised.
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Business Day
Tuesday, June 08, 2010
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Reassessing objectives
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Jenny Cargill
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In the early years of BEE, I initiated the ongoing monitoring of black corporate ownership and, in particular, the level of shareholder control that was being achieved. Sentiments would rise and fall in response to marginal changes in this gauge of empowerment performance. For some years, there has been no consistent record of the trends in black shareholding. The results of my recent research for my book may well charge up emotions once more...
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Financial Mail
Friday, June 04, 2010
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Black Economic Empowerment (“BEE”) was meant to have found itself on more certain ground with the gazetting of the Codes of Good Practice in 2007. After all the years of anticipating an end to the moving targets and constantly shifting playing fields, the South African business community had cause to celebrate the birth of a decade of BEE certainty as the Codes superseded the plethora of sector charters and corporate self regulation.
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