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The Woodsmith fertiliser mine in the North York Moors National Park. Image via Sirius MineralsMining company Anglo American said on Monday 20 January it had reached agreement on the terms of a recommended cash transaction in which its subsidiary Anglo American Projects (Bidco) would acquire the entire issued share capital of Sirius Minerals.Anglo, which announced earlier in January it was in advanced discussions to buy Sirius, said the acquisition valued the entire issued and to-be-issued share capital at about £404.9 million (R7.6 billion).“Bidco and Sirius intend to work together [to the extent legally permissible] to engage constructively with relevant stakeholders,” it said.North…

The union’s deputy general secretary for mining and engineering, Willie Venter, said government needed to urgently re-evaluate its existing economic policies that suppressed the manufacturing industry, in order to avert job losses.“Although companies cite the many challenges experienced in local and international markets as reasons for retrenchments, they also consistently argue that more competitive electricity and transport tariffs are needed to be able to compete with international competitors. “The government makes it impossible for companies to compete internationally because of its role in increased productions costs, the erratic electricity supply and increases in electricity tariffs, which are the main reasons for…

Photo: CC0 Public Domain / Publicdomainpictures.netThe Land Bank has become the first state-owned enterprise (SOE) to be downgraded to junk status.Moody’s rating agency, after monitoring the bank’s financial performance and corporate governance structure over the past year, moved to alter the Land Bank’s long-term issuer ratings from Baa3 to Ba1.What’s the difference between Baa3 and Ba1?In assessing a government entity’s (often a lender) financial position in the global banking sphere, Moody’s forms opinions of the ability of an “issuer”, such as the Land Bank, to honour short and long-term financial obligations and contracts.Baa3 and Ba1 are credit ratings used by…

Photo: Flickr / Chris BloomSouth Africa’s annual consumer inflation edged up to 4% in December 2019, a slight rise from November’s 3.6% figure. This is according to data released on Wednesday 22 January 2020 by Stats SAThe main contributors to the 4% rate were food and non-alcoholic beverages, housing and utilities, transport, and miscellaneous goods and services.Spike in overall food inflationFood and non-alcoholic beverages recorded an annual rate of 3.9%, slightly higher than the 3.5% recorded in November. Bread and cereal prices continue to place pressure on overall food inflation, increasing by 8%, which was unchanged from November’s reading.Other food…

Photo: sashares.co.za Given that SA has a relatively small but open economy, financial experts often say – only half-jokingly – that whenever the world’s major economies sneeze, South Africa catches a cold.As analysts wait to see how the Johannesburg Stock Exchange (JSE) responds to international financial market concerns about the coronavirus outbreak in China, this statement could become more true than usual.Certainly, at lunchtime on Thursday 23 January the JSE was tracking weaker in line with global sentiment. The outbreak is known to have already killed 17 people, with about 600 more being treated. It is centred around the Chinese city…

Photo: Adobe StockAs the 2019/2020 financial year-end approaches, entrepreneurs will be evaluating income over the past year — and with that, the possibility of a good tax refund.Daniel Baines, an attorney who also boasts a MCom in taxation, has set out to help small business owners navigate the world of tax.In his 2019 book, How to Get a SARS Refund for Small Businesses, Baines explains small-business tax in easy-to-understand language.Introduction to different types of taxHe covers different types of tax that a small-business owner may encounter, including income tax, VAT, pay-as-you-earn (PAYE) and dividends tax. The book also clarifies how…

PwC Africa CEO Dion Shango. Photo: pwc.co.zaWhat a difference two years can make. In 2018, PwC’s Annual Global CEO Survey revealed a record level of optimism regarding worldwide economic growth. In 2020, as chief executives look ahead to 2020, there is a record level of pessimism.Not surprisingly, perhaps, South Africa’s CEOs are more pessimistic than most about prospects over the next 12 months. Only 14% are “very confident” about their organisation’s revenue prospects this year, versus 18% a year ago. And 44% – compared to 35% in 2019 – believe that global growth will decline.Broad range of threatsIn South Africa,…

Christmas 2020 will be extra special for a Durban-based company which will have the pleasure of knowing their product is being bought — and enjoyed — by customers across the United States (US).Through a recently signed deal, manufacturing business Glenart will supply thousands of their signature Christmas crackers to global retail giant Walmart.A first for SA companyThey are the first South African company to secure a lucrative supplier deal with the US-based company. In an exclusive interview with Moneyweb, Walmart’s global sourcing senior director Sean Reber explained that Glenart’s unique product caught their attention. “It’s an ingenious Christmas cracker that also…

Britain’s Prime Minister Boris Johnson reacts during his visit to the Department of Mathematics at King’s Maths School, part of King’s College London University, in central London on January 27, 2020. – Britain on Sunday announced a new fast-track visa scheme for top scientists, researchers and mathematicians as it prepares a new immigration system for life outside the European Union. Prime Minister Boris Johnson revealed the plan just days before Brexit finally takes place on January 31. (Photo by DANIEL LEAL-OLIVAS / various sources / AFP)With just days to go before Brexit, European diplomats are already hard at work for…

Photo: sashares.co.zaAs concern about the spread of China’s deadly coronavirus grows, financial markets in South Africa and around the world are increasingly feeling the impact. By close of business on Monday 27 January, the Johannesburg Stock Exchange (JSE) had experienced its biggest drop in eight months. As the JSE opened for business on Tuesday 28 January, analysts were expecting another day of pressure on the local market.JSE-listed media and technology company Naspers was among the big losers due to its major investment in Tencent, the Chinese internet company.Rand lowest in six weeksThe rand also felt the heat and dropped to its…