Monday, 09 May 2011
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Commodities push JSE lower
The JSE has gone into negative territory, tracking weaker markets in Asia, while commodity stocks in Australia weighed on the local bourse.
|||The JSE went into negative territory at its opening on Friday, tracking weaker markets in Asia, while commodity stocks in Australia weighed on the local bourse, a dealer said.
By 09:13 local time, the JSE all-share index lost 0.47%, with platinum miners dropping 0.73%, gold miners falling 1.07% and resources slipping 0.90%. Banks lost 0.24%, industrials eased 0.25% and financials shed 0.15%.
The rand was bid at 6.73 to the dollar from 6.72 at the JSE's close on Thursday. Gold was quoted at US$1,484.96 a troy ounce from US$1,488.43/oz at the JSE's previous close, while platinum was at $1,791.70/oz, from $1,771.00/oz previously.
A local trader said: “Asia is negative and although futures are slightly positive, commodity stocks in Australia, such as BHP Billiton, are negative, which has dragged down local stocks.” The dealer said that the market would be relatively quiet ahead of US non-farm payrolls data expected at 14:30 SA time.
Dow Jones Newswires reported that Asian stock markets were mostly lower on Friday, with commodity-related stocks battered after oil and metals prices dropped sharply on Thursday following weaker-than-expected US jobless claims data.
Japan's Nikkei Stock Average lost 1.6%, the Hang Seng Index was down 0.3%, the Kospi declined 1.3%, but the Shanghai Composite added 0.2%.
Analysts were mixed on whether the price declines marked the start of a sustained downtrend for oil and commodities.
Commodity prices stabilised in early European trading on Friday after their tumble on Thursday, which boosted the dollar but sent equity prices sharply lower, led by resource stocks.
Economists surveyed by Dow Jones Newswires estimate the US economy has added 185,000 jobs in April, after 216,000 in March. April's unemployment rate is expected to hold at 8.8%.
Also on the market's agenda, European Central Bank (ECB) president Jean-Claude Trichet gave no clear signal on Thursday about when future hikes might occur, even as he noted upward inflationary pressure due to commodity prices.
“We don't know whether the ECB is going to raise rates in June or July,” said Koen De Leus, strategist at KBC Securities. “The latest producer price index for the euro zone was pretty high. They will have to raise rates if they want to keep their credibility,” he added.
Other economic data due on Friday includes Germany's industrial production data, due at 12:00 SA time.
On the JSE, Anglo American (AGL) dropped 1.60 rand to 325.40 rand, BHP Billiton (BIL) lost 1.61 rand to 262.78 rand and Sasol (SOL) shed 7.00 rand or 1.97% to 347.50 rand.
Among gold counters, Anglogold Ashanti (ANG) lost 5.49 rand or 1.76% to 307.01 rand.
Platinum miner Impala Platinum (IMP) dropped 2.54 rand or 1.38% to 181.61 rand, Anglo Platinum (AMS) shipped 1.50 rand to 618.50 rand, and Lonmin (LON) waivered 1.90 rand or 1.11% to 169 rand.
Diversified miner African Rainbow (ARI) declined 3.93 rand or 1.98% to 195.05 rand.
In the industrial sector, BAT (BTI) moved 1.11 rand lower to 296 rand, and SAB (SAB) fell 2.02 rand to 242.50 rand.
Telecommunications group Telkom (TKG) gained 40 cents or 1.07% to 37.64 rand.
South African banking group Nedbank (NED) witnessed an ongoing improvement in revenue growth and impairments in the first quarter of 2011, with net interest income growing by 5.9% from 4.046 billion rand to 4.284 billion rand.
“The group had a good first quarter and made strong progress against its strategic objectives. We have seen ongoing improvement in performance, building on the momentum created in the second half of 2010. This resulted in continued revenue growth, improvement in impairments and margins are showing signs of recovery,” said Nedbank CEO Mike Brown.
“The group's focus on growth is evident from the strong progress in the delivery of our NIR growth strategy, the turnaround in our retail business and our focus on 'portfolio tilt' towards businesses that generate higher levels of economic profit,” he added.
Average interest-earning banking assets had increased by 4.4%. The net interest margin had improved from 3.35% for the 2010 financial year to 3.42% for the quarter (Q1 2010: 3.38%). Nedbank lost 73 cents to 140.17 rand.
Construction company Group Five (GRF) climbed 70 cents or 2.49% to 28.80 rand.
Furniture and appliances retailer JD Group (JDG) on Friday advised that its headline earnings and earnings per share attributable to shareholders for the six months ended February 28 are expected to be between 40% and 45% cents per share higher than the previous corresponding period.
The headline earnings and earnings per share for the six months ended February 28 2010 (previous corresponding period) were 141.1 cents and 140.9 cents per share respectively. The group added 10 cents to 46.60 rand.
Media giant Naspers (NPN) was up 3.83 rand or 1.03% to 375.33 rand. - I-Net Bridge
Source: http://www.iol.co.za/commodities-push-jse-lower-1.1065256
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Media boss given new role with cancer centre charity
SOUTH West Wales Media managing director Blanche Sainsbury has been given a prestigious new role with a cancer charity.
Mrs Sainsbury, who manages publications including the Evening Post, has been invited to become a director on the Swansea board of Maggie's.
The organisation is behind a £3 million state-of-the-art cancer centre, which is being built within the grounds of Swansea's Singleton Hospital.
It has been running an interim service to support patients with the disease, in temporary accommodation at the site.
Mrs Sainsbury said she was pleased to be invited onto the charity's board after supporting Maggie's for some time.
"It's really nice for us as an organisation to be part of that," she said. She added: "I will be working with other business leaders in Swansea in ensuring that people are aware that the new Maggie's Centre is opening — and what it means to Swansea and Wales."
Maggie's Centres aim to provide under one roof access to help with information, benefits advice, psychological support, courses and stress reducing strategies.
Mrs Sainsbury said hairdressers and make-up artists gave up their free time to get involved with the centre and she hoped to encourage even more business people to do so.
Maggie's board is made up of chairman Pat Steane, Gian Bertelli, medical oncologist in the South West Wales Cancer Centre, Lord Lieutenant Byron Lewis, former Labour AM Val Lloyd, retired banker Roy Phelps, Ian Price, deputy director of business body CBI Wales, along with Salah El-Shakarwi, retired clinical oncologist, and Simon Tse, chief operations director of the DVLA.
In Swansea, the interim service sees 25 people per day, but when the centre opens in the autumn it is expected it will see as many as 50 people per day in the purpose-built centre. Its cosmic whirlpool design, was dreamt up by the late Japanese architect Kisho Kurokawa. Mrs Sainsbury said she believed it was an important development for the city.
She said: "To have the centre in Swansea is amazing — this is a very big thing for Wales."
The managing director said talks had been held to stage an awards celebration for Maggie's in association with the Evening Post, along with a dinner to officially welcome Maggie's to Swansea. Mrs Sainsbury said: "Maggie's was the inspiration to get me running. I thought I should do something for the charity and did the Swansea 10k for Maggie's. Ever since then I haven't stopped running."
She added: "I wanted to do something to give something back."
Laura Lee, chief executive of Maggie's said: "We are really delighted that Blanche has agreed to join the campaign board. The South Wales Evening Post has been incredibly supportive of Maggie's and through their readers have been able to raise both money and awareness throughout Wales. We all look forward to working with Blanche and benefiting from her fantastic skillset."
elizabeth.perkins@swwmedia.co.uk
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Swansea cut through Blades to set-up play-off with Nottingham Forest | Jeremy Alexander
After almost falling into the Conference eight years ago, buoyant Swansea are now three games away from reaching the Premier League
For a moment Swansea City knew where they stood. Half an hour before lunchtime kick-off they and fellow play?off clubs learned that Queens Park Rangers' automatic promotion place was not going west with a points deduction. By three o'clock the line-up was fixed. Swansea, beating relegated Sheffield United, took Cardiff's third place and face Nottingham Forest, leaving their Welsh rivals to play Reading. Then Swansea's chairman hinted at a challenge of the Football Association's decision merely to fine QPR. Murk returned.
"Everybody is keen to see what the decision is based on, considering they took so long to come up with it," Huw Jenkins said. "When you look at the financial implications and what the Premier League brings, we have to look at the detail. Right now, though, we have to look forward to the games in front of us."
Brendan Rodgers, his manager, said as much beforehand: "It's a ridiculous situation to be in, going into the final game. All we can do is concentrate and look to finish with a win." Later he said: "We focused on what we wanted to achieve. We passed, probed and were patient. United came with 4-5-1, trying to contain a team who can be unplayable at home, frightening." The Swans were serene, passing United's young Blades to despair. Though Rodgers graduated under José Mourinho at Chelsea, his team are the Arsenal of the Championship. They will grace any league.
Like Swansea, Rodgers has found his feet, after false starts at Watford and Reading. Nine seasons ago the club changed hands twice for £1. At half-time they presented James Thomas, whose hat-trick in the last game of 2002-03 against Hull spared them from the Conference. Eight years on they are happy to be alive and proud of their new home since 2005.
They finished eighth and seventh in the last two seasons but Rodgers, new this season, was not getting carried away by the progress he has managed. "I still have to prove I'm the right man to be here," he said. "Part of the job is developing players, not just winning games", though they have won more than the other three play?off clubs. From matches between them Swansea have 12 points, Forest 10, Reading six and Cardiff five. Each of the others had long unbeaten runs that threatened to seize the second place that Norwich claimed. Swansea's best was five.
Rodgers, careful in the "mental preparation" of his team, was equally so in his thoughts on QPR and the FA. "The process was a shambles, disgraceful. The timing of the decision by those making it was disrespectful to the clubs." Bernie Ecclestone, introducer of degradable tyres to Formula One ? an insult to drivers and Pirelli ? and coincidentally QPR co-owner, could not have come up with anything better.
There was no evidence of lottery on Saturday, just superiority. Micky Adams included five players from Sheffield United's youth set-up, whose present lot are in the FA Youth Cup final against Manchester United. "I'm not sure if it was the right thing to do," Adams said later. Swansea took half an hour to score but by the hour, when United had only 10 men, it was 3-0 and, encouragingly, they looked all of two divisions better than their opponents. Only one loanee was involved, Fabio Borini from Chelsea. Scott Sinclair and others have found a good home there.
"We'll be underdogs," Rodgers said, "as Forest have the experience." It was not a good one a year ago. Stephen Dobbie, who scored for Blackpool then, scored twice on Saturday. "With three wins we have the same momentum," he said, though Forest have four. "If we can become the first Welsh team in the Premier League, we might get a few statues out in front." Ivor Allchurch awaits in hob-nailed boots.
Man of the match Joe Allen (Swansea)
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Tribute paid to late MP David
A victorious candidate took time out from his celebrations to pay tribute to the late parliamentarian David Taylor.
Labour's John Legrys, who retained his Coalville seat on North West Leicestershire District Council, remembered his old friend and political ally.
He said: "I feel very strongly that David is looking down on us at this moment and he will probably be celebrating with us the success we've had."
Mr Taylor died, aged 63, on Boxing Day 2009 after a heart attack, having represented North West Leicestershire as MP since 1997.
He also served as a district councillor from 1981 to 1987 and 1992 to 1995.
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Sunday, 08 May 2011
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Private equity firm CVC could block Murdoch bid for F1
Exor and News Corporation are thought to be mulling the possibility of creating a consortium with a plan for the development of Formula One
News Corporation cannot make a move to take over Formula One by buying out the sport's minority shareholders because private equity group CVC has first refusal on any stakes offered for sale.
News Corp has confirmed that it has teamed up with Exor, an investment firm controlled by the Agnelli family, for a possible bid for F1.
CVC, which owns 63.4% of Formula One's Jersey-based parent company Delta Topco, has confirmed that it received a "friendly" approach from James Murdoch, News Corp's deputy chief operating officer, who "acknowledges that Formula One is privately owned by CVC and not currently for sale". But the Murdoch statement added that "over the coming weeks and months, Exor and News Corporation will approach potential minority partners and key stakeholders in the sport".
However, if this happens they could soon be met with a roadblock. The shareholders of Delta Topco are all bound by an agreement that was signed in November 2006 when CVC refinanced the $2.9bn (£1.75bn) debt which it used to buy Formula One . It gives CVC a veto over the sale of any of the other shareholders' stakes in Delta Topco and it states that CVC has first refusal if they decide to sell.
CVC's UK managing director, Nick Clarry, said: "The shareholders' agreement gives us control in any event, as they cannot sell without first offering the shares to us and we must approve all and any transfers."
This stops hostile investors building up a position in Delta Topco by buying out its minority shareholders, many of whom have voting rights.
Bambino, the family trust of Formula One's boss Bernie Ecclestone, owns 9.4% of Delta Topco, plus a further 5.3% as Ecclestone's personal holding.
Ecclestone told the Guardian that he believes News Corp is using the possibility of a Formula One bid as a front to secure investors for its acquisition of the 61% of shares it does not already own in listed broadcaster BSkyB.
News Corp is expected to pay more than £7.5bn to get complete ownership of BSkyB and Ecclestone says "they are trying to get some money together. if they find somebody who has come up with a few billion they can say we can't buy Formula One but would you like to come in with Sky. It is a good way of finding out if there is money out there."
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Source: http://www.guardian.co.uk/business/2011/may/08/formula-one-news-corporation
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