Drug firm 'fires' BEE partner

(FIN24) - In a move probably unprecedented in South Africa, AltX-listed pharmaceutical and natural products company Imuniti has "fired" its empowerment shareholders.

The BEE shareholders include union and ANC connected heavyweights like Kopano, investment arm for Cosatu, Malibongwe, that works on women's empowerment for the ANC Women's League, and Star Choice, an investment vehicle for the Tambo family.

Imuniti CEO Paul Fouche could not comment on reports Fin24 received about the empowerment shareholders, saying if true it was a matter between Imuniti's founder members and the BEE shareholders. However an announcement is expected.

The rumours are also supported by an announcement on JSE news wire SENS on December 21 that Tembi Tambo, daughter of the late Oliver and Adelaide Tambo, had resigned as an executive director of Imuniti. She formed and ran Star Choice to look after the Tambo family's 3.3% interest in Imuniti.
 

 

Read more at FIN24

S.Africa business confidence falls to 4-year low

(Reuters) - South African business confidence fell to a four-year low in December as companies were nervous about economic growth in 2008, the South African Chamber of Commerce and Industry (SACCI) said on Wednesday.

The Business Confidence Index fell to 94.8 points, its lowest level since November 2003, after declining to 95.8 in the previous month.

SACCI said in a statement a stable rand currency assisted exports and manufacturing output,

"The other sub-indices all turned negative...trade, residential construction and import volumes declined substantially while inflation moved higher while the stock market lacked direction."

Inflation climbed to a four-and-half year high of 7.9 percent year-on-year in November, raising expectations that the central bank would hike interest rates again on Jan 31, after raising them by 400 basis points since June 2006.

 

Read more at Reuters Africa

U.S. Will Escape Recession, Economists Say in Survey

(Bloomberg) -- The U.S. will skirt recession as consumer spending slows without collapsing, a survey of economists showed.

Economic growth will average 1.5 percent in the first six months of 2008, matching the fourth quarter's pace, according to the median estimate of 62 economists surveyed by Bloomberg News from Jan. 3 to Jan. 8. The rate of expansion would be the weakest since the last nine months of 2001.

Read more at Bloomberg