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Wednesday, March 24, 2010.
From Creamer Media in Johannesburg, I'm Shannon de Ryhove.
Making headlines today:
Paper and pulp manufacturer Sappi has announced a proposed 814-million-rand broad-based black economic empowerment deal that will benefit employees and communities surrounding its mills and plantations in South Africa.
CEO Ralph Boëttger says that the manufacturer will issue about 4,5% of its issued share capital as part of the BBBEE deal. This will translate into the empowerment of about 30% of its South African business.
The transaction will also involve the restructuring of Sappi's 2006 Plantation BEE Land Deal.
Retail Motor Industry Association CEO Jeff Osborne forecasts that vehicle sales will grow by 8,28% in 2010.
He said that the local market should reach sales of 427 952 units this year, which would bring it back to 2003 sales levels.
Osborne said 2010 passenger car sales were expected to jump 9,5% on a dismal 2009 performance, with sales of light commercial vehicles to gain 6%, medium trucks 4% and heavy-duty trucks 7%.
Also making headlines:
South Africa's consumer inflation slowed back into the central bank's 3 to 6% target range in February.
South Africa is identified as a partner country in a new Brazilian aviation programme.
ThyssenKrupp South Africa and PDNA units merge to form a new empowered project house.
And, oil major Chevron will shut its South African refinery for maintenance.
That's a round up of news making headlines today.