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Business
Editor Bruce Whitfield wraps up the day's business news, Monday to
Friday - 6pm to 7pm. He also offers his own insights into market movers
and shakers and local and global trends.
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Xstrata’s
merger proposal was rejected by mining giant Anglo American. But
despite that, Xstrata remains adamant in pursuing Anglo. This is what
they had to say when they were interviewed on the World at Six.
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CEO of Xstrata, Mick Davis |
CEO of Anglo American, Cynthia Carroll |
| “I
think from the shareholders perspective the combination of the two
companies, gives the combined entity greater potential to create value
than the two individual companies gives on their own. In that sense
it’s something which I reckon is worth pursuing. I think the central
proposition for Anglo American really, is to decide whether they are
more valuable staying independent or whether they have a better value
proposition in combination with Xstrata. My view it’s the latter and
that’s why it’s a transaction worth pursuing.” |
“I
wouldn’t say that Xstrata’s offer tabled, has motivated us any further.
We’ve been working at focusing on cost reduction for a long time and
it’s coming through in the form of asset optimization and procurement.
We’ve seen a delivery for the first half of the year that’s substantial
of $450m. So tremendous, tremendous improvement, tremendous focus and
discipline across all of our business units.” |
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Once
in a while, Bruce takes a break from the markets and reviews the latest
business books with Ian Mann, a Business Consultant for Gateways.
Deputy
General Manager of the SA Reserve Bank Jannie Rossouw says shareholders
are there to add transparency to the Central Bank and the only role
they play, is to elect the seven non-executive members of the board.
Coca-Cola has dominated global brands for the last decade and once again comes out on tops in the Interbrand Survey. 
Speculation
of iBurst having financial problems has been doing the rounds. CEO
Jannie van Zyl took over the reigns since Alan Knott-Craig Junior
stepped down earlier this year. Van Zyl told Bruce there’s no truth in
the speculation. However he did say there has been rapid changes since
he’s taken over as CEO.
Reserve
Bank Governor Tito Mboweni chatted to Bruce about his decision to leave
the Central Bank. Jacob Zuma announced on Sunday that Absa Chairperson
Gill Marcus will take over the reigns from Mboweni in November. Mboweni
has not yet made a decision on what he will be doing after he leaves
the Reserve Bank but farming may be one of his options. 
