Rio Tinto mid-way through share buy-back

September 3rd, 2010

Rio Tinto says it is mid-way through a share buy-back program that is designed to simplify its dual listed structure.

The mining giant early last month agreed in principle to buy back all of the Rio Tinto shares held by Tinto Holdings, a wholly owned subsidiary of its London Stock Exchange-listed Rio Tinto plc.

Later that month, Australian stock exchange listed Rio Tinto completed the first tranche of the buy-back with the acquisition of 150.43 million of its shares from Tinto Holdings at a price per share of $69.27.

“Those shares have subsequently been cancelled,” Rio Tinto said in a statement.

“The remaining 20,635,155 ordinary share are likely to be bought back later this month.

“It should be noted these internal capital management transactions do not affect the number of shares held by public shareholders.

“The shares will be cancelled after the buy-back is completed.”

Rio Tinto’s shares on the ASX closed up $1.21, or 1.64 per cent, at $75.00.

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Unions go back to members with pay offer

August 30th, 2010

The protracted public servants’ strike continued on Thursday with the Congress of South African Trade Unions and Independent Labour Caucus (ILC) declaring a “preliminary” rejection of the government’s latest pay offer.

Following a meeting between the two on Thursday, ILC chairperson Chris Klopper said: “Some of the unions found it extremely difficult to sell to their constituencies. Read more…

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Cosatu: No talks between govt and unions

August 27th, 2010

There have been no new wage talks between public-service unions and the government, the Congress of South African Trade Unions (Cosatu) said on Friday.

“We have not had a meeting,” said spokesperson Mugwena Maluleke, responding to reports of secret talks on Thursday night between unions and Public Service and Administration Minister Richard Baloyi.

Maluleke said he was trying to trace the source of the rumours.

“I can speak on behalf of Cosatu that there was no meeting,” Maluleke said.

Asked if any meetings had been arranged, he replied: “We are hoping to hear from the government. Read more…

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Govt recasts public-sector wage offer

August 22nd, 2010

There is only one-tenth of a percent difference between what striking public servants are demanding and what the state is offering, government spokesperson Themba Maseko said on Monday.

In a move that appears designed to bring unions back to the negotiating table, he told a media briefing in Pretoria that in “real terms” the government was offering an 8,5% increase to public servants.

Unions are demanding, among other things, an 8,6% pay increase.

“In real terms, the state’s offer to the unions amounts to 8,5% and means that the real difference between the state and the unions at this point in time is 0,1%,” Maseko said.

Since the nationwide strike started last week, the government has insisted there is no money available to move past its 7% pay settlement offer, tabled earlier this month.

Explaining the government’s new arithmetic on Monday, Maseko said the figure of 8,5% was the sum of the 7% settlement offer and the so-called pay progression of 1,5%.

While the latter was intended to be performance-linked, “no performance evaluation system is on the table, so more than 90% of workers … Read more…

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Govt has ‘no choice’ but to implement wage offer

August 17th, 2010

The government on Thursday said it would have little choice to unilaterally implement its final offer of a 7% wage increase for public servants, dismissing demands for 8,6% as simply not affordable.

“We urge the unions to change their position … otherwise government will be left with no choice but to implement the offer,” said Dumisani Nkwamba, spokesperson for the ministry for public service and administration.

Public-service unions strike in ThokozaPublic-service unions embarked on an indefinite strike on Wednesday after rejecting the government’s revised wage offer. Read more…

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Santam sees higher first-half profit

August 13th, 2010

South African insurer Santam said on Monday half-year profit likely jumped by as much as 85%, helped by strong performance in its underwriting business, sending its shares higher.

Santam, the country’s biggest property and casualty insurer, said headline earnings per share for the six months to end-June likely rose by 75% to 85% from 284 cents in the same period a year earlier.

Headline earnings, the main profit gauge in South Africa, exclude some one-time items.

The company said it was helped by the absence of large industrial claims during the period. Read more…

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