Business

Illovo’s sugar production got affected by persistent droughts

The South African sugar company named Illovo Sugar will face another year of tough time as its production will be affected for the drought that happened in this year and the problem will remain till March 2012.

Graham Clark, the chief executive of Illovo stated yesterday that the sugar production of South Africa had been impacted by drought particularly in Kwa-Zulu Natal and would remain so till March 2012.

He said that others sugar companies are expected to compensate for the matter and Illovo is doing its best to cut costs and hedging.

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With the easing of worries and anxieties of EU debt, Oil recovered

Oil went up on Thursday recovering from a four-week low after the US dollar became weaker and there were some hope seen in Ireland’s debt crisis. These resulted in the resurgence of interest of commodities. Oil also got support from the decline of its US crude inventory.

On Wednesday December crude touched the amount of eighty decimal six dollar per barrel. It was lowest price touched within the day since 20, October.

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Barloworld might see excellent growth

Barloworld expects to witness considerable amount of growth from its purchase of the rest fifty percent shareholding in the Russian joint venture for Caterpillar and the acquisition of Bucyrus International by Caterpillar.

Barloworld reported yesterday that if it gets the regulatory and other approvals it is ready to acquire the rest fifty percent stake in Vostochnaya Technica, for its Caterpillar joint venture.

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Transnet is looking at possibilities to rope in private firms

A feasibility study was being carried out by Transnet to find out whether private firms can be roped into the company. They are particularly thinking to tag private sector in the programs of expansion.

The firm finds it difficult to carry out these expansion programs alone. These facts were given yesterday by the chief executive of Transnet, Mr. Chris Wells.

According to Wells the para statal firm is considering to expand in the coal sector, iron ore and manganese lines and also the expansion of the new Durban port.

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