Mvela buys 30 per cent of Johncom

JOHANNESBURG – South African investment firm Mvelaphanda Group Ltd has reached agreement with fund management group Allan Gray to buy up to 30 per cent of Johnnic Communications’ (Johncom) media unit, it said yesterday.

Mvelaphanda Group said it will buy a minimum of 25,1 per cent and a maximum of 30 per cent of Johncom’s media business, provisionally named Opco, for 1,413 billion rand in cash. It will pay an additional amount if the firm’s net cash holdings exceed 50 million rand, or less if the cash holding falls below 50 million when the media unit becomes a separately listed entity.Dollar up as US rate cut bets trimmed * LONDON – The dollar recovered from record lows against the euro and a basket of major currencies on Tuesday as investors marginally trimmed expectations the Federal Reserve will cut interest rates this week to boost growth.The Fed is widely seen lowering rates by a quarter-point to 4,5 per cent after a two-day meeting ending today to prevent broader damage to the US economy from deterioration in the housing sector.Inflation in industrialised countries picks up * PARIS – The pace of inflation in the world’s principal industrialised nations picked up in September, with consumer prices rising 2,2 per cent in annual terms after 1,8 per cent in August, the OECD said yesterday.Month-on-month, prices rose 0,3 per cent in September after declining 0,1 per cent in August.Consumer energy prices were up an annual 3,4 per cent in September, compared with a fall of 1,3 per cent in August, while food also gained 3,4 per cent after 3,2 per cent, according to the Organisation for Economic Cooperation and Development.The OECD survey covers 30 industrialised member economies, including the Group of Seven nations – Britain, Canada, France, Germany, Italy, Japan and the United States.Nampa-Reuters-AFPIt will pay an additional amount if the firm’s net cash holdings exceed 50 million rand, or less if the cash holding falls below 50 million when the media unit becomes a separately listed entity. Dollar up as US rate cut bets trimmed * LONDON – The dollar recovered from record lows against the euro and a basket of major currencies on Tuesday as investors marginally trimmed expectations the Federal Reserve will cut interest rates this week to boost growth.The Fed is widely seen lowering rates by a quarter-point to 4,5 per cent after a two-day meeting ending today to prevent broader damage to the US economy from deterioration in the housing sector.Inflation in industrialised countries picks up * PARIS – The pace of inflation in the world’s principal industrialised nations picked up in September, with consumer prices rising 2,2 per cent in annual terms after 1,8 per cent in August, the OECD said yesterday.Month-on-month, prices rose 0,3 per cent in September after declining 0,1 per cent in August.Consumer energy prices were up an annual 3,4 per cent in September, compared with a fall of 1,3 per cent in August, while food also gained 3,4 per cent after 3,2 per cent, according to the Organisation for Economic Cooperation and Development.The OECD survey covers 30 industrialised member economies, including the Group of Seven nations – Britain, Canada, France, Germany, Italy, Japan and the United States.Nampa-Reuters-AFP