CONTENTSMarch1998No.230
COVER STORY
JCI COLLAPSE - end of the black business dream?
The collapse o f the century-old mining house, JC I , barely a y ear a fte r it had been taken over by a black entrepreneur, has sent pow erfu l em otion al tremors throughout South African society and Africa as a whole. Is this the end o f a long cherished dream or merely a blip on the road to ultim ate success? Tom Nevin has been fin d in g out.
SPECIAL REPORT IS AIDS KILLING AFRICA’S ECONOMY?
A frica is sitting on a potentially devastating tim e-bomb. AIDS is a silen t and stealthy destroyer. I t lies dormantfo r years and then suddenly springs up with murderous effect. Over the nextfe w years,
A frica w ill be rocked by an avalanche o f AIDS related deaths. What impact w ill this have on the continent’s economy? Will AIDS also k i l l A frica ’s productive capacity? Tom Nevin has been fin d in g out.
DATELINE USA US TURNS SPOTLIGHT ON AFRICA
Although it is still not clear whether or not US President B ill Clinton will be able to sufficiently extricate him selffrom both domestic andforeign crisis to undertake his historic tour o fA f i c a later this month, the continent is enjoying a rare moment centre-stage. Milan Vessily reports.
A fric an BUSINESS 4 LETTER TO THE EDITOR /CURRENCIES
6 BUSINESS BRIEFS
EDITORIAL
T h e h e a v y cost ot m is m a n a g e m e n t
COVER STORY 8 J C I c o l la p s e and th e a fte rm a th
VIEW FROM THE CITY 13 F o r g e t e q u i t ie s , go fo r b o n d s
MINING NOTEBOOK 14 T h e p o w e r o f r u m o u r 15 Z im w e d d in g fo r D e l ta a nd BHP?
SPECIAL REPORT 16 W i l l A ID S k i ll A f r i c a ’s e c o n o m y ?
DATELINE USA 20 U S A tu rn s s p o t l ig h t on A fr ic a
GUEST COMMENTARY 23 L e s s o n s f ro m th e A s ia n c r is is
COUNTRYFILE 25 Z IM A B A B W E : E c o n o m y ru n s r io t 27 D R C : F o o l s ru s h i n . . . 28 N IG E R IA : B o om b a n k s go bust 29 Z A M B IA : A m n e s t y fo r ta x cheats
FINANCE 30 R e c ip e fo r h e a l t h y s to ck m a rk e ts
BOOKS 33 T h e w a r r i o r s h o n o u r 34 B o o k s in B r ie f
TOURISM 35 In th e c o m p a n y o f a n g e ls
COMPUTERS IN NIGERIA 37 T h e s k y is th e l im i t 40 S lo w p ace of c h a n g e 41 Banks le ad th e w a y
A fr ican Business March 1998 5