Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


80% of JSE white, capitalist-owned

04 January 2012, 11:36

Johannesburg - More than 80% of the Johannesburg Stock Exchange is accounted for by the large banks and the few companies in the traditional sectors: mining and energy, the Congress of SA Trade Unions says.

"All these companies are white, private, and capitalist-owned and they are increasingly being foreign-owned," its president Sdumo Dlamini said in his comments on the 100th anniversary of the ruling ANC, of which the union federation is an ally.

There was "significant foreign ownership" of many of these companies.

"Sasol is about 30% foreign-owned and Arcelor-Mittal is 65% foreign owned. Massmart is 60% foreign-owned, Shoprite is 35%, Truworths is 50%, Foschini is 40%, JD Group is 40%, Lewis is 30%, Pick n Pay has less than 10%, Spar under 20% and Mr Price and Woolworths 20%.

"Absa is 56% foreign-owned whilst Standard Bank is at least 40% foreign owned," Dlamini wrote.

The fact that major conglomerates such as Anglo American [JSE:AGL] had shifted their headquarters and had listed abroad was "an indication of the increasing foreign and imperialist ownership of the means of production in South Africa."

Dlamini said that economic power was still "very much concentrated" and had increasingly become externalised.

"The drive towards foreign ownership, combined with private ownership of the Reserve Bank, deepens the transformation of the South African economy away from working class control. The centenary celebrations must mean a reversal of this painful reality of our economy."

Dlamini added that the present economic reality translated into a situation "in which African people remain at the lower end of the ladder".

It was for this reason that since 1994 Cosatu had remained "consistent in emphasising that the Liberation Movement must use its position of political incumbency to create a sustainable economic power base for the majority of the blacks and Africans in particular."  


Tags sa

Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Submitted by
William Korir
CORD to stop Jubilee efforts to r...

The CORD Coalition will not allow plans to remove Kenya from the Rome Statutes take place, it has said. Read more...

Submitted by
William Korir
How long will it take Kenya to le...

Kenya is looking to leave the ICC. But what is the process behind the exit? Read more...

Submitted by
William Korir
Jubilee resumes efforts to push K...

Kenya will this week resume efforts to leave the ICC court. Read more...

Submitted by
S Mbinya
How to treat him right

Men want to go home to a woman who makes them feel loved and appreciated. Here's how to make him feel special here: Read more...

Submitted by
S Mbinya
Kenyans demand action after femal...

This comes a few days after a female passenger was drugged and then robbed in a matatu plying the Kenyatta – Kencom route. Read more...

Submitted by
S Mbinya
Natural aphrodisiacs to boost lib...

It is advisable to take them before sex in order to achieve maximum benefit. Read more...