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Business Reporter. Oil fell to the lowest since January on concern a global slowdown will cut demand in Europe and the US, just as China’s Covid Zero strategy hurts consumption in the world’s biggest crude importer. West Texas Intermediate sank toward $85 a barrel, after erasing a gain driven by…
Business Reporter. Shoprite Holdings on Tuesday delivered another robust full-year performance, with double-digit growth in headline earnings and dividends for the year ended 3 July 2022. Shoprite's more affluent customers, who have largely shrugged off the impact of inflation, also boosted profit and sales at its upmarket Checkers supermarket chain,…
Business Reporter. African Bank says it has launched a new loyalty programme, Audacious Rewards, with the aim to improve the financial well-being of its customers. The bank claims that the loyalty programme will create incentives for positive financial behaviour, including helping customers to improve their credit score. The custom-built programme…
By Lehlohonolo Lehana. The Department of Energy has published the latest fuel price update for September, showing a sizeable cut to both petrol and diesel prices in South Africa. While prices were projected to come down by around R2.30 per litre, an adjustment to the slate levy has eaten 30…
Business Reporter. Old Mutual Insure on Monday (5 September), announced a 100% acquisition of Genric Insurance Company, a licensed non-life and specialist insurer focused on bringing innovative and niche insurance solutions to market. Garth Napier, Old Mutual Insure MD, said that the transaction will satisfy a number of strategic objectives…
By Stefania Spezatti. Barclays Plc raised nearly R10.7 billion ($620 million) from the sale of its remaining stake in South African lender Absa Group, exiting an investment it made in 2005 and marking its second retreat from the region. The London-based bank offered about 63 million ordinary shares, which is…
Business Reporter. The Johannesburg Stock Exchange's (JSE’s) clearinghouse, JSE Clear, has been granted a licence to act as an independent intermediary between buyers and sellers of stocks. The JSE said that Clear will remain a wholly owned subsidiary but will operate as an Independent Clearing House and Central Counterparty (CCP).…
Business Reporter. South African banks are becoming more digitised, opening the door to full online banking; however, many argue that there is still a need for in-person branches. Recent data from Boston Consulting Group (BCG), in collaboration with financial services firm Discovery, found that the majority of consumers (86%) are…
By Lehlohonolo Lehana. South Africans can expect to see big changes to the country's coins next year. In a statement released on Wednesday, the cabinet announced it had approved changes to the coins, which will see the official languages rotated annually over the next 10 years. The exact look and…
By Darren Parker. Absa's seasonally adjusted Purchasing Managers' Index (PMI) rose to 52.1 points in August from 47.6 in July. Following a tough start to the third quarter, an easing in the intensity of load-shedding meant that conditions in the manufacturing sector improved in August relative to July, the bank…
By Lehlohonolo Lehana. South Africa has seen significant improvements recently that could boost economic growth expectations beyond the more conservative forecasts in recent months, says Johann Els, the chief economist at Old Mutual Investment Group. Els said that apart from the shift to a democratic society, the recent energy reform…
By Lehlohonolo Lehana. JSE-listed technology company Altron has announced the appointment of Werner Kapp as Group Chief Executive with effect from 1 October 2022. Altron Executive Chairman Stewart van Graan said: "After a rigorous search and recruitment process by the Board, we are very pleased to appoint a well-recognised leader…
By Felix Njini. Department of Minerals and Energy minister Gwede Mantashe dismissed the notion that renewable electricity can bring an end to years of rolling blackouts, pointing to Europe's pivot back to the use of fossil fuels as evidence of the constraints of using green energy. Solar and wind plants…
By Lehlohonolo Lehana. Old Mutual, largest and the most advanced insurer in Africa, on Tuesday (30 August) reported 62% increase in half year profits, against the backdrop of a challenging operating environment. It said that results from operations increased 87% to R4.1 billion, while gross written premiums were up by…
By Julia Fanzeres. Oil climbed to the highest since late July as fears of production outages in Libya that would exacerbate a global energy crunch. West Texas Intermediate futures rose 4.2% to settle above $97 a barrel on Monday. Although Libyan output has so far withstood clashes between militias in…
Business Reporter. Consumers are in for a reprieve in the coming months in South Africa as economic indicators point to food price inflation stabilising, while end-month data from the Central Energy Fund shows a likely petrol price cut for September. Stats SA published the latest consumer price inflation figures for…
By Lehlohonolo Lehana. Massmart's chief operating officer Jonathan Molapo has been promoted to CEO, succeeding Mitchell Slape who will step down on 31 December 2022. Molapo has strong executive and international leadership experience, having joined Massmart from Astron Energy, where he was CEO from June 2018 to December 2021. Prior…
By Lehlohonolo Lehana. African Bank on Friday announced its plans to acquire a majority stake in Ubank – a basic financial services provider with a presence in mining and rural communities – for R80 million. The deal comes just three months after African Bank agreed to buy Grindrod Bank for…
By Prinesha Naidoo. The South African central bank's proactive efforts to contain price growth mean the country has a good chance of getting through the worst global inflation shock in a generation "without particularly high inflation or high interest rates," deputy governor Fundi Tshazibana said. Policymakers began a pre-emptive hiking…
By Lehlohonolo Lehana. The Competition Commission has started raiding the offices of eight major insurance firms on Thursday afternoon over alleged collusion and price fixing. In a statement released on Thursday it said it is conducting search and seizure operations at BrightRock Life; Discovery; FMI, a division of Bidvest Life;…
By Lehlohonolo Lehana. Annual consumer price inflation (CPI) reached 7.8% in July 2022, Statistics South Africa (Stats SA) said on Wednesday. This was a 1.5% increase from the 7.4% recorded in June 2022. It remains at a level last seen during the global financial crisis and is now the fastest…
By Lehlohonolo Lehana. The Medium-Term Budget Policy Statement, due to be delivered in October, should – enable the government to work effectively and deliver appropriate fiscal policy, the chief executive officer of Business Leadership South Africa (BLSA) says. Mavuso said that business believes the more stressed an economy is, the…
By Paul Burkhardt. Image Supplied. Sasol Ltd, South Africa's biggest fuel producer, paid its first dividend in three years as strong demand and a rise in oil and chemical prices helped the company more than quadruple full-year earnings and pay down debt. "Fuel differentials, refining margins and export coal prices…
By Lehlohonolo Lehana. South Africa is at great risk of being subject to increased monitoring (greylisted) by the Financial Action Task Force (FATF) due to weaknesses in the country's ability to enforce anti-money laundering and terrorism-funding regulations. Wim de Bruyn, Capitec's chief information officer, says that the bank is actively…
By Yongchang Chin. Oil fell at the start of the week with investors weighing the prospect for more Iranian supply as the outlook for economic growth weakens. Brent futures lost around 1% to trade below $96 a barrel after rising over the previous three sessions. President Joe Biden spoke Sunday…
By Lehlohonolo Lehana. Finance Minister Enoch Godongwana says the public and private sectors need to significantly increase capital investment to bolster SA's economic growth and reduce unemployment and poverty. Delivering a keynote address at the Consulting Engineers South Africa Infrastructure Indaba, at the Indaba Hotel Spa And Conference Centre, in…
By Paul Burkhardt. South Africa expects TotalEnergies SE to submit a production plan within weeks to utilize a prolific offshore gas discovery that will form a key part of increasing investment in the sector. Petroleum Agency South Africa is "very confident" that the French major will finish talks with state-owned…
By Lehlohonolo Lehana. Standard Bank Group, has delivered record earnings in the first half of 2022. The bank published its half-year financial statements on Friday, reporting a 33% jump in its headline earnings to R15.3 billion in the six months to 30 June. The group said it made good progress…
By Lehlohonolo Lehana. FlySafair has added new features to its WhatsApp business account, allowing passengers to search for their booking and check-in for their flight directly within the messaging app. "The new WhatsApp features are just some of the many ways we are constantly looking to create a frictionless travel…
By Lehlohonolo Lehana. Telkom has become the latest telecommunications operator to muscle into the banks' traditional area of expertise, this time offering loans to small businesses. Telkom Lend offers an end-to-end digital process with zero paperwork, promising an answer to applicants in a fraction of the time it takes banks…
Business Reporter. The South African Reserve Bank (SARB) warns that above-inflation wage negotiations could lead to price-spiral and a tighter monetary policy in the country. Speaking on Wednesday (17 August) at a standing committee on finance, the SARB’s deputy governor Kuben Naidoo said that the bank is starting to see…
By Lehlohonolo Lehana. SA Reserve Bank governor Lesetja Kganyago says South Africa can avoid possible greylisting if it were to implement recommendations contained in the Financial Action Task Force (FATF) mutual evaluation report. The FATF commenced its assessment in 2019 and published its final report on 7 October last year.…
By Lehlohonolo Lehana. Food and beverage manufacturer Tiger Brands is moving to procure 2 MW of solar across four manufacturing sites as part of a broader initiative to introduce renewable energy across 35 sites. The Johannesburg-based company is looking to source 65% of power at plants in the country from…
By Lehlohonolo Lehana. Photo Credit: Thulani Mbele. Labour federation will hold a national strike on 24 August against the rising cost of living, fuel costs, and load shedding, adding to labour formations planning demonstrations on that day. The planned work stoppage will also represent "a response by the workers to…
By Lehlohonolo Lehana. Absa financial services group on Monday published interim financial results for the period ended June 2022 showing its profit rose 29.8%, around the mid range of its estimate. South Africa's economic performance post-Covid-19 has been volatile, but generally stronger than expected, Absa said. The group's RoE improved…
By Colleen Goko. Barloworld, the South African car dealer and supplier of equipment to the mining industry, is marketing the nation's first sale of debt linked to gender-diversity targets. The Johannesburg-based company is planning to raise as much as R1 billion ($61 million) in three-year and five-year bonds, with the…
By Lehlohonolo Lehana. The South African Reserve Bank (SARB) has imposed R35 million in fines on Nedbank for failures that included not reporting cash transactions of large amounts and shortcomings in record-keeping. In a statement, the central bank said the administrative sanctions were imposed because of Nedbank's failure to comply…
By Loni Prinsloo. Government has received an unsolicited bid for its 40.5% stake in Telkom, following an announcement that MTN Group is planning to acquire part of the carrier. Investment firm Toto Consortium made an offer valued at $433 million (R7 billion) for the stake in the nation's third-largest mobile-phone…
Business Reporter. Oil headed for the biggest weekly gain in four months on interruptions to supply and speculation fuel switching will buoy demand. West Texas Intermediate edged below $94 a barrel in Asia, but is still up more than 5% this week. Six oil and gas fields in the Gulf…
By Loni Prinsloo. Telkom SA SOC Ltd has received no offer or proposal from South Africa’s Rain to merge, the partly state-owned telecom company said in response to a statement from its smaller rival. Internet provider Rain said earlier Thursday it had asked to pitch a tie-up to rival Telkom…
By Lehlohonolo Lehana. Data-only network provider Rain has been instructed to retract a statement that it wants to merge with Telkom. In a strongly worded statement late on Thursday, the Takeover Regulation Panel (TRP) excoriated Rain for its press announcement about its plans to talk to Telkom's board about a…
By Lehlohonolo Lehana. MTN Group said it balanced an accelerated investment into its networks with the delivery of solid interim financial results for the six-month period ended June 2022. "Notwithstanding the tough macro conditions, MTN remained focused on investing in our markets to increase broadband coverage and to reduce the…
By Peter Vercoe. Elon Musk offloaded $6.9 billion of stock in Tesla Inc, the billionaire's biggest sale on record, saying he wanted to avoid a last-minute selloff of the electric-car maker’s shares in the event he is forced to go ahead with his aborted deal to buy Twitter Inc. Tesla's…
By Lehlohonolo Lehana. Nedbank Group on Wednesday (10 August) declared an interim dividend of 783 cents per share for the half-year ended 30 June 2022 on Wednesday, up 81% on the comparative 2021 half-year and back above the 2019 pre-Covid interim dividend level. Nedbank reported a 26% increase in headline…
By Lehlohonolo Lehana. For generations, women have been held down in their households’ most essential role – that of money manager, even when they weren’t the breadwinners of the family. Today, that role is more cemented than ever, as nearly 38% of households are headed by women. In addition, women…
By Lehlohonolo Lehana. Eskom has submitted its proposed 2023 Tariff Restructuring Plan to energy regulator Nersa, showing how the group wants to make sweeping changes to its price structures. According to Eskom, its current tariff structure is heavily outdated and does not reflect the true cost of generating power. "Existing…
By Lehlohonolo Lehana. The Bureau for Economic Research (BER) says households could be in for some respite in the coming months as petrol and food prices are set to cool off. The economists at the BER noted a downward trend in global oil prices, which – if the trend persists…
Business Reporter. Investec's remuneration committee has proposed covering the personal security costs of its top executives in South Africa amid a rising crime rate. The committee has agreed to make available an additional benefit to the executive directors entitling them to enhanced personal security services. Investec saw overwhelming support for…
By Lehlohonolo Lehana. Capitec says it is still working on returning its banking services online after an outage that has lasted more than 24 hours. Captec's digital banking services have been offline with no explanation from the bank as to what is causing the problem. Its clients have only been…
By Lehlohonolo Lehana. Mobile operator MTN has sent out a Section 189 retrenchment notice to employees as it embarks on a new restructuring process in its business. According to the notice, the company is repositioning itself in the market and shifting strategies to be a digital service provider – not…
By Monique Vanek. US investors with more than $1 trillion of assets under management are in South Africa to look for investment opportunities. The visit is facilitated by USAID and Prosper Africa, the US government's initiative to increase trade and investment between African nations and America, started Tuesday and will…
By John Bowker. Photo Credit: Richard Grassie. Mediclinic International agreed to the latest in a series of offers from a consortium led by billionaire Johann Rupert, valuing the South African hospital operator at 3.7 billion pounds ($4.5 billion). Rupert's investment group Remgro, already Mediclinic’s biggest shareholder, is partnering with MSC…
By Janice Kew. Massmart Holdings fell the most in more than two months in Johannesburg after the Walmart-owned South African retailer said its first-half loss widened. Walmart expects to report a headline loss per share, which strips out certain one-time items, of as much as 450.3 South African cents for…
By Lehlohonolo Lehana. Telkom said in trading update for the quarter ended June 2022 that group revenue declined 3.2% to R10.28 billion despite continued growth in its mobile division and strong fibre numbers. Group revenue was impacted by accelerated migration from legacy, tough operating environment and intensely competitive landscape. "We…
By Alexander Winning. South African manufacturing activity contracted for the first time in a year in July, when the country experienced major power cuts that dented output, a survey showed on Monday. The seasonally-adjusted Absa Purchasing Managers' Index (PMI) fell to 47.6 points in July from 52.2 in June, falling…
By Lehlohonolo Lehana. Eskom has announced it held a meeting with the CEOs and business leaders of South Africa's top companies to find a solution to the country's energy crisis. The session, hosted by the Johannesburg Stock Exchange (JSE) and Business Leadership South Africa (BLSA). During the session Eskom CEO…
By Adelaide Changole. Nedbank Group wants to almost double its lending to green energy projects in South Africa over the next two years as it seeks to cement its position as a market leader in funding renewable power projects. The bank's lending toward the government’s Renewable Independent Power Producer Program…
By Lehlohonolo Lehana. Mobile operator MTN is expecting to report a jump of between 40% and 50% in headline earnings per share (HEPS) for the six months to end June 2022. The group said it expects an increase in earnings per share (EPS) of between 195% and 205% (or 289…
By Lehlohonolo Lehana. National Treasury has published draft reforms aimed at encouraging citizens to have easily accessible savings, while also ringfencing funds meant for retirement. The so-called two-pot system will allow individuals to contribute one-third of savings into an account that can be accessible at any time, while two-thirds must…
By Lehlohonolo Lehana. The National Treasury and the South African Revenue Service (SARS) have published a range of draft tax bills for public comment. These include the 2022 draft Rates and Monetary Amounts and Amendment of Revenue Laws Bill (2022 draft Rates Bill), the 2022 draft Revenue Laws Amendment Bill,…
By Lehlohonolo Lehana. The Department of Mineral Resources and Energy has published the official fuel adjustments for August 2022, with motorists finally getting some relief from hikes. Following months of massive fuel price hikes, both petrol and diesel drivers will see a sizeable cut to prices. The price cuts come…
By Adelaide Changole. South Africa's plan to take over part of Eskom’s R396 billion debt is in the "right direction," because the power utility is "too big to fail," Nedbank chief executive officer Mike Brown said. Treasury is finalising a plan to take over a portion of the utility’s debt…
By Lehlohonolo Lehana. JSE-listed Vukile Property Fund has expanded its significant investment in South African township, rural and commuter shopping centres with its agreement to acquire the landmark Pan Africa Shopping Centre, in Alexandra, Gauteng, which is due for a second phase extension. The 16,000sqm Pan Africa Shopping Centre is…
By Paul Burkhardt. Treasury is finalising a plan to take over a portion of Eskom’s R396 billion ($24 billion) debt as part of a process to place the struggling electricity company on a sustainable footing, a top official said. The "broad brush strokes" of the debt transfer will be announced…
By Lehlohonolo Lehana. The South African Revenue Service (SARS) has reiterated its commitment to resolving the ongoing industrial action with organised labour and tabled a new 1.5% wage increase. Labour and the government have been locked in talks for weeks after unions rejected the government’s offer of a 2% pay…
By Lehlohonolo Lehana. Businesses are not meeting their B-BBEE scorecard targets, collectively achieving only an average of 87.16% of their contribution targets, according to the 2022 Sanlam Gauge Report. "This year’s report drills down into the hard facts of economic transformation, what’s working, what is not working and what needs…
By Adelaide Changole. South Africa's banking regulator said there is a high risk of money laundering and terrorist financing activity in the industry, citing the extensive use of cash and exposure to overseas lenders. The Prudential Authority of the South African Reserve Bank in a report published in May 2020…
By Lehlohonolo Lehana. The International Monetary Fund’s (IMF) latest global economic outlook review sounds the alarm bell for a slowdown in global economic growth – but prospects are more positive for South Africa. The global economy, still reeling from the pandemic and Russia's invasion of Ukraine, is facing an increasingly…
By Lehlohonolo Lehana. South Africa Reserve Bank (SARB) Governor, Lesetja Kganyago says insurers need proactive management of risks if they are to provide the safety net required by the country’s economy and society at large. In this regard, strengthening risk management within institutions, as well as our collective thinking on…
By Lehlohonolo Lehana. Telkom paid its former group CEO, Sipho Maseko, R20-million in retention bonuses in the past two years plus a R32-million restraint to prevent him being poached by competitors. This comes on top of a R10-million retention fee paid to Maseko in the previous financial year. Maseko resigned…
By Lehlohonolo Lehana. The Bureau for Economic Research (BER) says South Africa is making positive moves to overcome the decade-long power crisis – even if it’s happening really slowly. Following five weeks of persistent load shedding, power utility Eskom managed to return enough capacity to the national grid to suspend…
By Lehlohonolo Lehana. Government has started with it's plans to de-regulate the fuel sector and lower fuel prices. On Friday, energy minister Gwede Mantashe published a brief notice on page 106 of the weekly Government Gazette, asking for comment on his "intention to introduce a price cap" for 93 octane.…
Business Reporter. The South African Reserve Bank’s Monetary Policy Committee (MPC) surprised financial markets by delivering its biggest increase in borrowing costs in almost two decades and signalled a faster pace of hikes through next year. A combination of runaway inflation, tightening policy cycle by major global central banks, and…
By Lehlohonolo Lehana. The South African Reserve Bank’s Monetary Policy Committee (MPC) has voted to hike interest rates by 75 basis points, taking the repo rate to 5.50% per annum. Three members voted for the announced rate, one member favoured a 50 basis point hike, and one member favoured a…
By Lehlohonolo Lehana. Power utility Eskom says it hopes to suspend load shedding from Monday, 25 July, which would bring to an end over a month of continuous rolling blackouts. The group published its latest load shedding schedule on Thursday (21 July), laying out the planned stages for the weekend.…
By Lucas Shaw. After losing more than a million customers in the first half of 2022, Netflix Inc has a message for investors: It could have been worse. The leader in paid streaming TV lost 970,000 subscribers in the second quarter, according to a statement Tuesday. That was less than…
Business Reporter. Moody’s Investors Service says underinvestment in water and electricity infrastructure makes South African towns and cities vulnerable to events such as floods and disruptions in these services can be a credit risk for some municipalities. Capital expenditure in most of the country’s municipalities that Moody’s rate is below…
Business Reporter. The Russia-Ukraine conflict, as well as soaring food and energy prices, dominated last week's 3rd G20 Finance Ministers and Central Bank Governors Meeting in Bali, Indonesia. Finance Minister Enoch Godongwana, along with the South African Reserve Bank, participated in the Meeting held on Friday and Saturday. The National…
Business Reporter. The UK government has published a new case study on the various green business opportunities it is considering in South Africa and the rest of the African continent. "Africa is one of the most vulnerable regions to the impacts of climate change despite having relatively low contributions to…
By Lehlohonolo Lehana. MTN has advised its shareholders that it has entered into discussions to acquire the entire issued share capital of Telkom in return for shares or a combination of cash and shares. In a statement on Friday (15 July), MTN said discussions are at an early stage and…
By Lehlohonolo Lehana. Mteto Nyati a former CEO of MTN South Africa and until recently group CEO of Altron, has joined the board of Telkom as an independent non-executive director with immediate effect. Nyati, responsible for transforming the business into a leading information and communications technology company. He was previously…
By Lehlohonolo Lehana. Standard Bank group chief executive Sim Tshabalala has warned that South Africa’s greylisting by the Paris-based Financial Action Task Force would be worse than a credit rating downgrade and risks the country being kicked out of the global financial system. South Africa has previously been found wanting…
By Lehlohonolo Lehana. Eskom has announced that load shedding will be kept to stage 1 and stage 2 over the coming weekend, but will still be at stage 3 on Friday. Load shedding will also continue into next week, it said, though it anticipates lower stages of load shedding will…
By Lehlohonolo Lehana. Old Mutual to appeal against a high court order that one of its units — Old Mutual Unit Trust Managers (OMUT) — must pay more than R1.7bn in damages plus costs for losses suffered by the Living Hands Umbrella Trust in relation to the Fidentia scandal. Gauteng…
By Carin Smith. South Africa's International Air Services Council has cancelled all licences and related route rights currently allocated to regional state-owned airline SA Express (SAX) with immediate effect. The regional state-owned airline's liquidators are informed of this step in a letter dated 8 July 2022 and seen by Fin24.…
Business Reporter. The Competition Commission’s inquiry into e-commerce in South Africa wants Google to change how it displays its search results, and it is also proposing stricter rules for online sellers. The inquiry investigated online retail, app stores, travel and accommodation platforms, food delivery, and online classifieds over the past…
Business Reporter. Competition Commission has recommended that the Competition Tribunal approve Mr Price’s deal to acquire Studio 88 without conditions. In April, retailer Mr Price announced that it has entered into a transaction agreement to acquire 70% of Blue Falcon, which owns the Studio 88 group of businesses, from RMB…
By Lehlohonolo Lehana. Standard Bank has withdrawn its Covid-19 vaccination policy with immediate effect, with approximately 95% of its employees already vaccinated. In an emailed statement, the bank said it took a range of factors into account in reviewing its policy, including recent regulatory developments, the current state of the…
By Lehlohonolo Lehana. Power utility Eskom has announced that Riedewaan Barkadien will be stepping down from his role as chief nuclear officer after more than 27 years of service at the power utility. Barkadien has tendered his resignation and will be departing from Eskom on 31 July 2022 to join…
Business Reporter. The rand started the week under pressure, edging closer to the R17 to the dollar mark after closing last week at its weakest point in 21 months. The rand’s weakness isn’t necessarily being driven by local factors, analysts say, with most of the downturn reflecting stronger global currencies,…
By Colleen Goko. It may be too soon to talk about a South African rating upgrade. While Fitch affirmed its stable outlook and rating assessment on Thursday, and S&P Global Ratings unexpectedly revised its outlook on the country's debt to positive, from stable, in May, South Africa’s position remains challenging.…
By Lehlohonolo Lehana. The 2022 tax filing season is here and the South African Revenue Service (SARS) has introduced a new auto-assessment protocol. In 2021, the revenue authority issued auto-assessments for taxpayers, which involved SARS pre-populating taxpayers’ tax returns. The relevant taxpayer would be notified by SARS to review these…
Business Reporter. Elon Musk, the chief executive officer of Tesla and the world's richest person, said on Friday he was terminating his $44 billion deal to buy Twitter because the social media company had breached multiple provisions of the merger agreement. Twitter's chairman, Bret Taylor, said on the micro-blogging platform…
By Colleen Goko. The rand’s 9% plunge in the past month may be just the beginning for the South African currency, whose resilience is being tested by fears of a US recession even as local fundamentals remain supportive. History shows the rand tends to weaken sharply when the world’s economic…
By Adriaan Kruger. It took a bit of sweet talk, but the fair maiden is eventually starting to smile at the attractive suitor. It seems likely that the Remgro consortium will make a formal offer to purchase 100% of Mediclinic's shares. After the Mediclinic board of directors announced that it…
By Lehlohonolo Lehana. The introduction of the Health Promotion Levy (HPL) has been largely successful in generating additional revenue for government, with Treasury now planning to extend and expand the tax from 2023. In 2018, Treasury introduced the Health Promotion Levy (HPL) on sugary drinks with more than four grams…
By Lehlohonolo Lehana. Risk assessor Fitch Ratings has maintained its stable outlook for South Africa, and affirmed the country’s foreign and local currency debt ratings at a sub-investment grade BB- rating. Fitch said the key factors for the rating were high and rising government debt, low growth and high inequality.…
By Lehlohonolo Lehana. The National Treasury has published final amendments to regulation 28 of the Pension Funds Act, laying out the new limits and conditions for pension funds to invest certain assets. Regulation 28 protects retirement fund member savings by limiting the extent to which funds can invest in a…
Business Reporter. Oil steadied near $100 a barrel as banks including Goldman Sachs Group Inc said a plunge driven by fears a recession will hurt demand was overdone, and the outlook for energy consumption in China improved. West Texas Intermediate was little changed after collapsing by 8% to the lowest…
By Prinesha Naidoo. The head of National Treasury said he is "pretty confident" the country will have addressed regulatory weaknesses in its money-laundering controls by year-end, a move that should help avert its inclusion on a global watchdog’s list of nations that are subjected to greater oversight due to their…
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