Local business confidence falls to 14-year low
Business confidence plunged to 88.9 points last month, falling 3.7 points to below 90 for the first time since April 2000 with businesses concerned about weak growth in Africa’s most advanced economy, a survey showed yesterday. The SA Chamber of Commerce and Industry (Sacci) said some of the country’s challenges such as low economic growth and a persistent balance of payments gap could be addressed by policy. “What is of greater concern are the challenges that are more complex in determining policy responses including concerns about property rights, unemployment, income disparities and rising levels of labour protest action,” Sacci said. – Reuters
Obama stays out of BNP Paribas row
US President Barack Obama dismissed yesterday any prospect that he might intervene in the case of BNP Paribas bank, which faces a possible fine for US sanctions busting, despite pressure from his French counterpart. Obama, who met President François Hollande in Paris yesterday, said decisions on any such prosecutions lay solely with the US Justice Department. Hollande has defended the bank, describing the possible penalty as “disproportionate”, while his government has invoked wider economic concerns and linked the row to trade talks. The US seeks penalties including a fine that may top $10 billion (R108bn) for the alleged breach of sanctions via money transfers. – Reuters