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Business Report: Top stories this morning

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Zimbabwe cracks down on cargo carriers in transit

INTERNATIONAL - Zimbabwe will penalise cargo trucks and other vehicles passing through the country for diverting from stipulated routes, while also giving a transit period of only three days, including weekends and public holidays to the trucks and other vehicles, the Zimbabwe Revenue Authority (Zimra) said yesterday.

The new stringent measures for transit trucks, containers and other vehicles come against the backdrop of suspicions that unscrupulous traders are falsely declaring goods as in transit when they are discreetly destined for Zimbabwe, fuelling smuggling of finished products.

Read more: Here

Fedusa considers ditching PIC

JOHANNESBURG - A week after the Public Investment Corporation’s (PIC) chief executive Dr Dan Matjila survived attempts to have him removed from his position, the country’s second-biggest labour federation, Fedusa, yesterday said that it was seriously considering ditching Africa’s largest fund manager as an investment vehicle for its 230000-strong state employees members.

The PIC oversees nearly R2trillion in assets on behalf of government employees. Dennis George, the general secrerary of Fedusa, yesterday said that while the federation believed that the PIC was currently well run, it believed moves were afoot to capture the organisation.

Read more: Here

India to make HIV/Aids drugs for Africa

JOHANNESURG - Makers of generic HIV/Aids drugs will start churning out millions of pills for Africa containing a state-of-the-art medicine widely used in rich countries.

This after securing a multimillion-dollar guarantee that caps prices at just $75 (R1000) a patient a year. Global health experts hope the deal will help address two looming problems in the HIV epidemic - the rising threat of resistance developing to standard HIV/Aids drugs, and the need for more investment in manufacturing capacity.

Read more: Here

Rand reverses losses on rates decision

JOHANNESBURG - The Rand reversed mild losses against the dollar yesterday after the central bank kept its benchmark repo rate at 6.75percent, defying expectations of a 25-basis point cut.

In fixed income, the yield on the benchmark government bond due in 2026 ended the session higher after the central bank took a slightly more hawkish tone on inflation than it has in the recent past.

Read more: Here

High Court ruling leaves Guptas without a bank

JOHANNESBURG - Gupta-owned Oakbay and its subsidiaries hopes of extending their banking facilities with the Bank of Baroda (BoB) to the end of the year were dashed yesterday after the North Gauteng High Court dismissed the companies interdict application to stop BoB from closing their accounts at the end of this month until the merits of its main application was heard in December.

The court’s decision leaves the future of the embattled company up in the air and raised speculation that the group will launch another spate of assets disposals after they had already disposed of their media businesses and the notorious Tegeta last month.

Read more: Here

Eskom should take legal action against McKinsey & Trillian

CAPE TOWN - New reports are coming in that Public Enterprises Minister, Lynne Brown has ordered Eskom to begin legal action against companies over their involvement in disputed contracts at the country’s state-owned electricity company.

This follows global consultancy firm, McKinsey and Trillian's alleged underhanded dealings with the Gupta's, according to Fin24. 

- Business Report Online
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Business Report: Top stories this morning