Good morning. This is all the latest business news that you need to know today.
1. Rand falls as Eskom begins power outages
South Africa’s rand was weaker on Thursday after disappointing mining data and as struggling state power firm Eskom started controlled electricity outages because of a wage dispute with labour unions.
2. Gordhan labels Moyane 'a serial lawbreaker' in damning affidavit
Suspended SA Revenue Service (Sars) Commissioner Tom Moyane is a serial lawbreaker, his conduct unlawful and his continued presence at the helm of the taxman threatens tax morality and could damage the key institution’s credibility.
3. New PIC board to include unions
The government is set to make drastic changes to the running of the Public Investment Corporation (PIC) with an amendment that guarantees unions at least two places on the fund manager’s board.
4. Investor Benko is set to buy Steinhoff's Austrian unit
Austrian property and retail investor Rene Benko has reached a deal to buy Steinhoff’s Kika/Leiner furniture and household goods retail unit, saving it from bankruptcy
5. BRICS to set up own credit rating agency
The Brics nations are looking to set up a new credit-rating company in an effort to break the dominance of the big three developed-nation firms.
6. Could this be the first SA bank owned by women?
The latest entrant, the Young Women in Business Network Cooperative Financial Institution, is now seeking to become the country’s first bank to be owned by women by converting from being a cooperative institution, which can only offer services to its members, Managing Director Nthabeleng Likotsi, 33, said by phone.
7. South Africa could face recession sooner than later according to Economist Mike Schussler
Looking at the latest transactional data as at May 2018, it shows a 2% decline. If this translates to a GDP decline for the second quarter of the year, that would put the country in recession. There was a heightened possibility of this happening, he said.