CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
1. Donald Trump orders probe into South Africa's #LandExpropriation
US President Donald Trump has ordered his Secretary of State, Mike Pompeo to study the ANC's decision to seize privately owned farmland without compensation and look into what he calls the "large-scale" murder of farmers.
2. Non-payment is destroying the construction sector
The lack of construction work is threatening the survival of sub-contractors, many of them black-owned. Sub-contractors were also suffering financially, because of non-payment or payment delays by main contractors.
3. Nike closes it doors following #AdamCatzavelos remarks
Some Nike stores were closed in SA on Wednesday after public outcry over a racist comment by Adam Catzavelos.
4. Inflation hit its highest rate in almost a year
This is due to higher fuel prices. The number was slightly higher than economists expected.
5. Rand sinks after Trump land reform tweet
South Africa’s rand stretched overnight losses to 1.52 percent against the dollar on Thursday, slipping to 14.3600 after U.S. President Donald Trump raised concerns about Pretoria’s land reform plans.
6. Mantashe quashes vexing mining bill
Mineral Resources Minister Gwede Mantashe has drawn the praise of trade unions, economists and mining houses with the out-of the-blue declaration that the government will withdraw the controversial Mineral and Petroleum Resources Development Act (MPRDA).
7. Western hostility towards Zimbabwe is deterring investment
Western hostility towards Zimbabwe is deterring investment, the presidency spokesman said on Tuesday, comments in sharp contrast with President Emmerson Mnangagwa’s previous efforts to woo Western governments.