7 things you need to know
CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
South Africa’s economic freedom has dropped 54 places in only 19 years to a ranking of 101 out of 162 countries, according to the Economic Freedom of the World (EFW) 2019 Report released on Friday.
About US$799 million (R11.62 billion) has been traded on Zimbabwe’s official interbank foreign currency market, with the central bank hiking interest rates to 70 percent and introducing foreign currency savings bonds, the governor of the Reserve Bank of Zimbabwe said on Friday, highlighting that inflation would be tamed in the medium- to long-term outlook.
3. Old Mutual to see through bruising court battle against Moyo, says Manuel
There is no end in sight for the public spat between Old Mutual and its axed chief executive Peter Moyo, after board chairperson Trevor Manuel told journalists the company would see the bruising court battle through on support from the company’s majority shareholders.
Old Mutual's Zimbabwe unit is to restructure its business as its focus on private equity bears fruits in terms of enhancing investor returns after interim pre-tax profits surged 671 percent to ZWL509 million (R20.5m) following a revenue increase of 741 percent to ZWL2.4 billion.
The National Union of Metalworkers of South Africa (Numsa) has reached a new three-year inflation-beating wage deal with the vehicle manufacturing sector body, the Automotive Manufacturers Employers’ Association (Ameo), setting the tone for further talks in the industry.
The Supreme Court of Appeal (SCA) delivered a judgment on September 6 that handed the SA Revenue Service (Sars) one of their most influential wins in recent times.
The South African currency garnered support from easing US-Sino trade tensions and monetary stimulus – stoking optimism of loosening global liquidity conditions – although a cautious growth outlook by the finance ministry curbed gains according to NKC Research.
BUSINESS REPORT ONLINE