7 things you need to know
CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
The South African National Roads Agency Limited (Sanral) has received a shot in the arm after the BRICS National Development Bank (NDB) approved a R7 billion loan to the cash-strapped agency, payable in 15 years.
South African coal exports are approaching long-term decline, according to an Institute for Energy Economics and Financial Analysis (IEEFA) report released on Monday.
“Given the protracted political and economic uncertainty in South Africa, many high net worth investors are looking to move 50% or more of their investable assets offshore,” says Kerry Fynn, chief executive of AlphaWealth which offers investment and wealth planning services for high net worth individuals and family offices.
Hopes for fuel-price relief next month and a cut in interest rates fizzled on Monday after drone attacks on Saudi Arabia’s second-biggest oil refinery knocked out 5 percent of the world’s oil supply.
A total of 657 existing jobs will be on the line at Clover Industries in the next two years if the R4.8 billion merger between the JSE-listed dairy company and Israel-based Milco is approved by the Competition Tribunal.
Steinhoff International subsidiary Pepkor has lost yet another round against its former Tekkie Town executives for the control of the sneaker maker after the Western Cape High Court refused its application for leave to appeal against a court order granted in April.
The South African currency succumbed to souring global risk sentiment in the aftermath of an attack on Saudi Arabian oil refining facilities, while risk of escalating geopolitical tensions and retaliatory actions outweighed dovish expectations surrounding the US FOMC decision (and cautious Sarb) later this week according to NKC Research.
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