Good morning. This is all the latest business news that you need to know today.
1. Sharp drop in business confidence
South Africa’s troubled economy received a further blow yesterday when it was reported that business confidence had fallen sharply in the second quarter.
2. SA could be left in darkness as Eskom workers are set to strike.
Eskom says it can’t guarantee that South Africa’s power isn’t under threat, as workers threaten to throw the country into darkness as they strike for higher wages.
3. SA Reserve Bank releases report on country's biggest banks
The South African Reserve Bank (Sarb) has released their annual bank supervision report for 2017.
4. The rand bounces back.
South Africa’s rand recovered some ground on Wednesday, bouncing back against a weaker dollar despite retail sales data pointing to a sluggish economy at the start of the second quarter.
5. VAT hike has struck South Africans more than many economists have expected, according to Sales figures.
Sales figures for April show that sales slowed to 0.5% as VAT increased to 15% and motorists saw a massive hike in the petrol price.
Adjusted for seasonal trends, it was a contraction of 1.2%.
6. BRICS delegation to be hosted in Stellenbosch, Cape Town
A BRICS delegation will be hosted by the Minister of Agriculture, Forestry and Fisheries Senzeni Zokwana and the Western Cape MEC for Economic Opportunities Alan Winde at the Elsenberg Agricultural College in Stellenbosch next week.
7. What Cape Town's R481m traffic congestion project will bring
The City of Cape Town announced plans in April this year to combat traffic congestion in Cape Town by investing in a R481 million traffic-relief construction project.