CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
1. Murray & Roberts lands four contracts in Australasia worth R4bn
Listed engineering and construction group Murray & Roberts (M&R) has been awarded four contracts in Australasia valued at R4 billion.
2. Reserve Bank slashes growth outlook by 0.5%
The South African Reserve Bank (Sarb) said yesterday that it had slashed South Africa’s gross domestic product (GDP) growth outlook for this year by 0.5 percent from 1.7 percent to 1.2 percent. Reserve Bank Governor Lesetja Kganyago said yesterday that the domestic economic growth outlook for this year was weaker than previously anticipated in May.
3. President of China to visit South Africa ahead of BRICS summit
The President Xi Jinping of the People's Republic of China will be arriving in South Africa next ahead of the 10th annual BRICS Summit.
4. Woolies profits to plummet by 20%
South Africa’s largest clothing and food retailer Woolworths yesterday reported it expects its first full-year loss in 16 years as local sales fell and its Australian adventure came back to haunt the group.
5. SA tax agency files legal claim against Christo Wiese
The South African Revenue Services (Sars) has filed a legal claim against billionaire Christo Wises and former executives at ENS Africa for over R217 million in unpaid taxes according to documents from the Western Cape High Court.
6. BRICS Bank to lend South Africa around $600 million
The New Development plans on loaning South Africa as much as $600 million in an attempt to even the playing field among the five member states.
7. Joburg is no longer South Africa's fastest growing metro economy
The Global Metro Monitor 2018 report from Brookings Metropolitan Policy Program shows that Pretoria is South Africa's fastest growing metro economy.