CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
1. SA should brace for another interest hike - Economist
Economists expect the Reserve Bank to hike interest rates next month as South African assets and the rand continue to take a beating as risk adverse investors take flight on the double whammy of domestic populist rhetoric and emerging market fears.
2. Basil Read gets R265m in business rescue
Basil Read has secured R265 million in post-business rescue commencement funding, which is crucial to the successful execution of its business rescue plan.
3. Food price inflation: Get ready to pay R3000 for the 29 cheapest items
Food prices are rocketing due to the drought and the falling rand, and by next year the average South African family of four can expect to pay about R3000 for 29 of the cheapest food items.
4. WorldVentures sued for millions by reps
Travel and earn company WorldVentures (South Africa) is on the brink of collapse as thousands of representatives have not been paid commission since October.
5. Company results expected for this week
Busy corporate week ahead, with results expected from Sasol, BHP Billiton, South32, Imperial, Bidcorp, Woolworths and Shoprite.
6. The judicial inquiry into state capture is set to kick off today
Former deputy finance minister Mcebisi Jonas, who blew the lid off state capture, and the outspoken former ANC member Vytjie Mentor are due to speak.
7. Facebook supports student creative talent at 2018 Loeries
Facebook is supporting creativity in young people with their student challenge at the 2018 Loeries that will see young people using their skills to bring attention to an important issue.