CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
1. Slowdown in new car sales
New car sales declined last month by 2.6 percent to 32 786 units from 33 678 unit sales in September last year, despite strong sales to the vehicle rental industry.
2. Can Sanral continue as a going concern?
Auditor-General Kimi Makwetu has warned that a material uncertainty exists that may cast significant doubt on the ability of the SA National Road Agency (Sanral) to continue as a going concern.
3. Rand dips as dollar dominates, stocks inch up
South Africa’s rand weakened on Monday as a recent rally gave way to a resurgent dollar boosted by climbing US treasury yields and a dip in risk demand, as trade war concerns resurfaced.
4. Court victory for pension fund a blow for members
The high court in Pretoria has ruled in favour of a retirement fund and its administrator, overturning a determination by the Pension Funds Adjudicator, after a member complained to the adjudicator that he had received less than his expected pension payout because the fund had changed the rules on how the payouts were calculated.
5. Employment opportunities dashed as business activity drops
Business activity in South Africa stagnated in September, with the Purchasing Managers Index (PMI) hitting a 14-month low in September at 43.2 index points from 43.4 points in August.
6. Instagram names Adam Mosseri as new head
Instagram on Monday announced that long-term insider Adam Mosseri will take over as the new head of the photo-sharing app, a week after its co-founders resigned.
7. Millers suspend supply of flour to Zimbabwean biscuit firms
Zimbabwe faces possible shortages of biscuits and other confectionary products and the foreign currency sting continues to bite the economy.