CAPE TOWN – Good morning. This is all the latest business news that you need to know today.
1. Complaints against Sars are on the rise
South Africa’s commercial hub of Gauteng filed the most complaints against tax collection agency the SA Revenue Service (Sars) during the 2017/2018 period.
2. Nenegate rattles SA financial markets
The continuing uncertainty over Finance Minister Nhlanhla Nene yesterday rocked the country’s markets, with government bonds and the rand taking the biggest hit over his future.
3. Strike halts production at Toyota plant
Production at the Durban manufacturing plant of Toyota South Africa Motors (TSAM) has been halted by a strike by about 4 000 members of the National Union of Metalworkers of South Africa (Numsa), largely over transformation issues.
4. Johnny Dladla resigns as Eskom Rotek Industries CEO
Eskom's subsidiary Eskom Rotek Industries, Johnny Dladla, has tendered his resignation and will leave Eskom at the end of the month, spokesperson Khulu Phasiwe announced on Monday.
5. SA cheapest of 7 worst-hit emerging stock markets
The $4.5 trillion slumps in emerging market equities has dealt the worst blow to South Africa, dragging the valuation of its benchmark index to the lowest level since the Taper Tantrum.
6. IMF lowers SA's economic growth forecasts
The International Monetary Fund on Tuesday cut South Africa’s economic growth forecasts for this year and next, as it urged implementation of reforms to improve policy certainty and the efficiency of state-owned companies.
7. Avon launches first beauty pop-up stores
Avon South Africa has launched its first exclusive beauty pop-up store last week in Sandton City Shopping Centre.