CAPE TOWN – Good morning. This is all the latest business news that you need to know today.
1. SA could see rating upgrade on reforms - Moody's
South Africa could see its credit rating upgraded if it successfully implements structural reforms that would raise economic growth and stabilise the nation’s debt burden, Moody’s Investors Service said.
2. PIC Chief Dan Matjila is cleared of corruption charges
The allegation that Public Investment Corporation (PIC) boss Dan Matjila funded a “girlfriend”, which forms part of a concerted campaign to oust him, is set to be cleared by a report from a probe into the matter.
3. SARS: Tom Moyane's fate in Ramaphosa's hands
The interim report of the commission of inquiry into tax administration and governance by the South African Revenue Service (Sars) recommends that President Cyril Ramaphosa ensures that suspended commissioner Tom Moyane is removed from the post without delay and a replacement appointed.
4.Sanral to engage contractors on construction mafia delay penalties
The SA National Roads Agency (Sanral) has agreed to engage with contractors about delay penalties imposed on them after projects were halted because of problems with the “construction mafia”.
5. Sars needs R1 billion to avoid collapse of e-filing system
The South African Revenue Service's (Sars) IT infrastructure faces total collapse if it fails to finish its upgrading programme.
6. Pick n Pay bucks the trend and gains
Pick n Pay rode the wave of the massive fuel hikes and the one percentage VAT increase in April that constrained consumer spending to record its best ever results during the six months to end August.
7. Huawei launches new flagship phones in bid to keep No. 2 spot
Huawei unveiled new flagship smartphones with a novel smart camera and video features on Tuesday, as it seeks to sustain momentum among price-conscious consumers.