The survey rode the “Ramaphoria" wave in February and registered 51.4points, signalling an improvement in business conditions for the first time in seven months. However, the country’s economy recorded a technical recession in the second quarter. Picture: African News Agency (ANA) Archives

CAPE TOWN – Good morning. This is all the latest business news that you need to know today.

1. Steepest decline in SA economic activity in 51 months

Economic activity in the private sector experienced its steepest decline rate in 51 months in October, weighed down by falling sales and higher prices.

2. FNB hikes up Connect prices

First National Bank (FNB) has announced price increases for its Connect cellular products, introducing price changes on its website. 

3. Amsa sells its stake in Macsteel for R3bn

ArcelorMittal South Africa (Amsa) soared more than 10 percent on the JSE yesterday on news that the group’s R3 billion sale of the 50percent stake in shipping and trading business Macsteel International Holdings had been finalised.

4. Tau Morwe is the new acting group chief executive of Transnet

Transnet said on Monday that it was pleased to announce the appointment of Tau Morwe as Acting Group Chief Executive of Transnet. 

5. WATCH: Rand trades marginally stronger overnight

The South African currency edged stronger versus the greenback during European trade yesterday according to NKC Research. 

6. Alibaba and Rwanda partner to promote tourism

The President of Rwanda Paul Kagame and Jack Ma, the Alibaba Group Executive Chairman have agreed to bilateral initiatives to boost the African country's economy according to Tourism Update.

7. November's petrol price relief is no more

The projected petrol price decrease for November is no more, while the diesel price hike will be greater than had been expected.

BUSINESS REPORT ONLINE