CAPE TOWN – Good morning. This is all the latest business news that you need to know today.
1. House prices decline by 20.8% since boom period
House prices, after adjustment for the impact of inflation, have declined cumulatively by 20.8 percent since the August 2017 peak of the pre-2008 boom period, according to FNB.
2. Eskom casts shadow over growth outlook
A plunge in sentiment in the agricultural sector and the load shedding currently implemented by Eskom have cast a shadow on third-quarter economic growth data, which showed the economy exited recession in the quarter, registering its biggest growth since the last quarter of 2017.
3.WATCH: Rand trades firmer during early trade
The South African currency traded on a firmer footing in early trade thanks to better-than-expected Q3 South African GDP data and broad US dollar weakness.
4. Vehicle manufacturers may switch focus to exports due to weak local market
South African vehicle manufacturers are likely to switch their focus to the export market as a weak domestic economy curbs demand well into the new year, according to Standard Bank.
5. Thomson Reuters to cut 3 200 jobs
Thomson Reuters said on Tuesday that it would cut its workforce by 12 percent in the next two years, axing 3 200 jobs, as part of a plan to streamline the business and reduce costs.
6. SA ratifies agreement establishing the African Continental Free Trade Area
South African Parliament on Tuesday ratified the agreement establishing the African Continental Free Trade Area (AfCFTA).
7. Eskom implements Stage 2 #LoadShedding
State power utility Eskom said on Wednesday it would implement rotational power cuts from 9 am to 10 pm as a result of a shortage of capacity due to a number of generating units still being out of service due to breakdowns.