CAPE TOWN – Good morning. This is all the latest business news that you need to know today.
A steep rise in Zimbabwe’s inflation has worsened the country’s economic plight, with Zimstats data showing yesterday that inflation now stands at 42 percent, but economists say the figures are hugely understated.
The South African currency looked stable throughout the day, hovering just above the R13.70 level.
As Woolworths tries to recover from the impairments of A$712.5 million (R7.02 billion) it suffered last year in its Australian subsidiary David Jones, the retailer continued to experience declining sales in the 26 weeks to end December trading period in South Africa.
Mr Price’s share price slid by more than 16 percent on the JSE after the group reported disappointing third-quarter results to end December 29, with the group blaming prevailing economic and retail environments in several markets in which the group operates.
The governor of the South African Reserve Bank (Sarb), Lesetja Kganyago, yesterday backed the Constitution to be the voice of reason in the debate for the central bank to have a dual mandate to focus on price stability, job creation and economic growth.
The clean-up at Transnet continues, with the state-owned enterprise serving legal papers on its current and former staff and consulting companies to recoup billions of rand paid out in irregular expenditure.
The Deputy Minister of Trade and Industry, Bulelani Magwanishe and the KwaZulu-Natal MEC for Economic Development, Tourism and Environmental Affairs, Sihle Zikalala will launch a multimillion-rand Black Industrialist textile firm, Africa Bespoke Apparel (ABA).
BUSINESS REPORT ONLINE