CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
1. Trade union UASA slams National Treasury, SARS over irregular spending
One of South Africa's oldest trade unions UASA says it is disappointed that the National Treasury and the national revenue service SARS have contributed to irregular expenditure in government departments, accounting for R466 million and R454 million respectively.
2. Parliament to visit Limpopo municipalities that invested in failed VBS bank
South Africa's parliament committee on cooperative governance and traditional affairs will over the next two days visit municipalities in Limpopo province to ascertain the state of service delivery, focusing on those that invested in the failed VBS bank.
3. Eskom on a tight leash as Treasury stiffens conditions for latest bailout
The National Treasury on Tuesday put Eskom on a tight leash, imposing stiff conditions for the struggling power utility to meet before accessing its latest bailout.
4. Moody's downgrade could hamper prospects of positive investment sentiment towards
South Africa desperately has to avoid a credit rating downgrade by Moody’s in November, as this would harm the country, the World Bank has warned.
5. Two mammoth power plants are sinking Eskom and South Africa
South Africa’s economy was roaring along in 2007 on the back of the global commodities boom when power shortages struck, bringing mines and smelters to a halt.
6. Business Confidence Index at highest level since June
The Business Confidence Index (BCI) compiled by the South African Chamber of Commerce and Industry (Sacci) ticked up slightly to 92.4 points in September, its highest level since June after dipping to 89.1 points in August, a performance attributed in large measure to the perceived consensus around the National Treasury’s economic recovery plan.
7. WATCH: Rand trades stronger overnight
The South African currency was initially caught in a narrow range as negative momentum from the previous trading session tapered while simmering US-Sino trade tensions kept traders wary, but positive local confidence data for September provided some reprieve for the rand according to NKC Research.