CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
1. Robust like-for-like rental growth gives Equites Property a lift
Equities Property Fund (Equites) has lifted distributable earnings 31.1 percent for the six months to August 31, and dividends increased by 9.3 percent to 74.43 cents over the comparative period.
2. Eskom challenges latest power tariff decision in court
South Africa’s struggling power utility Eskom said on Friday it was challenging in court the regulator’s latest tariff decision, a move it said was necessary to avert financial disaster.
3. US Treasury sanctions Gupta brothers and Salim Essa
The US Department of the Treasury’s Office of Foreign Assets Control (Ofac) has sanctioned the Gupta family over leveraged overpayments on the South African government contracts, bribery, and other corrupt acts to fund political contributions and influence government actions.
4. Gwede Mantashe urges Total to move speedily to bring Brulpadda oilfield into production
Minister of Mineral Resources and Energy Gwede Mantashe on Thursday urged Total, the French oil company to move speedily to bring the Brulpadda oilfield into production at the Africa Oil and Power conference in Cape Town.
5. SA energy plan nears switch-on
Mineral Resources and Energy Minister Gwede Mantashe announced yesterday that the government was about to conclude its new long-term plan for the electricity sector, the Integrated Resource Plan (IRP).
6. SA market for fragrances growing fast but dominated by imports
South Africa is a small player in global essential oil production but local producers should take advantage of growing demand with the sector expected to be worth $11.67 billion (R177.40bn) by 2022.
7. WATCH: Rand trades flat overnight
The South African rand rode the wave of cautious optimism as markets assessed US-Sino trade talk uncertainty to have lifted somewhat, although mixed signals from the economic powerhouses kept risk bulls at bay according to NKC Research.