Compiled by Dhivana Rajgopaul
CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
1. South Africa nears the point of no return
When DCD opened its doors in the Eastern Cape in 2013, it was the first factory set up to take advantage of the country’s abundant wind-power resources. Government policy was fuelling a clean-energy bonanza, and DCD brought valuable jobs to an impoverished province.
The South African currency shrugged off a slow start to the European session to claw back losses, amid ongoing Sino-US tensions, although caution will reign for the remainder of the shortened trading week ahead of a packed economic calendar according to NKC Research.
3. Judge sets aside some findings in VBS judgment
Danny Msiza, former ANC Limpopo provincial treasurer who allegedly used his influence to coerce municipal officials to invest in VBS Mutual Bank, has won a court case to have some findings about him in the investigation on the now defunct bank set aside on procedural grounds.
4. Rental tenants believe they can only pay rent after a 10% reduction
About 88 percent of rental tenants believe they will only be able to afford monthly rentals that’s reduced by 10 percent for the next 12 months, while more than a third say they intend to move for a better deal, due to the impact of the Covid-19 lockdown.
5. SA house prices rebound in July as demand rises post-lockdown
The growth in South African house prices rebounded to 1.4 percent year-on-year in July from 0.7 percent the previous month, reflecting the unexpectedly rapid recovery in market activity since the easing of lockdown restrictions relating to Covid-19, First National Bank said on Tuesday.
6. South Africa's manufacturing output falls 16.3% year on year in June
Output in the manufacturing industry remained in the contractionary territory in June despite showing signs of recovery from its unprecedented plunge in April on further easing in lockdown restrictions.
7. Exxaro warns of hit to H1 profit but flags increased coal exports
Exxaro Resources Ltd said on Tuesday first-half net income was likely to fall by as much as 34 percent due to one-off items though it expected higher coal exports and a favourable exchange rate to boost core earnings.
BUSINESS REPORT ONLINE