File image: IOL
File image: IOL

7 things you need to know today

By Compiled by Dhivana Rajgopaul Time of article published Nov 4, 2019

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CAPE TOWN - Good morning. This is all the latest business news that you need to know today. 

1. Icasa licensing memorandum welcomed

The telecommunications industry has welcomed a memorandum by the Independent Communications Authority of South Africa (Icasa) on the licensing of the 4G and 5G spectrum.

2. Second time this year that monthly vehicle sales figures exceed last year's

Vehicle sales increased modestly by 0.2percent in October to 51978 units when compared with sales in the same month a year ago, only the second time this year that monthly sales were in positive territory, National Association of Automobile Manufacturers of South Africa (Naamsa) executive manager Dr Norman Lamprecht said on Friday.

3. JSE banking sector is looking particularly attractive right now

Government's expected announcements turned out to be a damp squib so far, but at least South Africa can breathe again after Moody’s decided not to downgrade us on Friday and we have reason to smile after the Rugby World Cup. We may also celebrate in the markets soon.

4. Moody’s gives SA last chance to dodge downgrade

South Africa has until next February’s Budget by Minister of Finance Tito Mboweni to effect economic reforms and arrest its escalating debt-to-gross domestic product (GDP) ratio to avoid being downgraded to junk status.

5. Agri-Vie sells stake in SA abalone farming company

Agri-Vie Fund I, the Africa food and agribusiness investment fund managed by pan-African private equity investment firm EXEO Capital, has announced its exit from abalone farming company HIK Abalone Farm.

6. Taste to sell Starbucks franchise as food business loses its flavour

Taste Holdings is set to exit its food business by selling its South African Starbucks franchise for R7 million to an entity called K2019548958 in a strategic shift for the company.

7. WATCH: Rand garners support from external factors

The rand remained near recent lows in cautious anticipation of Moody’s credit rating action on Friday according to NKC Research.


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