CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
1. Minister Gwede Mantashe withdraws appeal on recognition of black mining ownership
Mineral Resources and Energy Minister Gwede Mantashe has withdrawn an appeal at the Supreme Court of Appeal (SCA) on the recognition of black mining ownership signalling a return of regulatory certainty in mining companies.
2. Rand trades on a firmer footing against the greenback
The rand traded on a firmer footing against the greenback despite cautious sentiment amid US-Sino trade tensions and a soft retail sales release according to NKC Research.
3. MTN slammed for delayed Middle East exit, accused of dodgy tactics
Africa’s largest telecommunications network, MTN, is facing fresh allegations from US law firm Sparacino PLLC following its decision to exit its Middle East portfolio in the next three to five years.
4. Consumer Confidence Index falls by 20 points, lowest in 15 years
The South African Consumer Confidence Index for the second quarter of 2020 fell by 20 points to 68, the lowest level in 15 years, due to the Covid-19 impact on the economy, according to The Conference Board Global Consumer Confidence Survey, conducted with Nielsen.
5. Most South Africans 'back foreign direct investment' survey shows
Foreign investments in the Western Cape need to be sustainable and to foster accountability if they are to be worthwhile, Nomi Nkondlo the ANC provincial spokesperson on finance and economic opportunities has said.
6. SA mines minister drops challenge to court ruling on black ownership threshold
South Africa’s Mineral Resources and Energy Minister Gwede Mantashe has withdrawn an appeal of a court ruling that held that mining companies did not have to maintain at least 26% black ownership in perpetuity, the Minerals Council industry body said on Wednesday.
South Africa’s Rand Merchant Bank, the investment banking arm of FirstRand, has been appointed as an adviser to help the government assess offers for stakes in its insolvent national airline, according to two people familiar with the situation.
BUSINESS REPORT ONLINE