File image: IOL

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

1. JUST IN: SABC receives R2.1 billion bailout from government

Communications Minister Stella Ndabeni-Abrahams has announced that the SABC will be receiving R2.1 billion on Monday as part of the R3.2 billion bailout.

2. Government pushes for lower electricity costs to save SA economy – Minister

Mineral Resources and Energy Minister Gwede Mantashe said on Thursday that the government was pushing for the reduction of the cost of electricity to save the economy from a complete collapse. 

3. Property Practitioners Act welcomed by estate agents

The Property Practitioners Act of 2019 signed into law by President Cyril Ramaphosa was on Thursday broadly welcomed by estate agents, but  did not adequately define how transformation should take place in the industry.

4. Financially draining SOEs could push country’s debt to 95% of its GDP

The Institute of International Finances (IIF) has warned that South Africa’s debt could reach as high as 95 percent of gross domestic product (GDP) in 2024 as a result of state-owned enterprises (SOEs) drainage on public finances

5. South Africa's private sector activity has contracted for the fifth month running

Private sector growth in the economy took another deterioration in September as activity contracted for the fifth month running.

6. Watch this space: Minister to appoint Eskom’s new boss this month – acting CEO

Acting Eskom chief executive and chairperson Jabu Mabuza said on Thursday that the struggling power utility was confident that it would have a new chief executive by the end of the month.

7. WATCH: Rand edges stronger overnight

The rand traded on a firmer footing as the greenback tumbled in the wake of weaker-than-expected non-manufacturing ISM data, spurring a jump in rate cut odds for the US Fed to above 90 percent for its decision later this month according to NKC Research. 

BUSINESS REPORT ONLINE