April 27, 2017

SowetanLive Business News



SowetanLive Business News

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Banks cut growth forecast for SA

Nedbank and Standard Bank have joined FNB in cutting their growth forecasts for SA‚ citing rising concern that business confidence and investment will not pick up.

IDC backs black industrialists to the tune of R2.3bn

The Industrial Development Corporation (IDC) has granted a total of R2.3bn in the form of loans and R562m as equity financing to black industrialists‚ Economic Development Minister Ebrahim Patel said Monday.

Rand returns to levels seen before cabinet reshuffle

The rand was firmer against the dollar on Monday morning‚ breaking through the critical R13 level on a softer dollar.

'Dump BEE for pushing up inequality among blacks'

Finance Minister Malusi Gigaba's economic adviser Professor Chris Malikane believes the government should introduce a raft of changes to achieve economic transformation.

Kuga sales down but Ford stays strong in SA car market

Ford Kuga sales have tanked but the iconic US brand has held its market share on other models.

Bail application by MTN financial accountant accused of fraud postponed

A bail application by MTN’s financial accountant‚ Branden Ruth Moshabane‚ who is accused of defrauding the company of around R24 million‚ has been postponed to Friday.

Trump administration says no U.S. trading partners manipulate currency

U.S. President Donald Trump's administration declined to name any major trading partner as a currency manipulator in a highly anticipated report on Friday, backing away from a key Trump campaign promise to slap such a label on China.

What downgrade means

The recent downgrade by Fitch and S&P has had many people concerned and confused at the same time.

Multi-billion titanium beneficiation plant to be built in Richards Bay

A new R4.5-billion titanium beneficiation plant is to be built in Richards Bay in northern KwaZulu-Natal next year.

Downgrade: a wake-up call for South Africa to revisit key economic policies

South Africa is digesting the news of Standard & Poor’s (S&Ps) downgrade of its state debt held in foreign currency following President Jacob Zuma’s March cabinet reshuffle. As the country deals with that blow, two other credit rating agencies (Fitch and Moody’s) will soon hold forth.

Chicken served at KFC restaurants in the US will be antibiotic-free by end of 2018

Kentucky Fried Chicken has announced plans to serve antibiotic-free chicken at all their US restaurants by the end of next year. 

Fitch downgrades South Africa’s credit rating to “junk” status

Ratings agency Fitch downgraded South Africa’s credit rating to sub-investment grade on Friday, saying a recent cabinet reshuffle that saw respected finance minister dismissed will likely result in a change in economic policy direction.

JSE all share opens weaker on Zuma protests and global tension

The JSE opened weaker on Friday morning as nationwide protests against President Jacob Zuma gathered momentum and amid growing geopolitical tension following a US missile attack on Syrian targets.

Rand loses ground‚ heads back towards R14/$

The rand was on the defensive on Thursday morning‚ closing in on the psychological level of R14/$‚ which will mark its weakest point since December.

Cape companies shut shop for anti-Zuma marches

Companies across Cape Town will be shutting their doors and some will give their employees the day off to attend a series of anti-President Jacob Zuma marches on Friday.

Cabinet reshuffle puts fizz in the sugary drinks tax fight

The Beverage Association of South Africa is hoping that the cabinet reshuffle will bolster its efforts to oppose government’s plans to tax sugary drinks.

SA's economy must change‚ says Gigaba

Call it radical or accelerated economic growth but it all boiled down to inclusive growth‚ new Finance Minister Malusi Gigaba said in Pretoria on Tuesday.

SA Express woes under spotlight in parliament

Financially troubled state owned airline South African Express (SAX) has had to fork out millions of rands to get its four grounded aircraft operational again.

SA’s sovereign credit rating downgraded to junk status

S& P Global Ratings cut South Africa’s sovereign credit rating to junk status on Monday following an emergency meeting over the weekend.

‘Giving Guptas keys to the treasury isn’t in the country’s interest’: DA

The Democratic Alliance on Friday afternoon launched an urgent application in the High Court in Cape Town to stop Zuma’s newly appointed ministers from being sworn in on Friday evening.

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