July 20, 2017

The Daily Dispatch – Business news



The Daily Dispatch – Business news

and the inside scoop on everything affecting South Africa's business landscape and both the local and national economy.

newspaper has a long and rich history dating back to 1872. It was the first penny daily newspaper published in the Eastern Cape in 1898. In its centenary it became the first newspaper in SA to offer full colour facilities to its advertisers and readers.

Despite the recession‚ now might be the best time to buy a new car

This may not seem like a wise time to buy a brand-new car‚ but if you’re toying with the idea‚ the numbers suggest that the timing couldn’t be more perfect. Buying new rather than used is the more financially savvy choice right now as car price increases have slowed dramatically in the past year and

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Rand pares some of its losses‚ despite slower pace of inflation in June

The rand was marginally weaker against major currencies shortly before midday on Wednesday‚ but had regained some strength despite consumer inflation moderating in June‚ which has increased the prospect of an interest-rate cut on Thursday. The consumer price index (CPI) slowed to 5.1% in June from 5.4% in May‚ less than the consensus expectation of

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Rand holds steady ahead of Reserve Bank meeting

The rand was little moved on Monday morning‚ but retained its hefty gains from last week in price action that underscored the local currency’s volatility. The rand was back below the R13/$ mark‚ after weakening to R13.63/$ early last week. The outcome of the Reserve Bank’s monetary policy committee meeting later in the week may

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Bonds slightly firmer ahead of US inflation data release

South African bonds were slightly firmer on Friday morning as global markets awaited the release of US inflation data later in the afternoon. US inflation is a key figure watched by Federal Reserve Bank officials in determining the pace of interest-rate increases. A rise in interest rates could draw more investors back to investing in

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Gigaba plans selling some assets and partial privatisation of SOEs to pull the economy out of recession

By: Sunita Menon With Linda Ensor Finance Minister Malusi Gigaba has released an action plan for the economy with firm timelines‚ which includes developing a framework for greater private-sector participation in projects run by the government and state-owned enterprises (SOEs). The plan also spells out the Treasury’s intention to reduce the issuance of government guarantees‚

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Pakati joins top SA delegation for China talks

Buffalo City Metro mayor Xola Pakati is part of a high-level delegation which will be spending the next two weeks in China, as part of an exchange programme. This part of the Brics (Brazil, Russia, India, China and South Africa) bilateral programme, is only between municipalities of China and South Africa The Brics group of

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Bonds hold steady ahead of Janet Yellen’s testimony

The South African bond market settled into a narrow trading range on Wednesday‚ suggesting caution before US Federal Reserve chairwoman Janet Yellen’s testimony to US Congress later in the day. Investors will be looking for some clarity on the Fed’s future interest rate increases‚ following a mixed US jobs report last Friday. While the world’s

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COMMENTARY: Mkhwebane learns some lessons after Reserve Bank standoff

Public Protector Busisiwe Mkhwebane must have learnt her first important lesson since she took office in November last year — that holding office doesn’t give one the carte blanche to do as one pleases. It’s common sense to expect the findings and instructions of the head of a Chapter Nine institution to be legally sound‚

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Butter shortage hits

You can have your bread and eat it‚ but don’t expect butter or bacon. Butter is in short supply worldwide due to consumers’ love of cream‚ high-fat milk and butter itself‚ as well as much lower global milk production this year. Clover South Africa warned that “a major shortage of butter is being experienced in

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Rand battles to recover from calls to nationalise the Reserve Bank

The rand was slightly firmer against the dollar on Monday morning but failed to strengthen to the levels seen last week before calls were made to nationalise the Reserve Bank.   Analysts said the rand overreacted to the news‚ shedding up to 2% to the dollar just after the call was made last Wednesday. The

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JSE slumps on lower global markets as ECB prepares for monetary policy change

The JSE opened lower on Friday as the local market followed weaker global markets. It lost ground on the increased reality of further interest-rate increases in the US and hawkish views expressed by central banks in the UK and eurozone. Banks‚ financials and retailers were early-morning casualties in risk-off trade. Resources stocks showed only mild

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Bell Pottinger apology shot down in flames

UK public relations firm Bell Pottinger’s apology for an offensive social media campaign in South Africa is “insufficient and totally unacceptable”‚ says the Save South Africa campaign. The company yesterday confirmed that it had dismissed the lead partner involved and suspended another partner and two employees over accusations that it supported and aided campaigns to

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Rand remains on weakening path

The rand was weaker against major currencies shortly before midday on Thursday‚ following the ANC’s proposal on Wednesday to nationalise the Reserve Rank. The local currency shed about 2% on Wednesday‚ shortly after the proposal‚ which was made at the party’s national policy conference‚ sparked concern about the Bank’s independence. However‚ the rand was able

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Rand loses ground as ANC policy meeting approaches finish line

The rand weakened against major global currencies shortly before midday on Wednesday‚ with the pending outcome of the ANC national policy conference adding to existing global risk-off sentiment. The ANC was expected to report on the party’s economic transformation committee meeting later on Wednesday‚ while global sentiment has turned negative after North Korea launched an

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SABC holds thumbs for R1-billion government rescue

The South African Broadcasting Corporation (SABC) is anxiously awaiting the outcome of its government guarantee request to the Treasury‚ amid concerns that SA’s credit ratings could worsen if contingent liabilities rise much further. Ratings agencies have raised concerns about SA’s pace of economic growth‚ which poses risks to fiscal consolidation and rising contingent liabilities. The

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Italian firm empowers residents

Italian-owned MA Automotive tool and die company has invested R350 000 to create job opportunities for their employees relatives’ and a portion of the Berlin community where the plant is situated. MA country leader Paolo Olivero, together with human resources executive Phillip Sapto launched an agricultural co-op using a portion of the companies land next

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Rand weakens slightly as ANC conference continues

The rand pared earlier gains but was little changed against major currencies shortly before midday on Tuesday‚ as global growth sentiment supported emerging markets — but analysts called for caution. The rand had weakened against the dollar on Monday as traders squared their positions ahead of Tuesday’s US Independence Day holiday. Global markets are expected

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Bell Pottinger probed for stoking racial tension in SA

An international public relations association has launched an investigation into allegations that UK spin machine Bell Pottinger promoted racial hatred in South Africa. Bell Pottinger‚ whose services were allegedly procured by Duduzane Zuma in his capacity as a Gupta employee‚ is a member of two international public relations bodies with codes of conduct. “We can

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Registration of KPMG at risk over Gupta audit

KPMG auditors responsible for the audit of Gupta-owned Linkway Trading risk losing their designation as registered auditors if an investigation by the profession’s regulator finds against them. The Independent Regulatory Board for Auditors may‚ in terms of the Auditing Profession Act and following a disciplinary hearing‚ impose a warning‚ a fine or cancel an audit

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Deal ‘honestly and swiftly’ with state capture allegations‚ says Patel

The state capture allegations should be dealt with “honestly and swiftly” as part of the plan to put SA on the economic level it needs to be at‚ Economic Development Minister Ebrahim Patel said on Monday. Patel was addressing a breakfast briefing hosted by the Progressive Business Forum at the ANC’s fifth national policy conference

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