April 23, 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.

Uncertainty over radical economic transformation ‘slow poison’ for investor confidence

Recent changes in government policy are driving a sharp decline in uncertainty among investors‚ an index published by North West University (NWU) shows. The NWU School of Business and Governance on Thursday released the Policy Uncertainty Index (PUI) for the first quarter of 2017 – and according to Professor Raymond Parsons‚ recent political events have

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SA to get world’s first biometric credit cards

South Africans will be the first in the world to use biometric credit cards. Mastercard will introduce the technology by the end of the year‚ allowing consumers to pay with a combination of a chip in the card and a fingerprint. “Authenticating a payment transaction biometrically — in this instance via a fingerprint — confirms

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Petrol prices expected to spike next month

Fuel price hikes will be the first major expense to hit South Africans in the wake of a weaker rand‚ the Automobile Association of South Africa has warned. The AA’s mid-month data forecasts that as of next month petrol will go up by 55 cents a litre‚ while diesel will cost around 30 cents a

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Banks downgraded but not to worry

Standard & Poor’s yesterday downgraded its ratings for seven local banks to junk status following its decision to rate the country’s foreign debt as junk status. The rating agency outlook measurement on the banks is negative‚ suggesting further downgrades. S& P said the bank downgrade was because “we do not rate financial institutions in South

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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. The ratings agency decided the economic crises President Jacob Zuma plunged the country into with his midnight cabinet reshuffle on March 31 was too severe to wait until June 2 for its next scheduled

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Bonds weaken as the rand loses 30c against the dollar

The South African bond market was weaker at midday on Monday after the rand lost 30c against the dollar in choppy trade. Bonds yields have risen‚ meaning prices have fallen‚ following President Jacob Zuma’s Cabinet reshuffle last week in which Malusi Gigaba replaced Pravin Gordhan as finance minister. The rand weakened to R13.69/$‚ the weakest

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BCM gets high marks in the financial stakes

They may be in and out of court over business shenanigans and caught in the middle of bizarre council faction fights, but this week metro bosses were patting themselves on the back after a ratings agency found that Buffalo City Metro has the best financial profile in South Africa. Independent Ratings Afrika gave BCM the

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On the drive for changing the future

Black entrepreneurs who joined a predominantly white business network franchise in East London on Thursday night said they needed to move on and do business on a mixed platform. There was applause when it was announced that the eighth group, or “Rainbow Chapter”, of Business Network International (BNI), was to be run by Ntombi Matyobeni,

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SARS has not yet paid almost R20bn worth of VAT refunds

The total value of VAT refunds‚ which had not been refunded by the South African Revenue Service (SARS) by end-February amounted to R19.6bn of the R129.3bn claimed during the 2016-17 tax year‚ Finance Minister Pravin Gordhan said on Thursday. His written reply to a parliamentary question by DA deputy finance spokesperson Alf Lees comes in

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R69m CitiBank ‘collusion’ settlement under the spotlight

The Competition Commission on Wednesday failed to disclose the percentage of its turnover the company will be paying as a fine. This happened at a Competition Tribunal hearing in Pretoria held to determine the fairness of a R69.5-million settlement agreement reached with CitiBank for its role in alleged anti-competitive behaviour by 14 banks relating to

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Top EL company enters mageu drinks market

A leading Eastern Cape dairy is spending R10-million on getting into the traditional maize drinks market. Sundale Free Range Dairy, based in the East London Industrial Development Zone (ELIDZ), is diversifying further by buying out the Mageu line from food and beverage company, the East London Vinegar Factory (Elvin). Sundale will put the new maize drinks

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Small decrease in grocery prices

In the wake of Finance Minister Pravin Gordhan’s budget speech last week in which he introduced new tax measures that target the rich and prioritise social spending, consumers can expect some relief at the tills as the prices of basic household grocery items continue to show signs of decline. January saw prices of items such

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Ford extends warranty of ‘inf(l)amous’ Kuga by two years

In a bid to reassure and compensate Kuga owners and off-set the plummeting value of the inf(l)amous SUV‚ Ford South Africa has extended its original warranty by two years or 80‚000 kilometres. “While we cannot make up for any inconvenience or discomfort you may have experienced as a result of the Kuga 1.6 safety recall‚

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BUDGET 2017: Bittersweet reaction to Gordhan’s remarks on sugar tax

Finance Minister Pravin Gordhan’s promises to have further consultations before the sugar tax is implemented has industry delighted. At the same time the reduction in the proposed tax from 20% on all sugary drinks to 11% has sugar tax supporters disappointed. Beverage SA executive director Mapule Ncanywa welcomed the promise of more collaboration. “We believe

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Budget 2017: Overburdening wealthy South Africans could hurt economy – Seeff

The growing tax burden for the wealthy is a concern‚ says businessman Samuel Seeff. “While the increase in taxation of the wealthy in the form of a new top marginal bracket (45% for annual earnings of R1.5m-plus) and higher dividend tax (up from 15% to 20%) may unfortunately be necessary‚ we are concerned at the

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Pushing for tenders

Eastern Cape business sector is taking Premier Phumulo Masualle’s ambitious policy which will enforce that at least 30% of government tenders be given to local businesses with a pinch of salt. Border-Kei Chamber of Business head Les Holbrook said “unless we know who will roll this out and be responsible – it will not work”.

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‘Fix my empty wallet’: SA delivers Budget tweets to Gordhan

Minister of Finance Pravin Gordhan will deliver his highly anticipated Budget speech in Parliament on Wednesday. South Africans wasted no time in sharing their opinions on where the minster’s focus should be. While many would differ‚ Andile Mlondo said the minster should increase taxes on cigarettes and alcohol. Pravin must tax the booze and cigarettes

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Relief for consumers on cards

Slight relief for consumers is on the cards as the effects of the drought are starting to improve. While maize meal prices increased sharply from last year to January, a local retailer said while they bought a ton of maize meal for R5000 in the past, it now cost them R3000. This is a welcome

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Get lost‚ EFF tells banks accused of rand price fixing

The Economic Freedom Fighters has called for 17 banks involved in alleged price manipulation of the rand to be stripped of their licences. The party said: “The EFF will write to the South African Reserve Bank to demand that the banking and operating licences of these banks must be discontinued immediately because we believe collusion

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Fear of cabinet reshuffle outweighs firming on JSE in precious metals shares

The JSE drifted lower on Tuesday on fears that President Jacob Zuma’s state of the nation address would be a prelude to a cabinet reshuffle. Lacklustre US markets led Asian markets lower. The Nikkei shed 0.35% to 18910 points and the Shanghai composite 0.12% to 3153 points. The Dow was 0.09% lower at 20052 points

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