Business News Leaders

Why US franchise outlets aren't working in SA

Both Grande Parade Investments and Taste holdings have been on the same path - letting go of their US fanchises. GPI announced today that its now offloading a majority stake in Burger King - which it bought for more than R700 million, roughly six years ago. Business Day TV spoke…

4 Dec 2019 1AM 5 min

Is the mining industry on track when it comes to transformation?

The Minerals Council South Africa has released a report detailing the mining industry's level of transformation in terms of the Mining Charter. The report measures compliance with the 2010 charter which applied to the industry until 2018 and reveals that industry players were largely compliant with those requirements. This report…

4 Dec 2019 1AM 6 min

Government continues to pay lip service to promises of working together, says BUSA

Business Unity South Africa has come out strongly against government's inaction on the economy. While the organisation notes some progress in certain areas, it recognises that it's not enough and warns that another GDP contraction may be on the cards and has called on government to stop it's 'lip servicing'…

4 Dec 2019 1AM 7 min

Old Mutual back in court to appeal against Peter Moyo ruling

Old Mutual's battle with axed CEO Peter Moyo continues. The insurer was back in court on Wednesday to appeal a ruling made in July that Moya must be reinstated. Old Mutual has argued that the Johannesburg High Court didn't consider the real reason why Moyo was fired in the first…

4 Dec 2019 1AM 3 min

SA's economy contracts 0.6% in Q3

The economy has contracted by 0.6% in the third quarter. Declines were registered across a number of industries - chief among the laggards: the mining, transport, electricity and manufacturing sectors while trade and government industries registered growth. The country's growth forecast has repeatedly been downgraded for this year and 2020…

3 Dec 2019 1AM 8 min

Rand under pressure as GDP contracts in third quarter

South Africa's local unit weakened after the country's third quarter GDP fell below market expectations. Business Day TV spoke to RMB currency trader Jan Sluis-Cremer, about whether the print has triggered an adjustment in RMB's growth outlook, and whether it supports the case for a downgrade by Moody's in 2020.

3 Dec 2019 1AM 6 min

Telkom cautious on data report findings, recommendations

Vodacom, MTN and Telkom's share prices tanked on the Competition Commission's findings and recommendations on high data prices. Telkom in the meantime is betting on mobile data, the group's interim earnings took a hit due to finance costs related to spend on the mobile business. Telkom in the meantime welcomes…

3 Dec 2019 1AM 7 min

Data prices must be reduced, says Competition Commission

The Competition Commission's two year inquiry into high data costs has been concluded. The final data services market inquiry report confirms that data prices are too high in a market dominated by Vodacom and MTN. The recommendation is that service providers must lower mobile data costs by up to 50%…

2 Dec 2019 4AM 7 min

Factory activity slows in November

The Absa Purchasing Managers Index has edged lower in November. The index fell to 47.7 points from 48.1 previously. This as four of the five subcomponents of the headline PMI recorded month-on-month declines. The slump in business activity dashes hope for any meaningful rebound in the overall index but it…

2 Dec 2019 1AM 7 min

Vukile grows interim dividend by 3.5%

Vukile Property Fund's diversification strategy has paid off. The group has reported a 3.5% rise in its interim dividend to 80.84 cents per share. boosted by a strong performance from its Spanish portfolio together with a continued solid showing from its South African shopping centres. Looking ahead, the group expects…

2 Dec 2019 1AM 5 min

Are consumers spending more than expected on Black Friday?

Black Friday Global data for 2018 in South Africa showed a more than 1 900 percent increase in sales compared to an ordinary day. And a survey by PwC shows that South African consumers plan on spending 36 percent more this year compared to last year. But if that does…

29 Nov 2019 1AM 6 min

Eskom forecasts full-year loss of R20bn

A short lived success for Eskom. The power utility has reported an interim profit of R1.3 billion but looking ahead, the group expects to make a R20bn annual loss. The SOE is citing various factors hampering any sustained upturn... Business Day TV caught up with Eskom CFO, Calib Cassim for…

28 Nov 2019 1AM 9 min

Kaap Agri's diversification strategy pays off

Kaap Agri says rising fuel costs, drought conditions and policy uncertainty continue to prompt caution in the South Africa's agriculture sector - despite it's FY results having showed a near 30% rise in revenue, HEPS up 14% and the company raising its total dividend 5.8% to 123.50c. The company's CEO…

28 Nov 2019 1AM 6 min

Business confidence recovers from 20-year low

Business confidence has ticked up from 20-year lows in the fourth quarter, that's the good news. Building, manufacturing and retail trade registered improvements - confidence levels remained unchanged in wholesale trade, while morale declined in new motor trade. The bad news, is that at 26, the index still remains deep…

27 Nov 2019 1AM 5 min

Nedbank pegs SA's 2020 growth at 1%

Nedbank expects the local economy to grow modestly, with estimates for 2020 coming in at 1%. Now, while that might be higher than this year's growth estimate of 0.4%, strategists have warned that a growing budget deficit, bulging debt burden and SOEs that continue to drain resources are significant risks…

27 Nov 2019 1AM 6 min

Foreign-exchange losses weigh on Nampak

Zimabwe's currency issues are weighing on Nampak. The packaging group suffered a net devaluation loss of R1 billion due to hyperinflation in that territory. This was the main driver behind the company's 76% slump in earnings per share from continuing operations. In the meantime, the group expects the sale of…

27 Nov 2019 1AM 10 min

How Gauteng government's 2019/2020 budget is being deployed

Gauteng's 2019/20 budget sits at close to R140 billion, this after an additional R443 million was pumped into the kitty. The health department has received the lions share of the budget while that additional funding will mainly be used to fix and maintain infrastructure. Nomantu Nkomo-Ralehoko, Gauteng MEC of Finance…

26 Nov 2019 1AM 6 min

African Bank's digital focus pays off as retail deposits double

African Bank's digital push is paying off. The group's zero-fee online banking channel, My World has helped more than double its annual retail deposits. African Bank expects this transactional banking product to fast-track the company's efforts to broaden its customer base and diversify its revenue streams. Operating profit in the…

26 Nov 2019 1AM 7 min

Invicta triples profit in first-half

Industrial holding company - Invicta delivered results on Monday, almost tripling profit to R208 million. That's as new acquisitions as well as a recovery from a tax provision in the prior comparative year helped offset constrained conditions during the first half. Business Day TV sat down with the company's CEO,…

25 Nov 2019 1AM 6 min

Why S&P downgraded South Africa's outlook to negative

South Africa runs the risk of sliding deeper into junk status. Moody's, Fitch and now S&P Global also has the country's credit rating outlook on negative. S&P which already has the country's overall credit rating at junk status foresees a rapid worsening of the country's debt metrics on account of…

25 Nov 2019 1AM 6 min