Business News Leaders

ANC plays same old tune on the economy

The ruling party's National Executive Committee has addressed the media on the outcomes of their meeting on the economy. And while Minister Mboweni's growth plan was discussed, it was never outright rejected or endorsed. The plan does however largely draw on existing policies and the National Development Plan which the…

2 Oct 2019 2AM 7 min

FSCA fines METCI R100m

The Financial Sector Conduct Authority (FSCA) has fined MET Collective Investments R100 million after a four year investigation revealed that the company breached various sections of financial sector laws which led to a 66% loss in one of its unit trust funds in 2015. Business Day TV caught up with…

2 Oct 2019 2AM 7 min

ANC mum on Mboweni's plan to sell state assets

The ANC says it has a plan to grow the country struggling economy the ruling party has released a lengthy statement on the matter following the special NEC meeting held over the weekend but many of those have suggested solutions are not new the statement repeats a long list of…

2 Oct 2019 2AM 2 min

Absa PMI records worst reading in a decade

The Absa Purchasing Manger's Index has registered its second consecutive large fall in September, falling to its lowest level in 10-years. The drop was led by a sharp decline in new sales orders, purchasing inventories and business activity as local and global growth fears weaken demand. In the meantime, the…

1 Oct 2019 2AM 8 min

Amcu warns of strike action to force mining bosses to accede to its wage demands

Largest union in the platinum sector, Amcu has referred its wage dispute with Amplats and Sibanye-Stillwater to the CCMA, adding that this referral increases chances of its members embarking on strike action if their demands of a R1000 yearly wage increment for the next three years is not met. Union…

1 Oct 2019 2AM 7 min

No need to break up private hospital groups, says Health Market Inquiry

It has taken nearly six years for the Competition Commission's Health Market Inquiry to diagnose the factors which prevent, distort or restrict competition in the private healthcare industry. The panel looking into the matter recommends more oversight in the sector to help keep those issues at bay. Ntuthuko Bhengu a…

30 Sep 2019 2AM 7 min

Transnet reports R49bn in irregular expenditure

Transnet has released its annual numbers and while revenue is up a tepid 1.6% the group has posted a 25% jump in profit. The stand-out figure however is the R49 billion in irregular expenditure that has been flagged by its auditors. Transnet's Acting Group Chief Executive, Mohammed Mahomedy joined Business…

30 Sep 2019 2AM 8 min

MC Mining narrows its annual loss

Volatile international coal prices and reduced volumes have hit junior coal miner MC Mining, formerly known as Coal of Africa. It may have narrowed its interim loss but revenue has been hurt by lower coal output. It has in fact seen a 63% fall in cash generated from operations in…

30 Sep 2019 2AM 6 min

SA's foreign tourist arrivals decline

According to Stats SA foreign tourist arrivals fell at an annual rate of 5% in July. The figures also show that South Africans are travelling less overseas. Business Day TV spoke to CEO of the Tourism Business Council of SA, Tshifhiwa Tshivhengwa, about what the data reveals about a sector…

27 Sep 2019 2AM 8 min

Mining industry remains in transition, says PwC

PWC has released its 2019 Mine Report which reveals that Eskom's energy constraints and uncertainty around the Mining Charter still weigh on the sector. Coal production however remains the largest revenue earner for South African miners BUT there's a wave of coal divestment hitting the the country. Business Day TV…

26 Sep 2019 2AM 6 min

Capitec grows client base to 12.6-million

Capitec has delivered on expectations. The group's reported a 20% rise in interim profit this as the lender grew its customer base by 200 thousand per month during the period, and saw a smaller impairment charge. The company's gross loan book however is up by 17% while the gross credit…

26 Sep 2019 2AM 8 min

UN calls for action to finance a Global Green New Deal

The UN Conference on Trade & Development has launched its 2019 report which has found that the Sustainable Development Goals set in 2015 will only be met at the targeted 2030 deadline if a global green new deal is in place. The organisation's Senior Economist, Diana Barrowclough joined Business Day…

25 Sep 2019 2AM 7 min

Sibanye to axe up to 5270 jobs at former Lonmin mines

Sibanye-Stillwater plans to cut over 5000 jobs at its loss-making Marikana operation. This in a bid to ensure the sustainability of the remaining shafts at the operation. The announcement does however come at a time when Amcu which is the majority union in the platinum sector has declared a dispute…

25 Sep 2019 2AM 6 min

Sasbo warns of 'complete standstill' in the banking sector

The country's biggest financial union, Sasbo has planned a national banking strike on Friday. That's as it calls for a moratorium from banks on job losses. The total shut-down will affect ATMs and other banking services. It will also see around 30 thousand employees stay away from work. Business Day…

23 Sep 2019 2AM 7 min

Grand Parade returns to profit

Grand Parade Investments has broken a two year losing steak to return to profit in the year to end-June. The improvement is largely due to the closure of Dunkin Donuts and Baskin-Robbins. Looking ahead, Grand Parade believes that an expected turnaround in Burger King will fuel further growth of the…

20 Sep 2019 2AM 7 min

Tough macro conditions weigh on Remgro

Subdued economic growth, low business morale and deteriorating operating environments have weighed on Remgro's earnings. With headline earnings per share coming in 4.2% weaker, while its intrinsic net asset value per share fell by over 9% to 233 rand. Joining Business Day TV to discuss the numbers in detail is…

19 Sep 2019 2AM 5 min

SARB leaves rates unchanged, as expected

In the run up to the announcement, analysts were largely expecting the tone of the address to be decidedly more dovish. A panel of experts joined Business Day TV to talk about the decision, Senior Economist at Nedbank Nicky Weimar, Executive Chief Economist at Alexander Forbes Isaah Mhlanga, and Chief…

19 Sep 2019 2AM 10 min

Why a takeover of Eskom's biggest coal supplier is sparking concern

Parliament is demanding stringent conditions for the R59 billion bailout to Eskom which was announced in July. The standing committee on appropriations has added that it wants government to look at other creative ways to fund struggling SOEs and not just gun for the fiscus. In the meantime, the DA…

19 Sep 2019 2AM 6 min

Africa's most attractive investment destinations

RMB's released its ninth edition of the Where to Invest in Africa report and while South Africa still features in the top ten, it has fallen lower down the ranks - yet again - to thirda place with sluggish growth and lack of structural reform hampering its climb. The report…

18 Sep 2019 2AM 7 min

Pan African Resources returns to paying dividends

Pan African Resources has given shareholders a reason to smile. The miner's returned to paying dividends after its annual post tax profit rose to 38 million dollars - boosted by strong revenue growth which shot up 49%, on the back of a higher gold price and enhanced production. Business Day…

18 Sep 2019 2AM 5 min