CT loses battle to axe Eskom; bad loans hit Absa; Harmony Gold expects bumper profits; SA business confidence perks up
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In today's news headlines:
* The City of Cape Town’s attempt to secure South African municipalities the legal right to select their electricity suppliers has been set back by a court ruling that it must first exhaust negotiations with the government on the matter, says Bloomberg.
* South African business confidence recovered from a 35-year low in July as global economic activity improved, but the measure remained below average over worries about the slow re-opening of the economy and soaring local infections, reports Reuters.
* Absa said on Wednesday its half-year earnings could be almost wiped out as a steep rise in bad loans dented its performance.
* Gold miner Harmony Gold on Wednesday said it sees production recovering to pre-coronavirus lockdown levels around the end of August and that it expects a soaring gold price to double its margin. Learn more about your ad choices. Visit megaphone.fm/adchoices
* The City of Cape Town’s attempt to secure South African municipalities the legal right to select their electricity suppliers has been set back by a court ruling that it must first exhaust negotiations with the government on the matter, says Bloomberg.
* South African business confidence recovered from a 35-year low in July as global economic activity improved, but the measure remained below average over worries about the slow re-opening of the economy and soaring local infections, reports Reuters.
* Absa said on Wednesday its half-year earnings could be almost wiped out as a steep rise in bad loans dented its performance.
* Gold miner Harmony Gold on Wednesday said it sees production recovering to pre-coronavirus lockdown levels around the end of August and that it expects a soaring gold price to double its margin. Learn more about your ad choices. Visit megaphone.fm/adchoices
