Eskom breathes easier, but IMF pessimistic

ESKOM said it had secured a R20-billion loan from the African Development Bank. Earlier, the utility said it had secured 57% of the funding for its 2016-2017 financial year, while saying it had posted net annual profit of R4.6-billion from R200-million the previous year.

SOUTH Africa’s business confidence index rose to 95.1 points in June from 91.8 in May after improvements in export volumes and approved building plans as well as lower inflation, a rebased survey by SACCI showed.

NET gold and foreign exchange reserves rose to $40.826-billion in June from $40.48billion in May, Reserve Bank data showed. Gross reserves rose to $46.366-billion from $46.081-billion previously, the central bank said.

THE Treasury has given public protector Thuli Madonsela the go-ahead to redirect funds from other projects in order to fast-track the probe into allegations of state capture involving the controversial Gupta family.

THE IMF cut South Africa’s 2016 growth forecast to barely above 0%, saying the economy was not keeping up with an increasing population. The economy would grow by 0.1% this year against a previous estimate of 0.6% given by the global lender in May.

THE private sector slipped back into contraction in June as output fell and companies cut jobs. The Standard Bank purchasing managers’ index — compiled by Markit — fell to 49.6 from 50.2 in May.

THE Passenger Rail Agency of SA, which bought 70 Spanish locomotives for its Shosholoza Meyl long-distance lines‚ admitted the service was in a downward spiral because of inadequate funding and had been deserted by passengers.

TWO-THIRDS of households describe their financial stress as overwhelming or high. The proportion of household income spent on servicing debt rose from 12% in 2015 to 16% in 2016‚ the Old Mutual Savings & Investment Monitor said.