Hits & Misses

Cyril announces big C-Class investment, but scares Moody’s

MERCEDES-BENZ will invest à600-million (about R9.6-billion) in expanding its South African plant, affirming its commitment to the country as President Cyril Ramaphosa strives to revive the economy. The Germany company will expand the facility in East London to accommodate production of the new generation of C-Class models. The news came during a visit by Ramaphosa, who is seeking to lure $100billion (about R1.4-trillion) in new investment in the economy.

THE City of Cape Town hoped to relax water restrictions in the next few months as early winter rains eased fears of shortages in the country’s most popular tourist destination, said deputy mayor Ian Neilson.

OLD Mutual plc returned to its South African roots when it listed its $11billion African financial services business in the country, a move which largely completes a major overhaul of the company. SOUTH Africa’s chances of getting an improved sovereign credit rating from Moody’s when it announces its next verdict on October 12 look bleak, judging from an “issuer comment” it released. Concerns raised by Moody’s included President Cyril Ramaphosa scaring away foreign investment with his support of land expropriation without compensation.

PRODUCER inflation accelerated to 4.6% in May from 4.4% in April, data from Stats SA showed. Diesel was the main driver of the increase, rising 13.4%. The farm and factory gate prices of food fell 0.9% from the same month in 2017.

PLEASE Call Me inventor Nkosana Makate agreed to not publicly discuss his settlement negotiations with Vodacom after it went to court to apply for a gag order against him. He and Vodacom are still in talks about the “reasonable” amount he should be paid.