Busi­ness lauds Tito ap­point­ment, IMF cagey over SA’s prospects

Sunday Times - - Business Opinion & Bits -

BUSI­NESS has lauded Pres­i­dent Cyril Ramaphosa’s de­ci­sion to ap­point for­mer Re­serve Bank gov­er­nor Tito Mboweni as fi­nance min­is­ter. Mboweni re­placed Nh­lanhla Nene, who re­signed fol­low­ing pub­lic pres­sure over his tes­ti­mony at the state­cap­ture in­quiry, where he ad­mit­ted to meet­ing the Gupta fam­ily on nu­mer­ous oc­ca­sions.

WOOL­WORTHS will re­move sin­gle-use plas­tic bags from one of its stores dur­ing a six­month trial pe­riod in a bid to end plas­tic pol­lu­tion, it said. From Novem­ber, it will not of­fer any plas­tic bags at its Steen­berg store in Cape Town, with cus­tomers hav­ing the choice of ei­ther bring­ing their own bags or pay­ing R5.50 for a re­us­able bag.

THE SA Hu­man Rights Com­mis­sion said fash­ion re­tailer H&M was mak­ing sig­nif­i­cant strides in rec­ti­fy­ing its wrongs af­ter an out­cry over a cloth­ing item that fea­tured the words “coolest mon­key in the jun­gle”. THE In­ter­na­tional Mone­tary Fund warned that SA’s prospects re­main un­cer­tain in the lead-up to the 2019 elec­tions and slashed the coun­try’s growth fore­cast al­most in half. In its Oc­to­ber World Eco­nomic Out­look‚ it re­vised down 2018’s fore­cast to 0.8% from 1.5%. The fore­cast for 2019 was also re­vised down, from 1.7% to 1.4%.

THE min­ing sec­tor will re­main un­der pres­sure de­spite pos­i­tive in­ter­ven­tions, ac­cord­ing to Fitch So­lu­tions Macro Re­search, a sub­sidiary of the Fitch Group. It warned in a re­search note that Pres­i­dent Cyril Ramaphosa’s eco­nomic stim­u­lus and re­cov­ery plan is un­likely to re­vive growth in the min­ing sec­tor, de­spite a R400bn in­fra­struc­ture fund pledge and re­newed min­ing reg­u­la­tory clar­ity.

THE state-owned Pas­sen­ger Rail Agency of SA has lost around R636m over the past three-and-a-half years due to de­lib­er­ate train fires, par­lia­ment heard.

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