Confidence index picks up, but Cape’s ‘Day Zero’ races closer
business confidence index rose 1.3 index points in December to 96.4 as business‘s mood improved. The South African Chamber of Commerce and Industry said anticipated policy certainty, sustainable growth-oriented domestic economic policy and a “probable fresh approach“towards investor challenges should further lift business‘s mood.
class action brought by thousands of mineworkers who contracted lung diseases working for gold miners has been postponed because the parties are close to a settlement. Attorneys requested the postponement as talks were at an “advanced stage“.
Naspers is in talks to lead an investment of as much as R2.5-billion in India‘s Swiggy to increase its stake in the online food-delivery company. In May Naspers invested an initial $80-million in Swiggy, the largest food-delivery business in India.
Town estimates that “Day Zero” will arrive one week earlier than predicted: on April 22. Unless residents reduce consumption and additional water is found, that is the day on which the drought-stricken city will cut off water supplies. Dams supplying the city are at 29.7% of capacity, down from 31% a week earlier.
Liberty Holdings announced the departure of the group’s finance director, Casper Troskie. He will join Old Mutual as the financial director of soon-to-be listed Old Mutual Emerging Markets.
South Africa’s growth is
lagging substantially behind other emerging economies as policy uncertainty continues to batter business confidence, according to a report from the World Bank. The bank expects South Africa’s economic growth to accelerate to 1.1% in 2018 from 0.8% in 2017. In comparison, emerging markets are expected to average growth of 4.5% in 2018.