Hits&Misses

Western Cape dam levels are rising, but Ramaphoria is waning

WATER

levels in Western Cape dams continued to rise, although authorities warned that the drought is far from over. The major dams in and around Cape Town were 31.8% full on Monday — up from 29.8% a week before and 20.9% a year ago, according to the city’s water dashboard.

BUSINESSMAN

and Save South Africa founder Sipho Pityana is set to take the helm of Business Unity South Africa from Jabu Mabuza. Pityana, the founder and chair of Izingwe Capital and nonexecutive chair of AngloGold Ashanti, was unanimously nominated for election as president.

RECENTLY

listed fishing group Sea Harvest said it had completed the takeover of trawling and operating group Viking Fishing, for an undisclosed amount. Sea Harvest had also acquired 51% of Viking’s aquaculture interests, with the company saying in a statement that the transaction would further its goal of diversifying its fishing business.

RETAIL

sales rose at the slowest pace in 15 months in April. Sales climbed 0.5% from a year earlier, Stats SA data showed. That is less than the revised 4.6% expansion for March and compares with a median estimate of 4.4% in a Bloomberg survey.

THE

surge in confidence following President Cyril Ramaphosa’s election is beginning to wear off. After leaping from 34 to 45 in the first quarter, the RMB/BER business confidence index deteriorated to 39 in the second quarter. ”This means close to threefifths of respondents now regard prevailing business conditions as unsatisfactory — a disappointing outcome, yet probably an accurate reflection of reality,” said RMB.

TIME

is slipping away for South Africa if public sector debt continues to spiral, the IMF has warned. Spending pressures and a higher public sector wage bill could raise financing costs and stunt economic growth.