Inflation gives reason for cheer, ANC bank meddling less so

INFLATION slowed in August from a 10-month high. Consumer price growth decelerated to 4.9% from 5.1% in July, Stats SA data showed. The median estimate of 18 economists in a Bloomberg survey was 5.2%. Prices fell 0.1% in the month.

SA’s antitrust regulator recommended Sibanye Gold ’s acquisition of Lonmin be approved, clearing a key hurdle for the deal that throws a lifeline to the struggling platinum producer. The deal, expected to be completed this year, will now go to the Competition Tribunal for a final ruling. It may be approved if Sibanye tries to save about 3,700 jobs of the more than 13,000 it plans to cut over the next two years, the Competition Commission said.

CAPE Town is SA’s fastest city in terms of issuing permits and approvals, a World Bank Group study on the ease of doing business in SA has found. The city issues construction and other permits within 88 days.

OFFICIALS from four of SA’s largest banks told an inquiry into the looting of taxpayer funds that they faced intense political pressure to continue providing services to businesses that belonged to the Guptas. Standard Bank, FirstRand, Absa . and Nedbank shut the accounts of companies controlled by the family in 2016, citing laws against dealing with clients suspected of being party to suspicious transactions. Senior ANC and government officials then summoned the lenders’ executives to explain their actions.

POWER utility Eskom warned on Monday that it had fewer than 20 days of coal supplies remaining at 10 of its 15 coal-fired power stations, posing a threat to power supplies.

RHODES Food Group, the owner of Bull Brand, Magpie and Bisto, issued a dire trading update that showed it was heading for another disastrous financial year, with earnings expected to fall as much as 41%.