THE WEEK IN FIVE

Weekend Argus (Sunday Edition) - - SPORT -

ESKOM

TRADE unions threaten Eskom with protest ac­tion should the cash-strapped paras­tatal go ahead with its plans to let go of 7 000 em­ploy­ees in the next five years. The com­pany con­firms it in­tends to re­duce the head­count from 48 678 to 41 613 by 2023 across all lev­els through nor­mal at­tri­tion. Eskom is bat­tling a net loss of R2.3 billion and R19bn in ir­reg­u­lar ex­pen­di­ture.

IN­FLA­TION

THE coun­try’s an­nual in­fla­tion rate ac­cel­er­ates to 5.1 per­cent in July for the first time since Septem­ber last year as a re­sult of high fuel prices. This is up from the 4.6 per­cent recorded in June. Higher global oil prices have re­sulted in petrol prices grow­ing at their fastest pace in six years in July.

LAND BANK

THE Land Bank warns that the con­tentious land ex­pro­pri­a­tion with­out com­pen­sa­tion pol­icy could bring the or­gan­i­sa­tion’s sta­bil­ity un­der threat if it is poorly ex­e­cuted. It wor­ries that if in­vestors stop fund­ing the com­pany, it could af­fect the bank in par­tic­u­lar and the agri­cul­ture in­dus­try in gen­eral. The bank has grown its de­vel­op­ment por­tion of its loan book to R5.5 billion for the year to end March 31, up from last year’s R4.9bn.

SASOL

PETRO­CHEM­I­CALS com­pany Sasol an­nounces plans to spend R68bn in cap­i­tal ex­pen­di­ture in the next two years as it con­sol­i­dates its foot­print in North Amer­ica and Africa. A por­tion of the in­vest­ment will be chan­nelled to the Lake Charles Chem­i­cal Project (LCCP) in Louisiana, US. The LCCP project con­sists of a 1.5 mil­lion-ton-per-year eth­ane cracker, among other units.

SHOPRITE

SHOPRITE re­ports in its an­nual re­sults for the year to July 1 that di­luted head­line earn­ings per share de­clined by 3.8 per­cent to 968.7 cents a share. It at­tributes the de­cline to the 15 per­cent VAT in­crease, record fuel prices and sugar tax. How­ever, the re­tailer man­aged to in­crease to­tal turnover by 3.1 per­cent to R145.3bn.

Com­piled by Luy­olo Mken­tane

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