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Get the latest Business and Financial news in South Africa as it happens.

Energy minister to face questions over nuclear bid

The Democratic Alliance (DA) will on Tuesday ask Energy Minister Tina Joemat-Pettersson why Russia’s nuclear energy framework agreement looks like a signed deal compared to the other country’s agreements. Joemat-Pettersson will be briefing the Portfolio Committee on Energy in the National Assembly on the five international nuclear agreements. The country …

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Africa faces five headwinds of concern

WITH gross domestic product increases of at least fivefold since 2000, Africa’s growth story has been the good news narrative of recent years. As if little could derail the rise of hitherto uncharted frontier markets like Nigeria, Ethiopia, Angola and Rwanda, economists and related experts have waxed lyrical about almost …

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Sale of R30m Tshwane farm could create 400 jobs

The City of Tshwane is considering selling a portion of the Groenkloof Farm in a bid to boost the local economy and create about 400 jobs, the city’s council heard on Thursday. The 2 9699 hectare property, which belongs to the municipality, is valued at R30m. A request has been …

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Dawie Roodt: Market risk a reality

Market risk is a reality which doesn’t call for panic, but investors shouldn’t be foolish with their money, explains an economist in the wake of the market turmoil this week. “Do not run out there and sell everything you have because you think the market is under pressure, because you’ve …

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Why Zim firms prefer the rand

South Africa maybe be lamenting its misfortunes owing to its currency’s continued depreciation, but companies in Zimbabwe prefer the rand, saying it is a case of better the devil they know than the United States dollar. Zimbabwe uses a multi-currency regime anchored by the greenback although other currencies such as …

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Steel industry in crisis – Jim

The steel industry is in crisis, says National Union of Metalworkers of SA general secretary Irvin Jim. Jim said on Monday that something needed to be done urgently before a “blood bath” of retrenchments took place. “It’s not like all the companies here have [not] been speaking to government. Government’s aware …

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Eskom’s coal standoff with Glencore unpacked

The standoff between power supplier Eskom and commodity trading and mining group Glencore [JSE:GLN] has long been coming. In 2012, just as the Competition Tribunal was mulling over the merger between Glencore and Xstrata, Eskom entered the fray as a so-called intervening party. Eskom was concerned about the influence the …

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R195m bus depot planned for Durban

The eThekwini Municipality is set to invest R195m in the construction of a new depot in the Bridge City area, north of Durban. The municipality’s head of communication Tozi Mthethwa said on Wednesday the super depot – which is part of the city’s Integrated Rapid Public Transport Network (IRPTN) – …

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CPI increased by 5% in July – Stats SA

July’s annual CPI inflation rate increased by 5%, according to Statistics South Africa (Stats SA) on Wednesday.   The rate was 0.3 of a percentage point higher than the corresponding annual rate of 4.7% in June 2015. On average, prices increased by 1% between June 2015 and July 2015. The …

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Huge inflation gap between rich and poor

Over the last year, the most expensive products have increased by 17%, while the cheapest have decreased by 3%, an analyst says, adding that yearly CPI inflation for July has increased by 5%. The Consumer Price Index (CPI) stood at 116.1 at the end of July, implying year-on-year (y/y) inflation …

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