5 things you need to know in business today
·17 Jun 2016
Here’s what is happening in the markets:
- South African Airlines has completely reversed its statement that it subsidises low-cost airline Mango at below cost prices. The group says that the deals were concluded on a “full cost recovery basis”. The initial claims by SAA could have potentially landed the group in trouble with the Competition Commission.
- Residence and citizenship planning group Henley and Partners says that it has seen an increase in South Africans looking to buy their way into foreign citizenship through foreign investments in the past 12 months. The group said that as many as 350 people have approached the company in the last year.
- South African markets were closed for a public holiday on Thursday. On Friday, the rand was trading slightly weaker at R15.31 to the dollar R21.83 to the pound and R17.24 to the euro.
- In global news: Asian shares rose on Friday, but were set for weekly losses as investors favoured safe haven assets due to fears that Britain will vote to quit the European Union, though the killing of a pro-EU lawmaker was seen swaying sentiment toward the “Remain” camp.
- Crude oil prices rose in early Asian trade on Friday for the first time in seven days as markets took a breather from concerns about the impact of Britain’s possible exit from the European Union. Brent crude settled down $1.78 at $47.19 per barrel. US crude settled down $1.80 at $46.21 a barrel.
In other news: Higher Education Minister Blade Nzimande says that factionalism within the ANC is threatening to cause the party to implode. In an interview with EWN, the minister also called for president Jacob Zuma to publicly distance himself from the controversial Gupta family, “for his own sake”.
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