5 things you need to know in business today
·21 Jun 2016
Here’s what is happening in the markets:
- A warning has been sent out to British tourists thinking of visiting South Africa, cautioning them to steer clear of any political unrest ahead of the 2016 local elections. The notice was posted on Gov.uk as the City of Tshwane erupted into violent protests as the ANC announced its mayoral candidate for the region, Khoto Didiza.
- SABMiller CEO Alan Clarke stands to receive a payout of 55 million pounds (R1.2 billion) once the merger with AbInBev goes through. Clarke’s pay for the latest financial year was 5.9 million pounds (R129 million), down from 7.1 million pounds in the previous year.
- South Africa’s rand strengthened more than 2.5 percent against the dollar on Monday, buoyed along with other emerging market currencies by lessening fears that Britain will vote to leave the European Union. On Tuesday the rand was trading at R14.84 to the dollar, R21.79 to the pound and R16.81 to the euro.
- In global news: Asian shares rose after a tentative start on Tuesday, cautiously extending a rally triggered by growing expectations that British voters will opt to remain in the European Union in this week’s referendum. Wall Street rose on Monday, though indexes ended far from the highs of the day.
- Oil prices fell in Asian trade after a strong two-day rally that was fed by easing concerns Britain would leave the European Union after a referendum this week, allowing market participants to focus on supply issues. US crude was down 16 cents at $49.80, while Brent crude was down 25 cents at $50.40 a barrel.
In other news: Despite receiving what is in effect an advance payment of over R500 million for a coal contract, Gupta-owned Tegeta Exploration still faces a R2 billion lawsuit imposed by Eskom over the Optimum Coal contract for Hendrina. Tegeta says it is prepared to fight the utility on the matter.
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