Business

5 things in SA business you need to know today

Staff Writer

 ·13 Jul 2016

Here’s what is happening in and affecting South Africa today:

• The treasurer who advised against SAA moving ahead with a dodgy R256 million finance deal with an unlicensed company has been suspended. SAA treasurer Cynthia Stimpel has been suspended for “misconduct”, after she raised questions about the deal with BnP, which the airline was paying three times more than necessary for. She is the latest in a long line of “defiant” employees who have been given the chop.

• South Africa’s property sector has grown significantly over the past four years, now valued at R5.8 trillion, compared to R4.9 trillion in 2012. According to the Property Sector Charter Council, SA’s property market has grown despite the massive economic slow down seen in other sectors. The formal residential sector, with 6.1 million registered homes, still dominates, with a total value of R3.9 trillion.

• South Africa’s rand rallied on Tuesday as an emerging market rally and a surprise jump in manufacturing activity locally lifted the currency to a two-month high. On Wednesday the rand was trading at R14.41 to the dollar, R19.15 to the pound and R15.95 to the euro.

• In global news: Asian shares came within reach of testing their 2016 peak on Wednesday as prospects of solid U.S. growth and accommodative economic policy in major markets whet investors’ risk appetite damaged by uncertainty from Brexit.

• Crude futures fell on Wednesday as investors locked in gains after oil prices surged nearly 5 percent in the previous session, partly on forecasts from the U.S. government and OPEC that demand would increase next year. U.S. crude slipped 45 cents to $46.35 a barrel, while Brent futures fell 51 cents to $47.96 a barrel after settling up $2.22, or 4.8 percent.

In other news: The hunt for South Africa’s new Public Protector is still underway, though the search is narrowing. A parliamentary committee is expected to release a shortlist of candidates to replace outgoing Public Protector Thuli Madonsela soon.