SAA bankruptcy protection; Loadshedding strikes back; Trump's impeachment; Glencore and bribes

Loading player...
In today's business headlines:

Glencore is being investigated for bribery by UK authorities, deepening the legal troubles that threaten the world’s biggest commodities trader. The company’s shares fell as much as 8.6% to a three-year low in London, while on the Johannesburg Stock Exchange the fall was more than 5%.

A decision to place South African Airways into bankruptcy protection is no guarantee the airline will be able to keep operating - that’s if the experience of other financially distressed companies is anything to go by.

South African business confidence remained close to a three-decade low in November as companies continue to await decisive action by the government to revive the economy. A sentiment index compiled by the South African Chamber of Commerce and Industry rose to 92.7 from 91.7 in the previous month.

South Africa’s current-account deficit narrowed less than forecast in the third quarter as outflows to foreign shareholders increased. The shortfall on the current account, the broadest measure of trade in goods and services, shrank to 3.7% of gross domestic product from a revised 4.1% in the previous period, the Reserve Bank said in a report released yesterday.

South Africa was hit by power cuts yesterday after a number of generating units broke down. Eskom said the severe supply constraint being experienced has come about due to high levels of unplanned breakdowns that have exceeded the 10,500MW limit.

President Donald Trump tweeted yesterday morning that if the Democrats were going to impeach him, they should “do it now, fast, so we can have a fair trial in the Senate” and he got what he wished for. Soon after that the Speaker of the US House of Representatives, Nancy Pelosi announced that she has directed a House committee to draft articles of impeachment against Trump over his effort to pressure Ukraine to investigate a political rival. Learn more about your ad choices. Visit megaphone.fm/adchoices
5 Dec 2019 12PM English South Africa Investing · Business News

Other recent episodes

BN Daybreak: Apple earnings; Amazon AWS; RMB housing; Anglo’s SA exit; Tesla China sale

Today's BizNews Daybreak covers Apple's quarterly results, Rivian's SUV success, and Anthropic's AI breach, alongside a semiconductor rally driven by Microsoft and Oracle. Football federations oppose FIFA selling World Cup stakes, while Donald Trump claims a Gaza disarmament agreement. Meanwhile, Alec Hogg discusses Anglo American’s South Africa exit, RMB launches…
30 Jul 11PM 14 min

Cityboy: How psychopaths win big in business, politics - but lose in life

A former top-ranked City of London stockbroker has written a manual for winning at business, politics and life. There's just one catch: to follow it, you'd have to think like a psychopath. Geraint Anderson, the man behind the legendary "Cityboy" column, tells BizNews editor Alec Hogg why he built his…
30 Jul 9AM 32 min

R1-billion blended finance programme to transform real estate

In this interview with Chris Steyn, Alessandro Scalco of RMB Sustainable Finance shares the details of a R1 billion Blended Finance Programme to formalise and scale South Africa’s burgeoning affordable rental market. Rand Merchant Bank (RMB) has partnered with INDLU, a property financial technology company that empowers landowners to build,…
30 Jul 6AM 15 min

BN Daybreak: Ramaphosa interdict bid; Fed holds rates; Fauci's Fifth Amendment; Zambian kwacha

In today's episode, the Fed leaves interest rates unchanged amid a fractured vote and market sell-offs. Locally, four parties are challenging President Ramaphosa's impeachment interdict, while Treasury controversially releases funds to 69 failing municipalities. We also cover Dr. Fauci invoking the Fifth Amendment regarding the Covid-19 response, Zambia's kwacha surging…
29 Jul 11PM 16 min