Business confidence in the 80s; WB, Nedbank cut SA growth forecasts; Gold, Aveng
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In today’s business headlines:
• South African business confidence has slumped to its lowest level since 1985 as the country faces power cuts, delays in policy implementation, deteriorating public finances and the risk of losing its only remaining investment-grade credit rating.
• The World Bank is the first key institution to cut its economic growth forecast for South Africa in 2020 due to Eskom fears
• Nedbank has cut is economic growth forecast for South Africa to 0.7% down from its previous estimate of 0.9%, with Nedbank Chief Economist predicting to Business Day that this growth forecast could “prove to be optimistic” if Eskom problems deteriorates further increasing the possibility of a full blown recession
• News from the markets is that the gold rally has fizzled after it hit the key $1600 per ounce due to the de-escalation of the tension between the US and Iran and
•Construction company Aveng has announced that it would not take the decision from Seventy Five On Maude to terminate the contract for the construction of the Leonardo in Sandton lying down
• South African business confidence has slumped to its lowest level since 1985 as the country faces power cuts, delays in policy implementation, deteriorating public finances and the risk of losing its only remaining investment-grade credit rating.
• The World Bank is the first key institution to cut its economic growth forecast for South Africa in 2020 due to Eskom fears
• Nedbank has cut is economic growth forecast for South Africa to 0.7% down from its previous estimate of 0.9%, with Nedbank Chief Economist predicting to Business Day that this growth forecast could “prove to be optimistic” if Eskom problems deteriorates further increasing the possibility of a full blown recession
• News from the markets is that the gold rally has fizzled after it hit the key $1600 per ounce due to the de-escalation of the tension between the US and Iran and
•Construction company Aveng has announced that it would not take the decision from Seventy Five On Maude to terminate the contract for the construction of the Leonardo in Sandton lying down
