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  • Retail trade sales up by 1.3% as appliances, clothing show growth

    12 September 2018 11:27 AM 30

    Retail trade sales for July grew by 1.3% year-on-year in real terms - with appliances and clothing indicating significant growth, Stats SA announced on Wednesday. NKC African Economics had forecast a 1.3% year-on-year increase in an earlier note to clients. Stats SA said that seasonally adjusted retail trade sales increased by 1.3% in July compared with June 2018. This follows

  • WATCH: The costs of US wars post 9/11

    11 September 2018 8:39 PM 36

    It's been 17 years to the day since the tragic September 11 attacks in the US which claimed the lives of almost 3 000 people. The costs of war since then have increased exponentially. The US' post 9/11 wars in Afghanistan, Iraq and Pakistan have resulted in around 400 000 direct and an estimated 800 000 indirect civilian deaths. The combined total of 1.2 million

  • Terms of Chinese loan to Eskom still confidential, says Ramaphosa

    11 September 2018 2:31 PM 37

    President Cyril Ramaphosa reassured members of the National Council of Provinces that Eskom would not be taken over if it defaulted on its $2.5bn (R33bn) loan from the Chinese Development Bank. The original question came from Democratic Alliance member Cathleen Labuschagne, who asked for the terms of the Chinese state bank's loan to Eskom, as well as a separate

  • Trade war with US could cost China millions of jobs, warns JPMorgan

    11 September 2018 11:00 AM 35

    The tariff battle with the US will probably cost China 700 000 jobs, or more in the event of further escalation. The job losses would come if the US imposes 25% tariffs on $200bn in Chinese exports and China retaliates by devaluing its currency by 5% and adding to levies on US goods, according to economists led by Haibin Zhu at JPMorgan Chase & Co. If China

  • Sasol announces R1.3bn cash bonanza for Inzalo shareholders

    11 September 2018 9:28 AM 40

    Sasol on Tuesday announced a R1.3bn cash bonanza for its Inzalo Black Economic Empowerment shareholders to be paid out on September 17. Shareholders will receive R85.63 per shares, marking the end of the scheme founded in September 2008. The shares, which launched at R366 per share peaked at R632 in 2014. They have over the years been battered by the commodity

  • Turkey calls for global resistance to US economic attacks

    08 September 2018 11:37 AM 35

    Turkey’s finance chief said the imposition of sanctions by the US on the Middle East’s largest economy was politically motivated, and called on other nations to form a united front against such actions. US President Donald Trump used sanctions and tariffs to sabotage the Turkish economy, Treasury and Finance Minister Berat Albayrak said in an opinion

  • Elon Musk's Tesla tumbles as two execs announce exit

    07 September 2018 4:34 PM 50

    New York - Shares of Tesla Motors tumbled Friday as a pair of executive departures raised fresh concerns for the electric automaker already in turmoil over the erratic behavior of its mercurial chief executive Elon Musk. Tesla shares sank 7% to $26.34 (about R400) in mid-morning trading after chief accounting officer Dave Morton announced his exit after

  • Tencent and Alibaba bring their battle for supremacy to coffee

    07 September 2018 11:15 AM 116

    Chinese internet giant Tencent upped the ante on rival Alibaba in their race to corner the market for the country’s coffee drinkers. Tencent signed a strategic partnership agreement with local chain Luckin Coffee on Thursday, according to official WeChat accounts for the companies. The tie-up will explore robotic delivery of orders as well as payments

  • African tourism has only seen the tip of the iceberg

    06 September 2018 2:32 PM 30

    African tourism has only seen the tip of the iceberg, with great international potential and an expanding market closer to home, a global hospitality consultant has said. Tim Smith, managing partner at independent global hospitality consultancy HVS, says this largely untapped potential in African hospitality - coupled with the growing local market - promises

  • Whether you are Modise or Van Der Merwe, land grabs are wrong

    06 September 2018 10:32 AM 92

    Communications Minister Nomvula Mokonyane has read the riot act to those involved in illegal land grabs or occupations, saying their actions are undermining legitimate land reform efforts. She said land expropriation had become a racialised issue, and the objective of creating a more inclusive economy had become overshadowed by political rhetoric and race baiting