Top business news

2016-09-22 06:00

AFRICA’S biggest bank by market value, FirstRand, warns that ongoing conflict between government agencies coupled with the weak balance sheets of state owned enterprises has added significant financial risk to the SA economic outlook. FirstRand is the first of the country’s major lenders to reiterate concerns pending the upcoming review of South Africa’s investment rating before the end of this year.

Following closely on the recent announcement of a 3.3% increase in GDP for the second quarter of the year (April to June), figures for July indicate slowing growth in many sectors. Growth in manufacturing output slowed to below 1% and mining output actually contracted. According to analysts, the metal and engineering sector is of particular concern with an increased likelihood of further job losses.

Earlier this week the JSE retreated to its lowest levels for almost a month. The all share index dropped 1.02% and gold mining shares fell 2.57%. Financial and resource shares followed the trend falling 1.46% and 1.95% respectively.

Global markets are weaker overall as various comments emanating from the U.S. Federal Reserve seem to point toward an imminent hike in U.S. interest rates.

Join the conversation! encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

Inside News24

Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.