Top business news

2016-10-06 06:00

China Development Bank to boost Eskom funding

CHINA Development Bank (CDB) has concluded a R7 billion credit facility agreement with Eskom. Eskom has now secured 75% of its funding requirements for the current financial year. An Eskom spokesperson indicated that this facility would contribute towards the parastatals current capacity expansion programme. Brian Molefe, CEO of Eskom said: “We are pleased to see the conclusion of this first agreement with CDB, which will lay the platform for future co-operation with our Chinese partners.”

Land Bank to empower women and the youth

In the past six years, the Land Bank has grown its loan book to R40 billion. A spokesperson says the bank is committed to lifting the number of women in agriculture in South Africa. Emphasis would also be on youth empowerment. Chief risk officer for the bank, Konehali Gugushe says women need to see agriculture as an industry in which they can play a meaningful role. Speaking of women who have historically played a supporting role as subsistence growers, Gugushe says: “Although they contribute significantly to food supply, it is clear that agriculture is long overdue for a gender-based overhaul.”

Economic trends

After three months of surpluses, South Africa’s trade balance returned to a deficit in August. The deficit of
R8.6 billion rocked analysts who had predicted a trade surplus of R3 billion for August. The main reason for the slump was attributed to lower exports of precious metals and minerals.

The Barclays purchasing managers index (PMI) indicates a slowdown in manufacturing activity. Factory order volumes have declined and domestic selling price inflation has moderated indicating pressure on turnover growth heading towards year end.

Year-on-year sales of new vehicles declined by 14.3% in September. Car sales dropped 14.4%, light commercial vehicles 14.8%, medium commercial vehicles 9% and heavy vehicles 10.8%.

Analysts report that the decline in new vehicle sales is representative of subdued economic activity due to low business and consumer confidence.

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

Competition regulation for a growing and inclusive economy

ADVERTORIAL: The Competition Commission of South Africa is conducting advocacy work in the South African automotive aftermarket industry and has gazetted a Draft Code of Conduct for public comment.

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.