Here’s what caught our attention on Wednesday:
1. June retail sales
Retail sales rose 0.7% year-on-year in June after increasing by 1.9% in May StatsSA said on Wednesday. Retail sales in South Africa, averaged 4.54% from 2003 to 2018, data from Trading Economics shows.
2. Eastern Platinum Q2 results
Eastern Platinum is reporting a R12 million cash inflow during the second quarter, ended June 30, 2018. The company is also reporting a net loss of $0.04 per share or $4.2 million loss, while net operating cash flows received during the period increased to $3.4 million from $1.6 million in 2017. The company is also seeking the completion of a ‘retreatment project’ before the end of the third quarter, and anticipates that the project will impact revenue-producing operations through offtake of the chrome concentrates.
3. SA asks US to back away with punitive tariffs
Minister of Trade and Industry, Rob Davies, is asking the US to back off when it comes to the implementation of trade tariffs. Bloomberg is reporting that Davies says South Africa will be impacted in the war that the US is having with China and has therefore asked the US to not implement punitive tariffs. South Africa has already been hit by tariffs on steel and aluminium.
4. Ramaphosa appoints acting head of NPA
After the Constitutional Court found Shaun Abrahams’s (the former head of the National Prosecuting Authority) appointment ‘invalid’ on Monday, the country waited in anticipation of who would take his place. On Tuesday, President Cyril Ramaphosa announced the appointment of Silas Ramaite as the acting head of the NPA. Ramaphosa has since been given 90 days to appoint a permanent chief prosecutor.
5. Curro to expand reach into townships
The owner of a network of independent schools, Curro, revealed in an interview with Moneyweb that it plans to expand its reach and open schools in township areas. Currro plans to spend R400 million in its development of six new campuses in 2018 in the Gauteng, Soweto, Soshanguve and Mamelodi areas.
Read the full story here: Curro to build more private schools in townships