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Five things making headlines in South Africa today

Rebosis considers property disposal, Absa manufacturing PMI, total new vehicle sales, Gupta mines case nears end, SA may emerge from recession.

Here’s what caught our attention on Monday:

1. Rebosis considers disposal of 7 properties

Rebosis Property Fund has announced a proposed disposal of seven properties for an aggregate consideration of R2.18 billion. Rebosis entered into three sale and purchase agreements earlier this year to dispose the seven properties, which comprise mainly of office buildings. The company says it forms part of a strategy to become a retail-focused fund. The company plans to use the proceeds from the disposal to reduce its existing debt.

2. Absa Purchasing Manufacturing Index

Absa PMI rose to 49.5 in November from 42.4 in October, just missing the 50-mark separating contraction from expansion. The increase was supported by an uptick in new orders and business activity. 

3. Total new vehicle sales

Vehicle sales for November is expected to be released on Monday. In October, total new vehicle sales increased to 51 866 from 49 670 in September. South Africa’s total new vehicle sales averaged 40 229 from 1994 to 2018, data from Trading Economics shows.

Update to follow.

4. Gupta family still has a hold on SA

The family embroiled in a number of scandals in South Africa may have left, but their problems are still ours to deal with. Two mines owned by the Gupta family, namely Optimum Coal mine and Shiva Uranium were the subjects of legal action again this week. Business rescue practitioners took control of the companies in February and now lawmakers are considering liquidation options for the companies. 

Read: Custody battle for Gupta’s orphan mine nears end

5. What is SA’s position on recession?

South Africa could finally be bouncing back out of its depressed state, it is December after all. Bloomberg is reporting that recoveries in manufacturing and trade may give the economy the boost that it needs. Data for South Africa’s gross domestic product for the final three months will be released on Tuesday, and experts surveyed by Bloomberg are expecting positive news.

Read: Charts show that SA’s recession may be over

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