Here’s what caught our attention on Thursday:
1. Manufacturing production and sales
South Africa’s manufacturing output rose by 1.6% year on year in November, following a revised 2.8% increase in October, the statistics agency said on Thursday.
2. Sacci business confidence
South African business confidence fell to 95.2 in December from 96.1 in November on lower exports, fewer new vehicle sales and a decline in planned construction, a survey showed on Thursday.
3. Adapt IT to acquire Wisenet Group
Information, computer and technology company Adapt IT has announced its intention to purchase Australia’s Wisenet Group for about R30 million in cash. It will pay annual amounts until 2021 if Wisenet Group reaches certain operational targets. The decision comes as the JSE-listed company seeks to expand South Africa’s software presence in Australasia. According to TechCentral, Wisenet Group provides ‘software-as-a-service-learning relationship management system’ to training institutions.
4. Optimum Coal mine in payments mess
The formerly Gupta-owned Optimum coal mine has come under fire for its failure to pay some 8 000 of its mine workers and contractors in December. The mine is struggling to sustain operations and was placed under business rescue in 2018 after local banks withdrew transactional banking facilities, disabling it from settling creditors and paying workers. Moneyweb is reporting that business rescue practitioners are recommending the sale of the mine within the next two weeks to allow payment to workers.
5. Nuclear energy board to fight dismissal
It’s been weeks since energy minister, Jeff Radebe took the decision to suspend three members of the Necsa board for apparent “defiance and ineptitude”. Moneyweb is reporting that the suspended members are not backing down as they are expected to make an appearance in The Pretoria High court next week to request a reversal of the minister’s decision. However, the fight will come as a cost. Read the full story here.