Business

Isuzu Motors South Africa celebrated a milestone when the first locally engineered and produced 7th generation ISUZU D-MAX bakkie rolled off the production line on Thursday.

The Perseverance area of Nelson Mandela Bay has received a major boost with the signing of an agreement which will result in the establishment of the Perseverance Business Association.

Petrol prices in South Africa could skyrocket above R21 per litre for the first time.

The weekly wool auction in Gqeberha scheduled for Wednesday, 16 February, has been cancelled as a result of ongoing shipping delays.

As widely expected, South African Reserve Bank (Sarb) governor Lesetja Kganyago announced a 25 basis points increase in the repo rate on Thursday, taking the key rate that it lends to commercial banks to 4%.

The World's Largest Green Ammonia Export Plant valued at $4.6 Billion is set to be built at the Coega Special Economic Zone alongside the Port of Ngqura in Nelson Mandela Bay.

The repo rate will increase by 25 basis points to 3.75%, South African Reserve Bank (Sarb) governor Lesetja Kganyago announced on Thursday.

The ongoing power cuts in South Africa are expected to result in the shedding of at least 350 000 jobs, despite projections of 3.9% economic growth for 2021. This is according to a research report by accounting firm PwC, which notes that the return of load shedding in the fourth quarter, after 11 weeks of no power cuts, undermines economic growth.

Some businesses that were affected by the unrest and looting in July, largely in KwaZulu-Natal and Gauteng, have already received a total of R5.8 billion worth of insurance payouts from the South African Special Risks Insurance Association (Sasria).