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Business Matters

Templeton’s Business Matters

Rand

USD: 14.88 (-0.13)       Eur: 16.81 (-0.10)      GBP: 18.85 (-0.24)        JPY: 0.14 (-0.24)            AUD: 10.28 (0.20)     Saudi riyal R3.96           Turkish lira R2.55

Gold: 1336.30 (0.25)

Silver: 14.796 (0.26)

Palladium: 1415.50 (0.93)

Platinum: 808.5 (0.43)

Oil: 59.77 (-3.72)

JSE

All Share     58 767.63 (0.49)

Top40          52 656.33 (0.57)

Financial 15  17 179.91 (0.53)

Industrial 25  73 586.40 (0.17)

December’s 0.25% interest rate tweak upwards to a mere 2.75% continues to hurt the world’s biggest economy as it faces the unwelcome prospect of reabsorbing more than $4.5trillion in Quantitative Easing the US has flushed into its banking system since 2009. That has its president and its Commerce Department calling on the US Fed to reverse the December call.

At the same time, US President Donald Trump continues his wrecking ball approach to trade talks with China. The prospects of a weaker dollar and a constipated trade trade outlook has investors sitting on the sidelines with equities sagging in early Asian trade.

However, the JSE lifted after opening today, with the All Share index rising 0.17% and the Top 40 up 0.12%.

Pembury Lifestyle Group says it will discontinue its investments in retirement villages and will dispose of them.

Group Five says on Sens it has published its business rescue status report on its website (www.groupfive.co.za).

Fin24

Beti suggests recovery in second half

South Africa’s economic activity remains robust, if activity at the country’s ATMs is anything to go by. May’s Bankserv Economic Transactions Index (Beti) is suggesting a recovery in the second half of the year, with increased activity across all indicators for the second, consecutive month. https://www.fin24.com/Economy/sas-bank-transactions-a-good-sign-for-growth-maybe-20190613-2

Secunda’s deadly air a ‘baptism of fire’ for Creecy

Air quality around Secunda remains a threat to human life more than a decade after the government identified the area as a priority, court papers filed by the Centre for Environmental Rights reveal. They want new Environmental Minister Barbara Creecy hold good to the state’s previously stated commitments. https://www.fin24.com/Economy/analysis-baptism-of-fire-for-environment-minister-as-as-govt-taken-to-court-over-air-quality-20190613-2

Citing “reputational risk”, Sygnia dumps Deloitte

Outspoken index tracker Sygnia asset management says its parting ways with its external auditor, Deloitte, due to “reputational risk”. Deloitte is under investigation for its role in the African Bank and Steinhoff scandals and Anglo American recently announced a parting of the ways with the auditor. Deloitte says Sygnia’s statement contains “inaccuracies” and will “set the record straight” in due course. https://www.fin24.com/Economy/sygnia-cites-reputational-risk-as-it-parts-ways-with-auditors-deloitte-20190612

Old Mutual tries Footgear on for size

Old Mutual Private Equity, one of the biggest private equity firms in SA,  has bought a majority stake in Footgear, the footwear retailer. https://www.fin24.com/Companies/Retail/old-mutual-private-equity-tries-footgear-on-for-size-20190612-3

Ireland warns “hard Brexit” threat just got real

The danger of England crashing out of the European Union is a very real threat, Dublin is warning. Ireland’s foreign ministry says EU attitudes are hardening behind Ireland and will protect it as a continuing member state when it comes to negotiations. https://www.fin24.com/Economy/no-deal-brexit-now-a-very-serious-risk-irish-official-says-20190612

Slack Tech sees $17bn value for listing.

Workplace chat and collaboration software company Slack Technologies says it expects a valuation of between $16billion and $17billion when it lists next week.on the NYSE. https://www.fin24.com/Companies/ICT/slack-listing-likely-to-value-it-at-up-to-17bn-20190612-2

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