Forex reserves slip in August
The South African Reserve Bank's net gold and foreign exchange reserves dropped in August, due to a steep fall in the gold price and a weaker rand-dollar exchange rate.
New auto incentive plan approved
The Cabinet has approved the new Automotive Production and Development Programme, an ambitious programme which aims to increase local vehicle production to 1.2 million units per year by 2020, while also promoting increased skills development and training, and usage of local components.
Sasol to focus on sole China project
South African petrochemical company Sasol and Chinese state-owned mining and energy group Shenhua are to focus their full attention on the feasibility study into building a 80 000 barrel-per-day coal-to-liquids facility in the Ningxia Hui Autonomous Region in China.
South Africa uses less electricity
Electricity consumption decreased by 0.7% in July compared with the same month last year, Statistics South Africa reports. Production and distribution, as well as the imports and exports of electricity, also dropped during the same period.
Business confidence slips
The Business Confidence Index dipped to 90.5 in August, the SA Chamber of Commerce and Industry says, adding that in aggregate, the weak local and global economic environment continued to exert negative pressure on business confidence.
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