South African Businessplace

Organisation of the Petroleum Exporting Countries (Opec) ministers today said they were likely to defer a decision on fresh output cuts until next month, despite an accelerating slump in fuel demand that has slashed the price of oil by two-thirds since July.
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Factory gate prices - as measured by Statistics South Africa’s producer price index — slowed to 14.5 % year-on-year in October from 16 %in September, the agency said today.

Several issues are set to play a key role on local financial markets today. This includes currency movements and the performance on global markets, while investors will keep a close watch on November’s trade balance due out later today.

The rand and October’s PPI are key factors set to play a key role on domestic financial markets today. The local currency a lift after Wall Street rally overnight and China’s decision to cut lending rates again today.

Reserve Bank governor Tito Mboweni says South Africa’s inflation outlook has improved and it is hoped that an easing since August is the start of a consistent downward trend.

Only four months ago, crude oil hit a peak of $147 a barrel. Today, on the back of weaker global demand, it hovers around the $50 mark and this has translated to lower petrol prices for South Africa.

Economists say motorists are set to have more cash in their pockets this Christmas when December’s fuel prices are announced today. prices are expected to fall sharply due to lower international oil prices and the rand’s recovery in recent days.

The price of petrol will drop by R1.61 a litre and diesel by 81c/l from next Wednesday, the Department of Minerals and Energy announced today. The price of illuminating paraffin will decrease by R1 a litre.

The National Union of Mineworkers (NUM) in the Northern Cape has turned to the CCMA to fight retrenchments at De Beers’ Koffiefontein mine. This after the union lost its battle against the mining giant in the labour court to re-instate the 36 workers.

South Africa’s inflation has slowed for a second consecutive month. Statistics SA says the CPIX figure for October dropped to 12.4% year-on-year from 13% in September. This was slightly lower than economists’ predictions of about 12.5%.