Today’s Top 8 Business Stories – 4 September

By Asset Management

1) MTN, Shoprite Bear Brunt of Backlash to South African Xenophobia
Mobile-phone giant MTN Group Ltd. and grocer Shoprite Holdings Ltd. are among South African firms facing a backlash to xenophobic violence in their home country. Shoprite stores were attacked in at least one area of Nigeria’s commercial capital, Lagos, according to the local government. View MTN Group Ltd. Share Price.

2) Xenophobic Attacks in South Africa Leave Migrants Living in Fear
A wave of xenophobic attacks in South Africa has left migrants living in fear of their lives and soured the government’s relationship with its regional counterparts. Moussa Faki Mahamat, the chairman of the African Union, and officials from Nigeria and Zambia expressed outrage at the attacks, which erupted days before the African edition of the World Economic Forum in Cape Town on Wednesday.

3) Eskom Says South African Power System Still ‚ÄėTight, Vulnerable‚Äô
Eskom Holdings SOC Ltd.‚Äôs power system ‚Äúremains tight and vulnerable‚ÄĚ going into South Africa‚Äôs summer because of increased maintenance. As the state-owned utility schedules more work to improve its aging fleet, it‚Äôs also experiencing more vandalism of its equipment and illegal connections, Chief Operating Officer Jan Oberholzer told journalists in Johannesburg on Wednesday.

4) Woman Murdered Every Three Hours in South Africa Stokes Protests
Hundreds of protesters blocked the entrance to the World Economic Forum on Africa in Cape Town as the event got under way on Wednesday. The demonstration was triggered by the murder last week of 19-year-old University of Cape Town student Uyinene Mrwetyana — one of the regular incidents of femicide in a nation notorious for its grim crime statistics. A woman is murdered every three hours in South Africa, according to South African Police Service data.

5) Protesters Try to Gain Entrance to Africa Conference: WEF Update
Business and political leaders gathered at the African edition of the World Economic Forum in South Africa against the backdrop of a wave of xenophobic attacks that have undermined President Cyril Ramaphosa’s assurances the continent’s most-industrialized economy is open for business. Here are the latest developments at the conference, updated throughout the day.

6) Foreign Outflows From South Africa Stocks Lose Momentum
Foreign selling of South Africa’s stocks slowed in the past week as the nation’s benchmark equity index rose and the South African rand strengthened. * The 5-day moving average of net foreign outflows slowed to $34.4 million, compared with the 20-day average outflows of $75.6 million, according to data from the Johannesburg Stock Exchange compiled by Bloomberg.¬†View Top 100 JSE Listed Firms.

7) Morgan Stanley Sees $476 Million in South African MSCI Outflows
A reweighting on Tuesday of South African equities in indexes compiled by MSCI Inc. will prompt estimated net outflows of $476 million as money managers tracking the stock benchmarks adjust their portfolios, according to RMB Morgan Stanley.

8) Rand Escapes From Channel Amid Bond Inflows
The rand advanced for a second day, breaking out of a tight channel it has languished in for most of the past month, after better-than-expected economic data prompted traders to reduce bets on a rate cut this year. GDP expanded 3.1% in the second quarter, data showed Tuesday, beating the 2.5% median estimate in a Bloomberg survey and averting a technical recession after the 3.1% contraction in the first quarter.