Cape Town - A roundup of Tuesday's top economic and finance reads on Fin24.
Where to from here for record petrol prices?
Based on early indications in July there may be another fuel price increase in August, but it is too soon to call, said the Automobile Association (AA).
An AA spokesperson told Fin24 by phone on Tuesday that it was hard to predict if there would be another fuel hike in August. The price of oil changes on a daily basis, as does the exchange rate, and there will be a better indication of possible fuel hikes later in the month.
Steinhoff shares jump 40%, reach best price in two months
The share price of Steinhoff jumped by over 40% on Tuesday, taking the Stellenbosch-headquartered global retailer to its best level since early May 2018.
At 14:08 the stock [JSE:SNH] was changing hands at R1.95 a share, after opening at R1.42.
On Friday Steinnhoff released its unaudited financials for the first six months of the financial year. While the results were far from positive - and included a R2.4bn operating loss - they seem to have at least provided investors with a measure of clarity.
Moyane's SARS ultimatum to Ramaphosa
Lawyers acting for suspended SARS commissioner Tom Moyane have demanded in a letter to President Cyril Ramaphosa that he halt or "disestablish" investigations into SARS, saying they expect his reply by Friday at 16:00.
The letter comes a day after former Judge Robert Nugent, chair of the Ramaphosa-appointed commission of inquiry into governance at the tax agency, dismissed similar requests by Moyane's lawyers.
Glencore plunges after US subpoena regarding money laundering
Glencore [JSE:GLN] tumbled the most in two years, as its African troubles escalated dramatically after US authorities demanded documents relating to possible corruption and money laundering.
The documents relate to the company’s business in Nigeria, the Democratic Republic of Congo and Venezuela from 2007 to the present. The shares plunged as much as 11%.
Capitec: We have no knowledge of SARB fee probe
The SA Reserve Bank has written to the National Credit Regulator requesting a probe into loan-origination fees charged by Capitec Bank, according to a person familiar with the matter.
The referral came after the issue was raised in a report by short-seller Viceroy Research in January, said the person, asking not to be identified because the matter is private.
Capitec has said it has no knowledge of such an investigation, adding it is in regular contact with the Reserve Bank and the NCR.
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