Edgars in Zimbabwe sold to investor from Mauritius

Struggling SA retail giant, Edcon, has been given the green light to sell its shareholding in Zimbabwe-based clothing chain Edgars to Mauritius incorporated entity SSCG Africa Holdings, as the group realigns operations in a bid to stay afloat.

Edcon faced a possible collapse before agreeing a R2.7bn deal with lenders, South African landlords and the Public Investment Corporation as part of a restructuring plan to save the group.

Oil extends gains ahead of US stockpile data, OPEC+ meeting

Bloomberg 

Oil extended gains from the highest level in almost six weeks as Saudi Arabia’s new energy minister signalled his commitment to output cuts, while US crude stockpiles are expected to continue their decline.

Futures rose for a fifth day in New York after advancing 2.4% on Monday.

Prince Abdulaziz bin Salman, appointed at the weekend after the dismissal of Khalid Al-Falih, said there won’t be any radical change in the kingdom’s oil policy. US crude inventories probably dropped for a fourth week through September 6, according to a Bloomberg survey before government data Wednesday.

Europe stocks slip with US futures; pound steady

Bloomberg 

European stocks fell, US equity futures edged lower and Asia shares were mixed as investors marked time before key central bank meetings in the coming days.

Treasuries steadied along with the dollar.

The Stoxx Europe 600 Index dropped, led by health-care and utility shares. Equities gained in Tokyo and Seoul, were little changed in Hong Kong and dipped in Sydney and Shanghai. S&P 500 futures retreated.

The pound held gains from Monday, when the UK Parliament again rejected an early election and outlawed a no-deal Brexit. Euro-zone sovereign bonds nudged lower as European Central Bank officials prepare to meet.

Oil extends gains as new Saudi minister signals cuts to continue

Tsuyoshi Inajima, Bloomberg 

Oil extended gains from the highest level in almost six weeks as Saudi Arabia’s new energy minister signalled his commitment to output cuts, while US crude stockpiles are expected to continue their decline.

Futures rose for a fifth day in New York after advancing 2.4% on Monday. Prince Abdulaziz bin Salman, appointed at the weekend after the dismissal of Khalid Al-Falih, said there won’t be any radical change in the kingdom’s oil policy.

US crude inventories probably dropped for a fourth week through Sept. 6, according to a Bloomberg survey before government data Wednesday.

Moody's: Eskom won't be fixed overnight

Bloomberg 

Fixing loss-making power utility Eskom is complex and it will take time for the government and the company to agree to a plan, according to Moody’s Investors Service.

The energy firm, which supplies about 95% of the country’s power, has about R440bn in debt and is surviving on state bailouts after massive cost overruns at two partially completed coal-fired plants.

While the government has proposed splitting it into three units and a policy paper by the National Treasury proposes selling coal-fired power plants, no strategy to stabilise its finances has been published yet.

Wage talks: Deadlock at Amplats, Sibanye - but Implats sees progress

Bloomberg 

Anglo American Platinum and Sibanye Gold May need mediators to help South African wage talks move forward after negotiations with the platinum industry’s largest labour union reached a deadlock.

Talks with the Association of Mineworkers and Construction Union that began in June have stalled after the union declared a dispute. The producers are now looking to bring in mediators to resolve the standoff internally rather than seeking arbitration from the Commission for Conciliation, Mediation and Arbitration, the companies said.