Inflation cools slightly to 7.2%, but food prices remain red hot
(News24) – Consumer price inflation dropped slightly to 7.2% in December from 7.4% in November and 7.6% in October, said Statistics South Africa on Wednesday. A Bloomberg survey of 15 economists had predicted that inflation would print at 7.3% for December. Stats SA said the consumer price index had increased by 0.4% in December while food and non-alcoholic beverages came in at 12.4%, slightly down from 12.5% in November. READ MORE.
Inflation eases slightly to 10.5% from 10.7% the previous month due to cheaper fuel and clothes, official figures show
(Sky News) – In the UK, cheaper transport costs – due to reduced motor fuels – were one of the reasons the overall inflation figure slowed to 10.5% from 10.7% in the previous month. Economists had expected a rate of 10.5% and were proven right when the Office for National Statistics released its latest data on Wednesday. READ MORE.
Legal action taken against Ramaphosa over inaction on energy law
(Business Day) – President Cyril Ramaphosa faces legal action from two civil society groups over his failure to implement legislation directing adequate energy planning. The legal action comes as the country continues to face rolling blackouts and yo-yos between Stage 4, 5, and 6 load-shedding. READ MORE. (for subscribers)
China tech stocks stage $700bn recovery rally
(Financial Times) – Chinese tech stocks have staged a remarkable comeback as the world’s second-largest economy continues to reopen and Beijing’s regulatory clampdown on the sector loosens. Hong Kong’s Hang Seng Tech index, which is filled with Chinese tech firms, has added nearly 60% from its lows seen last October while heavyweights like Alibaba and Tencent – in which JSE heavyweights Naspers and Prosus have a sizeable ownership stake – have gained a combined $350 billion based on FT calculations using Bloomberg data. READ MORE. (for subscribers)
Jim Ratcliffe’s Ineos declares interest in buying Man United
(News24 via AFP) – British billionaire Sir Jim Ratcliffe’s chemicals conglomerate Ineos has officially entered the bidding process to buy one of the world’s most recognisable football teams, Manchester United. Ratcliffe is reportedly a boyhood Man United fan and tried to buy London-based club Chelsea last year in a bid reportedly worth 4.25 billion pounds. READ MORE.
