Business
In today's business headlines: South African business confidence improved in the fourth quarter for the first time in almost two years owing to a recovery in residential activity and expectations of a good Christmas shopping season. The Rand Merchant Bank business confidence Index rose to 26 for the fourth quarter from a decade low of 21 in the previous quarter. South African Airways says the strike at the airline led to a sudden deterioration in its financial position. In a statement issued by the Department of Public Enterprises yesterday afternoon, SAA says the strike has rocked the finances to the point where the company can no longer continue to operate “as is.” Reserve Bank Deputy Governor Kuben Naidoo said if Moody’s Investors Service cuts the country’s credit rating to junk there could be a sell-off of between $5 and $8bn of its bonds. Two media houses, the Financial Mail and amaBunghane have launched an application in the Gauteng High Court for access to former President Jacob Zuma’s tax records. Brait SE, the owner of struggling UK apparel chain New Look has launched a sweeping overhaul as leading shareholder Christo Wiese seeks to salvage his investment after seeing his other retail assets plunge in value.