Business
In the headlines today: President Cyril Ramaphosa has warned that South Africa faces a grave water crisis. In his weekly letter to citizens, he says: “Unless we take drastic measures to conserve water sources and promote efficient use, water insecurity will become the biggest developmental and economic challenge facing this country. Our current energy challenges will seem small by comparison. South Africa’s two biggest mobile-phone companies have been ordered to step up efforts to lower data prices within the next two months or face prosecution by the country’s antitrust regulator, reports Bloomberg. Vodacom and MTN have the potential to reduce tariffs by 30% to 50%, Tembinkosi Bonakele, the head of the country’s Competition Commission, said in Pretoria on Monday. Sentiment in South Africa’s manufacturing industry slipped in November, signalling contraction in the industry for a fourth straight month, reports Reuters. Absa’s Purchasing Managers’ Index, compiled by the Bureau for Economic Research, fell to 47.7 from 48.1 in October, the Johannesburg-based lender said in an emailed statement on Monday. Offshore investors sold a net R9.84bn ($669m) of South African stocks last week and R3.46bn of bonds, data from the Johannesburg Stock Exchange showed on Monday, says Reuters.