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Cape Town - A roundup of Tuesday's top economic and finance reads on Fin24.
EXCLUSIVE: Cronin lifts veil on new draft expropriation law
A new expropriation bill, set to be tabled in Parliament in the next two months, will set out a clear procedure for land expropriation without compensation and ensure it is an “administratively just process”, according to Deputy Minister of Public Works Jeremy Cronin.
“It will be a process to prevent arbitrary deprivation,” says Cronin, who says the draft law will be light-touch legislation. The Department of Public Works is currently drafting the bill which will soon be complete.
OVERVIEW: Absa, FNB testify they refused to meet govt ministers over Gupta account closures
On the second day of hearings into how, when and why banks closed their Gupta-related accounts, FNB and Absa both said they refused to meet Cabinet ministers who wanted to discuss client relationships.
Coca-Cola eyes cannabis market as demand for products grows
Aurora Cannabis led pot stocks higher after Coca-Cola said it’s eyeing the cannabis drinks market, becoming the latest beverage company to tap into surging demand for marijuana products as traditional sales slow.
Coca-Cola says it’s monitoring the nascent industry and is interested in drinks infused with CBD - the non-psychoactive ingredient in marijuana that treats pain but doesn’t get you high. The Atlanta-based soft drinks maker is in talks with Canadian marijuana producer Aurora Cannabis to develop the beverages, according to a report from BNN Bloomberg Television.
Naspers announces R1.4bn OLX Group investment in Webuycars
Naspers [JSE:NPN] announced on Tuesday morning that its classifieds business OLX Group would invest R1.4bn in pre-owned car purchasing service Webuycars.
According to the company itself, Webuycars was founded in 2001 by Faan and Dirk van der Walt and grew into a business that sells close to 3000 motor vehicles each month.
Everything you need to know about Trump's latest tariffs
The Trump administration’s latest salvo in a burgeoning trade war includes tariffs imposed on an additional $200bn worth of Chinese goods ranging from steel panels to fresh garlic.
The US will introduce an initial 10% tariff, giving American businesses some time to find alternative supply chains, before the duties rise to 25% from the start of next year. China responded by saying it will retaliate with its own measures.
Here’s everything you need to know about the latest developments so far: Everything you need to know about Trump's latest tariffs
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