Business News Today
BUSA’s Court Challenge to Employment Equity Sector Targets
Business Unity South Africa (BUSA) announced yesterday, that it has launched legal proceedings in the Johannesburg Labour Court to review and set aside the recently gazetted Employment Equity (EE) Sector Targets, effective from September 1, 2025. BUSA emphasises that it fully supports the Employment Equity Amendment Act and the principle of numerical sectoral targets under Section 15A, but argues the current implementation is “fatally flawed” procedurally and substantively, risking economic harm and undermining genuine transformation.
BUSA’s statement, issued by CEO Cas Coovadia, argues that the regulations are unconstitutional, irrational, and procedurally flawed. They violate sections 9 (equality) and 22 (freedom of trade) of the Constitution by imposing inflexible, one-size-fits-all targets that ignore sector-specific realities, such as skills shortages in mining and tech. BUSA contends this approach discriminates against merit-based hiring. Key concerns include inadequate consultation, while the Department of Employment and Labour (DEL) failed to provide methodology details for employees to implement the policy.
Biotech Palatin Provides Massive Investor returns on Retinal Treatment
Palatin Technologies, the Ai biotech start-up, announced yesterday that it had earned a €5.5 million ($6.5 million) milestone payment from pharmaceutical giant Boehringer Ingelheim, marking a pivotal moment for the company’s collaboration in retinal disease treatments. For a biotech trading at just an $8 million market cap, this single payment represents immediate validation of their melanocortin receptor platform, and potentially signals massive returns for early investors.The milestone stems from Palatin’s strategic partnership with Boehringer Ingelheim announced in August 2025, focused on developing first-in-class treatments for diabetic retinopathy and diabetic macular edema. With the retinal disease market projected to explode from $12.6 billion in 2022 to over $25 billion by 2030, Palatin has positioned itself at the center of a massive growth opportunity.
Canal+ Concludes Multichoice Buyout Deal
Multichioce Group Limited has confirmed that Canal+’s mandatory offer to acquire all outstanding shares in the African pay-TV giant has become unconditional, concluding one of the most significant media transactions in recent history. The acquisition sees French broadcaster Canal+ assume effective control of MultiChoice, a move that establishes a global media powerhouse with over 40 million subscribers across nearly 70 countries in Africa, Europe, and Asia, supported by a workforce of around 17,000 employees.
Breaking News Shorts:
- Shoprite Holdings has announced a new bonus shareholding scheme for the group’s directors and executives, with forfeitable share awards totalling around R110 million. In terms of its Executive Share Plan, shares made available totalled R56 million, while its Short-Term Deferred Incentive totalled R53.8 million. These will be granted over a three and two year term respectively
- Nigeria’s economy saw a rapid acceleration in the second quarter of 2025, growing 4.23% year on year from 3.13% in the first three months of the year, as per the Nigerian statistics agency data. Nigerian President Bola Tinubu last month announced a 7% annual economic growth target for 2027 full year.
- Cocoa futures slid to $6,950 per tonne, the lowest in since September 9, driven by expectations of a substantial global surplus in the 2025/26 season, fueled by weak demand and strong production prospects. Recent heavy rains across Ivory Coast, the world’s top cocoa producer, have boosted the outlook for the main crop
- Gold hits a fresh record high above $3,755 an ounce in trade this morning, supported by hopes of more interest rate cuts from the Federal Reserve this year. The Fed delivered its first rate cut of the year last week and signaled further reductions ahead as the labor market weakens.
- Porsche’s share price plunged by more than 7% on yesterday after warning last week that delays in its electric vehicle (EV) rollout will dent the carmaker’s 2025 earnings. The German firm said it will slow its push for EVs as demand weakens.Shares of its parent Volkswagen also fell by more than 7%.
Markets by Numbers
Currency markets today indicate the Euro is trading upwards against the US dollar at 1.17949 while the Pound is also trading stronger at 1.35045. to the US dollar. The Yen is currently trading at 147.80 to the dollar. The rand (ZAR) is currently at R17.34 to the US dollar.
Commodities:
- Gold futures prices are trending higher today, hitting fresh all-time levels and are currently trading around $3754.36 per ounce.
- Copper prices are trading lower this morning, with prices currently at $4.5599
- Silver futures prices have dropped around -0,4% today after yesterday’s surge, and is currently trading around $43.880
- Platinum futures are trading lower today, and are currently trading at $1420.80, While Palladium prices are trading 0.42% higher this morning and currently at $1202.00
- Brent crude oil prices are currently trending lower today, and currently at $66.17, with WTI trading at $61.93
- Cocoa futures are currently sliding and trading around $6972.00 per ton.
- Coffee futures are marginally higher today, and are currently at $368.27
Crypto Currencies:
- Bitcoin prices are currently trending fairly flat today, after a steep drop yesterday, and currently trading at $112820
- Ether prices have fallen by -0.2% today and are currently trading around the $4194.00 mark
- $Trumpcoin is trending upwards today, and currently around $7.65
(All prices quoted at approximately 08H15 Central African Time)
Other Headline News in Africa Today
Mutharika Leads Malawi Presidential Race with Strong Mandate
Former Malawian President Peter Mutharika has surged to a 66% count in Malawi’s presidential runoff, as per early voting tallies. The ex-president having run on an election platform promising economic reforms amid a devastating 25% inflation rate in the country. His DPP party’s focus on agriculture subsidies and anti-corruption could unlock $500 million in International Monetary Fund aid. Businesses in tobacco and mining eye stability returning to the economy, with Foreign Direct Investments projected up 15%. The country is currently facing major challenges that include youth unemployment at 30%. Future success hinges on rebuilding the economy and dealing with rampant corruption in the country’s administration.
Botswana Hits Gold and Gains a Public Holiday
Botswana has declared a public holiday to celebrate the country’s victory in the men’s 4×400 metres at the World Athletics Championships in Tokyo, the first African nation to win the event. President Duma Boko hailed the gold medal as a “historic African win”, in an online address praising the team for their performance. He announced Monday, 29 September, as a holiday to celebrate the achievement – a day ahead of the country’s independence day.
