Business News in South Africa: What You Need to Know Today

Dangote Refinery fires 800 engineers, prompting PENGASSAN to call a nationwide strike; talks in Abuja aim to avoid a costly shutdown.

Lockheed Martin is pushing a Ferrari-like F-35 upgrade that could fold sixth‑generation tech into the stealth jet at roughly half the price of a new platform. CEO Jim Taiclet says talks with the Pentagon are at a high level and may reach the White House soon. The plan follows Lockheed’s loss of the NGAD contract to Boeing and could retrofit hundreds of jets while keeping costs and timelines in check.

Ireland’s central bank has stepped back from approving Israeli government bond prospectuses, ending its role when the current document expires on September 2, 2025. Luxembourg’s CSSF approved a fresh 12‑month prospectus on September 1, enabling continued EU-wide offers. The change follows protests in Ireland over “war bonds” and raises fresh questions about oversight, politics, and investor access.

3G Capital is acquiring Skechers in a $9.4 billion deal, paying a notable premium and taking the shoe giant private. Despite recent tariff challenges and macroeconomic uncertainty, Skechers’ leadership will remain in place. 3G aims to use its expertise to support Skechers’ ongoing growth.

For the second month in a row, EPRA has kept fuel prices unchanged in Nairobi, with subsidies substantially increased to cushion oil marketers and transporters from rising operational costs. This decision, influenced by a recent Cost of Service Study, aligns with falling global oil prices to mitigate consumer impacts and stabilize market dynamics.

Bitcoin plunged significantly after President Trump's announcement of major trade tariffs, impacting 15 countries. This sparked substantial losses in corporate Bitcoin treasuries and ETFs. Analysts stress a critical price point at $91,000 for potential recovery, while others see opportunities for Bitcoin as a hedge against dollar instability. Meanwhile, potential regulatory changes and Federal Reserve policies could influence future market moves.

Aston Martin, the renowned luxury car brand, is navigating significant hurdles as it attempts to balance prestige with profitability. Recent financial reports indicate a drop in average selling prices due to fewer deliveries of high-end models. As the company confronts these financial strains, it must also tackle strategic challenges in transitioning to a more mainstream role without losing its exclusivity and face stiff competition from brands like Ferrari and Lamborghini.

The Energy and Petroleum Regulatory Authority (EPRA) has decremented fuel prices in its recent review, with new rates effective until mid-next month. Diesel and super petrol see a slight decline in Nairobi, despite adverse economic cues like a weaker shilling and rising global fuel prices. This adjustment follows the cessation of a government subsidy last year.