CAPE TOWN – Good morning. This is all the latest business news that you need to know today.
1. #Transnet bigwigs face suspension
The chief executive of South Africa’s Transnet and two other senior officials have been told they will be suspended, the chairman of the state-owned logistics utility said on Wednesday, without giving a reason for the possible suspensions.
2. Unions say no gold producers’ salary offer
Unions on Wednesday rejected the revised three-year wage offers of up to 7.2 percent salary increases made by South African gold producers.
3. Deteriorating finances batter the SA economy
South Africa’s battling economy pushed further to the edge yesterday as Moody’s flagged that the country deteriorating public finances and weak domestic spending constrained retail sales.
4. Cosatu pushes Parliament to pass PIC Bill before year-end
Trade union federation Cosatu yesterday made a strong push for the Public Investment Corporation (PIC) Amendment Bill to be adopted before Parliament goes into recess.
5. Emira continues emigration from the office sector
Listed property fund Emira has said that it planned to continue reducing its exposure to the South African office sector to prioritise further investment on its offshore and residential portfolio.
6. Kibo may buy stake in MED
Africa focused energy company Kibo said yesterday it had signed a memorandum of understanding to acquire a 60 percent equity interest in Mast Energy Developments (MED), a UK registered company targeting the development and operation of flexible power plants.
7. Naspers drags JSE down, rand in biggest decline
The Rand headed for its biggest drop against the dollar since 2016, according to Bloomberg, buffeted by headwinds including a downbeat assessment of the economy by Moody’s Investors Service and a plunge in the biggest company on the JSE.