Good morning. This is all the latest business news that you need to know today.
1. We did not pay ransom after massive hack - Liberty
South African insurer Liberty yesterday said that it had refused to pay the money demanded by hackers who infiltrated the group’s information technology systems and extracted data from it.
2. Mining Charter debate to take place at mining summit
The contentious draft mining charter proposal for a 10percent free carry for communities and employees on new projects is set to be hotly debated at the mining summit to be held next month after Minerals Council South Africa (MCSA) flatly rejected it.
3. Basil Read is with its back to the wall
The woes facing listed construction companies came to a head on Friday as cash-strapped construction group Basil Read’s share price plunged 88.89percent as its attempts to operate as a going concern fell flat.
4. The court case of alleged SARS 'rogue unit' officials is set to continue
The three former SARS executives who allegedly formed the ‘rogue unit’ are expected to appear in court this week on charges of corruption and contravening the RICA act.
5. The term of South Africa's acting tax chief extended
South Africa’s Minister of Finance Nhlanhla Nene has re-appointed Mark Kingon as acting commissioner of the country’s revenue service for a further 90 days beginning June 17, the ministry said in a brief statement on Sunday.
6. Miserable week for the rand and stocks
The rand fell for five consecutive days last week as weak economic data and US President Donald Trump’s tariff move on China had devastating effects on the currency, share prices and bond rates.
7. Alexander Forbes Zimbabwe and emerging markets
JSE-listed Alexander Forbes is drumming up its emerging markets division after the acquisition of African Actuarial Consultants (AAC) in Zimbabwe and has now set its sights on growing revenues from the six markets it operates in from 3percent to 10percent, driven by organic growth and acquisitions.
READ ALSO: Liberty says no customers suffered financial losses from attack
READ ALSO: Bathu is a new sneaker brand on SA celebs feet
- BUSINESS REPORT ONLINE