La Grange told the committees that he was not aware of irregularities at Steinhoff and only found out about the mess three days before it exploded into the public domain. Photo: David Harrisson

CAPE TOWN - Good morning. This is all the latest business news that you need to know today.

1. SA take home pay for public servants increases - Bankserv Africa

The July take-home pay for South Africans showed a 0,3% real month-on-month improvement for public servants according to BankservAfrica's monthly Take-home Pay Index for July. 

2. South African farmers play chicken with Trump tariffs

 Herman Pretorius is just the kind of white South African farmer U.S. President Donald Trump expressed concern for when he barged into the country’s delicate land reform debate by ordering an investigation into the “large-scale killing of farmers”.

3. Twitterati drags Pick n Pay over 'no prize' scratch cards

 After a major backlash by irate customers over the company's scratch-and-win card, Pick n Pay said that they will give shoppers a free R20 voucher to spend this weekend.

4. Surprise boost for Steinhoff shares

Steinhoff International surged more than 36 percent on the JSE after its former chief financial officer, Ben la Grange, and the group’s board appeared in Parliament to give evidence on the accounting irregularities that came to light in December last year.

5. Poor tax collection led to increase of VAT - Treasury

The poor collection of tax by the South African Revenue Services (Sars) was also a contributing factor to the increase of VAT, deputy director general at National Treasury Ismail Momoniat said on Wednesday.

6. Competition Amendment Bill: Concern over act’s security clause

The business community has raised concerns about the uncertainty created by the Competition Amendment Bill’s “national security interest” clause. 

7. Numsa inks 3-year wage deal with state power utility Eskom

South Africa's National Union of Mineworkers said on Thursday it had signed a three-year wage agreement with state-owned power utility Eskom, applicable from July this year to June 2021.