7 Things you need to know
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CAPE TOWN – Good morning. This is all the latest business news that you need to know today.
1.Sanlam is now the largest insurer in Africa
Sanlam on Thursday became the largest insurer across the African continent following its $1.05 billion (R15.37bn) splurge on Saham after regulators authorised the purchase of more shares in the Moroccan insurance group.
2. Insure boss on VBS looters list
On July 19 we reported on the fraudulent practices at VBS. We stated that “Matodzi instructed Truter and Mukhodobwane to facilitate the acquisition of Insure Group Managers for R250 million with fictitious money. The imbalance in VBS’s balance sheet would then be fixed by having Insure deposit its real money back into VBS.
3. SA to start 4G spectrum auction by April 2019
South Africa will hold a long-delayed auction of 4G mobile spectrum by April as the government seeks to extend high-speed internet to a greater portion of Africa’s most industrialised economy, said Telecommunications Minister Siyabonga Cwele.
4. Three Durban residential developments that you should invest in
KwaZulu-Natal is the ideal location if you are looking to buy your first property or you are looking to invest in your second home.
5. KFC shuts its Zimbabwe restaurants
As the financial crisis in Zimbabwe deepens, KFC Africa has taken the decision to temporarily shut its restaurants in the country.
6. Eskom is eating South Africa – Goldman Sachs
Moody’s Investors Service considers Eskom a key risk in deciding whether to downgrade South Africa, and Goldman Sachs Group has called it the single biggest risk to the country’s economy.
7. President Trump calls Fed "crazy"
The Bank of England governor and the head of the International Monetary Fund praised the abilities of Federal Reserve Chairman Jerome Powell on Thursday, after President Donald Trump said the Fed had “gone crazy” by raising interest rates.