File image: IOL
File image: IOL

7 things you need to know

By Compiled by Dhivana Rajgopaul Time of article published Aug 23, 2019

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

1. Gold Fields sells stake in Gold Road Resources

Bullion producer Gold Fields said on Friday it had sold its 9.9 percent interest in ASX-listed Gold Road Resources for  A$126.3 million or US$85.5 million.

2. Market shrugs off Moyo's second dismissal by Old Mutual

Tensions between Old Mutual and its axed chief executive Peter Moyo heightened further when the company yesterday moved to sack him for the second time in two months, despite a court ruling ordering for his reinstatement.

3. Young entrepreneurs vie for $100,000 'agripreneur' prize

Twelve young entrepreneurs from across Africa have been named as finalists in the inaugural $100,000 Generation Africa GoGettaz 'agripreneur' competition to select two innovative ventures in the agri-food sector.

4. Mr Price shares take a beating on weak trading update figures

Clothing apparel and homeware retailer Mr Price shares tumbled 13.70percent to close at R151.46 on the JSE yesterday, wiping off billions after the group reported a weak trading update for the four months to end August 3 on constrained consumer spending in the country.

5. WATCH: Rand to trade in the range of R15.14/$ - R15.27/$

The South African currency was basically unchanged yesterday, in step with a steady USD, as currency traders sat on the side lines according to NKC Research.

6. Missed payments and suspension of future payments bring Cell C to its knees

The financial woes facing embattled mobile operator Cell C mounted on Thursday after rating agency S&P Global Ratings lowered the company's rating to default. 

7. Potential MultiChoice workers strike set to impact customers

Pay-TV service provider MultiChoice is set to face a strike on Friday at its customer care call centres and the walk-in centres led by union Information Communication Technology (ICTU). 


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