Photo: (AP Photo/Matt Dunham)

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

1. Capitec half-year profit jumps 20% on robust client growth

South Africa’s Capitec Bank on Thursday reported a 20% jump in half-year profit, underpinned by strong client growth with its customer base hitting more than 12.6 million.

2. Absa is open for business ahead of planned protest action

Absa will be open for business ahead of the planned protest action tomorrow (27 September 2019) according to a statement from the bank. 

3. Last-ditch bid to avert bank staff strike

Business Unity South Africa (Busa) on Wednesday launched a legal last-ditch attempt to halt the proposed banking industry workers’ strike on Friday, which is unnerving South African consumers despite banks reassurances.

4. Rand takes a hit from global tensions trade war and Brexit concern

The rand dipped below the key R15 to the US dollar level as risk averse investors ditched emerging market currencies on global tensions: the China-US trade war, uncertainty over Brexit and as US-Iran tensions rage on.

5. Pick n Pay debt restated to R17bn as new accounting standard kicks in

Pick n Pay’s debt would be restated to a significant R17 billion in the 53 weeks to March 3, 2019, from only R1.6bn previously, due to the introduction of the IFRS 16 accounting standard on the more than 1 600 leases the grocery store group holds.

6. Union outrage as Sibanye plans to chop more than 5 270 jobs at Marikana operation

Sibanye-Stillwater intends to take advantage of the lapse of the six-month moratorium on retrenchments after its merger with Lonmin and axe more than 5 270 workers in December, with unions on Wednesday slamming the jobs bloodbath.

7. WATCH: Rand struggles to advance overnight

The South African currency maintained a depreciatory trend yesterday, breaching the R15/$ threshold and reaching levels previously seen earlier in the month.

BUSINESS REPORT ONLINE