CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
1. Rand shines in critical week for South Africa
The rand traded firmer against the dollar in a critical week for South Africa as the Medium-term Budget Policy Statement (MTBPS) and a credit rating review by Moody’s Investors Service will determine the road ahead for the economy.
2. SA insurance app wins R22.5m in US startup competition
South African insurance app Pineapple has won $R1.5 million (R22.5 million) at VentureClash, an American startup challenge.
3. Sasol shares soar as joint chief executives call it quits
Sasol shares soared 15 percent after joint chief executives Bongani Nqwababa and Stephen Cornell quit yesterday amid the release of the board’s review of the ballooning costs and delays at the US-based Lake Charles Chemicals Project (LCCP).
4. South Africa may lose Moody’s stable outlook. But it’s a close call
South Africa’s tenuous hold on the stable outlook on its sole investment-grade credit rating may slip with Finance Minister Tito Mboweni expected this week to show a marked deterioration in the state of the nation’s finances.
5. Ndabeni-Abrahams says laws must be amended to enable innovation, economic growth
South African communications’ minister Stella Ndabeni-Abrahams has told delegates at this year’s government technology (GovTech) conference that laws inhibiting innovation and economic advancement should be amended.
6. Air Zimbabwe resumes flights to South Africa after suspension lifted
Zimbabwe’s national airline has resumed flights to South Africa, the company said on Monday, after a halt last week when South Africa’s state-run airports management firm barred the airline from using the country’s airports over unpaid fees.
7. Leadhome launches rentals property service
Leadhome, has launched a rental service at zero percent commission.