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

According to data from Stats SA, Youth unemployment in South Africa surged to 52.4 percent in the first quarter from 51.1 percent recorded in the fourth quarter of last year.

2. SAA’s new SOS will cost Treasury R21bn

South African Airways reportedly needs to raise R21.7 billion to ensure its turnaround strategy.

Steinhoff's share price slipped by more than 8 percent to its lowest level of R1.45 a share, down from Monday’s closing price of R1.59.

4. Tom Moyane's demands rejected by Ramaphosa

Former Sars boss, Tom Moyane's demands for the state to cover his legal bills was reportedly rejected by President Cyril Ramaphosa.

Denel chief executive Zwelakhe Ntshepe yesterday became the latest parastatal leader to fall.

6. Pravin Gordhan warned Transnet before the ax fell

Public Enterprises Minister Pravin Gordhan explained that the failure of the Transnet board to act on damning findings of a report by law firm Werksmans was among the reasons for this week’s removal of the three remaining members.

7. Questions mount over Barclays Africa and Absa Bank chief departure

David Hodnett resigned as deputy chief executive of Barclays Africa and Absa Bank and will also cease to be executive director, the group said.