Good morning. This is all the latest business news that you need to know today.
1. Woolworths restructures, sacks its Aussie chief
South African clothing and food retail giant Woolworths yesterday sacked its divisional head in Australia, John Dixon, in a major restructuring drive that it said was meant to simplify its operations Down Under.
2. Sony to become worlds number 1 music publisher
Sony will reportedly enter a $2.3 billion deal which will give Sony a catalogue of more than 2 million songs. Sony will reportedly enter a deal with EMI, arguably one of the world’s biggest music publishers.
Sagarmatha Technology Limited rejects with contempt the insinuation by Sygnia CEO, Magda Wierzycka that Sagarmatha Technologies should not have been considered by the JSE to list.
4. R15bn resort to built along KZN North Coast
KwaDukuza, just north of Durban, will be home to a new beach resort called the Blythedale Coastal Resort.
5. Rand recovers, Vodacom and Aspen lift JSE
The rand staged a recovery yesterday, as the dollar retreated after a recent rally.
At 5pm, the rand bid at R12.5784 to the dollar, 21.52cents firmer than at the same time on Monday.
6. Tourism Transformation Fund to help black businesses
The Department of Tourism and the National Empowerment Fund (NEF) have collaborated to create the Tourism Transformation Fund.
According to the Department of Tourism, the tourism fund has been created to provide financial support for projects that will bring about meaningful transformation in the tourism sector.
7. BP invests in tech to charge cars as quickly as filling gas tank
BP Plc agreed to invest $20 million in a developer of ultra-fast charging for batteries, a technology the oil major believes is key for accelerating the adoption of electric vehicles.
-BUSINESS REPORT ONLINE