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

1. Shoprite Money - The new free banking service

Shoprite has announced the launch of a new free mobile transactional banking service, Shoprite Money which will give people access to banking services even if they do not have an existing bank account.

2. Rand steady after early losses yesterday

The rand steadied against the dollar in late afternoon trade yesterday, recovering from losses earlier in the session, as a rise in consumer price inflation (CPI) reduced prospects for further interest rates cuts.

3. Analysts predict interest rates to be unchanged

The SA Reserve Bank’s Monetary Policy Committee (MPC) is set to leave interest rates unchanged this afternoon after the consumer price index (CPI) rebounded to 4.5percent in April from a seven- year low in March.

4. Pravin Gordhan to announce board appointments to SOEs

Public Enterprises Minister Pravin Gordhan will announce new board appointments for state-owned enterprises (SOEs) in his portfolio.

5. SA low in global competitiveness ratings

According to the 2018 IMD World Competitiveness Rankings, South Africa ranks 53rd out of 63 countries. 

6. Nedbank allocates R100m to internal venture capital fund

Nedbank has reportedly created a venture capital fund within the bank to leverage off such technology and better serve clients.

7. Melissa’s files for liquidation

Cape Town-based store, Melissa’s has reportedly filed for bankruptcy on Monday. 

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