7 things you need to know today

File image: KPMG. (IOL).

File image: KPMG. (IOL).

Published Jun 4, 2018


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

1. Zimbabwe Hwange expansion $1.4bn

Zimbabwe has closed a $1.4 billion funding project for a 600MW coal fired expansion project at Hwange, drawing on financing from China and other partnership with Standard Bank and Utho Capital among other participants.

2. Petrol to rise by massive 82c/litre

The retail price of petrol in South Africa will rise by 5.5percent from June 6, while the price of wholesale diesel will rise by 6.4percent, the energy department said on Friday.

3. New renewable energy round may rake in R50bn in investment

The renewable energy industry on Friday got a shot in the arm when Energy Minister Jeff Radebe announced a new bid round of the Renewable Energy Independent Power Producer Procurement programme.

4. Saica breaks its audit links with KPMG

The South African Institute of Chartered Accountants’ (Saica) board had accepted their auditor’s KPMG offer to resign as Saica’s external auditors, citing possible perceived independence concerns if they were to perform the 2018 audit as a result of the current Saica-appointed Ntsebeza inquiry, it said on Friday.

5. Nigerian MPs are said to seek $1bn for steel plant

Nigerian lawmakers who want to block President Muhammadu Buhari’s plans to sell an idle steel plant are moving to approve $1 billion of spending from oil savings to retain state ownership even before audits to determine its value are completed.

6. Distell eyes growth potential

Liqour brands firm Distell, the world’s second biggest producer of ciders, which on Friday re-listed, is eyeing growth opportunities in the rest of Africa for its wine, spirits and cider brands, managing director Richard Rushton said on Friday.

7. Mr Price to spend R550m expanding its stores in 2019

Mr Price expects to spend R550million, funded by cash reserves, as capital expenditure in the financial year 2019, which would include opening 48 stores and the acquisition of 12 Kenyan franchise stores.

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