Image: Sanlam CEO Lizé Lambrechts

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

1. Rand tumbles on first-quarter GDP data

The rand opened stronger yesterday but took a nasty knock from first-quarter gross domestic product (GDP) figures, which showed that the South African economy had contracted by 2.2percent quarter-on-quarter.

2. Siemens supports Chinese companies going global

In 2017 Chinese EPCs signed 7 217 overseas EPC contracts in 61 countries, to the value of $144.43 billion, said Adri de Wet who is attending the Siemens Belt and Road conference in Beijing.

3. StatsSA data paints a bleak GDP picture

Financial stocks yesterday fell alongside the rand after Statistics South Africa (Stats SA) said the country’s economy shrunk to its worst in nine years in the first quarter, laying bare the mammoth task facing the Cyril Ramaphosa administration in reviving a moribund growth-domestic product.

4. Davies launches billion rand ITC factory in East London

SA has not been able to manufacture enough electronics products but has relied on imported tablets, cell phones and all kinds of electronic equipment.

5. Negotiations between McKinsey & Co, Eskom and the Asset Forfeiture Unit fell through due to a clause in the agreement.

The asset forfeiture unit are no longer in negotiations and have pulled out due to a clause in the agreement that could have absolved the Gupta-linked Trillian of paying its dues in the mess.

6. Justice may take years when trying to implicated those involved in state-capture 

South Africans expecting swift justice being served to those implicated in state capture may have to wait years for any real traction to the process.

According to reports, the R100 billion in stolen state funds are yet to be recovered. 

7. Sanlam to have its Annual General Meeting 

Sanlam has its AGM today, and shareholder activist Theo Botha is reportedly told investors to vote against the group’s remuneration policy.

Additionally, Since the CEO Lizé Lambrechts received a R19 million cash bonus last year, this has since been questioned. 

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- BUSINESS REPORT ONLINE