File picture: Jason Boud/ANA

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

1. Nedbank will administer funds to VBS retail depositors

The South African Reserve Bank (SARB) governor  Lesetja Kganyago on Monday announced that retail depositers who were using VBS Mutual Bank will be repaid amounts of up to R100,000 using Nedbank starting from Friday.

2. The rand stands firm 

The volatile rand strengthened to R13.41 to the US dollar on Monday afternoon - its strongest performance since mid-June. 

3. McKinsey apologises to Eskom, says it overcharged

 The head of global consultancy firm McKinsey on Monday apologised for overcharging Eskom as it repaid nearly R1 billion on a deal linked to the state capture scandal, the Financial Times reported.


4. Vantage Capital invests $10m on property in Mauritius

Fund managers Vantage Capital has provided $10 million of mezzanine funding to Cap Tamarin, a mixed-used, residentally-focused smart village located on the sought-after west coast of Mauritius.

5. Innovative wine makers raises the profile of local wines

Although the impact from the drought experienced in the Western Cape may be less severe on the the 2018 wine grape harvest than previously estimated, it has challenged local winemakers to be more innovative.

6. BRICS Youth Summit a chance to co-opt young people into mainstream economies

A week before South Africa hosts the 4th BRICS Youth Summit, the National Youth Development Agency (NYDA) on Monday said the conference which precedes the high-level 10th summit of the BRICS bloc was an opportunity to ensure young people play a part in mainstream economies.

7. Businesswoman's doorway to success

Businesswoman Annah Maringa has put her experience as a quality controller to good use by starting her company following sweeping retrenchments at her former workplace.

- BUSINESS REPORT ONLINE