Good morning. This is all the latest business news that you need to know today.
1. More Steinhoff secrets surface but share price still up
New documents exposed that Steinhoff executives bought forestry plantations in South Africa in 2001 just to resell them to the retailer three years later. Despite this, Steinhoff shares were up 8% on Tuesday, closing at R1.75 a share.
2. Woolworths recalls frozen rice over Listeria concerns
Woolworths is in the process of recalling its frozen savoury rice mix product. The rice mix has sweetcorn that was apparently imported from the Greenyard factory, that may have been the source of a Listeria outbreak in Hungary.
3. McKinsey & Company not off the hook
McKinsey & Company’s grovelling and repayment of R902 million to Eskom this week does not take away suspicions that the R1.6 billion contract with the power utility was mired in criminality and should be subjected to criminal investigation, said Corruption Watch executive director David. Lewis
4. Business confidence down for a fifth month
South Africa’s troubled economy received a further blow yesterday with business confidence in June retreating for a fifth consecutive month with the Ramaphoria effect fast dissipating.
5. Bitcoin drops again
Bitcoin has dropped as much as 6% on Tuesday – the biggest drop since mid-June. The currency’s poor performance was reflected in its peers, with Ripple, Ethereum and Litecoin also falling by more than 4%.
6. SMEs need to invest in advanced technologies
According to the 2018 Business Partners Limited SME index, 80% of domestic small and medium-sized enterprises (SMEs) will need to invest in automation or other advanced technologies such as artificial intelligence (AI), 3D printing and robotics over the next three to five years in order to remain competitive.
7. The 2018 KZN property market is in better shape compared to 2017
The Managing Director of Seeff Berea, Roger Hoaten, has reported that the property market in KwaZulu-Natal has fared well in 2018 compared to 2017.