File Image: Absa's new logo
File Image: Absa's new logo

7 things you need to know today

By Staff reporter Time of article published Jul 12, 2018

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

1. Absa to claw back lost ground

 The Absa Group, formerly Barclays Africa, on Wednesday admitted to making mistakes in its retail banking business (RBB) that saw it lose market share. 

2. BRICS bloc needs to work together - Siyabonga Gama

With the full-blown US-China trade war underway, Transnet chief executive Siyabonga Gama has called on the BRICS bloc to work together to improve infrastructure, promote innovation and reduce policy uncertainty.

3. Step closer to Steinhoff restructuring agreement

Steinhoff International Holdings yesterday launched a consent process for a lockup agreement in connection with the restructuring of the company’s financial indebtedness set to be in place for at least three years. 

4. US and China’s tit-for-tat tariff war sees rand, JSE lose ground

 The tit-for-tat tariff war between the US and China hit the rand yesterday and saw the FTSE/JSE All Share Index (Alsi) lose more than 1 percent. 

The rand had fallen to R13.43 against the greenback by 5pm, 0.61 percent weaker than it was at the same time on Tuesday, while the Alsi retreated 1.37 percent to 57 231 points. 

5.Twitter roasts Woolworths after rice recall

South African's took a punch at Woolworths after the rice recall, However, Woolworths responded back stating that Food safety is of critical importance to them. 

6. DUT to offer cloud-computing through Amazon Web Services

 The Durban University of Technology (DUT) has partnered with the Amazon Web Services (AWS) to offer a curriculum that is dedicated to improving the cloud-computing focused skills. 

7. South Africa's economy is not safe as yet

BankservAfrica Economic Transaction Index (BETI) survey revealed that the quarterly decline in economic transactions in the second quarter of this year was the largest since 2013.


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