Cape Town - 180718 - Session 1 of the BRICS Medoa Forum where strengthening the media's role and responsibilities were discussed. Picture: Henk Kruger/ANA/African News Agency

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

1. WATCH: #BRICSMEDIA Forum deepening co-operation

Cape Town, the host city of the two-day BRICS Media Forum, was on Wednesday described as a “place of great pain and a place of great freedom”.

2. Rand undervalued by 57.9%against the dollar

 The rand is undervalued by 57.9 percent against the US dollar, according to the Big Mac Index compiled by The Economist.

3. May sales have increased, but analysts are concerned

While May trade sales, released yesterday, increased by 1.9 percent year on year, economists were cautious as the recent VAT increase and surging fuel prices could hold back consumer spending in coming months. 

4. U.S. intelligence documents on Nelson Mandela made public

 Thousands of pages of U.S. intelligence documents on Nelson Mandela were made public on Wednesday, revealing that Washington continued to monitor the South African anti-apartheid hero as a potential Communist menace even after he was released from prison, a group that sued to obtain the papers said.

5. Steinhoff extends 'early bird' lock-up fee deadline for second time

Steinhoff extended for a second time on Wednesday the “early bird fee” deadline for creditors to sign a three-year agreement to hold off their debt claims, as the scandal-hit South African retailer battles to stay afloat.

6. Vukile Property says to raise R1.3bn through issue of new shares

Property company Vukile said on Wednesday it proposed an equity raise of approximately R1.3 billion through the issue of new shares.

7. EU to fine Google a record $5bn over Android

Google will be fined about 4.3 billion euros ($5 billion) by the European Union over apps for Android mobile devices, setting a record for antitrust penalties, according to a person familiar with the EU decision.