President Cyril Ramaphosa’s government has a lot to do to fix the country’s economy. Picture: REUTERS

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

1. Standard Bank scores 5% profit growth

 Standard Bank reported a 5 percent increase to R12.7 billion in headline earnings for the six months to end June, boosted by 32 percent growth in its Africa regions. 

2. President Ramaphosa’s inquiry into PIC welcomed

Dr. Daniel Matjila, chief executive of the Public Investment Corporation (PIC), welcomes President Cyril Ramaphosa’s decision to establish a commission of inquiry into the alleged improprieties at the PIC, which is Africa’s largest asset manager. 

3. Listeriosis effect bites Tiger Brands

Tiger Brands’ share price tanked 10 percent after it flagged its earnings were expected to slide up to 37 percent with consumers under pressure in a slowing economy and as it counted the costs of its listeriosis fall-out.

4. The rand put under pressure

The rand is under pressure again, as the markets are concerned about the local economy and a final credit rating downgrade to 'junk' status. 

5. EFF tables Bill to make Central Bank State-Owned

The EFF has tabled a proposed amendment to the laws governing the Reserve Bank and The party wants SARB to be state-owned, with directors appointed by the minister of finance, and not private shareholders. 


6. Satawu demands explanation from Transport minister

The South African Transport and Allied Workers Union (Satawu) yesterday demanded an audience with the Minister for Transport and the Transnet board to explain what it considers knee-jerk political purges in state-owned enterprises (SOEs) as news broke on the suspension of Transnet chief executive Siya­bonga Gama and two executives.

7. NSFAS works around the clock to finalise student funding

The National Student Financial Aid Scheme (NSFAS) is racing against time to finalise to the funding of outstanding students who applied for this year's bursaries ahead of the re-opening of applications for next year in September.

- BUSINESS REPORT ONLINE