CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
1. Shoprite share price down 4%
Shoprite share price fell by more than 4% after it reported its first profit decline in two decades.
2. Steinhoff gets the spotlight again
Markus Jooste has been summoned to appear in parliament in a week’s time.
3. The rand reaches its best week
The rand hit its best level in a week after US President Donald Trump criticised the Fed for hiking interest rates. This morning, it was at R14.36 to a dollar.
4. R114m substation will see Atlantis energy double
The City of Cape Town’s new R114 million industrial substation for Atlantis will see the area’s energy increase to more than double the current capacity, which is a welcome boost for the area that was recently declared as a special economic zone (SEZ).
5. Sars official reveals how Moyane killed compliance, revenue collection
A senior South African Revenue Service (Sars) executive on Tuesday, explained how the organisation’s revenue compliance programme was destroyed by the restructuring project implemented by suspended commissioner Tom Moyane.
6. R26m spent on ministers’ homes
On the day it was exposed at the state capture commission that tender rules were subverted to benefit companies, it has emerged that the government splurged more than R26 million on four posh houses for ministers in the last two financial years - with R500 000 blown on braai entertainment areas.
7. Uber appointed a new CFO
Uber Technologies Inc. selected Nelson Chai, a longtime banking executive as a chief financial officer