CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
1. Fashion flop and brand fiasco nail Woolworths shares
The market slapped Woolworths shares lower as the retailer sliced the dividend to shareholders by nearly 30percent in the wake of R6.93billion impairments in Australian department store chain David Jones, and as a result of its local fashion faux pas.
2. Unions brace for fight with Eskom over job reductions
Power utility Eskom’s intention to cut 7000 jobs through natural attrition will bring it perilously in contact with a live wire as affiliated trade unions threaten to short-circuit its operations with running strike action.
3. Rand breathes after hit by Trump
The rand received timely support yesterday from the government's assurance that South Africa’s inclusion in the African Growth and Opportunity Act (Agoa) was not at risk following US President Donald Trump’s canny tweet on South Africa’s land reform process.
4. Imperial Logistics targets ‘big’ opportunities in Africa
Imperial Logistics, which is set to be separately listed from Imperial Holdings’ automotive business in the fourth quarter of this year, is targeting huge growth opportunities in Africa.
5. WATCH: Nikon reveals first mirrorless cameras
Nikon Corp. unveiled its first full-frame mirrorless cameras, seeking to make up lost ground against Sony Corp. in the professional photography market.
6. Massmart, owner of Makro and Game, also saw its interim profit decline
South African retailer Massmart Holdings reported a drop in half-year profits on Thursday as cash-strapped consumers prioritised food over higher-margin discretionary goods such as electronics.
7. Driverless startup Zoox suddenly removes CEO
Zoox Inc., an autonomous driving startup recently valued at $3.2 billion, has dismissed its Chief Executive Officer Tim Kentley-Klay after closing a massive financing round in July.