CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
1. Metrorail system in jeopardy
The Metrorail system in Cape Town is in jeopardy as the Passenger Rail Agency of South Africa (Prasa) fails to pay to protect rail commuters.
2. Stellar MAS performance
MAS Real Estate, the commercial property investor and developer listed on the JSE and the Euro-MTF market of the Luxembourg Stock Exchange, grew distributions a share by 30 percent to €7.61 (R133.80) in the year to June from €5.85 in the previous year.
3. Quality service means quality staff says Tsogo Sun
A quality service cannot be delivered without having the right staff no matter how “fancy” the hotel.
4. Omnia Fertilizer to pay penalty of R30m in price-fixing case
Ominia Holdings’ indirect subsidiary, Omnia Fertilizer, has agreed to pay an administrative penalty of R30 million to the Competition Act.
5. Sars Inquiry: Bain's managing partner steps down
Bain & Company has announced that its managing partner Vittorio Massone has stepped down and Tiaan Moolman – a long-serving member of the Bain partnership – will step in to run the South African operations in the interim.
6. Recession headlines will squeeze consumer pockets
The headlines announcing that South Africa entered into a recession will squeeze consumer pockets due to its effect on the rand exchange.
7. #WaterCrisis: Good news for Cape Town's overburdened ratepayers
The City of Cape Town has announced that from October it will lower water restrictions and tariffs to Level 5 following good rainfall that has seen dam levels rise to about 70 percent full.