CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
1. Clicks chief executive to retire
Clicks chief executive David Kneale is stepping down after 13 years, marking the end of an era at the pharmacy, health and beauty retailer.
2. Private sector has critical role in rebuilding states after conflict - Ramaphosa
Many of the world's conflicts, particularly in Africa, arise from developmental challenges and many countries often slip back into strife because peace agreements have not been followed by post-conflict reconstruction, South African President Cyril Ramaphosa has said.
3. PIC up from R461bn to R2.1trln under Dr Matjila's watchful eye
Dr Daniel Matjila has weathered a few storms over the past 15 years. But he’s most proud of growing the corporation into a R2trillion asset manager.
4. Construction sector welcomes contribution to infrastructure fund
Construction industry organisations have welcomed the R400 billion contribution over the next three years by the fiscus to a new Infrastructure Fund to be established to drive the revitalisation of South Africa's economy.
5. No Ramaphoria yet as president lays out his recovery plan for SA
President Cyril Ramaphosa on Friday laid bare his plans to boost the declining agricultural, manufacturing and tourism sectors and revive South Africa's ailing economy.
6. Neiman Marcus investor says company may be in default
Distressed investor Marble Ridge Capital LP said in a letter to Neiman Marcus Group Ltd that the luxury department store company may be in default on its debt after it moved its Mytheresa business into an entity belonging to the retailer’s private equity owners.
7. Bank regulator under scrutiny
The impartiality of the Prudential Authority at the Reserve Bank has been placed in question after it advised the acquiring parties of the SA Bank of Athens that including the Public Investment Corporation (PIC) as part of the acquiring group would increase its prospects of obtaining its approval for the transaction.