CAPE TOWN – Good morning. This is all the latest business news that you need to know today.
1. Jobs summit ‘is the start of a process, not an event’
The two-day National Economic Development and Labour Council (Nedlac) jobs summit which begins in Johannesburg today should be considered as more of a process than an event, Business Unity (Busa) vice-president Martin Kingston said yesterday.
2. Rand flat as dollar gains, stocks fall
SA’s rand was flat in afternoon trade on Wednesday, giving up earlier gains as a solid US dollar kept pressure on emerging markets, while the bourse was led lower for a second session by banks and gold stocks.
3. EOH explains painful loss of R100m
Information and communications technology (ICT) group EOH Holdings yesterday blamed the political uncertainty, squeeze on public sector funding, delays in sign-offs on projects and the postponement of the awarding of contracts for its R100.98 million loss during the year to end July.
4. Mantashe axes 2 top officials, charges 7 others in spring cleaning
The Department of Mineral Resources has axed two senior officials and laid charges of fraud against seven others as part of its bid to root out alleged corruption left behind by former minister Mosebenzi Zwane.
5. Ramaphosa's reforms to boost SA growth in 2019 – Goldman Sachs
Goldman Sachs expects South Africa’s economy to grow almost 3 percent next year, helped by President Cyril Ramaphosa’s reforms and strong global growth, the bank’s sub-Saharan Africa head told Reuters.
6. WATCH: Microsoft releases a new update for Windows 10, see the new features
Microsoft announced that the new update for its Windows 10 operating system will be available to all users today.
7. Volkswagen terminates Audi chief's contract
Volkswagen has terminated Audi chief executive Rupert Stadler’s contract against the backdrop of a criminal investigation into whether he was involved in emissions cheating by the German group.