Photo: File.
Photo: File.

7 things you need to know today

By Compiled by Gabriella Steyn Time of article published Oct 5, 2018

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CAPE TOWN – Good morning. This is all the latest business news that you need to know today.

1. Mauritius lender slumped to a four-year low on fraud allegations

SBM Holdings slumped to a four-year low after the owner of Mauritius’s second-biggest lender said its uncovered another fraud at its operations.

2. Eskom's operation clean-up just keeps on gaining momentum

Eskom on Thursday suspended its head of assurance and forensics division, Molefi Nkhabu, as the utility continued its purge of executives associated with the Gupta businesses. Eskom said Nkhabu was suspended for signing off on transactions exonerating executives implicated in maladministration. 

3. Rand on the ropes, stocks weaker

South African assets weakened on Thursday as a rally in US bond yields overshadowed President Cyril Ramaphosa’s promise to create an additional quarter of a million jobs year.

4. Consumers should budget to survive the reality of the #FuelPriceHike

Danny Zandamela, Chief Executive of Ithala believes consumers should budget their money better if they want to survive during the fuel hike.

5. Franchise car dealers up in arms about new code

Franchised automotive dealers are up in arms about the possible impact of a new draft voluntary code for the industry compiled by the Competition Commission, claiming it would hit the franchise dealers industry to the benefit of independent dealers.

6.#JobsSummit: Ramaphosa estimates additional 275 000 from next year

President Cyril Ramaphosa yesterday announced a bold plan to stimulate employment that will see a partnership between corporations, labour, government and communities unlocking growth.

7.KPMG suspension from Business Leadership SA lifted

KPMG has been readmitted as a member of Business Leadership South Africa (BLSA), the auditing firm said in a statement on Thursday.


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