Advocate Wallace Mgoqi, the chairperson of AYO, said the company welcomed the government's decision for Icasa to sell spectrum for 4G services and 5G licenses in early 2019 and 2020. File Image: IOL

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

1. WATCH: Rand supported by strong retail sales data

The rand clung on to some overnight gains against the US dollar during yesterday’s European trading session according to NKC Research. 

2. AYO set to join big players in line to bid for share of 4G spectrum

AYO Technology Solutions (AYO), the largest black-empowered JSE-listed ICT group in the country, yesterday looked set to join the big wireless operators in bidding for a share of the licensing of spectrum in the 700MHz, 800MHz and 2.6GHz bands when they are put on auction by the end of March.

3. Retail data points to end of SA recession

South Africa is expected to exit the technical recession in the third quarter, after Statistics South Africa reported a 2.5 percent growth in retail sales for August, following an upward 1.4 percent recorded in July and beating market expectations of a 0.3 percent rise.

4. Steinhoff's investors to suspend legal battle as firm recovers

Steinhoff said investors who are suing the crisis-hit firm had agreed to suspend litigation until next year, allowing the retailer time to focus on its recovery.

5. Zimbabwe rescued as $500m forex facility is approved

The Africa Export-Import Bank (Afreximbank) has come to the rescue of ailing Zimbabwe, confirming on Tuesday that the bank will avail a $500 million (R7.1 billion) facility to help Zimbabwe stabilise its foreign currency position to enable the importation of key commodities.

6. Sars head of IT's vague answers leave Sars inquiry baffled

The Nugent Commission of Inquiry on Wednesday was left confused after the South African Revenue Services (Sars) head of the information technology (IT) department failed to give coherent answers to questions about the institution's crumbling IT infrastructure.

7. Wold's richest gain $1 billion in stock surge

It’s a perfect 10. On Tuesday, for the first time since the March 2012 launch of the Bloomberg Billionaires Index, every one of the world’s 10 richest people added at least $1 billion ( R14 bn) to their fortunes as US stock markets ripped higher, brushing off last week’s malaise.