Nedbank announced on Monday it would appoint Ernst & Young as joint external auditors in May 2019 to replace KPMG. Photo: Reuters

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

1. SA’s economic squeeze hurts Shoprite

Africa's biggest supermarket chain Shoprite’s share price fell 4.6 percent after it released a flat operational update for the quarter to end September hampered by weak consumer sentiment. 

2. Nedbank bids farewell to KPMG after the end of this financial year

South African lender Nedbank yesterday became the latest financial services group to sever ties with embattled audit firm KPMG. 

3. WATCH: Rand gains despite broad US dollar strength

The rand traded slightly stronger versus the greenback during yesterday’s European trading session according to NKC Research. 

4. KPMG disappointed by losing Nedbank as a client

Troubled audit firm KPMG South Africa said on Monday that it was disappointed to lose Nedbank as its client but it understood the decision was part of the industry-wide move towards mandatory audit firm rotation.

5. More pain for Steinhoff as shares decline

Troubled retailer Steinhoff International’s share price yesterday declined by more than 2 percent after it was revealed that several law firms from Europe and South Africa were holding meetings in the country this week for investors who lost money as a result of the accounting irregularities that emerged in December.

6. Calls to charge mayor over VBS debacle

The North West standing committee on public accounts (Scopa) has vowed to crack the whip on municipalities that fail to criminally charge officials responsible for investing municipal funds with VBS Mutual Bank.

7. What to expect at Apple’s October hardware event

Today Apple will hold an event expected to be focused on the iPad and Mac. 

BUSINESS REPORT ONLINE