CAPE TOWN – Good morning. This is all the latest business news that you need to know today.
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.
South African lender Nedbank yesterday became the latest financial services group to sever ties with embattled audit firm KPMG.
The rand traded slightly stronger versus the greenback during yesterday’s European trading session according to NKC Research.
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.
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.
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.
Today Apple will hold an event expected to be focused on the iPad and Mac.
BUSINESS REPORT ONLINE