Newly appointed Minister of Finance Tito Mboweni said at an investment conference in New York on Saturday that SAA should be closed down because it could not be turned around. File Image: IOL

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

1. Patrice Motsepe buys a majority stake in TymeBank

Billionaire Patrice Motsepe’s ambitions to own a bank got a shot in the arm on Friday after his investment vehicle, African Rainbow Capital Investment (ARCI), received the green light by Prudential Authority to acquire a majority stake in TymeBank.

2. Gordhan cracks the whip at SAA as Mboweni says shut it for good

Minister for Public Enterprises Pravin Gordhan yesterday announced firm changes at national carrier SAA. 

3. Mango’s questionable executive process

Struggling low-cost airline Mango allegedly paid R1 million to a recruitment agency to find a permanent chief executive, but ended up appointing Marelize Labuschagne in an acting capacity after she threatened to resign because she was not consulted.

4. WATCH: Rand edges stronger against dollar

The rand edged stronger against the US dollar during European trade on Friday according to NKC Research. 

5. They don’t want me to be president, says Gigaba

Embattled Home Affairs Minister Malusi Gigaba has attributed his recent political setbacks to sinister forces aimed at preventing him from becoming the next ANC leader - and subsequently state president.

6. Online shopping hits R14bn mark in SA

Online shopping hit the R14 billion mark in South Africa with 1.4 percent of overall sales in the country despite persistent apprehensions about its safety.

7. Muzarabani finding points to oil and gas exploration for Zimbabwe

Controversy has swirled over the Zimbabwean government's announcement of the discovery of oil and gas in Muzarabani.

BUSINESS REPORT ONLINE