7 things you need to know today
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CAPE TOWN – Good morning. This is all the latest business news that you need to know today.
1. Eskom cuts 1 000 MW of power from strained grid
South Africa's utility supplier, Eskom, has cut 1 000 megawatts of electricity from the national power grid on Sunday.
2. Transnet board members may face R1.2bn lawsuit
Former Transnet board members and executives, including Brian Molefe and Anoj Singh, face a R1.2 billion lawsuit should the recommendation from the explosive National Treasury report into the rot at the company be implemented to the letter.
3. Group Five shares plunge after court rules out $62.7m interdict
Shares in Group Five took a hammering on Friday, nosediving by 30% after the dismissal in the high court in Joburg of its urgent interdict application to stop Cenpower Generation Company,
4. Eskom pressured Glencore to sell mine
Details from the explosive forensic report into Eskom has revealed the pivotal role played by erstwhile acting Transnet chief executive Matshela Koko and his management team in strong-arming Glencore to sell the Optimum Coal Mine (OCM) business to Tegeta.
5. True Price expands into private vehicle sales market
True Price, the start-up that provides free vehicle evaluations, has entered into a joint venture with Auction Finance to expand into the field of vehicle finance by offering a range of financing and refinancing options.
6. Reinet gasps as a US smoking clampdown burns BAT
Reinet's net asset value took a beating on its investment in British American Tobacco (BAT) as a crackdown in US cigarette regulations singed the maker of Lucky Strike’s share price.
7. Dis-Chem apologises after striking workers cause disturbances at stores
Dis-Chem has apologised to customers and fellow retailers for the inconvenience experienced at a few shopping centres this weekend after some workers went on strike and protested at Dis-Chem outlets.