CAPE TOWN – Good morning. This is all the latest business news that you need to know today.
1. Steinhoff soars as Du Preez takes hot seat
Steinhoff soared nearly 20 percent in early trade on the JSE, following the appointment of Louis du Preez as a permanent chief executive and the granting of a bankruptcy application by US subsidiary Mattress Firm.
2. Pioneer flags muted growth as profits soar
Pioneer Foods yesterday flagged the possibility of muted growth in consumer packaged goods as its profits soared in the year to end September, buoyed by the recovery of maize.
3. Eskom flattens executive structure to save troubled utility from collapse
Eskom said on Monday that it was going ahead with plans to flatten its top structure and merge certain divisions in its quest to enhance operational and cost efficiencies.
4. Joburg gets cracking with R1.2bn 'Jewel City' redevelopment
The City of Johannesburg has kicked off the R1.2 billion redevelopment of a 40 000m² area in the central business district which will see the construction of a new precinct boasting a school, clinic, gym, parking space, shops, fast food outlets and restaurants.
5. WATCH: Rand benefits due to future US interest rate doubts
The rand hovered around the R14/$ level during yesterday’s European trading session according to NKC Research.
6. Netcare integrates mental health services
Private hospital group Netcare said yesterday that the surge in mental illness in the country would add to its bottom line through its recently concluded R1.3 billion acquisition of Akeso Clinics, a chain of psychiatric health care facilities.
7. #VBSBank: Mayor in hot water over missing R50m
The mayor of a North West municipality is in hot water after revelations that her municipality had failed to account for almost R50 million which was “inappropriately reported” to have been invested with VBS Mutual Bank.