Retail group Pepkor posted 13.8 percent growth in revenue. Photo: File.

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

1. Pepkor issues profit warning

Pepkor, formerly Steinhoff Africa Retail, shares yesterday plunged 6.74 percent after the group warned that its profits for the year ended September would decline by at least 32 percent. 

2. Coronation slashes dividends as South Africans rush to cash in pensions

Fund manager Coronation on Tuesday slashed its dividend payout by 9.2 percent to R1.97 for the year ended in September as South Africans cashed in their pensions faster than the company could grow them.

3. Tariff hike will prop up Eskom – Moody's VP

Eskom's tariff increase application before the National Energy Regulator of South Africa (Nersa), if approved, will free the power utility from the financial quicksand it is in and allow it to complete stalled projects, a research paper by Moody's vice-president, senior credit officer Helen Francis, pointed out yesterday. 

4. Santaco acquires R1.7bn stake in SA Taxi

The South African National Taxi Council (Santaco), the mouthpiece of the country's minibus taxi industry, has acquired a quarter of SA Taxi through a transaction that will see it subscribe to almost R2billion worth of shares in the financial services provider at no cost to members.

5. WATCH: Rand falls after losses in global equity prices

The South African currency fell along with other emerging market currencies as risk sentiment soured following sharp losses in global equity prices and heightened tensions in the EU-Italy budget standoff.

6. Rhodes Food pushes struggling Ma Baker as shares plunge

Food producer Rhodes Food Group (RFG) said yesterday that it was looking to turn around its struggling Ma Baker business after the group’s profit after tax for the year ended September plunged by 34.3 percent to R154.3 million. 

7. #BlackFriday payment chaos: How SA banks can improve

Payment glitches that cause shopping chaos during peak periods like Black Friday have become an all too common experience for South African consumers. 

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