CAPE TOWN – Good morning. This is all the latest business news that you need to know today.
1. #LoadShedding: Eskom executives' leave cancelled, says Gordhan
Public Enterprises Minister Pravin Gordhan on Thursday announced emergency steps to prevent further stage 2 load shedding and confirmed longer-term plans to separate Eskom's generation and distribution capacities.
2. E-tolls boycott spurs GFIP debt to R40.5bn
The non-compliance of motorists in paying their e-tolls has resulted in the R22 billion originally invested in the Gauteng Freeway Improvement Project (GFIP) ballooning to R40.5bn, because of interest on the debt.
3. Steinhoff share price in spectacular drop with postponement of results
Steinhoff International's share price fell by 10.11 percent on the JSE on Thursday to close at R 1.60 after the group announced the postponement for the publication of its 2017 and 2018 year results to mid-April 2019 with an analyst warning of “dark days” ahead.
4. Banks bear the brunt of weakened rand
South African banks bore the brunt of the weaker rand after the third-quarter current account deficit widened to R176.6 billion from R167bn and continued fears that the truce in the trade spat between the US and China will be short-lived hurt sentiment.
5. WATCH: Rand weakens to a three week low
The rand weakened to a three-week low against the US dollar during yesterday’s European trading session according to NKC Research.
6. Eskom takes action against contractors for financial collusion
Eskom is taking action against contractors and original equipment manufacturers (OEMs) for financial collusion and sub-standard work in the construction of the Medupi and Kusile power stations, which have contributed to tripling the costs of the power utility, says Minister of Public Enterprises Pravin Gordhan.
7. Dan Matjila's departure was not linked to corruption, says Gungubele
The sudden resignation of Dan Matjila as chief executive of the Public Investment Corporation was not linked to corruption or poor investment decisions, Deputy Finance Minister Mondli Gungubele said on Thursday.