Discovery Bank, Bank Zero and Patrice Motsepe’s TymeBank are expected to give the likes of Nedbank, Standard Bank, Absa Bank, FirstRand and Capitec a run for their money after they were granted banking licences last year. Photo: File Image: IOL

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

1. Major shake-up for SA banking sector

The banking sector is poised for a major shake-up in competition this year as three new entrants begin plying their craft against the established institutions which have perennially dominated the market. 

2. Sibanye shares rally on forecast

Sibanye Stillwater’s share price yesterday strengthened more than 5 percent on its expectation of a solid operational performance of its local and US platinum group metals (PGM) operations despite the protracted strike at its gold operations that have claimed four lives.

3. Alexander Forbes executives resign amid strategic review

Three Alexander Forbes Group Holdings executives have resigned as the South African retirement, investment and insurance-services provider pushes ahead with a strategic review of its market position and business model.

4. McKinsey & Co embroiled in controversy as US judge reopens case

Controversial global management consulting firm McKinsey & Co, which was at the centre of the state capture project, is embroiled in yet another controversy after a US bankruptcy judge decided to reopen a two-year case amid allegations of non-disclosure. 

5. Trump will cancel planned Davos trip if shutdown continues

US President Donald Trump said on Thursday that he was still scheduled to attend the World Economic Forum (WEF) in Davos, Switzerland slated for later this month but that he would not go if the partial shutdown of the federal government continued.

6. Acacia Mining fined for breaching environmental regulations

Acacia Mining said on Thursday the Tanzanian government has fined the miner 300 million Tanzanian shillings (R1,8 mn), two days after the government appointed a new mining minister, over allegations of breaching environmental regulations at its North Mara mine.

7. Cryptocurrency expected to fall by February 1

Experts on finance comparison site finder.com’s latest monthly Cryptocurrency Predictions Survey have shared their 2019 forecasts for eight of the top 10 coins by market cap, as well as the top three trending coins, Monero, Dogecoin and NEO.

BUSINESS REPORT ONLINE