FILE PHOTO - A man walks past the Discovery headquarters in Sandton

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

1. Discovery business initiatives sink profit but group remains upbeat

Listed financial services group Discovery on Thursday posted a 16 percent fall in its interim profit on the outlay in new business initiatives, particularly its banking offering, which saw its budget overshoot initial estimates, as well as huge claims in its insurance business. 

2. Sibanye lambastes Moody's over downgrade

Sibanye-Stillwater yesterday lambasted the decision by global rating agency Moody’s Investors Service to downgrade the precious metals producer. 

3. Zimbabwe floats exchange rate, readies up new currency

Zimbabwe has floated its quasi-bond note currency, effectively devaluing the unit in what experts say is in preparation of a local currency through slow erosion of bloated bank balances that have driven Zimbabwe’s official inflation to above 50 percent.

4. Recycling is a roaring success for Lady Lion winner

KwaZulu-Natal businesswoman Simangele Chirwa’s recycling business got a boost earlier this month when she was announced the winner of The Lady Lion R100k competition.

5. Blind and Deaf Society bankrupt after R12m theft

The KwaZulu-Natal Blind and Deaf Society is struggling to keep its doors open after a senior employee allegedly looted the organisation’s bank accounts of R12million.


6. OR Tambo International is named African Airport of the Year

OR Tambo International Airport, South Africa’s biggest and busiest port of entry, was named African Airport of the Year at this week’s Air Cargo Africa conference and exhibition. This was the fourth time the airport has won the award.

7. WATCH: Rand trades weaker overnight

Broad greenback softness made it easier for the South African currency to dip below the R14/$ level, buoyed by hopes that Wednesday’s national budget would be enough for Moody’s not to place South Africa on negative watch at its next scheduled review of the country’s credit rating on March 29. 


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