080615 Alex Forbes in Sandton North of Johannesburg.photo by Simphiwe Mbokazi

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

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Services, trading, and distribution company Bidvest said on Monday its headline earnings per share for the half year ended December increased by 9.6 percent to 629.1 cents while trading profit grew by 6.3 percent off flat revenue.

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Financial services firm Alexander Forbes is set to emerge as the biggest loser in a deal that would see it dispose of its short-term insurance business to Sanlam, with Alexander Forbes’s second-biggest shareholder African Rainbow Capital (ARC) said to be front and centre of the deal.

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The Hague Institute for Innovation of Law (HiiL) and leading global law firm Baker McKenzie have announced the winners of the South African leg of Global Legal Hackathon 2019 (GLH2019).

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Finance Minister Tito Mboweni is cracking the whip on municipalities and provinces that are failing to spend money due to poor financial management, stopping and reallocating millions in conditional grants.

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President Cyril Ramaphosa has not yet reprimanded Police Minister Bheki Cele, as directed by the public protector, for failing to provide protection to two whistleblowers in KwaZulu-Natal who were in danger of “assassination”, the presidency said on Sunday. 

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The economic consequences of Eskom's blackouts were laid bare on Friday with the Absa manufacturing purchasing managers index (PMI) February reading showing the steepest contraction in manufacturing activity since October. The PMI fell sharply from 49.9points in January to 46.2 points last month. The decline was attributed to rolling power cuts that hurt sentiment in the manufacturing sector in the month.

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The South African currency extended losses as it breached the crucial R14/$ level in early trade.

BUSINESS REPORT ONLINE