Clover Industries. Photo: Simphiwe Mbokazi/African News Agency (ANA)
Clover Industries. Photo: Simphiwe Mbokazi/African News Agency (ANA)

7 things you need to know today

By Compiled by Gabriella Steyn Time of article published Mar 6, 2019

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

1. Minister Davies appoints 5 new members to BRICS council

Trade and Industry Minister Rob Davies has appointed new members to the BRICS (Brazil, Russia, India, China and South Africa) Business Council following nominations from Business Unity South Africa and the Black Business Council.

2. Milco's plan to buy Clover share capital to be decided

Clover  Industries said yesterday that the firm intention by Milco to acquire the entire issued share capital of the branded consumer goods and beverages group for R4.8billion would be decided by its shareholders at the end of the month.

3. WATCH: Rand slips overnight against the dollar

 At the close of local trade, the rand quoted 0.6 percent stronger at R14.13/$, after trading in range of R14.12/$ - R14.22/$. 

4. Nedbank assets now exceed R1trillion

Nedbank, which concluded its managed separation from Old Mutual in October last year, reported that for the year to end December its total assets exceeding R1trillion for the first time despite a subdued economy, which in the period was in a technical recession.

5. SA’s growth factor is still in contraction

South Africa’s economy moderated to 1.4 percent quarter-on-quarter in the fourth quarter from 2.6 percent recorded in the previous quarter, with economists expecting better growth ahead.

6. LOOK: This Cape Town property raises price ceiling to R22.5m

The price ceiling for a Cape Town City Bowl apartment has just lifted to a record price of R22.5 million for a luxury penthouse in Higgovale sold by Madelein Armstrong, an agent with Seeff. 

7. Facebook plans to create crypto-coins for WhatsApp - reports

Facebook is reportedly planning to create a cryptocurrency coin for WhatsApp.


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