File Photo: IOL
File Photo: IOL

7 things you need to know today

By Compiled by Gabriella Steyn Time of article published Mar 11, 2019

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

1. Transnet throws down the gauntlet

Senior executives at Transnet involved in or knowledgeable about corruption at the rail parastatal in former chief executive Siyabonga Gama’s tenure have a limited window to declare their partaking confidentially to an appointed retired bishop, or face the music when they are discovered.

2. Former AYO executives resigned to escape forensic investigation

A senior executive at AYO Technology Solutions has come out to state the real reason its two former executives hastily left the company was that the board’s independent chairperson, Dr Wallace Mgoqi, had indicated that he would institute a forensic inquiry into their conduct.

3. WATCH: Rand closes at a nine-week low against the dollar

The local unit traded close to a nine-week low against the greenback, as domestic woes including struggling Eskom and a war of words between the central bank governor and president on central bank independence weighed.

4. Tongaat tanks after warning that probe may affect financials

Tongaat Hulett’s share price plunged roughly 30percent on the JSE on Friday after the group said it was bringing in PricewaterhouseCoopers to conduct a comprehensive review of “certain practices” at the firm that might impact on its previously reported financial information.

5. The curious case of Mondli Gungubele’s power

As the Commission of Inquiry into alleged improprieties at the Public Investment Corporation (PIC) resumes we expect more explosive testimonies as more witnesses appear before the commission to give their versions of the truth, largely based on emails sent by whistle-blower James Nogu/Noko.

6. Zimbabwe's Simbisa Brands ready to expand with Nando’s and Ocean Basket

Zimbabwe’s Simbisa Brands – which runs Ocean Basket, Chicken Inn, Nando’s and Steers counters – has set its eyes on local and regional expansion after deciding against listing in London, with a dividend of 0.45 (USD) cents declared for the interim period to end December.

7. Policy uncertainty will keep rand volatile - Fitch

Fitch Solutions, a subsidiary of Fitch Ratings, on Friday said the rand was set for further volatility in the months ahead on persistent policy uncertainty in the run-up to the 2019 elections, due to be held in May.


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