Photo: Dwayne Senior/ Bloomberg.

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

1. Steinhoff guns for Jooste, directors

Under fire retailer Steinhoff is expected to come under renewed pressure today as the company guns for executives and directors who pocketed millions of rand in an accounting scandal that cost the company more than $7.4 billion (R106.34bn) in 2017.

2. Group Five is in need of R3.6bn just to survive business rescue

Group Five needs R3.6 billion to fund its working capital requirements this year if it is to survive in an industry that is still on its knees.

3. Tsogo Sun shares surge on separate hotel listing announcement

Hospitality Property Fund (HPF), a subsidiary of gaming and leisure group Tsogo Sun, saw its share price surge 6.50 percent on Friday after Tsogo announced it plans to separately list its hotel business by June.

4. Amcu to challenge strike ruling

The Association of Mineworkers and Construction Union (Amcu) will challenge the decision by the Labour Court to squash its proposed secondary strike aimed at shutting the mining industry.

5. WATCH: Eskom supply constraint dampens domestic economy outlook

The announcement by Eskom that load shedding will prevail throughout the weekend curtailed more decisive rand recovery as the supply-side constraint continues to dampen the outlook for the domestic economy and feeds into deteriorating business confidence. 

6. Contractors will down tools, Numsa warns ArcelorMittal

The National Union of Metalworkers of South Africa (Numsa) is threatening to lead contractors at Africa’s steel giant, ArcelorMittal South Africa (Amsa), on a sympathy strike should the company not accede to its demands to permanently place contractors.

7. Apple says Spotify wants benefits of a free app without being free

Apple Inc on Thursday responded to Spotify Technology SA’s complaint with EU antitrust regulators, saying the audio streaming service “wants all the benefits of a free app without being free”.


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