File photo: Reuters

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

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Many small South African business are now being forced to take loans to buy standby equipment to use during rolling electricity powercuts, small and medium enterprises funder Retail Capital said on Wednesday.

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JSE-listed aluminium supplier Hulamin suffered an impairment charge of R1.45billion in the year to end December in both Hulamin Rolled Products and Extrusions.

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President of the United Democratic Movement (UDM), Bantu Holomisa, on Wednesday urged the Justice Lex Mpati Commission to take a closer look at allegations against Lawrence Mulaudzi and why it seemed so easy for Mulaudzi to gain access to PIC funding.

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Financial services group Sasfin yesterday said it managed to lift its profits by 59.89percent during the six months to end December.

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Bantu Holomisa is currently giving his testimony at the  Public Investment Corporation (PIC)  Commission of Inquiry in Pretoria. 

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Communications minister Stella Ndabeni-Abrahams has removed Rubben Mohlaloga, who was last month sentenced to 20 years in jail for defrauding the Land Bank of R6 million, as chairman of the Independent Communications Authority of South Africa, her department said.

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The rand will look towards today’s domestic data releases – February inflation and January retail sales – for some reprieve. 

BUSINESS REPORT ONLINE