CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
1. Pick n Pay shares rise on annual turnover growth of nearly 10%
Pick n Pay, one of South Africa’s largest supermarket chains, yesterday rose after the group reported turnover growth of almost 10 percent in the financial year to the end of March, underscoring the resilience of its South African division, which clawed back market share from competitors.
2. SA is experiencing net equity outflows
The Institute of International Finance (IIF) said yesterday that its daily tracker showed South Africa experienced net outflows of non-resident portfolio equity in the first quarter while debt flows recovered only modestly.
3. Slow pace of structural reforms stifles investment
The World Bank has warned that low business confidence that is partly driven by the slow pace of structural reforms would hold up investment growth in South Africa as the lender slashed its growth forecast for sub-Saharan Africa this year to 2.8 percent from an initial 3.3 percent.
4. #PICInquiry: Former AYO executives tell their story
AYO Technology Solutions former executives, Kevin Hardy and Siphiwe Nodwele, on Monday gave the Commission of Inquiry into alleged improprieties their version of how things panned out with regard to the listing of AYO Technology Solutions.
5. Shoprite serves 100 million R5 deli meals since launch of affordable meal options
This week Shoprite served its 100 millionth R5 deli meal since launching the affordable meal options almost two years ago.
6. Sars to migrate to new hosting platform for electronic services in April
SARS will be migrating to a new hosting platform for its electronic services in April 2019.
7. #PICInquiry: Get the transcript... SA reporting under question
Sekunjalo chairperson Dr Iqbal Survé remains in the media spotlight after his testimony to the PIC Commission of Inquiry, where he took a swipe at the reporting standards of various media.