Photo: Simphiwe Mbokazi/African News Agency/ANA
Photo: Simphiwe Mbokazi/African News Agency/ANA

7 things you need to know today

By Compiled by Dhivana Rajgopaul Time of article published Apr 29, 2019

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

1. Sibanye increases offer for Lonmin takeover

Sibanye-Stillwater and Lonmin have reached an agreement on an increased recommended all-share offer to be made by Sibanye for the entire issued and to be issued share capital of Lonmin. 

2. Pick n Pay reaps the rewards of its 6-year cost-reduction strategy

Pick n Pay reported strong results on Friday as the JSE-listed retail giant reaped the rewards of its strategy over the past six years to reduce costs and improve operational activities in the face of a tough economic slowdown and subdued consumer spending, enabling it to outperform its competitors.

3. Sars seeks to gag businessman

The SA Revenue Service (Sars) has brought a vexatious litigant application in the Cape Town High Court with the intention of silencing Cape Town businessman Gary van der Merwe and put an end to his attempts to expose what he claims to be fraud and corruption by Sars, their lawyers and others linked to them.

4. $10m to be invested for African start-ups

Kingson Capital general partner Ross Jenvey says the venture capital firm is thrilled that US President Donald Trump’s administration has guaranteed $10 million (R144m) towards start-ups to help give them an advantage in scaling the proverbial growth ladder.

5. Taxi drivers may get standard work benefits

Minibus taxi drivers and rank marshals could soon enjoy employment benefits such as a housing allowance, membership of a medical scheme and a retirement fund, and funeral cover if Transport Minister Blade Nzimande has his way through the Revised Taxi Recapitalisation Programme (RTRP), which he launched on Friday.

6. Zimbabwe scrambles to resolve cash crunch

Zimbabwe is trying to clear its arrears with the World Bank and African Development Bank so it can unlock fresh credit lines to offset a liquidity and foreign exchange crunch. 

7. Endeavor SA partners with SME fund to scale high-impact firms in 5 years

Discovery Chief Executive and Endeavor South Africa patron board member, Adrian Gore, announced that Big Business in South Africa would launch a new initiative aimed at deliberately accelerating, the expansion of ten established black-owned companies into “substantial” enterprises with a value in excess of R500-million within five years. 


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