File image: IOL
File image: IOL

7 things you need to know today

By Compiled by Dhivana Rajgopaul Time of article published May 15, 2019

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

1. Mammoth task facing Ramaphosa as unemployment hits 2 year high

The mammoth  task facing President-elect Cyril Ramaphosa was yesterday laid bare with first quarter unemployment data reaching a near two year high with the ailing construction industry shedding 146 000 jobs.

2. ‘Exceptional difficulties’ hit Calgro’s performance

Calgro M3’s headline earnings per share plunged 121percent to -19.01cents in the year to February 28 after its residential developments were impacted by land invasions, electricity problems and value write-downs.

3. Eskom to face severe challenges in replacing older plants

Eskom will face severe challenges in replacing its older electricity plants because traditional financing institutions have indicated they will no longer fund new coal power stations.

4. AYO delivers value to its shareholders

AYO Technology Solutions (AYO) chief investment officer, Abdul-Malick Salie, yesterday told the Public Investment Corporation (PIC) Commission of Inquiry about the company’s listing on the Johannesburg Stock Exchange (JSE) in December 2017, charging that the process was precipitated by the need to accommodate the Sasol bid, which required a strategic empowerment partner that was stronger than what British Telecommunication South Africa (BTSA) could offer.

5. Ramaphosa says government is committed to speedy economic reforms

South Africa’s President Cyril Ramaphosa said on Wednesday the African National Congress-led government will speed up economic reforms to move the country “out of a low growth economic scenario”.

6. Election results set to boost commercial property prices

With the elections now over and the results announced, we can now start to expect more movement in the commercial property sector across South Africa.

7. WATCH: Rand drifts weaker overnight

The rand was pressured as negative data releases shone a light on the struggling economy, especially within the context of volatile global risk sentiment as the US-Sino trade war gained traction in recent days. 


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