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