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 May 17, 2019

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

1. Moody's sends strong warning message to SA

Moody's yesterday issued its strongest warning yet that the country was fast slipping into junk status as continuing structural weaknesses and rising debt overran South Africa’s ability to service its obligations.

2. Five-month strike at Dis-Chem puts damper on the group’s profits

Pharmaceutical company Dis-Chem fell more than 5percent in early trade on the JSE yesterday after the group reported that the five-month strike at its stores pushed profits below estimates for the year to end February.

3. Underground Wi-Fi makes Anglo American’s coal mines more productive

The introduction of underground Wi-Fi has improved productivity and working conditions for hundreds of miners at Anglo American’s coal mining operations in Mpumalanga by enabling two-way communications between miners working underground and staff on the surface.

4. Tops liquor division lifts Spar growth

The SPAR Group yesterday said that it lifted on the performance of its liquor division Tops during six months to end March, reporting double-digit growth of 19.3 percent in wholesale sales to R4billion.

5. Group Five says business rescue 'progressing well'

Group Five, the construction group in business rescue, said yesterday in its first update to shareholders that business rescue proceedings were progressing well. 

6. Transaction Capital reports 17% increase in headline earnings

Transaction Capital yesterday reported strong growth with headline earnings increasing 17percent to R363million in the six months to end March on the back of divisional resilience in a constrained macro-economic environment.

7. Zimbabweans are drinking less fizzy drinks as forex crunch hammers Zim’s Delta Corp

Consumption of soft drinks in Zimbabwe has gone down after the country's biggest beverages manufacturer recorded a 44 percent decline in volumes for fizzy drinks although there has been competition from a new bottler of Pepsi products in the country.


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