Liberty chief executive David Munro. 
Photo: Timothy Bernard/African News Agency (ANA)

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

1. Rhodes Food interim operating profit rises 6% to R173m

Rhodes Food on Tuesday reported an improved performance for the six months to March, with operating profit up six percent to R173 million while turnover increased by 9.3 percent to R2.7 billion.

2. #PICInquiry: Lancaster 101 was nothing more than a one-man show

Lancaster 101, owned by businessman and former trade unionist Jayendra Naidoo, only comprised of Naidoo at the time the company approached the Public Investment Commission for R10.4 billion.

3. Richemont reports a 27% rise in its sales

Swiss luxury group Richemont's share price rose more than 4 percent on the JSE after the group reported a 27 percent increase in sales for the year to end March, reflecting growth across all business areas and distribution channels.

4. SA must embrace wind of power generation change

Energy Minister Jeff Radebe must have been smoking his socks last week when he stood before an audience of local and foreign business people in the energy business and told them that there remains a place for coal in power stations in the future.

5. Liberty Holdings under ‘strict discipline’ to manage expenses

Liberty Holdings’ new insurance business volumes remained under pressure in the first three months of 2019, while the Liberty Corporate and Liberty Africa Insurance operations saw an improvement in business inflows.

6. Axed Fedusa boss George urges affiliates to take up AYO shares

Axed Federation of Unions of SA general secretary Dennis George yesterday spoke out against his dismissal from the country's second-biggest labour federation, urging affiliates to take up AYO Technology Solutions shares despite negative media publicity.

7. Pioneer shares hit by 14% drop in earnings

Pioneer Foods plummeted more than 15 percent in early trade on the JSE after the packaged goods company reported a 14 percent decline in earnings for the six months to end-March.

BUSINESS REPORT ONLINE