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

1. Old Mutual suspends CEO Moyo over 'breakdown in trust and confidence'

Pan-African investment, savings, insurance and banking group Old Mutual Limited said on Friday it had suspended chief executive Peter Moyo with immediate effect, citing "a material breakdown in trust and confidence between him and the board".

2. SA Home Loans planning a course of action after kickback hearing

SA Home Loans’ (SAHL) board is preparing for its next course of action after two directors answered, at a board meeting on Wednesday, to allegations that they had promoted a R10 billion loan that included a questionable R45 million kickback from the Public Investment Corporation (PIC).

3. MPC decision signals further stability in the property sector

The Reserve Bank’s monetary policy committee (MPC) announced that the interest rate would remain unchanged at 6.75 percent. 

4. Kganyago forecasts a meagre 1% of growth for 2019

The Governor of the Reserve Bank Lesetja Kganyago on Thursday piled more pressure on President Cyril Ramaphosa’s administration to implement bold structural reforms to grow the economy, with the central bank now forecasting growth of just 1 percent this year, from the 1.3 percent it estimated in March.

5. Ascendis Health CEO ‘discharged’ after unhealthy performance

Ascendis Health has fired chief executive Thomas Thomsen and appointed chairperson Andrew Marshall as acting chief executive, following a string of poor results. 

6. New veteran executive to help in Massmart recovery

Massmart’s share price melted by 19.19 percent on the JSE on Thursday  after the troubled retailer warned that its interim earnings would halve, but later in the day majority shareholder Walmart offered investors a bone and appointed veteran executive Mitchell Slape to the helm to turn the business around. 

7. TRADE ALARM: Escalating trade war to impact SA – Minister Davies

South Africa was getting the short end of the stick in the escalating global trade war, which might have a major impact on the country's future industrial, tariff and trade policies, Trade and Industry Minister Rob Davies said yesterday. 

BUSINESS REPORT ONLINE