File photo: IOL
File photo: IOL

7 things you need to know today

By Compiled by Dhivana Rajgopaul Time of article published May 30, 2019

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

1. SA Home Loans chief: Maponya gave no papers

SA Home Loans (SAHL) chief executive Kevin Penwarden on Wednesday told the Public Investment Corporation (PIC) inquiry that businessperson Kholofelo Maponya never submitted any documentation for the R45 million he claimed he was owed for facilitating the R10 billion loan that SA Home Loans received from the PIC

2. Catastrophes hit Santam net underwriting margins

South Africa’s largest general insurer, Santam, on Wednesday flagged that the first four months of 2019 were characterised by a number of significant or catastrophic events that had dented its net underwriting margins.

3. Sibanye's board chairperson quits

Sibanye-Stillwater on Wednesday announced the resignation of its board chairperson Sello Moloko, who will be replaced by Vincent Maphai. 

4. Naspers shares climb on news of primary listing in Amsterdam

Naspers shares gained 4 percent on the JSE on Wednesday as the media and internet giant, which is the JSE’s biggest listing by assets, said it hopes to move its primary listing in July to the Euronext exchange in Amsterdam.

5. Samsung SA to offer free firmware updates on certain Samsung devices

Samsung South Africa is offering free firmware updates on specific devices for a limited time according to Hypertext. 

6. Massmart wins grocery store battle

JSE-listed Massmart, which owns the Game and Makro chains and other smaller retailers, yesterday received a major boost after the Competition Commission said Spar, Pick n Pay, Shoprite and Woolworths should be barred from entering into long-term exclusive lease agreements.

7. #Cabinet2019: Rand warmly receives Ramaphosa's reduced Cabinet

The rand got a much-needed boost on Wednesday evening, strengthening on President Cyril Ramaphosa’s announcement of a significantly reduced Cabinet.


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