File image: IOL.
File image: IOL.

7 things you need to know today

By Compiled by Dhivana Rajgopaul Time of article published May 31, 2019

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

1. Nampak suspends dividend payout after profits drop

Nampak has suspended dividend payout for the six months to March after the paper and packaging group reported an 18 percent fall in trading profit to R959 million as beverage cans volumes dropped and consumer demand tumbled across the continent.

2. Sarb warns of factors putting pressure on SA government debt from borrowing

The SA Reserve Bank (Sarb) has warned that rising domestic spending and lower revenue collections continue to put pressure on government debt, with South Africa having borrowed R300 billion more in a matter of a year.

3. 3Sixty GSG acquires 74% in Salt EB

3Sixty Global Solutions Group (3Sixty GSG) on Thursday announced the acquisition of 74.9 percent of Salt Employee Benefits (Salt EB) in a bid for innovative new offerings in the financial services industry. 

4. Cyril Ramaphosa’s debt nightmare

Business has welcomed President Cyril Ramaphosa’s appointments in the key economic cluster, but warned yesterday that his administration needs to resolve challenges facing power utility Eskom.

5. MTN Uganda's deported CEO allowed to return - official

The head of MTN Group’s Ugandan business has been allowed to return to the country and is expected back later on Thursday, more than three months after he was deported, a company official told Reuters.

6. Pepkor falls in early trade despite profits

Steinhoff subsidiary Pepkor fell 5.81percent in early trade on the JSE despite the retailer reporting a 25.2percent increase in operating profit before capital items to R3.4 billion for the six months to end March.

7. PIC board: Big 3 unions name candidates

Union representation at the Public Investment Corporation (PIC) is on the verge of being realised as the three biggest labour union contributors have announced their preferred candidates to be appointed to the asset manager’s interim board.


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