File image: IOL
File image: IOL

7 things you need to know today

By Compiled by Dhivana Rajgopaul Time of article published Jun 7, 2019

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

1. SAA to address CEO Vuyani Jarana's resignation, outline future plans

The board of South African Airways (SAA) and its executive management will on Friday take the nation into their confidence about the state-owned airline's current and future plans in light of Vuyani Jarana's resignation as CEO.

2. WATCH: E-toll registered users to enjoy cashless parking

E-toll registered road users are in for a nice surprise as the South African National Roads Agency (Sanral) has updated its mobile application of enable cashless parking.

3. Umhlanga development sells 50% of apartments in 2 months

Since launching to the public, Ridge Town Central has already achieved great success, with over 50 percent of the apartments sold in only 2 months. 

4. SA entrepreneurs sell R22 000 business to global giants for huge dollar figure

A small team of Cape Town entrepreneurs who invested R22 000 in 2006 to start up a fledgling business recently saw a phenomenal return on their founding capital when they sold their business to US based organisation Ecolab - a major global provider of technologies and services to the water, food, energy, healthcare, industrial and hospitality markets.

5. WATCH: Rand hits an all time eight month low

The rand remained firmly on the back foot during the early European session, hitting an eight-month low, as political intervention in the central bank’s mandate concerned investors according to NKC Research. 

6. SA import growth to be restrained by weak domestic economic activity

South Africa’s current account deficit deteriorated by R32.3 billion to R142.5bn in the first quarter of 2019 compared with a deficit of R110.2bn in the fourth quarter of 2018.

7. Moroccan deal provided a big boost to Sanlam value

Insurer Sanlam’s acquisition of Moroccan-based Sanham Finance in a R16 billion deal last year boosted the group’s performance, contributing to 10 percent growth in the value of new business written, a 30 percent rise in net fund inflows to R15.9bn, and a 9 percent increase net result from financial services.


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