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

1. Assets grow 8.7% despite weak economy

The banking sector experienced a slight decline in profitability in the year to March 31, but despite a weak economy banks grew their assets 8.7percent and remained well capitalised, according to the first annual report of the Reserve Bank’s Prudential Authority (PA) released yesterday.

2. Forensic probe dismisses claims of political interference in Afrirent tender - Mashaba

A forensic probe into how the city of Johannesburg awarded a contract to fleet management company Afrirent has dismissed any notion of political interference or influence in the process, mayor Herman Mashaba said on Wednesday.

3. Women block gates at Lanxess mine, as underground strike continues

Fuming women, some with babies on their backs, blocked the gates at a mine near Rustenburg on Tuesday, over concerns about their spouses who staged an underground sit-in since 19 June over recognition of their union, the National Union of Metalworkers of South Africa (Numsa). 

4. Matshepo More stoutly defends AYO investment at #PICInquiry

Matshepo More, the suspended acting chief executive and chief investment officer at the Public Investment Corporation (PIC), on Tuesday put up a strong defence for the asset managers’ processes when considering the investment in AYO Technology Solutions.

5. Cannabis beauty products broaden appeal of cannabis investment

Cannabis beauty products broaden the appeal of South Africa investing in legitimate cannabis cultivation as it adds to the multi-billion rand market for cannabis medical products. 

6. KFC announces elimination of plastic straws in all 900 restaurants by 1 July

KFC has officially announced the removal of plastic straws in over 900 restaurants across South Africa, helping to eliminate 60 million plastic straws a year. 

7. Fly Mango announces flights between Port Elizabeth and Lanseria International

Effective 11th July 2019, Fly Mango will operate two flights a day between Nelson Mandela Bay’s Port Elizabeth Airport and Lanseria International airport aboard Boeing 737-800 series. 

BUSINESS REPORT ONLINE