South Africa - Pretoria - 13 June 2019 - Public Investment Corporation (PIC) board member Sibusisiwe Zulu at the PIC Commission of Inquiry. Picture: Jacques Naude/African News Agency(ANA)

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

1. Troubled Steinhoff to continue cutting jobs as it slims down to focus on investment

Embattled international retailer Steinhoff has said that it would continue the disposal of some of its assets and cut jobs as it battles to stabilise its finances.

2. Flood of imports undercut local production cost, threaten industry

The South Africa cement industry is calling for the International Trade Administration Commission (Itac) to probe a flood of imports. 

3. Minister Pandor leads SA delegation in Tanzania at SADC Council of Ministers

The Minister of International Relations and Cooperation, Dr Naledi Pandor, has arrived in Dar es Salaam, Tanzania, were she is leading a South African delegation at the Southern African Development Community (SADC) Council of Ministers on Tuesday and Wednesday.

4. Transpaco’s earnings hit by prolonged strike, depressed economy

JSE-listed Transpaco’s full year earnings are expected to decline by at least 45 percent for the year to end June, hit by a prolonged strike, depressed consumer environment and a weak South African economy.

5. PIC Inquiry: Spectre of James Nogu exorcised

Allegations of corruption at the Public Investment Corporation (PIC) contained in the anonymous emails from an alias James Nogu were on Tuesday brought into question after a lifestyle audit conducted by PricewaterhouseCoopers (PwC) found they had no merit.

6. Amcu heading for a showdown with country's platinum producers after rejecting wage offer

The Association of Mineworkers and Construction Union (Amcu) is headed for a showdown with platinum producers after it rejected wage offers tabled by the country’s top miners on the back of rising platinum group metals (PMG) prices. 

7. Industrial Development Corporation joins list of nearly broke SOEs

National enterprise developer the Industrial Development Corporation (IDC) yesterday joined the growing list of struggling state-owned entities that are nearly broke, flagging that its net income fell 78 percent to R720 million during the year to the end of March from R3.2 billion a year earlier.

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