File image: IOL
File image: IOL

7 things you need to know today

By Compiled by Dhivana Rajgopaul Time of article published Aug 16, 2019

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

1. Gold Fields raises concerns over power costs at its South Deep mine

Gold Fields, the JSE-listed gold producer, yesterday raised concerns about escalating power costs at its South Deep mechanised mine in Carletonville as the group announced the return to a $71 million profit (R1.08 billion) in the six months to June from $367m in the same period last year.

2. RCL Foods hit hard as cheap imports flow in

RCL Foods tanked more than 10 percent on Thursday after the South African food producer flagged that its earnings were likely to plummet more than previously forecast on the back of cheap imports, subdued consumer spending and a difficult trading environment.

3. WEF Africa: Busa president Sipho Pityana appointed co-chairperson of global forum

Business Unity South Africa (Busa) said on Thursday that its president, Sipho Pityana, had been appointed as co-chairperson of the 28th World Economic Forum (WEF) on Africa, which will take place in Cape Town next month. 

4. Dr Dan Matjila notes PIC Commission’s focus on black-owned businesses

As the Commission of Inquiry into alleged impropriety at the Public Investment Corporation (PIC) drew to a close this week, former chief executive Dr Dan Matjila urged it to dispel the perception that it exclusively looked at black-owned entities.

5. IDC remains a strong institution with a healthy balance sheet

Industrial Development Corporation (IDC) chief executive Tshokolo Nchocho said on Thursday that the company was well poised to assist the country grow the economy on the back of a healthy balance sheet.

6. Vodacom plans to switch off its 2G network coverage to expand 4G services

Vodacom is considering turning off its 2G network coverage to free up spectrum to expand 4G services and join its competitor Telkom by migrating users. 

7. Blue-chip lenders the latest victims of the country's fiscal woes

South Africa's blue-chip lenders have become the latest victims of the country's economic and fiscal woes with the key banks index down nearly 18 percent in the past three months, wiping off billions of rand in the shares in the process.


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