Compiled by Dhivana Rajgopaul
CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
1. Steinhoff chalks up losses of R12.85bn in six months
Steinhoff Investment Holdings profits tumbled from a R2.6 billion profit last year to a R12.85bn loss for the six months to end March on provisions the group made for a litigation settlement proposal of R9.4bn to its creditors.
Eskom Holdings said it has suspended the managers of two of its biggest generating plants as the country suffers record electricity outages.
3. Rand up against muted dollar
The rand traded a touch firmer during the European session after an abysmal previous session, although the resumption of Stage 4 load-shedding and cautious trade limited the rand’s recovery according to NKC Research.
4. Implats records 240% bumper profit to reward its shareholders
Impala Platinum (Implats) yesterday recorded a 240percent bumper profit during the year ended June and rewarded its shareholders handsomely for the first time in six years on the back of strong metal prices.
Santam, South Africa's largest short-term insurer, said yesterday that it had already paid R950million in relief payments to support small and medium-sized commercial policyholders and businesses distressed as a result of Covid-19.
Employer organisations say the maladministration in the governments UIF TERS Covid-19 relief payment scheme could have been greatly reduced if the Department of Employment and Labour had accepted offers of administrative assistance from the private sector.
7. Icasa delays spectrum release until 2021
The Independent Communications Authority of South Africa (Icasa) said on Thursday it now plans to auction high-demand spectrum licences by no later than the end of March 2021, pushing back the process by three-months, due to a delay in issuing invitations to apply.
BUSINESS REPORT ONLINE