File image: IOL
File image: IOL

7 things you need to know today

By Compiled by Dhivana Rajgopaul Time of article published Oct 3, 2019

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

1. Peter Moyo hits Old Mutual with demand for R250m handshake

Peter Moyo’s legal wrangle with Old Mutual took another turn yesterday as the under-fire chief executive demanded a R250 million settlement to leave the insurer. 

2. IPO for SA fuel giant Engen planned for 2020

Petroliam Nasional BHd and its South African partners plan to conduct an initial public offering in their fuel retailer Engen to fund the upgrade of a refinery in the coastal city of Durban and to expand its network of gas stations.

3. ANC nearly approves range of proposals from Mboweni’s blueprint

The rand received a breather yesterday, clawing back nearly 1 percent against the US dollar after the ANC yesterday broke with tradition and came close to embracing private sector involvement in the restructuring of troubled state-owned enterprises. 

4. South Africa’s risk premium limits room for rate cuts, says Reserve Bank

The South African Reserve Bank’s ability to cut interest rates to boost the economy is limited by political and policy uncertainty and inflation that’s still not sufficiently anchored at the midpoint of its target range.

5. Steinhoff got nod to list on Marcus’s watch

The South African Reserve Bank (Sarb) approved embattled Steinhoff International’s listing on the Frankfurt Stock Exchange under the governorship of Gill Marcus. 

6. WATCH: Rand finds firmer footing against the dollar

The rand started the early European session on the back foot as negative momentum from weak US factory data and domestic PMI data lingered according to NKC Research. 

7. SA outraged over DStv move to dump popular channels

DStv subscribers are fuming after the news that MultiChoice will be dumping three long-running TV channels. 


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