File image: IOL
File image: IOL

7 things you need to know today

By Compiled by Dhivana Rajgopaul Time of article published Oct 8, 2019

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

1. Tongaat postpones full-year results, mulls measures to cut debt

South Africa’s Tongaat Hulett, which has been battling to restore investors’ confidence after announcing in April it would have to restate prior financial reports, has postponed its results statement for the latest full year, it said on Monday.

2. Altron benefits from troubles at EOH Holdings

Allied Electronics Corporation (Altron) yesterday benefited from EOH Holdings’ troubles, winning the multi-million-rand contract the troubled IT company lost from US multinational technology giant Microsoft.

3. Clicks riding high on growth in profits

Pharmaceutical health and beauty retailer Clicks rose to its highest level on the JSE after the group revised up its earlier guidance to investors, saying that it now expected a double digit growth in profits for the year to end August. 

4. Meet Africa’s most valued fintech start-up

The accelerator of some the world's most valuable startups, Y-Combinator, has listed an African tech startup, Flutterwave, among its most valuable startups.

5. Zondo Commission becoming too expensive, Malema calls for cheaper options

With a bill totalling more than R350 million, the leader of the EFF Julius Malema has called on the Commission of Inquiry into State Capture to explore alternative measures to curb escalating costs.

6. Taxi manufacturing plant to boost KwaZulu Natal economy

Trade and Industry Minister Ebrahim Patel has launched a taxi manufacturing expansion plant in Durban, KwaZulu-Natal, to the tune of half a billion rand, the department said on Monday.

7. Old Mutual is ready to face twice-fired Peter Moyo in court again

South Africa’s oldest insurance company Old Mutual will today respond to the contempt of court application by under-fire chief executive Peter Moyo as investors count the costs of the damage caused by the continuing spat between the parties.


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