File image: IOL
File image: IOL

7 things you need to know today

By Compiled by Dhivana Rajgopaul Time of article published Nov 13, 2019

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

1. South Africa's SPAR FY earnings rise on cost controls amid tough markets

South African retailer and wholesaler SPAR Group said on Wednesday its normalised annual profit rose 10%, helped by tight margin management and cost controls in the face of poor consumer sentiment in all of its markets.

2. Decade of tech startups: MXIT, the rise and fall of Africa's mobile revolution

One of the biggest tech names to join the South African tech  cemetery  in the last decade is one Stellenbosch founded social network, Mxit. 

3. Steinhoff appoints Mazars asits auditor

Steinhoff International yesterday officially appointed Mazars Netherlands as its new external auditor following an extraordinary general meeting held in Amsterdam.

4. Moody’s puts close watch on SA and three others

Rating agency Moody’s has singled out Britain, Hong Kong, Argentina and South Africa as countries that needed continued monitoring amid geopolitical developments.

5. AMCU says signing of wage agreement with platinum producers postponed

The Association of Mineworkers and Construction Union (AMCU) said late on Tuesday the signing of a wage agreement with platinum producers scheduled for Wednesday had been postponed.

6. Ramaphosa in Brazil for BRICS summit

President Cyril Ramaphosa has arrived in Brazil, leading the South African delegation to the 11th BRICS summit to be held on Wednesday and Thursday which will focus on economic growth for an innovative future, his office said.

7. Eskom left in limbo as South Africa stalls CEO appointment

The South African government has repeatedly stalled the appointment of a new chief executive officer at the debt-stricken state power utility, evidence of how politically fraught the process has been.


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