File image: Reuters

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

1. Cracks showing as the local cement industry faces up to a ‘looming crisis’

The cement industry is no longer sustainable in its current form, according to PPC RSA Cement and Materials managing director Njombo Lekula.

2. WATCH: Rand extends gains overnight

The South African currency advanced despite the US-Sino trade impasse weighing on risk sentiment, and ongoing anti-government protests in Hong Kong according to NKC Research.

3. South Africa ready to make tough SAA decisions, Gordhan says

The South African government signaled it’s going to take a hardline approach to its cash-strapped national airline as labor unions prepared to strike over pay and job cuts, forcing the carrier to cancel almost all its flights over the next two days.

4. BRICS summit all about economic growth

All eyes were on Brazil this week as right-wing populist President Jair Bolsonaro hosted the 11th BRICS Summit yesterday, under the theme of ‘Economic Growth for an Innovative Future.’ 

5. SAA to apply "no-work-no-pay" policy for strike

South African Airways (SAA) on Thursday said a “no-work-no-pay” principle will apply to employees who are expected to participate in a strike and said it workers who reported for duty would be allowed to work.

6. Moody's slashes South Africa's growth outlook to 1 percent

Ratings agency Moody’s yesterday slashed South Africa's economic growth outlook for 2020 from 1.5percent to 1 percent, citing global factors that were weighing-in on emerging economies.

7. Most SAA flights grounded as wage strike begins

Workers at national carrier South African Airways began a two-day strike likely to cost the financially-strapped airline millions of rand as it was forced to cancel almost all its domestic, regional and international flights scheduled for Friday and Saturday.

BUSINESS REPORT ONLINE