File photo: Reuters/Mike Hutchings
File photo: Reuters/Mike Hutchings

7 things you need to know today

By Compiled by Dhivana Rajgopaul Time of article published Nov 18, 2019

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

1. Steinhoff sells Blue Group and Harvey's furniture

Embattled retailer Steinhoff International has sold Blue Group, owner of Bensons for Beds and Harveys Furniture, to Alteri Investors for an undisclosed amount. 

2. Cell C and MTN conclude national roaming agreement

Cell C and MTN have concluded a roaming agreement that enables network innovation, promotes efficient network infrastructure utilisation and sustainable investment in network infrastructure.

3. WATCH: Rand trades on a firmer footing

The South African currency traded on a firmer footing as US-Sino trade optimism lifted the rand to a one-week high during the early session, with investors shrugging off local woes related to the struggling national carrier as the union workers’ strike commenced according to NKC Research .

4. Phumelela Gaming and Leisure faces suspension from JSE

South Africa's largest horse racing operator, Phumelela Gaming and Leisure, is facing suspension from the JSE after it failed to submit its provisional report within the three-month period stipulated in the JSE’s listings requirements. 

5. Industrial protection for the cement industry

A visit to PPC's Dwaalboom cement plant in Limpopo highlighted the downturn in construction and the application to government by cement manufacturers for hefty import tariff protection of some 45 percent.

6. SAA's plan to save R2bn

South African Airways (SAA) is renegotiating favourable terms on contracts with its suppliers while sourcing better terms on new procurement spend, including for fuel and ground handling, which would cumulatively save it nearly R2 billion.

7. Prevailing market demand dictating selling prices of homes in upmarket Zimbali - Seeff

With the high end of the residential real estate market typically resisting price reductions, the volumes tend to plummet when faced with a decrease in the demand.


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