File image: IOL
File image: IOL

7 things you need to know today

By Compiled by Dhivana Rajgopaul Time of article published Nov 28, 2019

Share this article:

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

1. Lime to launch first electric scooters in SA

Lime, an electric scooter company, is reaffirming its position as the global leader in micromobility by announcing two high-profile launches in the United Arab Emirates and South Africa. 

2. Steinhoff sells Unitrans to Toyota subsidiary CFAO

Steinhoff International Holdings said on Wednesday that it had closed the sale of its automotive operation Unitrans to CFAO, a subsidiary of Japan’s Toyota Tsusho Corporation (TTC), while the sale of a 25.1percent stake to empowerment consortium Kapela Holdings would be concluded in a few weeks.

3. Future of spaza shops in question as township market space grows more fierce

South African spaza shops need to up their game and also need support if they are to survive the double onslaught of national retail chains moving into townships and well-organised immigrant community competitors.

4. WATCH: Rand dips weaker overnight

The South African currency garnered support from US-Sino trade talk optimism to inch firmer, outweighing concerns related to a weak industrial data release from China according to NKC Research. 

5. Brait ready to reshape its balance sheet

Brait’s share price declined by more than 18 percent on the JSE on Wednesday at one stage after the investment holding company announced a comprehensive recapitalisation plan, which includes raising up to R5.6 billion in equity and reducing its debt by R5.3 billion.

6. Sasol executives disappointed by cost, schedule overruns at US project

Sasol executives told shareholders on Wednesday that they were disappointed by the cost and schedule overruns of the company's $13 billion (R192.24bn) US-based Lake Charles Chemicals Project (LCCP), saying they were not given accurate information by the project management team. 

7. Business confidence index ticks up, but realism is still necessary

Business confidence has shown the first sign of improvement in two years, but an economist has warned that it remained consistent with an economy “bumbling along in near recession-like conditions”.


Share this article:

Related Articles