Tongaat Hullet has traditionally not fared well when it comes to integrated reporting. Photo Supplied
Tongaat Hullet has traditionally not fared well when it comes to integrated reporting. Photo Supplied

7 things you need to know today

By Compiled by Dhivana Rajgopaul Time of article published Dec 11, 2019

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

1. Metair completes lithium-ion cell plant

Auto component group Metair have successfully completed the installation of the groups first lithium-ion cell manufacturing plant in Bucharest, Romania.

2. Load Shedding: Fury as blackouts hit small businesses hard

South Africans are furious and businesses are reeling following the sudden implementation of stage 6 load shedding by beleaguered power supplier Eskom.

3. Unreliable electricity supply forces miners to cut back production

Merafe Resources yesterday issued an SOS to its shareholders, warning that the ongoing power cuts that have forced mining companies to scale down on production and the constrained economic environment would have a negative impact on the future of some of the company’s operations and the wider ferro alloys sector in South Africa.

4. WATCH: Rand falls to a two week low

The South African currency fell to a two-week low yesterday as domestic production data disappointed while ongoing rolling power outages shone the spotlight on a faltering economy according to NKC Research. 

5. Blackouts force Ramaphosa to return home

President Cyril Ramaphosa on Tuesday cut short his state visit to Egypt as South Africa’s biggest electricity crisis in more than a decade hit the rand and wobbled the markets, after troubled power utility Eskom implemented more power cuts amid constrained output and flooding that resulted in companies slashing production.

6. Lurco seeks court redress over scuppered Koornfontein deal

Lurco, the diversified commodities, beneficiation and trading business whose R500 million bid for the Gupta linked Koornfontein Mine was scuppered by late payment, has approached the courts for a reprieve against the business rescue practitioners.

7. Tongaat Hulett suffers equity reduction to the value of R11.89 billion

Tongaat Hulett suffered a reduction of equity to the value of R11.89 billion as a result of impairments of R4bn, including the derecognition of expropriated land in Zimbabwe and R3bn of deferred tax assets that have not been taken into account in the past.


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