File image: IOL
File image: IOL

7 things you need to know today

By Compiled by Dhivana Rajgopaul Time of article published Mar 5, 2020

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

1. intu shares in telling decline on the JSE

UK Shopping centre giant intu Properties’ share price fell more than 30 percent on the JSE yesterday after it flagged that it might not be able to pay its debt in June and after investors refused to buy into a capital raise of between £1 billion (R19.75 billion) and £1.5 billion.

2. WATCH: Rand trades in a narrow band overnight

The rand clung on to Tuesday’s gains as markets digested an emergency Fed rate cut in response to Covid-19 on Wednesday according to NKC Research. 

3. Financial Markets Standards Group recommended

The Financial Markets Review released this week after a two-year consultation period recommends among other measures the formation of a Financial Markets Standards Group (FMSG) to ensure its members comply with the required standards and norms among other measures.

4. Skilled trades and technicians the most difficult positions to fill in SA

ManpowerGroup has released the results of its 13th annual Talent Shortage Survey which shows that  skilled trades and technicians top the list of South Africa’s skills shortages.

5. PIC lied about my ouster from asset manager – Fidelis Madavo

The Public Investment Corporation (PIC), on Monday knowingly disseminated false and misleading information to the media, the public as well as government pensioners – whose money it is entrusted to manage – on the dismissal of its erstwhile executive head of listed investments, Fidelis Madavo.

6. Operating costs surging to R5.6bn are hurting RBPlats’ share price

Royal Bafokeng Platinum (RBPlats) took a hit on the JSE yesterday, falling 4.38 percent to R47.81 as the group failed to take advantage of strong metal prices and escalating costs, despite pledging an annual dividend policy for the year to the end of December.

7. Low demand and stiff rivalry cited for big slump in Sephaku’s net profit

Cement company Sephaku Holdings yesterday reported a sharp slump in net profit to R1.3 million in the year to end December from R128.7 million in 2018, which came on the back of a once-off R81.7 million credit granted as a Section 12L tax incentive for energy savings during the 2017 tax period.

BUSINESS REPORT ONLINE

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