Compiled by Dhivana Rajgopaul
CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
1. Cash-flush Shoprite rewards shareholders with dividends
Shoprite shot up more than 10percent on the JSE yesterday after the group said it was cash flush on the back of record sales, and rewarded shareholders handsomely with a nearly 40percent dividend.
Taxi financier Transaction Capital yesterday announced that it had concluded a subscription deal to buy a 49.9percent stake in automotive retailer WeBuyCars for R1.84billion.
3. Ford’s ‘automotive city’ in Tshwane is set to create 8500 jobs
South Africa’s new Tshwane Automotive Special Economic Zone will create more than 8500 jobs, with up to 70 percent going to local residents in Mamelodi and surrounding areas, the department of trade, industry and competition said late on Tuesday.
4. Rand loses ground after weak Q2 GDP release
The South African currency retreated in the face of an abysmal – and weaker-than-expected – Q2 GDP release according to NKC Research.
South African stock took a hit yesterday as the country entered deeper into recession after the gross domestic product (GDP) collapsed 51 percent on annualised basis in the second quarter on the Covid-19 lockdowns and constrained consumer spending.
6. Clicks takes drastic steps, clears shelves of hair product
Clicks has suspended all the employees responsible for making the offensive hair campaign and said yesterday the senior executive responsible had resigned.
7. Aspen sells thrombosis drug business to Mylan, shares jump
Aspen Pharmacare has agreed to sell the rights to its European thrombosis business to US pharmaceutical company Mylan for almost 642 million euros (R12.82 billion), sending its shares up 7 percent on Tuesday.
BUSINESS REPORT