Photo: IOL
Photo: IOL

7 things you need to know today

By Compiled by Dhivana Rajgopaul Time of article published May 28, 2020

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

1. Swiss luxury group Richemont boss scores nearly 50% pay hike

Swiss luxury group Richemont had paid its group chief executive Jérôme Lambert a total remuneration package of CHF8.06 million (R144.8 million) for the year to March, up by 49.54 percent compared to last year’s CHF5.39m, according to its annual report released on Wednesday. 

2. WATCH: Rand rally eases as geopolitical risk rises

The rand ebbed as the risk rally ran out of steam, making way for a resurgence in US-Sino trade tensions according to NKC Research.

3. SAA's business rescue team say they cannot pay staff's May salaries

South African Airways's business rescue team on Wednesday warned that they would not have the money to pay the salaries of all staff for the month, and dismissed suggestions from government that they had not managed the costs of the operation well.

4. Minerals Council expects pandemic to hit production further

The Minerals Council South Africa said yesterday that it expected a further drop in production of between 6 and 10 percent for the rest of the year as a result of the coronavirus pandemic in the sector.

5. Eskom plan to skip pollution equipment not legally feasible

Eskom Holdings Ltd.’s desire to avoid spending R42 billion reducing sulfur dioxide emissions at one of its largest power plants isn’t legally feasible, according to the country’s environmental affairs department.

6. AYO lifts its headline earnings by 25% and posts net asset value of R4.5bn

Black-empowered information and communications technology group AYO Technology Solutions lifted headline earnings per share by 25 percent to 35.81 cents per share in the six months to February 29 and posted a net asset value of R4.5 billion.

7. South Africa’s deep mines grapple with thousands returning to work

When South African miners are allowed to recall all their workers as lockdown restrictions ease further on Monday, full production will remain elusive as the pandemic upends operating practices.

BUSINESS REPORT ONLINE

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