CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
1. Solidarity slates Kumba Iron Ore plan to retrench: 1 600 workers affected
Kumba Iron Ore has issued retrenchment notices that could affect 1 600 employees, despite bumper profits in the year to the end of December, trade union Solidarity said on Friday.
2. Mpact sees record cash flows, cuts debt by 38.6%
Mpact’s share price surged to close more than 9 percent higher on the JSE on Friday to R19.92 after the group reported record cash flows from operations in its annual results and cut its debt by 38.6 percent.
3. Motor car industry value chain shake-up from July 1
The Competition Commission’s new guidelines for the automotive industry to come into effect from July 1 will bring major changes for car owner repair and service choices, and the automotive after-market, motor industry sources said on Friday.
The JSE All Share Index (Alsi) recorded a marginal recovery on Friday as Sasol, miners including Kumba Iron Ore and gold stocks strengthened as the rand weakness against the US dollar was expected to help further lift bullion producers.
5. Nedbank expects earnings to slide 60% as it weathers Covid storm
Nedbank expects its full-year earnings to decline by as much as 60 percent as it continues to feel the impact of the Covid-19 outbreak in its operations.
6. Rand trades in a narrow band overnight
The rand remained on track for a weekly loss of more than 2 percent against the dollar on Friday, as a stronger greenback and higher borrowing cost weighed on risk appetite according to NKC Research.
Tributes continue to pour in as the business fraternity mourns the death of Absa’s Deputy CEO Peter Matlare.
BUSINESS REPORT