CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
1. Steinhoff International reveals R6.54bn global settlement
Steinhoff International shares tumbled more than 13 percent yesterday after the retailer said it would make available €370 million (R6.54 billion) as total settlement consideration to market purchase claimants (MPC) and contractual claimants against it.
2. SAA starts dispensing severance packages to crew and staff
South African Airways (SAA) said yesterday that it had started dispensing the first portions of payments to workers who took voluntary severance packages (VSPs) at the end of August last year.
3. Spar shares fall despite the group’s positive trading update
The Spar Group, yesterday flagged that the ban on alcohol sales and transportation hampered its performance during the 18 weeks to end January 29.
4. DRDGold continues to reward shareholders as profitability doubles
DRDGold declared its 14th consecutive dividend during the six months ended in December as profitability doubled and cash flows surged on climbing gold prices.
5. Rand trades weaker overnight
The rand ended a remarkable run on Tuesday, surrendering some of the gains made in recent sessions according to NKC Research.
6. Alliance calls for sugar tax increase to pay for vaccines
An alliance of non-governmental organisations has called on the government to increase the health promotion levy to 20 percent to help South Africa pay for Covid-19 vaccines.
Pan African Resources said yesterday it had chosen to prioritise repaying its debt over declaring an interim dividend during the six months to the end of December last year.
BUSINESS REPORT