Photo: File
Photo: File

7 things you need to know today

Time of article published Oct 19, 2020

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

1. Afrox to delist from the JSE

Linde plc, Afrox’s German parent, has made an offer to all the holders of Afrox’s shares that it doesn’t already own, and plans to delist Afrox from the JSE and Namibian Stock Exchange.

2. Construction companies will close without work

Many more construction and engineering companies will have to downsize or go out of business if the pronouncements by President Cyril Ramaphosa on plans for a massive surge in infrastructure investment do not materialise in the immediate future, Consulting Engineers South Africa's Chris Campbell said on Friday.

3. Mboweni expected to deliver further expenditure cuts in MTBPS

Finance Minister Tito Mboweni is expected to deliver further expenditure cuts when he tables the Medium Term Budget Policy Statement (MTBPS) next week after President Cyril Ramaphosa committed the government to reducing spending.

4. Rand recoups earlier losses

The South African currency regained during Friday’s European session, after dipping on Thursday as traders mulled President Ramaphosa’s economic recovery plan according to NKC Research.

5. US Supreme Court ruling on merger boost for Sibanye

JSE-listed Sibyane-Stillwater on Friday received a major boost when the Delaware Supreme Court in the US affirmed last year’s decision by the Delaware Court of Chancery to uphold the deal price of the acquisition of Stillwater Mining Company.

6. MTN Zakhele Futhi's profits surge by 27.65% in the half-year to June

MTN Zakhele Futhi said on Friday that its half-year profits surged by 27.65percent for the six months to the end of June, largely attributable to the dividend income received and, to a smaller extent, to the revaluation of the derivative asset.

7. MMH launches employee empowerment share scheme

Momentum Metropolitan Holdings (MMH) is set to reward its employees by establishing a broad-based employee share ownership plan in which eligible employees will hold 3percent of the financial services company's issued share capital.

BUSINESS REPORT ONLINE

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