Compiled by Dhivana Rajgopaul
CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
1. Edcon signed a sale and purchase agreement to sell parts of Edgars
Edcon, South Africa’s biggest retailer, which filed for voluntary business rescue in April, has signed a sale and purchase agreement to sell parts of its biggest brand, Edgars, to Durban’s Retailability.
2. Cashbuild flags 41% decline in headline earnings from lockdown
Cashbuild on Monday warned that its full-year earnings were likely to fall as much as 41 percent, hurt by the implementation of IFRS 16 leases and lockdown regulations.
3. Tongaat Hulett shares dip despite reduced FSCA fine
Tongaat Hulett fell more than 5 percent on the JSE yesterday after the Financial Sector Conduct Authority (FSCA) fined the sugar-maker nearly R120 million for the misrepresentation of its financials, but reduced the penalty to R20 million after the group co-operated with the investigations.
4. Rand trades steady overnight, remaining below a key level
The rand rose as concerns ahead of the Jackson Hole symposium Fed into a softening dollar narrative according to NKC Research.
5. Absa earnings plunge on impairments as consumers battle to pay debt
Absa on Monday joined the growing list of financial services institutions hard hit by Covid-19, warning its shareholders that it expected the trading environment in the second half of the year to be extremely difficult.
6. Revamped SAA draws strategic investor interest
SA AIRWAYS downsizing and its subsidiary companies continues to attract interest from strategic equity partners as the state-owned airline plans to relaunch early next year.
7. Redefine in good position to grow for the rest of the year
Redefine Properties was in a good position to grow through the weak property fundamentals for the rest of the year and beyond, chief executive Andrew Konig said on Monday.
BUSINESS REPORT ONLINE