File image: IOL
File image: IOL

7 things you need to know today

Time of article published Aug 11, 2020

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Compiled by Dhivana Rajgopaul

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

1. Eskom mired in race fight over appointment of white treasurer

The appointment of a White treasurer at South Africa’s debt-addled power monopoly has become mired in allegations of racism, deepening a political dispute between a rabble-rousing opposition party and a Cabinet minister.

2. Sasol warns of annual loss as lower oil price and pandemic weigh

South Africa’s Sasol warned on Tuesday it will report an annual loss after a drop in oil and chemical prices and the impact of the coronavirus pandemic hit earnings.

3. Independent fuel retailers battle unfair pricing system

The liquid Fuels Wholesalers Association of SA (LFWA) has warned that the supply of fuel to rural areas may dry up as independent fuel retailers are struggling against an unfair pricing methodology system that is tilted towards the oil majors.

4. AngloGold rides the crest of a soaring gold price wave

AngloGold Ashanti was in solid shape after generating $177million (R3.12billion) in free cash flow during the six months to the end of June compared with an outflow of $31m for the same period last year as it rode the wave of the higher gold price.

5. March sales for Lewis Group show decline of 25%

The Lewis Group, a retailer of household furniture and electrical appliances, took a hit in the last quarter of its financial year, with March merchandise sales declining by 24.8percent.

6. Naspers, Prosus shares hit by Tencent attack

JSE heavyweights Naspers and Prosus shed more than 4percent and 5percent, respectively, on Friday, exposed to financial material risk via their stake in Tencent, after US President Donald Trump prohibited US residents from doing business with Chinese-owned TikTok and WeChat apps.

7. MTN considers sale of stake in Iran ride-hailing app Snapp

The MTN Group is considering selling its stake in Iran’s ride-hailing app Snapp as it trims its e-commerce portfolio and plans an exit of the Middle East.

BUSINESS REPORT ONLINE

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