File image: SImphiwe Mbokazi African News Agency (ANA).
File image: SImphiwe Mbokazi African News Agency (ANA).

7 things you need to today

By Compiled by Dhivana Rajgopaul Time of article published Sep 13, 2019

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

1. Questions raised over whether the FSCA soft on Steinhoff with R53m fine

Questions have been raised over whether the Financial Sector Conduct Authority (FSCA) was soft on embattled retailer Steinhoff after saying the group needed to pay only R53 million out of a R1.5 billion fine for flouting regulations due to its financial position. 

2. Aspen Pharmacare reduces debt, sees share price leaping

Aspen Pharmacare's share price leapt 12 percent on Thursday as the market digested the JSE-listed drugmaker’s results for the year to June, released after the market closed on Wednesday.

3. Market welcomes BAT plan to cut top staff and simplify structure

British American Tobacco (BAT) jumped 3 percent on Thursday after the tobacco giant announced that it planned to reduce 20 percent of senior roles as part of a plan to simplify the organisation and cut costs. 

4. Durban Aerotropolis Master Plan has R1 trillion investment potential

The MEC for Economic Development, Tourism and Environment (EDTEA) Nomusa Dube-Ncube officially unveiled the Durban Aerotropolis Master Plan at the Dube TradePort. 

5. Footgear gets go-ahead to buy Edcon's footwear brands

Footgear, the South African retailer of branded and non-branded footwear, on Thursday received the green light to purchase the assets and business associated with Edcon Limited’s Edgars Active and High Key brands.

6. Engineered probiotics a gutsy new field

Bacteria mostly have a bad reputation for causing disease, so the idea of drinking a few billion bacteria every day for your health might seem a bit hard to “swallow!”.

7. WATCH: Rand strengthens against the dollar

The South African currency strengthened as a poor showing on domestic data was counter-weighed by a lift in global risk appetite in tandem with easing US-Sino trade tensions and the ECB pulling the trigger on a comprehensive easing package according NKC Research. 


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