Africa-Press – South-Africa. CAPE TOWN – Good morning. This is all the latest business news that you need to know today.
1. ABB’s R1.56bn Eskom deal is ’crucial milestone’
The Department of Public Enterprises hailed the recovery of R1.56 billion from ABB South Africa as “a crucial milestone in the fight against corruption and state capture”, after Eskom and the Special Investigating Unit (SIU) reached an agreement with ABB to pay back in full, money derived from overpayment by the power utility.
2. End of the race as Phumelela Gaming and Leisure is forced off the JSE
It is an end of a racing era for Phumelela Gaming and Leisure, which said on Friday that it had been informed by the JSE that its shares will be removed from the bourse from January 11, nearly eight months since its shares were suspended for trading.
3. Transnet details ‘perfect storm’ that saw significant decrease in company revenue
Transnet has pointed to a number of factors triggered by the Covid-19 lockdown for a perfect storm that saw its revenue decrease significantly for the six months ended 30 September.
4. Sugar sector eyes master plan to protect its turf from big imports
The South African sugar industry is looking to the recently signed Sugarcane Master Plan to stabilise the sector in 2021 after a flood of sugar imports devastated it.
5. Rand loses gains against the greenback
The rand lost some steam during the European session on Friday as global risk sentiment soured, having posted gains in previous sessions on the back of a better-than-expected GDP release and favourable external backdrop according to NKC Research.
6. Former Delta Property Fund executives deny wrongdoing
Three former executives of Delta Property Fund, which last week disclosed some R46 million of irregularities following a forensic audit, on Friday, denied their involvement in any procurement irregularities and misappropriation.
7. SA Corp to deploy R1bn in bid to reduce its gearing
SA Corporate Real Estate, which owns retail, commercial and industrial properties in the major metropolitan areas, planned to deploy about R1 billion from disposals on its balance sheet to reduce gearing, the group said in a pre-close briefing on Friday.
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