7 things you need to know today

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This is all the latest business news that you need to know today:

1. Steinhoff woes continue to pile up in Europe

Troubled retailer Steinhoff International’s woes continue to pile up as one of the creditors, LSW, is challenging the company’s financial restructuring plans.

2. SA may have to import maize at high prices if drought persists

There are also fears that this could lead to food (price) inflation and that the country’s economic growth could be negatively affected as a result.

3. Zimbabwe on edge in anticipation of price hikes

Hard currency shortages have grounded business and raised the cost of living for Zimbabweans as inflation – propelled by a thriving parallel market for forex – wreaks havoc on the economy.

4. WATCH: Rand surrenders earlier gains to the dollar

The South African currency initially extended the previous session’s gains on Friday, at one-point advancing beyond R13.80/$ according to NKC Research.

5. Amcu strike at Sibanye enters week nine

The president of the Association of Mineworkers and Construction Union (Amcu), Joseph Mathunjwa, will on Monday address a mass meeting with union members who have entered the ninth week of a wage strike at Sibanye-Stillwater’s gold operations in South Africa.

6. All eyes on Kganyago’s decision on interest rates

South African market players will be keeping a close eye on SA Reserve Bank (Sarb) governor Lesetja Kganyago this week as he announces the interest rate decision of the Monetary Policy Committee (MPC), with economists expecting rates on hold until later this year.

7. Zimbabwe on edge as it announces re-introduction of local currency

The government of President Emerson Mnangagwa has resisted re-dollarisation of the economy and over the weekend the Finance Minister said Zimbabwe would have its own currency in the next 12 months.


Source: BusinessReport