7 things you need to know today
CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
1. Waco bid to stop Eskom price-fixing case fails
An application by seven companies or joint ventures, including Waco Africa, to dismiss a price-fixing and tender collusion complaint against them related to an R240 million Eskom tender has been refused by the Competition Tribunal.
2. Turkey's turmoil causes the rand to decline
A plunge in the South African rand and a slump in the Mexican peso were symptoms of a growing contagion in emerging-market currencies Monday as ongoing financial turmoil in Turkey sapped demand for developing nations assets.
3. Billionaire pursues the El Dorado of portable, thin flexible displays
The idea came to him while lounging on the Stanford University lawn as an electrical engineering student: a flexible display that could be tucked away like a pen.
4. Steinhoff sinks as investors sue for R185bn in losses
Embattled retailer Steinhoff International sunk deeper into the red as its shares fell on an R185 billion class-action lawsuit from investors who wanted to recoup losses suffered after the retailer wiped off R200bn in the market value in December.
5. SA fiscal targets are in danger
Treasury will have to walk a tightrope to meet its fiscal targets if it implements the recommendations of the independent panel to enlarge the list of zero-rated items beyond the current 19 food categories at a cost to the fiscus of about R4 billion.
6. E-hailing drivers tripping on legal hurdles
E-hailing services and the drivers who use them continue to face licensing issues, several years after arriving in the country.
This emerged after public hearings were held last week on the Land Transport Amendment Bill aimed at regulating the e-hailing industry and bringing legislation in line with the meter-taxi industry.
7. Credit providers have taken to court over debt collection
It’s estimated more than R1 billion rand has been illegally over-deducted from thousands of distressed debtors by unscrupulous credit providers.
- BUSINESS REPORT ONLINE