5 things you need to know in SA business today and 1 big problem with the new SMS system on Android phones
1. Steinhoff’s board survived a fraught annual general meeting, held on Friday. Information about its dire debt position was released, and the next few weeks will be crucial as the company faces an imminent deadline to repay loans worth more than €1 billion.
2. The nationwide bus strike enters its sixth day today after parties failed to reach a wage agreement at the CCMA. Bus workers have lowered their wage hike demand from 12% to a 9.5% increase in the first year and 9% for the second. Government intervention is being demanded.
3. Nedbank is under pressure over its sponsorship of SA's premier soccer competition after violence following Kaizer Chiefs’ Nedbank Cup semifinal defeat at the Moses Mabhida Stadium in Durban.
4. In international markets, all eyes will be on oil today. After crashing to $26 in 2016, oil prices are back above $70, which irked the US president Donald Trump. He accused Opec of manipulating oil prices. Oil was trading at $73 a barrel this morning.
5. Auditors will be named and shamed from July. The Independent Regulatory Board for Auditors (Irba) has announced that it will publish the names of auditors that contravened its standards. In the past, they remained anonymous.
1 big problem with the new SMS system on Android phones
A new feature called "Chat" will soon be deployed across every Android phone, replacing the default "Messages" app. Chat is based on a new universal standard called "RCS," or "Rich Communication Services," designed to supplant SMS. It supports read receipts, full-resolution photos and video, and group texts, among other features.
But there’s one big problem: Chat is not end-to-end encrypted, which means it is not as secure as Apple's iMessage, or WhatsApp. Read more.
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