5 things you need to know in SA business today and 4 classy cocktails for the weekend
1. SA's economic recovery is in doubt after new data showed that mining production in March suffered its sharpest fall in two years and manufacturing also dropped. It could mean that the economy contracted in the first quarter of this year.
2. Steinhoff lost another 4% of its value yesterday after admitting that the hole in its accounts is deeper than first thought: an investigation into the overstatement of profit and treatment of off-balance-sheet entities will result in further material impairments beyond the €6bn announced in December. At one stage, the share was down 14%.
3. The rand is rallying, currently trading at R12.31 to a dollar. The latest US inflation numbers were tamer than expected, dampening rate hike expectations.
4. Long4Life, the JSE-listed company headed by the founder of Bidvest Brian Joffe, this week disclosed its first investment from a R100 million venture capital fund was into Veldskoen shoes. The tiny Cape Town company just launched in the UK – and has plans for Europe, America, and Australia next.
5. Sygnia has denied reports that the JSE shunned its plans for a cryptocurrency exchange traded fund.
Four classy cocktails for the weekend
Here's how to make four classic drinks (1 oz = 30 ml):
For more cocktail recipes, click here.