5 things you need to know in SA business today and the first images of voting around the country
1. This is not a drill: Election Day has started.
By 08:00, some 2,000 voting stations were not yet ready for voting:
For full coverage, go to the News24 Elections hub.
2. Just before midnight, Steinhoff released its restated results for 2017.
Its restated operating loss was 3.7 billion euros in the year ended September 2017 compared with profit of 278 million euros in the restated 2016 figures. Its total assets were marked down to €17.5bn in fiscal 2017, compared with a restated €21bn in 2016.
“The consequential impact of reversing the accounting irregularities is the fact that the restatements highlight that several of the group’s operating entities are unprofitable,” the company said.
3. In hard-hitting testimony at the commission of inquiry into state capture on Tuesday, Transnet chairperson Popo Molefe branded former Transnet executives Brian Molefe, Siyabonga Gama and Anoj Singh as "architects of capture". Molefe described a "horror show" which befell Transnet after these directors were appointed. They had signed off on big, irregular contracts and had flouted procurement processes to "facilitate the entry of companies which were their darlings", Molefe said. Money was siphoned from Transnet to benefit Gupta-linked companies, Molefe added.
4. The rand was stable this morning at around R14.40/$, after more losses on the JSE and global markets yesterday.
The Dow Jones Industrial Average saw its worst percentage decline since January 2, and stocks continued to fall in Asia overnight.The Trump administration is still intent on raising tariffs on $200 billion of Chinese goods to 25% from 10% on Friday. However, a high-level Chinese delegation will visit Washington from tomorrow in an effort to prevent this.
Retailers like Massmart and The Foshini Group were worst hit on the JSE yesterday, falling by more than 3%.
5. The world's largest brewer AB InBev, which owns SAB, disappointed the market with lower-than-expected quarterly earnings yesterday. Beer sales in South Africa declined by "mid-single digits". The company said consumers are switching to premium beers, where SAB has a lower market share. SAB did see strong sales of Corona and Budweiser.
The first images of voting from around the country
Despite cold and rainy conditions in some parts of South Africa, the first photos from polling stations show long queues as voters wait to cast their ballots.
Observations from the queue - an uneventful start in chilly Hyde Park. Queue marshals giving preference to all voters over the age of 60 and giving them the option to vote on arrival.No forex traders spotted yet.#SAElections2019#Elections2019#ViewFromTheQ pic.twitter.com/UWTSoaRuIC— Khaya Sithole (@CoruscaKhaya) May 8, 2019
The streets of Despatch are quiet, but hundreds wait in queues across the small town in NMB to cast their democratic vote today. Presiding officer at Retief, Bonginkosi Skele says “so far, so good”. #SAElections2019???? #SADecides pic.twitter.com/tvO83FfFv5— Deneesha Pillay (@deneeshapillay) May 8, 2019
Parents are standing in the queues with their children. @IECSouthAfrica officials have made provisions for parents with smaller babies to sit next to the tents at the Vosloorus Phaphadikota voting station. @WitsVuvuzela #08May #ElectionDay #Elections2019 #SAElections2019 pic.twitter.com/WScxSJO11t— A Graduate ?? (@LineoLeteba) May 8, 2019
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