5 things you need to know in SA business today and the 15 best wine labels in South Africa
1. The rand lost more than 2% of its value over the past 24 hours. This morning it was trading at R12.35 to a dollar. The US currency has strengthened to its best level in weeks amid a rally in the bond market. A weak rand combined with stronger oil prices (Brent crude is now around $73 a barrel) will mean more pain at the pumps in coming months.
2. Steinhoff shares fall by more than 15% on Monday following its annual general meeting on Friday. Its market value is now R9.6 billion, while it owes €10.4 billion (R156 billion) in total to its creditors.
3. AYO Technology Solutions on Monday denied reports that it had a relationship with Sagarmatha Technologies and infamous businessman Iqbal Survé. amaBhungane previously reported that AYO and Sagarmatha were effectively controlled by Sekunjalo Investment Holdings, "a vehicle for the Survé family trust". AYO's share price lost a third of its value yesterday.
4. An estimated 800,000 workers will join the national strike tomorrow over labour law amendments and the planned minimum wage. The steel industry is expected to be hardest hit.
5. Mineral resources minister Gwede Mantashe has sought leave to appeal a High Court judgment. The Pretoria High Court on April 4 ruled that the first two versions of the country’s charter didn’t require producers to top up black-shareholding levels in perpetuity if they previously met the minimum 26% requirement.
South Africa's 15 best wine labels
At South Africa’s wine label design awards at the end of March, eleven wines received a silver rating, and only four gold.
For the full list of best South African wine labels click here